Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights the potential growth in the AI education sector, with companies like DouShen Education and ShengTong launching new AI products that are expected to see significant revenue growth [2][21] - The tourism sector is anticipated to benefit from the summer peak season, with a focus on IP integration in tourism experiences, particularly in regions like Changbai Mountain and Emei Mountain [3][47] - The collectible toy market is projected to see revenue increases due to summer exhibitions and favorable consumer policies, with companies like Pop Mart expected to benefit from new product launches [4] - The medical beauty industry is experiencing optimization through refined operations, with new product launches expected to enhance market share for leading institutions [5] - The beauty and personal care sector is witnessing significant growth, with companies like Ruyuchen and Plant Doctor expected to report strong mid-year results [5] Summary by Sections Education - DouShen Education's new AI product "Super Training Ground" aims to address common writing challenges faced by students, utilizing AI to enhance personalized learning [16] - ShengTong Education has launched a new AI education platform that integrates advanced technologies to improve students' tech literacy [17][23] - The report suggests monitoring the revenue growth potential of AI education products from key players like DouShen Education and ShengTong [21] Tourism - The report notes a slight increase in travel despite adverse weather conditions in Q2, with a focus on summer tourism in regions like Western China and Changbai Mountain [3][47] - The integration of IP with scenic spots is highlighted as a new consumer trend, with recommendations to focus on companies like Emei Mountain A and HaiChang Ocean Park [3][47] Collectible Toys - The report emphasizes the rapid revenue growth of LeZiTianCheng, a leading IP toy company, with a significant increase in overseas market revenue [48] - The company is noted for its diverse product offerings and strong IP strategy, which is expected to drive future growth [49] Medical Beauty - The report indicates that leading medical beauty institutions are likely to capture more market share due to refined operational strategies and new product launches [5] - Companies like Jinbo Bio and SiHuan Pharma are recommended for monitoring in the upcoming quarters [5] Beauty and Personal Care - Ruyuchen is projected to report a significant increase in net profit for the first half of 2025, with growth rates between 61.81% and 100.33% [5] - The Plant Doctor is noted for its unique product offerings and potential to become a leading single-brand beauty stock in the A-share market [5]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report emphasizes the upcoming summer peak season as a catalyst for the tourism and cultural sectors, highlighting the integration of cultural tourism with IP-driven new consumption logic [2][3] - It suggests focusing on the IP + scenic area concept, particularly in regions like Jiangsu, and recommends companies such as Emei Mountain A, Changbai Mountain, Xiangyuan Cultural Tourism, and Haichang Ocean Park [3][21] - The report notes the stabilization of second-hand prices in the trendy toy sector, driven by the summer season, while also addressing regulatory risks and price fluctuations in the second-hand market [3][22] - In the gold and jewelry sector, the report highlights the potential for high growth in terminal store efficiency and expansion opportunities for brands targeting high-end and young consumers [4][131] - The beauty and personal care sector is identified as having structural opportunities, with a focus on product innovation and long-term growth potential [5][101] Summary by Sections 1. Duty-Free and Scenic Areas - The report tracks the performance of duty-free operators and suggests focusing on city duty-free store openings to capture inbound tourist spending [14] - It highlights the summer tourism market's preparation, with a predicted peak in hotel guest flow in early August [15][21] 2. Trendy Toys - The report notes a significant year-on-year increase in online sales for the trendy toy sector, with a total of approximately 2,754 million yuan in sales from January to May 2025, reflecting a 61% growth [23] - It emphasizes the strong cultural presence of LABUBU, surpassing the popularity of Nintendo Switch2 and LOL in recent trends [3][27] 3. Gold and Jewelry - The report indicates that gold prices remain high, with retail sales in the gold and jewelry sector reaching 30 billion yuan in May 2025, a year-on-year increase of 21.8% [128][131] - It recommends brands like Chaohongji, Laisentongling, and Laopu Gold for their growth potential in high-end markets [131] 4. Beauty and Personal Care - The report identifies significant growth opportunities in the beauty sector driven by product innovation and changing consumer habits, recommending companies like Mao Ge Ping and Shangmei [5][101] - It highlights the successful listing of Ying Tong Holdings as a leading player in the fragrance distribution and brand management sector [68] 5. Medical Aesthetics - The report suggests that the medical aesthetics industry is poised for market share gains due to refined operations and the upcoming release of new products in Q3 [5][61] - It recommends focusing on companies like Jinbo Bio and Sihuan Pharmaceutical for their innovative product pipelines [5][66] 6. Employment and Human Resources - The report notes a stable employment situation with a slight decrease in urban unemployment rates, suggesting a focus on flexible employment leaders [102][105] 7. Sports and Events - The report highlights the ongoing development of outdoor sports and suggests monitoring the "Su Chao" theme for investment opportunities in related companies [111]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report emphasizes the upcoming peak season for tourism and cultural activities, highlighting the potential of combining IP with scenic spots and the ongoing popularity of the "Su Chao" theme in Jiangsu [3][4] - The report suggests focusing on brands with high terminal store efficiency and significant expansion potential in the gold and jewelry sector, as well as the growing demand for personal care products driven by innovation and emotional branding [5][6] - The medical beauty sector is expected to see market share gains among leading institutions due to refined operations and the upcoming release of new products in Q3 [5][6] Summary by Sections 1. Duty-Free and Scenic Areas - The tourism market in Hainan is thriving, with a 62% year-on-year increase in overall bookings for the summer of 2025 [11] - China Duty Free Group is expanding its presence in Macau with a new store opening [11] - Investment suggestions include focusing on duty-free operators and their city store openings, particularly China Duty Free, Wangfujing, and Lingnan Holdings [11] 2. Trendy Toys - The trendy toy sector is experiencing short-term volatility due to regulatory risks and price fluctuations in the secondary market, but long-term growth is anticipated as China's cultural products expand internationally [19] - In the first five months of 2025, the domestic online sales of trendy toys reached approximately 2.754 billion yuan, with a year-on-year growth of 61% [19][22] 3. Hotels - The hotel sector is seeing fluctuations in RevPAR due to the impact of the Dragon Boat Festival holiday, with a notable year-on-year decline in performance metrics [36] - Supply growth remains stable, primarily driven by lower-tier markets [40] 4. Education - The number of high school graduates is expected to remain high, maintaining competitive pressure in the education sector [42] - The number of college graduates is projected to reach 12.22 million in 2025, increasing demand for vocational training and exam preparation services [45] 5. Medical Beauty and Cosmetics - The medical beauty sector is recovering, with a focus on product innovation and market share expansion among leading companies [47] - The beauty sector is expected to see a rebound in sales during the 618 shopping festival, with total online sales reaching 855.6 billion yuan, a year-on-year increase of 15.2% [53][58] 6. Gold and Jewelry - Gold prices remain high, with retail sales in the gold and jewelry sector increasing by 21.8% year-on-year in May 2025 [82] - Investment recommendations include brands with strong terminal store performance and expansion potential, such as Chao Hong Ji and Lai Shen Tong Ling [86]