Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a shift towards quality growth and long-term strategies, moving away from reliance on traffic bonuses [25][26] - The industry is focusing on emotional consumption themes, with high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics being highlighted as investment opportunities [5][29][30] Summary by Sections Retail Market Review - The retail industry index rose by 3.45% during the week of November 24-28, 2025, outperforming the Shanghai Composite Index by 2.05 percentage points [4][13] - The multi-format retail sector showed the highest growth this week, with a 6.18% increase, while the jewelry sector led the year-to-date performance with a 22.11% increase [18][19] Retail Insights: Brand Building and Technological Aesthetics - The 2025 Cosmetics Annual Conference highlighted the importance of brand building and technological aesthetics for domestic beauty brands to achieve growth [25][26] - Companies like Shiseido and Shanghai Jahwa are focusing on quality and profitability, while Elysian Group is transitioning from operational to technological drivers [26][27] Investment Recommendations - **Gold Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Chow Tai Fook and Lao Pu Gold [5][29] - **Offline Retail**: Highlighting companies adapting to trends and exploring AI-enabled cross-border e-commerce, with recommendations for Yonghui Supermarket and Aiyingshi [5][30] - **Cosmetics**: Emphasizing brands that meet emotional value and safety innovation, recommending companies like Maogeping and Proya [5][30] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical chains, recommending companies like Aimeike and Kedi-B [5][30] Company-Specific Insights - **Chow Tai Fook**: Achieved revenue of HKD 38.986 billion in FY2026H1, with a slight decline in revenue but a stable profit margin [36][37] - **潮宏基 (Chao Hong Ji)**: Reported a revenue increase of 28.4% in Q1-Q3 2025, with a strong performance in Q3 [39][40] - **永辉超市 (Yonghui Supermarket)**: Experienced a revenue decline of 22.2% in Q1-Q3 2025, but is undergoing a transformation towards quality retail [43][44]

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4494.42 points, up 0.15%, with a trading volume of 7.52 billion yuan and a turnover rate of 0.75% [1] - Among the index constituents, 32 stocks rose while 24 fell, with Medical Pulse leading the gainers at 3.65% and Health Road leading the decliners at 3.41% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (14.56% weight, latest price 196.30 yuan, market cap 238 billion yuan, up 1.50%) [1] - Yier Eye Hospital (11.62% weight, latest price 11.40 yuan, market cap 106.31 billion yuan, down 0.26%) [1] - Lejin Medical (4.85% weight, latest price 15.87 yuan, market cap 29.26 billion yuan, up 0.13%) [1] - Aimeike (4.80% weight, latest price 146.26 yuan, market cap 44.26 billion yuan, up 0.83%) [1] - Yuyue Medical (4.66% weight, latest price 35.70 yuan, market cap 35.79 billion yuan, down 0.67%) [1] - Yingke Medical (3.64% weight, latest price 41.53 yuan, market cap 27.21 billion yuan, up 1.94%) [1] - Furuide (3.59% weight, latest price 67.08 yuan, market cap 17.78 billion yuan, up 1.36%) [1] - Meinian Health (3.58% weight, latest price 5.28 yuan, market cap 20.67 billion yuan, down 1.68%) [1] - Sinopharm (3.35% weight, latest price 18.42 yuan, market cap 57.48 billion yuan, down 0.69%) [1] - Ping An Good Doctor (2.63% weight, latest price 13.66 yuan, market cap 29.52 billion yuan, down 1.83%) [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 58.83 million yuan, while retail investors saw a net inflow of 78.07 million yuan [1] - Specific stock capital flows include: - Aimeike: Main fund net inflow of 46.99 million yuan, retail net outflow of 30.07 million yuan [2] - Mindray Medical: Main fund net inflow of 33.08 million yuan, retail net outflow of 17.11 million yuan [2] - Furuide: Main fund net inflow of 13.68 million yuan, retail net outflow of 19.08 million yuan [2] Recent Adjustments - The Shenzhen-Hong Kong Medical Index has undergone adjustments in the last 10 days, with one new stock added [2]

Core Insights - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4391.58 points, up 0.14%, with a trading volume of HKD 8.259 billion and a turnover rate of 0.75% [1] - Among the index constituents, 32 stocks rose while 24 fell, with Mai Rui Medical leading the gainers at 3.65% and Jian Kang Zhi Lu leading the decliners at 3.41% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index are as follows: - Mai Rui Medical (sz300760) holds a weight of 14.56%, latest price at HKD 196.30, with a market cap of HKD 238 billion and a gain of 1.50% [1] - Yan Er Eye Hospital (sz300015) has a weight of 11.62%, latest price at HKD 11.40, with a market cap of HKD 106.31 billion and a decline of 0.26% [1] - Le Jin Medical (sz300003) has a weight of 4.85%, latest price at HKD 15.87, with a market cap of HKD 2.93 billion and a slight gain of 0.13% [1] - Ai Mei Ke (sz300896) has a weight of 4.80%, latest price at HKD 146.26, with a market cap of HKD 44.26 billion and a gain of 0.83% [1] - Yu Yue Medical (sz002223) has a weight of 4.66%, latest price at HKD 35.70, with a market cap of HKD 35.79 billion and a decline of 0.67% [1] - Ying Ke Medical (sz300677) has a weight of 3.64%, latest price at HKD 41.53, with a market cap of HKD 27.21 billion and a gain of 1.94% [1] - Fu Rui Co., Ltd. (sz300049) has a weight of 3.59%, latest price at HKD 67.08, with a market cap of HKD 17.78 billion and a gain of 1.36% [1] - Mei Nian Health (sz002044) has a weight of 3.58%, latest price at HKD 5.28, with a market cap of HKD 20.67 billion and a decline of 1.68% [1] - China National Pharmaceutical (hk01099) has a weight of 3.35%, latest price at HKD 18.42, with a market cap of HKD 57.48 billion and a decline of 0.69% [1] - Ping An Good Doctor (hk01833) has a weight of 2.63%, latest price at HKD 13.66, with a market cap of HKD 29.52 billion and a decline of 1.83% [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled HKD 58.83 million, while retail investors saw a net inflow of HKD 78.07 million [1] - The detailed capital flow for the top stocks shows: - Ai Mei Ke (300896) had a main fund net inflow of HKD 46.99 million but a retail net outflow of HKD 30.07 million [2] - Mai Rui Medical (300760) experienced a main fund net inflow of HKD 33.08 million with retail outflows [2] - Other stocks like Fu Rui Co., Ltd. (300049) and Li Bang Instruments (300206) also showed mixed capital flows with net inflows from main funds but outflows from retail investors [2] Recent Adjustments - In the past 10 days, there has been an adjustment in the Shenzhen-Hong Kong Stock Connect Medical Index, with one new stock added [2]

Core Points - The Biotech Index (970038) closed at 2134.66 points, down 0.06%, with a trading volume of 13.045 billion yuan and a turnover rate of 0.95% [1] - Among the index constituents, 22 stocks rose while 27 fell, with Hualan Vaccine leading the gainers at 2.57% and Jingxin Pharmaceutical leading the decliners at 5.97% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (12.58% weight, latest price 196.30 yuan, market cap 238 billion yuan) [1] - Changchun High-tech (4.87% weight, latest price 99.66 yuan, market cap 40.655 billion yuan) [1] - Shimi Aoshi (4.74% weight, latest price 6.60 yuan, market cap 4.3811 billion yuan) [1] - Kanglong Chemical (4.55% weight, latest price 28.87 yuan, market cap 51.337 billion yuan) [1] - Tigermed (4.54% weight, latest price 51.20 yuan, market cap 44.085 billion yuan) [1] - Deep Technology (4.16% weight, latest price 23.42 yuan, market cap 36.809 billion yuan) [1] - Muyuan Food (3.62% weight, latest price 49.90 yuan, market cap 272.592 billion yuan) [1] - Lepu Medical (3.19% weight, latest price 15.87 yuan, market cap 29.255 billion yuan) [1] - Aimeike (3.16% weight, latest price 146.26 yuan, market cap 44.257 billion yuan) [1] - Seeyou Medical (3.07% weight, latest price 35.70 yuan, market cap 35.788 billion yuan) [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 84.2481 million yuan from institutional investors, while retail investors saw a net inflow of 67.1618 million yuan [1] - Notable capital flows include: - Muyuan Food: 104 million yuan net inflow from institutional investors, but net outflows from retail and speculative investors [2] - Aimeike: 46.9918 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2] - Mindray Medical: 33.0761 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2]

Core Viewpoint - The Shenzhen-Hong Kong Medical Index (983035) closed at 4488.12 points on November 25, with a 0.45% increase and a trading volume of 7.719 billion yuan, indicating a stable performance in the healthcare sector [1]. Group 1: Index Performance - On the same day, 40 out of the index's constituent stocks rose, with Ping An Good Doctor leading the gains at 4.27%, while 16 stocks declined, with Ruimaite leading the losses at 1.98% [1]. - The top ten constituent stocks of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (14.56% weight, market cap 235.068 billion yuan) [1] - Yier Eye Hospital (11.62% weight, market cap 108.081 billion yuan) [1] - Lejin Medical (4.85% weight, market cap 29.126 billion yuan) [1] - Aimeike (4.80% weight, market cap 44.039 billion yuan) [1] - Yuyue Medical (4.66% weight, market cap 35.758 billion yuan) [1] - Yingke Medical (3.64% weight, market cap 26.362 billion yuan) [1] - Furuishi (3.59% weight, market cap 17.422 billion yuan) [1] - Meinian Health (3.58% weight, market cap 21.215 billion yuan) [1] - China National Pharmaceutical (3.35% weight, market cap 57.888 billion yuan) [1] - Ping An Good Doctor (2.63% weight, market cap 28.822 billion yuan) [1]. Group 2: Capital Flow - The net outflow of main funds from the constituent stocks totaled 251 million yuan, while retail investors saw a net inflow of 199 million yuan [3]. - The detailed capital flow for selected stocks includes: - Aimeike: Main net inflow of 23.5405 million yuan, retail net outflow of 35.0461 million yuan [3]. - New Mileage: Main net inflow of 14.1523 million yuan, retail net outflow of 6.6983 million yuan [3]. - Jianfan Biological: Main net inflow of 4.5525 million yuan, retail net outflow of 8.5385 million yuan [3]. - A total of one stock was newly added to the Shenzhen-Hong Kong Medical Index in the last ten days [4].

Group 1 - The company has completed the acquisition of a controlling stake in REGEN, with the domestic product "Zhen Ai Su Fei" already launched for sale, and attention is on the sales ramp-up during the transition period [1] - The company has received approval for Minoxidil topical solution, and it is expected that 2026 will see a concentrated launch of new pipelines such as botulinum toxin, with a focus on the progress of these new products in the domestic market [1] - The company has completed its first cosmetic raw material filing, with the core ingredient "Glycyrrhetinic Acid A" sourced from the Chinese herb licorice, which can be used as a skin protectant and moisturizer in cosmetics [1] Group 2 - The traditional product segment is under short-term pressure due to low market sentiment and intensified competition, with Q3 revenue expected to continue its downward trend [2] - For the first three quarters of 2025, revenue was 1.865 billion, down 21.49%, and net profit attributable to the parent company was 1.093 billion, down 31.05% [2] - In Q3 2025, revenue was 566 million, down 21.27%, and net profit attributable to the parent company was 304 million, down 34.61% [2] Group 3 - The company’s performance remains under pressure due to low industry sentiment and increased competition, with a focus on the sales ramp-up of "Zhen Ai Su Fei" during the transition period [3] - The new REGEN factory in South Korea has successfully commenced production, expected to release incremental capacity this year and expand into markets in the Middle East and Southeast Asia [3] - The company is anticipated to experience a concentrated launch of new pipelines in 2026, with attention on the progress of these new products and their market release rhythm [3]

从资金流向上来看，当日医疗美容板块主力资金净流出5875.57万元，游资资金净流入1690.61万元，散户 资金净流入4184.96万元。医疗美容板块个股资金流向见下表： 证券之星消息，11月24日医疗美容板块较上一交易日上涨0.27%，*ST美谷领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 000615 | *ST美谷 | 4.07 | 4.63% | 28.52万 | | 1.15亿 | | 688363 | 华熙生物 | 49.78 | 1.86% | 1.87万 | | 9268.75万 | | 300896 | 爱美客 | 66'56 | -1.36% | 2.41万 | | 3.52亿 | | 920982 | 锦波生物 | 216.59 | -1.55% | 7336.92 | | 1.60亿 | | 代码 | 名称 | 主力净流 ...

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting robust demand and the continued rise of domestic brands [2]. Core Insights - The beauty care industry is experiencing a stable demand phase, with domestic leading brands expected to grow during the industry consolidation period [3]. - The cosmetics sector showed resilience during the off-peak season, with retail sales reaching 98.2 billion yuan from July to September, reflecting a single-digit year-on-year growth and an acceleration compared to the first half of 2025 [2][3]. - The report emphasizes the strong performance of domestic brands during the Double 11 shopping festival, with Proya ranking first in Tmall's beauty sales [2][11]. Summary by Sections Cosmetics Sector Performance - The cosmetics sector's key A-share companies reported an average revenue growth rate of around 3% in Q3 2025, with overall improvement in net profit [2]. - Proya's cumulative revenue for the first three quarters of 2025 was 7.098 billion yuan, a year-on-year increase of 1.89%, while its Q3 revenue was 1.736 billion yuan, down 11.63% year-on-year [16]. - Other notable performances include: - Ruifucheng: Q1-Q3 revenue of 2.138 billion yuan, up 85.3% year-on-year, with Q3 revenue of 819 million yuan, up 123.4% year-on-year [16]. - Marubi: Q1-Q3 revenue of 2.45 billion yuan, up 25.5% year-on-year, with Q3 revenue of 686 million yuan, up 14.28% year-on-year [16]. Medical Aesthetics Sector Performance - The medical aesthetics sector showed slight fatigue but experienced marginal improvements in Q3 2025 [2]. - Notable performances include: - Aimeike: Q1-Q3 revenue of 1.865 billion yuan, down 21.49% year-on-year, with Q3 revenue of 566 million yuan, down 21.27% year-on-year [2]. - Longzi: Q1-Q3 revenue of 4.328 billion yuan, up 0.9% year-on-year, with Q3 revenue of 1.539 billion yuan, up 11.9% year-on-year [2]. Investment Recommendations - The report recommends focusing on companies with a well-established channel and brand matrix, such as Maogeping, Shangmei, and Shanghai Jahwa, which are expected to see high GMV growth [2][20]. - Companies anticipated to show marginal improvements in performance include Proya, Marubi, and Ruifucheng [2]. - In the medical aesthetics sector, the report highlights Aimeike as a key recommendation, with Longzi suggested for further observation [2]. Market Trends - The domestic market share of leading brands is increasing, with the top ten domestic brands capturing 16.6% of the market share in skincare, up from 11.8% in 2023 [4]. - The report notes that the cosmetics retail sales in October 2025 grew by 9.6% year-on-year, indicating a recovery in demand driven by promotional events [10][11].

Investment Rating - The report maintains a positive outlook on the beauty and personal care industry, indicating a "Buy" rating for key players in the sector [2]. Core Insights - The demand side of the beauty industry is showing robust growth, with domestic brands gaining market share and performing well during promotional events like Double 11 [3][4]. - The overall performance of the cosmetics sector is mixed, with some companies showing strong growth while others face challenges [3][4]. - The report highlights the increasing market share of domestic brands, with significant improvements in their competitive positioning against international brands [5][9]. Summary by Sections Industry Overview - The beauty industry is entering a stable growth phase, with domestic leading brands expected to grow during the industry consolidation period [4]. - The retail sales of cosmetics reached 98.2 billion yuan from July to September, showing a high single-digit year-on-year growth, and continued strong performance in October with a growth rate exceeding 9% [3][4]. Company Performance - **Polaire**: For the first three quarters of 2025, Polaire reported a cumulative revenue of 7.098 billion yuan (up 1.89% year-on-year) and a net profit of 1.026 billion yuan (up 2.65%) [18]. - **Ru Yuchen**: The company achieved a revenue of 2.138 billion yuan (up 85.3% year-on-year) in the first three quarters, with a net profit of 105 million yuan (up 81.6%) [18]. - **Marubi**: Reported a revenue of 2.45 billion yuan (up 25.5% year-on-year) for the first three quarters, with a net profit of 240 million yuan (up 2.1%) [19]. - **Shanghai Jahwa**: Revenue for the first three quarters was 4.961 billion yuan (up 10.8% year-on-year), with a net profit of 405 million yuan (up 149%) [20]. Market Trends - The report notes that domestic brands are increasingly capturing market share, with the top ten domestic brands holding five spots and a combined market share of 16.6%, up from 11.8% the previous year [5]. - The cosmetic sector's gross margin continues to improve, although rising sales expenses are impacting net profit margins [3][4]. Investment Recommendations - Key recommendations include focusing on companies with strong channel and brand matrices, such as Mao Ge Ping and Shangmei, and those expected to see marginal improvements in performance, like Polaire and Marubi [3][4]. - In the medical beauty sector, companies with high barriers to entry and strong profitability, such as Aimeike, are highlighted as potential investment opportunities [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]