Investment Rating - The industry investment rating is "Overweight" [49] Core Views - L'Oréal Group reported steady growth with a sales increase of 11.0% in 2023, reaching €41.18 billion (approximately ¥319.29 billion) [16] - Estée Lauder Group experienced a decline in revenue by 7% and net profit by 18% in Q2 of fiscal 2024 [17][18] - Coty Group achieved a sales growth of 13% in Q2, marking the 14th consecutive quarter of exceeding expectations [19] - Unilever's revenue decreased by 0.8% in 2023, but core sales grew by 7%, with the Beauty & Wellbeing segment showing an 8.3% increase [21][22] - Kao Group's net sales fell by 1.2% in 2023, with a significant drop in operating income by 45.5% [24] Summary by Sections 1. Key Points - L'Oréal's four divisions showed growth, with skincare and mass cosmetics achieving over 10% growth rates [16] - Estée Lauder's skincare and makeup categories saw revenue declines, primarily due to challenges in Asian travel retail [18] - Coty's high-end beauty segment grew by 20% in the first half of fiscal 2024 [19] - Unilever's Beauty & Wellbeing segment accounted for a quarter of its total revenue, with double-digit growth in Prestige Beauty [21][22] - Kao's consumer products division faced a decline, particularly in the Asian market due to external factors [24] 2. Market Review - The beauty and personal care industry index increased by 9.01% from February 5 to February 16, outperforming the CSI 300 index by 3.18 percentage points [28] - The cosmetics sector rose by 6.76%, while personal care products increased by 9.68% [28] 3. Industry News and Announcements - L'Oréal's investment fund BOLD acquired a minority stake in the luxury perfume brand To Summer [35][36] - Estée Lauder is considering selling parts of its business in Europe and Asia [37] - Coty announced a new product line and continued to exceed sales expectations [19] - Unilever is implementing a growth action plan focusing on quality growth and productivity [22] - Kao closed several underperforming brands and acquired a sunscreen brand to boost sales in the Americas [24]

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Investment Rating - The industry investment rating is "Overweight (Maintain)" [6] Core Viewpoints - The travel market during the Spring Festival was robust, with outbound tourism reaching a four-year peak. The total number of travelers during the Spring Festival exceeded 1.6 billion, with daily average travelers recovering to 347.95% of the same period in 2019 [7][29] - High visitor numbers were sustained in multiple regions, with notable performance in key scenic spots. For instance, Beijing's parks received 505,400 visitors on the seventh day of the Lunar New Year, a year-on-year increase of 103.14% [8][33] - Local consumption saw record-breaking box office revenues during the Spring Festival, with daily average box office recovering to 116.39% of the same period in 2019 [12][36] Summary by Sections 1. Spring Festival Consumption Data Summary - The outbound travel market was vibrant, with a total of over 1.6 billion travelers during the Spring Festival, and daily average travelers recovering to 347.95% of 2019 levels [7][29] - High visitor numbers were reported in various regions, with Beijing, Shanghai, and Guangdong showing significant increases in tourist numbers compared to previous years [8][33] - Local consumption, including box office revenues and dining, saw substantial growth, with the box office reaching 7.852 billion yuan during the Spring Festival [12][39] 2. Recent Market Performance (2024.02.05-02.16) - The social service industry index rose by 2.10%, underperforming the CSI 300 index by 3.73 percentage points [15][41] - Among the sub-sectors, hotel and catering increased by 3.32%, while education saw a decline of 5.51% [15][41] 3. Industry Data Tracking - Travel data indicated a significant recovery in passenger volumes, with major airports seeing increased throughput compared to pre-pandemic levels [50][52] - Hotel occupancy rates and booking volumes exceeded 2019 levels, with high-star hotels experiencing a nearly 150% increase in night stays [40][52] - The restaurant sector also reported a surge in dining orders, particularly in major cities like Shanghai and Chongqing [39][57] 4. Investment Recommendations - Recommendations include focusing on specific companies within the hotel, catering, tourism, and retail sectors, such as Huazhu Group, Haidilao, and Changbai Mountain [16][59]

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Investment Rating - The report maintains an "Overweight" rating for the media industry [6]. Core Views - The report emphasizes the importance of selecting targets based on the benefits from the fundamentals, particularly focusing on the AI + text/virtual human sectors, followed by AI + images [7]. - It suggests that investors should consider companies with quality data or content, particularly in the AI + content/IP/copyright sectors [7]. Market Review - In the past week (January 29 to February 4, 2024), the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Media Index fell by 6.19%, 8.06%, 7.85%, and 12.44% respectively [14]. - The top three gainers in the media sector were Zhongshi Media (31.8%), Times Publishing (6.9%), and Zhongnan Media (2.5%), while the biggest losers were Wen Investment Holdings (-33.9%), Huawen Group (-30.0%), and Longban Media (-29.8%) [14]. - In the overseas media sector, the top gainers were Qutoutiao (35.7%), Xindong Company (10.6%), and Aurora (9.7%), while the biggest losers were Fubo Group (-18.2%), Meitu (-13.3%), and Pinduoduo (-12.1%) [14]. Weekly Industry Tracking Film - The top three films by box office in the past week were "Annual Meeting Can't Stop!" (0.91 billion), "Temporary Robbery" (0.37 billion), and "Golden Finger" (0.33 billion) [17]. - The total box office for the week was 2.48 billion, with a significant decrease in audience attendance, down 31.65% week-on-week and 84.40% year-on-year [21]. Television and Variety Shows - The top ten dramas by popularity were "You Should Love," "Xianjian Si," "Pray for Today," "In Blizzard," "Dog Sheng Run," "The Great River's Years," "You Also Have Today," "Blossoms," "Our Translator," and "Happy Friends" [25]. - The top ten variety shows were "Ace vs. Ace Season 8," "Voice of Life: Family Year," "Offer Due Diligence Bureau," "Extreme Challenge Treasure Hunt: Beautiful Countryside Season," "I Want to Sing with You Season 5," "Love's Study Tour," "Happy Old Friends," "Running Man: Ecological Edition," "Unstoppable," and "This! Is Street Dance Season 6" [26]. Gaming - The report highlights the importance of focusing on AI + gaming, recommending companies such as Sheng Tian Network, Yao Ji Technology, and Perfect World [8]. - The top ten mobile games on the iOS free list as of February 4, 2024, included "Yuanmeng Star," "Egg Party," "Douluo Dalu," "Honor of Kings," and "Peace Elite" [58][59].