证券之星消息，11月17日医疗美容板块较上一交易日下跌1.28%，*ST美谷领跌。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。医疗美容板块个股涨跌见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 688363 华熙生物 | -916.21万 | -12.21% | 365.13万 | 4.87% | 551.08万 | 7.34% | | 000615 *ST美谷 | -1264.04万 | -24.92% | 669.30万 | 13.20% | 594.73万 | 11.73% | | 300896 爱美客 | -5900.32万 | -14.09% | 1440.55万 | 3.44% | 4459.76万 | 10.65% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日医疗美容板块主力资金净流出8080.57万元，游资资金净流入2474.99万元，散户 ...

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].

华熙生物凭借其在发酵工程优化、活性物高效提取及产业化应用等方面的突出优势，充分满足了《生物 制造中试平台培育指南》中技术设备条件、公共基础建设、服务能力和资质以及知识产权保护四大模块 的严苛标准，同时，经过省级工业和信息化主管部门推荐及专家组的严格评审等程序，成功跻身首批国 家级中试平台。这一权威认定不仅体现了企业在生物制造领域的技术积累和创新能力，更为深化产学研 协同创新提供了重要支撑平台。目前，华熙中试平台已服务20余家外部企业，完成30余项科技成果转向 产业化项目。该平台将有效促进高校、科研院所的前沿研究成果向产业端转化，缩短创新产品的市场化 周期。 作为生物科技领域的标杆企业，华熙生物始终坚持以合成生物学为核心驱动力，构建了从基础研究到产 业落地的完整创新链条。公司打造的"研发-中试-产业化"全流程创新体系，为生物活性物质的高效转化 提供了坚实保障。该中试平台配备了国际一流的发酵系统、纯化设备和检测仪器，拥有64条柔性化中试 生产线，可同时开展六大类生物活性物质的规模化转化工作，服务范围覆盖医药健康、美妆个护、功能 性食品等多个战略性新兴产业领域。 展望未来，华熙生物将充分发挥国家级平台的示范引领作用 ...

行 业 及 产 业 美容护理 2025 年 11 月 16 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 双 11 国货天猫抖音持续霸榜，整体稳中有进 看好 ——化妆品医美行业周报 20251116 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 本周化妆品医美板块表现强于市场。2025 年 11 月 7 日至 2025 年 11 月 14 日期间， 申万美容护理指数上涨 3.7%，表现强于市场。其中，申万化妆品指数上涨 2.5%，强于 申万 A 指 3.0pct；申万个护用品指数上涨 3.7%，强于申万 A 指数 4.2pct。 ⚫ 周观点：双 11 国货天 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The 2025 Double Eleven e-commerce promotion concluded with a total online sales of 1,695 billion yuan, representing a 14.2% increase compared to 2024. Tmall led in overall e-commerce sales, while JD reported record high transaction volumes with a 40% increase in the number of orders and nearly 60% growth in order volume [3][26] - The jewelry sector performed exceptionally well, with gold products favored by younger consumers. The demand for gold has evolved from a singular focus on value preservation to a multifaceted need for cultural recognition and emotional value, indicating higher growth potential for aesthetically and culturally rich gold jewelry [3][29] - The beauty sector achieved a total GMV of 132.5 billion yuan, with skincare and fragrance/cosmetics sales reaching 99.1 billion yuan and 33.4 billion yuan, respectively. Domestic brands like Proya and Han Shu dominated the sales charts, showcasing the strength of local brands [3][32] - The integration of AI technology in retail is enhancing consumer experiences, creating a virtuous cycle among consumers, merchants, and platforms [3][42] Summary by Sections Retail Market Review - The retail industry index rose by 4.06% during the week of November 10-14, 2025, outperforming the Shanghai Composite Index, which fell by 0.18%. The retail sector ranked third among 31 primary industries [5][14] - The supermarket sector saw the highest increase, with a weekly growth of 7.09%, while the jewelry sector led the year-to-date performance with a 23.66% increase [18][21] Retail Insights: Double Eleven Promotion - The Double Eleven e-commerce event showed resilience in growth, with significant sales increases across platforms. Tmall's comprehensive e-commerce sales reached 16,191 billion yuan, while instant retail sales soared by 138.4% [26] - Gold jewelry sales saw a remarkable increase, with the flagship store of Lao Pu Gold achieving over 3 billion yuan in sales within 10 minutes of opening on Tmall [29] - The beauty category's GMV reached 132.5 billion yuan, with domestic brands capturing significant market share, particularly in skincare and cosmetics [32] Focus on High-Growth Sectors - Investment recommendations include focusing on high-quality companies in sectors driven by emotional consumption themes, such as gold jewelry, offline retail, cosmetics, and medical aesthetics [6][48] - Specific companies highlighted for investment include Lao Pu Gold, Proya, and Aimeike, among others, which are expected to benefit from current market trends [49]

证券之星消息，11月13日医疗美容板块较上一交易日上涨1.15%，*ST美谷领涨。当日上证指数报收于 4029.5，上涨0.73%。深证成指报收于13476.52，上涨1.78%。医疗美容板块个股涨跌见下表： 从资金流向上来看，当日医疗美容板块主力资金净流出4845.5万元，游资资金净流入2745.55万元，散户 资金净流入2099.95万元。医疗美容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 游资净点比 散户净流入（元） 散户净占比 | | | | | --- | --- | --- | --- | --- | --- | --- | | 000615 *ST美谷 | -38.48万 | -0.77% | -75.31万 | -1.50% | 113.79万 | 2.27% | | 688363 华熙生物 | -1508.17万 | -15.16% | 121.56万 | 1.22% | 1386.61万 | 13.93% | | 300896 爱美客 | -3298.85万 | -6.17% | 2699.30万 | 5.05% | 599.55万 | 1.12% ...

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant shift with domestic brands gaining market share, while international brands like L'Oréal are facing challenges [4][6][10] - The medical beauty sector is expanding, with companies like Juzhi Biotech and Naturals launching innovative products, indicating a trend towards cross-industry collaboration [4][6] - The soap market is evolving with a focus on high-end products and natural ingredients, appealing to environmentally conscious consumers [6] - PDRN technology is transitioning from niche medical applications to mainstream skincare, enhancing product efficacy and market accessibility [6][10] - Hong Kong is emerging as a testing ground for domestic beauty brands aiming for global expansion, leveraging its mature market and tourism recovery [6][10] - The competitive landscape is intensifying, with domestic brands dominating the top rankings and new entrants disrupting traditional market dynamics [4][6][10] Industry Environment - L'Oréal has dropped out of the top 10 rankings in the Douyin beauty market, with domestic brands like Han Shu and Proya leading the charge [4] - The medical beauty market is projected to reach 370 billion by 2025, attracting investments from beauty companies [4] - The soap market is witnessing a shift towards premium products, with handmade soaps gaining traction among consumers [6] - PDRN technology is being adopted in mainstream skincare, with various brands innovating in formulations and applications [6] - Domestic beauty brands are increasingly focusing on international markets, with Hong Kong serving as a strategic entry point [6] Top Brand News - The domestic fragrance brand "Song Dynasty Fragrance" is rapidly expanding, with a unique dual strategy for online and offline sales [12] - Influencer Zhu Guagua has regained prominence in the Douyin beauty market, significantly impacting brand sales through effective marketing strategies [12] - Hermès is exploring the skincare segment, with plans to launch products post-2028, indicating a strategic move to enhance its beauty portfolio [12] - Yatsen Group has released China's first beauty innovation white paper, showcasing advancements in research and sustainable development [12] - Juyi Group has acquired the Italian brand Foltène to strengthen its position in the hair care market, reflecting a trend of consolidation among domestic beauty companies [12]

Group 1 - The medical beauty sector experienced a decline of 0.83% on November 12, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] - Major stocks in the medical beauty sector showed varied performance, with *ST Meigu rising by 5.09% to a closing price of 4.54, while Ai Meike fell by 2.04% to 157.68 [1] Group 2 - The medical beauty sector saw a net outflow of 41.53 million yuan from main funds, while retail investors contributed a net inflow of 38.87 million yuan [1] - Specific stock fund flows indicated that *ST Meigu had a main fund net inflow of 8.99 million yuan, while Ai Meike faced a significant outflow of 49.08 million yuan [2] - Retail investors showed a positive net inflow in Ai Meike, amounting to 34.04 million yuan, despite the overall negative trend in main funds [2]

从资金流向上来看，当日医疗美容板块主力资金净流入1.04亿元，游资资金净流出3500.19万元，散户资 金净流出6874.66万元。医疗美容板块个股资金流向见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | --- | --- | --- | | 300896 爱美客 | 1.32亿 | 10.22% | -5008.75万 | -3.87% | -8233.60万 | -6.36% | | 688363 华熙生物 | -1074.40万 | -9.17% | 276.77万 | 2.36% | 797.64万 | 6.81% | | 000615 *ST美谷 | -1793.10万 | -18.27% | 1231.79万 | 12.55% | 561.30万 | 5.72% | 证券之星消息，11月11日医疗美容板块较上一交易日上涨1.68%，爱美客领涨。当日上证指数报收于 4002.76，下跌0.39%。深证成指报收于13289.0，下跌1.03%。医疗美容板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043 ...

Market Overview - A-shares showed mixed performance on November 10, with the Shanghai Composite Index rising 0.53% to 4018.6 points, while the ChiNext Index fell 0.92% to 3178.83 points. The total trading volume in the Shanghai and Shenzhen markets reached 21,947 billion yuan, an increase of over 1,700 billion yuan compared to the previous day [1][2]. Consumer Sector - The consumer sector experienced a significant rally, with strong performances from liquor stocks. Notable stocks included Shede Liquor and Jiu Gui Liquor, which hit the daily limit, while Luzhou Laojiao rose over 8% [4][5]. - Food and beverage stocks also surged, with companies like Huanlejia and Ba Bi Foods reaching their daily limit. The sector is expected to recover as the economic environment improves, with a focus on innovation in categories, channels, and consumption scenarios [6][7]. Liquor Industry - The liquor industry has faced challenges this year due to slow domestic consumption recovery and tightening regulations. However, analysts predict that the second half of 2025 will mark a bottoming out for the industry, with expectations of a gradual recovery in 2026 [6][8]. - The current valuation of liquor stocks is considered attractive, providing opportunities for bottom-fishing as the market sentiment improves [6]. Chemical Sector - The chemical sector showed strong performance, particularly in phosphorus, organic silicon, and fluorine concepts. Companies like Huasheng Lithium and Dongyue Silicon Material saw significant gains, with Huasheng Lithium hitting a 20% limit up [8][9]. - The chemical industry has been under pressure for the past three years, but recent efforts to self-regulate and improve product supply-demand balance are expected to enhance profitability [9]. Semiconductor Sector - The storage chip sector experienced a robust rally, with companies like Shen Gong and Ying Tang Zhi Kong hitting their daily limit. The demand for NAND flash memory is expected to rise significantly, driven by the AI boom and limited supply-side capacity [12][14]. - Analysts predict that the storage industry will enter a sustained upcycle, with significant profit growth expected in the second half of 2025 as prices continue to rise [14].