商社美护行业周报：泡泡玛特3.5亿港元连续回购，黄金价格连续上涨
Guoyuan Securities·2026-01-28 02:45

Investment Rating - The industry maintains a "Recommended" rating, with a focus on service consumption, beauty care, IP derivatives, and gold jewelry as new consumption sectors [6][30]. Core Insights - The total retail sales of social consumer goods in 2025 reached 50.12 trillion yuan, a year-on-year increase of 3.69%. In December, the retail sales totaled 4.51 trillion yuan, growing by 0.9% year-on-year, which was below the consensus expectation of 1.5% [3][24]. - The report highlights significant growth in specific retail categories, with home appliance retail sales increasing by 11%, and retail sales of communication equipment, cultural and office supplies, and furniture growing by 20.9%, 17.3%, and 14.6% respectively [3][24]. - The beauty care sector is seeing innovation, with Proya launching a new PROYA MED series aimed at specific skin repair needs, and Langzi Co. forecasting a net profit of 2.2 to 2.9 billion yuan for 2025, marking a year-on-year growth of 1.09% to 33.25% [27][28]. Summary by Sections Market Performance - From January 19 to January 23, 2026, the trade retail, social services, and beauty care sectors increased by 2.16%, 3.20%, and 1.98% respectively, ranking 16th, 12th, and 17th among 31 primary industries [15][20]. Key Industry Data and News - The report notes that the retail sales of consumer goods in 2025 were driven by the replacement of old appliances, with significant growth in various categories. The retail sales of cosmetics grew by 5.1%, while gold and jewelry retail sales increased by 12.8% [24]. - Notable company activities include Bubble Mart's share repurchase of approximately 3.5 billion Hong Kong dollars and the expected profitability turnaround for Guilin Tourism, projecting a net profit of 11 million yuan in 2025 [4][28]. Investment Recommendations - The report emphasizes a focus on service consumption and highlights specific companies such as Ruoyuchen, Maogeping, Shangmei Co., Bubble Mart, Chaohongji, and Laopu Gold as key investment targets [6][30].