Electricity Consumption - In October, total electricity consumption reached 857.2 billion kWh, a year-on-year increase of 10.4%[5] - The growth rates for the primary, secondary, and tertiary industries were 13.2%, 6.2%, and 17.1% respectively, with residential electricity consumption growing by 23.9%[5] - The tertiary industry and urban-rural residents contributed 5.9 percentage points to the overall electricity consumption growth[5] Employment Data - In September, the U.S. non-farm employment increased by 119,000, significantly exceeding the expected 51,000[7] - The unemployment rate in the U.S. reached 4.4%, the highest since October 2021, up from the previous value of 4.3%[7] Japan's Bond Yield - As of November 21, Japan's 10-year government bond yield rose to 1.8%, marking a significant increase and reaching levels not seen since 2008[17] - The 40-year bond yield peaked at 3.73%, while the 30-year yield reached 3.36%[17] China-Japan Relations - The Chinese Ministry of Culture and Tourism advised citizens to avoid traveling to Japan, impacting Japanese tourism and consumer stocks significantly[10] - China's suspension of Japanese seafood imports due to nuclear contamination concerns has led to a drastic drop in Japan's seafood export value to China, falling over 90% from 2022 levels[10] Youth Unemployment - In October, the unemployment rate for urban youth aged 16-24 was 17.3%, while the rate for those aged 25-29 was 7.2%[13] - The total estimated unemployed population in China for the 16-59 age group is approximately 41.95 million, with an overall estimate of around 45 million[13]

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting robust demand and the continued rise of domestic brands [2]. Core Insights - The beauty care industry is experiencing a stable demand phase, with domestic leading brands expected to grow during the industry consolidation period [3]. - The cosmetics sector showed resilience during the off-peak season, with retail sales reaching 98.2 billion yuan from July to September, reflecting a single-digit year-on-year growth and an acceleration compared to the first half of 2025 [2][3]. - The report emphasizes the strong performance of domestic brands during the Double 11 shopping festival, with Proya ranking first in Tmall's beauty sales [2][11]. Summary by Sections Cosmetics Sector Performance - The cosmetics sector's key A-share companies reported an average revenue growth rate of around 3% in Q3 2025, with overall improvement in net profit [2]. - Proya's cumulative revenue for the first three quarters of 2025 was 7.098 billion yuan, a year-on-year increase of 1.89%, while its Q3 revenue was 1.736 billion yuan, down 11.63% year-on-year [16]. - Other notable performances include: - Ruifucheng: Q1-Q3 revenue of 2.138 billion yuan, up 85.3% year-on-year, with Q3 revenue of 819 million yuan, up 123.4% year-on-year [16]. - Marubi: Q1-Q3 revenue of 2.45 billion yuan, up 25.5% year-on-year, with Q3 revenue of 686 million yuan, up 14.28% year-on-year [16]. Medical Aesthetics Sector Performance - The medical aesthetics sector showed slight fatigue but experienced marginal improvements in Q3 2025 [2]. - Notable performances include: - Aimeike: Q1-Q3 revenue of 1.865 billion yuan, down 21.49% year-on-year, with Q3 revenue of 566 million yuan, down 21.27% year-on-year [2]. - Longzi: Q1-Q3 revenue of 4.328 billion yuan, up 0.9% year-on-year, with Q3 revenue of 1.539 billion yuan, up 11.9% year-on-year [2]. Investment Recommendations - The report recommends focusing on companies with a well-established channel and brand matrix, such as Maogeping, Shangmei, and Shanghai Jahwa, which are expected to see high GMV growth [2][20]. - Companies anticipated to show marginal improvements in performance include Proya, Marubi, and Ruifucheng [2]. - In the medical aesthetics sector, the report highlights Aimeike as a key recommendation, with Longzi suggested for further observation [2]. Market Trends - The domestic market share of leading brands is increasing, with the top ten domestic brands capturing 16.6% of the market share in skincare, up from 11.8% in 2023 [4]. - The report notes that the cosmetics retail sales in October 2025 grew by 9.6% year-on-year, indicating a recovery in demand driven by promotional events [10][11].

Investment Rating - The report maintains a positive outlook on the beauty and personal care industry, indicating a "Buy" rating for key players in the sector [2]. Core Insights - The demand side of the beauty industry is showing robust growth, with domestic brands gaining market share and performing well during promotional events like Double 11 [3][4]. - The overall performance of the cosmetics sector is mixed, with some companies showing strong growth while others face challenges [3][4]. - The report highlights the increasing market share of domestic brands, with significant improvements in their competitive positioning against international brands [5][9]. Summary by Sections Industry Overview - The beauty industry is entering a stable growth phase, with domestic leading brands expected to grow during the industry consolidation period [4]. - The retail sales of cosmetics reached 98.2 billion yuan from July to September, showing a high single-digit year-on-year growth, and continued strong performance in October with a growth rate exceeding 9% [3][4]. Company Performance - **Polaire**: For the first three quarters of 2025, Polaire reported a cumulative revenue of 7.098 billion yuan (up 1.89% year-on-year) and a net profit of 1.026 billion yuan (up 2.65%) [18]. - **Ru Yuchen**: The company achieved a revenue of 2.138 billion yuan (up 85.3% year-on-year) in the first three quarters, with a net profit of 105 million yuan (up 81.6%) [18]. - **Marubi**: Reported a revenue of 2.45 billion yuan (up 25.5% year-on-year) for the first three quarters, with a net profit of 240 million yuan (up 2.1%) [19]. - **Shanghai Jahwa**: Revenue for the first three quarters was 4.961 billion yuan (up 10.8% year-on-year), with a net profit of 405 million yuan (up 149%) [20]. Market Trends - The report notes that domestic brands are increasingly capturing market share, with the top ten domestic brands holding five spots and a combined market share of 16.6%, up from 11.8% the previous year [5]. - The cosmetic sector's gross margin continues to improve, although rising sales expenses are impacting net profit margins [3][4]. Investment Recommendations - Key recommendations include focusing on companies with strong channel and brand matrices, such as Mao Ge Ping and Shangmei, and those expected to see marginal improvements in performance, like Polaire and Marubi [3][4]. - In the medical beauty sector, companies with high barriers to entry and strong profitability, such as Aimeike, are highlighted as potential investment opportunities [3][4].

天眼查App显示，近日，深圳市晨旭化妆用品有限公司成立，法定代表人为丁玲，注册资本5万人民 币，经营范围为一般经营项目是：化妆品零售；化妆品批发；母婴用品销售；日用品销售；卫生用品和 一次性使用医疗用品销售；个人卫生用品销售；日用化学产品销售；日用杂品销售；办公用品销售；塑 料制品销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；互联网销售（除销售 需要许可的商品）；国内贸易代理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动），许可经营项目是：无。 ...

Core Points - The UAE-Korea Comprehensive Economic Partnership Agreement (CEPA) will take effect by the end of 2025 [1] - The agreement aims to reduce tariffs and eliminate non-tariff barriers, facilitating the flow of goods, services, and investments [1] - Cooperation will be promoted in sectors such as food, cosmetics, energy, finance, and artificial intelligence to diversify bilateral trade and economic relations [1]

天眼查App显示，近日，海南兰缇蔻化妆品有限公司成立，法定代表人为姚叶梅，注册资本100万人民 币，经营范围为许可经营项目：生活美容服务（许可经营项目凭许可证件经营）一般经营项目：化妆品 批发；化妆品零售；美发饰品销售；日用百货销售；个人卫生用品销售；卫生用品和一次性使用医疗用 品销售；销售代理；贸易经纪；国内贸易代理（经营范围中的一般经营项目依法自主开展经营活动，通 过国家企业信用信息公示系统（海南）向社会公示）。 ...

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

天眼查App显示，近日，奥集俪化妆品（广州）有限公司成立，法定代表人为易萍，注册资本100万人 民币，经营范围为日用品销售;母婴用品销售;玻璃纤维增强塑料制品销售;玻璃纤维及制品销售;纸制品 销售;金属包装容器及材料销售;塑料制品销售;技术服务、技术开发、技术咨询、技术交流、技术转让、 技术推广;生物化工产品技术研发;人体干细胞技术开发和应用;细胞技术研发和应用;化妆品批发;包装材 料及制品销售;化妆品零售;个人卫生用品销售;卫生洁具销售;互联网销售（除销售需要许可的商品）;国 内贸易代理;保健食品（预包装）销售;化工产品销售（不含许可类化工产品）;日用口罩（非医用）销 售;消毒剂销售（不含危险化学品）;卫生用品和一次性使用医疗用品销售;专用化学产品销售（不含危险 化学品）。 ...

天眼查App显示，近日，佛山市奇异雅香化妆品有限公司成立，注册资本500万人民币，经营范围为一 般项目：化妆品批发；化妆品零售；卫生用品和一次性使用医疗用品销售；个人卫生用品销售；互联网 销售（除销售需要许可的商品）；日用杂品销售；日用杂品制造；家居用品销售；专业设计服务；国内 贸易代理；会议及展览服务；货物进出口；技术进出口；塑料制品制造；塑料制品销售；工程塑料及合 成树脂销售；日用百货销售；家用电器销售；技术服务、技术开发、技术咨询、技术交流、技术转让、 技术推广；五金产品批发；市场营销策划；销售代理；品牌管理；信息咨询服务（不含许可类信息咨询 服务）；信息技术咨询服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，广州瑾秘化妆品有限公司成立，注册资本50万人民币，经营范围为以自有资金 从事投资活动;食品销售（仅销售预包装食品）;社会经济咨询服务;企业管理咨询;互联网销售（除销售 需要许可的商品）;保健食品（预包装）销售;企业管理;信息咨询服务（不含许可类信息咨询服务）;市 场营销策划;服装、服饰检验、整理服务;食品互联网销售（仅销售预包装食品）;艺术品代理;会议及展 览服务;专业设计服务;项目策划与公关服务;销售代理;贸易经纪;国内贸易代理;技术服务、技术开发、技 术咨询、技术交流、技术转让、技术推广;化妆品批发;游艺及娱乐用品销售;日用口罩（非医用）销售; 照明器具销售;汽车零配件批发;纸制品销售;化妆品零售;汽车装饰用品销售;软件销售;日用木制品销售;办 公设备耗材销售;劳动保护用品销售;个人商务服务;摩托车及零配件零售;信息安全设备销售;美发饰品销 售;品牌管理;复印和胶印设备销售;未经加工的坚果、干果销售;信息技术咨询服务;橡胶制品销售;光通信 设备销售;母婴用品销售;互联网设备销售。 ...