Core Viewpoint - The article highlights the rising popularity of the American version of ultrasound knife technology in the anti-aging sector, emphasizing its effectiveness and precision in achieving facial lifting and tightening results [1][3]. Group 1: Technology and Effectiveness - The American ultrasound knife is recognized for its strong lifting effect, improving skin elasticity and reducing wrinkles, leading to clearer facial contours [3]. - This technology has received FDA certification, ensuring its safety and effectiveness [3]. - It utilizes high-intensity focused ultrasound to target the SMAS layer, tightening loose muscle tissue and providing long-lasting lifting effects [3]. Group 2: Precision and Customization - The ultrasound knife's precision is enhanced by real-time imaging technology, allowing doctors to observe skin structure and adjust treatment depth and energy according to individual skin conditions [3]. - The Ulthera® specialized probe can be customized for different depths (1.5mm, 3.0mm, 4.5mm) to treat various skin layers, achieving natural and effective lifting and tightening results [3]. Group 3: VelyB Hospital's Role - VelyB Hospital is recognized for its strong reputation in the medical aesthetics field and has introduced advanced technologies like the American ultrasound knife as part of its anti-aging strategy [6]. - The hospital boasts a skilled medical team trained in the operation of the ultrasound knife, capable of creating personalized treatment plans based on individual facial characteristics and needs [6]. - Various treatment options are available at VelyB Hospital, including different shot counts (100, 300, 600), catering to diverse client needs from mild skin laxity to significant facial sagging [6].

Core Viewpoint - Fulejia, once a leader in the beauty mask industry, is facing significant challenges including declining performance and intensified competition [1] Financial Performance - In 2024, Fulejia reported revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while net profit fell to 661 million yuan, a decrease of 11.77% [1] - For Q1 2025, both revenue and net profit declined, with revenue at 301 million yuan, down 26.39%, and net profit at 91.384 million yuan, down 39.77% [1] - In 2023, net profit was 749 million yuan, a decrease of 11.56%, with sales expenses reaching 532 million yuan, accounting for 27.51% of revenue [1] Marketing and Cost Structure - Fulejia has been heavily investing in marketing, with sales expenses projected to reach 748 million yuan in 2024, a 40.53% increase, representing 37.08% of revenue [1] - Research and development expenses remain low, at 34.82 million yuan in 2024, only 1.73% of revenue [1] - The company is experiencing high costs associated with influencer marketing, which has been identified as a burden [1] Competitive Landscape - Fulejia's former partner, Hasanlian, is entering the competitive space with similar products and has announced plans to sell up to 18 million shares of Fulejia stock [1] - Hasanlian's R&D investment is three times that of Fulejia, indicating a more robust approach to product development [1] - The beauty industry is becoming increasingly competitive, making it difficult for Fulejia to differentiate itself and regain its former market position [1]

投资建议：产品端单品突破仍存机遇，新品中重点关注肉毒/再生/PDRN等品类进展，运营上看好头部 企业持续领先 据德勤预测，2023年我国医美终端规模逾2300亿元，预计24~27CAGR+10%~+15%;其中注射类规模占比 约1/4，预计未来5年规模CAGR+20%~+30%。短期，受宏观经济增长降速与基数影响，部分医美企业业 绩阶段性承压、表现分化。展望未来，该行测算每千人医美诊疗次数韩国/日本/中国分别为91次 (2019)/71次(2023E)/34次(2023E)，未来认知度提升与客群老龄化有望带来较大空间;同时注射类产品受 益于丰富的品类供给和消费者认可，有望在轻医美潮流中获得较行业整体更快的增速。 发展趋势：产品竞争格局或将U型演变，头部企业有望依靠运营能力保持优势 ①产品维度，短期单品获批周期长带来新证稀缺性，中长期集中度料"U"型演变：医美产品作为医疗器 械/药品，审批时间长，品类早期受制于牌照稀缺、集中度高;中期竞争对手增加使格局分散，但最终企 业经营能力分化，料将推动集中度再次提升。 ①产品端：非透明质酸材料批文数量有限，产品端单品突破存机遇。据动脉网统计，我国已获批医美注 射针剂批文超 ...

Core Viewpoint - The medical beauty industry in China has significant market potential, driven by increasing awareness and an aging customer base, with injection products expected to grow faster than the overall industry due to supply-side support [1] Industry Summary - The medical beauty market in China is characterized by a large market space and growth opportunities due to evolving consumer awareness and demographic trends [1] - The evolution of product categories is creating development opportunities, with the scarcity of new licenses contributing to product advantages [1] - The competitive landscape is expected to evolve into a U-shaped pattern as the number of approvals increases, shifting competition from products to a comprehensive capability in marketing, market presence, and management [1] Company Summary - The Chinese market exhibits "limited innovation" characteristics, where leading companies are likely to maintain their competitive edge through operational capabilities [1] - Two investment themes are recommended: focusing on product category iterations and breakthroughs, as well as the comprehensive capability development of medical beauty enterprises, with a particular emphasis on the sustained leadership of top companies [1]

｜2025年6月20日 星期五｜ NO.1中国银河证券：白电板块的投资主要看公司业绩稳定性 中国银河证券指出，白电板块的投资主要看公司业绩稳定性，分红率稳步提升与无风险利率下行带来的 估值提升趋势；黑电板块的投资机会主要在于全球竞争力提升背景下的业绩弹性；清洁电器的投资机会 在于行业自2023年三季度以来深度整合之后龙头胜出后的机会；此外，AI与具身机器人技术的渗透， 部分公司将引入有吸引力的新智能产品。 中信证券研报表示，我国医美行业市场空间大，认知度提升和客群老龄化有望驱动成长，其中注射类受 益于供给侧推动、增速或将快于行业整体。产品维度看，品类演进迭代创造发展机遇，新证稀缺性构筑 产品红利、中长期批文增加后格局或将U型演变，竞争要素由产品逐步升级至营销、市场、管理等多维 度综合能力；企业维度看，中国市场具备"有限创新"特征，头部企业或将依靠运营能力积淀保持领先。 基于此，我们提出两条投资主线：①产品维度关注品类迭代、单品突破机遇；②经营维度关注医美企业 综合能力构建，更加看好龙头企业持续领先能力。 免责声明：本内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 NO.2 ...

Core Insights - The "post-exam economy" is emerging as a significant trend among high school graduates, characterized by a surge in consumption related to travel, electronic products, and personal development activities [1][8]. Travel Consumption - High school graduates are increasingly engaging in emotional consumption, with travel being a primary focus. For instance, a graduate from Hubei took a spontaneous trip to Chongqing right after the exams, benefiting from various discounts offered to graduates [2][3]. - Data from Ctrip indicates that travel product bookings surged by 88% from June 9 to June 11, with many graduates opting for immediate travel post-exams, viewing it as a rite of passage [3]. Electronic Products - There is a notable increase in "reward-based consumption," particularly in electronic products such as smartphones, computers, and tablets, as parents purchase these items as rewards for their children after exams. Sales of these products have peaked during this period [4]. - Promotions during the 618 shopping festival have further boosted sales, with some products seeing a sales increase of 40% to 50% [4]. Personal Development - Graduates are also focusing on personal development activities, such as obtaining driving licenses and engaging in fitness training. Many graduates are enrolling in driving schools and gyms to prepare for their next life stages [6]. - The demand for corrective procedures, such as vision and dental corrections, has also risen, with Meituan reporting a 108% increase in vision surgery orders and nearly 30% growth in dental procedures [7][8]. Market Trends - The consumption preferences of high school graduates are shifting towards personalized and experiential products, driving market upgrades and product iterations [5]. - The "post-exam economy" is not just a short-term consumption spike but a reflection of the evolving needs and preferences of young consumers, suggesting a need for businesses to adapt and enhance their offerings [8].

商贸零售行业2025年度中期投资策略 维稳、谋变，重视新消费 解慧新 证券研究报告 * 请务必阅读最后一页免责声明 2025年6月19日 * 1 01 证券研究报告 * 请务必阅读最后一页免责声明 目录 02 医美 03 黄金珠宝 00 零售行业总览 04 商超百货 05 零售板块投资建议 06 风险提示 01 美妆 C O N T E N T S 零售行业总览——细分板块逻辑梳理 证券研究报告 * 请务必阅读最后一页免责声明 2 • 美护：25年1-5月，美容护理板块整体表现强劲。美护赛道悦己属性强，对消费者新需求变化敏感度高，逐步成为新消费的主力赛道。25年下半 年重点聚焦三条投资主线：①产品势能强劲、数据高增；②经营情况改善；③龙头大而全的企业。推荐巨子生物、毛戈平、上美股份、珀莱雅、 丸美生物、润本股份。 • 医美：胶原蛋白赛道景气度高且成长性强；行业需求整体承压情况下对渠道管理能力以及医美产品的运营能力提出更高要求，产品管线的持续扩 充以及平台化运营能力对新一轮投资周期至关重要；建议关注新材料以及新产品管线催化，推荐锦波生物、爱美客。 • 黄金珠宝：近年来，消费者对"非必要支出"更加谨慎，黄金因其卓 ...

Core Points - The National Healthcare Security Administration (NHSA) has released a guideline for the pricing of cosmetic surgery services, aiming to standardize and regulate the pricing of cosmetic procedures [1][2] - The guideline includes 101 cosmetic surgery projects, such as injection fees, rhinoplasty fees, and fat transfer fees, with a focus on clear and understandable naming conventions for services [1][3] - The guideline introduces a policy for additional charges for revision surgeries, recognizing the increased technical demands and time required for such procedures [2] Group 1 - The guideline standardizes the naming of cosmetic surgery services, making it easier for patients to understand the procedures and associated costs [1][3] - It includes new pricing projects for "reduction tension suturing" and "incision cosmetic modification," encouraging medical institutions to minimize scar formation through advanced techniques [3] - Most of the cosmetic procedures outlined in the guideline are not covered by health insurance and are considered out-of-pocket expenses, allowing medical institutions to set their own pricing [3] Group 2 - The guideline addresses the issue of varying quality among medical institutions in the cosmetic surgery field, which can lead to unsatisfactory results for patients [2] - It emphasizes the importance of transparency and fairness in pricing, encouraging institutions to publicly disclose their pricing structures [3] - The NHSA aims to guide provincial healthcare authorities to adopt the guidelines and assist qualified medical institutions in setting reasonable prices based on quality and service [3]

转自：北京日报客户端 编者按：6月1日至27日，北京市教育两委联合前线杂志社策划推出"北京高校服务新时代首都发展特别 报道"（点击查看专题）。6月19日聚焦——北京工业大学。 作为唯一一所同时进入"211工程"和"双一流"建设的北京市属高水平研究型大学，建校65年来，北京工 业大学始终坚持"立足北京，服务北京，辐射全国，面向世界"的办学定位，充分发挥"以工为主的多科 性高水平研究型大学"的办学优势，主动适应新时代首都发展的新形势新挑战新要求。 在今年全国两会上，习近平总书记参加江苏代表团审议时强调，"抓科技创新，要着眼建设现代化产业 体系，坚持教育、科技、人才一起抓，既多出科技成果，又把科技成果转化为实实在在的生产力。"高 校是教育、科技、人才的集中交汇点，是推动科技成果转化的重要力量。近年来，北京工业大学（简 称"北工大"）聚焦高校科技成果转化的普遍困局，打出一系列掷地有声的"组合拳"，在显著提高成果转 化效能的同时，营造了良好的创新生态，为北京国际科技创新中心建设贡献了力量。 搭平台：迭代升级高促会推动科技创新全要素融合 "这是城市污水处理全流程智能优化运行平台，集中展现了控制、人工智能、环境等多学科融合 ...

中国注射类医美行业研究报告 艾瑞咨询 2025 年 06 月 19 日 核心摘要： 技术手段与审美认知共同引领医美行业变革。随着医美行业进入发展期，非 手术项目选择逐渐丰富，"抗衰老"成为消费者的核心诉求。注射类轻医美项目 为精细化美容塑型提供技术支持，消费者在"变美"基础上更加追求"自然"。 随着新材料的不断出现、及传统材料的不断创新，注射类医美项目丰富度持续提 升，满足多元审美需求，加之其效果明显、恢复期短、可及性强，复购率不断上 涨，案例数及市场规模呈现出超越行业平均的增速。艾瑞认为，注射类医美市场 将成为医美领域新蓝海。 注射类医美概念及分类 通过针剂注射实现微创美容，透明质酸和肉毒素二分天下 注射类医美项目是通过针剂注射方式实现微创美容效果的治疗手段，主要分 为透明质酸类、肉毒素类、胶原蛋白类、再生针剂类、溶脂针类和埋植线类。其 中，医美注射类市场一直被透明质酸和肉毒素二分天下，根据 ISAPS 数据，2023 年全球注射类项目治疗次数排名中，肉毒素以 887.8 万例居世界第一，玻尿酸以 556.5 万例居世界第二。此外，再生针剂、胶原蛋白针也是近年来的"明星项目"， 受到市场的狂热追捧。埋植线、 ...