对于2025年在中国的投资方向，欧莱雅北亚总裁及中国首席执行官博万尚表示："2025年，第一个投资 方向是研发创新。我们将继续加大在这一领域的投资，以确保欧莱雅在中国市场上推出的产品质量是最 高的，同时在安全性方面绝不妥协。第二个投资方向集中在供应链（优化）上。继苏州智能运营中心之 后，我们即将落成南通智能运营中心。第三个投资方向是美妆基金。我们与凯辉基金和上海市静安区合 作成立了基金，将重点投资处于成长阶段的美妆品牌和相关企业，另一只基金由天图投资管理，与欧莱 雅集团战略创新风险投资基金公司BOLD合作，旨在投资同领域的早期公司。投资生态圈将为欧莱雅中 国未来二十年的发展奠定坚实基础。第四个投资方向是人才发展。欧莱雅始终秉持技能提升为核心的企 业文化，所以我们计划投资于人才的技术培养，帮助他们掌握新科技、人工智能等未来必备技能。" （文章来源：中国经营报） 马晓宇指出，在Z世代、45岁以上的熟龄人群以及男性这三类消费群体中看到增长机会。其中在男性消 费者方面，马晓宇表示："在我们的品牌矩阵中，巴黎欧莱雅和碧欧泉这两个品牌有非常专业的男士系 列。但我们也意识到，其实很多男性，特别是当他们身边有擅长护肤的女性朋 ...

Core Viewpoint - The article highlights the significance of the fifth China International Consumer Products Expo (CICPE) as a platform for showcasing global consumer goods and promoting trade cooperation, particularly in the context of China's expanding market and the establishment of the Hainan Free Trade Port [2][6][10]. Group 1: Event Overview - The CICPE, held from April 13 to 18, features over 1,700 consumer enterprises and more than 4,100 brands from 71 countries and regions, with participation from 65 Fortune 500 companies [3][6]. - The event includes eight major exhibition halls focusing on various consumer trends such as technology, health, and green consumption [3][6]. Group 2: Economic and Trade Cooperation - The expo serves as a significant platform for deepening economic and trade cooperation, aiming for mutual benefits and enhanced interaction between global and Chinese enterprises [5][9]. - The Hainan Free Trade Port is expected to facilitate smoother trade and investment with policies like "zero tariffs, low tax rates, and simplified tax systems" [7][10]. Group 3: Consumer Market Insights - China's retail sales are projected to reach 48.8 trillion yuan in 2024, reflecting a 3.5% increase from the previous year, with a cumulative import of 7.4 trillion yuan in consumer goods from 2021 to 2024 [10][11]. - The government is focused on expanding domestic demand and enhancing consumer spending through various initiatives, including promoting consumption upgrades and organizing consumption activities [11][12]. Group 4: Participation of Global Brands - The UK is the guest country of honor at this year's expo, showcasing 53 brands, which is double the number from the previous year [16][17]. - Major global brands like Estée Lauder, Volkswagen, and Charoen Pokphand Group are participating, indicating the expo's role as a barometer for the Chinese consumer market [13][19]. Group 5: Innovations and New Products - The expo will feature a new consumption technology exhibition area, showcasing innovations from leading tech companies like Huawei and Tesla [18]. - Numerous listed companies are participating, with many launching new products, highlighting the vitality of the "first launch economy" [20][22].

Investment Rating - The industry investment rating is "Outperform the Market" [1][30][35] Core Insights - The report highlights the impact of the escalating US-China "tariff war" on the market, with China responding with equivalent measures [3][6] - Recent policies aimed at promoting consumption, such as the "Special Action Plan for Promoting Healthy Consumption," are expected to boost domestic demand [7][8] - The retail sector is actively assisting foreign trade enterprises in expanding domestic sales channels, with major players like JD.com and Alibaba launching initiatives to support this transition [11][13] Summary by Sections Macro and Industry Dynamics - The US has increased tariffs on Chinese imports, with rates reaching up to 145% [6] - China has implemented measures to promote healthy consumption and enhance the shopping experience for foreign tourists [7][8] - The domestic travel market is showing growth, with significant increases in tourist numbers during the Qingming holiday [9][10] Company Dynamics - Jinbo Biotech has received approval for a new collagen product, marking a significant innovation in the medical aesthetics field [16] - Proya has announced the recruitment of several high-profile R&D experts to enhance its global research capabilities [16] - Xiaogoods City reported a revenue increase of 17.93% year-on-year for Q1 2025, indicating strong performance in essential consumer goods [17] Investment Recommendations - The report notes that the social service sector has shown resilience, with key companies trading at a PE ratio of 20-30 times for 2025, indicating stable operations [30] - The report emphasizes the strong performance of domestic retail companies amidst the tariff disruptions, with notable stock price increases for companies like China Duty Free and Yonghui Supermarket [28][30]

Core Insights - The beauty and medical aesthetics sectors are increasingly merging, with significant interest from both international giants and local startups, indicating a strong growth trend in this area [1][5][31] - L'Oréal is a leading player in this trend, having made substantial investments and strategic moves to integrate beauty and medical aesthetics [2][10][17] Group 1: Industry Trends - Since 2024, there has been an unusual enthusiasm among beauty companies to enter the medical aesthetics business, with both high-end and budget brands participating [1] - The merger of beauty and medical aesthetics is not a new concept, but it is gaining momentum, with companies like L'Oréal leading the charge [1][5] - The retail sales of cosmetics in China fell by 1.1% in 2024, while the total retail sales of consumer goods grew by 3.5%, highlighting the need for beauty brands to innovate and find new growth avenues [5] Group 2: Company Developments - In 2023, L'Oréal rebranded its active health cosmetics division to the skin science beauty division and launched its core brand, SkinCeuticals, in 2024 [2] - Estee Lauder's Clinique launched a series of medical device products, while Shiseido is set to introduce its first medical beauty brand in China [3] - Domestic brands like Shiseido and Up Beauty are also making strides in the medical aesthetics space, with new product launches and business developments [4] Group 3: Strategic Initiatives - L'Oréal's beauty tech transformation strategy, initiated in 2018, focuses on integrating technology into beauty and medical aesthetics, with significant investments in digital R&D [6][8] - The company has established a comprehensive network for integrating beauty and medical aesthetics, including investments in high-end medical beauty chains and partnerships with biotech firms [17][18] - L'Oréal's SkinCeuticals brand has seen a 9.8% year-on-year growth, reaching €7.03 billion in revenue, making it the fastest-growing segment of the group [10] Group 4: Market Dynamics - The merging of beauty and medical aesthetics allows brands to create a closed-loop product offering, enhancing customer loyalty and repeat purchases [22] - The shift towards medical aesthetics is seen as a necessary strategy to avoid intense competition in traditional beauty markets [19][20] - However, the differing operational models and regulatory requirements between beauty and medical aesthetics present new challenges for companies [24][30]

以下文章来源于真故研究室 ，作者杨梅 真故研究室 . 搞垮全球股市，只是特朗普关税战的前戏。一旦政策落地，被搞乱的还有全球的物价体系。 为了省钱，苹果总裁库克已经冲到了全球囤货的最前线。 3 月底，特朗普挥动"对等关税"的前 夕，苹果 3 天派出 5 架次满载 iPhone 及产品的货机，从印度直飞美国，以换来一点喘息之 机。 中国是苹果零部件最主要的产地，有投行给苹果算了一笔账，苹果公司制作一部手机，硬件加 上组装和测试，成本大约是 580 美元。特朗普对华关税 2.0 政策一旦落地，光是这些零部件 从中国打包出口到美国的税额，就会增加 296 多美元。 换算一下，也就是说，每一部苹果手机的成本都会上涨 50% 。再乘以销量，苹果公司估摸每 年因此要增加 85 亿美元左右的成本。如果全部转嫁给消费者， iPhone16 Pro Max 在美国零 售价将从现在的 1599 美元上涨到 2300 美元。 真问题，更商业 作者： 杨梅 来源： 真故研究室（ID： zhengulab ） 你可以不关心政治，但很难不关注自己的钱包。特朗普这次的关税组合拳，引发的全球经济震 荡才刚刚开始。之后全球供应链遭受重创，才是更 ...

Core Insights - The core barrier for consumer goods and retail across cycles is the development of channels and brands, with a focus on how companies leverage these elements to create sustainable growth. Group 1: Channel Development - Super channels incubate super brands, with successful brands like Coca-Cola and Nestlé relying heavily on channel strength [2][10] - Companies like Lusi Co., which initially focused on international markets, have shifted to domestic markets by building strong channel networks rather than solely relying on social media platforms [5][8] - Lusi Co. has established a comprehensive channel presence, including major retail systems and online platforms, to support its brand growth [6][7][8] Group 2: Product Focus - The concept of "super products" is crucial, as seen in brands like Mixue Ice City and Luckin Coffee, which focus on strategic single products to drive brand recognition [11][12] - The case of "Boss Loves Fish" illustrates how focusing on a single product can lead to brand success, emphasizing the importance of product quality and differentiation [17][12] Group 3: Brand Power - The essence of consumer goods barriers lies in brand strength rather than just channel or product power, as highlighted by historical examples from Coca-Cola [40][41] - The evolution of brand competition has transitioned from product competition to marketing competition, emphasizing the importance of storytelling and content in brand development [43][50] Group 4: Content Strategy - Effective content strategy is essential for brand growth, with a focus on creating engaging narratives that resonate with consumers [51][62] - Brands must adapt their content to different platforms, understanding that each medium has unique characteristics and audience expectations [106][100] - Successful brands like Banmu Huatian have leveraged targeted content strategies across platforms to achieve significant sales growth [108][110] Group 5: Market Trends - The rise of new media platforms has transformed consumer engagement, with brands needing to adapt their strategies to remain relevant in a rapidly changing market [106][125] - The case of Zibo barbecue demonstrates how viral marketing can create significant brand awareness and consumer interest [70][72] Group 6: Case Studies - The example of "Ren Yang Yi Tou Niu" illustrates how storytelling and community engagement can enhance brand value and consumer loyalty [168][171] - The strategic use of KOLs (Key Opinion Leaders) in marketing campaigns can effectively drive brand recognition and sales [120][119]

苹果正计划从印度进口更多 iPhone 抵消新关税影响。3 月末的 3 天，苹果调用 5 架飞机从印度满载 iPhone 到美国。印度的关税为 26%，只有中国的一半不到。从特朗普宣布新关税到现在，苹果股价 已经下跌近 20%，市值削减超 5000 亿美元。 比亚迪预计一季度盈利百亿元。 去年同期比亚迪取得归母净利润大约 45.6 亿元，今年这个数字预计增加到 85 亿至 100 亿元，同比 大约增长 86% 至 118%。今年前三个月，比亚迪累计销量超过百万辆。他们在与分析师的交流中 说，今年要 "紧抓历史性发展机遇，加速乘用车业务全球化布局"。去年，比亚迪海外乘用车销售 41.7 万辆，同比大幅增长 71.9%。 科学家宣称复活了万年前灭绝的恐狼。 新关税在美国引发 iPhone 抢购潮。 据媒体报道，美国多地的苹果门店迎来大批用户抢购 iPhone，就像购物节日时那样。许多人担心新 关税落地后 iPhone 会涨价。据 TechInsights 分析师估算，苹果的 iPhone 16 Pro 256G 内存版本，零 部件、组装测试成本约 580 美元，加上 54% 的新关税，将会达到约 850 美元—— ...

各位童鞋搭嘎猴啊，上周 "营销市场洞察市场篇"看的怎么样？有童鞋在后台留言："在拜太 公的路上，经历一个惊心动魄的假期……"o( *≧▽≦)ツ淡定淡定，想开点啊，毕竟，企鹅 岛的企鹅没招谁惹谁，也被强行征了税，上哪儿说理去？最重要的还是吃好喝好，正所谓： 他强任他强，清风拂山岗；他横由他横，明月照大江！ 言归正传，今天就给大家分享一下营销市场洞察报告。Qu e s tMobi l e数据显示，在消费多元 化驱动下，整个2024年不同行业的营销方式和热点差异巨大，既有结构盘整的行业，也有巨 量投入新营销抢夺市场的行业，由此营销热度也出现了巨大差异，美妆、汽车、奢侈品、运 动鞋服、生活服务以及AIGC成为高投入的热门行业。 在美妆行业持续的高热度之中，国产美妆品牌持续突围，在行业营销投放、市场声量中均占 据重要份额。同时，美妆品牌数量众多、产品线广，代言人营销数量占所有行业比例达到 11.9%，远超个人护理品、奢侈品的7.2%、4.7%。 汽车行业在"内卷"的态势下，营销投放日趋追求精准化，一方面各家拼命巩固现有高价值媒 介资源，而非盲目拓展新的渠道，表现在投放上，2024年硬广投放费用增长至141.38亿 元， ...

跻身"10亿美元俱乐部"在望。 文 ｜ 贺哲馨 编辑 ｜ 乔芊 来源｜ 36氪未来消费（ID：lslb168） 封面来源 ｜ The Ordinary官方微博 上世纪90年代，某外资美妆公司在中国推出了它的第一瓶面霜，宣传称这款产品能解决细纹、粗糙、毛孔粗大等等瑕疵。为了推广这款面霜，他们请来了当 时炙手可热的影视明星，"一瓶解决多重肌肤问题""24小时焕发年轻光彩"，诸如此类的广告词在各家电视台的黄金时间轮番播放。 在中国之前，类似的广告风格已经在西方世界流行了近一个世纪。意大利作家毛拉·甘奇塔诺在《服美役》一书中写到："面霜广告似乎总是在给人一种虚无 的承诺。它们（指面霜）充满了各种营养物质，你不能去吃，因为会变胖，但可以用在皮肤上……天知道它们怎么发挥作用的。" 以下文章来源于36氪未来消费 ，作者贺哲馨 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 The Ordinary或许是第一个对这种"幻觉"提出质疑的品牌。 与当时的美妆产品不同，The Ordinary的销售人员会根据你的皮肤状况推荐某一款产品（而不是套装！），或清晰劝告你"需要去看皮肤科医生"。这个品牌 大部分护肤品都被装 ...

跻身"10亿美元俱乐部"在望。 作者 | 贺哲馨 编辑 | 乔芊 上世纪90年代，某外资美妆公司在中国推出了它的第一瓶面霜，宣传称这款产品能解决细纹、粗糙、 毛孔粗大等等瑕疵。为了推广这款面霜，他们请来了当时炙手可热的影视明星，"一瓶解决多重肌肤 问题""24小时焕发年轻光彩"，诸如此类的广告词在各家电视台的黄金时间轮番播放。 在中国之前，类似的广告风格已经在西方世界流行了近一个世纪。意大利作家毛拉·甘奇塔诺在《服 美役》一书中写到："面霜广告似乎总是在给人一种虚无的承诺。它们（指面霜）充满了各种营养物 质，你不能去吃，因为会变胖，但可以用在皮肤上… …天知道它们怎么发挥作用的。" The Ordinary或许是第一个对这种"幻觉"提出质疑的品牌。 与当时的美妆产品不同，The Ordinary的销售人员会根据你的皮肤状况推荐某一款产品（而不是套 装！），或清晰劝告你"需要去看皮肤科医生"。这个品牌大部分护肤品都被装在半透明的滴管瓶里， 瓶身简洁到几乎没有多余的修饰，标签上清晰标注着主要成分和浓度。没有朗朗上口的名字，这让它 们看起来不像是精致的美容精华，更像是实验室玻璃橱柜里的半成品。 比极简包装更颠覆的是 ...