Investment 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][31]. Core Insights - The report highlights that the overall retail sales in September 2025 reached 4.2 trillion yuan, showing a year-on-year growth of 3.05%, which is below the consensus expectation of 3.1% [21]. - The beauty care sector is experiencing significant activity, with major brands like Proya and Winona showing strong sales performance during the Tmall Double 11 event [24]. - The travel sector is recovering, with nearly 106,000 passenger flights executed in the week of October 20-26, 2025, marking a 2.9% increase year-on-year [4][26]. Market Performance - For the week of October 20-24, 2025, the performance of the retail, social services, and beauty care sectors was +0.46%, +2.60%, and -0.09%, respectively, ranking them 26th, 14th, and 29th among 31 primary industries [13][15]. - The report notes that the trade, education, and professional services sectors performed well, with increases of +4.89%, +3.02%, and +2.70% [15]. Key Company Announcements - Juzi Biotechnology's recombinant type I α1 collagen facial injection has passed the joint review by the medical device and drug regulatory authorities [29]. - Runben Co., Ltd. reported a revenue of 1.238 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 19.28% [29]. - Bubble Mart's Q3 revenue grew by 245%-250% year-on-year, with significant contributions from both domestic and international markets [27]. Consumer Behavior Trends - The report indicates that sales of products related to the "trade-in" program are growing rapidly, with retail sales of communication equipment, furniture, and cultural office supplies increasing by 16.2%, 16.2%, and 6.2%, respectively [21].
美护商社行业周报：巨子生物三类械获批，泡泡玛特三季度业绩亮眼-20251029
Guoyuan Securities·2025-10-29 10:14