商贸零售 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 商贸零售 沪深300 相关研究报告 《马年春节消费稳健恢复，老铺黄金 宣 布 2 月 底 调 价 — 行 业 周 报 》 -2026.2.23 投资主线一（黄金珠宝）：关注具备差异化产品力和消费者洞察力的黄金珠宝品 牌，重点推荐潮宏基、老铺黄金、周大福等，受益标的周生生等； 投资主线二（线下零售）：关注顺应趋势变革探索的线下零售企业和 AI 赋能跨 境电商龙头，重点推荐永辉超市、爱婴室、吉宏股份、赛维时代等； 投资主线三（化妆品）：关注满足情绪价值和安全成分创新的国货品牌，重点推 荐毛戈平、珀莱雅、上美股份、巨子生物、润本股份，受益标的林清轩等； 投资主线四（医美）：关注差异化医美产品厂商和持续并购扩张的连锁医美机构， 重点推荐美丽田园医疗健康、爱美客、科笛-B、朗姿股份等。 《美团拟收购叮咚买菜，打造即时零 售供应链优势—行业周报》-2026.2.8 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2 ...

商贸零售 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 商贸零售 沪深300 相关研究报告 《马年春节消费稳健恢复，老铺黄金 宣 布 2 月 底 调 价 — 行 业 周 报 》 -2026.2.23 《美团拟收购叮咚买菜，打造即时零 售供应链优势—行业周报》-2026.2.8 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2026.2.1 老铺黄金调价幅度超预期，巩固品牌高端调性 ——行业周报 | 黄泽鹏（分析师） | 李昕恬（联系人） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790125100021 | 老铺黄金调价幅度超预期，巩固品牌高端调性 2 月 28 日老铺黄金启动 2026 年首次调价，多数产品涨幅集中在 20%至 30%区间， 对比 2025 年三次调价，提价幅度明显放大。调价落地前，提价预期叠加大 ...

Core Insights - The inclusion of "medical beauty services" in the CPI marks a significant shift for the industry, transitioning from a niche service to a recognized component of the national economic monitoring system [3][19] - The implementation of the new VAT regulations explicitly excludes profit-driven medical beauty institutions from tax exemptions, reinforcing their classification as commercial services and eliminating tax arbitrage opportunities [3][19] - These dual policy adjustments signify a transition from "wild growth" to "regulated development," fundamentally restructuring the competitive landscape and development logic of the medical beauty industry [3][19] Market Dynamics - The medical beauty market is experiencing "differentiated growth," with leading chain institutions achieving growth through refined operations, while smaller institutions face significant operational pressures [5][21] - In the first half of 2025, over 63% of medical beauty institutions reported revenue declines, with only 14% achieving growth; Q2 was particularly challenging, with 58% of institutions experiencing declines [5][21] - The average customer spending in the medical beauty industry dropped to 6,500 yuan, a 10% decrease year-on-year, while the frequency of consumer visits increased, indicating a trend towards more conservative spending among middle and high-income consumers [5][21] Consumer Trends - The trend of "popularization and down-market penetration" is becoming increasingly evident, with lower-tier cities emerging as new growth engines for the industry [6][22] - By 2025, the proportion of medical beauty institutions in third-tier cities and below increased from 30% in 2022 to 42%, with overall consumption growth reaching 22%, double that of first-tier cities [6][22] - Non-surgical light medical beauty projects have become the mainstream, accounting for over 53% of the market, with a market size of 227.9 to 258 billion yuan, driving industry growth [6][22] Regulatory Environment - The simultaneous implementation of the CPI inclusion and new VAT regulations represents a policy "one-two punch" for the regulated development of the medical beauty industry, establishing its commercial consumption attributes [8][24] - This regulatory shift has eliminated the "gray area" label that has long plagued the industry, with the CPI now monitoring price fluctuations and consumption scale as part of national economic management [9][25] - The combination of these policies is transforming the identity of the medical beauty industry from "marginal service" to "mainstream consumption," laying the groundwork for its regulated development [10][26] Competitive Landscape - The regulatory changes are leading to a "good money driving out bad money" scenario, where compliant institutions benefit from favorable conditions while non-compliant ones face significant operational challenges [11][27] - Over 18,000 non-compliant institutions were shut down in 2025, and more than 320 violators had their licenses revoked, indicating the effectiveness of ongoing regulatory measures [11][27] - The market is shifting from a seller's market to a buyer's market, with price wars becoming a primary strategy for smaller institutions competing for customers [6][22] Industry Evolution - The medical beauty industry is transitioning from an upstream-dominated model to one focused on terminal capabilities, with an emphasis on differentiation and scale as core competitive advantages [12][28] - Upstream companies are shifting their focus from licensing to product innovation, as competition intensifies and profit margins normalize [13][29] - The entry of public hospitals into the medical beauty sector is becoming a new variable, with a significant increase in the number of public hospitals establishing medical beauty departments [14][30] Consumer Behavior - Consumers are becoming more rational, shifting from a focus on appearance changes to daily anti-aging maintenance, with increased demands for product safety and institutional compliance [15][31] - This rationalization is driving industry upgrades, as institutions move towards standardized solutions that combine products, medical expertise, and post-operative management [15][31] - The transparency of industry information is improving, allowing consumers to compare the overall value of different institutions, which is pushing prices towards greater fairness [15][31]

爱美客（300896.SZ）2月26日在投资者互动平台表示，截至目前，公司暂未有AI辅助研发方面的布局。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：爱美客在AI辅助研发方面有哪些具体布局？ ...

格隆汇2月26日丨爱美客(300896.SZ)在互动平台表示，截至目前，公司暂未有AI辅助研发方面的布局。 ...

证券研究报告·行业点评报告 2026 年 2 月 26 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.51 -5.22 -14.9 绝对收益 -2.41 0.62 3.69 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业深度报告-美容护理行 业：专业皮肤护理行业研究-巨子生物、敷 尔佳、创尔生物 – 2026.01.14 2. 江海证券-行业点评报告-美容护理行 业：创健医疗重组胶原蛋白植入剂获批， 林清轩通过港交所上市聆讯 – 2025.12.30 3. 江海证券-行业点评报告-美容护理行 业："双 11"天猫抖音美妆榜出炉，巨子 生物重组 I 型胶原蛋白冻干纤维获批 – 2025.10.27 执业证书编号：S1410525120001 消费行业研究组 分析师：黄燕芝 2025 年，珀莱雅稳居淘宝天猫化妆品 榜首，韩束蝉联抖音化妆品榜首 事件： 美容护理行业 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 ...

Group 1: Real Estate and Construction - The real estate market continues to show signs of bottoming out, with a weak performance in new home sales during the Spring Festival period, reflecting poor supply and demand dynamics [3][9][12] - The land market has seen a significant decline in both supply and demand, with total land area launched in January 2026 down 16% year-on-year, and total land transaction value down 39% [11][12] - Policy measures such as the reduction of the value-added tax on second-hand housing and the lowering of minimum down payments for commercial properties indicate a generally accommodative policy environment [3][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The pig price is under pressure post-holiday due to the end of stocking and limited weight reduction, with the average price of pigs at 11.66 yuan/kg as of February 13, 2026, down 0.40 yuan/kg week-on-week [4][13] - The supply side shows a slight decrease in the average weight of pigs being marketed, indicating ongoing pressure from large pigs and structural pricing risks [13][14] - The overall market sentiment remains weak, with expectations of a seasonal decline in demand in the weeks following the holiday [14] Group 3: Retail and Consumer Services - The retail sector is experiencing a steady recovery in consumption, with payment transactions on the eve of the Spring Festival increasing by 21.64% compared to the previous year [5][19] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025 [19][25] - Investment recommendations focus on high-quality companies in the consumer sector, particularly those in gold and jewelry, offline retail, cosmetics, and medical aesthetics [26] Group 4: Pharmaceuticals - The company has entered into an exclusive licensing agreement with GSK for two siRNA pipeline products, with potential total transaction value reaching up to $1 billion [6][28] - Revenue forecasts for the company are maintained at 143 million, 169 million, and 201 million yuan for 2025, 2026, and 2027, respectively, with a downward adjustment in net profit estimates [6][28] - The collaboration with GSK highlights the company's growing recognition in the small nucleic acid drug development field, paving the way for future global partnerships [28][29]

2025年的中国医美市场，在喧嚣中迎来了一个微妙的分水岭。 《每日经济新闻》记者查阅上述消费榜单发现，曾经的"抗衰明星"——超声炮"失速"，玻尿酸则在价格 战的泥潭中稳守"顶流"地位。 对此，有业内分析指出，在合规壁垒趋严与技术迭代提速的背景下，医美市场加速重塑，行业"马太效 应"正在以一种近乎残酷的方式上演，而与此同时，减重与脱发治疗赛道，正成为资本竞逐的一个"新大 陆"。 再生填充材料继续"狂飙" 近日，医美平台美呗发布的"2025年医美平台消费榜单"显示，再生填充材料成为"年度MVP"，2025年销 售额同比增长93.40%，成为连续3年狂飙的"热门选手"。 在整个再生填充材料赛道狂飙的同时，各个品牌2025年销售额的增速却出现分化："臻爱塑菲"以463% 的增长速度排名第一；艾维岚同比增长78.71%，展现出稳扎稳打的特点；"伊妍仕"的市场受到挤压，同 比下降56%。 公开资料显示，"臻爱塑菲"为爱美客旗下产品。 《每日经济新闻》记者了解到，2025年，"臻爱塑菲"销售额增速虽然强劲，但其对爱美客的业绩贡献还 有待验证。财报数据显示，2025年前三季度，爱美客营收和归母净利润均出现超过20%的同比下降 ...

证券日报网讯 2月24日，爱美客在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东人 数为61417户。 （文章来源：证券日报） ...

在童颜针代理权之争陷入"拉锯战"背后，江苏吴中已经退市，爱美客的业绩也难言乐观。 与爱美客争夺"童颜针"代理权的江苏吴中，退市后又有了新动作。 据江苏吴中医药发展股份有限公司（以下简称"江苏吴中"）近日发布的公告，公司拟以8000万元将其持有的全资 孙公司吴中美学生物科技（上海）有限公司（以下简称"上海吴中美学"）100%股权进行对外转让，受让方为上海 青愈生物科技有限公司（以下简称"上海青愈生物"）。 8000万元转让孙公司，退市后江苏吴中"断臂求生" 江苏吴中拟8000万元转让孙公司，主要原因之一便是"还债"。 在公告中，江苏吴中坦言，当前面临现金流短缺压力，且部分存量债务即将到期。转让上海吴中美学100%股权， 可以"优化公司资产结构，盘活存量资产，并切实解决债务问题。" 从标的公司来看，上海吴中美学主要业务为医美产品的研发生产，是江苏吴中医美生科板块旗下的公司。审计报 告显示，截至2025年11月30日，上海吴中美学经审计的资产总额约1.04亿元，所有者权益约7308.92万元。 童颜针代理权之争陷入"拉锯战"，临时措施被取消 此次转让上海吴中美学100%股权，或是江苏吴中收缩医美板块的缩影。 回顾江 ...