Core Viewpoint - The Chinese economy has shown resilient growth, with GDP reaching 101.5 trillion yuan and a year-on-year increase of 5.2%. The beauty industry, as a key component of the "aesthetic economy," is reshaping consumer patterns, reflecting a structural shift in consumption from material to emotional needs [1][8][18]. Group 1: Economic Context - The beauty industry is a significant driver of the "aesthetic economy," indicating a transition in consumer spending from material goods to experiences and emotional fulfillment [1][8]. - China's cosmetic retail sales have grown from 204.94 billion yuan in 2015 to an expected 435.65 billion yuan in 2024, with a compound annual growth rate of approximately 10.5% [1][18]. - The market has maintained a scale exceeding one trillion yuan for two consecutive years, solidifying its position as the largest cosmetic consumption market globally [1][42]. Group 2: Industry Development - The beauty industry has evolved through various phases, including market reactivation, foreign investment, and a channel revolution driven by e-commerce and content platforms [1][8]. - The "14th Five-Year Plan" has prioritized the cosmetics industry, with multiple regulatory and innovation support policies set to be implemented by 2025, promoting lifecycle management and core technology innovation [1][26]. Group 3: Consumer Trends - The retail performance of cosmetics has shown a mixed trend, with significant sales peaks during promotional events, but also a decline in consumer confidence reflected in a consumer confidence index of 87.9 in June [19][23]. - The market is experiencing a shift towards high-quality, cost-effective products, with consumers increasingly favoring products priced between 300 to 500 yuan [60][61]. Group 4: Regulatory Environment - The regulatory framework for the cosmetics industry is transitioning from traditional post-market oversight to a more comprehensive lifecycle management approach, enhancing safety and quality standards [26][30]. - New policies are being introduced to encourage innovation in raw materials and support the development of high-end domestic brands, reflecting a commitment to high-quality industry growth [29][30]. Group 5: Market Structure - The Chinese beauty market is characterized by a high entry and exit rate for brands, with a significant number of new entrants relying on marketing and social media for rapid growth [50][51]. - The market structure shows a concentration of companies in economically developed regions, particularly Guangdong, which houses the largest number of beauty enterprises [47][48].

中新网北京11月18日电 (记者 张素)"颜值经济"成为中国消费市场重要增长领域之一。近日发布的 一份关于美妆产业的报告称，国货品牌的成功不仅体现在销售数据，更体现在技术创新突破。 《"颜"值经济新篇章：2025年中国美妆市场行业报告》(下称《报告》)由毕马威发布，其中援引统 计数据称，2025年前三季度，社会消费品零售总额达到36.6万亿元(人民币，下同)，同比增长4.5%，而 化妆品零售额达3288亿元，同比增长3.9%。 "当前，'颜值经济'已成为中国消费市场中最具成长性的板块之一。"毕马威中国客户及业务发展主 管合伙人江立勤说，美妆产业正步入集中度提升与模式重塑的关键阶段。 《报告》显示，2025年上半年，化妆品新原料备案数量达80个，国产原料占比高达82%。其中，抗 衰老成分在化妆品新原料备案中占据主导地位，本土特色植物成分备案频次较高，显示出本土植提原料 正逐步从概念走向技术落地，未来有望形成差异化竞争力。 《报告》注意到，消费者不再盲目追随大牌与营销，而是更加关注产品成分、安全性与实际功效。 与此同时，监管体系的完善为行业健康发展保驾护航。 "随着国货美妆品牌在品质、技术和创新方面的持续突破，其 ...

光大证券认为，2025年以来，化妆品行业竞争进一步加剧，虽然存在整体需求偏弱、流量红利减弱以及 费用居高不下等问题，但也看到部分公司和品牌通过发挥自身的差异化优势实现高增长，期待竞争格局 的进一步明朗化和头部企业能力的进一步凸显。 开源证券认为，近年颜值经济和悦己潮流盛行，消费者通过选购功效护肤品(达到美白/抗老等效果)、国 潮彩妆(打造时尚感妆容)、家居香氛(闻香舒缓身心)等达到悦己疗愈的目的，建议关注"情绪消费"下的 美妆投资机遇。主线一：美妆国货崛起旋律持续，关注把握高景气细分赛道且能力不断迭代的美妆企 业；主线二：高端美妆打造稀缺，高端国货美妆势能崛起；主线三：个护家清细分领域多面开花，"需 求刚性+体验升级"双轮驱动。 国家药监局发布《关于深化化妆品监管改革促进产业高质量发展的意见》，其中提出，加大产业扶持力 度。鼓励省级药品监管部门积极争取政府支持，协调相关部门出台化妆品产业扶持政策，营造良好的产 业创新环境，支持行业绿色低碳发展，通过政策赋能推动品牌崛起，培育具有国际竞争力的民族品牌化 妆品。 ...

Core Insights - The "beauty economy" is emerging as a significant growth area in China's consumer market, driven by emotional value and personalized solutions [1] - According to KPMG's report, the total retail sales of consumer goods in China reached 36.6 trillion yuan in the first three quarters of 2025, a year-on-year increase of 4.5%, while cosmetics retail sales reached 328.8 billion yuan, growing by 3.9% [1] - The Chinese beauty market demonstrates remarkable resilience despite macroeconomic fluctuations and rational consumption trends [1] Industry Trends - The beauty industry in China is characterized by a clear trend of "import contraction and export growth," with high-value categories and emerging markets acting as dual engines for data growth [1] - Exports of beauty cosmetics and personal care products from China increased by 10.3% year-on-year in the first nine months of 2025, with a continuous narrowing of the trade deficit [1] - Emerging markets, particularly Southeast Asia and Russia, are showing strong performance, with the Indonesian market growing by over 36% [1]

深圳商报·读创客户端首席记者 王海荣 在情绪价值成为新刚需、个性化解决方案备受追捧的当下，"颜值经济"正成为中国消费市场重要增长领 域之一。11月17日，毕马威对外发布《"颜"值经济新篇章：2025年中国美妆市场行业报告》（以下简称 《报告》），深度洞察中国美妆产业正在经历的深刻变革，从市场需求演变、品牌竞争格局、技术创 新、消费者洞察到资本动向，全面解析在理性消费与情感需求并存的时代，美妆行业如何实现从"量的 扩张"迈向"质的跃升"。 毕马威中国客户及业务发展主管合伙人江立勤指出，当前，"颜值经济"已成为中国消费市场中最具成长 性的板块之一，虽受宏观经济波动与消费理性化的双重影响，中国美妆市场展现出令人瞩目的发展韧 性。在政策与资本的双重助推下，美妆产业正步入集中度提升与模式重塑的关键阶段。 理性消费引导市场从流量驱动转向价值驱动 《报告》指出，2025年前三季度，社会消费品零售总额达到36.6万亿元，同比增长4.5%，而化妆品零售 额达3288亿元，同比增长3.9%，成为消费市场的稳定器之一。 消费者也不再盲目追随大牌与营销，而是更加关注产品成分、安全性与实际功效。《报告》显示， 58.8%的消费者将产品 ...

Core Insights - The rise of Generation Z as a key consumer group has transformed blind box toys from niche collectibles into a global "hard currency" for social interaction and self-expression [1] - The launch of the "Singularity BOX" blind box machine T48 by Heng Life aims to capture the value preferences of young consumers and innovate retail experiences and business models [1][2] Industry Overview - The Chinese blind box market is projected to reach a market size of 92.6 billion yuan by 2025, with a sustained high growth rate from 2015 to 2025 [2] - The broader pan-entertainment product market in China is expected to reach 597.7 billion yuan in 2024, with the toy market accounting for 65% of this, indicating strong support for the blind box economy [2] - The blind box industry has developed a multi-channel sales approach, including physical stores, robot shops, and online platforms, with robot shops growing rapidly at an annual rate of 30% [2] Company Strategy - Heng Life's "Singularity BOX" targets the booming blind box market by leveraging AI robot shop capabilities to reach diverse consumer spaces such as office buildings and communities [3] - The company has created an ecosystem that combines top IPs, smart robot shops, and comprehensive entrepreneurial support, aiming to empower entrepreneurs in the blind box sector [3][4] Product Features - The T48 blind box machine offers a "zero down payment, installment" policy, significantly lowering the entry barrier for aspiring entrepreneurs [4] - The machine requires only 1 square meter of space, allowing for flexible placement in high-traffic areas and maximizing profitability [4] - The T48 has secured partnerships with over 100 popular global IPs, enhancing product appeal and customer retention [4] - It operates 24/7 autonomously, reducing operational costs and management burdens for entrepreneurs [4] Aesthetic Appeal - The T48 features three distinct color designs—Sakura Pink, Tiffany Blue, and Hermes Orange—catering to the aesthetic preferences of Generation Z [6][7] - These color choices not only enhance the visual appeal but also transform the blind box machine into a mobile visual medium for brand promotion [7] Technological Innovation - The T48 blind box machine employs a "standard 8 rows and 6 columns" layout with 48 customizable slots, allowing for flexible product offerings [8] - It features a capacitive touchscreen for smooth user interaction and supports mobile payment options, streamlining the purchasing process [8] - The machine is designed for low power consumption and safety, ensuring reliable operation in various environments [8] Market Positioning - The introduction of the T48 blind box machine represents a significant shift in traditional retail boundaries and entrepreneurial models, responding to new consumer trends [9] - The machine was well-received at the 2025 World Internet Conference, highlighting its innovative design and AI capabilities [9][11]

当颜值经济邂逅味觉升级，以创新研发与品质制造为核心优势的青岛先优食品有限公司，重磅推出以"樱花炸鸡"为核心的四大天王系列炸鸡战略级产品。以 创意风味重构品类边界，以极致品质突破行业标准，先优食品用二十年深耕食品行业的积淀，重新定义现代炸鸡的文化内涵与味觉体验，为速冻食品市场注 入全新活力。 在风味上，「樱花炸鸡」同样毫不逊色。精选的冰鲜鸡胸肉，经由精准地调味与真空滚揉技术，确保了鸡肉本身的鲜美多汁。外层的粉色脆皮经高温炸制 后，呈现出极致的酥脆感，与内里细腻软嫩的鸡肉形成强烈对比，轻咬一口，酥皮应声而裂，紧接着是充盈的肉汁在口中迸发，带来视觉与味觉的双重盛 宴。 ( A e D / 樱花炸鸡：颜值经济下的味觉浪漫 先优食品紧扣当代"颜值经济"脉搏，独创性地推出了「樱花炸鸡」。产品外层裹覆着柔美梦幻的樱花粉色外衣，造型新颖别致，在众多传统炸鸡中瞬间脱颖 而出，自带"网红"拍照属性。它不仅是产品，更是一件餐桌上的艺术品，尤其适配于浪漫节日与主题套餐，能有效为餐厅吸引年轻客群、提升社交平台打卡 分享率，成为引流增润的视觉利器，让炸鸡从美食变为社交场景中的情感载体。 先优食品旗下四大天王炸鸡，则以"组合拳"姿态出击， ...

Group 1: Market Overview - The "beauty economy" in China has reached a scale of one trillion yuan, indicating significant consumer demand in the beauty and health sectors [1][6] - The aging population is driving the growth of the medical beauty industry, with a notable increase in demand for anti-aging and skin repair services among middle-aged and elderly consumers [6][8] Group 2: Industry Collaborations and Innovations - L'Oréal and Fudan University Huashan Hospital announced the establishment of a joint skin science laboratory to promote innovation in skin science through research and technology transfer [3] - L'Oréal released the first industry white paper on PDRN skincare applications, providing guidance for the development of skin science [4] Group 3: Consumer Trends and Product Development - The demand for beauty and health products among the elderly is comprehensive, prompting manufacturers to create practical and stylish products to meet the needs of the "new-age" consumers [7] - The introduction of smart hearing glasses by EssilorLuxottica aims to transform hearing aids into fashionable accessories, addressing aesthetic concerns for users [7] Group 4: Policy and Regulatory Environment - The National Medical Products Administration has streamlined approval processes, reducing clinical trial timelines, which fosters a more favorable environment for industry innovation [6] - The integration of healthcare and elderly care services is being promoted through collaborations, such as the partnership between Shanghai Kangyang Group and Ruijin Hospital [8]

Core Insights - The A-share market showed a strong upward trend, with the Shanghai Composite Index rising by 0.97% to 4007.76 points, and the Shenzhen Component Index increasing by 1.73% [2][8] - The total trading volume in the A-share market reached approximately 2.05 trillion RMB, with over 2800 stocks experiencing gains [2][8] - The leading sectors included non-ferrous metals, electronics, and telecommunications, while the media sector lagged behind [2][8] - In the Hong Kong market, the Hang Seng Index closed up by 2.12%, and the Hang Seng Tech Index rose by 2.74% [2][8] - In contrast, all three major US stock indices closed lower, with the Dow Jones down by 0.84%, the S&P 500 down by 1.12%, and the Nasdaq down by 1.9% [2][8] Important News - President Xi Jinping emphasized the high-standard construction of the Hainan Free Trade Port, marking it as a significant step towards expanding high-level opening-up and promoting an open world economy [3][9] - The strategic goal of the Hainan Free Trade Port is to become a key gateway for China's new era of opening-up, focusing on high-quality development and integrating with major economic regions [3][9] Fund Allocation Insights - As of Q3 2025, the total net value of all funds in the market reached 35.16 trillion RMB, with equity and mixed funds accounting for 24.33% of the total [10] - The overall fund position increased to 80.03%, with equity mixed funds at 74.77% and ordinary equity funds at 82.14% [10] - The performance of various fund types varied significantly, with equity funds achieving a return of 24.14% and mixed funds at 20.87% for the quarter [11] Beauty and Personal Care Sector - In Q3 2025, the fund allocation ratio for the beauty and personal care sector decreased to 0.20%, indicating a low allocation level [14][15] - The medical beauty sub-sector remains in an overweight position, while personal care and cosmetics are underweighted [15][16] - The top three stocks in the beauty and personal care sector by fund allocation are Jinbo Biological, Aimeike, and Baiya Shares, although their allocation ratios have declined [16] Precision Reducer Industry - The precision reducer is a core component in the transmission field, crucial for humanoid robots, with significant market potential expected by 2030 [18][21] - The market for precision reducers is projected to grow substantially, with the domestic market for harmonic reducers expected to reach 24.9 billion RMB in 2023, growing at a CAGR of 16.54% from 2019 to 2023 [20] - The domestic production of precision reducers is increasing, with local manufacturers gradually closing the gap with international standards, indicating a strong trend towards domestic substitution [22]

Investment Rating - The industry investment rating is "Outperform the Market" with an expected relative increase of over 10% in the next six months [25]. Core Insights - The fund allocation ratio for the beauty and personal care industry decreased in Q3 2025, with a total market capitalization of 284.799 billion yuan, reflecting a 2.79% increase from Q2 2025. The fund's total holdings in the beauty and personal care sector amounted to 6.796 billion yuan, resulting in a fund allocation ratio of 0.20%, which is a decrease of 0.12 percentage points from Q2 2025, indicating a continued underweight position [2][11]. - The medical beauty sub-sector is currently in an overweight position, while personal care and cosmetics are underweight. The fund allocation ratio for personal care products was 0.04% in Q3 2025, down 0.04 percentage points from the previous quarter. The cosmetics sector also saw a decline, maintaining a fund allocation ratio of 0.04% in Q3 2025, down 0.02 percentage points [3][16]. - The top three stocks by fund holding in Q3 2025 are Jinbo Biological, Aimeike, and Baiya Shares, with a total holding ratio of 0.07%, which is a decrease of 0.04 percentage points from Q2 2025 [4][18]. Summary by Sections Industry Overview - In Q3 2025, the beauty and personal care industry fund allocation ratio decreased to 0.20%, with an underweight ratio of -0.09%, indicating a continued low allocation [2][11]. Sub-sector Analysis - Medical Beauty: The fund allocation ratio peaked at 0.53% in Q4 2022 but has since declined to 0.12% in Q3 2025, with an overweight ratio of 0.03% in Q2 2025 [3][16]. - Personal Care: The fund allocation ratio was at a historical low from Q3 2021 to Q3 2022, with a slight recovery post-Q4 2022. The current ratio is 0.04%, indicating a shift from positive to negative overweight [3][16]. - Cosmetics: The fund allocation ratio has been declining since Q3 2022, currently at 0.04%, with an overweight ratio of -0.09% [3][16]. Stock Holdings - The top three stocks in the beauty and personal care sector by fund holding in Q3 2025 are Jinbo Biological (0.0254%), Aimeike (0.0195%), and Baiya Shares (0.0051%), all showing a decline in holding ratios compared to Q2 2025 [4][21]. Investment Recommendations - The report suggests focusing on cosmetics and medical beauty sectors due to significant demand potential in the long term, driven by the "beauty economy." It also highlights the importance of compliance and strong R&D capabilities in personal care products [5][24].