长江商报消息 为了争夺"童颜针"代理权，*ST苏吴（600200.SH）豁出去了——起诉医美巨头爱美客 （300896.SZ）。 目前，爱美客市值不足600亿元，较巅峰时超过1800亿元缩水超1200亿元。 本次"童颜针"争端将走向何方？长江商报记者将持续关注。 8月11日晚间，*ST苏吴公告称，公司控股孙公司达透医疗就Regen违约事项向深圳国际仲裁院提起仲裁。达透医 疗请求确认对AestheFill（即"童颜针"艾塑菲）的《独家代理协议》有效并继续履行，若上述仲裁请求未得到支 持，初步索赔损失16亿元。 困境中的*ST苏吴高调反击 *ST苏吴高调反击爱美客。 当晚，*ST苏吴还在公众号就此事发文，文中措辞激烈，"资本霸凌""强取豪夺""严重破坏商业伦理"等用词，引发 广泛关注。 *ST苏吴处于困境中，因涉及财务造假，其面临被强制退市风险。 根据最新公告，*ST苏吴控股孙公司达透医疗器械（上海）有限公司（下称"达透医疗"）就韩国公司REGEN Biotech,Inc.（下称"Regen"）违约事项向深圳国际仲裁院提起仲裁，并于2025年8月7日获得深圳国际仲裁院受理立 案。 作为被告的爱美客，于2025年3 ...

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown significant growth, with a 9.79% increase over the past month and a 13.13% increase over the past three months, indicating a strong performance in the healthcare sector [1]. Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services rose by 0.76% to 15,136.64 points, with a trading volume of 38.83 billion yuan [1]. - Year-to-date, the index has increased by 9.74% [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these companies [1]. - The top ten weighted companies in the index include: - Mindray Medical (9.04%) - United Imaging (7.59%) - Aier Eye Hospital (7.05%) - Aimeike (3.3%) - Huatai Medical (2.95%) - Lepu Medical (2.79%) - New Industry (2.64%) - Yuyue Medical (2.52%) - Meinian Onehealth (1.93%) - Yingke Medical (1.92%) [1]. Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (59.62%) and the Shanghai Stock Exchange (40.38%) [1]. - The healthcare sector accounts for 100% of the index's holdings [1]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the healthcare index include various Southern and Tianhong funds, as well as ETFs from multiple financial institutions [2].

Market Overview - The market continues its upward trend with all three major indices reaching new highs for the year, with the Shanghai Composite Index achieving a seven-day winning streak and peaking at 3669.04 points [1] - A-shares saw a total trading volume of 1.91 trillion yuan, marking a significant increase in market activity over the past two days [1] Technology Sector - The technology growth sector is thriving, with significant gains in various ETFs, particularly those focused on AI and hard technology [1] - The AI sector is highlighted as a key focus, with stocks like Cambricon Technologies hitting the daily limit and achieving historical highs in trading volume and price [1] - The Huabao Entrepreneurial AI ETF (159363) surged by 3.03%, reaching a new listing high, reflecting strong investor interest [1][4] Financial Sector - The financial sector is also performing well, with brokerage stocks leading the charge, as evidenced by Guosheng Financial Holdings hitting the daily limit [2] - The top-performing brokerage ETF (512000) experienced high-frequency premiums, indicating strong market confidence [2] - Bank stocks are recovering, with Agricultural Bank of China achieving new highs for six consecutive days [2] AI and Cloud Computing - Positive news in the AI sector includes Huawei's announcement of a breakthrough in AI inference technology, which is expected to accelerate AI application growth [6][13] - The capital expenditure of major cloud companies is projected to exceed $330 billion by 2025, indicating robust growth in the AI and cloud computing sectors [6] - The entrepreneurial AI index has seen a cumulative increase of nearly 35% this year, outperforming other AI indices [6] Investment Opportunities - Analysts recommend focusing on the "AI main line" investment opportunities, particularly in the AI application and computing power sectors [8] - The domestic semiconductor industry is expected to benefit from increased demand for AI chips, driven by the need for domestic alternatives amid rising geopolitical tensions [13][14] - The medical sector is also gaining traction, with significant interest in brain-computer interface technologies and related stocks [15][17] ETF Performance - The Huabao Entrepreneurial AI ETF (159363) has become the largest in its category, with a trading volume of 2.67 billion yuan, reflecting high market activity [4][18] - The Huabao Sci-Tech AI ETF (589520) also performed well, with a peak increase of 3.12% during trading [9][14] Key Developments - The upcoming release of DeepSeek-R2 is generating excitement in the market, with expectations of significant advancements in AI capabilities [11] - The Ministry of Industry and Information Technology has outlined plans to promote the development of brain-computer interface technologies, indicating a growing focus on this innovative sector [17]

爱美客对*ST苏吴方面提起仲裁并不意外，但目前还未正式收 到仲裁机构的口头或书面通知。 作者：刘晓诺 封图：图虫创意 自称"已陷入生死存亡的困境"的*ST苏吴（600200.SH），把AestheFill"童颜针"代理权之争推进 到了法律层面。 8月11日晚，*ST苏吴发布公告，其控股孙公司达透医疗器械（上海）有限公司（下称"达透公 司"）已向深圳国际仲裁院申请仲裁，并已于8月7日获受理立案。仲裁的另一方当事人，便是爱美 客（300896.SZ）间接控股的韩国公司REGEN Biotech,Inc.（下称"REGEN"）。 关于上述仲裁请求，爱美客相关负责人表示："在我们看来，是达透公司有违约行为在先，而且他 们的行为在经济和品牌商誉方面，对我们都有影响。我们也会根据情况采取法律手段，维护我们的 正当权益。" REGEN公司与达透公司的代理权纠纷自2025年7月开始发酵。 "童颜针"AestheFill本是韩国REGEN公司的产品，达透公司具有该产品在中国大陆地区的独家代理 权。2021年底，*ST苏吴花了1.66亿元间接控股了达透公司，并将AestheFill打造为其核心产品。 *ST苏吴称，据不完全统计， ...

经济观察报 见习记者 刘晓诺 自称"已陷入生死存亡的困境"的*ST苏吴（600200.SZ），把AestheFill"童颜针"代理权之争推进到了法律层面。 8月11日晚，*ST苏吴发布公告，其控股孙公司达透医疗器械（上海）有限公司（下称"达透公司"）已向深圳国际仲裁院申请仲裁，并已于8月7日 获受理立案。仲裁的另一方当事人，便是爱美客（300896.SZ）间接控股的韩国公司REGEN Biotech,Inc.（下称"REGEN"）。 达透公司的核心仲裁请求是，确认达透公司具有对AestheFill的独家代理权，且REGEN需要继续向达透公司供货。 达透公司进一步主张，若不能确认其具有AestheFill的独家代理权，将要求REGEN公司支付暂计16亿元的赔偿，且达透公司将保留调整前述索赔金 额的权利。 8月12日，爱美客相关负责人告诉经济观察报，爱美客对*ST苏吴方面提起仲裁并不意外，但目前还未正式收到仲裁机构的口头或书面通知。 爱美客相关负责人认为："既然已经诉诸法律，相信深圳国际仲裁院会根据仲裁规则，公平合理解决争议。走法律程序的目的还是为了解决争议， 不是为了发泄情绪。" 他认为，正在进行的法律程序不会 ...

作为反击，8月11日晚间，*ST苏吴公告称，控股孙公司达透医疗就Regen违约事项向深圳国际仲裁院提 起仲裁，并于2025年8月7日获得深圳国际仲裁院受理立案。公司表示，若上述仲裁请求未得到支持，初 步索赔损失人民币16亿元，并保留根据案情进展及其他相关因素对前述索赔金额进行调整的权利。 同日晚间，*ST苏吴又通过官方公众号发布了《关于高举法律武器维护自身合法权益的严正宣告》，文 章通篇措辞激烈，用了"资本霸凌""强取豪夺""趁人之危"等词汇。 *ST苏吴还称："爱美客公司此举，已使得我司和达透公司陷入生死存亡的困境，也使得8万多中小投资 者利益严重损害，上千名员工生计悬于一线，千余家合作机构损失惨重。"（中国基金报） 【#童颜针代理权被撤销*ST苏吴索赔16亿#】7月18日，爱美客的子公司Regen向达透医疗发送了《解约 函》，要求撤销达透医疗作为AestheFill（即"童颜针"艾塑菲）产品在中国境内的独家经销商的所有相 关授权。一石激起千层浪。达透医疗为*ST苏吴的核心业务，消息一出，*ST苏吴股价连续跌停。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of differentiated membership stores, such as the WS Jiangtun membership store launched by Wushang Group in Wuhan, which focuses on unique products and services [5][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics [8][29] Summary by Sections Retail Market Review - The retail industry index reported a decline of 0.38% for the week of August 4 to August 8, 2025, underperforming the Shanghai Composite Index, which increased by 2.11% [14][21] - The jewelry sector showed the highest growth among retail sub-sectors, with a weekly increase of 6.07% and a year-to-date increase of 32.99% [16][19] Retail Insights - Wushang Group's WS Jiangtun membership store adopts a "paid membership + selected products" model, aiming to provide a differentiated shopping experience [5][24] - The store features a dual membership structure with basic and diamond tiers, enhancing customer engagement and loyalty [25] Investment Recommendations - Focus on gold jewelry brands with differentiated product offerings and consumer insights, recommending companies like Laopu Gold and Chaohongji [8][29] - Highlight the potential of offline retail companies that adapt to consumer trends, recommending Yonghui Supermarket and Aiyingshi [8][29] - Emphasize the growth of domestic cosmetics brands, recommending companies like Maogeping and Pola [8][29] - Suggest investment in medical aesthetics firms with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company Performance Highlights - Laopu Gold achieved a revenue of 8.506 billion yuan in FY2024, with a net profit increase of 253.9% [31][36] - Yonghui Supermarket reported a revenue of 17.479 billion yuan in Q1 2025, with a significant decline in net profit [31] - Chaohongji's Q1 2025 revenue increased by 25.4%, driven by its focus on fashion jewelry [43]

Group 1 - The medical beauty sector increased by 0.16% on August 6, with Jinbo Biological leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] - Key stocks in the medical beauty sector showed varied performance, with Jinbo Biological closing at 328.28, up 0.90%, and Aimeike slightly down by 0.03% [1] Group 2 - The medical beauty sector experienced a net outflow of 171.11 thousand yuan from main funds, while retail funds saw a net outflow of 668.85 thousand yuan [1] - The table indicates that *ST Meigu had a main fund inflow of 145.78 thousand yuan but a significant outflow from retail investors [2] - Huaxi Biological and Aimeike also showed mixed fund flows, with Huaxi experiencing a net outflow from main funds and a small inflow from retail investors [2]

（文章来源：证券日报） 证券日报网讯爱美客8月5日在互动平台回答投资者提问时表示，公司收购韩国REGEN以后，一直按照 目前产能正常供货，具体业绩目标按照公司统一标准进行考核。无论是国内产品还是韩国产品，均需要 根据各国法规要求进行注册。 ...

商贸零售 2025 年 08 月 03 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 60% 72% 2024-08 2024-12 2025-04 商贸零售 沪深300 相关研究报告 《小商品城启动数贸 AI 大模型内测， 走向全域赋能—行业周报》-2025.7.27 《医美化妆品 6 月月报：锦波生物发 布 HiveCOL 蜂巢胶原新品，2025H1 美妆温和复苏、洗护彩妆亮眼—行业 点评报告》-2025.7.25 7 月抖音护肤韩束稳居第一，老铺黄金新天地店开业 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | 姚慕宇（联系人） | | --- | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | yaomuyu@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | 证书编号：S0790125040021 | 7 月抖音护肤韩束稳居第一，老铺黄金新天地店盛大开业 7 月抖音美妆与护肤赛道国货品牌整体表现突出，榜单国产化 ...