Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.43% closing at 3361.98 points, the Shenzhen Component Index up by 0.16% at 10057.17 points, the ChiNext Index up by 0.48% at 2002.70 points, and the Sci-Tech 50 Index up by 0.48% at 981.71 points [1][12] - Overall, 3390 stocks rose while 1782 stocks fell, with a total trading volume of 1141.4 billion yuan, an increase of 2.2 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the sectors that saw gains included Beauty Care (up 3.86%), Textile and Apparel (up 2.53%), Comprehensive (up 2.02%), Banking (up 1.98%), and Agriculture, Forestry, Animal Husbandry, and Fishery (up 1.80%) [1][12] - The sectors that experienced declines included Household Appliances (down 2.10%), Steel (down 1.37%), Coal (down 0.84%), Building Materials (down 0.52%), and Environmental Protection (down 0.40%) [1][12] Concept Sectors - The top-performing concept sectors today included Gold and Jewelry, Medical Beauty, Dairy Industry, Gene Testing, CRO, Anti-Cancer, Rare Earth, Biological Vaccines, Innovative Drugs, and Medical Supplies Export [2][11] - Conversely, sectors such as Automotive Complete Vehicles, Wireless Charging, and Excavators experienced pullbacks [11]

Group 1 - The core viewpoint of the articles highlights the evolution of the beauty industry towards a "beauty lifestyle" that integrates health and beauty, with a significant focus on oral beauty products [1][2] - Major companies like Shiseido and Unilever are expanding into the oral beauty market, with Unilever targeting China as the first overseas market for its OLLY brand [1][2] - The global oral beauty market is projected to grow from $4.45 billion in 2021 to $9.81 billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.7% [1] Group 2 - The trend of "food and beauty integration" is emerging, with companies like Meiji and PepsiCo launching innovative products that combine health and beauty benefits [2][5] - Domestic companies in China are also following this trend, with products like hyaluronic acid sparkling water and milk that emphasize skin nourishment [7][8] - The oral beauty market is evolving from traditional forms like capsules to more consumer-friendly formats, indicating a shift towards everyday products [8][11] Group 3 - The concept of "internal and external nourishment" is gaining traction, with companies like Shiseido planning to launch a new health product line by 2024 [16][17] - Many beauty companies are transforming into health and beauty conglomerates, with Unilever acquiring various health brands to build a global health brand matrix [17][19] - The integration of health and beauty is becoming a standard in mature markets, with a focus on comprehensive care that addresses both internal and external factors affecting skin health [19][20] Group 4 - The oral beauty market is experiencing regional differences, with the Chinese market showing significant growth potential, expected to exceed 25.57 billion yuan by 2025 [27] - Chinese consumers are more focused on efficacy rather than natural ingredients, and there is a cultural hesitance towards supplement forms due to traditional beliefs [27][28] - The concept of "new Chinese-style beauty drinks" is emerging, combining modern oral beauty with traditional Chinese medicine principles, reflecting a growing market for health-oriented beverages [31][32]

Core Viewpoint - The trend of cosmetic surgery among children in Japan is on the rise, driven by external pressures and beauty anxiety, transforming cosmetic procedures from an adult choice to a starting point for some children [1][2][3] Group 1: Trends in Cosmetic Surgery - The trend of younger individuals seeking cosmetic surgery has significantly increased over the past decade, with a notable rise in visits from elementary and middle school students post-2020 pandemic [2] - Approximately 25% of those undergoing surgery had their first procedure in their teenage years, with some as young as 6 or 7 years old [2] - Common procedures include double eyelid surgery, hair removal, and skin treatments, with some children undergoing regular beauty treatments costing around 10,000 yen [2] Group 2: Motivations Behind Surgery - Many children pursue cosmetic surgery due to external pressures and self-esteem issues, often stemming from bullying or negative comments about their appearance [3][4] - The COVID-19 pandemic provided a cover for recovery periods post-surgery, allowing children to express their beauty concerns more openly to their parents [4] Group 3: Parental Influence - Parents play a crucial role in the decision-making process, often initiating consultations out of concern for their child's social future [4] - Many parents believe that cosmetic surgery can prevent future issues related to appearance, leading them to take their children for procedures [4] Group 4: Societal Attitudes - Japanese society exhibits polarized views on the issue of cosmetic surgery for minors, with some supporting it as a means to alleviate beauty anxiety and boost confidence [5][6] - Conversely, there are strong concerns regarding the necessity and potential health risks of early cosmetic procedures, with critics arguing that the industry exploits children's vulnerabilities [8][9] Group 5: Impact of Social Media - The rise of social media platforms like TikTok and YouTube has contributed to the normalization of cosmetic surgery among youth, with influencers sharing their experiences and reducing psychological barriers [13][14] - The prevalence of beauty standards promoted on social media exacerbates beauty anxiety, leading children to believe that certain physical traits are essential for attractiveness [14] Group 6: Broader Implications - The phenomenon of young children seeking cosmetic surgery reflects a complex interplay of family anxiety, peer pressure, and societal beauty standards [16] - While cosmetic surgery may provide temporary relief from beauty-related concerns, it raises questions about the long-term impact on children's self-identity and mental health [16][17]

Core Viewpoint - JD Internet Hospital has launched a dermatology beauty and skincare clinic, focusing on skin issues for individuals aged 15 to 55, leveraging top-tier hospital resources and AI skin analysis technology to provide a comprehensive skin health management solution [2][3]. Group 1: Service Offering - The clinic addresses various skin concerns including acne, scars, spots, wrinkles, sores, and moles, providing professional and convenient services [2]. - Users can access the service through the JD APP, with top-tier hospital doctors available online 24/7, averaging a 30-second response time for consultations [2]. Group 2: Industry Context - The medical beauty industry in China is rapidly growing, with increasing consumer trends towards beauty and aesthetic treatments, although issues such as excessive marketing and unregulated practices persist [2]. - JD Internet Hospital aims to mitigate these issues by offering scientifically backed medical advice and helping users assess their aesthetic needs rationally [2][3]. Group 3: Technological Integration - The clinic integrates AI skin analysis tools developed by JD Health, utilizing extensive medical dialogue data and a vast image database to analyze skin issues across five dimensions, generating visual reports for users [3]. - After analysis, the system matches users with dermatology experts from top-tier hospitals for personalized consultations and treatment recommendations [3]. Group 4: Strategic Goals - JD Internet Hospital has been focusing on dermatology for years, aiming to provide refined and personalized treatment options by integrating top medical resources and technological capabilities [4].

随着我国老龄化进程加深以及年轻群体亚健康普遍化，中国消费者对基础护理保养服务需求日益增长， 中国中医理疗需求持续增加。根据固生堂等企业公布数据，2019年中医理疗行业实现中医理疗市场规模 达2920亿元。2023年，中国中医理疗行业市场规模初步统计超7000亿元。预计中国中医理疗行业市场规 模将保持较快增长，2028年市场规模突破13000亿元。 万亿市场空间，玩家自然不在少数。近期，该赛道又有一名玩家冲击资本市场。 智通财经APP获悉，5月14日，香港中医理疗公司Charming Medical Limited（以下简称：美妍堂）向美 国证券交易委员会（SEC）递交了招股说明书，计划以"MCTA"为股票代码在美国纳斯达克IPO上市。 美妍堂拟以每股4至6美元的价格发行160万股，拟募资范围在640万至960万美元之间。 客户数量零增长 后续增长或显乏力 招股书显示，美妍堂总部位于中国香港，是一家以中药为灵感的疗法和产品的供应商。提供广泛的美 容、保健、产后服务和产品，这些服务和产品根植于中医的原理和做法，如草药成分的使用、针灸手 法、推拿按摩、饮食指导等。 目前，该公司目前在香港拥有4家以"美妍堂(Beau ...

Market Overview and Application Distribution - The Chinese collagen peptide drink market covers multiple application areas, with health supplements and others accounting for the highest share at 32.5%, indicating widespread consumer recognition of its health benefits [1][6] - Skin rejuvenation applications follow at 22.0%, and medical dressings at 16.6%, reflecting the market's significant presence in beauty and medical fields [1][6] - Other areas such as functional skincare products (10.5%) and biomedical materials (4.9%) also hold certain market shares, showcasing a diversified application landscape [1] Competitive Landscape and Leading Brand Performance - The market is characterized by a duopoly between leading brands, with汤臣倍健 and 五个女博士 holding market shares of 14.8% and 14.3% respectively, indicating a high market concentration [1][34] - International brands like 玛丽安娜 (4.8%) and 斯维诗 (3.5%) also have notable market shares, while local brands such as HEESSU (10.6%) and 谷珍福 (8.1%) are gradually emerging through differentiated positioning [1][34] - Overall, the top brands collectively account for approximately 65.2% of the market, leaving 34.8% for other competitors [1][34] Sales Channels and Emerging Platform Performance - The sales channels for collagen peptide drinks exhibit a coexistence of traditional and emerging platforms, with comprehensive e-commerce platforms (Tmall, JD, Pinduoduo) remaining the primary channels [1][22] - Social e-commerce platforms, particularly 抖音, have shown rapid growth, capturing 60% of the market share in 2023, establishing itself as a core player among emerging channels [1][22] - Offline channels such as supermarkets/convenience stores and specialty stores/beauty salons still play significant roles, while professional exhibitions, cross-industry collaborations, and direct sales/micro-businesses supplement market coverage [1][22] Consumer and Product Characteristics Analysis - The consumer demographic is predominantly female, focusing on beauty and health management needs, with a wide age range from young adults to the elderly [2] - The product format is primarily portable beverages with diverse flavors (e.g., fruit, grape) and emphasizes ingredient innovation (e.g., added vitamins, minerals, plant extracts) [2] - Market research indicates that live streaming is the primary marketing method, accounting for 80.57%, followed by influencer collaborations (58.60%) and brand self-operated accounts (27.27%) [2] Production Model and Industry Research Methods - The report mentions that the production model for collagen peptide products involves raw material procurement, process research and development, and quality control, although specific details are not elaborated [3] - Various research models are employed in the industry analysis, including SWOT analysis, PEST analysis, brand five-dimensional positioning, 3C strategic triangle, and AARRR growth model, providing a multi-dimensional analysis of industry development logic [3] Summary - The Chinese collagen peptide drink market continues to grow under the trend of health consumption upgrades, with leading brands consolidating their market positions through multi-channel marketing and product innovation [1][6] - Emerging platforms like 抖音 are becoming growth engines, and as consumer demand for functional foods deepens, the market is expected to further develop towards specialization and segmentation, with ingredient innovation and precise marketing remaining key competitive factors [1][6]

金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 3913.87 | ↓0.06 | | 1975.1 | | | | | | IF2506 | 3879.6 | ↓0.05 | -34.27 | 614.7 | 52835 | ↓3471 | 143884 | ↓2530 | | IF2507 | 3841.2 | ↑0.02 | -72.67 | 28.3 | 2459 | ↓111 | 4367 | ↑531 | | IF2509 | 3807.6 | ↓0.02 | -106.27 | 151.8 | 13300 | ↓1868 | 69270 | ↑70 | | ...

Market Overview - The market experienced a broad decline on May 22, with the A-share indices closing lower, reflecting heightened risk aversion among investors [1] - The Shanghai Composite Index fell by 0.22% to 3380.19 points, while the Shenzhen Component and ChiNext Index dropped by 0.72% and 0.96%, respectively [1] - The North Star 50 index saw a significant decline of 6.15%, indicating severe adjustments in the market [1] Sector Performance - Defensive sectors such as military and pharmaceuticals attracted main capital inflows, while growth sectors like new energy and consumer electronics faced sell-offs [2] - The military sector led the gains, driven by geopolitical developments and strengthened foreign trade demand [2] - The banking sector showed resilience with a 1% increase, supported by improving performance expectations for regional banks [2] - The semiconductor sector experienced localized activity due to international technology cooperation news, which positively impacted related industry valuations [2] Investment Trends - There is a noticeable shift in capital flow towards low-valuation sectors, with institutional funds seeking safety in core assets [2] - The market's trading volume decreased slightly, with a total turnover of 1.14 trillion yuan, down approximately 746 billion yuan from the previous day [1] - The gold sector performed well, with gold prices rising significantly, reflecting a safe-haven demand amid market volatility [3] Hong Kong Market Dynamics - The Hong Kong market continued its downward trend, with the Hang Seng Index falling by 1.19% to 23544.31 points [3] - Southbound capital showed a net inflow of 3.88 billion HKD, indicating a preference for financial and energy sectors [3] - The consumer sector led the declines, with both discretionary and staple consumption indices dropping by 1.67% and 1.47%, respectively [3]

Group 1 - The overall market showed limited decline today, with only 882 stocks rising while the rest fell, indicating significant volatility among individual stocks [1] - The banking and insurance sectors were the main contributors to stabilizing the index, despite the large fluctuations in individual stocks, particularly in previously hot sectors like beauty care, port shipping, and pet economy [1] - Investors are advised to be cautious about blindly chasing short-term hot stocks, as excessive speculation in concept stocks is becoming increasingly risky [1] Group 2 - The banking and insurance sectors are crucial for maintaining the index, and investors should focus more on their own stock selections rather than worrying about the overall index [2] - The market has been oscillating within the 3300 to 3400 points range since May 22, with only a slight upward shift in the index [2] - Potential sectors to watch include landscaping, which has shown some activity based on recent investment data, and certain pharmaceutical stocks that have strong performance metrics [2] - The military electronics sector, particularly those related to military-civilian integration, has shown resilience and potential for future earnings support [2]

H&H 控股 20250520 摘要 • 全球膳食补充剂（VDS）市场稳健增长，2023 年规模达 1,324 亿美元， 年均增长率 4%-5%，中国市场增速显著高于全球水平，2010 年至 2023 年复合增长率达 8%-9%，市场潜力巨大。 • 中国保健品行业受益于老龄化和新消费趋势，线上渠道转型加速，疫情后 线上占比提升至 60%，电商龙头企业如 Swisse 受益明显，竞争格局面临 调整。 • H&H 控股已转型为以成人保健为主导的保健品公司，Swisse 品牌线上渠 道收入占比超 90%，在线上市场占据领先地位，市占率稳定在 7%-8%。 • H&H 控股通过品牌矩阵延展，推出面向青少年、幼童和宠物的新品牌，如 Swisse Me、Little Swisse 和 Plus，以满足不同消费群体的需求，实现 业务多元化。 • H&H 控股积极拓展口服美容系列产品，如超光瓶、抗糖丸、烟酰胺片等， 高毛利产品有望推动盈利能力提升，并积极进行海外市场开拓，尤其是在 东南亚市场。 Q&A 保健食品具有三点定义：第一，调节机体功能；第二，不以治疗疾病为目的； 第三，对人体不会产生任何急性、亚急性或慢性伤害。因此， ...