Core Viewpoint - The National Medical Products Administration has issued opinions to deepen cosmetic regulation reform and promote high-quality industry development, emphasizing increased support for the industry and fostering a favorable innovation environment [1] Industry Summary - The cosmetic industry is expected to face intensified competition starting in 2025, with challenges such as weak overall demand, diminishing traffic dividends, and high costs. However, some companies and brands are achieving high growth by leveraging their differentiated advantages [1] - The rise of the "beauty economy" and self-care trends has led consumers to purchase functional skincare products, domestic trendy cosmetics, and home fragrances for emotional healing, indicating investment opportunities in the beauty sector driven by "emotional consumption" [1] Company Summary - Companies focusing on high-growth segments within the beauty industry, particularly those that continuously iterate their capabilities, are recommended for investment as domestic brands gain momentum [1] - The high-end beauty market is becoming increasingly scarce, with the potential for domestic high-end beauty brands to rise [1] - The personal care and household cleaning sectors are flourishing, driven by both rigid demand and upgraded experiences [1]

Group 1: Japan's Economic Performance - Japan's GDP experienced a decline of 0.4% in Q3 compared to the previous quarter, marking the first contraction in six quarters, with an annualized decrease of 1.8% [2] - The decline was primarily attributed to the impact of high tariffs from the U.S., leading to a drop in exports by 1.2% and a slowdown in housing investment [2][3] - Despite the contraction, there are expectations for a recovery in Japan's economy due to improved external conditions and potential fiscal stimulus from the new Prime Minister [3] Group 2: Cosmetics Industry Regulation - The National Medical Products Administration of China released 24 reform opinions aimed at enhancing the regulation of cosmetics, with goals set for 2030 and 2035 to improve legal frameworks and industry standards [4][5] - The Chinese cosmetics market is projected to reach a transaction value of 1 trillion yuan by 2024, positioning it as the largest consumer market globally [4] Group 3: Alibaba's AI Initiative - Alibaba launched the "Qianwen" app, entering the AI to C market, with the app based on the Qwen3 open-source model and aimed at competing with ChatGPT [6][7] - The app has already seen over 600 million downloads globally, indicating strong interest and positioning in the AI application space [6] Group 4: Apple Leadership Changes - Tim Cook, CEO of Apple, may resign as early as next year, with hardware engineering VP John Ternus seen as a likely successor [8][9] - Cook has led Apple for 14 years, during which the company's market value surged from approximately $350 billion to $4 trillion [8] Group 5: Bitcoin Market Dynamics - Bitcoin's price dropped significantly, erasing all gains for the year, with a decline to $93,778.6, influenced by reduced inflows into Bitcoin ETFs and changing macroeconomic conditions [10][11] - The narrative of Bitcoin as a safe-haven asset has weakened, leading to increased volatility and a lack of stable valuation anchors [11] Group 6: Debt Investment Plans - The yield on debt investment plans has fallen below 3%, marking a historical low, with a significant decrease in the number and scale of these plans in recent years [12][13] - The decline in yield is attributed to a sluggish recovery in the real estate sector and a decrease in quality investment projects [12] Group 7: Stock Market Trends - The stock market showed weakness with the Shanghai Composite Index down 0.46%, amid concerns over Sino-Japanese relations and a lack of strong market sentiment [16][17] - The new energy sector saw significant interest, driven by expectations of increased sales and demand in the storage industry [16]

Core Viewpoint - The overall industry prosperity index continued to decline in October, but the rate of decline has slowed, with essential consumption, midstream manufacturing, and large financial sectors showing significant improvement [1] Industry Analysis - **AI Chain Deepening**: The prosperity of storage, communication equipment, and software is on the rise, while components and consumer electronics may experience a high-level decline [1] - **Price Increase Chain**: Benefiting from global fiscal and monetary easing, as well as domestic anti-involution policies, sectors such as non-ferrous metals, coal, certain chemicals, and renovation materials are seeing a recovery in prosperity [1] - **Capital Goods and Intermediate Products**: Industries like batteries, photovoltaics, and engineering machinery are experiencing a rebound in prosperity [1] - **Consumer Goods**: The prosperity of dairy products and cosmetics is recovering from the bottom [1] - **Independent Prosperity Cycles**: Sectors such as pharmaceuticals, military industry, and insurance are witnessing a recovery in prosperity [1] Investment Strategy - A short-term barbell strategy is recommended, balancing investments across growth, cyclical, and dividend sectors, focusing on those with improving prosperity, sustainable potential, and relatively low valuations [1] - After the gradual digestion of technology crowding pressure, there may be opportunities for recovery, particularly in non-ferrous metals, chemicals, new energy, general automation, storage, military industry, and insurance [1] - Additionally, early positioning in certain consumer and service sectors, such as dairy products, is advised [1]

Market Overview - The three major US stock indices hit a one-month low, with the S&P 500 down 0.92%, the Dow Jones down 1.18%, and the Nasdaq down 0.84% [1] - Financial and energy sectors fell nearly 2%, leading the decline in the S&P; the chip index dropped over 1% for three consecutive days, with Nvidia retreating nearly 2% [1] - The Chinese concept stock index fell over 1% for five consecutive days, with Xiaopeng Motors' stock dropping 10% after its earnings report [1] - US Treasury prices saw a decrease in decline, with the 10-year Treasury yield retreating after two days of increases [1] Currency and Commodities - The US dollar index continued to rise from a four-week low, while the offshore RMB fell over 100 points, breaching the 7.11 mark [2] - Oil prices retreated after two days of gains, and gold prices fell for three consecutive days to a one-week low, with spot gold dropping over 2% [2] Domestic Major Events - High-level financial dialogue between China and Germany held in Beijing, achieving multiple consensus outcomes and easing trade tensions [3] - The Hydrogen Energy Branch of the China Industrial Development Promotion Association held a seminar, releasing the "Initiative for Healthy Development of China's Electrolyzer Industry" [3] - The Ministry of Commerce and six other departments issued a notice to promote the "East Silk West Solid" initiative in the silk industry, encouraging the creation of regional public brands [3] - The National Medical Products Administration released opinions on deepening cosmetic regulation reforms to promote high-quality industry development [3] - The National Development and Reform Commission, along with the Ministry of Finance, issued opinions on accelerating the construction of modern state-owned forest farms [3] - The 2025 Quantum Technology and Industry Conference will be held from November 20 to 22, showcasing significant technological and industrial achievements [3] Industry Insights - Semiconductor: SMIC reported a 95.8% capacity utilization rate in Q3, indicating high demand, but the lack of significant growth in Q4 guidance is attributed to high memory prices causing customer hesitance [8] - Shipping: European shipping futures surged by 6.73%, with Maersk planning to raise freight rates for routes from Far East to Northern Europe starting December 1 [9] - 3D Printing: A significant breakthrough was achieved with the successful flight test of a 3D-printed simplified turbojet engine, marking a transition from technology validation to large-scale application [10] - Cosmetics: The National Medical Products Administration's new policies aim to foster a supportive environment for innovation and promote the emergence of competitive domestic brands [11] Company Announcements - New IPO: Jingchuang Electric plans to issue shares at 12.10 yuan each, focusing on cold chain intelligent control products, holding the largest market share in China [13] - A-share companies are undergoing significant stock price fluctuations, with several companies like Pingtan Development and Haixia Innovation facing stock suspension for investigation due to abnormal price movements [14] - SMIC is experiencing a supply shortage in the memory industry, leading to sustained high prices [14]

Core Insights - The third National Labor Cooperation and Labor Brand Development Conference will be held in Nanning, Guangxi, showcasing nine major labor brands from Sichuan, highlighting the strength of Sichuan's labor brands [1] - Sichuan is a major population and labor-exporting province, with a total of approximately 26 million migrant workers, accounting for about one-tenth of the national total [1] - From 2021 onwards, Sichuan has cultivated 358 regional characteristic labor brands and established 60 "Chuan" characteristic labor brands, promoting high-quality employment for migrant workers [1] Group 1 - The nine labor brands include "Longquan Car Workers," "Weiyuan Fig Craftsmen," "Wusheng Mago," "Chuan Zhong Lithium Workers," "Bashu Rattan Artisans," "Gaoyuan Rose Artisans," "Ningnan Silkworm Sisters," "Longxiang Chefs," and "Qiaoxiang Crystal Workers" [1] - Labor brands are defined as labor identifiers with distinct regional marks, strong skill characteristics, and good user reputation, which significantly support employment and rural revitalization [1] Group 2 - The rapid development of Sichuan labor brands is attributed to the deep exploration of regional characteristics, with "Ningnan Silkworm Sisters" showcasing traditional sericulture skills and "Bashu Rattan Artisans" exporting products to over 20 countries [2] - Skills empowerment is the core competitiveness of Sichuan labor brands, with "Longquan Car Workers" training over 270,000 skilled workers and "Chuan Zhong Lithium Workers" providing targeted training for over 7,000 positions in the lithium battery industry [2] - Labor brands also serve as effective tools for improving livelihoods, with "Gaoyuan Rose Artisans" providing over 200 stable jobs and "Weiyuan Fig Craftsmen" linking deeply with the fig industry, creating 200,000 jobs and generating 3 billion yuan in revenue last year [2] Group 3 - The nine labor brands will participate in various activities at the conference, including brand achievement displays, product live streaming, and collaboration agreements with relevant provinces and cities [3]

天眼查App显示，近日，魅之颜化妆品（保定）有限公司成立，法定代表人为刘磊，注册资本10万人民 币，经营范围为一般项目：化妆品零售;化妆品批发;卫生用品和一次性使用医疗用品销售;日用百货销 售;个人卫生用品销售;服装服饰零售;企业管理咨询;信息咨询服务（不含许可类信息咨询服务）;国内贸 易代理;针纺织品销售;日用品销售;健康咨询服务（不含诊疗服务）;体育健康服务;中医养生保健服务 （非医疗）;养生保健服务（非医疗）（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）。 ...

Core Viewpoint - Japanese Prime Minister Fumio Kishida's recent remarks regarding Taiwan have sparked strong backlash from China, leading to significant declines in the Japanese stock market, particularly in sectors heavily reliant on Chinese tourism [1][4][6]. Economic Impact - The Tokyo stock market experienced a continuous decline, with many stocks in the retail, transportation, and tourism sectors dropping over 10% [1][5]. - If the number of Chinese tourists to Japan decreases significantly, Japan's GDP could be reduced by 0.36%, equating to an economic loss of approximately 2.2 trillion yen [1][6]. - Chinese tourists account for about 25% of all visitors to Japan, and any reduction in their travel intentions could have a substantial negative impact on the Japanese economy [4][6]. Market Reactions - The Nikkei 225 index fell by over 1% at the market's opening, with notable declines in airline stocks (down 5.8%), sportswear brands (down 6.6%), and department stores (down 12%) [5]. - Reports indicate that many reservations in Osaka, a city that typically hosts a large number of Chinese tourists, have been canceled, raising concerns among local businesses about potential long-term economic impacts [5]. Diplomatic Developments - Japan's Foreign Ministry is attempting to negotiate with China regarding Kishida's comments, with officials expressing concerns about the potential for reduced people-to-people exchanges between the two countries [2][3]. - The Japanese government has stated that it has lodged formal protests against China's response, emphasizing the need to maintain constructive bilateral relations [2][3]. Political Reactions - There is growing criticism within Japan regarding Kishida's statements, with some politicians warning that his remarks could lead to a "national crisis" for Japan, affecting trade and diplomatic relations with China [7]. - Analysts suggest that Kishida's comments reflect a broader strategic anxiety within Japan regarding its military posture and relations with China, indicating a potential shift towards a more aggressive stance [7].

天眼查App显示，近日，上海姿美兮化妆品有限公司成立，法定代表人为刁天峰，注册资本8780万人民 币，经营范围为一般项目：化妆品零售；化妆品批发；日用化学产品销售；传统香料制品经营；品牌管 理；市场营销策划；日用品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；美发饰品销售； 互联网销售（除销售需要许可的商品）。（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，上海盛雅素化妆品有限公司成立，法定代表人为刁天峰，注册资本8780万人民 币，经营范围为一般项目：化妆品零售；化妆品批发；日用化学产品销售；传统香料制品经营；品牌管 理；市场营销策划；日用品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；美发饰品销售； 互联网销售（除销售需要许可的商品）。（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）。 ...

Core Viewpoint - The company, Proya Cosmetics Co., Ltd., has submitted an application for the issuance of H-shares and listing on the Hong Kong Stock Exchange, which has been accepted by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1 - The company submitted its application for H-share issuance and listing on October 30, 2025, and published the application materials on the Hong Kong Stock Exchange website [1]. - The application materials for the issuance and listing have been accepted by the CSRC, indicating progress in the regulatory process [1][2]. - The company is required to obtain approvals from various regulatory bodies, including the CSRC, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, which introduces uncertainty regarding the completion of the listing [2].