Group 1: Quantum Technology - The "quantum + supercomputing" integration innovation platform has been established in Chengdu, deploying China's first 550-qubit coherent optical quantum computer, enabling the collaboration of classical high-performance computing and quantum computing [7][8] - The deployment of the 550-qubit quantum computer fills the gap in the central and western regions of China for quantum computing capabilities, establishing a complementary regional computing power structure with eastern regions [8][9] Group 2: Biological Manufacturing - The first sugar science key laboratory in Beijing has been approved, co-established by Huaxi Biological and Peking University, focusing on precise manufacturing and functional applications of sugars [10][11] - Huaxi Biological aims to leverage this laboratory to enhance its capabilities in synthetic biology, expanding from hyaluronic acid production to comprehensive sugar biological research [11] Group 3: Hydrogen Energy and Nuclear Fusion - The world's first 30 MW pure hydrogen gas turbine has achieved stable operation, marking a significant step in hydrogen energy transitioning from a "power consumer" to a "grid regulator" [12][13] - The EAST nuclear fusion device has confirmed the existence of a density-free regime, providing critical physical evidence for efficient operation of fusion reactors [18][19] - The Chinese Academy of Sciences has completed the manufacturing of all ITER correction coil procurement packages, marking a significant achievement in domestic R&D capabilities for nuclear fusion components [22] Group 4: Brain-Computer Interface - Neuralink plans to begin mass production of brain-computer interface devices in 2026, aiming to automate surgical procedures and enhance device performance [23][24] - The "Beijing Brain No. 1" system has been implanted in five spinal cord injury patients, achieving clinical breakthroughs, with plans for clinical trials to start in mid-2026 [26][27] - The "Guangdong-Hong Kong-Macao Greater Bay Area Brain Science and Central Nervous System Disease AI Innovation Alliance" has been launched, focusing on research and development in brain science and related technologies [28] Group 5: Embodied Intelligence - Woan Robotics has gone public in Hong Kong, focusing on household scenarios with plans to launch a humanoid household robot in January 2026 [29][30] - The "Qiyuan Q1," the world's first small-sized humanoid robot with full-body force control, has been released, targeting research and interactive applications [33][34] Group 6: Future Industry Catalysts - A table has been organized detailing key catalytic events for six future industries in 2026, including important conferences and technological milestones [36][38]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 0.2% from December 26 to December 31, 2025, while the Shenwan Cosmetics Index increased by 1.0% [4][5]. - Lin Qingxuan successfully completed its IPO on December 30, 2025, attracting significant investor attention. The company, founded in 2003, reported a revenue growth from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.7% [4][10]. - Upward confidence in the company is reflected in the share buyback by senior management at Shangmei Co., with a total of 835,900 shares purchased in December 2025, amounting to approximately 66.32 million HKD [4][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed strong performance, with the Shenwan Beauty Care Index increasing by 0.2% during the specified period, outperforming the market [4][5]. - The top-performing stocks included Yanjiang Co. (+14.3%), Shuiyang Co. (+9.5%), and Qingsong Co. (+7.0%), while Shangmei Co. saw a decline of 18.6% [6]. Key Company Updates - Lin Qingxuan's IPO on the Hong Kong Stock Exchange was a significant event, marking it as a leading high-end domestic skincare brand. The company has a strong market presence with a focus on camellia oil-based products [4][10]. - Shangmei Co. demonstrated management confidence through share buybacks, indicating a positive outlook for future growth [4][10]. E-commerce and AI Integration - The report highlights the robust foundation of the e-commerce agency business, particularly for companies like Yiwan Yichuang, which is leveraging AI to enhance operational efficiency and performance [11][12]. - The e-commerce agency sector is experiencing a resurgence, driven by increased demand for brand representation on platforms like Alibaba [12][13]. Market Data - The retail sales of cosmetics in China for the first eleven months of 2025 reached 428.5 billion yuan, reflecting a year-on-year growth of 4.8% [16]. - The report indicates that the market for PDRN components is expected to reach 285 million USD globally by 2029, with China projected to capture 34% of this market [21]. Competitive Landscape - The domestic skincare market is becoming increasingly competitive, with local brands gaining market share against international competitors. The report notes that local brands now occupy five of the top ten positions in market share [24]. - The report anticipates that the trend of domestic brands gaining market share will continue, particularly in the context of rising consumer preference for local products [24].

枭雄要成就霸业，需要的不只是一招鲜，而是长期源源不断的竞争力。 陕西女首富范代娣和前山东女首富赵燕，如果不做医美，不关注护肤成分，你可能对这两个名字并不熟 悉。但在如今的中国商业版图上，这两位女性，分别掌控着两家市值几百亿的上市公司——巨子生物和 华熙生物。 表面上看，她们一个在西安，一个在山东；一个做蛋白，一个做多糖；一个出身严谨的大学实验室，一 个来自野蛮生长的地产江湖。她们本该井水不犯河水。 但现实是，这两家公司正在进行一场旷日持久的、甚至可以说是「你死我活」的商战。 但命运和机遇有时候就是不讲道理。 这一年，在北大EMBA的课堂上，她结识了山东省生物药物研究院的副院长郭学平。他跟赵燕说了一句 至今被奉为行业金句的话：「一个玻尿酸分子，能锁住1000个水分子。」 故事的起点，要回到2000年。 这是一个神奇的年份，两人的命运在这一年同时被改写。 当时的赵燕，还是一个在海南淘金成功、在北京开发楼盘的地产大鳄。后来更是在北京开发了中环世贸 中心，承建了奥运会场馆五棵松体育馆，也就是现在的五棵松华熙Live。 按理来说，她的头衔，应该是地产女王，而不是现在的「玻尿酸女王」。 01 她没有亲自去搞研发，而是用资 ...

Core Viewpoint - The Chinese cosmetics industry is projected to reach a market size of 1.1 trillion yuan, with domestic brands surpassing international brands in market share and consumer preference [1][2]. Group 1: High-Quality Development and New Productive Forces - The domestic cosmetics market retail sales are expected to reach 470 billion yuan by 2025, indicating a significant growth trajectory for the industry [2]. - New productive forces are essential for the high-quality development of the cosmetics industry, transitioning from traditional manufacturing to intelligent and lean production [4]. - New productive forces enhance production efficiency and product consistency through automation and intelligent equipment, addressing quality control challenges [4]. Group 2: Intelligent Manufacturing Practices of Domestic Brands - The past decade has seen a shift in the cosmetics manufacturing industry from experience-driven to data-driven processes, evolving through three stages: semi-automated, automated, and now data-driven intelligent stages [6]. - Leading brands like Han Shu and Pechoin have made significant investments in intelligent manufacturing, achieving production capacity increases and improved quality control [8][10]. - Domestic brands have made historical advancements in intelligent manufacturing, with automation rates rising from approximately 40% to levels comparable to international brands [10]. Group 3: R&D Innovation and Cost Management - R&D expenditure rates vary across different categories, with skincare products averaging 1.5%-5% and medical beauty products at 2%-5%, reflecting a focus on compliance and clinical data [21][23]. - Domestic brands like Han Shu and Pechoin have R&D personnel ratios comparable to international leaders, indicating strong R&D capabilities [24]. - The production cost rates for various product categories range from 15% to 30%, with domestic brands leveraging self-researched technologies and integrated supply chains to maintain competitive pricing [27][28]. Group 4: International Competitiveness of Domestic Brands - Domestic brands have achieved significant breakthroughs in the cosmetics sector, enhancing core competitiveness through new productive forces [31]. - Intelligent manufacturing has enabled micro-level quality control, establishing trust in product quality [33]. - The integration of AI and 5G technologies in manufacturing processes positions domestic brands at the forefront of global standards, driving high-quality development in the industry [33].

企业名称天津华熙海御科技有限公司法定代表人邓喜先注册资本1000万人民币国标行业科学研究和技术 服务业>科技推广和应用服务业>技术推广服务地址天津市南开区科研东路西侧天津科技广场6-2-2552 （天开园）企业类型有限责任公司(法人独资)营业期限2026-1-1至无固定期限登记机关天津市南开区市 场监督管理局 来源：市场资讯 天眼查显示，近日，天津华熙海御科技有限公司成立，法定代表人为邓喜先，注册资本1000万人民币， 由华熙生物科技股份有限公司全资持股。 序号股东名称持股比例1华熙生物科技股份有限公司100% 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；食品销售（仅销售预包 装食品）；第二类医疗器械销售；化工产品销售（不含许可类化工产品）；化妆品零售；化妆品批发； 食品添加剂销售；日用品销售；日用品批发；卫生用品和一次性使用医疗用品销售；个人卫生用品销 售；塑料制品销售；宠物食品及用品批发；饲料原料销售；电子产品销售；机械设备销售；办公服务； 货物进出口；第一类医疗器械销售；宠物食品及用品零售。（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动）许可项目：医护人员防护用品生 ...

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

Core Insights - The article highlights the growing focus on future industries in China, as emphasized in the "14th Five-Year Plan," which aims to cultivate and expand emerging industries and future sectors [1] - It discusses the importance of exploring diverse technological routes, typical application scenarios, feasible business models, and market regulatory rules to drive economic growth through sectors like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication [1] Group 1: Market Trends - The article notes that over 381 concept stocks have seen a decline in shareholder numbers compared to the end of Q3, with more than 40 companies experiencing a decrease, and 27 companies showing a decline exceeding 3% [1] - 福晶科技 (Fujing Technology) has seen a significant drop in shareholder numbers, with a decrease of nearly 26% compared to the end of Q3 [1] Group 2: Investment Opportunities - Among the 27 companies with a shareholder decline over 3%, only 10 companies have recorded a year-to-date increase of less than 19%, indicating potential for price recovery in the future industry sector [1] - The table lists several companies with their respective year-to-date performance and shareholder decline percentages, highlighting potential stocks for future investment, such as 致远新能 (Zhiyuan New Energy) with a 3.59% increase and a 10.40% decline in shareholder numbers [2]

Core Viewpoint - The medical beauty sector experienced a decline of 0.97% on December 29, with Ai Meike leading the drop, while the overall Shanghai Composite Index rose slightly by 0.04% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3965.28, and the Shenzhen Component Index closed at 13537.1, down by 0.49% [1] - The medical beauty sector's individual stock performance showed varied results, with *ST Meigu leading with a rise of 5.10% to a closing price of 3.71, while Ai Meike fell by 2.29% to 141.03 [1] Group 2: Capital Flow - The medical beauty sector saw a net outflow of 74.18 million yuan from main funds, while retail investors contributed a net inflow of 29.66 million yuan [1] - Individual stock capital flow indicated that Ai Meike had a significant net outflow of 74.86 million yuan from main funds, despite a net inflow of 36.80 million yuan from retail investors [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a transformation with a focus on emotional consumption and innovative product offerings, particularly in the jewelry and cosmetics sectors [6][33] - Companies like潮宏基 and毛戈平 are leveraging multi-channel strategies to enhance brand visibility and product sales, indicating a strong market presence [26][31] Summary by Sections Retail Market Overview - The retail index closed at 2462.73 points, with a weekly increase of 0.16%, underperforming the Shanghai Composite Index, which rose by 1.88% [5][15] - The retail sector has seen a year-to-date increase of 10.00%, lagging behind the Shanghai Composite Index's 18.26% rise [15][19] Company Highlights - **潮宏基**: Achieved a revenue of 62.37 billion yuan in the first three quarters of 2025, up 28.4% year-on-year, with a net profit of 3.17 billion yuan, reflecting a 0.3% increase [42] - **毛戈平**: Launched the "琉光赋活" skincare series, set to debut on January 1, 2026, focusing on high-end skincare needs [31] - **周大福**: Reported a revenue of 389.86 billion HKD for FY2026H1, a slight decrease of 1.1%, but with a net profit increase of 0.1% [39] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending潮宏基 and老铺黄金 as key players [6][33] - **Offline Retail**: Emphasis on companies adapting to market changes, with recommendations for永辉超市 and爱婴室 [6][33] - **Cosmetics**: Highlighting brands that innovate with emotional value and safe ingredients, recommending毛戈平 and珀莱雅 [6][34] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical aesthetic chains, with recommendations for爱美客 and科笛-B [6][34]

Group 1 - The core message of the speech emphasizes a shift in health investment from treating existing diseases to preventing them, thereby extending healthy lifespans [1][3] - The chairman of Huaxi Bio, Zhao Yan, predicts that chronic diseases such as cancer, diabetes, hypertension, hyperlipidemia, hyperglycemia, and even Alzheimer's may be curable in the next decade, contingent on the importance placed on prevention [1] - The speech aligns with the "Healthy China 2030" initiative, which advocates for a preventive approach to health, promoting healthy lifestyles and early diagnosis and treatment to reduce disease occurrence [3] Group 2 - Zhao Yan highlights that the essence of aging intervention is not merely anti-aging but rather controlling risks to reduce the incidence of chronic diseases [3] - The proposed path to health should focus on preventing diseases, minimizing their occurrence, and delaying their onset, with technological innovation playing a crucial role in this intervention [3]