Group 1: Crybaby Exhibition - The "Letting Go... Holding On..." Crybaby exhibition, presented by Pop Mart and Molly Factory, officially opened on December 20, 2025, in Shanghai, marking Crybaby's first appearance in China and its largest exhibition to date [1] - The exhibition spans nearly 2,000 square meters, designed as a "soft world" that invites visitors to embark on an emotional journey centered around tears [1] - Key features include the "tear ball pool," which covers 864 square meters and connects three main pools, symbolizing a journey from overcoming obstacles to self-liberation [2] Group 2: Emotional Themes and Interactivity - The exhibition's design translates abstract emotions into tangible, interactive scenes, showcasing classic characters Crybaby, Crybunny, and Cryteddy [2] - Interactive elements such as finding "tear drop" lucky balls, lighting up emotional icons, and creating personalized Crybaby figures enhance the exploration and engagement of visitors [2]

文 | 侃见财经 成功穿越周期，企业才能走得更远。 过去两年，全球化妆品行业遭遇了较大的挑战，由于市场环境的变化，曾经高溢价且吸流的热门行业， 核心关键词变成了"下滑"以及"亏损"。 在这种背景下，行业的龙头也没能抵抗住逆周期的"困境"。统计显示，2021年底至2025年中旬，全球化 妆品巨头雅诗兰黛市值最高跌幅超过了85%，市值蒸发超过了1100亿美元。值得注意的是，2025财年雅 诗兰黛还出现了亏损，亏损金额超过了11亿美金。 面对复杂的行业状况，雅诗兰黛开始积极调整企业架构。 三年多逆周期的对抗，雅诗兰黛终于走出了"谷底"，重回增长赛道。 根据统计，4月中旬至今，雅诗兰黛股价涨幅超过了120%，市值增长超过210亿美元。尽管其距离巅峰 时期依旧跌幅较大，但暴涨的股价已经证明，雅诗兰黛阶段性地走出了谷底，并且业绩方面也已经有了 积极且正面的反馈。 根据其此前发布的2026财年第一季度的财报，雅诗兰黛本季度净销售额34.81亿美元，上年同期为33.61 亿美元，同比增长4%；季度营业利润1.69亿美元，上年同期营业亏损1.21亿美元；季度归属公司的净利 润4700万美元，上年同期净亏损1.56亿美元；毛利率 ...

Industry Overview - The U.S. beauty and cosmetics industry remains resilient, continuing to attract consumer spending even during slower economic periods, as beauty is viewed as an affordable form of self-care [1] - The sector's attractiveness for investors is driven by its ability to evolve, integrating aesthetics with wellness, personalization, and lifestyle trends that support long-term demand [1] Growth Drivers - Key growth drivers include a focus on skincare and hair care, with consumers increasingly prioritizing routines and preventative care [2] - There is a rising interest in premium and professional-grade products, while clean beauty has transitioned from a niche to a mainstream expectation [2] - Social media and digital channels are enhancing product discovery and accelerating the time for new launches to achieve scale [2] Consumer Behavior - Consumer behavior is becoming more planned, with shoppers researching ingredients and seeking expert-backed solutions [3] - Trust in brands and retailers is crucial, with loyalty programs and omnichannel access playing significant roles in repeat purchases [3] Company Insights - Sally Beauty Holdings (SBH) focuses on salon-quality hair care, catering to steady demand from both stylists and consumers, aligning with the trend towards higher-quality and cleaner formulations [4] - Ulta Beauty (ULTA) serves as a leading beauty destination, leveraging a broad assortment across price points and a strong loyalty base to drive repeat traffic [4] Market Trends - The beauty and cosmetics industry benefits from structural tailwinds such as skincare-led demand, digital engagement, clean beauty adoption, and wellness-focused consumption, offering defensive characteristics and long-term growth potential [5] - Notable companies positioned to capitalize on these trends include The Estee Lauder Companies Inc. (EL), Coty Inc. (COTY), and Nu Skin Enterprises, Inc. (NUS) [5] Estee Lauder Companies Inc. (EL) - Estee Lauder is positioned as a long-term compounder in prestige beauty, focusing on core brands and emphasizing skincare, which is the most resilient segment [7] - The company is enhancing digital engagement through AI tools and personalized diagnostics to improve conversion and repeat purchases [8] - Despite near-term pressures, Estee Lauder's focus on innovation and premium pricing positions it well for future demand stabilization [9] Coty Inc. (COTY) - Coty is reshaping its portfolio to focus on categories with stronger growth, particularly prestige and mass fragrances, while improving operational efficiency [10] - The company faces execution risks related to leadership transitions and competitive intensity, but its strategic pivot reflects alignment with consumer trends [12] Nu Skin Enterprises, Inc. (NUS) - Nu Skin combines skincare science with technology and a direct-selling model, focusing on device-enabled skincare solutions [13] - The company is refreshing product lines and expanding science-backed claims to resonate with modern consumers [14] - Nu Skin's focus on skin health and subscription-style consumption provides a differentiated exposure to the beauty category, albeit with higher risks [15]

Core Viewpoint - EssilorLuxottica and Burberry have renewed their licensing agreement for eyewear, extending the partnership until December 31, 2035, which highlights the strength and longevity of their collaboration since 2006 [2][3]. Group 1: Partnership Details - The existing licensing agreement, which was set to expire on December 31, 2025, has been extended for an additional ten years [2]. - This renewal emphasizes a shared legacy of creativity, craftsmanship, and innovation between EssilorLuxottica and Burberry [3]. Group 2: Leadership Comments - Francesco Milleri, Chairman and CEO of EssilorLuxottica, expressed excitement about deepening the collaboration with Burberry, focusing on crafting eyewear that embodies Burberry's sophistication and British allure [4]. - Joshua Schulman, CEO of Burberry, highlighted the importance of craftsmanship, design, and innovation in their partnership, aiming to deliver more iconic Burberry eyewear collections globally [5].

Group 1: Company Overview - Estee Lauder (EL) is a stock within the Consumer Staples sector, which consists of 185 individual stocks and currently holds a Zacks Sector Rank of 16 [2] - Estee Lauder has a Zacks Rank of 1 (Strong Buy), indicating a favorable earnings outlook based on earnings estimates and revisions [3] Group 2: Performance Metrics - Over the past 90 days, the Zacks Consensus Estimate for Estee Lauder's full-year earnings has increased by 5.2%, reflecting improved analyst sentiment [4] - Year-to-date, Estee Lauder has returned approximately 39.2%, significantly outperforming the average gain of 0% in the Consumer Staples group [4] - Estee Lauder is part of the Cosmetics industry, which includes 9 companies and has gained an average of 7.6% this year, indicating that EL is performing better than its industry peers [6] Group 3: Comparative Analysis - Another strong performer in the Consumer Staples sector is Monster Beverage (MNST), which has returned 43.3% year-to-date and also holds a Zacks Rank of 1 (Strong Buy) [5] - The Beverages - Soft drinks industry, which includes Monster Beverage, has a Zacks Industry Rank of 167 and has gained 9.1% since the beginning of the year, showing a contrast in performance compared to the Cosmetics industry [6] Group 4: Future Outlook - Investors interested in Consumer Staples stocks should monitor both Estee Lauder and Monster Beverage for potential continued strong performance [7]

Economic Outlook - Increasing discussions about a potential recession in 2026 as the economy shows signs of slowing after a prolonged expansion [1] - Current U.S. economy described as stable but uneven, with household spending focusing more on essentials rather than discretionary items [2] - Businesses facing margin pressure due to higher costs and selective consumer behavior, raising the risk of slower growth heading into 2026 [2] Consumer-Staple Sector - In uncertain or low-growth periods, investors tend to shift from cyclical sectors to consumer-staple stocks, which have steady demand and predictable cash flows [3] - Consumer-staple companies sell essential products that consumers continue to purchase regardless of economic conditions, benefiting from strong brands and effective cost management [4] Investment Opportunities - Three consumer-staple stocks identified as strong investment opportunities: Estee Lauder (EL), Turning Point Brands (TPB), and Monster Beverage (MNST) [5] - All three companies have gained over 35% in the past year and hold a Zacks Rank 1 (Strong Buy), indicating favorable earnings trends and strong fundamentals [5] Estee Lauder (EL) - Estee Lauder shows early recovery signs with a focus on innovation and efficiency, supported by its Beauty Reimagined strategy [9][10] - The Zacks Consensus Estimate for EL's EPS suggests growth of 41.7% and nearly 36% for the current and next fiscal years, respectively [11] Turning Point Brands (TPB) - TPB has experienced significant growth of 87.3% over the past year, combining stable cash flows from legacy brands with growth from modern oral nicotine products [12] - The Zacks Consensus Estimate for TPB's EPS indicates growth of 50.6% and 7.1% for the current and next fiscal years, respectively [14] Monster Beverage (MNST) - MNST has gained 46.2% in the past year, benefiting from a growing global energy drink market and strong brand loyalty [15] - The Zacks Consensus Estimate for MNST's EPS suggests growth of 22.2% and 13.2% for the current and next fiscal years, respectively [17] Conclusion - If economic growth slows in 2026, consumer-staple stocks like EL, TPB, and MNST may provide relative stability due to their essential products and strong brand positioning [18]

（文章来源：每日经济新闻） 每经AI快讯，12月16日，雅诗兰黛股价上涨2%。 ...

Learn more about the global success of Estée Lauder, and discover five of the most profitable companies or subsidiaries that it owns. https://t.co/Av1nFNAEVU ...

Core Insights - The "oil-based skincare" trend is driving explosive growth in the skincare market, with the facial and eye serum oil market expected to grow from 5.19 billion yuan in 2023 to 7.75 billion yuan in 2024, a nearly 50% year-on-year increase, and projected to exceed 11 billion yuan by 2025 [29][30] - Estee Lauder's recent launch of the "Rejuvenating Platinum Oil" and its collaboration with the classic "Rejuvenating Cream" introduces a new "oil-cream synergy" that aims to redefine high-end oil-based skincare standards [29][30] Market Growth - The facial serum oil segment is the main category, with sales expected to reach 6.04 billion yuan in 2024 and 8.79 billion yuan in 2025 [29] - The industry is challenged to move beyond single oil products and explore new possibilities in ingredient synergy, scenario expansion, and value expression [29] Product Innovation - The "Rejuvenating Platinum Oil" features a unique "three-phase oil extract" that mimics the structure of young skin's lipid membrane, utilizing a scientific 3:7 water-oil ratio for enhanced absorption and anti-aging effects [32][33] - Estee Lauder's proprietary ingredient "Colorin™" activates key longevity genes, promoting protein regeneration and enhancing cellular energy levels by up to 33% [33] Skincare Logic - The proposed "oil first, cream second" skincare logic creates a moisture-locking barrier that prevents nutrient loss while continuously releasing anti-aging ingredients, achieving a closed-loop effect of "penetration - repair - retention" [33] - This strategy targets core consumer groups aged 25-45, addressing both early and mature aging concerns through a comprehensive coverage approach [33] Brand Strategy - The launch event featured a "White Moonlight Star Matrix" with global skincare ambassador Zhu Yilong and renowned actresses, transforming a traditional beauty launch into an artistic event that enhances brand value and market presence [35] - The collaboration emphasizes a shared philosophy between the brand and its ambassadors, focusing on a slow yet powerful approach to beauty that resonates with high-end consumers [42] Future Outlook - Estee Lauder's approach demonstrates that understanding local needs, innovating experiential scenarios, and conveying deeper values are essential for leading the high-end market [42] - The "oil-cream synergy" strategy not only addresses the limitations of single oil products but also opens new growth avenues through ingredient collaboration and sensory innovation, positioning the brand strategically in the high-end market [42]

Summary of AI Glasses Market and Key Players Industry Overview - The AI glasses market is projected to grow significantly, with shipments expected to reach approximately 112 million units by 2030, reflecting a compound annual growth rate (CAGR) of 105% from 2024 to 2030 [1][2][18] - Market revenues are forecasted to reach US$40 billion by 2030, with a CAGR of 112% during the same period [1][2][18] - The market is characterized by evolving technology and increasing competition among major tech companies [2][50] Key Players and Market Share - **EssilorLuxottica-Meta** is expected to maintain market leadership with a projected share of around 31% by 2030, down from over 90% in 2024 [1][2][18] - **Google** is anticipated to capture approximately 27% of the market share, followed by **Apple** at around 16% [1][2][18] - Other notable players entering the market include **Snap**, **Samsung**, **Tencent**, and **ByteDance**, indicating a trend towards collaboration between tech companies and fashion brands [2][50][61] Technological Insights - Optical components are critical for AI/AR glasses, potentially accounting for 40-70% of the overall bill of materials (BOM) for fully-featured smart glasses [3][28][39] - The complexity of AI capabilities and interaction design will influence hardware development, with a focus on lightweight, power-efficient semiconductor solutions [32][33] - Current dominant players in the semiconductor space include **Qualcomm**, which is expected to remain a key supplier for smart glasses [3][32] Development Challenges - Key challenges in smart glasses development include semiconductor limitations, battery life, design aesthetics, operating systems, display technology, and eyewear distribution channels [32][33][34][36][37] - The need for stylish designs and compatibility with prescription lenses is crucial for mass adoption, as traditional eyewear companies leverage their distribution networks [37][38] Market Catalysts and Risks - Anticipated product launches from major tech companies in 2026 are seen as potential catalysts for market growth, alongside quarterly shipment updates, particularly from Meta [5][50] - Risks include potential oversupply in the supply chain if production increases ahead of demand, which could lead to downward pressure on prices [5] Future Outlook - The AI glasses market is expected to evolve into a mainstream product category by 2026, with significant advancements in features and functionalities [2][50][61] - Companies like **Meta** and **Apple** are focusing on integrating AI capabilities into their products, with Apple reportedly prioritizing AI smart glasses over mixed reality headsets [61][62] - The partnership between **EssilorLuxottica** and **Meta** is highlighted as a strategic advantage, combining fashion expertise with technological innovation [55][56] Conclusion - The AI glasses market is poised for rapid growth, driven by technological advancements and strategic partnerships among key players. The success of these products will depend on overcoming development challenges and effectively addressing consumer needs for design and functionality.