行业研究丨深度报告丨零售业 [Table_Title] 细分需求企稳，甄选供给优化 ——商贸零售行业 2026 年度投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为，内需有望逐步企稳，出口需求仍存在较多结构性看点。在此背景下，我们着重供给 逻辑、甄选供给端格局优化的子行业。出口方向，需求端看好一带一路的相对景气和北美结构 性需求，供给侧看好合规性提升过程中龙头出口企业的优势增强机遇；美容护理板块，看好高 端和极致性价比两个价格带进入门槛较高、格局相对稳定的细分方向；实体零售板块，龙头企 业门店供给调整相对彻底，伴随供应链改革逐步展开，有望迎来盈利优化；黄金珠宝板块，持 续看好具备强饰品化能力的珠宝品牌，在当前阶段更加迎合消费者需求的增长机遇。 分析师及联系人 [Table_Author] 李锦 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 张彦淳 曾维朵 SAC：S0490525080008 请阅读最后评级说明和 ...

时隔半年，再次谈起钱氏姐弟财务造假的细节，退市苏吴（以下统称江苏吴中）的时任高管们变得沉默寡言。 因连续多年财务造假被勒令退市的江苏吴中股票于2025年12月9日进入退市整理期。截至发稿，留给中小股东决定去留的时间仅剩11个交易日。从12月9日 开盘到现在，江苏吴中股价累计下跌66.94%。 | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | AI交易策略 F9 前复权 超级叠加 画线 工具 @ ② > | 退市苏吴 1 | 600200 | △ 600200.SHi退市苏曼] 2025/01/24 收8.87 幅-2.31%(-0.21) 开9.16 高9.32 低8.74 均8.99 量42.75万 换6.01% 振6.39% 额 | WP | 0.41 | -0.04 -8.89% | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024/03/08-2025/12 ...

Group 1: Retail and Service Industry Insights - The report highlights a recovery in the hotel and duty-free sectors, suggesting that the hotel prices have gradually increased since the second half of this year, with a recommendation to focus on hotel stocks such as Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [6][12][17] - Duty-free sales are showing signs of bottoming out, with new policies implemented to expand the range of duty-free products and eligible consumers, leading to a significant increase in sales figures [12][15][16] - The report emphasizes the importance of service consumption policies, particularly in the context of the ice and snow economy, silver-haired economy, and sports events, recommending investments in companies like Changbai Mountain and Sanchuan Tourism [26][28][29] Group 2: AI Applications in Various Industries - The report discusses the acceleration of AI applications in the education and human resources sectors, with companies like Keri International and Beijing Renli leveraging AI to enhance recruitment efficiency [39][44] - AI's integration into 3D printing and e-commerce is highlighted, with a focus on companies like Huina Technology and Xiaogoods City, which are expected to benefit from cost reductions through full-chain penetration [6][39] - The report notes that AI applications are driving significant changes in operational efficiency and commercial opportunities across various sectors, particularly in human resources [39][44] Group 3: Beauty and Personal Care Sector - The beauty and personal care industry is experiencing a mild recovery, with domestic brands showing strong performance during the Double Eleven shopping festival, indicating a shift in competitive dynamics [6][32] - The report identifies key players in the beauty sector, recommending brands like Mao Ge Ping and Shanghai Jahwa, while also suggesting a focus on high-growth segments within the industry [6][32] - The medical beauty sector is under pressure but is seeing consolidation and innovation, with recommendations for companies like Jinbo Biological and Kedi-B [6][32] Group 4: Jewelry and Precious Metals - The jewelry sector is undergoing a transformation, with a focus on overseas expansion as a second growth curve, recommending companies like Laopu Gold and Chaohongji [6][32] - The report emphasizes the importance of high-value jewelry products and the impact of new tax regulations on the market dynamics [6][32] Group 5: Food and Beverage Industry - The food and beverage sector is witnessing a shift, with a focus on leading brands expanding their store counts and product categories, particularly in the tea and dining segments [32][38] - The report highlights the competitive landscape in the restaurant industry, noting the resilience of Western fast food and the growth of Chinese casual dining brands [32][38]

蓝灰坑 2025 年 12 月 14 日 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 申万宏源研究微信服务号 11 月化妆品淘系略承压，胶原医美赛道再添两员 -化妆品医美行业周报 20251214 本期投资提示: 破壞 行业 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 本周化妆品医美板块表现弱于市场。2025 年 12 月 5 日至 2025 年 12 月 12 日期间, ● 申万美容护理指数下滑 1.6%，表现弱于市场。其中，申万化妆品指数下滑 1.2%，弱于 申万 A 指 1.4pct; 申万个护用品指数下滑 1.7%, 弱于申万 A 指数 1.9pct。 周观点：11 月化妆品淘系略承压,胶原医美赛道再添两员。据魔镜数据,11 月化妆品 ○ 淘系 GMV 整体偏弱，一方面受双 11 ...

行 业 及 产 业 美容护理 2025 年 12 月 14 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 11 月化妆品淘系略承压，胶原医美赛道再添两员 看好 ——化妆品医美行业周报 20251214 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 本周化妆品医美板块表现弱于市场。2025 年 12 月 5 日至 2025 年 12 月 12 日期间， 申万美容护理指数下滑 1.6%，表现弱于市场。其中，申万化妆品指数下滑 1.2%，弱于 申万 A 指 1.4pct；申万个护用品指数下滑 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In November, the online apparel and accessories sector experienced a year-on-year growth of 9.1%, with an increase in growth rate compared to October. The average temperature in November was 4.2°C, which is 0.9°C higher than the historical average but 0.9°C lower than last year, indicating robust sales despite lower temperatures [2][11] - The outdoor segment continues to lead the industry with brands like Descente, Kelong, and Aon running year-on-year growth rates of 32.8%, 32.4%, and 21.4% respectively. In the home textile and menswear sectors, brands like Luolai Life and Bosideng saw year-on-year growth of 16.0% and 8.8% respectively [2][11] - The report highlights the approval of two animal collagen products by the National Medical Products Administration, marking significant advancements in concentration, implant materials, and indications [3][13] Industry Data Tracking - In October, apparel retail sales grew by 6.3% year-on-year, with the growth rate improving from September. This was attributed to seasonal promotions and a recovery in offline store traffic due to reduced extreme weather [4][19] - The cosmetics sector also showed resilience, with retail sales increasing by 9.6% year-on-year, reflecting a 11.6 percentage point increase from September [4][29] - The jewelry retail sector continued to recover, with a year-on-year growth of 9.6% in October, supported by rising gold prices and increased regional consumer enthusiasm [4][19] Investment Recommendations - For the apparel sector, Hai Lan Home is recommended for its innovative urban outlet expansion and strong profitability, while Li Ning is expected to see a turning point in 2025 [5][27] - In the beauty and personal care segment, recommendations include Juzi Biological for its strong data resilience and Jinbo Biological for its anticipated new product launches [5][31] - The gold and jewelry sector is recommended for brands with strong market presence, such as Laopu Gold, due to the favorable gold price trends [5][31]

北京商报讯（记者 王寅浩 宋雨盈）12月12日，北京新氧科技有限公司（以下简称"新氧"）再次通过"新 氧青春"公众号发布声明，回应近期上游医美厂商的"点名质疑"，指出其对新氧产品采购渠道、真伪保 障、医护培训与服务能力等作出与事实严重不符、带有明显误导性倾向的表述，造成公众误解，并对新 氧青春诊所的商誉产生不良影响。同时，新氧在声明中直言"依靠注册证稀缺性垄断市场、过度控价的 时代已一去不复返"。 新氧在声明中直言，依靠注册证稀缺性垄断市场、过度控价的时代已经一去不复返。医美行业正从信息 不对称和高溢价，走向价格透明、理性决策与公平竞争。试图通过"官方""认证""唯一合作机构"等话 术，放大消费者对安全的焦虑，从而固化高价体系、弱化医疗机构的专业判断和自主定价权，这样的做 法既不符合市场规律，也损害消费者利益。 对此，新氧再次发布声明并明确反驳，其使用的所有医疗器械产品，均由具有医疗器械经营资质的企业 合法供货，具备完整可追溯的进货凭证；依据国家药监部门的监管要求，相关产品可通过医疗器械注册 证信息、生产批号以及适用范围内的UDI(医疗器械唯一标识)等方式进行真伪核验和流向追溯。新氧连 锁门店亦均为依法批准设 ...

韩国一项实施近十年的医美退税优惠政策，将于今年12月31日正式终止。该政策的到期延续条款，已在 本月早些时候韩国国会通过的《税收特例限制法》最新修订版中被正式删除。 长期以来，韩国医美行业凭借显著的价格优势称霸全球市场，尤其受到来自中国、东南亚和中东地区旅 客的青睐。 ▲图据图虫创意 业内人士警告称，取消这一税收优惠政策将带来多重冲击：不仅直接推高外国患者的就医成本、导致来 韩医美游客大幅减少，还将降低韩国医美的价格透明度——这正是其核心竞争力之一。更令人担忧的 该政策过去近10年间，大幅降低了外国患者在韩接受整形外科、皮肤科等美容医疗服务的费用，曾吸引 了大量海外医美游客，成为推动韩国医美旅游产业发展的重要引擎。 曾吸引大量外国消费者 取消带来多重冲击 据央视新闻此前报道，今年7月，韩国召开税制发展审议委员会会议，审议并表决通过了"2025年税制改 革计划"，决定从明年起取消"外国游客美容整形医疗服务增值税退税"政策。据悉，韩国从2016年4月起 开始实施这项退税政策。 政策规定，外国游客在韩国指定的退税（TAX Refund）加盟店接受3万韩元（约合143.7元人民币）以上 的美容整形手术后，可在离境时申 ...

策略+医药 "春季躁动"看方向，医药细分谁先行 20251211 春节至两会前小盘股历史表现强势，中证 500、中证 1,000 和国证 2000 超额胜率高达 90%，中位数超额收益率约 3%，但需关注业绩披 露和春节前资金面紧张对风险偏好的压制。 一季度消费板块整体表现稳健，胜率达 60%，与稳定风格并列第一，尤 其 3 月份胜率高达 67%，位居中信五大风格之首，中位数收益率为 0.7%。 医药板块虽近期调整较多，但 2 月份表现突出，过去 15 年超额胜率达 73%，中位数超额收益率 1.1%，申万一级行业排名前十，具备较高配 置性价比。 医药生物板块景气度向上，与受白酒价格下降压制的食品饮料行业形成 对比，美股 XBI 指数走势强劲，表明医药行业投资机会值得重点关注。 春季躁动期间，医药板块中创新药、创新器械以及内需属性强的中医药、 医疗服务和大单品处方药等细分领域值得关注，创新成长和内需改善预 期增强。 Q&A 春节前后股票市场的风格和医药板块的表现如何？ 春节前后的股票市场风格可以分为两个阶段。第一个阶段是从元旦到春节前， 这段时间以上证 50 和沪深 300 为代表的大盘股表现相对占优，原因在 ...

证券日报网讯 12月11日，爱美客在互动平台回答投资者提问时表示，截至2025年12月10日，公司股东 人数为60403户。 （文章来源：证券日报） ...