Group 1 - The Hong Kong stock market for new consumption concept stocks continues to show weakness, with significant declines observed [1] - Pop Mart and Gu Ming both fell over 5%, indicating a notable downturn in their stock performance [1] - Other companies such as Mixue Group and Blukoo experienced declines of over 3%, while Lao Pu Gold and Mao Ge Ping dropped over 1% [1]

【导读】毛戈平正式宣布品牌首个香港专柜登陆海港城 国货美妆正从国内市场的"内卷"转向全球市场的"外拓"。 10月22日，毛戈平集团旗下中国高端美妆品牌MAOGEPING（毛戈平）在香港举办仪式，正式宣布品牌 首个香港专柜登陆海港城。 记者获悉，毛戈平品牌此次以"光影美学"为核心差异化定位入驻，凭借专业彩妆技法与东方审美内核的 融合，要在国际品牌林立的赛道中构建独特竞争力。 值得注意的是，这一动向并非孤立事件，毛戈平的出海也是国货美妆整体崛起并寻求更广阔天地的缩 影。 模式升级"品牌立身" 与过去依赖跨境电商平台"铺货"的模式不同，本轮国货美妆品牌出海潮显著的特征是"品牌化"和"高端 化"。 这一策略与中国美妆市场的整体成熟密不可分。根据中国香料香精化妆品工业协会的数据，2024年，中 国化妆品品牌交易额占比已达到55.2%，历史上首次超越国际品牌，并且这一比例仍在持续提升。同 时，年成交额过亿的品牌数量创下历史新高。 国内市场在蓬勃发展的同时，竞争也日趋白热化，"走出去"寻求新增量空间成为头部品牌的共识。 海关数据显示，2025年上半年，中国大众市场美妆产品的出口额同比增长12%，显著高于国内市场的增 速。与 ...

2025年9月19日，京东美妆至美奖携手知名时尚杂志《嘉人》于渤海之滨的天津泰达航母主题公园荣耀 开幕。当晚，明星嘉宾、美妆kol、品牌达人共赴这场以"美"为名的权威盛典。2025京东美妆至美奖确 立了"以消费者为核心"的评选理念，各个奖项堪称美妆界的"口碑试金石"。盛典中，中国高端美妆品牌 毛戈平品牌凭借其在底妆领域的深厚积淀与卓越实力，成功斩获"年度至美底妆奖"，成为品牌发展的又 一枚荣誉勋章。 毛戈平底妆实力出圈，诠释"至美"内核 深耕美学二十载，共赴美妆新未来 "年度至美底妆奖"的荣誉，既是对毛戈平品牌实力的肯定，更是对品牌二十五年来在美妆领域不断深耕 的鼓励。毛戈平品牌创立以来，品牌并始终致力于东方美学的艺术生活化，中国美妆艺术的高端化，东 方文化艺术的国际化；坚守美的使命，推动东方美学与文化走向世界。在品牌发展的同时，通过美妆教 学、美学讲座等多种方式，传递适合东方人的美妆理念。 25年来，毛戈平品牌，从美妆教育到产品服务，致力于为消费者提供更专业的美学体验。未来，品牌将 继续为消费者带来更多兼具品质与美感的底妆产品。同时，也期待与更多用户一起携手，陪伴更多人抵 达自我之美。 毛戈平品牌以打造东方 ...

平台双 11 大促展望 - 快消品美妆类商家交流 20251021 摘要 天猫双十一巩固高端品牌形象，提高 88 VIP 会员复购率，通过明星套组 和会员权益提升客单价，但 2025 年策略侧重官方立减，会员贡献占比 超 70%。 抖音双十一致力于 GMV 高速增长，鼓励品牌开设旗舰店，通过美妆达 人短视频和直播带货，优化商品卡和优惠券刺激复购，是品牌声量最大 的流量平台。 京东双十一服务高净值人群，强调即时零售和物流体验，主打 211 限时 达和 Plus 会员联动，流量集中在搜索和品牌粉丝，更多用于高端礼盒及 渠道补充。 电商平台投放费用比例：天猫 15%，抖音 25%，京东 10%。京东费用 比例下降，自然流量增加；抖音费用比例上升，是最高的平台。 投邮税政策（2025 年 10 月 1 日起）影响企业收入确认，促使品牌精细 化运营，精准投放控制成本，中小商家需调整策略应对新的税收环境。 AI 工具助力电商业务降本增效，与阿里合作开发的 AI 工具批量生成短视 频内容，优化人员结构，提高产能效率，头部品牌利润增长超 15%。 毛戈平 2024 年总 GMV 40 亿元，天猫占比 50%，抖音 35%，京 ...

五洲新春所属申万行业为：机械设备-通用设备-金属制品。所属概念板块包括：人形机器人、丝杠、汽 车零部件、减速器、机器人概念等。 截至6月30日，五洲新春股东户数7.20万，较上期增加1.40%；人均流通股5084股，较上期减少1.38%。 2025年1月-6月，五洲新春实现营业收入18.94亿元，同比增长8.12%；归母净利润7529.00万元，同比增 长0.31%。 分红方面，五洲新春A股上市后累计派现4.52亿元。近三年，累计派现1.69亿元。 机构持仓方面，截止2025年6月30日，五洲新春十大流通股东中，鹏华碳中和主题混合A（016530）位 居第五大流通股东，持股1359.71万股，相比上期减少93.11万股。南方中证1000ETF（512100）位居第 九大流通股东，持股236.76万股，为新进股东。香港中央结算有限公司位居第十大流通股东，持股 223.16万股，为新进股东。 10月20日，五洲新春（维权）盘中上涨2.10%，截至09:35，报42.30元/股，成交7107.74万元，换手率 0.46%，总市值154.90亿元。 资金流向方面，主力资金净流入319.67万元，特大单买入602.61 ...

机械设备行业 行业研究 | 动态跟踪 贸易摩擦影响有限，人形机器人迎来布局 时机 ——机器人产业跟踪 核心观点 投资建议与投资标的 尽管短期贸易摩擦加剧，但我们看到国内零部件厂商已经投资布局海外产能，并且机器 人也将进入量产阶段，所以我们认为贸易摩擦的影响有限，人形机器人将有望迎来布局 时机。我们认为在国内外人形机器人龙头公司的共同推动下，行业有望在明年进入量产 阶段。站在量产的未来看今天，我们认为具备优秀制造和管理能力的零部件企业更加受 益。相关标的：拓普集团(601689，买入)、三花智控(002050，买入)、五洲新春 (603667，买入)、恒立液压(601100，未评级)、震裕科技(300953，买入)。 风险提示 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 厂商生产不及预期、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放 缓、行业融资不及预期、模型发展和数据采集慢于预期、订单执行效果低于预期、产品 降价风险。 国家/地区 中国 行业 机械设备行业 报告发布日期 2025 年 ...

Core Points - The special steel concept index declined by 2.68% as of the market close on October 16, with major stocks like Beijing Lier hitting the limit down, while a few stocks like Yongxing Materials saw gains [1][2] - The special steel sector experienced a net outflow of 1.268 billion yuan, with 35 stocks seeing outflows, and 7 stocks having outflows exceeding 30 million yuan [1][2] Market Performance - The top-performing concept sectors included Hainan Free Trade Zone (+2.58%) and Military Equipment Restructuring (+1.98%), while the special steel concept was among the worst performers [1] - Stocks with significant net outflows included Baogang Co. (-1.44%, -325.48 million yuan), Wuzhou Xinchun (-6.04%, -202.36 million yuan), and Beijing Lier (-9.95%, -152.48 million yuan) [1][2] Stock Movements - The stocks with the highest net inflows were Yongxing Materials (+1.85%, +8.4352 million yuan), Changbao Co. (-2.87%, +4.5255 million yuan), and Bensteel Co. (-2.46%, +1.8115 million yuan) [1][2] - The overall trading volume and turnover rates varied, with stocks like Wuzhou Xinchun and Beijing Lier showing high turnover rates of 10.05% and 6.13% respectively [1][2]

Summary of Conference Call Records Industry Overview - The conference call discusses the outlook for the beauty and e-commerce sectors in China, particularly focusing on the upcoming Double Eleven shopping festival in 2025. The overall market sentiment is optimistic, with expectations of accelerated growth across various platforms, especially Taobao and Tmall, which are projected to achieve a growth rate of around 20% during the event [1][3]. Key Companies and Their Performance 1. **Taobao and Tmall** - Taobao and Tmall are expected to see marginal acceleration in growth, benefiting from personnel adjustments, local life integration, instant retail, and the influence of the 88 VIP membership program [1][3]. 2. **Douyin** - Douyin is anticipated to achieve approximately 40% growth, with other platforms also expected to maintain double-digit growth rates [1][3]. 3. **Proya (珀莱雅)** - Proya is currently in a personnel adjustment phase, with GMV growth expectations for Double Eleven projected to be in the single to low double digits. The company plans to launch more new products in 2026 and aims for a listing on the Hong Kong Stock Exchange [1][9]. 4. **Mao Geping (毛戈平)** - Mao Geping is expected to maintain a strong sales performance, with online sales growth projected between 40% to 50% during Double Eleven. The brand has seen significant collaboration with Li Jiaqi, particularly on key products [1][7][8]. 5. **Perfect Diary (完美股份)** - Perfect Diary had a strong online performance in the first half of the year but experienced a slight slowdown in Q3. The brand is expected to achieve over 30% growth during Double Eleven [1][11]. 6. **Shanghai Jahwa (上海家化)** - Shanghai Jahwa has shown accelerated online sales in Q3, with expectations for significant growth during Double Eleven, driven by brands like Bai Cao Ji and Yu Ze [1][10]. 7. **Yixian E-commerce (易鲜电商)** - Yixian's high-end brands, such as Kalanli and Darfu, have seen GMV double in Q2, indicating a strong recovery and potential for further growth [1][12]. 8. **Luyuchen (陆雨辰)** - Luyuchen is expected to see a significant increase in revenue, estimated to double in Q3, benefiting from rapid growth in its Jade Station home and optimized operations on Douyin [1][13]. 9. **Iffidan (伊菲丹)** - Iffidan is focusing on multi-channel operations and product launches, with plans to open 50 offline stores in China over three years [2][16][17]. 10. **Jinbo Biotech (锦波生物)** - Jinbo is strengthening its position in the medical beauty sector with new product approvals and collaborations, aiming for significant market penetration [1][19]. 11. **Meili Tianyuan Group (美丽田园集团)** - The group has made a strategic acquisition of Siyuanli, enhancing its market share and member base significantly [1][21]. 12. **Shangmei Group (上美股份)** - Shangmei is expanding its product range and has achieved significant growth through innovative marketing strategies on Douyin [1][22]. Market Trends and Consumer Behavior - Domestic beauty brands are gaining market share due to better consumer insights and faster product iterations compared to foreign luxury brands, which are struggling with slower product development [2][15]. - The price stability of foreign brands contrasts with the aggressive pricing strategies of domestic brands, indicating a shift in market dynamics [1][4]. Investment Strategies - The new consumption sector is highlighted as a key investment area, with traditional growth stocks also being considered due to their strong fundamentals and lower valuations expected in 2026 [1][6]. Conclusion - The upcoming Double Eleven shopping festival is expected to be a significant growth driver for the beauty and e-commerce sectors, with various companies poised to capitalize on the trends and consumer behavior shifts observed in the market. The overall sentiment is positive, with a focus on innovation, collaboration, and strategic positioning to enhance market share and profitability.

Core Insights - The reducer concept sector saw an increase of 2.61%, ranking 8th among concept sectors, with 107 stocks rising, including Bohai Automotive and Wuzhou New Spring hitting the daily limit [1] - Major gainers included Wantong Hydraulic, Changying Precision, and Yishi Precision, with increases of 21.67%, 14.19%, and 10.05% respectively [1] - The sector experienced a net outflow of 577 million yuan from main funds, with 62 stocks receiving net inflows [1] Sector Performance - The reducer concept sector had a daily increase of 2.61%, while other notable sectors included Tonghuashun Fruit Index (+3.40%) and Cell Immunotherapy (+3.18%) [1] - The top decliners included Shanzi Gaoke, Inner Mongolia First Machinery, and Yokogawa Precision, with declines of 6.54%, 3.84%, and 2.56% respectively [1] Fund Flow Analysis - Wuzhou New Spring led the net inflow of main funds with 431 million yuan, followed by Zhongdali De and Lixing Co., with net inflows of 112 million yuan and 109 million yuan respectively [2] - The top three stocks by net inflow ratio were Wuzhou New Spring (17.20%), Buke Co. (14.31%), and Dongli Machinery (13.90%) [2] Stock Performance - Key stocks in the reducer concept sector included Wuzhou New Spring (+10.00%), Zhongdali De (+6.09%), and Lixing Co. (+3.00%) [2] - Other notable performers included Zhejiang Rongtai (+6.53%) and China Baowu (+1.58%) [2] Market Trends - The overall market showed mixed performance with various sectors experiencing both gains and losses, indicating a volatile trading environment [1][2]

Market Performance - The general equipment sector increased by 2.03% on October 15, with Ding Tai Gao Ke leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in General Equipment Sector - Ding Tai Gao Ke (301377) closed at 72.61, up 11.71% with a trading volume of 122,000 shares and a transaction value of 867 million [1] - Rong Qi Ke Ji (301360) closed at 84.00, up 11.55% with a trading volume of 54,400 shares [1] - Mo Xin Yi Qi (688622) closed at 133.50, up 11.18% with a trading volume of less than 35,800 shares [1] - Wu Zhou Xin Chun (603667) closed at 45.55, up 10.00% with a trading volume of 561,900 shares and a transaction value of 2.506 billion [1] Market Capital Flow - The general equipment sector saw a net inflow of 225 million from institutional investors, while retail investors contributed a net inflow of 277 million [2] - However, there was a net outflow of 503 million from speculative funds [2] Individual Stock Capital Flow - Wu Zhou Xin Chun (603667) had a net inflow of 440 million from institutional investors, but a net outflow of 184 million from speculative funds [3] - Ding Tai Gao Ke (301377) experienced a net inflow of 76 million from institutional investors, with a net outflow of 82 million from retail investors [3] - Teng Da Ke Ji (001379) had a significant net inflow of 111 million from institutional investors, while speculative funds saw a net outflow of 63 million [3]