2026年的维多利亚港，正在见证中国美妆产业史上最拥挤、也最焦虑的一次抢滩登陆。 随着林清轩成功上市，HBN、半亩花田相继交表，以及行业巨头珀莱雅拟赴港二次上市的消息传出，一条清晰的迁徙路线图展现在市场面前：在A股IPO 闸门对消费类企业几近关闭的背景下，港交所已成为国货美妆的诺亚方舟。 然而，繁荣的表象下暗流涌动。毛戈平超30倍的市盈率是一个极具诱惑性的路标，它让许多后来者误以为港股已经准备好为国货情怀支付高溢价。 但资本市场永远是理性的，甚至势利的。 这波上市潮并非狂欢的开始，而是行业分化与价值重估的残酷开端。对于正在排队的国货品牌而言，留给它们的时间窗口或许只剩不到18个月。 估值错觉，毛戈平是孤品，不是标品 当下行业最大的误区，莫过于将毛戈平的高估值视为国货美妆的新常态。 复盘毛戈平的财报，其超过80%的毛利率与极低的营销费率，构建了一种近乎反重力的财务模型。 这种模型建立在独特的彩妆+培训双轮驱动及深厚的私域沉淀之上，这使得毛戈平成功摆脱了对外部流量投放的致命依赖。 因此，资本市场给予毛戈平的高PE，本质上是对其高净利、高现金流、低费率这一稀缺商业模式的定价，而非对国货美妆赛道的普惠性奖赏。 毛戈平 ...

创金合信兴选产业趋势混合A（014408）成立日期2022年8月2日，最新规模3525.29万。今年以来收益 2.36%，同类排名6440/8861；近一年收益31.74%，同类排名3946/8126；成立以来收益18.7%。 创金合信兴选产业趋势混合A（014408）基金经理为张小郭。 截至发稿，张小郭累计任职时间1年312天，现任基金资产总规模1.51亿元，任职期间最佳基金回报 55.55%， 任职期间最差基金回报8.91%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，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。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 1月27日，五洲新春跌1.22%，截至发稿，报82.29元/股，成交30.95亿元，换手率10.32%，总市值301.35 亿元。五洲新春股价已经连续3天下跌，区 ...

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].

摘要 关于美妆医美公司的最近观点如何？20260122 毛戈平通过柜台体验、化妆服务提升客户粘性，线上渠道吸引新客并引 流至线下，实现品牌年轻化，线上新客消费占比超 75%，25%-30%转 化为线下二次消费，线上渠道占比达 25%。 毛戈平会员体系差异化运营，线上会员享积分折扣，线下会员享美妆定 制等服务，有效引导高消费群体至线下，提高整体销售额，2025 年上 半年同店增长率达 18%，复购率达 30%。 毛戈平品类拓展至护肤品（鱼子面膜、黑霜）和香水，护肤品类发展稳 定，鱼子系列表现突出，香水市场目标为更年轻的消费者群体，寻求跨 人群拓展。 美丽田园通过内生增长和外延收购实现扩张，收购行业领先品牌，采用 "双美双保健"模式，生活美容引流至医美和亚健康业务，提高客单价 和客户生命周期。 美丽田园获客成本极低（约 1%），远低于行业平均水平（30- 40%），源于会员资产并购和交叉销售，降低新增客户获取成本，提高 客户质量。 毛戈平公司在会员运营方面采取了多项措施，以确保其稳定增长。首先，公司 非常重视线下渠道的运营，因为线下渠道依赖品牌力，营销费用相对较低，且 客户忠诚度和复购率较高。公司通过柜台体验、化 ...

五洲新春股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至09:40，该股目前上涨3.24%，股价报92.00元，成交1028.94万股，成交金额9.30亿元，换手 率2.81%，该股最新A股总市值达336.91亿元，该股A股流通市值336.91亿元。 公司发布的三季报数据显示，前三季度公司共实现营业收入26.61亿元，同比增长7.60%，实现净利润 9848.29万元，同比增长0.25%，基本每股收益为0.2700元，加权平均净资产收益率3.34%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，五洲新春所属的机械设备行业，目前整体涨幅为0.36%，行业内，目前股价 上涨的有298只，涨停的有中信重工、巨力索具等3只。股价下跌的有282只，跌幅居前的有利欧股份、 金太阳、汇隆活塞等，跌幅分别为10.04%、8.25%、5.05%。 两融数据显示，该股最新（1月21日）两融余额为11.22亿元，其中，融资余额为11.19亿元，近10日减少 2511.89万元，环比下降2.20%。 ...

Group 1 - The core viewpoint of the articles highlights the optimistic outlook of fund managers on the technology sector, particularly in artificial intelligence, cloud computing, and robotics, as key investment directions for the upcoming years [1][3][12] - Fund managers are emphasizing the importance of risk management in the technology sector, which is characterized by high growth potential and volatility, advocating for diversified investment strategies [2][21] Group 2 - Fund manager Ren Jie focuses on global cloud computing investments, with a notable performance of the fund achieving a unit net value growth rate of 233.29% in 2025, ranking first among active equity funds [3][4] - The fund's latest quarterly report indicates a decrease in stock positions, with a stock market value proportion of 78.76%, down by 13 percentage points from the previous quarter [3][4] - The top ten holdings include companies like Shengyi Technology and Zhongji Xuchuang, with significant annual growth rates of 205.82% and 396.38% respectively [3][4] Group 3 - Fund manager Li Jin expresses a strong interest in artificial intelligence computing-related assets, focusing on sectors with the best growth potential, including technology, new energy, and pharmaceuticals [8][12] - The fund's top three holdings are Zhongji Xuchuang, Xinyi Technology, and Huamao Technology, with substantial increases in positions for companies like Dongshan Precision and Industrial Fulian [9][10] Group 4 - Fund manager Yan Siqian emphasizes the investment opportunities in manufacturing and low-carbon technologies, highlighting the importance of intelligent manufacturing and technological innovation for sustainable development [13][15] - The fund's top holdings include Wuzhou Xinchun and Zhenyu Technology, with significant increases in positions for companies like Beite Technology and Sili Technology [14][15] Group 5 - Fund manager Feng Ludan notes that the artificial intelligence industry is in the early stages of forming a bubble, suggesting a cautious approach to investment while monitoring technological advancements and business model validations [16][21] - The fund's latest report shows a stock position of 86.04%, with significant increases in holdings for companies like Huadian Technology and Tencent Holdings [18][19]

Investment Rating - The report rates the robotics industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][8]. Core Insights - The robotics industry is currently experiencing a phase of intensive capitalization, with leading companies preparing for IPOs and existing firms leveraging differentiated capital platforms for expansion. This trend is driven by the industry's transition from zero to one, requiring significant capital for operations, and the favorable regulatory environment creating an optimal window for capitalization over the next 1 to 2 years [2]. - The commercialization of robotics is accelerating, with increased capital expenditure expected to catalyze the development of funding, R&D, industrialization, and application scenarios. The report outlines three stages of commercialization: industrial use, commercial use, and ultimately household use [2]. - Key segments benefiting from the 2026 industrialization of robotics include: 1. The robotics body segment, where leading companies are expected to catalyze market growth through IPOs [2]. 2. The robotics components and modules segment, supported by manufacturing companies in regions like the Yangtze River Delta and Pearl River Delta [2]. 3. The soft technology segment, which may see mergers and acquisitions involving quality startups and unicorns [2]. 4. The application segment, where companies with strong customer loyalty and viable scenarios are likely to launch successful products in collaboration with established robotics firms [2]. Summary by Sections - **Capitalization Phase**: The robotics industry is in a critical phase of capitalization, with numerous companies preparing for public offerings and leveraging existing platforms for growth [2]. - **Commercialization Stages**: The report identifies three stages of robotics commercialization, emphasizing the need for capital and policy support to transition from industrial to household applications [2]. - **Beneficial Segments**: The report highlights four key segments poised for growth, including robotics body, components, soft technology, and applications, each with unique investment opportunities [2]. - **Investment Opportunities**: Recommended stocks include leading companies such as Hengli Hydraulic, Zhejiang Rongtai, and others, indicating a focus on both core and domestic chains within the robotics sector [2].

Group 1 - The largest user-side energy storage project in China has been officially put into operation, developed by Penghui Energy in collaboration with Sichuan Zhongfu [1] - The project has a scale of 107.12 MW/428.48 MWh, marking it as the first large-scale user-side energy storage project in the electrolytic aluminum industry [1]

Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]

从五洲新春十大流通股东角度 数据显示，永赢基金旗下1只基金位居五洲新春十大流通股东。永赢先进制造智选混合发起A （018124）三季度新进十大流通股东，持有股数234.92万股，占流通股的比例为0.64%。根据测算，今 日浮亏损失约1047.74万元。 永赢先进制造智选混合发起A（018124）成立日期2023年5月4日，最新规模46.97亿。今年以来收益 13.04%，同类排名564/8848；近一年收益84.95%，同类排名369/8093；成立以来收益183.68%。 1月20日，五洲新春跌5%，截至发稿，报84.74元/股，成交39.81亿元，换手率12.45%，总市值310.32亿 元。 资料显示，浙江五洲新春集团股份有限公司位于浙江省绍兴市新昌县七星街道泰坦大道199号，成立日 期1999年11月12日，上市日期2016年10月25日，公司主营业务涉及轴承、精密机械零部件和汽车安全系 统、热管理系统零部件的研发、生产和销售。主营业务收入构成为：轴承产品52.53%，空调管路件 32.42%，汽车零部件12.87%，其他2.18%。 数据显示，永赢基金旗下1只基金重仓五洲新春。永赢新能源智选混合发起 ...