Core Viewpoint - The Japanese stock market experienced significant declines in tourism-related stocks following a travel advisory from China's Ministry of Culture and Tourism, recommending Chinese tourists avoid traveling to Japan due to safety concerns stemming from recent political tensions [1][2]. Group 1: Stock Market Impact - Multiple tourism-related stocks in Japan saw substantial drops, with Shiseido, a major beauty company reliant on Chinese consumers, falling by 11% [1]. - The parent company of Mitsukoshi and Isetan department stores, Mitsukoshi Isetan Holdings, experienced a decline of over 10% [1]. - Oriental Land Company, the operator of Tokyo Disneyland, saw its stock decrease by 4.74%, while All Nippon Airways (ANA) dropped by 3.48% [1]. - Other companies in the railway, retail, and hotel sectors, such as Hankyu Hanshin Holdings, also faced declines exceeding 2% [1]. Group 2: Tourism Statistics - Preliminary data from the Japan National Tourism Organization indicates that nearly one-fifth of international visitors to Japan in 2024 are expected to come from China, amounting to approximately 7 million people [1]. Group 3: Government Advisories - On November 14, the Chinese Ministry of Foreign Affairs issued a travel advisory highlighting risks for Chinese citizens in Japan due to provocative remarks from Japanese leaders regarding Taiwan, further advising against travel to Japan [1][2]. - The Chinese Ministry of Education also released a warning regarding studying in Japan, suggesting that citizens carefully plan their study arrangements [2].

Core Viewpoint - The stock price of Giant Bio (02367) has experienced a decline of over 5%, currently trading at 37.62 HKD, with a transaction volume of 285 million HKD, indicating market concerns regarding its performance in the beauty sector [1] Group 1: Company Performance - According to data from Qingyan, the ranking of Kefu Beauty in Tmall's beauty promotion list has dropped from 5th place in 2023 to 20th place in 2025 [1] - Kefu Beauty, which previously ranked in the top 20 on Douyin's beauty list, has fallen out of the top 20 since June of this year [1] Group 2: Market Trends - Citigroup's previous research report indicated that the promotional strategy for Giant Bio's main products in Li Jiaqi's live streaming sessions has become more stringent, leading to a decrease in price attractiveness [1] - Data from Chanmama further supports this trend, showing that Kefu Beauty's GMV on Douyin from October 9 to 16 was between 50 million to 75 million HKD, a significant decline from over 100 million HKD in the same period last year [1]

Core Viewpoint - The company, Mao Ge Ping, has proposed a restricted stock incentive plan aimed at enhancing its long-term incentive mechanism and aligning the interests of shareholders, the company, and management to promote sustainable development [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 670 million yuan, up 36.1% year-on-year [1] - For the third quarter of 2025, sales on various platforms showed significant growth, with Taobao, Douyin, and JD platforms reporting year-on-year increases of 25.4%, 55.6%, and 45.7% respectively [1] Group 2: Sales Performance During Promotions - In October, during the "Double Eleven" promotional period, sales on Taobao, Douyin, and JD platforms grew by 60.5%, 39.8%, and 22.3% year-on-year [2] - The brand entered the top 20 in the beauty category on Tmall for the first time, ranking 20th, and secured the 1st position in the domestic makeup category on JD [2] - Several key products performed exceptionally well, with annual sales exceeding 200,000 for the Xiaojin Fan powder and over 100,000 for the Caviar Cushion Foundation and Caviar Mask [2] Group 3: Strategic Positioning and Future Outlook - The company is reinforcing its high-end beauty positioning, with strong growth in main categories and channels [2] - The product range is expanding into fragrances, with new series launched to enhance the product matrix [2] - The company maintains profit forecasts for 2025-2027, projecting net profits of 1.21 billion, 1.58 billion, and 2.04 billion yuan, with corresponding EPS of 2.46, 3.22, and 4.16 yuan, and a "buy" rating is upheld [3]

Group 1 - The core viewpoint indicates that Winona's performance on Tmall during the Double 11 event has improved year-on-year, ranking 8th in the beauty category, while Q3 revenue has declined due to high base effects from increased advertising on Douyin last year [1] - Winona's key products include special care cream, 311 essence, and sunscreen, which contributed to its improved ranking [1] - The company has formed a strategic partnership with Koi Medical to advance the home beauty device brand, aiming to create a comprehensive home skin beauty system in the Chinese market [1] Group 2 - In Q3 2025, the company reported revenue of 1.092 billion, a decrease of 9.95%, but achieved a net profit of 25 million, turning from loss to profit [2] - The gross profit margin for Q3 2025 was 70.68%, down by 5.7 percentage points, primarily due to product structure adjustments [2] - The company has optimized its expense ratios, with a sales expense ratio of 50.65% (down 9.8 percentage points) and a management expense ratio of 12.34% (down 1.2 percentage points), contributing to improved profitability [2]

Group 1: Banking Sector - The net profit growth rate of commercial banks in the first three quarters of 2025 improved by 1.2 percentage points compared to the first half of 2025, with state-owned banks showing the highest growth at 2.3% [4] - City commercial banks demonstrated the most significant improvement in net profit growth, with a quarter-on-quarter increase of 2.8 percentage points [4] - The overall interest income is expected to have solid support for the year, alongside a recovery in the capital market, which may sustain the recovery of fee-based income [4] Group 2: Non-Ferrous Metals - In the U.S., electricity supply is tight due to the rapid development of data centers, creating investment opportunities in electrolytic aluminum [5] - The U.S. is projected to generate 4.3 trillion kWh of electricity in 2024, with a consumption of 4.1 trillion kWh, ensuring sufficient power supply [5] - Industrial electricity consumption accounts for 26% of total usage, indicating a significant demand from the industrial sector [5] Group 3: Copper Industry - Refined copper inventory among downstream consumers hit a new low since 2015, indicating ongoing supply tightness [5] - Cable manufacturers' operating rates are recovering amid rising copper prices, and the fourth quarter is expected to benefit from seasonal demand [5] - The supply-demand balance is expected to remain tight, with copper prices likely to continue rising after short-term fluctuations [5] Group 4: Petrochemical Industry - The implementation of anti-involution policies is gradually taking shape, with a focus on optimizing market competition in the chemical industry [7] - The Ministry of Industry and Information Technology recently held a meeting on the development of PTA and bottle chips, signaling a commitment to stabilize growth in the chemical sector [7] - The chemical industry is expected to see a valuation recovery due to improved supply-demand dynamics [7] Group 5: Semiconductor Industry - SMIC's Q3 2025 performance exceeded expectations, with revenue of $2.382 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 7.8% [8] - The increase in wafer shipments by 4.6% quarter-on-quarter and a 3.8% rise in average selling price (ASP) were driven by improved product mix and higher sales of advanced process products [8] - The gross margin for Q3 2025 was 22%, surpassing the company's guidance range and market expectations [8] Group 6: Entertainment Industry - Damai Entertainment reported a revenue of 4.05 billion RMB for FY26H1, reflecting a year-on-year growth of 33% [8] - The company achieved a gross profit of 1.44 billion RMB, with a gross margin of 35.7%, down 7.4 percentage points year-on-year [8] - Adjusted EBITA was 550 million RMB, showing a 14% increase compared to the previous year after excluding one-time gains [8] Group 7: Cosmetics Industry - The company proposed a restricted stock incentive plan to motivate core employees, indicating confidence in long-term development [9] - Sales during the "Double Eleven" shopping festival showed strong growth, with significant year-on-year increases across various platforms [9] - The brand entered the top 20 in the beauty category on Tmall for the first time, ranking 20th, and topped the domestic makeup category on JD.com [9]

Core Viewpoint - The article discusses the implementation of a restricted stock incentive plan by the company Mao Ge Ping, aimed at enhancing long-term incentive mechanisms and aligning the interests of shareholders, the company, and management [4]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 2.59 billion yuan, representing a year-on-year growth of 31.3%, and a net profit attributable to shareholders of 670 million yuan, up 36.1% year-on-year [5]. - For the third quarter of 2025, sales on various platforms showed significant growth: Taobao increased by 25.4%, Douyin by 55.6%, and JD.com by 45.7% [5]. - During the "Double Eleven" sales event, sales continued to perform well, with Taobao, Douyin, and JD.com showing year-on-year growth of 60.5%, 39.8%, and 22.3% respectively [5]. Group 2: Market Position and Product Development - The company has strengthened its high-end beauty positioning, with significant growth in its main product categories and channels [6]. - The product range has expanded from makeup and skincare to include fragrances, with new series such as Guo Yun Ning Xiang and Wen Dao Dong Fang [6]. - The company has successfully entered high-end department stores, including Beijing SKP and Chongqing Xingguang 68, enhancing its offline presence [6]. Group 3: Sales Performance and Rankings - The company achieved notable rankings during the "Double Eleven" event, entering the top 20 in the beauty category on Tmall and ranking first in the domestic makeup category on JD.com [5]. - Several key products have performed exceptionally well, with annual sales exceeding 200,000 units for the Xiaojin Fan powder and over 100,000 units for the Caviar Cushion Foundation and Caviar Mask [5].

Core Insights - The Double Eleven shopping festival shows a robust double-digit growth, with impressive performance in instant retail and a trend towards integrated service across platforms [1][2] - The beauty category maintains steady growth across multiple platforms, with Tmall's high-end international brand rankings recovering and Douyin's leading domestic brands performing well [3] Group 1: Double Eleven Performance - The overall GMV for Double Eleven in 2025 is projected to reach 1,695 billion, representing a 14% increase from 2024, with instant retail showing significant growth [2] - Tmall achieved its best growth in four years, significantly driven by the 88VIP program, while JD.com set new transaction records [2] Group 2: Beauty Category Insights - The skincare and makeup categories are expected to grow between 5-15% across platforms, with domestic brands like Proya maintaining a strong position [3] - High-end international brands such as Estée Lauder and SK-II have seen improvements in their rankings, benefiting from high-value user contributions [3] Group 3: Brand Performance - Brands like Ruoyuchen and Shangmei have shown remarkable performance during Double Eleven, with Ruoyuchen's total GMV increasing by 80% year-on-year [4] - The brand management and e-commerce operations of Kangwang and Aveeno have also seen significant growth, with some brands achieving over 200% year-on-year increases [4]

Investment Rating - The report suggests maintaining a high position in the market and focusing on specific sectors such as overseas expansion and Bay Area-related fields, including power grids, engineering machinery, innovative pharmaceuticals, home appliances, and non-ferrous metals [1][9]. Core Insights - Economic data for October shows a general slowdown in industrial, consumption, and investment growth, with retail sales related to trade-in programs declining by 2.2% and fixed asset investment down 1.7% year-on-year [1][2]. - CPI turned positive at 0.2% in October, while PPI narrowed to -2.1%. Expectations for 2026 indicate a potential rise in CPI to 0.5% and PPI to -1, which may benefit value-style sectors related to price increases [1][6]. - The financial data indicates a decline in social financing, credit, and M1, M2 growth rates, reflecting weak demand in the real economy, but a trend of deposit activation continues [1][13]. Economic Performance - Industrial value-added and service production indices decreased to 4.9% and 4.6%, respectively, while social retail sales growth fell from 3.0% to 2.9% [2]. - Fixed asset investment from January to October saw a cumulative year-on-year decline of 1.7%, with real estate investment showing a significant drop [5]. Sector Analysis - Most industries experienced a slowdown, with only a few, such as utilities and automotive, showing growth. The energy and metals sectors are under scrutiny, with oil processing remaining high and expected Brent crude oil prices around $65 per barrel in Q4 [3][11]. - The consumer sector is facing challenges, particularly in home appliances and automotive, with declines between 7% and 15% [4]. Market Strategy - The current market shows a divergence in performance, with a recommendation to maintain a balanced investment strategy focusing on sectors like batteries, chemicals, and aquaculture, while being cautious of market volatility [9][10]. - The bond market is expected to benefit from a weakening economy, with predictions of accelerated monetary easing towards the end of the year [10]. Future Outlook - The report anticipates that demand will remain weak in 2026, necessitating further policy support to stimulate effective demand and reduce ineffective supply [7][8]. - The light industry and beauty sector are expected to require policy stimulation, with a focus on solid growth segments like trendy toys and beauty products [17][20].

今年（2025 年）双十一期间，美妆板块整体表现较为强劲，抖音平台同比增 长达到 20%，天猫平台的实际增长数据约为 8%。尽管天猫的增长略低于预期， 但整体美妆板块仍超过 10%的增长，基本达到了平台的预期。具体到品牌层面， 国际品牌和新国货线表现尤为突出。国际品牌中高端和轻奢线的增长普遍超过 10%，许多品牌甚至达到了 20%以上。而国货品牌中，自然堂、百雀羚、林 清轩、谷雨等非上市公司表现优异，但上市公司中仅毛戈平的数据超过 50%的 增长。 双十一期间，各大电商平台上的订单数量和客单价有何变化？流量结构如何？ 双 11 美护大盘&高端品牌趋势分析专家会 20251116 摘要 2025 年双十一期间，国际品牌在淘天平台表现强劲，中高端和轻奢线 增长普遍超过 10%，部分品牌甚至超过 20%，主要受益于八八 VIP 用 户增长，贡献占比高达 65%，其中国际品牌占比 70%-90%。 国货品牌在抖音平台的预算投入较高，但整体表现逊于国际品牌。自然 堂、百雀羚、林清轩、谷雨等非上市公司表现优异，而上市公司中仅毛 戈平增长超过 50%。 国际品牌在淘系费率约为 15%-20%，抖音约为 25%；国货在抖音费 ...

Core Insights - The article emphasizes the robust double-digit growth during the Double Eleven shopping festival, highlighting the impressive performance of instant retail and the trend towards integrated service across platforms [1][2]. Group 1: Overall Market Performance - The total GMV for the Double Eleven event in 2025 is projected to reach 1,695 billion, reflecting a 14% growth compared to 2024 [1]. - Major platforms like Tmall and JD.com reported significant growth, with Tmall achieving its best growth in four years, driven by the 88VIP program and new business models [1]. - Instant retail showed remarkable growth, with GMV reaching 670 billion, marking a 138% increase year-on-year [1]. Group 2: Beauty Sector Insights - The beauty category across multiple platforms is expected to grow between 5-15% during the Double Eleven event, with Tmall's top 10 beauty brands remaining stable [2]. - Domestic brands like Proya and Winona are performing well, with Proya maintaining the top position in Tmall's beauty category [2]. - The high-end international brands are also seeing a recovery, with Estee Lauder and SK-II improving their rankings [2]. Group 3: Brand Performance Highlights - Brands such as RuYuchen and Shangmei have shown outstanding performance during the Double Eleven, with RuYuchen's Zhenjia achieving an 80% year-on-year increase in GMV [3]. - The brand management and e-commerce operations of Kangwang and Aveeno also reported significant growth, with GMV increasing by 50% and 242% respectively [3]. - The overall sales for brands like Anmin and Jiyuan have seen substantial increases, with Anmin's total sales up by 208% [3].