据介绍，邻苯二甲酸酯作为常见增塑剂，具有"环境雌激素"效应，可通过皮肤接触、呼吸道吸入等途径 进入体内，长期过量接触会干扰内分泌系统，可能导致男孩生殖器官发育异常、女孩性早熟，还会影响 肝脏代谢功能；短链氯化石蜡具有生物蓄积性，对人体肝脏和神经系统存在潜在危害；重金属铅无法被 人体代谢，会在骨骼、大脑中持续蓄积，短期接触可能导致儿童注意力不集中、烦躁易怒，长期则会造 成智力发育迟缓、认知障碍等不可逆损伤。值得注意的是，鞋花作为儿童洞洞鞋的常见装饰，容易被低 龄儿童触摸、啃咬，增加了有害物质摄入风险。 在防滑性能测试中，15款样品的湿态动摩擦系数介于0.28—0.39之间。深圳市消委会提醒，儿童在浴 室、泳池等涉水环境或易滑地面活动时，要格外注意防滑，优先选择湿态动摩擦系数较高的产品。 针对此次比较试验结果，深圳市消委会向广大家长发出选购与使用建议：优先选择无刺激性气味、鞋面 简洁无尖锐装饰的款式，材质上推荐EVA等柔软有弹性的类型，鞋底需软硬适中、具备清晰防滑纹理； 穿着过程中要定期检查鞋底磨损情况、鞋内异物及装饰件牢固度，发现鞋花等部件松动及时拆除；清洗 时采用软布搭配中性洗涤剂，自然阴干避免暴晒；鞋上装饰 ...

据了解，深圳市消委会工作人员从线下商超及线上平台随机采购了15款儿童洞洞鞋，涵盖卡骆驰 （crocs）、斯凯奇（SKECHERS）、MINISO等知名品牌，价格区间从26.17元至319元，基本覆盖市场 主流价位段。比较试验围绕消费者关心的化学安全与防滑性能，依据GB 30585—2024《童鞋安全技术 规范》及QB/T 4552—2020《拖鞋》两项标准开展，重点测试邻苯二甲酸酯、重金属总量、短链氯化石 蜡等有毒有害物质含量，以及湿态动摩擦系数等防滑指标。 结果显示，在15款样品中，有12款样品的化学安全与防滑性能均符合相关测试标准要求，包括标称品牌 为卡骆驰、斯凯奇、MINISO、孩子王等样品。3款样品的鞋花部位暴露安全隐患，不符合GB 30585— 2024《童鞋安全技术规范》相关要求。其中，标称品牌为balabala和ABCKIDS的两款样品被检出邻苯二 甲酸酯、短链氯化石蜡含量超标，标称品牌为朴西的样品存在重金属铅含量超标的问题。 据介绍，邻苯二甲酸酯作为常见增塑剂，具有"环境雌激素"效应，可通过皮肤接触、呼吸道吸入等途径 进入体内，长期过量接触会干扰内分泌系统，可能导致男孩生殖器官发育异常、女孩性 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 25 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年01月23日 华源晨会精粹 20260125 固定收益 25Q4 理财资产配置有何变化——中国银行业理财市场年度报告（2025 年）点评：截至 25 年末，银行理财市场存续规模 33.29 万亿元，较 25Q3+1.2 万亿 元，较 24 年末+3.3 万亿元。由于债券收益率处于历史低位，我们预计 26 年混合类 产品存续规模会持续回升。2026 年理财规模仍有望增长 3 万亿以上。截至 25 年末， 全市场一共有 191 家理财机构，其中有 159 家银行机构，32 家理财公司，较 25Q3 分别-22 家/持平。我们预计至 26 年底，理财市场或将向理财公司持续转移。25Q4 理财大幅增配公募基金，减配权益类资产和同业存单，债券投资占比处于近年低位。 低利率时代，25Q4 理财产品平均收益率走弱。2026 年债市行情可能好于预期。建 议关注超长债波段操作机会，建议重点配置 3-5Y 资本债以获取票息，超长债搓波段， 关注多资产投资机会。 风险提示。财政政策超预期发力，导 ...

证券分析师 证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2026 年 01 月 24 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 板块表现： 泡泡玛特 2.5 亿港元回购；美丽田园 25 年业绩预告表现亮眼 投资评级： 看好（维持） ——新消费行业周报（2026.1.19-2026.1.23） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 泡泡玛特 2.5 亿港元回购，彰显公司信心。公司近期公告回购 140w 股，合计耗资 2.5 亿+港元。公司低 位回购彰显公司经营信心。近期发布马年新品—马力全开搪胶毛绒，发布当日一分钟内多个平台均显示 "已售罄"。1 月官宣星星人新品系列怦然星动。泡泡玛特新品表现及品牌势能持续强劲。老 IP 持续运 营，新 IP 逐步发力，产品形态从盲盒、毛绒拓展至可动玩偶、饰品等，带动品牌影响力持续破圈。公司 作为中国潮玩行业的头部企业，具备 IP 玩具全产业链运营能力，公司通过出众的 IP 创造、运营能力及渠 道端多样的消费者触达能力持续高质量发展，且伴随公司海外业务逐步扩大、产品海外影响力不断 ...

Market Overview - The professional chain sector increased by 0.68% on January 23, with Kid King leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Kid King (301078) closed at 11.10, with a rise of 2.02% and a trading volume of 459,400 shares, amounting to a transaction value of 509 million [1] - Doctor's Eye Glasses (300622) closed at 34.48, up 1.98%, with a trading volume of 161,300 shares and a transaction value of 552 million [1] - Other notable stocks include Tianyin Holdings (000829) at 10.96 (+0.92%), Aiying Room (603214) at 17.96 (+0.84%), and Huazhi Wine (300755) at 17.12 (+0.71%) [1] Capital Flow - The professional chain sector experienced a net outflow of 66.6862 million from institutional investors, while retail investors saw a net inflow of 95.2577 million [1] - Kid King had a net inflow of 19.1417 million from institutional investors, but a net outflow of 6.4777 million from retail investors [2] - Doctor's Eye Glasses saw a net inflow of 11.5552 million from institutional investors, with a net outflow of 703.42 thousand from retail investors [2]

Market Overview - The professional chain sector increased by 0.71% on January 22, with Aishide leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - Aishide (002416) closed at 13.88, with a rise of 1.76% and a trading volume of 439,700 shares, amounting to a transaction value of 606 million [1] - Tianyin Holdings (000829) closed at 10.86, up 1.12%, with a trading volume of 349,800 shares and a transaction value of 379 million [1] - Huazhi Wine (300755) closed at 17.00, up 0.59%, with a trading volume of 32,900 shares and a transaction value of 55.57 million [1] - Aiyingshi (603214) closed at 17.81, up 0.51%, with a trading volume of 39,000 shares and a transaction value of 69.34 million [1] - Kids Wang (301078) closed at 10.88, up 0.37%, with a trading volume of 381,900 shares and a transaction value of 416 million [1] - Jifeng Technology (300022) closed at 8.50, down 0.58%, with a trading volume of 85,800 shares and a transaction value of 73.04 million [1] - Doctor Glasses (300622) closed at 33.81, down 1.31%, with a trading volume of 144,700 shares and a transaction value of 492 million [1] Capital Flow - The professional chain sector experienced a net outflow of 71.56 million from institutional investors, while retail investors saw a net inflow of 90.56 million [1] - The detailed capital flow for individual stocks shows that Aishide had a net outflow of 31.80 million from institutional investors, while retail investors contributed a net inflow of 19.93 million [2] - Kids Wang had a net outflow of 4.28 million from institutional investors, but a net inflow of 1.13 million from retail investors [2] - Jifeng Technology saw a significant net outflow of 7.66 million from institutional investors, with a net inflow of 958.58 million from retail investors [2] - Doctor Glasses had a net outflow of 41.67 million from institutional investors, while retail investors contributed a net inflow of 5.34 million [2]

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Ministry of Industry and Information Technology (MIIT) supports local governments in building future industries and increasing government investment fund efforts [4] - MIIT will promote collaborative innovation across the entire supply chain for advanced materials [4] - The Ministry of Housing and Urban-Rural Development supports reasonable financing needs of real estate companies and addresses both rigid and improved housing demands of residents [4] Industry Developments - Glass substrates are expected to become the next generation of core materials for advanced packaging, replacing traditional organic substrates, with related stocks including Di'er Laser (300776) and Hongtian Co., Ltd. (603800) [5] - Six departments have extended tax and fee incentives for the childcare industry, indicating a potential boom for the maternal and infant sector, with related stocks including Kidswant (301078) and Aiyingshi (603214) [5] - Several banks have recently launched satellites, accelerating the operational value of the satellite industry, with related stocks including Hangyu Micro (300053) and Aerospace Hongtu (688066) [5] Company Focus - Ruike Laser (300747) is taking measures to resist malicious low-price sales and irregular channel sales that disrupt market pricing [6] - Betta Pharmaceuticals (300558) is progressing steadily with multiple clinical studies for MCLA-129 [6] - Zhongke Chuangda (300496) has reached a strategic cooperation with the Beijing Humanoid Robot Innovation Center through its subsidiary Xiaowu Intelligent [6] - Ningbo Bank (002142) is continuously accumulating differentiated competitive advantages, with a steady expansion of profit scale expected by 2025 [6] Market Review and Outlook - On January 21, the market experienced a pullback after a rise, with the Shanghai Composite Index closing at 4116.94, up 0.08%, and the Shenzhen Component Index at 14255.13, up 0.70% [7] - The total trading volume in the Shanghai and Shenzhen markets was 2.6 trillion, a decrease of 177.1 billion from the previous trading day [7] - The market is expected to shift from a "fund-driven" rapid growth model to a "performance-driven" slow bull market, with macroeconomic improvements and corporate profit recoveries as key drivers for mid-term upward trends [7] - It is advised to maintain balanced allocations across sectors, focusing on non-ferrous metals, technology growth, new energy, and dividend stocks [7]

Core Insights - The "Yujian Meihua Sh生活" 2026 Douyin Life Service City Ecological Conference highlighted the growth and operational achievements of national chain merchants on the Douyin platform, focusing on the theme of "stimulating good business and seeing new growth" [1][7] - Douyin's life service business has maintained high growth, with a year-on-year transaction volume increase of 59%, and the number of stores achieving operational revenue surpassing 15 million [8] Group 1: Business Growth and Performance - In 2025, 610,000 new stores opened on Douyin, with industries like in-store retail and tourism seeing growth rates exceeding 50%, and the number of chain merchants with annual payment GMV over 1 billion increasing by over 86% year-on-year [2] - The platform's marketing activities and product tools have significantly enhanced the competitiveness of chain merchants, leading to explosive business growth [2][5] - The integration of online and offline operations has allowed chain merchants to attract traffic with quality products while efficiently managing physical stores, resulting in improved sales and brand performance [5][6] Group 2: Marketing and Consumer Engagement - Douyin's diverse marketing activities, including promotions and rankings, have provided multiple touchpoints for chain merchants to enhance their business performance [2] - The introduction of features like "queueing" and "one-click payment" has improved user experience, reducing wait times by 20% and increasing sales for participating brands [4] - The collaboration between chain merchants and influencers has led to successful brand exposure and customer loyalty, with significant increases in transaction volumes during promotional events [4] Group 3: Future Strategies and Industry Trends - In 2026, chain merchants are expected to further embrace integrated operations on Douyin, focusing on enhancing customer engagement and establishing effective profit models [6] - The platform aims to break down barriers between online and offline businesses, fostering a collaborative ecosystem that supports the growth of the real economy [8] - The conference established sub-forums for various industries, emphasizing tailored strategies for enhancing efficiency and growth among national chain merchants [7]

Group 1 - The professional chain sector increased by 0.2% compared to the previous trading day, with Aishide leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Aishide's closing price was 13.64, with a rise of 2.40%, and a trading volume of 578,100 shares, amounting to 794 million yuan [1] Group 2 - The main funds in the professional chain sector experienced a net outflow of 76.12 million yuan, while retail investors saw a net inflow of 62.58 million yuan [1] - Aishide had a net inflow of 59.11 million yuan from main funds, accounting for 7.45% of the total, while retail investors had a net outflow of 67.04 million yuan [2] - Tianyin Holdings saw a net inflow of 44.16 million yuan from main funds, representing 10.19%, but a net outflow of 3.55 million yuan from retail investors [2]