Core Viewpoint - The article discusses the recent issuance of the "Opinions on Deepening Cosmetic Regulation Reform to Promote High-Quality Development" by the National Medical Products Administration, aimed at transforming China from a "cosmetic manufacturing giant" to a "cosmetic powerhouse" through 24 reform opinions and 48 specific measures [3][4]. Group 1: Regulatory Reforms - The "Opinions" introduce a dedicated review channel for "new efficacy cosmetics," implementing an "immediate report and review" system, which significantly reduces the time for technical reviews from three months to a more efficient process [5]. - The document encourages the launch of new cosmetic products in China, aiming to make it a global first-launch hub, thus removing barriers for international products to enter the Chinese market [5][6]. - It promotes the development of cosmetics tailored for the aging population, recognizing the "silver economy" as a new market opportunity [6]. Group 2: Industry Support Measures - The "Opinions" propose measures to reduce burdens on companies, such as allowing similar formula products to share technical data and streamlining the review process for special cosmetics [6][7]. - It emphasizes the reduction of animal testing requirements, prioritizing the development of alternative testing methods [6][7]. - The introduction of electronic labels is mandated, allowing consumers to access comprehensive product information through QR codes, enhancing user experience and operational efficiency for companies [6][7]. Group 3: Innovation and Customization - The document encourages personalized services in cosmetics, allowing companies to offer on-site mixing and repackaging of registered products based on consumer preferences [7]. - Overall, the 24 measures aim to foster innovation and development in the industry, benefiting companies by easing regulatory constraints [7].

Market Overview - The cosmetics sector experienced a decline of 0.43% on November 17, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Notable performers included: - Shuiyang Co., Ltd. (300740) with a closing price of 21.34, up 1.52% and a trading volume of 156,600 shares, totaling 338 million yuan [1] - Beitaini (300957) closed at 43.38, up 0.74% with a trading volume of 45,800 shares, totaling 199 million yuan [1] - Jiaheng Jiahua (300955) saw a significant decline of 3.13%, closing at 38.72 with a trading volume of 59,900 shares, totaling 231 million yuan [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 34.41 million yuan from main funds, while retail funds experienced a net inflow of 7.01 million yuan [2] - Main funds showed a net inflow in several stocks, including: - Shuiyang Co., Ltd. with a net inflow of 18.31 million yuan [3] - Shanghai Jahwa (600315) with a net inflow of 12.81 million yuan [3] - Conversely, Jiaheng Jiahua experienced a net outflow of 23.79 million yuan from retail investors [3]

Core Viewpoint - The National Medical Products Administration (NMPA) has released a set of opinions aimed at deepening cosmetic regulation reform and promoting high-quality development in the industry, focusing on safety, innovation, and market expansion [1][2]. Group 1: Regulatory Reforms - The NMPA will establish a special review channel for new efficacy cosmetics, implementing an "immediate report and review" system to streamline the approval process and support innovative research [2][3]. - The opinions include 24 reform suggestions and 48 specific measures to enhance category innovation, regulatory optimization, and industry empowerment [1]. Group 2: Market Expansion - The new policies aim to make China a global launch hub for new cosmetic products by allowing international brands to bypass certain licensing requirements, thus accelerating their entry into the Chinese market [3]. - The domestic cosmetic market is projected to exceed 1 trillion yuan in transaction volume by 2024, with domestic brands holding a market share of 55.2% [1]. Group 3: Silver Economy - The opinions emphasize the development of cosmetics tailored for the elderly, encouraging companies to focus on research related to skin aging and to expedite the registration and listing processes for these products [3][4]. - The potential of the silver economy is recognized as a significant growth area, with specialized products for older consumers becoming a key innovation track [4]. Group 4: Digital Transformation - The NMPA plans to implement electronic labeling for cosmetics, enhancing information accessibility and consumer understanding through digital formats [4][5]. - The regulatory framework will be optimized to reduce the burden on companies, focusing resources on high-risk areas while ensuring a non-intrusive regulatory environment [5].

Core Viewpoint - The National Medical Products Administration (NMPA) has released a set of opinions aimed at reforming the cosmetics regulatory framework to promote high-quality development in the industry, which is expected to invigorate the trillion-yuan cosmetics market in China [1] Group 1: Regulatory Reforms - The opinions propose a comprehensive reform of the cosmetics regulatory system over the next 5 to 10 years, including 24 reform suggestions and 48 specific measures to enhance product innovation, regulatory optimization, and industry empowerment [1] - A new review channel for innovative efficacy cosmetics will be established, allowing for immediate review upon submission, which aims to reduce the high trial-and-error costs previously faced by companies [3] Group 2: Market Expansion - The introduction of a policy allowing international cosmetics to launch in China without the need for prior sales license documentation is expected to accelerate the entry of new products into the market, thereby enhancing consumer access to global innovations [4] - The domestic cosmetics market is projected to exceed 1 trillion yuan in transaction value by 2024, with domestic brands holding a market share of 55.2% [1] Group 3: Targeting Demographic Needs - The opinions emphasize the importance of developing cosmetics tailored for the aging population, encouraging companies to focus on research related to skin aging and to expedite the registration and market entry of products designed for older consumers [5][6] - The growing demand from the elderly demographic is recognized as a significant opportunity for innovation within the cosmetics industry [6] Group 4: Digital Transformation - The NMPA plans to implement electronic labeling for cosmetics, enhancing the clarity and accessibility of product information for consumers, which aligns with the digital transformation of regulatory practices [7] - The initiative aims to streamline the registration process and reduce the burden on companies by optimizing the requirements for registration and documentation [7]

Core Viewpoint - The National Medical Products Administration (NMPA) has issued opinions to deepen the reform of cosmetics regulation and promote high-quality development in the industry, emphasizing the need for increased support for the cosmetics sector [1] Group 1: Industry Support and Policy - The NMPA encourages provincial drug regulatory departments to actively seek government support and coordinate with relevant departments to introduce supportive policies for the cosmetics industry [1] - The aim is to create a favorable environment for industrial innovation and support the green and low-carbon development of the industry [1] - Policies are intended to empower the industry to promote the rise of brands and cultivate internationally competitive domestic cosmetic brands [1]

人民财讯11月17日电，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，鼓励化妆品新品在中国首发。对标国际高标准经贸规则，培育我国化妆品领域首发经济，对国际 化妆品新品在中国首发上市的，参照专为向我国出口生产的相关规定，免于提交在生产国(地区)已上市 销售的证明文件。 ...

Core Viewpoint - The National Medical Products Administration (NMPA) has released an opinion aimed at deepening cosmetic regulation reform to promote high-quality development in the industry, proposing 24 reform measures across five key areas [1] Group 1: Reform Measures - The opinion emphasizes encouraging innovation within the cosmetic industry [1] - It aims to optimize registration and filing management processes [1] - The document highlights the importance of strengthening risk prevention and control throughout the entire supply chain [1] - It seeks to enhance smart regulatory capabilities [1] - The opinion promotes alignment of regulations with international standards [1] Group 2: Future Goals - By 2030, the regulatory legal system for cosmetics is expected to be more complete, with a more robust standard system and stronger technical support [1] - The industry is anticipated to exhibit increased innovation vitality and comprehensive risk prevention capabilities, leading to significant improvements in quality and safety levels [1] - By 2035, the cosmetic quality and safety regulatory system is projected to reach international advanced levels, with enhanced innovation and global competitiveness [1] - The goal is to achieve modernization of regulatory practices within the industry [1]

智通财经APP讯，珀莱雅(603605.SH)公告，公司发行H股备案申请材料于近日获中国证监会接收。 ...

Core Viewpoint - The National Medical Products Administration (NMPA) has released opinions aimed at deepening cosmetic regulation reform and promoting high-quality development in the industry, following public consultation [1][2] Group 1: Market Overview - The total transaction value of China's cosmetics market is projected to reach 1,073.822 billion yuan in 2024, reflecting a year-on-year growth of 2.8% [1] - Domestic brands continue to expand their market share, which has reached 55.2% [1] Group 2: Regulatory Framework - By 2030, the regulatory legal system for cosmetics in China is expected to be more complete, with a robust standard system, strong technical support, enhanced risk prevention capabilities, and significantly improved quality and safety levels [1] - By 2035, the quality and safety regulatory system for cosmetics is anticipated to reach an internationally advanced level, adapting better to the innovative and high-quality development needs of the industry [1] Group 3: Reform Measures - The opinions outline 24 reform suggestions and 48 specific reform measures, focusing on enhancing innovation support, improving registration and filing management, and strengthening regulatory mechanisms [2] - New measures include streamlining the registration process for new efficacy cosmetics, encouraging international product launches in China without the need for overseas sales proof, and supporting product development for the elderly demographic [2] - The core approach emphasizes encouraging innovation, enhancing quality, and ensuring safety, aiming to create a transparent and efficient business environment for sustainable industry growth [2]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others [1]. Core Insights - The report highlights a recovery in mid-to-high-end consumption and increased focus on high-dividend A/H stocks, which has driven attention to sub-sectors within discretionary consumption [1][4]. - Various sub-sectors have shown different performance trends, with overseas sportswear leading the gains, followed by luxury goods and domestic sportswear [4][12]. Performance Review by Sub-Sector - **Weekly Performance**: Overseas sportswear increased by 6.8%, luxury goods by 5.2%, and domestic sportswear by 3.8%. In contrast, the pet sector saw a decline of 5.8% [4][12]. - **Monthly Performance**: The gambling sector led with an 8.4% increase, while domestic cosmetics experienced a significant decline of 14.3% [12]. - **Year-to-Date Performance**: The gold and jewelry sector outperformed with a 137.2% increase, while overseas sportswear saw a decline of 21.5% [12]. Sub-Sector Analysis - **Overseas Sportswear**: Notable gains driven by strong Q3 FY25 earnings, particularly in EMEA and Asia-Pacific regions, alleviating market concerns [6][15]. - **Luxury Goods**: Companies like Samsonite and Burberry reported better-than-expected earnings, boosting market confidence [6][15]. - **Domestic Sportswear**: OEM companies confirmed growth expectations for 2026 orders, contributing to positive stock performance [6][15]. - **Gold and Jewelry**: The sector benefited from rising international gold prices and favorable tax regulations in Hong Kong and Macau [8][15]. - **Pet Sector**: Experienced a decline post Double Eleven sales, with increased competition among brands [15]. Valuation Analysis - The report indicates that most sub-sectors are trading below their historical five-year average P/E ratios, suggesting potential undervaluation [9][16]. - **Projected P/E Ratios for 2025**: - Overseas sportswear: 29.1x (55% of historical average) - Domestic sportswear: 14.8x (78% of historical average) - Gold and jewelry: 23.8x (45% of historical average) - Luxury goods: 27.0x (49% of historical average) [9][16].