【申万化妆品】26年1月抖音渠道重点国货GMV同比——基于蝉妈妈数据分析 上美股份：韩束+众子品牌1月合计GMV约6.6亿(+9%)； 1韩束品牌1月GMV约5.3亿(-3%)； 2NewPage一页1月 GMV约0.7亿(+120%）； 3极方取得0.1亿GMV，同比高速增长。 4聚光白1月取得0.1亿GMV，同比高增。 5安敏优1 【申万化妆品】26年1月抖音渠道重点国货GMV同比——基于蝉妈妈数据分析 上美股份：韩束+众子品牌1月合计GMV约6.6亿(+9%)； 1韩束品牌1月GMV约5.3亿(-3%)； 2NewPage一页1月 GMV约0.7亿(+120%）； 3极方取得0.1亿GMV，同比高速增长。 4聚光白1月取得0.1亿GMV，同比高增。 5安敏优1月取得0.3亿GMV，同比增长267%。 珀莱雅公司:三大品牌1月GMV合计3.5亿元(+2%）； 1主品牌珀莱雅1月GMV约2.8亿元(-2%)； 2彩棠品牌1月GMV0.3亿元(-12%）； 3OR洗护1月GMV0.3亿(+148%）。 丸美股份:两大品牌1月合计GMV2.6亿(+1%）。 1主品牌丸美1月GMV约1.8亿元(+5%）； 2恋火 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][49] Summary by Sections Industry Performance Overview - The commercial retail and social services indices reported declines of 4.18% and 3.45% respectively during the week of January 26 to January 30, 2026, ranking 26th and 23rd among 31 primary industries [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Key Industry Developments - HBN, established in 2019, is recognized as the largest domestic skincare brand in the efficacy skincare segment, with a market share of 0.8% in the Chinese improvement skincare market as of 2024 [24][25] - HBN's revenue for the first three quarters of 2025 reached 1.51 billion yuan, a year-on-year increase of 10.2%, with high-efficacy skincare products accounting for 78.6% of total revenue [29] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopuhuangjin and Chaohongji [6][49] - Investment Theme 2: Highlighting retail companies that adapt to emotional value and intelligent trends, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Investment Theme 3: Emphasizing beauty and personal care brands that innovate with emotional value and safe ingredients, recommending brands like Maogeping and Pola [6][50] - Investment Theme 4: Targeting differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Aimeike and Meilitiantian [6][51]

Market Overview - The cosmetics sector experienced a decline of 0.98% on January 30, with Lafang Family leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Individual Stock Performance - Qingdao Kingking (002094) saw a closing price of 8.75, with an increase of 4.17% and a trading volume of 1.1682 million shares, amounting to a transaction value of 1.02 billion [1] - Lafang Family (603630) closed at 19.21, down 6.38%, with a trading volume of 89,300 shares and a transaction value of 174 million [2] - Shanghai Jahwa (600315) closed at 20.92, down 4.52%, with a trading volume of 163,300 shares and a transaction value of 345 million [2] - Other notable stocks include Beitaini (300957) at 41.89, down 0.85%, and Marubi (603983) at 31.52, down 0.32% [2] Capital Flow Analysis - The cosmetics sector saw a net inflow of 60.2766 million from institutional investors, while retail investors experienced a net outflow of 62.139 million [2] - The main capital inflow was led by Qingdao Kingking with 68.098 million, while retail investors showed significant outflows across various stocks [3] - Shanghai Jahwa had a net inflow of 6.7524 million from institutional investors, but also faced a net outflow of 7.7544 million from retail investors [3]

太力科技，以硬核突破为动能。其转型之路，是基于C端优势的延伸与升级。从家居收纳到以纳米材料 技术为核心，它构建"C端稳固、B端突破"的双轮驱动格局，坚持高性能、绿色化的创新方向，以技术 之精微，赋能千行百业，为"产业森林"提供坚韧的支撑。 近期，上海证券报调研小分队走进广东，探寻企业以科技坚定破局的生动实践。我们看到，广东经济的 勃勃生机，正源于一片由无数创新"嘉木"共生共荣的"产业森林"。 招商证券，以熔铸价值为己任。其核心竞争力在于读懂需求、为投资者创造价值，并提供决策支撑。从 交易工具到"综合理财平台"，再到应用大数据与AI，招商证券App的演化历程，正是其坚持以科技投入 巩固数智化"护城河"、为"产业森林"输送智慧养分的缩影。它从顶层战略到场景落地全面发力，旨在高 质量打造国内领先的投资银行。 明阳集团，以向阳而生为大道。它让每台风机不再仅仅是发电装置，而是成为智慧能源网络的节点。以 风电为锚点，构建"风—光—储—氢—燃"全链条并落地标杆项目，它从装备制造商向智慧能源服务商转 型，用创新把自然力量转化为人类可用能源，为"产业森林"提供丰富的能量。 ◎记者 黎灵希 南方有嘉木，今朝更成林。 丸美生物，以 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 41.47 | 6.88% | 7.39万 | 3.03亿 | | 002094 | 青岛金王 | 8.24 | 3.00% | 56.99万 | 4.67亿 | | 300886 | 华业香料 | 28.45 | 0.28% | ● 1.75万 | 4908.73万 | | 300132 | 青松股份 | 8.74 | 0.23% | 18.35万 | 1.59亿 | | 300849 | 锦盛新材 | 18.82 | -0.42% | 3.14万 | 5833.82万 | | 300740 | 水羊股份 | 23.52 | -0.84% | 8.71万 | 2.04亿 | | 300957 | 贝泰妮 | 42.67 | -0.88% | 5.30万 | 2.25亿 | | 603605 | 班菜雅 | 72.50 | -1.05% | 4.33万 | 3.13亿 | | 300856 | 科思股份 | 13.8 ...

文｜C2CC新传媒 过去这一年，C2CC传媒X新妆与不少品牌创始人交流时，"太卷了""流量贵得离谱""货架电商掉量""利 润起不来"仍是大家口中不断重复的关键词。的确，那个靠融资烧钱、以买量换增长的时代，正在悄然 落幕。 然而，寒意之中亦有新机。2025年以来，一个明显的趋势正在浮现：头部美妆品牌纷纷调转船头，重新 发力线下——这片曾被一度冷落的战场，正成为2026年最具确定性的新"增量场"。 今年1月初，丸美在2026年经销商大会上，不仅交出过去一年深耕线下的成绩单，更明确将线下定为 2026年增长新方向，推出全链路赋能策略。 就在上周，珀莱雅与医药连锁一心堂达成合作，宣布正式入驻OTC渠道，这一开年大动作被行业视为其 线下战略由守转攻的关键信号。而上美股份老板吕义雄也曾在朋友圈表态，将大幅向线下倾斜资源。 三家头部企业几乎"默契"地一致行动，已然释放出强烈信号：在规模、增速与利润的多重压力下，线下 不仅是更现实的增长路径，更是它们擅长的、能真正做出利润的战场。 而随着这些从线下起家的品牌"重返主场"，对于正试图布局线下的新锐品牌而言，竞争格局已然改变 ——它们要面对的，不仅是渠道的深耕，更是来自"老玩家" ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

证券之星消息，1月23日化妆品板块较上一交易日上涨1.34%，嘉亨家化领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。化妆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) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 40.06 | 7.69% | 6.19万 | 2.42亿 | | 603630 | 拉芳家化 | 23.64 | 3.28% | 8.37万 | 2666.I | | 603605 | | 73.18 | 2.09% | 7.50万 | 5.47 亿 | | 300957 | 贝泰妮 | 43.00 | 1.49% | 4.94万 | 2.11亿 | | 920123 | 色薇股份 | 16.08 | 1.45% | 1.38万 | 2209.13万 | | 300740 | 水羊股份 | 24.60 | 1.40% | 11.08万 | 2.72亿 | | 600223 | 福瑞达 | 7.62 | 1.20% ...

Group 1 - The cosmetics sector experienced a slight increase of 0.25% on January 21, with Lafang Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Lafang Jiahua's closing price was 22.89, reflecting a rise of 2.10%, with a trading volume of 57,000 shares and a transaction value of 130 million yuan [1] Group 2 - The cosmetics sector saw a net outflow of 55.52 million yuan from institutional investors, while retail investors had a net inflow of 30.86 million yuan [2] - The trading data for various companies showed mixed performance, with some companies like Betaini and Lafang Jiahua experiencing net outflows from institutional investors [3] - Betaini had a net outflow of 14.09 million yuan from institutional investors, while Lafang Jiahua saw a net inflow of 13.43 million yuan [3]

Group 1 - The cosmetics sector experienced a rise of 1.11% on January 20, with Shanghai Jahwa leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the cosmetics sector showed varied performance, with Shanghai Jahwa closing at 23.92, up 3.55%, and Qingdao Kingking at 8.34, up 2.96% [1] Group 2 - The cosmetics sector saw a net inflow of 30.3 million yuan from institutional investors, while retail investors experienced a net outflow of 54.5 million yuan [2] - Notable individual stock performances included Shanghai Jahwa with a net inflow of 20.5 million yuan from institutional investors, and Qingdao Kingking with a net inflow of 23.3 million yuan [3] - The overall market sentiment reflected a mixed response, with some stocks like Banlaya experiencing significant net outflows from both institutional and retail investors [3]