Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the next six months [5][212]. Core Insights - The beauty industry is experiencing steady growth, with a market size nearing 600 billion, and a year-on-year increase of 5.0% in 2023. The high-end segment accounts for nearly 30% of the market, with expectations for stable growth in skincare and makeup demand [19][20]. - The company, MAOGEPING, is positioned as a leading high-end domestic beauty brand, with significant revenue growth and a unique brand identity that combines light and shadow aesthetics with Eastern beauty principles [2][8]. - The company has a strong online and offline channel strategy, with online revenue growth of 69.9% in 2023 and 63.4% in the first half of 2024, while offline channels remain crucial for customer loyalty and brand experience [3][131]. Summary by Sections 1. Beauty Industry Overview - The beauty industry is in a phase of steady growth, with high-end products gaining market share. The high-end beauty market reached 471 billion for color cosmetics and 1471 billion for skincare in 2023, with year-on-year growth rates of 9.5% and 5.8% respectively [19][20]. - Online channels have been the primary source of growth, but offline channels are expected to maintain their importance due to the experiential nature of beauty products [28][29]. 2. Company Overview - MAOGEPING, led by renowned makeup artist Mao Geping, is the only Chinese company in the top 10 high-end beauty market. The company reported revenues of 28.9 billion and 19.7 billion for 2023 and the first half of 2024, respectively, with year-on-year growth rates of 57.8% and 41.0% [2][8]. - The brand's unique positioning and strong product lines in both color cosmetics and skincare are expected to drive further growth [2][8]. 3. Brand and Product Development - The company has a comprehensive product matrix with 387 SKUs, focusing on both color cosmetics and skincare. The integration of these two categories enhances customer loyalty and brand strength [107][111]. - The brand's pricing strategy effectively captures both premium and budget-conscious consumers, filling a gap in the high-end domestic beauty market [111][117]. 4. Channel Strategy - The company has established a robust offline presence with 372 direct-operated counters and a growing online presence through platforms like Tmall and Douyin. The online channel is expected to continue its rapid growth, with significant potential for customer base expansion [130][131]. - The offline channel remains critical for customer engagement, providing a unique shopping experience that online platforms cannot fully replicate [29][30]. 5. Financial Projections - Revenue forecasts for 2024-2026 are projected at 40.5 billion, 54.9 billion, and 70.5 billion, with corresponding year-on-year growth rates of 40.4%, 35.3%, and 28.5% [198][212]. - The company is expected to maintain high profitability, with gross margins projected to be around 84.6% to 85.2% over the same period [204][205]. 6. Investment Recommendation - Given the company's unique brand positioning, strong growth potential, and the expected performance of its stock, the report recommends an "Accumulate" rating, with a target price of 77.08 HKD by 2025 [212].

Investment Rating - The industry is rated as "Outperforming the Market" [4][36]. Core Insights - The social service industry experienced a significant increase of 6.39% from January 13 to January 17, 2025, outperforming the Shanghai Composite Index by approximately 4.25% [8][11]. - Key segments within the industry, including tourism and scenic spots, professional services, education, and hotel catering, saw respective increases of 7.34%, 6.22%, 6.08%, and 5.84% [11][15]. - The upcoming Spring Festival is expected to boost both inbound and outbound tourism, driven by relaxed entry and exit policies, leading to increased consumer spending during the holiday [2][26]. Industry Weekly Performance - The Shanghai Composite Index rose by 2.14% during the same period, while the social service industry led the gains [8]. - The education sector recorded the highest weekly transaction volume at 188.50 billion yuan, with a turnover rate of 80.52% [15][16]. - The average price-to-earnings ratio for the education sector was 97 times, while the price-to-book ratio was 4.3 times [15][16]. Industry High-Frequency Data Tracking - The average daily number of domestic flights from January 13 to January 19, 2025, was 14,029, reflecting a week-on-week increase of 9.55% and a year-on-year increase of 8.82% [20]. - The tourism consumption price index in Hainan was recorded at 98.39, showing a week-on-week decrease of 3.16% and a year-on-year decrease of 2.58% [21]. - In December 2024, the duty-free sales in China increased by 55.85% month-on-month, amounting to 2.917 billion yuan, although it represented a year-on-year decline of 5.79% [24]. Industry News and Company Announcements - There has been a notable increase in overseas users searching for domestic travel information on Chinese social media platforms, with hotel searches up by 36% and flight searches up by 28% [26]. - The Ministry of Culture and Tourism announced the resumption of group tours from Fujian and Shanghai to Taiwan, leading to a 48% increase in related searches on travel platforms [27]. - Visa applications for the Spring Festival have seen a year-on-year increase of 58%, with popular destinations including Japan, Australia, and the United States [28]. - China Duty Free Group announced the successful bidding for the operation rights of six city duty-free stores, expanding its presence to 13 cities [30].

Investment Rating - The report maintains an "Outperform" rating for the industry [5][28]. Core Insights - The pharmaceutical and biotechnology industry experienced a rebound with a weekly increase of 2.7%, ranking 25th among 31 sectors in the Shenwan classification, outperforming the Shanghai Composite Index and the CSI 300 Index [11][12]. - The weekly trading volume for the pharmaceutical and biotechnology sector reached 245.993 billion yuan [11]. - The chemical pharmaceutical industry had the highest trading volume at 93.918 billion yuan, while the pharmaceutical commercial sector had the lowest at 12.806 billion yuan [16]. - The establishment of the National Molecular Drug Innovation Center aims to enhance drug development for common diseases such as cardiovascular diseases, diabetes, and tumors, utilizing a "company + alliance" model [3][20]. Summary by Sections Industry Overview - The pharmaceutical and biotechnology sector's weekly performance was positive, with all sub-sectors showing gains, particularly the biological products sector, which rose by 3.2% [12][16]. - The highest turnover rate was observed in the chemical pharmaceutical sector at 9.4%, while the biological products sector had the lowest at 4% [16]. Industry News and Important Announcements - The National Healthcare Security Administration held a press conference addressing various topics, including the operation of the medical insurance fund and drug price governance [17]. - The National Medical Products Administration released a draft for public consultation on the revised Medical Device Production Quality Management Standards, aimed at enhancing regulatory oversight [18][19]. - The approval of innovative drugs by various companies, such as the PD-L1 monoclonal antibody by Kelun Pharmaceutical and the approval of the drug Senaparib for ovarian cancer by East China Pharmaceutical, highlights ongoing advancements in the industry [21][22]. Important Announcements - Kelun Pharmaceutical's PD-L1 monoclonal antibody received approval for market launch in China [21]. - East China Pharmaceutical's Senaparib capsule was approved for use in maintaining treatment for ovarian cancer patients [22]. - Renfu Pharmaceutical's carbamazepine sustained-release tablets received FDA approval, marking a significant step in expanding into the U.S. market [23][24].

Investment Rating - The industry rating is "Outperform the Market" [4] Core Viewpoints - The report indicates that the Shanghai Composite Index experienced a decline of approximately -1.1% from January 6 to January 10, with the food and beverage sector declining by about -3.5%. The total trading volume for the food and beverage sector was approximately 143.6 billion yuan [10][11] - The report emphasizes the importance of domestic demand and anticipates a recovery in performance due to ongoing policy support [3] Market Review - From January 6 to January 10, the Shanghai Composite Index fell by about -1.1%, while the food and beverage sector saw a decline of approximately -3.5%, with a trading volume of around 143.6 billion yuan [10][11] - The report highlights the performance of various sub-sectors, with beverage dairy, liquor II, food processing, seasoning and fermentation products II, snacks, and non-liquor showing declines of -0.4%, -3.6%, -4.6%, -5.2%, -5.5%, and -5.7% respectively [11] Industry High-Frequency Data Tracking - In November, the retail sales of consumer goods increased by 3.0% year-on-year, with urban retail sales up by 2.9% and rural retail sales up by 3.2% [20] - The Citigroup China Economic Surprise Index was reported at 6.2 on January 10, down by 9.2 from the previous week, indicating a decline after reaching a peak in December [22] - In November, the production of Chinese liquor was 375,000 kiloliters, down by 15.2% year-on-year, while the cumulative production from January to November was 3.726 million kiloliters, down by 0.6% [26] - The average price of fresh milk in major production areas was 3.12 yuan per kilogram on January 2, showing a slight increase from the previous week but a year-on-year decrease of 14.8% [28] - In December, beef prices fell by 13.8% year-on-year, while pork prices rose by 12.5% [31] - In November, beer production was 1.695 million kiloliters, up by 5.7% year-on-year, with a cumulative production of 32.774 million kiloliters from January to November, down by 1.5% [34] Industry News and Company Announcements - Yanghe launched a special consumption coupon worth 300 million yuan for the Spring Festival, available for use in purchasing promotional products [39] - Xifeng Company held a food safety meeting emphasizing quality culture and strict supervision to ensure food safety [39] - Zhongju Gaoxin held a board meeting to elect a new independent director, while Haoxiangni announced a stock repurchase plan due to the departure of several incentive plan participants [40]

Investment Rating - The industry rating is "Outperform the Market" [4][32]. Core Insights - The social service industry experienced a decline of 3.38% from January 6 to January 10, 2025, underperforming the Shanghai Composite Index by approximately 2.25% [7][8]. - All sub-sectors within the social service industry saw declines, with the hotel and catering sector experiencing the largest drop of 7.10% [2][12]. - The report highlights ongoing government policies aimed at boosting domestic demand, including an initial allocation of 81 billion yuan for the "old for new" consumption policy [2][21]. Summary by Sections Industry Weekly Performance - The Shanghai Composite Index fell by 1.13%, while the social service industry ranked 28th among the Shenwan first-level industries [7]. - Sub-sector performance included education at -0.75%, professional services at -2.93%, tourism and scenic spots at -4.06%, and hotel catering at -7.10% [8][12]. Industry High-Frequency Data Tracking - The average daily number of domestic flights from January 6 to January 12, 2025, was 12,806, reflecting a week-on-week increase of 3.92% and a year-on-year increase of 3.14% [15]. - The total tourism consumption price index in Hainan was 101.6, with a week-on-week increase of 0.22% and a year-on-year increase of 7.71% [16]. Industry News and Company Announcements - The central government has allocated 81 billion yuan for the "old for new" consumption policy to stimulate economic activity [21]. - The 2025 National Education Work Conference emphasized the importance of enhancing educational quality and implementing digital strategies [22][23]. - Various regions, including Hubei and Guangdong, are distributing consumer vouchers to promote spending during the Spring Festival [24].

Investment Rating - The report rates the industry as "Outperforming the Market" for the first time [5] Core Insights - Globalization is a necessary path for the automotive industry, with China's mature new energy vehicle (NEV) sector poised for significant export opportunities, particularly in mature markets like Europe [1][2] - China's NEV exports are expected to mirror the successful elements of Toyota's export strategy, including tailored vehicle designs, efficient production, and strong local operations [2][4] - The potential market space for a single Chinese car manufacturer overseas is estimated at approximately 4.37 million units under neutral assumptions, with significant opportunities in Europe, Australia, and Southeast Asia [3][4] Summary by Sections Introduction - The report discusses the historical context of Japan's automotive industry and its transition to global markets, drawing parallels with China's current NEV industry, which is also supported by government policies [17][30] Toyota's Export Success and Comparison with Chinese Manufacturers - Toyota's successful entry into the U.S. market involved designing vehicles that met local consumer needs and regulatory requirements, a strategy that Chinese manufacturers are now adopting [47] - Key success factors for Toyota included just-in-time production, strong supply chain management, and local market operations, which are being mirrored by Chinese NEV companies [2][47] Potential Market Space for Chinese Car Manufacturers - The report estimates that Chinese car manufacturers could capture approximately 437,000 units in difficult markets like the U.S., and between 880,000 to 2.24 million units in more accessible markets like Europe and Australia [3][4] Factors for Success in Globalization - Companies that excel in product development, local operations, supply chain management, and have a first-mover advantage are likely to succeed in the global market [4][5]

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry, indicating an expected increase of over 5% relative to the benchmark index in the next six months [4][27]. Core Insights - The mechanical equipment industry experienced mixed performance from January 6 to January 10, 2025, with an overall gain of 1.54%, ranking fifth among sectors. Automation equipment saw the highest increase at 3.69%, while rail transit equipment II had the largest decline at -3.46% [10][11]. - In December 2024, the retail sales of passenger cars reached 2.622 million units, marking an 11% year-on-year increase, while wholesale sales totaled 3.064 million units, up 13% year-on-year [2][18]. - The China Construction Machinery Industry Association reported that 19,369 excavators were sold in December 2024, a 16% increase year-on-year, with domestic sales rising by 22.1% [3][23]. Summary by Sections Mechanical Equipment Industry Overview - The week of January 6-10, 2025, saw varied performance in the mechanical equipment sector, with automation equipment leading gains at 3.69% and rail transit equipment II experiencing the largest drop at -3.46% [10][11]. - The general equipment sector had the highest trading volume at 193.65 billion yuan, while rail transit equipment II had the lowest at 14.76 billion yuan [13] Industry Data Tracking - In December 2024, the retail market for passenger cars recorded 2.622 million units sold, reflecting an 11% increase year-on-year, while wholesale figures reached 3.064 million units, a 13% increase [2][18]. Industry News Announcements - The China Construction Machinery Industry Association reported a total of 19,369 excavators sold in December 2024, with domestic sales at 9,312 units (up 22.1%) and exports at 10,057 units (up 10.8%) [3][23]. - China CRRC announced contracts worth approximately 69.35 billion yuan from August to December 2024, which represents about 29.6% of the company's 2023 revenue [24].

证券研究报告—医药行业周报 撰写日期：2025 年 01 月 13 日 医药行业周报（2025 年第 2 周） 市场行情 本周（2025.1.6-2025.01.10）市场震荡调整，申万一级行业涨跌互 现。其中医药生物行业涨跌幅为-3.1%，在申万一级 31 个全行业中排名第 26 位，涨跌幅弱于各主要指数；医药生物行业周成交额为 3301.23 亿元。 行业新闻 1 月 7 日至 8 日，全国药品监督管理工作会议在北京召开。会议以习 近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二 十届二中、三中全会精神，认真落实中央经济工作会议决策部署，总结 2024 年工作，分析当前面临形势，部署 2025 年药品监管工作重点任务。 近日，NMPA 通过优先审评审批程序附条件批准我国首款间充质干细 胞疗法艾米迈托赛注射液上市。巧合的是，这也是继 FDA 在 2024 年 12 月 18 日批准首款间充质干细胞疗法 Ryoncil 上市之后，两款药品获批仅仅相 差 15 天，并且适应症均为激素难治性急性移植物抗宿主病。FDA、NMPA 接 连批准首款干细胞药物，预示着干细胞创新药风口已至。 近日，由神威药 ...

市场行情回顾：当周（2024 年 12 月 30 日 - 2025 年 1 月 3 日），沪 深 300 下跌 5.17%，传媒行业周跌 9.43%，位列申万一级行业第 26，成交继 续缩量，周内成交 1,701.50 亿元。6 个申万二级子版块全线回调，出版、 广告营销、电视广播Ⅱ、影视院线、游戏Ⅱ、数字媒体分别-6.43%、-9.16%、 -9.53%、-9.74%、-10.26%、-10.87%。 行业高频数据跟踪：1）2024 年 12 月 30 日-2025 年 1 月 5 日，我国 电影观影人数环比增加 87.43%至 2,875.81 万人次，同比增长 18.90%。2） 2024 年 12 月 30 日-2025 年 1 月 5 日，电影排片为 214.50 万场，场均票房 54.22 元，同比-90.63%。3）统计 WETRUE 数据公布的反映短剧在相应平台 的推广及宣传热度情况，当周短剧热度为 4.3 亿。 行业新闻：1）12 月 30 日消息，字节跳动旗下豆包大模型今日对外 公布了 2024 年全领域的技术进展，首次披露 300 万长文本能力。2）1 月 1 日，快手安全中心发布《关于 ...

社会服务行业概览：2024 年 12 月 30 日到 2025 年 1 月 3 日当周，沪 深 300 下跌 5.17%，申万一级行业整体回调。社服行业下跌 8.60%，跑输沪 深 300 约 3.43%，位列第 25。社服行业细分板块来看，酒店餐饮、专业服 务、旅游及景区、教育分别-5.63%、-8.61%、-8.69%、-10.46%。 行业数据跟踪：2024 年 12 月 30 日到 2025 年 1 月 5 日当周，国内执 行航班日均架次为 12323 架次，环比上周上涨 0.69%，与 2023 年同期相比 上涨 2.64%。2024 年 12 月 30 日到 2025 年 1 月 5 日当周，海南旅游消费价 格总指数为 101.38，环比上周回落 2.41%，与 2023 年同期相比下降 4.23%。 行业新闻：1. 国家移民管理局 1 月 2 日通报，2025 年元旦假期全国 边检机关共计保障 180.3 万人次中外人员出入境，较去年同期增长 13.7%。 其中，内地居民出入境 86.9 万人次，较去年同期增长 11.1%；港澳台居民 74.9 万人次，较去年同期增长 12.8%；外国人 18. ...