Group 1 - The medical beauty sector increased by 0.4% on January 12, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - The trading volume and turnover for Ai Meike were 44,900 shares and 6.76 billion yuan, respectively [1] Group 2 - The net outflow of main funds in the medical beauty sector was 50.50 million yuan, while retail funds saw a net inflow of 24.49 million yuan [1] - The detailed fund flow for individual stocks showed significant net outflows for *ST Meigu and Jinbo Biological, with net outflows of 7.42 million yuan and 39.56 million yuan, respectively [2] - Ai Meike experienced a net outflow of 34.20 million yuan from main funds, indicating a 5.06% decrease in net shareholding [2]

Core Insights - The approval of the botulinum toxin product by Aimeike enhances the company's aesthetic medicine product line, filling a gap in its offerings [1] - The combination of this new product with existing offerings allows the company to provide more comprehensive solutions to customers, thereby strengthening its core competitiveness [1] - The aesthetic medicine consumption penetration rate still has significant room for growth, indicating potential for future expansion [1] Product Development - Aimeike has several products in development, including those for weight management and submental fat, which will further enrich its aesthetic medicine product pipeline upon launch [1] - The company is investing in self-research to create new product lines while also pursuing external acquisitions to enhance its product offerings [1] Financial Projections - The forecast for the company's net profit attributable to shareholders for 2025-2027 is set at 1.564 billion, 1.794 billion, and 2.099 billion yuan, respectively [1] - Corresponding price-to-earnings ratios (PE) are projected to be 28.2, 24.6, and 21 times for the same period [1] - The company maintains an "outperform the market" rating based on these projections [1]

Macroeconomic Insights - December CPI year-on-year growth expanded, primarily due to a low base and rising food prices[8] - PPI year-on-year decline narrowed, influenced by rising non-ferrous metal prices and the ongoing effects of "anti-involution" policies[8] - The price environment may continue to improve in 2026, with PPI supported by deepening "anti-involution" policies and tightening competition for key minerals[8] Market Trends - In December, the top 100 real estate companies achieved a total sales amount of CNY 341.5 billion, a month-on-month increase of 39.7%[33] - For the full year 2025, the cumulative sales amount for the top 100 real estate companies was CNY 3.36 trillion, a year-on-year decrease of 19.8%[33] - The new stock market saw 18 new listings in December, raising over CNY 30 billion, with average first-day gains of 214% for the main board and 296% for the dual innovation board[18] Industry Performance - The credit bond issuance volume increased seasonally, with a total of 332 bonds issued, amounting to CNY 312.27 billion, a week-on-week increase of 306%[22] - The domestic electrolytic aluminum price reached CNY 23,300 per ton, the highest since March 2022, with the aluminum-to-copper price ratio hitting a 20-year high[42] - The solid-state battery industry is entering a new phase of industrialization, with expectations for mass production by 2026-2027[47]

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The probiotic market in China is expected to exceed 140 billion CNY by 2025, with a CAGR of 12.4% from 2019 to 2024 [11][12] - The second-generation probiotics, such as AKK strains, show significant advantages over first-generation probiotics, which are primarily preventive and transient [12][13] - The competitive landscape indicates that leading brands are facing pressure, while second and third-tier brands are rising, particularly through online channels [15][20] Summary by Sections Probiotic Market Overview - The C-end probiotic market in China is projected to grow from 647.7 billion CNY in 2018 to 1188.5 billion CNY in 2023, with a CAGR of 12.4% [11] - The gastrointestinal probiotic market is expected to reach 310 billion CNY by 2024, with a CAGR of 12% from 2019 to 2024 [11] Competitive Landscape - Leading brands like WonderLab and Life Space have seen a slight decline in market share, with WonderLab's GMV on Tmall and Douyin at 1.36 billion CNY in 2025, down 4.5% year-on-year [15] - Second and third-tier brands, such as Jiangzhong and Purmeo, have gained market share, increasing by over 2% [15] - The product offerings are evolving from basic probiotics to "probiotic+" series, indicating a shift towards more complex formulations [20] Investment Recommendations - The report recommends companies with strong organizational structures and management capabilities in the beauty care sector, such as Maogeping and Shangmei [28] - In the gold and jewelry sector, it suggests focusing on brands with strong pricing power and craftsmanship, recommending Laopu Gold and Chaohongji [28] - For the cross-border e-commerce sector, it highlights the potential of companies like Xiaoshangpin City and Jiaodian Technology due to easing trade conflicts and AI integration [28]

Investment Rating - The report indicates that the cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by 2.6% from December 31, 2025, to January 9, 2026, which is lower than the overall market performance [1][2]. Core Insights - 毛戈平 has initiated an international strategic partnership with L Catterton, a leading global consumer investment firm, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, and talent introduction [1][6][17]. - The approval of products such as 爱美客's botulinum toxin and 奇璞生物's collagen implant signifies ongoing advancements in the medical beauty supply chain, enhancing competitive diversity for 2026 [1][6][18][19]. - The report highlights the robust foundation of 壹网壹创's e-commerce operations, leveraging AI to enhance performance and expand its market reach, particularly in the consumer goods sector [1][7][8][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices underperforming against the Shenwan A Index [2][4]. - The top-performing stocks in the sector include 力合科创 (+14.7%), 毛戈平 (+8.6%), and 水羊股份 (+7.6%), while the underperformers include 嘉亨家化 (-3.9%) and 百亚股份 (-2.8%) [2][5]. Recent Developments - 毛戈平's strategic collaboration with L Catterton aims to enhance its brand's presence in high-end retail channels globally and establish a joint investment fund focused on premium beauty products [1][6][17]. - The approval of 爱美客's botulinum toxin and 奇璞生物's collagen implant reflects a significant push in the medical beauty equipment supply chain, contributing to competitive advantages in the upcoming year [1][6][18][19]. E-commerce Insights - 壹网壹创's e-commerce operations are well-established, with a comprehensive coverage of consumer goods categories and a strong partnership with Alibaba, which is expected to drive revenue growth through AI integration [1][7][8][10]. - The e-commerce sector is witnessing a resurgence in attention, with Alibaba's platform traffic rebounding, indicating a potential recovery in the performance of e-commerce operations [1][8][10]. Market Data - The report notes that the retail sales of cosmetics in China for November 2025 grew by 6.1%, supported by promotional events like Double 11, indicating a robust recovery in consumer spending [13][15]. - The overall retail sales of consumer goods in China reached 45.6 trillion yuan in the first eleven months of 2025, with a year-on-year growth of 4.0% [13][15].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, despite recent underperformance compared to the market [2][3]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance than the market, with the Shenwan Beauty Care Index rising by 2.6% from December 31, 2025, to January 9, 2026, which is lower than the Shenwan A Index by 2.8 percentage points [3][4]. - 毛戈平 has initiated an international strategic partnership with L Catterton, focusing on global market expansion, acquisitions, and strategic investments, which is expected to enhance its high-end retail channels and operational optimization [9][21]. - Recent approvals for products such as 爱美客's botulinum toxin and 奇璞生物's collagen implant highlight the ongoing advancements in the medical beauty supply chain, supporting diversified competition in 2026 [9][22][23]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing lower growth rates compared to the overall market [3][4]. - The top-performing stocks in the sector include 力合科创 (+14.7%), 毛戈平 (+8.6%), and 水羊股份 (+7.6%), while the worst performers were 嘉亨家化 (-3.9%) and 百亚股份 (-2.8%) [5]. Recent Developments - 毛戈平's strategic partnership with L Catterton aims to enhance its brand's global presence and operational capabilities [9][21]. - The approval of 爱美客's botulinum toxin and 奇璞生物's collagen implant signifies a robust supply chain in the medical beauty sector [22][23]. Investment Recommendations - Recommended companies include 毛戈平, 上美股份, and 上海家化 for their strong brand matrices and growth potential. Companies like 爱美客 and 朗姿股份 are highlighted for their strong profitability and product pipeline [3][10]. - The report suggests focusing on companies with high R&D barriers and strong profitability in the upstream medical beauty segment [3][10].

Group 1 - The core viewpoint of the article is that Guosen Securities has given a "better than market" rating to Aimeike (300896.SZ) based on recent developments in its product pipeline and market potential [1] - Aimeike's exclusive distribution of Huons BioPharma's injectable botulinum toxin product has received regulatory approval for sale in China, including Hong Kong and Macau, filling a gap in its product line [1] - The company is expected to enhance its core competitiveness by offering comprehensive solutions through the combination of new and existing products, with ongoing research and development in weight management and submental fat products [1] Group 2 - The medical aesthetics consumption penetration rate still has significant room for improvement, indicating potential growth opportunities for the industry [1] - Aimeike is investing in self-research to develop new product lines while also pursuing mergers and acquisitions to enrich its product pipeline and expand international business [1] - The company’s performance growth is supported by these strategies, although there are potential risks related to project progress and market competition [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Group 1 - The core point of the article is that Aimeike Technology Development Co., Ltd. has received approval from the National Medical Products Administration for the injection of type A botulinum toxin produced by Huons BioPharma Co., Ltd., marking a significant milestone in the company's strategic layout [1] - The approved product, with a specification of 100U per bottle, has a registration certificate valid until January 4, 2031, which will enable the company to provide more comprehensive solutions to its customers [1] - The import and sales of the product are subject to uncertainties due to domestic and international regulations, market conditions, and exchange rate fluctuations, which may affect the execution of the distribution agreement [1]

Core Viewpoint - The approval of the injectable type A botulinum toxin product from Huons BioPharma marks a significant milestone for the company, enhancing its strategic positioning in the competitive Chinese medical aesthetics market, which is characterized by a growing number of similar products [2][3]. Group 1: Company Developments - The company has been seeking new growth avenues beyond its core hyaluronic acid business, with the injectable botulinum toxin being one of its earliest product initiatives [2]. - The company signed an exclusive agency agreement with Huons Global in September 2018, which was later deepened by acquiring a 25.4% stake in Huons BP in June 2021 [3]. - The recent approval is expected to enrich the company's product matrix and allow for comprehensive solutions for clients, aligning with market expectations for product pricing and positioning [3][6]. Group 2: Market Context - The Chinese medical aesthetics market has seen significant changes over the past seven years, with the number of approved botulinum toxin products increasing to seven, including the newly approved product from Huons BP [7]. - The market was previously dominated by two brands, Botox and Hengli, which held a combined market share of 100% until recent years [7]. - The current market dynamics indicate that while new entrants may face challenges due to intense competition and price pressures, there is still potential for growth, particularly in the mid-to-high-end market segment [9]. Group 3: Stock Market Reaction - Following the announcement of the product approval, the company's stock price rose by 2.69%, reflecting positive market sentiment [5].