证券之星消息，11月27日个护用品板块较上一交易日上涨0.24%，延江股份领涨。当日上证指数报收于 3875.26，上涨0.29%。深证成指报收于12875.19，下跌0.25%。个护用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 300658 | 延江股份 | 11.25 | 6.33% | | 27.34万 | 3.00亿 | | 301108 | 洁雅股份 | 31.15 | 1.20% | | 1.06万 | 3324.71万 | | 301009 | 可靠股份 | 13.67 | 1.18% | | 6.76万 | 9309.55万 | | 001328 | 登康口腔 | 35.53 | 0.82% | | 7675.78 | 2738.69万 | | 600249 | 两面针 | 6.27 | 0.64% | | 14.22万 | 8950.24万 | | 003006 | 自亚股份 | 21.39 | 0.47% | | 2.72万 | 5 ...

从资金流向上来看，当日个护用品板块主力资金净流出5141.02万元，游资资金净流出923.25万元，散户 资金净流入6064.27万元。个护用品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 301009 可靠股份 | | = 449.24万 | 8.86% | -137.35万 | -2.71% | -311.90万 | -6.15% | | 605009 豪悦护理 | | 253.39万 | 2.63% | 286.20万 | 2.97% | -539.60万 | -5.60% | | 301108 洁雅股份 | | 44.63万 | 1.57% | -4.75万 | -0.17% | -39.88万 | -1.41% | | 001328 登康口腔 | | 30.10万 | 0.88% | 9.58万 | 0.28% | -39.68万 | -1.16% | | 600249 两面针 ...

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从润本股份十大流通股东角度 责任编辑：小浪快报 11月20日，润本股份跌1.2%，截至发稿，报24.61元/股，成交5740.87万元，换手率2.25%，总市值99.57 亿元。润本股份股价已经连续5天下跌，区间累计跌幅5.16%。 国泰消费优选股票（005970）基金经理为李海。 资料显示，润本生物技术股份有限公司位于广东省广州市天河区珠江新城华夏路28号40楼，成立日期 2013年12月30日，上市日期2023年10月17日，公司主营业务涉及驱蚊类、个人护理类产品的研发、生产 和销售。主营业务收入构成为：婴童护理系列产品45.26%，驱蚊系列产品41.92%，精油系列产品 10.29%，其他产品2.47%，其他(补充)0.06%。 截至发稿，李海累计任职时间9年168天，现任基金资产总规模32.75亿元，任职期间最佳基金回报 139.47%， 任职期间最差基金回报-21.8%。 数据显示，国泰基金旗下1只基金位居润本股份 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Insights - The beauty and personal care sector is transitioning from "single functional consumption" to "composite efficacy + emotional consumption," indicating enhanced consumer resilience [4] - The beauty industry is no longer reliant on a single traffic window, with narratives around channel efficiency strengthening [4] - Leading brands exhibit stronger resilience, with a positive outlook on companies with robust brand assets that can capitalize on channel and product cycles [4] Summary by Sections Industry Overview - The Double 11 shopping festival saw a total e-commerce sales of 16,950 billion yuan, reflecting a year-on-year growth of 14.2% [8] - Beauty and personal care sales reached 991 billion yuan, growing by 11.65% [8] - Instant retail sales surged to 670 billion yuan, marking a remarkable growth of 138.4% [8] Market Dynamics - Tmall leads in high-end beauty sales, while Douyin is becoming a significant platform for domestic brands [8] - The top five beauty brands on Tmall include Proya, Estée Lauder, Lancôme, L'Oréal, and SkinCeuticals, with Proya maintaining the top position for three consecutive years [8] - Douyin's beauty sales rankings show Han Shu at the top, followed by Proya and L'Oréal [8] Company Performance - Leading brands like Up Beauty, Ruo Yu Chen, and Mao Ge Ping have shown impressive performance during the Double 11 event [8] - Up Beauty's sales increased by 145% year-on-year, with significant growth on both Tmall and Douyin [8] - Ruo Yu Chen's sales saw a staggering 35-fold increase year-on-year, with Douyin sales growing by over 100% [8]

Core Insights - The personal care products sector experienced a rise of 0.83% on November 19, with HaoYue Care leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - The personal care products sector saw significant individual stock movements, with notable gainers including: - JiaNi Care (605009) at 34.85, up 6.41% with a trading volume of 90,600 shares and a turnover of 311 million yuan - YiYi Co. (001206) at 34.01, up 6.12% with a trading volume of 113,200 shares and a turnover of 380 million yuan - Reliable Co. (301009) at 14.94, up 4.48% with a trading volume of 167,800 shares and a turnover of 247 million yuan [1] Capital Flow - The personal care products sector saw a net inflow of 45.14 million yuan from institutional investors, while retail investors experienced a net outflow of 115 million yuan [2][3] - Notable capital flows included: - Yanjiang Co. (300658) with a net outflow of 57.28 million yuan from retail investors, despite a net inflow of 41.57 million yuan from institutional investors [3] - BeiJiaJie (603059) with a net inflow of 24.08 million yuan from institutional investors, but a net outflow of 23.27 million yuan from retail investors [3]

Group 1 - The beauty and personal care sector has shown a recovery in 2025, with the SW Beauty Index rebounding after a decline from 2022 to 2024, achieving a maximum increase of over 15% and becoming a key area in new consumption [3][9][10] - The cosmetics segment is characterized by intense competition among brands, with domestic brands making significant strides in R&D and distribution, while international brands are adopting localized strategies to regain market share [3][20][25] - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expected to become major competitors by focusing on affordable and specialized products [3][19][24] Group 2 - The e-commerce operation sector is undergoing a transformation, with companies like RuYuchen and Shuiyang Co. leveraging brand incubation and AI to create new growth avenues [3][19] - Key investment recommendations include domestic brands with strong channel and brand matrices such as MaoGePing, ShangMei Co., and PoLaiYa, as well as companies in the medical beauty sector like AiMeiKe and LongZi Co. [3][19][24] - The report emphasizes the importance of brand matrix construction and product innovation in the cosmetics industry, with companies like ShangMei Co. and PoLaiYa leading the way [3][31][40] Group 3 - The skincare and makeup market is expected to enter a phase of consolidation, with strong brands likely to thrive while weaker ones may struggle [23][24] - The market share of domestic brands is increasing, with a notable decline in the market share of international brands, indicating a significant opportunity for domestic players [25][30] - The report highlights the importance of adapting to changing consumer preferences and channel dynamics, with a focus on online platforms and promotional strategies to enhance brand visibility [48][52][53]

Investment Rating - The beauty and personal care industry is rated as "Recommended" [1] Core Insights - The overall market shows stable growth, with impressive performance in instant retail during the Double Eleven shopping festival, achieving a total e-commerce sales of 1,695 billion yuan, a year-on-year increase of 14.2% [2] - The beauty sector outperformed the overall e-commerce market, with skincare sales reaching 991 billion yuan and fragrance and makeup sales at 334 billion yuan, both showing double-digit growth [3] - Domestic brands are gaining strength, with notable performances from brands like Proya and Han Shu, while international luxury brands are also recovering [4][5] Summary by Sections Market Overview - The Double Eleven shopping festival saw a total e-commerce sales of 1,695 billion yuan, with a 14.2% year-on-year growth. Instant retail sales reached 67 billion yuan, marking a significant increase of 138.4% [2] Beauty Sector Performance - The beauty and skincare sales during Double Eleven reached 991 billion yuan, with fragrance and makeup sales at 334 billion yuan, both exceeding the overall market growth rate [3] Brand Analysis - On Tmall, domestic brands occupy five spots in the top 20 beauty brands, with Proya maintaining the top position. International brands like L'Oréal and Estée Lauder also showed improvements [4] - On Douyin, domestic brands hold five spots in the top 10 beauty brands, with Han Shu and Proya leading the rankings [5] Investment Recommendations - The report suggests focusing on brands with strong growth and performance certainty, such as MaoGeping and Marubi. Brands showing significant improvement include Shuiyang and Shanghai Jahwa, while companies with core technology and clear long-term trends like Juzibio are also recommended [6]

Core Insights - The personal care products sector experienced a decline of 0.71% on November 17, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Yanjing Co., Ltd. saw a significant increase of 10.42%, closing at 10.60 with a trading volume of 403,600 shares and a transaction value of 416 million yuan [1] - Other notable performers included Yiyi Co., Ltd. with a 1.13% increase and Kela Co., Ltd. with a 0.98% increase [1] - Baiya Co., Ltd. led the decline with a drop of 2.70%, closing at 21.66 with a trading volume of 63,000 shares and a transaction value of 137 million yuan [2] Capital Flow - The personal care products sector saw a net outflow of 67.19 million yuan from institutional investors, while retail investors contributed a net inflow of 26.53 million yuan [2] - The capital flow data indicates that Yanjing Co., Ltd. had a net inflow of 32.94 million yuan from institutional investors, while Baiya Co., Ltd. experienced a net outflow of 5.45 million yuan [3]

Investment Rating - The report suggests a positive investment outlook for the cosmetics industry, highlighting strong growth potential for specific companies [29]. Core Insights - The 2025 Double 11 event showed steady double-digit growth, with total GMV reaching RMB 1.695 trillion, a 14% increase from 2024. Instant retail demonstrated significant growth, with comprehensive e-commerce and community group buying also contributing positively [29][4]. - The beauty category maintained robust growth across multiple platforms, with skincare and makeup categories achieving growth rates between 5-15%. Domestic brands like PROYA and Winona performed particularly well, with PROYA maintaining the top position in Tmall's beauty rankings [29][14][17]. - The report emphasizes the trend of full-chain integration and one-stop services across platforms, with Tmall achieving its best growth in four years, driven by high-value user contributions from 88VIP [29][8]. Summary by Sections Double 11 Performance - The 2025 Double 11 event recorded a total GMV of RMB 1.695 trillion, marking a 14% increase from the previous year. Instant retail grew significantly, with GMV for comprehensive e-commerce at RMB 1.6191 trillion, and community group buying at RMB 90 billion [4][29]. - Tmall's performance was highlighted as the best in four years, with significant contributions from 88VIP and other platforms like JD.com and Douyin also showing strong growth [11][12]. Brand Performance - Companies such as Guangzhou Ruoyuchen Technology Co., Ltd. and Shanghai Chicmax Cosmetic Co., Ltd. reported impressive growth during Double 11, with Zhenjia's GMV increasing by 80% year-on-year and Feicui's GMV growing 35 times [25][29]. - The report notes that domestic brands excelled in the beauty category, with PROYA and other brands maintaining strong positions in the market [22][29]. Investment Recommendations - The report recommends focusing on high-growth brands such as Ruoyuchen, Chicmax, and Mao Geping, as well as companies with stable fundamentals like Dentium and Shanghai Jahwa United. It also identifies companies expected to bottom out, such as PROYA and Lafang [29][38].