Core Insights - The report emphasizes the importance of capitalizing on emotional consumption trends and reassessing cyclical value in the light of the 2026 investment strategy for the light industry sector [1][3]. 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [4]. - The export sector showed some differentiation due to tariff policy disruptions, with companies that had balanced production capacity and strong demand performing better. The personal care sector saw excess returns in the first half of the year but faced valuation digestion in the second half due to intensified e-commerce competition [4][5]. - The report suggests a dual focus for stock selection in 2026: on one hand, to pay attention to undervalued cyclical assets for valuation recovery; on the other hand, to balance the valuation and growth potential of new consumption and export sectors [4]. Stock Selection Strategy - The report recommends four main lines for stock selection: 1. Gradually focus on undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by seasonal demand and low channel inventory [4]. 2. Maintain a high allocation to export stocks with strong demand resilience and manufacturing capabilities, especially those less affected by tariffs [4]. 3. Invest in high-quality domestic personal care brands benefiting from product structure optimization and channel expansion [4]. 4. Explore new consumption trends in categories like AI glasses, new tobacco products, pet supplies, and trendy toys, which are expected to see significant growth [4]. Recommended Stocks - The report lists several recommended stocks, including: - Sun Paper Industry (002078.SZ) - Bohui Paper Industry (600966.SZ) - Weigao Medical (300888.SZ) - Baiya Co., Ltd. (003006.SZ) - Nobon Co., Ltd. (603238.SH) - Yiyi Co., Ltd. (001206.SZ) - Mengbaihe (603313.SH) - Gujia Home (603816.SH) [4]. 2025 Sector Performance Data - As of December 31, 2025, the SW light industry manufacturing sector had an overall increase of 20.1%, outperforming the Shanghai Composite Index by 1.7 percentage points. The packaging and printing sector performed particularly well with a 35.4% increase [12]. - The report highlights that the packaging sector benefited from price increases and cross-industry transformations, while the home and entertainment sectors also saw significant gains [12][14]. Export Sector Insights - The report notes that from November 2025, the U.S. reduced tariffs on Chinese imports to 20%, leading to a gradual recovery in orders. The fluctuations in tariff policies had previously caused delays in orders from U.S. buyers [76]. - The report indicates that the export sector is expected to see a return to competitive pricing against ASEAN countries following the tariff adjustments, which may accelerate industry consolidation [76][81]. Personal Care Sector Trends - The personal care sector is experiencing product structure upgrades and channel benefits, with brands focusing on high-demand segments such as oral care and women's hygiene products [31][50]. - The report forecasts that the market for women's hygiene products will reach 1079.6 billion yuan in 2025, with a compound annual growth rate (CAGR) of 3.0% from 2025 to 2029 [50][51]. Baby Care Market Dynamics - The baby care market is projected to grow at a CAGR of 3.1% from 2025 to 2029, with a focus on premiumization and specialized products to counteract declining birth rates [59][66]. - The report highlights that single-child consumption is increasing, which helps mitigate the impact of declining birth rates on the market [69].

Market Overview - The personal care products sector increased by 0.52% on January 8, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Beijia (603059) closed at 31.87, up 3.78% with a trading volume of 26,700 shares and a transaction value of 84.12 million yuan [1] - Reliable Co. (301009) closed at 12.93, up 1.41% with a trading volume of 29,000 shares [1] - HaoYue Care (600509) closed at 31.74, up 1.15% with a trading volume of 22,200 shares [1] - Other notable stocks include Jeya Co. (301108) at 34.39 (+0.88%), Liangmian Needle (600249) at 5.82 (+0.87%), and Runben Co. (603193) at 24.84 (+0.44%) [1] Capital Flow - The personal care products sector experienced a net outflow of 6.63 million yuan from institutional investors and 11.89 million yuan from speculative funds, while retail investors saw a net inflow of 18.52 million yuan [2] - The capital flow for individual stocks shows that Baia Co. (003006) had a net inflow of 5.69 million yuan from institutional investors, while it faced a net outflow of 12.99 million yuan from speculative funds [3] - Jeya Co. (301108) had a net outflow of 3.41 million yuan from institutional investors, but a net inflow of 2.17 million yuan from retail investors [3]

Group 1 - The core theme of the conference was "product leadership, excellent operations, brand elevation, and digital intelligence empowerment," outlining the strategic direction for the next three years and the operational plan for 2026 [1] - The company emphasized the importance of product leadership as the fundamental cornerstone for development, with a focus on R&D investment, patent innovation, and green manufacturing upgrades [2] - The chairman highlighted the strategic goal of creating an environment where competitors are deterred from engaging in competition, reflecting the company's strong strategic determination [3] Group 2 - In the medical business segment, the company demonstrated resilience and achieved growth despite a challenging industry environment, with notable performance in strategic products and cross-border retail becoming a new growth engine [4] - In the consumer goods segment, the company reported significant achievements in 2025, with its flagship product maintaining a top market position and rapid growth in several core categories [5] - The company plans to focus on six strategic product scenarios and enhance its membership system while driving efficiency through digital intelligence to support high sales and profit targets in 2026 [5] Group 3 - Overall, the conference highlighted the company's commitment to product-centric strategies and digital empowerment, aiming for cohesive organizational efforts in a complex environment [6] - The company is set to continue driving development through excellent operations and brand elevation, maintaining resilience and adaptability in the face of significant changes in the market [6]

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of the company Steady Medical (300888), including stock price movements and funding flows [1][2]. - As of January 7, 2026, Steady Medical's stock closed at 38.6 yuan, down 1.08%, with a trading volume of 47,000 hands and a transaction amount of 182 million yuan [1]. - In terms of funding flow on January 7, 2026, the main capital saw a net inflow of 6.1 million yuan, accounting for 3.35% of the total transaction amount, while retail investors experienced a net outflow of 123,700 yuan, representing 0.07% of the total [1]. Group 2 - For the first three quarters of 2025, Steady Medical reported a main revenue of 7.897 billion yuan, a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 732 million yuan, up 32.36% [2]. - The third quarter of 2025 alone saw a main revenue of 2.601 billion yuan, reflecting a year-on-year growth of 27.71%, with a net profit of 240 million yuan, increasing by 42.11% [2]. - The company has a debt ratio of 33.87%, with investment income of 33.23 million yuan and a gross profit margin of 48.32% [2].

Core Viewpoint - The personal care products sector experienced a decline of 1.31% on January 7, with Yiyi Co., Ltd. leading the drop. The Shanghai Composite Index rose by 0.05% to close at 4085.77, while the Shenzhen Component Index increased by 0.06% to 14030.56 [1]. Market Performance - The closing prices and changes for key stocks in the personal care sector are as follows: - Beijiajie: 30.71, +0.46% - Jieya Co.: 34.09, +0.15% - Haoyue Care: 31.38, -0.03% - Runben Co.: 24.73, -0.36% - Dengkang Oral: 38.50, -0.88% - Kela Co.: 12.75, -1.01% - Wanjian Medical: 38.60, -1.08% - Liangmian Needle: 5.77, -2.04% - Baiya Co.: 21.13, -2.22% - Zhongshun Jiesang: 8.31, -2.46% [1][2]. Capital Flow - On that day, the personal care products sector saw a net outflow of 755.65 million yuan from institutional investors, while retail investors experienced a net outflow of 2027.61 million yuan. Conversely, speculative funds had a net inflow of 2783.26 million yuan [2][3]. Individual Stock Capital Flow - The capital flow for individual stocks in the personal care sector is as follows: - Zhongshun Jiesang: Net inflow of 804.63 million yuan from institutional investors, with a net outflow of 1643.93 million yuan from retail investors [3]. - Wanjian Medical: Net inflow of 610.21 million yuan from institutional investors, with a slight net outflow from retail investors [3]. - Haoyue Care: Net inflow of 338.41 million yuan from institutional investors, but a significant net outflow from retail investors [3]. - Baiya Co.: Net inflow of 240.08 million yuan from institutional investors, with a net outflow from retail investors [3].

Group 1: Industry Overview - The light industry and beauty sector is expected to stabilize and improve due to the dual drivers of domestic demand policies and steady export growth [3] - The "14th Five-Year Plan" marks a year of enhanced domestic demand policies, coupled with consumers' increasing pursuit of high-quality living, creating significant growth opportunities for the industry [3] - The penetration rate of cross-border e-commerce has ample room for improvement, and the recovery of international relations and demand from emerging markets will further drive market expansion [3] Group 2: Beauty Sector - The cosmetics market is projected to grow steadily, with the skincare segment being the largest, reaching a market size of 4,619 billion yuan in 2024, and expected to grow at a CAGR of 8.6% from 2024 to 2029 [19] - The high-end cosmetics market is rapidly expanding, with the market size for high-end skincare products increasing from 749 billion yuan in 2019 to 1,144 billion yuan in 2024, reflecting a CAGR of 8.84% [19] - Key companies in the beauty sector include: - **Mao Geping**: Revenue reached 25.88 billion yuan in H1 2025, with a growth rate of 31.28% [23] - **Lin Qingxuan**: Revenue grew to 10.52 billion yuan in H1 2025, marking a 98.28% increase [27] - **Marubi**: Revenue is expected to reach 29.70 billion yuan in 2024, recovering from previous declines [32] Group 3: Medical Aesthetics - The medical aesthetics sector is facing short-term pressure due to cautious consumer spending, but the long-term growth potential remains strong, with a projected CAGR of 10%-15% from 2024 to 2027 [36] - The market penetration rate for medical aesthetics in China is currently at 4-5%, indicating a growth potential of 2-5 times compared to countries like the US and South Korea [36] - Key companies in the medical aesthetics sector include: - **Jinbo Biological**: Achieved revenue of 12.96 billion yuan in Q1-Q3 2025, with a year-on-year growth of 31.10% [45] Group 4: Daily Chemicals - The daily chemical industry is benefiting from domestic demand policies, with local brands poised to capture market share [49] - Companies such as **Dengkang Oral Care** and **Runben** are highlighted for their strong market positions and growth potential [51][55] - **Shanghai Jahwa** has shown significant growth, with revenue reaching 49.61 billion yuan in Q1-Q3 2025, reflecting a 10.83% increase [59] Group 5: Home Furnishing - The home furnishing sector is under pressure due to weak real estate sales, with a 15% decline in residential investment in 2025 [65] - National subsidies for home appliances and furnishings have provided some support, but the long-term effects are limited [65] - Leading companies such as **Oppein Home** and **Kuka Home** are noted for their strong channel capabilities and multi-category layouts [65]

Core Viewpoint - The stock of Steady Medical (300888) has shown a positive performance with a closing price of 39.34 yuan, reflecting a 3.96% increase as of January 5, 2026, with significant trading activity noted [1]. Financial Performance - For the first three quarters of 2025, Steady Medical reported a main revenue of 7.897 billion yuan, representing a year-on-year increase of 30.1% [2]. - The net profit attributable to shareholders reached 732 million yuan, up 32.36% year-on-year, while the net profit excluding non-recurring items was 679 million yuan, marking a 43.93% increase [2]. - In Q3 2025 alone, the company achieved a quarterly main revenue of 2.601 billion yuan, a 27.71% increase year-on-year, with a quarterly net profit of 240 million yuan, reflecting a 42.11% rise [2]. - The company's debt ratio stands at 33.87%, with investment income of 33.23 million yuan and financial expenses of -2.036 million yuan, alongside a gross profit margin of 48.32% [2]. Market Sentiment - Over the past 90 days, 21 institutions have provided ratings for Steady Medical, with 17 recommending a buy and 4 suggesting an increase in holdings [2]. - The average target price set by institutions for the stock over the last 90 days is 5.488 billion yuan [2].

截至2025年12月31日收盘，稳健医疗(300888)报收于37.84元，下跌0.58%，换手率0.42%，成交量2.46万 手，成交额9356.33万元。 董秘最新回复 投资者： 创业板本年上涨50%，公司股价本年下跌8%，目前已经破发，请管理层对此进行评价。 董秘： 尊敬的投资者，您好！公司股价波动受到多种外部因素影响，与市场整体表现可能存在阶段性 差异。管理层始终高度重视股东回报与市值表现，并将持续通过扎实经营、提升业绩及加强投资者交流 等方式，努力推动公司价值获得市场更加充分与广泛地认可。感谢您的关注与支持。 董秘： 尊敬的投资者，您好！公司股权结构稳定，控股股东对公司长期发展充满信心。公司一贯重视 所有投资者，并持续通过业绩说明会、路演互动及定期报告等多种渠道与市场保持沟通。经营方面，公 司始终围绕"医疗+消费"双轮驱动的差异化战略进行发展，近年来持续努力提升经营业绩和股东价值， 产品力和品牌力逐步得到市场广泛认可，美誉度越来越高。未来，公司将继续加强投资者沟通，传递长 期价值理念，争取更多长线投资者的认可。感谢您的关注与支持！ 投资者： 董秘你好，公司股价长期萎靡，容易让市场各方对公司的经营韧性 ...

Market Overview - The personal care products sector increased by 0.23% on December 31, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 14.82, up 11.68% with a trading volume of 314,600 shares and a transaction value of 445 million yuan [1] - Other notable stocks include: - Dengkang Oral (001328) at 39.48, up 1.23% [1] - Zhongshun Jierou (002511) at 8.56, up 1.06% [1] - Beijia Clean (603059) at 30.08, up 0.37% [1] - Reliable Co., Ltd. (301009) at 12.68, up 0.32% [1] - Runben Co., Ltd. (603193) at 24.23, up 0.12% [1] - Haoyue Nursing (605009) at 30.90, up 0.03% [1] - Ziya Co., Ltd. (003006) at 21.84, down 0.46% [1] - Wanjian Medical (300888) at 37.84, down 0.58% [1] - Liangmian Needle (600249) at 5.75, down 1.71% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.67 million yuan from institutional investors, while retail investors saw a net inflow of 26.33 million yuan [2] - The capital flow for individual stocks shows: - Yanjiang Co., Ltd. had a net inflow of 18.80 million yuan from institutional investors [3] - Dengkang Oral had a net inflow of 0.90 million yuan from retail investors [3] - Reliable Co., Ltd. had a net outflow of 3.37 million yuan from institutional investors [3] - Zhongshun Jierou had a net outflow of 7.21 million yuan from institutional investors [3] - Yiyi Co., Ltd. had a net outflow of 9.23 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is that Steady Medical (300888) has shown significant growth in its financial performance for the first three quarters of 2025, with a notable increase in revenue and net profit compared to the previous year [2] - For the first three quarters of 2025, the company's main revenue reached 7.897 billion yuan, representing a year-on-year increase of 30.1%, while the net profit attributable to shareholders was 732 million yuan, up 32.36% [2] - In Q3 2025 alone, the company reported a single-quarter main revenue of 2.601 billion yuan, which is a 27.71% increase year-on-year, and a net profit of 240 million yuan, reflecting a 42.11% increase [2] Group 2 - The company's debt ratio stands at 33.87%, with investment income of 33.23 million yuan and financial expenses of -2.036 million yuan, indicating a strong financial position [2] - The gross profit margin for Steady Medical is reported at 48.32%, showcasing the company's efficiency in managing costs relative to its revenue [2] - Over the past 90 days, 21 institutions have provided ratings for the stock, with 17 recommending a buy and 4 recommending an increase in holdings, while the average target price set by institutions is 5.488 billion yuan [2]