Core Insights - The global beauty industry is entering a transformation phase, with average growth slowing from 7% (2022-2024) to 5% (2025-2030), indicating a shift towards a more complex and segmented market focused on high-end and fragrance products [1][3][25]. Group 1: Major Corporate Movements - L'Oréal's acquisition of Kering's high-end beauty business for €4 billion is a significant event, expanding L'Oréal's presence in the luxury beauty and fragrance market while allowing Kering to focus on its core fashion business [1][5][11]. - L'Oréal has been active in the beauty capital market with six major global transactions this year, including acquisitions and minority investments, enhancing its portfolio in high-end and trendy markets [5][6][7][11]. - Estée Lauder is undergoing a restructuring plan to focus on high-end fragrances, with a new innovation center in Paris aimed at improving efficiency and product development [12][14]. Group 2: Market Trends and Dynamics - The beauty industry is witnessing a shift from product competition to capital and licensing restructuring, with leading groups focusing on mergers and acquisitions to strengthen their positions in luxury fragrances and high-end segments [3][4][25]. - The rise of domestic brands in China, such as Perfect Diary and Huaxizi, is attributed to the growing interest from Gen Z consumers and effective online marketing strategies, leading to a 10.1% year-on-year growth in the beauty market [18][19][25]. - The trend towards high-end and fragrance products is becoming a growth highlight, with luxury fragrances showing nearly 10% business growth, indicating consumers' willingness to pay for premium beauty experiences [26][29]. Group 3: Strategic Adjustments by Companies - Shiseido is implementing a two-year action plan to rebuild profits through cost-cutting and operational efficiency, successfully turning a previous loss into a profit in its latest financial report [14][15]. - Coty faces significant risks due to the impending expiration of its Gucci licensing agreement in 2028, prompting a strategic review and a focus on fragrance business growth [15][25]. - Consumer goods giants like Unilever and Procter & Gamble are steadily expanding their beauty and personal care segments, with Unilever acquiring several natural and functional brands to enhance its portfolio [17][25]. Group 4: Future Industry Trends - The beauty industry is expected to see continued acceleration in mergers and asset restructuring, with both global giants and local brands adapting to market fluctuations [25][26]. - Digitalization and technological advancements are becoming key competitive factors, with brands leveraging AI and online channels to enhance customer engagement and product offerings [27][29]. - The overall transformation in the beauty industry is characterized by a focus on high-end products, technological innovation, and global expansion, with domestic brands poised to lead in the international market [25][29].

在众人簇拥下，身着深色西装的孙来春走上前，他持锤而击，伴随着洪亮而清脆的回响，孙来春创立的 林清轩以"国货高端护肤品第一股"之姿正式登陆港交所，和现场其他五家企业一起"组团"开启了自己的 资本市场首秀。 从2003年一块25元的手工皂到敲开港交所大门，林清轩走了22年。站在更高的舞台，孙来春难掩激动， 他对《国际金融报》记者表示，上市对于公司而言意味着更规范的治理、更透明的运营和更广阔的发展 平台。"借助港股，我们将强化品牌国际影响力，加速全球化布局；利用融资优势深化研发、拓展渠 道"。 在孙来春看来，上市不仅是资金的注入，更是信任与责任的升级。这个屡次从困境中突围的企业家有了 新的目标——推动中国品牌走向世界。 据德勤中国统计，2025年共有114只新股登陆港股市场，较2024年的70只增长63%；融资总额2863亿港 元，同比增长超200%，时隔四年重返全球IPO榜首。 12月30日，港股迎来2025年倒数第二个交易日。 位于香港岛中环康乐广场的交易大厅人声鼎沸，六个标志性的铜锣被红色绸布轻轻覆盖，沿大厅舞台前 缘一字排开，林清轩、卧安机器人等六家企业同日上市。 实际上，这样的里程碑时刻和欢腾热闹的场景过 ...

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

2025年8月，珀莱雅、欧诗漫等国内美妆头部企业与莲都区签订战略合作协议，计划共建原料研发中 心、投资运营珀澜美谷项目，聚焦白莲、三叶青等本地特色植物开展功效产业化应用。目前，该项目已 获批莲都当地相关用地，打造集研发和生产一体的产业链集群。（记者 罗文利） 经济观察网 12 月 30 日，在第二届丽水市生态美妆产业发展大会现场，珀莱雅（603605）官宣正式落地 浙江省丽水市莲都区化妆品原料研发联合创新中心。该创新中心将聚焦丽水本土生态特色植物原料的功 效研发与产业化应用，重点攻关原料安全控制、功效科学评价等核心环节。 ...

来源：证券时报 作者：许盈 | | 券商金股组合2025年收益排名 | | | --- | --- | --- | | | (截至12月29日) | | | 排名 | 存商 | 累计收益率 | | 1 | 国元证券月度金股 | 83.73% | | 2 | 东北证券月度金股 | 67.47% | | 3 | 开源证券月度金股 | 67.00% | | ব | 东兴证券月度金股 | 61.53% | | 5 | 华鑫证券月度金股 | 60.67% | | 6 | 招商证券月度金股 | 60.31% | | 7 | 光大证券月度金股 | 55.50% | | 8 | 东莞证券月度金股 | 51.82% | | ਰੇ | 国泰海通月度金股 | 51.62% | | 10 | 长城证券月度金股 | 50.95% | 证券时报记者 许盈 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规 则：将券商推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以 67.47%、67%的收益率分 ...

要闻速递 1、两部门：2026年个人购买手机、平板、智能手表手环、智能眼镜等4类产品 给予15%补贴 国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通知。支持家电以旧换新。个人消 费者购买冰箱、洗衣机、电视、空调、电脑、热水器等6类家电中1级能效或水效标准的产品，按产品销售价格的15%给予 补贴，每位消费者每类产品可补贴1件，每件补贴不超过1500元。支持数码和智能产品购新。个人消费者购买手机、平板、 智能手表手环、智能眼镜等4类产品（单件销售价格不超过6000元），按产品销售价格的15%给予补贴，每位消费者每类产 品可补贴1件，每件补贴不超过500元。支持智能家居产品（含适老化家居产品）购新补贴，具体补贴品类、补贴标准由地 方结合实际自主合理制定。支持汽车报废更新。个人消费者报废登记在本人名下的乘用车，并购买纳入《减免车辆购置税 的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的，给予汽车报废更新补贴支持，购买新能源乘用 车补贴车价的12%（最高不超过2万元）、购买2.0升及以下排量燃油乘用车补贴车价的10%（最高不超过1.5万元）。支持 汽车置换更新。个 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603605 证券简称：珀莱雅公告编号：2025-081 债券代码：113634 债券简称：珀莱转债 珀莱雅化妆品股份有限公司关于以集中竞价交易方式回购股份方案的公告暨回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币8,000万元（含本数）,不超过人民币15,000万元（含本数） ● 回购股份资金来源：珀莱雅化妆品股份有限公司（以下简称"公司"）自有资金 ● 回购股份用途：用于股权激励或员工持股计划 ● 回购股份价格：本次回购的价格不超过人民币100元/股（含），不高于董事会通过回购决议前30个交 易日公司股票交易均价的150% ● 回购股份方式：集中竞价交易方式 ● 回购股份期限：自公司董事会审议通过本次回购股份方案之日起12个月内 ● 相关股东是否存在减持计划： 经公司函询，截至本次董事会决议作出日，公司控股股东、实际控制人、董事、高级管理人员及持股 5%以上股东，在未来3个月、未来6个月内暂无股份减持 ...

从首次披露回购预案来看，中炬高新、百利天恒、珀莱雅回购预案金额最高，分别拟回购不超6.0亿 元、2.0亿元、1.5亿元。 从股东大会通过回购预案来看，迈得医疗、雷赛智能、亨通光电回购金额最高，分别拟回购不超4000.0 万元、642.74万元、253.72万元。 每经AI快讯，Wind数据显示，12月31日，28家公司共发布30个股票回购相关进展。其中，9家公司首次 披露股票回购预案，5家公司回购方案获股东大会通过，5家公司披露股票回购实施进展，9家公司回购 方案已实施完毕。 从已完成回购来看，德迈仕、宇新股份、广和通已完成回购金额最高，分别回购5009.65万元、2428.2万 元、1247.68万元。 （文章来源：每日经济新闻） 从回购实施进展来看，钛能化学、华鲁恒升、佩蒂股份回购金额最高，分别回购3.0亿元、1.67亿元、 4898.73万元。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份价格：本次回购的价格不超过人民币100元/股（含），不高于董事会通过回购决议前30个交 易日公司股票交易均价的150% 经公司函询，截至本次董事会决议作出日，公司控股股东、实际控制人、董事、高级管理人员及持股 5%以上股东，在未来3个月、未来6个月内暂无股份减持计划。若上述主体后续拟实施股份减持计划， 公司将按照相关规定及时履行信息披露义务。 ● 相关风险提示： 1、本次回购存在回购期限内，公司股票价格持续超出回购方案价格上限，导致回购方案无法实施或只 能部分实施的风险； 2、因公司生产经营、财务状况、外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回 购的事项发生，可能存在本次回购方案无法顺利实施的风险； 3、本次回购股份将用于实施股权激励或员工持股计划，可能存在因股权激励或员工持股计划未能经公 司董事会和股东会等决策机构审议通过、股权激励或员工持股计划认购对象放弃认购等原因，导致回购 ...