Guoyuan Securities·2025-09-17 06:25Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][28]. Core Insights - The report highlights significant market movements, with the retail trade, social services, and beauty care sectors showing varied performance, ranking 19th, 27th, and 25th respectively among 31 primary industries during the week of September 8-12, 2025 [14][16]. - Key events include Huaxi Biological's strategic investment in Saint Pharma, which focuses on small nucleic acid drugs, and Jinbo Biological's approval for a new injectable collagen product [3][23]. - The report notes a substantial increase in domestic and international flight searches ahead of the Mid-Autumn Festival and National Day holidays, indicating a recovery in travel demand [4][24]. Summary by Sections 1. Weekly Market Review - The retail trade sector increased by 0.85%, while social services and beauty care sectors decreased by 0.28% and 0.23% respectively, compared to the Shanghai Composite Index's increase of 1.52% [14][16]. 2. Key Industry Data and News - The Chinese government allocated 100 billion yuan for childcare subsidies and plans to gradually implement free preschool education [3][23]. - Huaxi Biological invested approximately 138 million HKD in Saint Pharma, acquiring a 9.44% stake, while Jinbo Biological's new collagen product is the first of its kind to enter the pharmaceutical excipient market [23][24]. 3. Key Company Announcements - Jinbo Biological announced management changes, with founder Yang Xia appointed as CEO, and plans for a cash acquisition by Langzi Co. for a controlling stake in a cosmetic surgery hospital [27][28]. 4. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Biological, and Marumi Biological, among others, as potential investment opportunities in the beauty care and new consumption sectors [5][28].