Group 1: Personal Care Industry - The personal care sector is experiencing growth driven by increased national income and health demands, providing opportunities for domestic brands to gain market share [1] - Douyin's channel is accelerating the online growth of personal care products, with GMV growth expected to reach 38.86% in 2024, significantly outpacing cosmetics [1] - Recommended stocks include companies with clear technological advantages and strong operational capabilities, such as Dengkang Oral Care and Runben Co., with a focus on brands that combine technological innovation and channel control [1] Group 2: Cosmetics Industry - The cosmetics industry saw an unexpected growth rate of 3.2% in Q1 2025, attributed to consumption promotion policies and a low base effect, entering a phase of normalized growth [2] - Foreign brands are facing dual pressures from tariffs and store closures, leading to a negative performance, while domestic brands are actively innovating and expanding their product lines [2] - Recommended stocks include Marubi and Proya, with a focus on companies that are actively innovating and showing strong performance [2] Group 3: Offline Beauty Care - The offline beauty care sector is experiencing a divided performance, driven by supply-side innovations, particularly in new materials like collagen and hydroxyapatite [3] - Companies like Jinbo Bio are leading in the field of recombinant collagen, with a rich product layout and capacity expansion plans [3] - The offline beauty care industry is expected to benefit from technological innovations and supportive consumption policies, with recommendations for Jinbo Bio and Juzhi Bio [3]

公开信息显示，现任基金经理晏青先生:中国国籍,上海交通大学经济学硕士。曾任交银施罗德基金管理 有限公司研究员、基金经理,上海弘尚资产管理中心(有限合伙)投资经理、海外投资总监。现任永赢基金 管理有限公司权益投资部副总经理。2019年10月16日至2020年11年10月担任永赢创业板指数型发起式证 券投资基金的基金经理;2020年3月25日至2023年10月17日,担任永赢股息优选混合型证券投资基金的基 金经理。2020年9月29日至今,担任永赢港股通品质生活慧选混合型证券投资基金的基金经理。曾任永赢 股息优选混合型证券投资基金基金经理。2021年5月14日担任永赢港股通优质成长一年持有期混合型证 券投资基金的基金经理。 5月19日，永赢港股通优质成长一年混合（011315）下跌0.84%，最新净值0.72元，连续3个交易日下 跌，区间累计跌幅1.67%。 据了解，永赢港股通优质成长一年混合成立于2021年5月，基金规模2.40亿元，成立来累计收益 率-27.57%。从持有人结构来看，截至2024年末，永赢港股通优质成长一年混合的基金机构持有0.02亿 份，占总份额的0.58%，个人投资者持有3.40亿份，占总 ...

2025 年 05 月 20 日 开源晨会 0520 ——晨会纪要 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-05 2024-09 2025-01 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | 1.987 | | 环保 | 1.873 | | 房地产 | 1.751 | | 国防军工 | 1.051 | | 社会服务 | 1.024 | | 数据来源：聚源 | | 沪深300 及创业板指数近1年走势 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 【地产建筑】新房上海同环比领涨，一线新房价格环比持平——行业点评报告 -20250519 【地产建筑】销售面积降幅持续收窄，国内贷款增速转正——行业点评报告 -20250519 【机械】特斯拉机器人"丝滑"起舞，智能化大幅提升，硬件趋向定型——行业 周报-20250518 【建材】城市更新行动进度加速，关注建材投资机会——行业周报-20250518 【传媒】多模态 AI 继续迭代，IP 产业资本化或加快— ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a stable growth in social consumption, with a year-on-year increase of 4.7% in the first four months of 2025, and a 5.1% increase in April [4] - The report emphasizes the strong performance of optional consumption categories, particularly gold and jewelry, which saw a year-on-year increase of 25.3% in April [5] - Online retail channels showed robust growth, with a total online retail sales of 47,419 billion in the first four months of 2025, marking a 7.7% increase [6] Summary by Sections Industry Overview - The total retail sales for the first four months of 2025 reached 161,845 billion, with April sales at 37,174 billion, reflecting a 5.1% increase [4] - The report indicates a positive outlook for social consumption growth driven by effective policy measures [4] Consumption Trends - Essential consumption categories such as grain and oil saw significant growth, with year-on-year increases of 14.0% for grain and oil products [5] - The report identifies a divergence in growth rates among different consumption categories, with home appliances showing a strong performance due to government subsidies [5] Online vs Offline Retail - Online retail sales accounted for 24.3% of total retail sales, with physical goods online retail sales increasing by 5.8% [6] - Offline retail channels, including supermarkets and convenience stores, also showed a marginal recovery, with supermarkets growing by 5.2% year-on-year [6] Investment Recommendations - The report suggests focusing on high-quality companies in the "emotional consumption" theme, particularly in four key areas: gold and jewelry, offline retail, cosmetics, and medical aesthetics [7] - Specific companies recommended include Lao Pu Gold, Yonghui Supermarket, and Aimeike, among others [7]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [2] Core Insights - The retail industry is experiencing a significant shift with the 618 e-commerce promotion, characterized by extended activity periods and simplified consumer engagement strategies [27][28] - Domestic beauty brands are showing strong performance, with notable sales figures during the 618 promotion, indicating a trend of rising domestic products [5][32] Summary by Sections Retail Market Review - The retail industry index rose by 1.72% during the week of May 12 to May 16, outperforming the Shanghai Composite Index by 0.96 percentage points [7][16] - The internet e-commerce sector saw the highest growth, with a weekly increase of 5.81%, while the brand cosmetics sector led the year-to-date performance with a 20.30% increase [19][22] 618 Promotion Insights - The 618 e-commerce promotion has begun, with platforms like Taobao, Douyin, and JD extending their promotional periods and simplifying discount mechanisms to enhance consumer experience [27][28] - Sales performance during the promotion has been strong, with Li Jiaqi's live stream achieving a GMV of 25-35 billion yuan on the first day, showcasing the rising dominance of domestic beauty brands [5][32] Investment Recommendations - Focus on high-quality companies in the emotional consumption theme, particularly in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics [8][35] - Recommended companies include Lao Pu Gold, Chao Hong Ji, Mao Ge Ping, Peiliya, Juzi Biology, and Shangmei Shares, which are expected to benefit from current market trends [38]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 618 shopping festival has been advanced, with discounts shifting from "spend 300 get 50 off" to direct reductions, enhancing consumer shopping experience and reducing the need for bundling [4][9] - The performance of domestic beauty brands has been strong, with notable sales figures during the initial live stream of the festival, achieving a GMV of 25-35 billion yuan [4][11] - The report recommends focusing on brands like Zhenjia, Ru Yuchen, and others that are expected to perform well during the 618 festival [4][13] Industry Trends - The 2025 618 shopping festival started on May 13, 2025, approximately 7 to 10 days earlier than in 2024, extending the event duration to 35-40 days, marking the longest period in history [4][9] - Major platforms such as Taotian, JD, Pinduoduo, and Douyin launched their promotions simultaneously, indicating increased competition [4][9] - Domestic beauty brands like Perleya and Kefu Mei have shown significant growth, with Kefu Mei rising from 6th to 3rd place in the beauty sales rankings [4][13] Market Performance - From May 12 to May 16, 2025, the Shenwan retail index increased by 1.72%, while the beauty care sector rose by 3.08% [14] - Year-to-date performance shows the Shenwan retail index up by 8.93%, outperforming the broader market indices [14][21] Company Valuation - The report includes a valuation table for various companies, highlighting their market capitalization and projected earnings [16][18] - Companies such as Perleya and Juzhi Biotech are rated as "Buy," indicating strong expected performance [17][18]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 618 shopping festival has been advanced, with discounts shifting from "spend 300 get 50 off" to direct reductions, enhancing consumer shopping experience and reducing the need for bundling [4][9] - The performance of domestic beauty brands has been strong, with notable sales figures during the initial live stream of the festival, achieving a GMV of 25-35 billion yuan [4][11] - The report highlights the rapid growth of brands like Zhenjia in the home cleaning sector and recommends focusing on companies like Juzi Biological, Shangmei Shares, and others during the 618 festival [4][13] Summary by Sections Industry Outlook - The 2025 618 shopping festival started on May 13, 2025, approximately 7 to 10 days earlier than in 2024, extending the event duration to 35-40 days, marking the longest period in history [4][9] - Major platforms such as Taotian, JD, Pinduoduo, and Douyin launched their promotions simultaneously, indicating increased competition [4][9] Market Performance - From May 12 to May 16, 2025, the Shenwan retail index increased by 1.72%, while the beauty care sector rose by 3.08% [14] - Year-to-date performance shows the Shenwan retail index up by 8.93%, outperforming other indices like the Shanghai Composite [14][21] Company Valuation - The report includes a valuation table for various companies, with several brands like Perleya and Juzi Biological receiving "Buy" ratings based on their projected earnings growth [17][18]

2025年05月17日 证券研究报告|行业研究|行业点评 社会服务行业·周观点 国货美妆崛起正当时,聚焦 618 大促&新成分推出 自5月中旬起,在618预售启动、直播渠道发力以及电商平台让利加 码背景下,美妆消费热度持续提升。据第三方统计,李佳琦直播间 预售首日美妆 GMV 达25–35亿元,其中国货品牌珀莱雅、可复美 GMV 破亿，毛戈平等高端品牌亦表现亮眼。93.1%消费者倾向购 买现货,一口价、"准时达"等机制成为核心卖点，推动品牌从预 售长链条向"即时成交"转型。与此同时，消费者预算结构呈现"两 头分化"趋势，5月侧重轻量节日礼赠，6月偏好大件囤货，美妆、 个护、日化等"复购型消费"品类成为阶段性主力。我们认为,美 妆板块在消费节奏前置、促销效率提升背景下迎来交易性催化,化 妆品行业具备恢复动能。 功能性成分热度升温,推动消费从感性转向理性。近期麦角硫因等 新成分热度攀升,科伦药业董事长"亲自代言"带动该原料在护肤、 营养品等多个领域引发市场关注。麦角硫因作为超强抗氧化剂,具 备跨界潜力,补强了本土品牌在科技护肤赛道的护城河。此前重组 胶原蛋白等成分已进入功效护肤主流路径,国货品牌具备原料端话 语权 ...

商贸零售 2025 年 05 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-05 2024-09 2025-01 商贸零售 沪深300 相关研究报告 《关注零售行业中期投资策略：深挖 情 绪 消 费 景 气 赛 道 — 行 业 周 报 》 -2025.5.11 《悦享生活，深挖情绪消费景气赛道 —2025 年零售行业中期投资策略》 -2025.5.7 《零售企业经营持续承压，关注高景 气优质公司—行业周报》-2025.5.5 618 大促拉开帷幕，关注国货美妆表现 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 证书编号：S0790124070031 投资主线三（化妆品）：关注具备差异化且能力持续迭代的优质国货美妆品牌， 重点推荐毛戈平、珀莱雅、上美股份、巨子生物、润本股份、丸美生物等 ...

Investment Rating - The report indicates a positive outlook for the maternal and infant industry, driven by supportive policies and expected growth in consumer spending [4][6]. Core Insights - The report emphasizes the transition of China's fertility policy towards comprehensive support for childbirth, which is expected to enhance consumer confidence and spending in the maternal and infant sector [4][17]. - The maternal and infant market has shown resilience, with a compound annual growth rate (CAGR) exceeding 15% from 2018 to 2024, despite a decline in birth rates [6][32]. - The rise of domestic brands in the maternal and infant sector is notable, with significant market share gains in various sub-sectors [6][37]. Summary by Sections 1. Policy Promotion of Fertility - China's fertility policy has evolved from encouraging childbirth to comprehensive support, with various measures being implemented to boost birth rates [4][10]. - The government is focusing on creating a "fertility-friendly" society, with financial incentives and support services being rolled out across different regions [17][18]. 2. Market Growth and Consumer Trends - Despite a decline in newborn numbers, the maternal and infant market is experiencing growth due to consumption upgrades and the diversification of product offerings [6][32]. - The market size is projected to reach approximately 762.99 billion yuan by 2024, reflecting a year-on-year growth of 15% [31]. 3. Beneficiary Industries and Companies - Various sectors are expected to benefit from the growth in the maternal and infant market, including pharmaceuticals, food and beverage, apparel, and household goods [6][41]. - Key companies highlighted include: - Pharmaceuticals: Jinxin Reproductive, LIZHU Group, and BGI Genomics [6][41]. - Dairy: Yili Group and China Feihe [6][42]. - Apparel: Semir and Anta [6][49]. - Household goods: Bear Electric [6][61]. 4. Competitive Landscape - The report notes an improvement in the competitive landscape, with domestic brands gaining market share across various segments, including infant formula and baby care products [6][37]. - The concentration ratio (CR10) for domestic brands has significantly increased, indicating a shift in market dynamics favoring local players [6][37].