华福商社观察：文旅补贴落地，医美精细化运营推动格局优化

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - The gold and jewelry sector is expected to see stable consumption as consumers adapt to high gold prices, with significant growth potential for brands targeting high-end and young consumers [3][31] - The tourism sector is anticipated to benefit from government subsidies, with a projected increase in passenger traffic during the summer season [4] - The collectible toy market is experiencing regulatory scrutiny and price fluctuations, but there is optimism for recovery driven by consumer policy support and industry self-regulation [5] - The medical aesthetics industry is poised for market share gains among leading institutions due to refined operations and innovative models [6] Summary by Sections Gold and Jewelry - Gold prices remain high, with retail sales of gold and silver jewelry reaching 30 billion yuan in May 2025, a year-on-year increase of 21.8% [24][31] - Brands such as Chao Hong Ji, Lai Shen Tong Ling, and Lao Pu Gold are recommended for their high store efficiency and expansion potential [3][31] - Traditional wholesale brands are expected to stabilize after previous declines, with major brands like Lao Feng Xiang and Chow Tai Fook anticipated to improve sales in Q2 [3][31] Tourism - The report highlights the impact of tourism subsidies on summer season growth, with an expected 9.53 billion passengers traveling by rail from July 1 to August 31, 2025, a 5.8% increase year-on-year [4] - Companies like Tian Mu Lake and Jin Ling Sports are suggested for investment due to their regional opportunities [4] Collectible Toys - The sector faces regulatory risks and market volatility, but there is a positive outlook for compliance-driven leading companies [5] - The report notes a significant increase in overseas sales for companies like Pop Mart, which rose from 16.92% in 2023 to 38.85% in 2024 [71] Medical Aesthetics - The industry is expected to see market share gains for leading institutions due to refined operations and new product launches [6] - Companies like Jin Bo Bio and Si Huan Pharmaceutical are highlighted for their innovative offerings [6] Beauty and Personal Care - The beauty sector is experiencing a resurgence in IPO activity, with companies like Ying Tong Holdings and Lin Qing Xuan actively pursuing listings [6] - The report emphasizes the importance of product innovation and strong operational capabilities in capturing market opportunities [6]