如果国庆假期你正巧行走在重庆到上海的长江沿线，不妨抬头望一眼江面。或许会看到这样一幕： 一艘游船正缓缓驶过，甲板上立着巨型的哈啰单车、哈啰租车、哈啰顺风车装置，蓝色的身影在江风 中格外醒目。 那正是日常街头巷尾随处可见，此刻却以全新姿态亮相的哈啰。 历时20天，横跨2000余公里，"哈啰号"自重庆起航，一路巡游直抵上海。 这趟航行，本身就是一个 有意味的隐喻： 哈啰的"假日狂欢节"亦如此。 哈啰把三者放在同一个舞台，千里巡游，意图已经不言自明—— 它不只是出行工具的集合，而是一 次关于"出行生态"的破圈宣言。 轮船，承担跨区域、大规模运输的远洋重任； 单车，解决城市出行最后一公里的个人难题； 四轮，则填补二者之间的空白场景。 从解决城市"最后一公里"难题的共享单车，到覆盖城际出行的顺风车服务，再到如今全面布局长途出 行场景，哈啰正通过多元化的出行产品，将一个个分散的出行需求串联成链。 "长途出行用哈啰"不再是一句口号，而是整合顺风车与租车等多业态的综合出行解决方案，为用户带 来更便捷、高效的长途出行新选择。 这场长江之上的狂欢，是哈啰为更宏大的战略叙事进行的用户心智预热与生态预演。 被低估的哈啰，又悄悄放了一 ...

Core Viewpoint - The report from CITIC Securities highlights the significant growth potential in China's medical aesthetics industry, driven by increasing awareness and an aging customer base, with injectable products expected to outpace overall industry growth due to supply-side improvements [1] Market Growth - Despite short-term pressures, the long-term outlook for the medical aesthetics market is positive, with a projected terminal scale exceeding 230 billion yuan in 2023 and a CAGR of 10%-15% from 2024 to 2027; injectables are expected to grow at a CAGR of 20%-30% over the next five years [1] - The report indicates that the number of medical aesthetic treatments per thousand people in South Korea, Japan, and China are 91 (2019), 71 (2023E), and 34 (2023E) respectively, suggesting significant room for growth driven by increased awareness and an aging population [1] Development Trends - The competitive landscape for products is expected to evolve into a U-shaped pattern, with initial high concentration due to regulatory barriers, followed by increased competition, and ultimately a return to higher concentration as operational capabilities differentiate companies [2] - The medical aesthetics industry is characterized by "limited innovation," making operational capabilities increasingly important; leading companies are expected to benefit from their established operational strengths [2][3] Investment Recommendations - There are opportunities for product breakthroughs, particularly in non-hyaluronic acid materials, with over 110 approved injectable products in China, and limited competition in other categories; new product approvals, especially in botulinum toxin and other innovative materials, are anticipated to drive market growth [2] - The report emphasizes the importance of comprehensive operational capabilities, with leading companies expected to maintain their competitive edge in a market characterized by limited innovation [3]