2026年首个工作周，临港新片区宣布将建设离岸金融（经济）功能区，以进一步提升跨境投融资便利化 水平，精准支持"走出去"企业开拓全球市场。获悉后，农行相关负责人表示："农行上海市分行将充分 把握改革创新优势，全力支持离岸金融（经济）功能区建设，为高效利用'两个市场、两种资源'贡献金 融力量。"（邓侃） 编辑：李一帆 农行上海市分行相关负责人介绍说，该行于2023年在临港新片区挂牌成立了"农行上海服务贸易创新业 务基地"，2025年9月在临港又设立了"农行上海市分行跨境离岸业务中心"，前瞻探索更高水平、更深层 次的开放型金融服务与制度型创新。 据悉，农行上海市分行聚焦制度型开放，着力将政策机遇转化为发展实效，聚焦临港新片区，全力推动 跨境离岸业务发展，成功落地了上海资本项下首笔数字人民币货币桥跨境结算业务，参与了国家外汇管 理局跨境金融服务平台新型离岸贸易背景核验、汇率避险业务以及小微信保易保单融资等应用场景首批 试点，办理了首批FT账户升级并实现全市场首笔业务落地，完成首笔离岸贸易背景下FTN账户跨二线 外币结算业务等。 转自：新华财经 在印度尼西亚的一个生产车间里，粉饼、腮红等各类化妆品整齐排列，即将打包发 ...

Economic Overview - In 2025, Hangzhou's GDP reached 23,011 billion yuan, growing by 5.2% year-on-year, surpassing the national average by 0.2% [1] Agriculture - The total output value of agriculture, forestry, animal husbandry, and fishery in Hangzhou was 569 billion yuan, with growth rates of 3.8% for planting, 5.3% for forestry, 0.2% for animal husbandry, and 4.2% for fishery [2] - Major agricultural products included a total grain output of 599,000 tons (up 3.9%), vegetable output of 3,860,000 tons (up 3.6%), and fruit output of 900,000 tons (up 3.9%) [2] Industrial Growth - The added value of industrial enterprises above designated size was 4,624 billion yuan, with significant growth in the computer, communication, and other electronic equipment manufacturing (up 13.4%) and automotive manufacturing (up 36.7%) [3] - New quality productivity showed remarkable results, with high-tech industries, strategic emerging industries, and high-end equipment manufacturing growing by 7.5%, 10.0%, and 9.5% respectively [3] - Production of new energy vehicles, industrial robots, and 3D printing equipment saw explosive growth rates of 383.0%, 38.6%, and 15.1% respectively [3] Service Sector - The added value of the service industry was 16,997 billion yuan, with the profit-making service sector growing by 7.0% and financial services by 6.4% [4] - From January to November, the revenue of the service industry above designated size reached 21,168 billion yuan, growing by 8.1%, with the information transmission, software, and IT services sector growing by 13.4% [4] Consumer Market - The total retail sales of consumer goods in Hangzhou reached 9,499 billion yuan, indicating a stable and upgrading consumption pattern [5] - The "8+4" economic policy led to significant growth in retail sales of household appliances (up 42.8%) and communication equipment (up 31.4%) [5] - Upgrading consumption demands were strong, with sports and entertainment goods growing by 45.3% and cosmetics by 12.3% [5] Foreign Trade - The total import and export value was 9,072 billion yuan, with exports at 6,469 billion yuan and imports at 2,603 billion yuan [6] - The export of electromechanical products reached 3,107 billion yuan (up 10.9%), and high-tech products reached 1,001 billion yuan (up 9.9%) [6] - The private economy accounted for 77.0% of total exports, with exports to Belt and Road countries growing by 14.1% [6] Living Standards - The per capita disposable income of residents was 80,017 yuan, with balanced growth across four income sources [7] - Urban residents had a per capita disposable income of 86,640 yuan (up 3.9%), while rural residents had 53,565 yuan (up 5.4%), narrowing the income gap to 1.62 [7] Price Stability - In 2025, the consumer price index remained stable compared to the previous year, with six categories of goods experiencing price increases and two categories seeing declines [8] - Hangzhou aims to achieve a GDP of 30 trillion yuan and a per capita GDP of over 30,000 USD by 2030, focusing on policy coordination and market demand stimulation [8]

稳居全球第一大化妆品消费市场 "2025年中国化妆品行业全渠道交易额达11042.45亿元，市场规模首次突破1.1万亿元，同比增长2.83%，连续多年稳居全球第一大化妆品消费市场。" 1月20日，中国香料香精化妆品工业协会（以下简称"中国香妆协会"）主办的2025中国化妆品产业数据发布会上，中国香妆协会理事长、医学博士颜江瑛 披露并深度剖析了多项关键行业数据，全景式呈现中国化妆品产业在规模、结构、竞争力等维度的最新发展态势，确定了产业在全球格局中的新坐标。 在产业转型的关键节点，行业的每一步发展都备受瞩目，而本次发布会披露的各项数据，无疑将为我们揭开中国化妆品产业发展的全新篇章。 值得关注的是，国货品牌市场份额已连续四年提升，2025年达到57.37%，标志着市场正式进入"国货主导"的新阶段。在线上交易额TOP1000品牌中，国 货占比也从边缘走向核心，形成对法国、美国、日本、韩国等传统化妆品强国的持续竞争优势。 然而，繁荣的另一面是行业加速洗牌。2025年淘汰品牌数量高达2.7万个，尾部品牌中仅有约26%实现增长，市场资源明显向头部及科技驱动型品牌集 中。 市场规模继续破万亿 但增长逻辑已变 她指出，"20 ...

Core Viewpoint - L'Occitane is exploring the possibility of an initial public offering (IPO) in the United States as early as this year, following its privatization by billionaire owner Reinold Geiger in 2024 [1] Group 1 - L'Occitane has engaged JPMorgan and Morgan Stanley to handle the potential listing [1] - Discussions regarding the IPO are ongoing, and specific details, including the timing of the listing, may change [1]

Core Insights - The Chinese cosmetics market has surpassed 1.1 trillion yuan, maintaining its position as the largest cosmetics consumer market globally [2][3] - The market share of domestic cosmetics has increased to 57.37%, solidifying its leading position [3][25] - Approximately 27,000 brands were eliminated in the past year, while over 60% of the top 500 brands achieved positive growth, indicating a shift from a broad growth phase to a deep transformation focused on structural optimization [3][19] Market Size and Growth - In 2025, the total transaction value of the Chinese cosmetics market is projected to be 1,104.25 billion yuan, with a year-on-year growth of 2.83%, indicating a stable development phase [8] - The growth rates for the years 2023, 2024, and 2025 are 3.61%, 2.80%, and 2.83% respectively, reflecting a new normal of single-digit growth [8] - The retail sales of cosmetics in 2025 are expected to reach 465.3 billion yuan, with a growth rate of 5.1%, outpacing the overall retail sales growth [11] Market Dynamics - The data from the China Cosmetics Association and the National Bureau of Statistics complement each other, presenting a comprehensive view of the market landscape [14] - The divergence in data is attributed to different statistical scopes, with the National Bureau focusing on larger enterprises while the Association includes a broader range of market players [14] - The market is experiencing a significant internal structural change, with resources concentrating on larger, compliant, and research-capable enterprises, while smaller firms face increasing survival pressures [15] Brand Performance - Over 60% of the top 500 brands achieved positive growth, while the number of brands with over 100 million yuan in sales increased from 746 in 2023 to 839 in 2025 [16] - The elimination of approximately 27,000 brands in 2025 signifies the end of competition based on traffic and homogenized products, marking an acceleration of the survival of the fittest [19] Channel Competition - Online channel transaction value grew by 4.45% in 2025, while offline channels remained stable, indicating the end of reliance on a single growth channel [22] - The shift towards comprehensive channel operations is becoming the new foundation for brand development [22] Rise of Domestic Brands - Domestic brands' market share has risen to 57.37%, marking a fundamental shift in market dynamics [25] - Successful domestic brands focus on niche markets, technological barriers, and unique brand cultures rather than just price competitiveness [28] - The victory of domestic brands reflects a new development model that emphasizes long-term value and systemic capabilities [31] Regulatory and Competitive Landscape - The modernization of the regulatory system during the 14th Five-Year Plan has clarified the direction for high-quality development [34] - The shift from marketing wars to technology and brand wars is reshaping competitive dynamics within the industry [35] - Continuous investment in R&D is evident, with the average R&D expense ratio for Chinese cosmetics companies increasing from 2.36% in 2020 to 3.24% in 2025 [35] Consumer Behavior and Market Trends - The market is witnessing a dual pursuit among consumers for both high-value basic products under 300 yuan and luxury products over 1,000 yuan, while mid-range products are declining [38] - Brands must clearly position their value propositions to succeed in this evolving market landscape [38] Global Market Expansion - Expanding into global markets is becoming essential for leading brands, with some achieving significant breakthroughs in mature markets [39] - The dual drivers of strong policy and active market dynamics are propelling the Chinese cosmetics industry towards a new era of high-quality development [40]

1月20日，2025中国化妆品产业数据发布会在上海举办。在发布会上，2025年度中国化妆品产业的关键 数据与发展趋势重磅发布，中国香料香精化妆品工业协会数据显示，2025年中国化妆品市场规模再创新 高，全渠道交易额突破1.1万亿元，达11042.45亿元，同比增长2.83%。国货品牌竞争力持续领跑，市场 份额提升至57.37%。 华西证券（002926）研报认为，从全年趋势来看，化妆品零售额的增长展现出强劲的行业复苏韧性。从 需求端来看，消费者对化妆品的需求从基础功能转向品质、功效与品牌价值的多元追求，愿意为高端护 肤、专业彩妆等高品质产品支付溢价。从供给端来看，国货品牌凭借研发创新与东方文化赋能，在抗 衰、修护等核心功效赛道持续进行产品推新与迭代，优质供给激活消费需求，供需协同推动化妆品市场 企稳回升。 化妆品产业蓬勃发展 近年来，我国化妆品产业逐渐向高端化、品牌化、创新化方向发展。 有业内人士提到，从政策端来看，近期国家层面围绕美妆产业推出了一系列支持政策，包括创新激励、 标准完善、品牌培育等方面，相关政策文件的出台也带动了美妆产业规模与竞争力稳步提升。具体来 看，国家药监局于2025年11月份发布的《关 ...

这也反映在香妆协会发布的数据趋势中。在政策赋能、监管体系现代化的加持下，国货品牌市场份额连 续5年增长，2022年突破50%，2023年达52.82%，2024年提升至55.20%。2025年，国货品牌竞争力持续 攀升，市场份额进一步扩大至57.37%。 从国别品牌竞争格局来看，以线上交易额TOP1000品牌为样本，2025年中国品牌交易总额达2688.63亿 元，远超其他国家品牌；法国品牌以755.41亿元交易额位居第二，市场份额16.12%；美国、日本、韩国 品牌分别以550.33亿元、299.31亿元、187.24亿元交易额位列第三至第五，市场份额分别为11.74%、 6.39%、4.00%；其他国家品牌合计占比4.38%。 中国香妆协会理事长、医学博士颜江瑛指出，国货品牌的崛起标志着中国化妆品市场已从"国际品牌主 导"转向"国货核心引领"的发展新阶段。 国产化妆品品牌竞争力持续攀升。 中国化妆品市场规模又创下了新高。 2025年，中国化妆品行业全渠道交易额达11042.45亿元，市场规模首次突破1.1万亿元大关，同比增长 2.83%，延续稳健增长态势。 从近年增长轨迹来看，2023年同比增长3.61% ...

促投资、促消费，是拉动内需的"双轮驱动"。在2025年四川经济形势新闻发布会上，投资与消费数据引 发关注。 2025年，四川社会消费品零售总额超2.9万亿元，比上年增长5.1%；全年产业投资比上年增长8.2%，占 全部投资的30.4%…… 数据背后，反映出投资结构发生了怎样的表现？消费市场表现出哪些新亮点？ 一大批重点项目建设加快 全年产业投资占全部投资的30.4% 有效投资是稳增长的重要支撑。2025年，四川把项目投资作为拼经济搞建设、推动高质量发展的直接抓 手，全省固定资产投资"结构持续优化，投资运行正加快从规模扩张向质效提升转换"。 产业投资压舱石作用突出。全省紧紧围绕"有根产业、有效投资、有持续税源"认真谋划推进项目，一大 批重点项目建设加快并陆续投产。全年产业投资比上年增长8.2%，占全部投资的30.4%、比上年提高3 个百分点。其中农林牧渔业、采矿业、制造业、电力生产投资分别增长5.9%、41.9%、4.6%、17.8%； 深入落实"两新""两重"政策，产业领域设备工器具购置投资增长13.5%。 投资向新向质向绿趋势明显。全省持续加快世界级优质清洁能源基地建设，全年绿色低碳产业投资增长 1.5%。 ...

Core Insights - The beauty giant L'Oréal has selected 13 companies for its "L'AcceleratOR" accelerator program after reviewing nearly 1,000 applications from 101 countries, focusing on biomanufacturing solutions [1][14]. Group 1: L'AcceleratOR Program - The "L'AcceleratOR" program, launched in June 2025 in collaboration with the University of Cambridge's Institute for Sustainability Leadership (CISL), aims to donate €100 million (approximately 800 million RMB) over five years and provide 12 months of resource support to selected projects [3][16]. - The selected companies are expected to promote their solutions within L'Oréal's international business [3][16]. Group 2: Selected Companies - Six of the 13 selected companies are focused on bio-based materials, including: - Kelpi, which has developed a biodegradable coating made from seaweed that offers similar protective qualities to plastic [4][17]. - Bioworks, which has created a bio-based packaging material, PlaX, from sugarcane, reducing carbon emissions by 62% compared to traditional petroleum-based plastics [4][17]. - Blue Ocean Closures, which produces caps from dried plant fibers as an alternative to plastic [6][19]. - RAIKU, which can convert one cubic meter of wood into 203 units of packaging material, reducing wood usage by 90% [6][19]. - Purpex, which is developing recyclable paper bottles [20]. - Novobiom, REPLACE, and Gàs Verde, which focus on circular solutions using fungi, multi-layer plastics, and biogas production, respectively [20]. Group 3: L'Oréal's Investment Strategy - L'Oréal has been actively investing in synthetic biology, having made nine investments in related companies since 2022, with a focus on developing natural active ingredients and alternatives to traditional raw materials [10][23]. - The company's venture capital arm, BOLD, has been investing in beauty startups since its establishment in 2018, with a strong emphasis on biotechnology and green science [10][23]. Group 4: Recent Collaborations - Recent collaborations include investments in companies such as Microphyt for extracting natural ingredients from microalgae, Genomatica for developing palm oil using fermentation technology, and partnerships with various Chinese biotech firms [12][25]. - Notable Chinese companies include: - Blue Ocean Microbiology, known for its biodegradable plastic PHA, with total financing exceeding 1.9 billion RMB [13][26]. - Shanhai Innovation, which collaborates with over 100 companies, including L'Oréal [13][26]. - Weiming Shiguang, focusing on high-value bioactive materials for beauty and personal care [13][26].

这家以身体护理为主打的平价国货品牌，讲述了一个高速增长与显著争议并存的品牌故事。 尽管半亩花田身体、头发、面部洗护用品的平均售价仅在20元上下，但品牌一年营业额逼近19个亿，毛利率长期维持在60%以上。 招股书显示，2023年到2025年前三季度，其营业收入从11.99亿元上升到15亿元，再增长到18.95亿元。盈利方面，其经调整净利润从2023 年的2370万元增长到2024年的8280万元，增幅249.4%，2025年前三季度达1.48亿元。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 鎖害量 | 平均售價 | 銀 島 畳 | 平均售價 | 銷售量 | 平均售價 | 鎖售量 | 平均售價 | | | | | | (銷售量以千件為單位,平均售價以人民幣為單位) | | | | | | 身體洗護 | 22.143 | 23.6 | 31.910 | 21.9 | ...