Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]

Core Viewpoint - Aimeike has recently received approval for the exclusive distribution of Huons Bio Pharma's A-type botulinum toxin product in China, marking a significant milestone in its long-term partnership with Huons [2][3][4] Group 1: Product Approval and Market Context - Aimeike's A-type botulinum toxin product received its drug registration certificate from the National Medical Products Administration, becoming the seventh approved botulinum toxin product in China [3][4] - The approval comes after a lengthy process that began with a distribution agreement signed in September 2018, highlighting the long-term commitment to this product line [4][5] - The Chinese botulinum toxin market is still underpenetrated compared to mature markets, presenting significant growth opportunities for Aimeike [2][7] Group 2: Strategic Plans and Market Positioning - Aimeike plans to leverage its established professional channels and brand advantages to efficiently promote the product's market entry [2][8] - The company aims to focus on the mid-to-high-end market segment, utilizing its extensive distribution network and customer trust to offer comprehensive and customized treatment solutions [8] - The sales strategy will be determined based on various factors, including import inspection timelines and market conditions [2][6] Group 3: Competitive Landscape - The number of approved botulinum toxin products in China has increased from two to seven during the time Aimeike has been working on its product, indicating a competitive market environment [7][8] - The market for A-type botulinum toxin in China was approximately 8.1 billion yuan in 2023, with a compound annual growth rate of nearly 30% over the past five years [7] - Aimeike's product will compete with established brands like Botox and domestic products such as Hengli and Letibot, which have already captured significant market shares [7][8] Group 4: Financial Performance and Investment - Aimeike's revenue for the first three quarters of 2025 was approximately 1.865 billion yuan, a year-on-year decrease of 21.49%, with net profit declining by 31.05% [8] - The company views the botulinum toxin project as a new growth point, having invested 120 million yuan in the project as part of its IPO fundraising efforts [2][5]

Group 1 - The company, Aimeike (300896.SZ), has stated on its interactive platform that it currently does not have any technology or business plans related to AI [1]

Core Viewpoint - The company, Aimeike (300896.SZ), primarily operates in the field of Class III medical devices and engages with qualified medical beauty institutions and distributors as its downstream clients [1]. Group 1: Company Overview - Aimeike's main business involves providing Class III medical devices [1]. - The company's downstream clients are qualified medical beauty institutions and distributors [1]. Group 2: Industry Context - Downstream clients independently conduct medical services based on legal regulations and their qualifications [1].

Group 1 - The medical beauty sector experienced a decline of 1.03% on January 15, with Aimeike leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - The net outflow of main funds in the medical beauty sector was 13.05 million yuan, while retail funds saw a net outflow of 0.95 million yuan [1] Group 2 - The sector saw a net inflow of 14.01 million yuan from speculative funds on the same day [1] - Detailed fund flow data for individual stocks in the medical beauty sector is available in the accompanying table [1]

Core Viewpoint - The stock price of Aimeike has shown fluctuations, with a recent decline of 2.02% and a total market capitalization of 44.998 billion yuan as of January 15. The company has experienced a net outflow of funds, indicating potential investor concerns [1]. Group 1: Stock Performance - Aimeike's stock has increased by 4.93% year-to-date, with a 1.86% rise over the last five trading days and a 5.80% increase over the last 20 days. However, it has seen a decline of 11.38% over the past 60 days [2]. - As of January 9, the number of Aimeike's shareholders has increased to 61,500, up by 2.32%, while the average circulating shares per person decreased by 2.27% to 3,393 shares [2]. Group 2: Financial Performance - For the period from January to September 2025, Aimeike reported a revenue of 1.865 billion yuan, representing a year-on-year decrease of 21.49%. The net profit attributable to the parent company was 1.093 billion yuan, down 31.05% year-on-year [2]. - Aimeike has distributed a total of 3.887 billion yuan in dividends since its A-share listing, with 3.012 billion yuan distributed over the last three years [3]. Group 3: Shareholder Composition - As of September 30, 2025, the sixth-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 6.8295 million shares, a decrease of 151,300 shares from the previous period. Other notable shareholders include Hua Bao Zhong Zheng Medical ETF and Yi Fang Da Growth Enterprise Board ETF, both of which have also seen reductions in their holdings [3].

Group 1 - The medical beauty sector increased by 0.18% on January 14, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] - Major stocks in the medical beauty sector showed varied performance, with Ai Meike closing at 151.77, up 0.30%, and Jinbo Biological down 1.14% at 238.58 [1] Group 2 - The net inflow of main funds in the medical beauty sector was 5.91 million yuan, while retail funds saw a net inflow of 12.26 million yuan [1] - The main funds for Ai Meike had a net inflow of 17.77 million yuan, while retail funds had a net inflow of 4.15 million yuan [2] - Jinbo Biological experienced a significant net outflow of main funds at 43.53 million yuan, indicating a negative trend [2]

Investment Rating - The industry maintains a "Recommended" rating, with a focus on service consumption, beauty care, IP derivatives, and new consumption sectors such as gold and jewelry [5][28]. Core Insights - The report highlights a significant increase in the retail sales of cosmetics in China, reaching 822.53 billion yuan in 2025, representing a year-on-year growth of 6.18%. Online retail sales grew by 9.36%, accounting for 56.06% of total sales, while offline sales increased by 2.38% [3][25]. - The report notes that during the New Year's holiday, domestic travel reached 142 million trips, with total spending of 84.79 billion yuan, indicating strong consumer demand in the travel sector [4][26]. - The duty-free shopping market in Hainan saw a remarkable start to the year, with total sales amounting to 1.21 billion yuan from January 1 to 7, marking year-on-year increases of 88%, 30.3%, and 38.3% in sales amount, number of items, and number of visitors, respectively [27]. Summary by Sections Market Performance - From January 5 to January 9, 2026, the commerce retail, social services, and beauty care sectors increased by 4.23%, 4.71%, and 2.55%, respectively, ranking 15th, 14th, and 22nd among 31 primary industries. The Shanghai Composite Index rose by 3.82%, and the Shenzhen Component Index increased by 4.40% [15][18]. Key Industry Data and News - The Consumer Price Index (CPI) in December 2025 rose by 0.8% year-on-year, with core CPI (excluding food and energy) increasing by 1.2%. The overall CPI for 2025 remained flat compared to the previous year [3][25]. - The report discusses various developments in the beauty care sector, including the approval of a new botulinum toxin product by Ai Meike and the successful quality inspection of a long-acting botulinum toxin product by Furu Medical Technology [3][25][26]. Investment Recommendations - The report emphasizes a focus on service consumption and highlights specific companies for investment, including Ruoyu Chen, Maogeping, Shangmei Co., Pop Mart, Chaohongji, and Laopu Gold [5][28].

Core Viewpoint - The report from CITIC Securities indicates a gradual recovery in high-end consumption in China since Q3 2025, driven by the wealth effect from rising stock markets, with positive signs from international luxury brands and high-end retail properties [1] Group 1: Recovery Indicators - International luxury brands have shown signs of recovery since Q2 2025, with revenue growth returning in the Asia-Pacific region by Q3 2025 [2] - High-end retail properties in China began to recover at the end of 2024 and early 2025, with improved occupancy rates and sales, particularly in top luxury malls [2] - The global luxury market also entered a recovery phase starting Q3 2025 [2] Group 2: Investment Opportunities in High-End Consumption - The recovery of high-end consumption is influenced by factors such as the proportion of VIC (Very Important Customer) groups, the sequence of consumption based on wealth increase, the elasticity of supply, and consumption trends [3] - Categories with strong initial demand, driven by social status and identity needs, are expected to recover first, while categories with a high proportion of VIC customers and good supply conditions will show more sustained growth [3] - The fastest-growing segments in the luxury market from 2019 to 2025 include luxury cruises, private jets, high-end dining, personal luxury goods, luxury hotels, and high-end home goods [3] Group 3: Recommended Investment Targets - The report recommends focusing on luxury jewelry and leather goods, high-end domestic beauty products, and high-end outdoor sports [4] - Specific companies to watch include gold and jewelry brands like Lao Pu Gold and Chow Tai Fook, beauty brands like Mao Ge Ping, and sportswear brands like Anta Sports [4] - Other areas of interest include high-end commercial real estate, high-end residential real estate, gaming, private aviation, high-end tourism and dining, and premium liquor [4]