商贸零售 2025 年 11 月 30 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 商贸零售 沪深300 相关研究报告 《六福集团业绩预告高增，美丽田园 战略升级—行业周报》-2025.11.22 《双十一电商大促落幕，美妆、珠宝 表现亮眼—行业周报》-2025.11.16 《10 月社零同比+2.9%，金银珠宝表 现亮眼—行业点评报告》-2025.11.14 品牌建设+科技美学，谱写国货美妆增长答案 ——行业周报 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 lixintian@kysec.cn 证书编号：S0790125100021 品观 2025 化妆品年会举办，国货品牌共寻穿越周期的增长答案 本周（11 月 25 日），品观 2025 年化妆品年会在广州举办：多名国货美妆品牌 创始人聚齐，围绕"增长的答案"主题分享如何远眺高飞以及实践落地。从品牌 建设看，告别流量红利，头部企业集体转向"质的跃升"与"长期主义"。 ...

Core Viewpoint - Multiple indices in the A-share market are undergoing significant adjustments, with announcements made by the Shanghai and Shenzhen Stock Exchanges regarding changes to sample stocks in various indices [2][4]. Group 1: Index Adjustments - On November 28, the Shanghai Stock Exchange announced adjustments to the sample stocks of the Shanghai 50, Shanghai 180, Shanghai 380, and Sci-Tech 50 indices, effective after the market closes on December 12, 2025 [4][14]. - The Shanghai 50 index will replace four stocks, including the addition of SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang, while Poly Development, China Mobile, China Aluminum, and CRRC will be removed [5][17]. - The Sci-Tech 50 index will replace two stocks, adding Aojie Technology and Shengke Communication, while Huaxi Biotechnology and Hangcai Co. will be removed [5][6]. Group 2: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange announced that it will implement regular sample stock adjustments for the Shenzhen Component Index, ChiNext Index, Shenzhen 100, and ChiNext 50 on December 15, 2025 [6][14]. - The Shenzhen Component Index will add 17 stocks, including Tuowei Information, Sifang Jingchuang, and Wolong Nuclear Materials, while Guoyao Yizhi, Haide Shares, and Tibet Mining will be removed [6][7]. Group 3: Additional Index Changes - The ChiNext Index will add eight stocks, including Shuanglin Co., Changshan Pharmaceutical, and Changsheng Bearing [9][11]. - The CSI 300, CSI 500, and other indices will also undergo adjustments, with the CSI 300 replacing 11 stocks, including Huadian New Energy and Shenghong Technology, while removing FAW Liberation and Oppein Home [16][17]. - The CSI 500 index will replace 50 stocks, the CSI 1000 index will replace 100 stocks, and the CSI A50 and A100 indices will replace 4 and 6 stocks respectively [17].

证券之星消息，11月28日医疗美容板块较上一交易日下跌0.93%，华熙生物领跌。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。医疗美容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) | | --- | --- | --- | --- | --- | --- | | 920982 | 锦波生物 | 217.27 | 0.96% | 4268.4 | 9263.53万 | | 000615 | *ST美谷 | 4.24 | 0.71% | 9.96万 | 4200.62万 | | 300896 | 爱美客 | 145.37 | -0.61% | 2.80万 | 4.04亿 | | 688363 | 华熙生物 | 66.99 | -1.59% | 3.41万 | 1.60亿 | 从资金流向上来看，当日医疗美容板块主力资金净流出4013.66万元，游资资金净流入380.83万元，散户 资金净流入3632.82万元。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 ...

11月28日，华熙生物盘中下跌2.01%，截至09:54，报46.79元/股，成交5361.81万元，换手率0.24%，总 市值225.38亿元。 资金流向方面，主力资金净流出220.33万元，特大单买入216.98万元，占比4.05%，卖出397.92万元，占 比7.42%；大单买入943.10万元，占比17.59%，卖出982.50万元，占比18.32%。 华熙生物今年以来股价跌8.13%，近5个交易日跌4.26%，近20日跌13.34%，近60日跌19.02%。 资料显示，华熙生物科技股份有限公司位于山东省济南市高新技术开发区天辰大街678号，成立日期 2000年1月3日，上市日期2019年11月6日，公司主营业务涉及微生物发酵和交联两大技术平台,开发有助 于人类生命健康的生物活性材料,建立了从原料到医疗终端产品、功能性护肤品及功能性食品的全产业 链业务体系,服务于全球的医药、化妆品、食品制造企业、医疗机构及终端用户。主营业务收入构成 为：皮肤科学创新转化业务40.34%，医疗终端产品29.76%，原料产品27.70%，其他2.17%，其他(补 充)0.03%。 截至11月20日，华熙生物股东户数3.0 ...

Core Insights - The article discusses the rising demand for sensitive skin care products in China, driven by a significant portion of the population experiencing skin sensitivity issues, with estimates suggesting that 30% of individuals are affected [3][4][6]. - The sensitive skin care market in China is projected to reach a scale of 66.44 billion yuan by June 2025, indicating a robust growth trajectory [4]. - Domestic brands, particularly those focusing on sensitive skin, have gained substantial market share, with brands like Winona and Huaxi Biological showing remarkable growth in sales and market presence [6][11][17]. Market Dynamics - The sensitive skin care market is characterized by a high incidence of skin sensitivity, with a daily occurrence rate of 64.1% among consumers [3]. - The demand for sensitive skin care products has led to the emergence of a billion-dollar market, with brands capitalizing on the need for effective solutions [4][6]. - The competitive landscape is shifting, with domestic brands outperforming international counterparts in terms of market share, reaching nearly 49.1% by 2022 [17]. Consumer Behavior - Consumers are increasingly willing to invest in skin care products to address their skin issues, often resorting to multiple purchases and trying various products to find effective solutions [6][25]. - The article highlights the psychological impact of skin conditions on consumers, leading to a cycle of purchasing and dissatisfaction as they seek effective remedies [9][28]. - The trend of "medical beauty" is on the rise, with a growing number of individuals seeking cosmetic procedures to enhance their appearance, further fueling the demand for sensitive skin care products [8][9]. Brand Strategies - Domestic brands have shifted their strategies from affordability to premium pricing, with significant price increases observed in their product lines [20][21]. - The article notes that brands are increasingly focusing on innovation and technology to differentiate themselves in a crowded market, with a notable increase in patent applications related to sensitive skin care [32]. - Marketing strategies have evolved, with brands now emphasizing product efficacy and scientific backing rather than solely relying on influencer endorsements [32][33].

Core Viewpoint - The announcement details a reduction in shareholding by a significant shareholder, Guoshou Chengda, which has decreased its stake in Huaxi Biological Technology Co., Ltd. from 6.01% to 5.89% through the sale of 571,782 shares, touching the 1% threshold for disclosure [1][2]. Group 1 - The shareholder Guoshou Chengda has reduced its holdings from 28,936,504 shares to 28,364,722 shares, representing a decrease of 571,782 shares [1]. - The reduction in shareholding is part of a previously disclosed plan and does not trigger a mandatory tender offer [2]. - This change in shareholding will not affect the actual control of the company or its governance structure [2]. Group 2 - The company emphasizes that the shareholder's actions comply with relevant laws and regulations, including the Securities Law of the People's Republic of China [2]. - The company will continue to monitor compliance and ensure timely disclosure of relevant information to investors [2]. - The announcement was made by the board of directors of Huaxi Biological Technology Co., Ltd. on November 28, 2025 [3].

证券代码：688363 证券简称：华熙生物 公告编号：2025-045 华熙生物科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 公司股东国寿成达（上海）健康产业股权投资中心（有限合伙）保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 6.01% | | | | 权益变动后合计比例 | 5.89% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 一、 信息披露义务人及其一致行动人的基本信息 1. 身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | ☑其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控 ...

Core Viewpoint - Huaxi Biological (688363.SH) announced a share reduction plan implemented by its shareholder Guoshou Chengda (Shanghai) Health Industry Equity Investment Center (Limited Partnership), indicating a decrease in shareholding percentage [1] Group 1: Shareholding Changes - On November 26, 2025, Guoshou Chengda reduced its holdings by 571,800 shares through centralized bidding [1] - Following the reduction, Guoshou Chengda's shareholding decreased from 28,936,500 shares to 28,364,700 shares [1] - The percentage of total shares held by Guoshou Chengda fell from 6.01% to 5.89%, reaching a 1% integer threshold [1]

Core Viewpoint - Huaxi Biological (688363.SH) announced a share reduction plan implemented by its shareholder Guoshou Chengda (Shanghai) Health Industry Equity Investment Center (Limited Partnership), indicating a decrease in shareholding percentage [1] Group 1 - On November 26, 2025, Guoshou Chengda reduced its holdings by 571,800 shares through centralized bidding [1] - Following the reduction, Guoshou Chengda's shareholding decreased from 28,936,500 shares to 28,364,700 shares [1] - The percentage of total shares held by Guoshou Chengda fell from 6.01% to 5.89%, reaching a 1% integer threshold [1]

Core Points - Huaxi Bio announced that shareholder Guoshou Chengda reduced its stake by 571,800 shares through centralized bidding on November 26, 2025, decreasing its holding from 6.01% to 5.89% [1] - The equity change does not violate any commitments, intentions, or plans previously made, and it does not trigger mandatory tender offer obligations [1]