【博时市场点评6月19日】风险偏好收敛，沪深两市调整 6月19日，A股三大指数下跌。截至收盘，上证指数报3362.11点，下跌0.79%；深证成指报10051.97点， 下跌1.21%；创业板指报2026.82点，下跌1.36%；科创100报1022.12点，下跌0.46%。申万一级行业中， 仅石油石化上涨，涨幅为0.86%；纺织服饰、美容护理、轻工制造跌幅靠前，分别下跌2.36%、2.28%、 1.96%。699只个股上涨，4471只个股下跌。 简评：通过深化科创板改革"1+6"政策措施，重启未盈利企业适用科创板第五套标准上市，未盈利的优 质企业可在成长层渡过研发高风险期，盈利达标后转至科创板主层或主板，从而对科创企业形成全生命 周期的资本市场多层次支持链条，有助于提振科创企业发展信心，避免优质企业因盈利门槛外流，促进 资本市场各板块良性互动。 美联储公布6月利率决议，将基准利率维持在4.25%-4.50%不变，连续第四次会议按兵不动，符合市场预 期。美联储表示，对前景的不确定性已减弱，但仍然处于较高水平。美联储将2025年GDP预估下调至 1.4%，同时将通胀预期上调至3%。另外，美联储点阵图显示，202 ...

从热点看，继续快速轮动。周三芯片半导体、消费电子等震荡走强，涨幅居前。而近期一度拉高的 美容护理、盲盒概念等冲高回落，和港股市场中数只网红个股冲高回落表现同步。总体看，热点"短平 快"轮动的风格没有改变。总体风险偏好较低。 由于近期市场持续窄幅整理，多空双方都缺乏一锤定音的"杀手锏"，因此行情在现有区间相持已 久，反复拉锯。一方面，大盘多次探底不下，韧性十足，包括周三上午，行情也一度向下试探，但随后 就企稳回升，甚至小幅翻红。另一方面，多方也没有很强的上攻愿望，迟迟未能发动有效攻击，致使大 盘盘整复盘整。表现在盘面，沪深两市成交量始终保持在较低水平，显示市场参与意愿不强，观望气氛 浓重。从目前看，在缺乏新的变量因素之前，维持盘局概率较大。 展望后市：短线继续温和盘整，6 月下旬可能面临资金面的阶段性分流，关注盘中成交量能变化。 根据技术分析法则，只有出现持续放量，行情才有选择方向的机会。 风险提示：消息面或海外市场表现超预期，流动性的不确定性。 ...

Group 1: Post-Exam Consumption Trends - The end of the high school entrance examination has triggered a wave of post-exam consumption, particularly in the electronics and service sectors, indicating significant consumer potential among students [1] - The sales of electronic products, especially smartphones, have surged by approximately 30% compared to regular sales, with various promotional activities and government subsidies enhancing this trend [2] - Online platforms like JD and Tmall are also actively participating in this consumption boom, offering substantial discounts and promotions specifically for students [2] Group 2: Dining and Entertainment Promotions - Restaurants and entertainment venues are offering exclusive discounts and special packages for graduates, making dining and entertainment a popular way for students to celebrate their achievements [3] - Graduates are utilizing their exam admission tickets as "VIP cards" to access various discounts, enhancing their celebratory experience [3] - The beauty industry is experiencing increased demand as graduates seek to enhance their appearance before starting university, contributing to the overall post-exam economic activity [3] Group 3: Driving Lessons and License Acquisition - Learning to drive has become a common priority for graduates, with driving schools experiencing a surge in enrollment as students take advantage of their free time [4] - Many driving schools are offering targeted promotions and flexible scheduling to accommodate the influx of new students, with a notable preference for automatic transmission lessons among graduates [4] - The proactive approach of parents in pre-registering their children for driving lessons indicates a strong market demand and potential for growth in the driving education sector [4]

6月12日，米兰柏羽"8D全能抗衰修复体系"在成都正式发布，米兰柏羽全国皮肤学组13位院长级代表出席，活动现场专家与嘉宾云集，共同见证抗衰领域这 一创新时刻的诞生。 在当天"8D全能抗衰修复体系"发布会上，米兰柏羽事业部副总经理&北京米兰柏羽丽都总经理杨谨睿总发表了品牌致辞，深刻阐释了米兰柏羽的深厚底蕴与 8D全能抗衰修复的背景与愿景。在激动人心的启幕仪式将现场气氛推向顶点后，8D全能抗衰修复宣告正式亮相。米兰柏羽总院美容皮肤科技术院长崔诗悦 针对8D全能抗衰的技术亮点进行了深入解析，令在场嘉宾对其创新价值有了更深层次的理解。 打造抗衰修复 在医美抗衰理念与设备日益成熟的当下，求美者不再满足于"局部改善"，抗衰的需求与效果也在逐步提升，更加追求"整体自然、持久的年轻态"。因 此，"8D全能抗衰修复"应运而生，米兰柏羽8D全能抗衰修复是行业首创一站式综合抗衰方案，具备持久年轻、力塑紧致、强韧肌底、快速恢复等优势特 点，让抗衰与修复协同，一站式改善轮廓衰老和问题肌——它不仅是理念与技术迭代，更是米兰柏羽对"皮肤全层抗衰与周期管理"的坚持践行。 此次8D全能抗衰修复体系发布活动还邀请了全国皮肤学组13位院长级代表出 ...

证券研究报告 2025 年 06 月 19 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3388.81 | 0.04 | | 深证成指 | 10175.59 | 0.24 | | 创业板指 | 2054.73 | 0.23 | | 科创 50 | 968.18 | 0.53 | | 北证 50 | 1393.43 | -0.65 | | 沪深 300 | 3874.97 | 0.12 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 654743 | 510440 | 12.06 | 1.25 | | 深证成指 | 224420 | 183239 | 19.88 | 2.10 | | 创业板指 | 58069 | 45832 | 26.92 | 3.76 | | 科创 50 | 33872 | 22383 | 52.50 | 4.04 | | 北证 50 | ...

Core Viewpoint - The beauty and cosmetic surgery market in China is rapidly expanding, with an estimated market size of nearly 300 billion yuan in 2024 [1]. Regulatory Developments - The National Healthcare Security Administration (NHSA) has issued a guideline to standardize pricing for commonly used cosmetic surgery services, addressing the prevalent issue of price discrepancies in the booming market [2][4]. - The guideline does not alter the market-based pricing management but aims to unify project names and standardize pricing behaviors among medical institutions [4]. Pricing Structure - Medical institutions can set their own prices for cosmetic surgery services, leading to significant price variations. The new guideline categorizes established procedures under unified names and standardizes abstract pricing projects [4][6]. - The guideline allows for the inclusion of popular treatments under specific categories, such as "ultrasound treatment" and "radiofrequency treatment," to enhance clarity in pricing [6]. Customization and Innovation - The guideline reflects the diverse and personalized needs of patients, allowing for detailed categorization of common procedures, such as lip enhancement [8]. - Medical institutions are permitted to establish additional charges for new technologies and equipment, subject to local healthcare department approval [8]. New Pricing Projects - The guideline introduces new pricing projects for "reduction of scarring through cosmetic suturing" and "surgical incision beautification," encouraging medical professionals to minimize scarring from the outset [9][11]. - A new charge for "revision surgery" has been established, recognizing the increased complexity and difficulty of follow-up procedures compared to initial surgeries [12][14].

证券研究报告 | 浙商早知道 市场总览 重要观点 报告日期：2025 年 06 月 19 日 浙商早知道 2025 年 06 月 19 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：6 月 18 日上证指数上涨 0.04%，沪深 300 上涨 0.12%，科创 50 上涨 0.53%，中证 1000 下跌 0.1%，创业板 指上涨 0.23%，恒生指数下跌 1.12%。 ❑ 行业：6 月 18 日表现最好的行业分别是电子（+1.5%)、通信（+1.39%)、国防军工（+0.95%)、银行（+0.92%)、 电力设备（+0.32%)，表现最差的行业分别是美容护理（-1.73%)、房地产（-1.35%)、建筑材料（-1.22%)、非银金 融（-1.16%)、轻工制造（-1.13%)。 ❑ 资金：6 月 18 日全 A 总成交额为 12217.64 亿元，南下资金净流入 12.42 亿港元。 ❑ 【浙商煤炭 樊金璐】煤炭 半年行业策略 ...

新华财经注意到，从各大电商平台公布的数据来看，"618"期间，参加国补的家电家装、手机数码等品 类成交总额较去年双11大幅增长，带动家电、家居、家装、3C数码等行业整体成交同比双位数增长。 此外，IP潮玩、宠物、美容护理，黄金珠宝等一些新消费标的品类销量迭创新高。大促新特征方面，美 团等即时零售发力618，销售数据亮眼。 业内机构认为，在"618"大促提振下，新消费展现出的高增长更受人关注，IP潮玩、宠物、美容护理， 黄金珠宝、线下零售等细分品类存机会。 大促叠加国补家电3C赛道现结构性机遇 据了解，此次618大促活动，京东活动周期首次延长至38天（5月13日-6月20日，而24年同期为21天）， 天猫预售期提前至5月13日，现货期与京东同步覆盖至6月20日，抖音活动周期达36天（5月13日-6月18 日），快手延长至6月30日。头部平台正通过周期延展抢占用户决策时间，同时配合跨品类联动、政府 消费券叠加等组合拳，应对存量市场竞争。多平台取消传统跨店满减改为"官方立减"直降模式，最低 15%折扣（8.5折）。企业端，国补助力折扣加大，各品牌价格带放宽。 数据显示，618开卖以来，天猫平台的破亿新品集中涌现在3 ...

Group 1: Market Overview - The Hong Kong stock market is experiencing a surge in consumer stocks, with notable companies reaching historical highs and significant market valuations, reflecting the unique appeal of the Hong Kong consumer sector characterized by high growth, strong brand power, and valuation opportunities [1] - The influx of southbound capital into Hong Kong stocks is driven by the narrative of asset revaluation in China, improving market liquidity, and a favorable policy environment, positioning the Hong Kong consumer sector as a new battleground for global capital [1] Group 2: Consumer Recovery - The consumer market is witnessing a revival, with increased foot traffic in shopping areas, packed cinemas, and a surge in online shopping, indicating a robust recovery in consumer spending [2] - During the recent Dragon Boat Festival holiday, domestic travel reached 119 million trips, a year-on-year increase of 5.7%, with total spending of 42.73 billion yuan, up 5.9%, showcasing the recovery across various sectors including hospitality and transportation [2] Group 3: Policy Support - The Chinese government has prioritized boosting consumption and expanding domestic demand in its economic agenda, with comprehensive measures outlined in the "Special Action Plan for Boosting Consumption" to enhance consumer confidence and spending [3][4] Group 4: Emerging Consumer Trends - The rise of "self-care consumption" reflects a shift in consumer behavior, particularly among the Z generation, who prioritize emotional satisfaction and personal well-being in their purchasing decisions [5][6] - Emotional consumption, driven by the need for emotional fulfillment rather than just practical utility, is becoming increasingly popular, with key demands including self-care, value realization, personal expression, and emotional satisfaction [9][10] Group 5: Investment Opportunities in Hong Kong - The Hong Kong stock market is becoming a preferred destination for new consumer companies due to its more lenient listing requirements and the government's supportive measures for domestic companies seeking to list abroad [11] - The National Index for Hong Kong Stock Connect Consumer Theme has shown a cumulative increase of 32.3% in 2024, outperforming other consumer indices, indicating strong growth potential in the sector [15]

Market Overview - A-shares experienced narrow fluctuations on Wednesday, with major indices showing slight increases, while most individual stocks declined. The Shanghai Composite Index rose by 0.04% to 3388.81 points, and the Shenzhen Composite Index increased by 0.03% [1] - The total trading volume across A-shares was 12.218 trillion yuan, a slight decrease from 12.371 trillion yuan on Tuesday [1] Sector Performance - Bank stocks saw a broad increase, providing some support to the indices despite the decline in most individual stocks. Other sectors that performed relatively well included electronic components, consumer electronics, and wind power [1] - Conversely, sectors with significant declines included pesticides and veterinary drugs, beauty care, small metals, medical services, and household light industry [1] Financial Policy Announcements - The Lujiazui Forum opened on Wednesday, where the central bank governor announced eight financial opening measures, which likely contributed to the rise in bank stocks. The measures include establishing a trading report database for the interbank market and setting up a digital RMB international operation center [1] Market Sentiment and Future Outlook - The chairman of the China Securities Regulatory Commission discussed the Sci-Tech Innovation Board and the ChiNext at the Lujiazui Forum [2] - The U.S. stock market saw a slight decline overnight, with all three major indices dropping by less than 1%. The Hong Kong market experienced a general increase, although the Hang Seng Index fell by 1.12% [2] - The Federal Reserve's two-day interest rate meeting is ongoing, with expectations that there will be no interest rate cuts. Market focus is primarily on the Fed's statements [2] - Many institutions are adopting a defensive stance in their stock recommendations, indicating a cautious market sentiment. The A-share market is expected to continue its sideways trend until there is a noticeable improvement in the economic situation [2]