中国东航：拟向空客公司购买101架A320NEO系列飞机 目录价格合计约为1088.93亿元 中国东航(600115)3月25日公告，公司与空中客车公司（简称"空客公司"）签订《101架A320NEO系列飞 机购买协议》，向空客公司购买101架A320NEO系列飞机。上述飞机计划于2028年至2032年分批交付于 公司。此次购买飞机的目录价格合计约为158.02亿美元，按本次交易协议签署日当天中国人民银行公布 的人民币兑美元中间价汇率（1美元兑6.8911元人民币）计算，约为1088.93亿元人民币。 华电科工：联合签署7.4亿元海上试验风电场项目EPC总承包合同 华电科工(601226)3月25日公告，近日公司、中国电建集团福建省电力勘测设计院有限公司作为联合体 与福建华亿新能源科技有限公司（简称"华亿新能源"）签署《国家级海上风电研究与试验检测基地长乐 外海D、E区海上试验风电场项目标段一EPC总承包合同》，合同金额约7.4亿元（含税），其中，公司 责任分工对应的合同金额为6.93亿元（含税）。公司为该项目提供10台18—25MW级风机基础，具有适 配超大功率机组、适应深远海复杂海况与强台风环境、一体化E ...

今日聚焦 1、中国东航：拟向空客公司购买101架A320NEO系列飞机 目录价格合计约为1088.93亿元 中国人寿公告称，公司拟作为有限合伙人出资28亿元，与福建政府投资、福州金投等共同设立福建省鑫 睿科创接力股权投资基金合伙企业(有限合伙)，基金总规模40.154亿元。该基金聚焦私募股权二级市 场，重点投资新一代信息技术、生物医药、高端制造等战略新兴产业。本次交易构成关联交易，已获董 事会审议通过，关联董事回避表决，无需提交股东大会审议。 3、德邦股份：将于3月31日终止上市暨摘牌 德邦股份公告称，3月24日，公司收到上交所的《决定》，同意公司主动撤回公司股票在上交所交易， 并决定对公司股票予以终止上市。公司股票将于2026年3月31日终止上市暨摘牌。公司终止上市后，将 转入全国中小企业股份转让系统依托原证券公司代办股份转让系统设立并代为管理的两网公司及退市公 司板块挂牌转让。 4、杭电股份：股东富春江通信集团及4名董高拟合计减持不超0.89%股份 杭电股份公告称，股东浙江富春江通信集团有限公司因经营发展需要，计划自2026年4月17日至2026年7 月16日期间，通过集中竞价交易减持不超过153万股(占 ...

证券代码：603056 证券简称：德邦股份 公告编号：2026-037 德邦物流股份有限公司 股票终止上市暨摘牌的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司终止上市是否因吸收合并而导致，且收购方为沪市A 股公司 □是 √否 重要内容提示： 公司终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份 转让系统设立并代为管理的两网公司及退市公司板块挂牌转让。敬请广大投资者 关注主办券商后续披露在全国中小企业股份转让系统（https://www.neeq.com.cn） 的股份确权公告，尽快完成股份确权手续，并办理加挂资金账户等交易结算手续。 2026 年 3 月 24 日，德邦物流股份有限公司（以下简称"本公司"或"公司"） 收到上海证券交易所《关于德邦物流股份有限公司股票终止上市的决定》（上海证 券交易所自律监管决定书【2026】51 号），上海证券交易所决定终止公司股票上市。 第一节 终止上市股票的证券种类、简称、代码、终止上市决定日期 公司终止上市不适用退市整理期的情形。 终止上市暨摘牌日为 202 ...

轻工零售美妆 - 供给提质、需求升级 20260320 摘要 需求端呈现情绪消费景气、K 型分化、功能性主导及国货认可度提升四 大趋势，Z 世代驱动情绪价值成为核心变量。 供给侧通过创造潮玩等新品类、开发香氛洗衣液等新功效及融合 AI 技术 （如 AI 眼镜）激发需求，部分公司实现 30%+复合增长。 美妆医美板块由红利期转入份额集中的弱复苏期，看好毛戈平（稀缺品 牌调性）及珀莱雅、上美股份（极致效率导向）等头部龙头。 零售板块关注"胖东来"式调改带动的传统商超治理变革，预计相关龙 头公司在 2026 年经历门店调整后进入业绩收获期。 轻工制造受益于 2026 年地产政策转向及底部复苏，具备强 Alpha 属性 的家具龙头在行业下滑时仍维持大个位数至双位数增长。 AI+消费成为核心增量，重点看好 AI 眼镜产业链上游镜片供应商（如康 耐特光学）及 AI 在人力资源、代运营领域的效率提升。 板块估值处于历史低位（2026 年预测 PE 约 10-20 倍），机构持仓出 清充分，资金面压力释放为基本面反转留出回流空间。 Q&A 对于 2026 年轻工零售美妆板块，主要的投资框架和核心趋势判断是什么？ 2026 年 ...

证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2026 年 03 月 22 日 投资评级： 看好（维持） 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 板块表现： 商务部发布新举措促进旅行相关消费；多地陆续 落实春秋假 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 商务部发布 16 项举措促进旅行服务出口、扩大入境消费。根据央视新闻，2026 年 3 月 20 日，商务部发 布《关于促进旅行服务出口 扩大入境消费的政策措施》（以下简称《政策措施》）。《政策措施》从扩 大入境旅游消费、便利入境商务活动、激活入境赛事消费、繁荣入境文娱消费、拓展入境健康消费、发 展入境教育培训消费、完善保障措施等 7 方面提出 16 条具体政策举措。从激发服务消费新需求的角度， 《政策措施》提出丰富入境游产品供给、提升国际展会服务和水平、支持引进国际赛事、优化涉外营业 性演出审批管理、鼓励发展中文教育等。从"整合消费资源"的角度，《政策措施》提出推出"赛事+旅 游"套餐、拓展"演艺+文旅"融合消费场景、支持打造"国际演艺消费区"、打造国际 ...

同比+5.1%，跑赢社零大盘1.4pct、较2024年显著回暖，其中25H1、25H2分别同比增长2.9%、7.3%， 下半年行业增速改善明显 2 / CONTENTS 3 / 01 02 03 04 05 4 / 01 美妆大盘：化妆品增速回暖跑赢社零，线上天猫回暖、抖音降速 • 2025年化妆品社零同比增长5.1%跑赢社零，线上天猫、抖音平台增速收敛。据国家统计局，2025年限额以上单位化妆品累 零售额4653亿元，同比+5.1%，跑赢社零大盘1.4pct、较2024年显著回暖，其中25H1、25H2分别同比增长2.9%、7.3%， 下半年行业增速改善明显。重点线上平台方面，据久谦数据，2025年天猫、抖音美妆大盘分别同比+2%、+16%，抖音依 然为主要增量渠道，但2025Q3起线上渠道格局逐渐生变，25Q3天猫、抖音美妆个护品类分别同比+8%、+8%，两核心平 台增速收敛，且这一趋势延续至Q4，我们判断主要因天猫平台在即时零售的拉动下增速呈回暖态势，而抖音随着规模增 大、达播趋弱，增速有所放缓，电商渠道格局趋于稳定。 01 品类趋势：彩妆、个护品类增长强于护肤，个护新品牌破局 • 2025年彩妆、个护 ...

五年前我们问"谁会是最终赢家"，如今战局变了吗？ 作者/毕中臣 2025年，"十四五"规划收官之年，现代物流在复杂多变的发展环境中顶住压力，以14.3万亿元总收入、4.1%同比增速的答卷，印证了其作为生产性服务业 支柱的不可替代性。 展望未来，行业正逐步从规模扩张期进入质效提升期——结构优化、动力转换成为主线。而在这轮变革中，零担快运企业竞争格局发生了翻天覆地的变 化：头部企业逐渐从"价格战"转向"AI赋能"。 2021年曾发文《研判：零担快运龙头之战开演，谁会是最终赢家》，站在"十五五"前夕回望，战局已然生变。本文将复盘零担快运关键事件，探寻行业下 一个破局点。 01 行业格局：从百家争鸣到三足鼎立 一、市场规模：持续增长的万亿蓝海 根据国家统计局数据，2025年我国货运量达587亿吨，同比增速3.2%。按照货物运输工具不同分为公路、水运、铁路、民航四种，其中公路货运量高达 432.9亿吨，占比货运市场73.7%，同比增速3.4%，公路货运市场份额巨大，可以孕育多家千亿级市值物流企业。 按照运输货物的重量公斤段对公路货运市场进一步拆分为：快递-快运-整车，按照收入排序，快递<快运<整车，中国公路货运呈"金字 ...

Core Viewpoint - The Chinese cosmetics industry is projected to reach a market size of 1.1 trillion, with domestic brands surpassing international brands in market share and consumer preference significantly increasing for domestic products [1][2]. Group 1: High-Quality Development and New Productive Forces - The high-quality development of the beauty and skincare industry relies on the cultivation and implementation of new productive forces, which are essential for transitioning from traditional manufacturing to intelligent and lean production [4]. - New productive forces enhance production logic by utilizing automation and intelligent equipment to address batch fluctuations and quality control issues, thereby improving production efficiency and product consistency [4]. - These forces also align with consumer upgrade demands, facilitating product innovation that shifts from "concept marketing" to "technology empowerment" [4]. Group 2: Intelligent Manufacturing Practices of Domestic Brands - Over the past decade, the beauty and skincare manufacturing industry has transitioned from experience-driven to data-driven upgrades, establishing a clear three-stage evolution path [6]. - The current stage is characterized by intelligent data-driven systems that enable full-process traceability and flexible collaboration, meeting the industry's demands for rapid product iteration and compliance [6]. - Leading brands like Han Shu and Hua Xi have made significant investments in intelligent manufacturing, achieving production capacity increases and quality control improvements that rival international brands [10][15]. Group 3: R&D Innovation and Cost Investment - R&D expenditure rates vary across categories, with skincare products averaging 1.5%-3% and medical beauty products ranging from 2%-5%, indicating a stratified investment landscape driven by product attributes and technological barriers [19][20]. - Domestic brands like Hua Xi and Bei Tai Ni have significantly increased their R&D personnel ratios, aligning closely with international brands, showcasing their commitment to innovation and development [21][22]. - The production cost rates for various product categories range from 15% to 30%, with domestic brands leveraging self-researched technologies and integrated supply chains to maintain competitive pricing while ensuring quality [25][27]. Group 4: International Competitiveness of Domestic Brands - Domestic beauty brands, exemplified by Han Shu, Peiliya, and Bei Tai Ni, have achieved comprehensive breakthroughs in core competitiveness through new productive forces [28]. - The implementation of intelligent manufacturing has enabled micro-level quality control, establishing trust barriers in product quality [30]. - The integration of AI-driven workshops and 5G smart factories has positioned domestic brands at the forefront of technological advancement and operational efficiency, contributing to the high-quality development of China's beauty and skincare industry [30].

Summary of Conference Call Notes Industry Overview - The beauty industry is experiencing a recovery in sales and consumer behavior following a public relations crisis in 2025, with key brands showing positive trends in their performance metrics [1][5][6]. Key Companies and Their Performance 可复美 (Kefumei) - **Sales Recovery**: In March 2026, GMV (Gross Merchandise Value) reached 38%, with an order rate of 7.1% and a return rate of 21.5%, returning to pre-crisis levels [1][5]. - **2026 GMV Target**: The company aims for a GMV of 2 billion yuan in 2026, postponed from the original 2025 target due to the 2025 crisis [1][6]. - **Marketing Strategy**: The brand has normalized channel costs, eliminating extra fees for top influencers, and increased marketing investment, as indicated by a rise in the TR (advertising spending/GMV) from 15%-17% in January to 19% in March [1][4]. 毛戈平 (Mao Geping) - **Sales Growth**: Achieved a GMV growth of approximately 45% in January and February 2026, with a significant increase of 159% during the March 4-8 period compared to the previous year [7]. - **2026 GMV Target**: The target for 2026 is set at around 2.3 billion yuan, following a growth from 1.3 billion yuan in 2024 to 1.9 billion yuan in 2025 [7][8]. - **Operational Strategy**: The focus has shifted to cost-effective marketing strategies, reducing high-cost brand advertising and increasing investment in influencer-driven short videos and live streams [8][9]. 林清轩 (Lin Qingxuan) - **Strong Growth**: The brand reported a GMV increase of 54% in early 2026, with a staggering 431% growth during the March 4-8 period [9][10]. - **2026 GMV Target**: Aiming for a GMV of 2 billion yuan, with potential to reach 2.2-2.3 billion yuan if marketing strategies are effectively executed [9][10]. - **Consumer Engagement**: The brand has a high repurchase rate of nearly 30%, and employs strategies to convert online customers to VIP members, achieving a conversion rate of 50% [11]. Market Trends - **"Oil-based Skincare" Segment**: This segment is currently valued at 10-12 billion yuan, with a potential ceiling of 20 billion yuan and a CAGR exceeding 30%. Key players include Lin Qingxuan, Afu, and Lan, all working to expand the market [1][12]. - **K-shaped Market Dynamics**: The skincare market is showing a K-shaped recovery, with high-end and low-end products performing well, while mid-range products face significant pressure [2][14]. - **Ingredient Trends**: The skincare industry is evolving with new ingredient trends emerging approximately every 2-3 years, with current focus shifting from collagen and hyaluronic acid to PDRN and other innovative components [2][13]. Additional Insights - **Consumer Behavior Recovery**: Key consumer metrics for Kefumei have largely returned to pre-crisis levels, indicating a positive shift in consumer sentiment and purchasing behavior [5]. - **Marketing and Advertising**: There is a notable increase in brand marketing investments, reflecting a renewed confidence among brands to engage consumers through various channels [4][10]. This summary encapsulates the key points from the conference call, highlighting the performance of major beauty brands, market trends, and consumer behavior insights.

Core Insights - The report highlights the importance of expanding domestic demand as a strategic focus for China's economic growth, emphasizing the need to boost consumption and develop a strong domestic market [3] - It also underscores the significance of technological innovation, particularly in achieving self-sufficiency in core technologies during the 14th Five-Year Plan period [3][4] - The report projects that China's middle-income group may exceed 800 million people in the next decade, positioning China as an attractive investment destination for foreign investors [3] Economic Outlook - The government aims for an economic growth target of 4.5%-5% for 2026, with a focus on job creation and maintaining a stable urban unemployment rate of around 5.5% [3] - The expected consumer price increase is around 2%, with a target for grain production set at approximately 1.4 trillion jin [3] - The fiscal deficit is projected to be around 4% of GDP, with a deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year [3] Industry Insights - The coal industry is experiencing fluctuations, with coking coal prices showing a decrease while futures prices have risen due to geopolitical tensions [8][9] - As of March 2, 2026, the comprehensive coking coal price index in China was reported at 1457.56 yuan/ton, reflecting a month-on-month decrease of 1.52% [8] - Coking coal inventories at major ports have decreased, indicating a tightening supply situation, with total inventories down by 5.15% month-on-month [9] Company Updates - Muxi Co. is expected to report a net loss of between 90.76 million yuan and 181.51 million yuan for Q1 2026, although this represents a reduction in losses compared to the previous year [7] - Shanghai Electric has received approvals for two offshore wind power projects, indicating ongoing investment in renewable energy [7] - Debang Co. has applied for voluntary delisting from the Shanghai Stock Exchange, reflecting strategic shifts within the company [7]