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]

Core Insights - The approach of listed companies towards public welfare has significantly evolved, with a notable increase in the number of beneficiaries per project compared to traditional models [2][6] - The Betaini Group launched a public welfare initiative in collaboration with the Yunnan Youth Development Foundation, donating over 2.89 million yuan in materials to support various projects benefiting over 11,210 individuals in border areas [2][3] Group 1: Public Welfare Initiatives - The Betaini Group's initiative reached multiple locations, delivering care packages to students and young border defense personnel, showcasing the impact of coordinated efforts [3][4] - Beneficiaries expressed gratitude for the support, emphasizing the importance of such initiatives in maintaining morale and encouraging continued dedication to their roles [3][4] Group 2: Corporate Social Responsibility - Betaini has integrated social responsibility into its core business strategy, with cumulative public welfare investments exceeding 68 million yuan, focusing on biodiversity, cultural heritage, and health education [4] - The company aims to align its public welfare efforts with its mission of promoting skin health, thereby enhancing the effectiveness of its initiatives [4][5] Group 3: Trends in Corporate Philanthropy - In 2023, corporate donations accounted for 76.58% of total social donations in China, highlighting the significant role of listed companies in public welfare [5] - Companies are increasingly leveraging their resources and expertise to create impactful public welfare projects, moving from traditional methods to innovative, technology-driven approaches [5][6]

Market Overview - The cosmetics sector increased by 1.29% on January 9, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - Shuiyang Co., Ltd. (300740) closed at 25.65, up 5.90% with a trading volume of 223,500 shares and a transaction value of 561 million yuan [1] - Qingsong Co., Ltd. (300132) closed at 8.70, up 2.47% with a trading volume of 253,700 shares [1] - Beitaini (300957) closed at 41.20, up 1.85% with a trading volume of 163,500 shares and a transaction value of 261 million yuan [1] - Other notable stocks include Furuida (600223) at 7.53 (+1.76%), Jiaheng Jiahua (300955) at 39.89 (+1.68%), and Huaye Fragrance (300886) at 26.64 (+1.06%) [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 31.72 million yuan from institutional investors and 34.45 million yuan from speculative funds, while retail investors saw a net inflow of 66.18 million yuan [2] - Individual stock capital flows indicate that Qindao Jinwang (002094) had a net inflow of 13.96 million yuan from institutional investors, while it faced a net outflow of 1.23 million yuan from speculative funds [3] - Other stocks like Qingsong Co., Ltd. (300132) and Beitaini (300957) also showed mixed capital flows, with varying levels of net inflows and outflows from different investor categories [3]

（编辑 袁冠琳） 证券日报网讯 1月8日，贝泰妮在互动平台回答投资者提问时表示，此次哈尔滨"特护不红街区"活动， 是品牌将第二代特护滋润霜"应对严寒干敏"的核心功效，置于真实场景中进行体验式沟通的重要实践， 旨在更生动、直观地传递产品专研的"水油封润科技"及针对干敏肌的修护实力。未来，公司将继续探索 此类深度结合产品特性与用户场景的沟通方式，持续巩固品牌在敏感肌护肤领域的专业领导地位，并与 更广泛的消费者建立情感连接。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920123 | 芭薇股份 | 15.37 | -0.26% | 1.43万 | 2187.90万 | | 300132 | 青松股份 | 6.49 | 0.00% | 16.97万 | 1.44亿 | | 603605 | | 68.86 | 0.12% | 2.85万 | 1.97亿 | | 002094 | 青岛金王 | 7.57 | 0.13% | - 30.91万 | 2.33亿 | | 600315 | 上海家化 | 23.16 | 0.22% | 5.84万 | 1.35亿 | | 600223 | 福瑞达 | 7.40 | 0.27% | 7.61万 | 5629.06万 | | 300955 | 嘉亨家化 | 39.23 | 0.41% | 7.38万 | 2.93亿 | | 300957 | 贝泰妮 | 40.45 | 0.52% | 4.16万 | 1.68亿 | | 300856 | 科思股份 | + 13.75 | 0.6 ...

Group 1 - The cosmetics sector experienced a decline of 0.93% on January 7, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key individual stock performances in the cosmetics sector included Bawei Co. up 0.85% and Jiaheng Jiahua down 4.96% [2] Group 2 - The net outflow of main funds in the cosmetics sector was 57.67 million yuan, while retail investors saw a net inflow of 39.72 million yuan [2] - The stock with the highest main fund inflow was Shuiyang Co. with 27.77 million yuan, while Jiaheng Jiahua had a significant outflow of 32.2 million yuan [3] - Retail investors showed a negative net flow in several stocks, including Shanghai Jahwa and Kesheng Co. [3]

Group 1 - The cosmetics sector experienced a rise of 0.46% on January 6, with Lafang Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Lafang Jiahua's closing price was 20.34, reflecting a 1.90% increase, with a trading volume of 52,800 shares and a transaction value of 108 million yuan [1] Group 2 - The cosmetics sector saw a net outflow of 81.97 million yuan from institutional investors, while retail investors had a net inflow of 67.35 million yuan [2] - The trading data indicates that major stocks like Shanghai Jahwa and Lafang Jiahua had mixed net inflows and outflows from different investor types [3] - Shanghai Jahwa had a net inflow of 9.64 million yuan from institutional investors, while it faced outflows from retail investors [3]

Core Viewpoint - Betaini (300957) reported a decrease in R&D expenses for the first three quarters of 2025, attributed to the orderly execution of R&D activities based on established plans and research progress [1] Group 1: R&D Activities - The company utilizes resources and advantages from its Yunnan Province specialty plant extraction laboratory platform and Betaini Research Institute [1] - Collaborative efforts with research institutes in Japan and France, as well as cutting-edge joint laboratory resources, are aimed at targeted research in various areas [1] - The R&D projects include fundamental theoretical research on specialty plants, innovative raw material development, raw material screening, efficacy cosmetic development, functional food development, medical device development, new drug development for skin, and packaging development [1] Group 2: R&D Investment Alignment - The company's R&D investment is closely aligned with its research directions and progress [1]

Group 1 - The core viewpoint of the article highlights that Beitaini has announced an investor meeting scheduled for December 2025, where the company's investor relations head, Zhang Shengye, will engage with investors and address their inquiries [1] Group 2 - The article also reports on the rapid sellout of the 1499 yuan Feitian Moutai, which became available on the iMoutai App, leading to the app reaching the top of the Apple shopping chart, with 100,000 users placing orders [1] - Additionally, it mentions that distributors are offering the same price as a promotional gesture, resulting in the quick sale of 1,000 boxes [1]

Group 1: R&D and Innovation - R&D expenses decreased in the first three quarters of 2025, aligned with the company's established research plans and progress [1] - The company leverages resources from its Yunnan Province plant extraction laboratory and research institutes in Japan and France to conduct targeted research in various areas, including innovative raw material development and functional cosmetics [1] Group 2: Competitive Advantage - The company's core competitive advantage is a brand trust barrier formed by "medical endorsement + consumer mindset," which is difficult to replicate in the short term [2] - This trust is built on years of deep engagement with hospital channels, professional doctor recognition, and extensive clinical validation data, resulting in a large, loyal customer base of sensitive skin users [2] Group 3: Profitability Improvement - The company's product profitability has improved, primarily due to a focus on brand building and member operation strategies [2] - Strategies include differentiated member operations, maintaining stable pricing, reducing promotional benefits, and streamlining product lines to concentrate resources on core products [2]