但也应看到，当前我国经济发展中老问题、新挑战仍然不少。2025年中央经济工作会议明确指出，"国 内供强需弱矛盾突出"。一方面，国内需求特别是消费需求不足，消费率总体偏低，消费结构加速分化 带动消费理念、消费层次、消费方式等发生了巨大变化，而供给端还存在着创新跟不上、品质不匹配等 问题，高品质服务消费、中高端商品消费等领域供给落后于需求，制约着消费潜力的释放；另一方面， 在一些传统产业领域，甚至部分新兴产业领域还存在着低价、低质、低水平的"内卷式"竞争，引发部分 行业产能过剩与高品质产品和服务供给不足并存的结构性矛盾，导致工业企业利润增幅回落，这反过来 进一步降低了企业的创新意愿和创新能力，造成供求结构性不平衡。 此外，当前及未来一段时期，我国经济发展面临的外部环境变化影响加深。面对内外部压力，必须增强 内需动力，坚持扩大内需这个战略基点，通过建设强大国内市场有效抵御外部冲击、推动我国经济平稳 健康可持续发展。其中的应有之义就是统筹实施扩大内需战略和深化供给侧结构性改革，打通两者结合 的断点堵点卡点，充分释放我国超大规模市场红利、发挥完整产业体系优势，以供给侧结构性改革助力 内需扩大，全面激发消费市场潜力，立足 ...

随着国潮文化的兴起，越来越多的商家将中国传统文化元素与现代设计理念相结合。图为在吉林省长春市一家商场内，小朋友在挑选"国风"灯笼。（图片由 CNSPHOTO提供） 消费观念变了：从"价格敏感"到"价值追求" 国潮消费市场的第一个显著变化，是消费者评估标准的全面升级。长期以来，国货的主要优势是"价格亲民"；而如今，成分、功效、设计成为新的决策关 键。 市场数据显示，2025年前三季度，单价300元以上的国产美妆产品销售额同比增长28%，增速远超整体市场。这背后是消费者观念的根本转变——他们不再 把国货视为"退而求其次"的选择，而是主动寻找功效精准、理念契合的品牌。 "我现在买国货美妆，不是因为便宜，而是因为真的有效。"一位在社交媒体上拥有数万粉丝的美妆博主宋丽敏分享道。她举例说，珀莱雅针对亚洲肌肤衰老 特点研发的"红宝石面霜"，在抗皱紧致方面的表现已经能够媲美同价位国际大牌。 这一转变在年轻消费群体中尤为明显。成长于中国经济崛起时期的95后、00后，因国产品牌更贴近本土需求而天然亲近。同时，他们也更加专业，善用社交 媒体、科学测评和成分分析来做购买决策。 中国商报（记者 马嘉）商场柜台前，试穿新中式服装的年轻人 ...

美容护理 2025 年 12 月 28 日 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 林清轩本周港股 IPO，领跑国货高端精华油赛道 看好 ——化妆品医美行业周报 20251228 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - 行 业 研 究 / 行 业 点 ⚫ 本周化妆品医美板块表现弱于市场。2025 年 12 月 19 日至 2025 年 12 月 26 日期间， 申万美容护理指数下滑 1.1%，表现弱于市场。其中，申万化妆品指数下滑 1.3%，弱于 申万 A 指 4.2pct；申万个护用品指数下滑 1.0%，弱于申万 A 指数 3.8pct。 ⚫ 周观点：林清轩本周港股 ...

（来源：衢州日报） 转自：衢州日报 大抓工业，夯实发展根基。坚持工业强区首位战略、长期战略，以"五链"深度融合牵引新型工业化。持 续用好浙大衢州"两院"等科创平台，密切"两城"协同联动，拓展提升生态工业园区等工业平台，力争国 家科学技术奖实现零的突破，加快打造千亿高端新材料、百亿光电（半导体）产业集群，力争在全省工 业大县争先进位。 大抓服务业，激活城市动能。坚持以产兴城、以城促产，着力推动"两业"深度融合。聚力生产性服务业 能级跃升，加快专业市场城有机更新，提速巨化产城融合平台建设，精准招引科技服务、工业设计等主 体，服务"两城"新材料、高端智能装备等主导产业提能造峰。靶向推进消费转型升级，大力发展首店经 济、首发经济，培育壮大悦己消费、国潮消费等新型消费，全力打造四省边际区域消费中心。 大抓项目，扩大有效投资。坚持以项目看发展论英雄，聚焦重大产业项目，用好推进机制和晒比载体， 攻坚"抓前期、抓开工、抓入库、抓投资"四张清单，全力推动119个在建项目和104个新建项目建设提速 提质。抢抓政策窗口，积极争取要素支持，持续扩大有效投资，着力提升投资效益，确保固投增长 8%，"千项万亿"项目综合评价排名全省前列。 ...

Core Viewpoint - Zhou Dasheng Jewelry Co., Ltd. engaged in a specific investor research activity on December 24, 2025, discussing various aspects of its business with nine institutional investors, focusing on brand strategy, product development, and sales performance [1][2]. Group 1: Investor Research Activity - The investor research activity took place at the company's headquarters with participation from nine institutions, including Kaiyuan Securities and Yingfeng Capital [2]. - Key discussion topics included brand matrix construction, the progress of the "National Treasure" IP project, product structure and R&D innovation, and terminal sales performance [2][3]. Group 2: Brand Strategy - Investors inquired about the company's brand strategy, specifically regarding brand tiering, market positioning differentiation, and channel collaboration [2]. Group 3: "National Treasure" IP Project - The "National Treasure" series has received positive market feedback, and investors were interested in future product planning, cultural element integration, and supply chain support [2]. Group 4: Product Structure and R&D - Discussions included product category optimization, the proportion of design and R&D investment, and the application of new technologies to enhance gross margin [2]. Group 5: Terminal Sales Performance - Investors focused on terminal sales data, including recent store traffic, same-store revenue growth, and contributions from online channels such as live e-commerce [3]. Group 6: Compliance and Information Disclosure - The company adhered to information disclosure regulations, ensuring the accuracy and completeness of the information shared during the investor meeting, with all participants signing a confidentiality agreement [4].

Investment Rating - The report indicates a positive investment outlook for the cosmetics and medical beauty sector, highlighting strong performance relative to the market [2][3]. Core Insights - The cosmetics and medical beauty sector has shown resilience, with the Shenwan Beauty Care Index rising by 2.9% from December 12 to December 19, 2025, outperforming the market [2][3]. - Lin Qingxuan, a leading high-end plant skincare brand, is preparing for its IPO in Hong Kong, with a focus on its core product, camellia oil, which has sold over 30 million bottles [2][6]. - Minooxidil products from Mandi International dominate the hair growth market, with a market share of approximately 57% in the hair loss treatment sector [7][10]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 2.2%, outperforming the Shenwan A Index by 2.4 percentage points, while the Shenwan Personal Care Index rose by 4.4%, exceeding the Shenwan A Index by 4.6 percentage points [2][3]. - Top-performing stocks included Hongmian Co. (+16.2%), Jiaheng Jiahua (+11.4%), and Baiya Co. (+9.1%) [3]. Company Highlights - Lin Qingxuan's product matrix includes 188 SKUs, with camellia oil accounting for 37% of revenue in 2024, while face creams and masks contribute 15.7% and 12.2%, respectively [6]. - Mandi International's revenue is projected to grow from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, with a CAGR of 21.7% [8]. - The company has maintained a leading position in the minoxidil market for ten consecutive years, with a market share of 71% in 2024 [10]. Market Trends - The Chinese consumer healthcare market is expected to grow from 9.313 billion yuan in 2018 to 16.420 billion yuan in 2024, with a CAGR of 9.9% [9]. - The hair health management market is projected to grow at a CAGR of 17.7% from 2018 to 2024, while the weight management drug market is expected to grow at 20.7% during the same period [9]. E-commerce Insights - The report highlights significant growth in online sales channels, with Lin Qingxuan's online revenue increasing by 81.1%, contributing to 59.1% of total revenue [6]. - The overall cosmetics retail sales in China for the first 11 months of 2025 reached 428.5 billion yuan, with a year-on-year growth of 4.8% [14][15]. Strategic Developments - Proya has invested in the cosmetic raw material company Huaguan Biotechnology to enhance its capabilities in the whitening market, which is projected to exceed 150 billion yuan by 2027 [16][19]. - The report emphasizes the importance of product innovation and market positioning for domestic brands, which are gaining market share against international competitors [22].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting strong performance in the sector [2]. Core Insights - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 2.9% from December 12 to December 19, 2025, surpassing the Shenwan A Index by 2.4 percentage points [3][4]. - Lin Qingxuan, a leading high-end plant skincare brand, is set to launch its IPO in Hong Kong, with a focus on its core product, camellia oil, which has sold over 30 million bottles [9]. - Minooxidil products from Mandi International dominate the hair growth market, with a market share of approximately 57% in the hair loss treatment sector [10][13]. - Proya has invested in a cosmetic raw material company, Huaguan Biotechnology, to enhance its whitening product offerings, targeting a market expected to exceed 150 billion yuan by 2027 [19][22]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed strong performance, with the Shenwan Beauty Care Index increasing by 2.9% during the specified period, outperforming the Shenwan A Index [3][4]. Company Highlights - Lin Qingxuan's product matrix includes 188 SKUs, with camellia oil contributing 37% to revenue in 2024, while offline channels are expected to generate 40.9% of revenue [9]. - Mandi International's revenue grew from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, with a CAGR of 21.7% [11]. - Proya's strategic investment in Huaguan Biotechnology aims to capture a significant share of the whitening market, with new product launches and patent approvals [19][22]. Market Trends - The Chinese consumer healthcare market is projected to grow from 931.3 billion yuan in 2018 to 1.642 trillion yuan in 2024, driven by increased health awareness and digital transformation [12]. - The hair health management market is expected to grow at a CAGR of 17.7% from 2018 to 2024, indicating strong demand for hair loss treatments [12][13]. - The overall retail sales of cosmetics in China reached 428.5 billion yuan in the first eleven months of 2025, with a year-on-year growth of 4.8% [17][18].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, despite recent underperformance compared to the market [4][5]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance, with the Shenwan Beauty Care Index declining by 2.0% from November 28 to December 5, 2025, underperforming the market [4][5]. - Douyin's performance in November met expectations, with domestic brands preparing actively for the upcoming Double 12 sales event, indicating a strong competitive landscape for domestic products [4][10]. - The report highlights the leading market share of Minoxidil products, particularly from Mandi International, which has established itself as a top brand in the hair growth sector [11][12]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index fell by 2.2%, while the Shenwan Personal Care Index also dropped by 2.0%, both underperforming against the Shenwan A Index [4][5]. - The top-performing stocks in the sector included Juzhibio (+5.9%) and Hongmian Co. (+3.5%), while the worst performers were Kelao Co. (-7.6%) and Baiya Co. (-4.8%) [6]. Key Market Developments - Mandi International has dominated the Minoxidil market, achieving a revenue growth from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, with a CAGR of 21.7% [12][13]. - The company has maintained a leading position in the market for ten consecutive years, with a market share of about 57% in the hair loss treatment sector and 71% in the Minoxidil product market as of 2024 [12][14]. E-commerce Insights - In November 2025, Douyin's domestic brand GMV showed significant growth, with brands like Han Shu and New Page experiencing double-digit increases [15][18]. - The overall retail sales of cosmetics in October 2025 grew by 9.6%, driven by the Double 11 shopping festival, indicating a robust recovery in consumer spending [18][20]. Company Announcements - Lin Qingxuan updated its IPO prospectus for the Hong Kong market, reporting a revenue of 1.052 billion yuan in the first half of 2025, a year-on-year increase of 98.3% [22][19]. - The company plans to expand its research and development team and explore international markets in Southeast Asia [22][19]. Market Trends - The Chinese consumer healthcare market is projected to grow from 9.313 billion yuan in 2018 to 16.420 billion yuan in 2024, with a CAGR of 9.9% [13]. - The report emphasizes the increasing market share of domestic brands in the skincare sector, with a notable rise in the competitive landscape against international brands [24].

供需适配，需要精准匹配不同人群需求。以养老为例，我国已经进入中度老龄化社会，截至2024年年 末，全国60周岁及以上老年人口达到3.1亿，占总人口的22.0%。这3.1亿老年人日常生活所需要的适老 用品和服务，如适老家电、适老家具、老人鞋服、成人纸尿裤、老人护理、老年旅居等，市场是否已经 有丰富的供应让老人放心选择？这样的问题不仅在老年消费领域，从全社会来看，幼儿、学生、年轻人 等等，每一个细分群体背后都隐藏着尚待满足的需求，也隐藏着千亿级甚至万亿级的新增市场。 在国内新旧动能转换的过程中，部分领域供需结构性错配问题不可避免。持续优化供给侧结构，促进供 需衔接，推动更多优质消费品进入百姓生活，是满足人民美好生活需要的必经之路，也是建设国内强大 市场的应有之义。《实施方案》通过聚焦供给侧结构性改革，加速品牌引领、标准升级和新技术应用， 提出"3个万亿级消费领域和10个千亿级消费热点"，有望引导企业生产实现由"生产更多"向"生产更 对""生产更好"的转变，进一步拓宽中国超大规模市场空间。（央广财经评论员 邵蓝洁） 责编：秦雅楠、姚凯红 临近年底，促消费再迎重磅政策。11月26日，工业和信息化部、国家发展改革委等六 ...

Core Insights - The Chinese government has introduced a significant policy to boost consumption, focusing on enhancing the adaptability of supply and demand through a comprehensive implementation plan with 19 key tasks aimed at promoting a two-way economic cycle [1][2] Group 1: Policy Overview - The implementation plan was jointly released by six government departments, including the Ministry of Industry and Information Technology and the National Development and Reform Commission [1] - The plan emphasizes the importance of matching consumer demand with production, highlighting the need for quality products that meet market needs [1] Group 2: Market Potential - China is the world's second-largest consumer market, with the largest middle-income group, indicating substantial growth potential in consumption [1] - The rise of new technologies such as artificial intelligence and virtual reality is accelerating the emergence of new consumption patterns, creating opportunities for market expansion [1] Group 3: Demographic Insights - By the end of 2024, the elderly population in China is projected to reach 310 million, accounting for 22% of the total population, indicating a growing market for elderly care products and services [2] - There is a significant unmet demand across various demographic groups, including children, students, and young adults, suggesting potential for multi-trillion market opportunities [2] Group 4: Supply-Side Structural Reform - The implementation plan aims to address structural mismatches in supply and demand, promoting the entry of high-quality consumer goods into everyday life [2] - The focus is on supply-side structural reform, encouraging brand leadership, standard upgrades, and the application of new technologies to enhance production quality [2]