Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the robust growth of emerging consumer goods, reflecting the new consumption concepts developed by the younger generation in the current social environment. Understanding this new consumption narrative is crucial for capturing the growth of new consumer companies [4][15] - The report suggests focusing on high-quality domestic brands with strong professionalism and innovation in the beauty and skincare sector, such as Mao Geping and Shangmei [4][15] - In the gold and jewelry sector, it recommends attention to leading brands in the ancient gold segment that are favored by younger consumers, such as Laopu Gold and Chaohongji [4][15] - For trendy toys, companies with successful experience in IP creation and operation, like Pop Mart, are highlighted [4][15] - In the ready-to-drink tea segment, it advises focusing on strong brand power and extensive business coverage of leading tea brands like Mixue Group and Guming [4][15] Summary by Relevant Sections Industry Performance - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, with the rise primarily driven by food prices turning from decline to increase. The CPI's year-on-year growth rate expanded by 0.5 percentage points compared to the previous month, marking the highest level since March 2024 [4] - The report tracks the performance of the new consumption sector, noting a weekly decline of 1.64% in the beauty and personal care sector and a 0.21% decline in the retail sector from December 8 to December 12, 2025 [7] Key Industry Data - In October, the retail sales of clothing and textiles increased by 6.3% year-on-year, cosmetics by 9.6%, and gold and silver jewelry by 37.6% [11][17] - The report indicates that the retail sales of beverages rose by 7.1% year-on-year in October [17]

该股主要指标及行业内排名如下： 证券之星消息，截至2025年12月12日收盘，稳健医疗(300888)报收于37.82元，上涨0.03%，换手率 0.51%，成交量2.96万手，成交额1.12亿元。 12月12日的资金流向数据方面，主力资金净流入393.93万元，占总成交额3.52%，游资资金净流出 452.61万元，占总成交额4.04%，散户资金净流入58.68万元，占总成交额0.52%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净流入 游资净占比 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-12 | 37.82 0.03% | | 393.93万 | 3.52% | -452.61万 | -4.04% | 58.68万 | - 0.52% | | 2025-12-11 | 37.81 | -1.33% | -772.72万 | -8.87% | 596.69万 | 6.85% | 176.03万 | 2.02% | | 2025- ...

证券之星消息，截至2025年12月11日收盘，稳健医疗(300888)报收于37.81元，下跌1.33%，换手率 0.39%，成交量2.29万手，成交额8711.1万元。 12月11日的资金流向数据方面，主力资金净流出772.72万元，占总成交额8.87%，游资资金净流入 596.69万元，占总成交额6.85%，散户资金净流入176.03万元，占总成交额2.02%。 近5日资金流向一览见下表： | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-11 | 37.81 -1.33% | -772.72万 | -8.87% | 596.69万 | 6.85% | 176.03万 | 2.02% | | 2025-12-10 | 38.32 0.55% | -384.76万 | -4.24% | 951.74万 | 10.49% | -566.99万 | -6.25% | | 2025-12-09 | 38.11 -1.58% | ...

回顾2025年全年，贵州茅台股价已累计下跌6.26%，虽跌幅可控，但跑输同期沪深300指数近23个百分点。新华财经注意到，2025年堪称不少行业"茅"股的失 意之年，截至12月10日收盘，年内下跌的"茅"股达18只，其中跌幅超过10%的有9只。 "疫苗茅"智飞生物位列年内"茅股"跌幅第一，行业寒冬下尝试多方向突围 数据统计显示，年内"茅"股跌幅前三甲分别是"疫苗茅"智飞生物、"医疗器械茅"迈瑞医疗和"医美茅"爱美客，三家公司年内股价分别下跌24.64%、20.92%和 19.3%。 新华财经上海12月11日电（林郑宏）12月10日，贵州茅台股价延续近期颓势，盘中股价跌破1400元/股，但尾盘回升，收盘价仍顽强守住这一整数关口。 茅台股价萎靡，诱因在于茅台酒价不断走低。12月10日，第三方平台"今日酒价"数据显示，2025年53度500ml飞天茅台散瓶批发参考价已跌至1500元／瓶， 较前一日下跌15元，创下历史新低。 浦银国际证券认为，目前迈瑞医疗仍在消化设备类产品渠道库存，公司预计去库存将于2025年底基本完成。此外，IVD量、价下滑趋势仍在继续，且有较大 概率延续至明年。受到去库存及 IVD量价持续下滑影 ...

Market Performance Overview - The domestic equity market indices generally rose during the week, with the ChiNext Index increasing by 1.86% [4] - The sectors that performed well included non-ferrous metals, communications, and defense industry, while media, real estate, and beauty care sectors saw declines [4] Fund Product Issuance - A total of 39 new funds were established in the domestic market this week, with a total issuance of 36.589 billion units [5] - The breakdown of new funds includes 8 bond funds, 15 equity funds, 5 FOF funds, 9 mixed funds, and 2 money market funds [5] Fund Product Performance Tracking - The performance of long-term thematic funds showed that cyclical theme funds outperformed, while consumer and pharmaceutical theme funds experienced a net value decline [6] - The net value changes for various thematic funds were as follows: cyclical (2.92%), defense industry (2.49%), financial real estate (1.38%), industry rotation (1.30%), industry balance (1.15%), TMT (0.79%), new energy (-0.56%), consumer (-0.89%), and pharmaceutical (-1.56%) [6] ETF Market Tracking - There was a slight inflow of funds into equity ETFs, primarily in small and mid-cap and TMT theme ETFs, with significant inflows into Hong Kong stock ETFs [7] - The median return for equity ETFs was 1.09%, with a net inflow of 2.725 billion yuan, while Hong Kong stock ETFs had a median return of 0.80% and a net inflow of 6.043 billion yuan [7] Fund Positioning High-Frequency Monitoring - The estimated positioning of actively managed equity funds showed a decrease of 0.22 percentage points compared to the previous week [8] - Increased allocations were observed in household appliances, machinery, and electronics sectors, while reductions were noted in communications, automotive, and media sectors [8] ESG Financial Products Tracking - This week saw the issuance of 20 new green bonds, with a total issuance scale of 12.665 billion yuan [9] - The cumulative issuance scale of the domestic green bond market reached 5.09 trillion yuan, with a total of 4,369 bonds issued [9] - The existing ESG funds in the domestic market totaled 211, with a scale of 149.605 billion yuan, and the median net value changes for various ESG fund types were 0.64% for active equity, 1.06% for passive equity index, and -0.07% for bond funds [9]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 10 日 [Table_Title] 资产配置日报：股债新阶段 复盘与思考: 12 月 10 日 ，债涨股跌的跷跷板效应依旧延续。股市延续剧烈分化状态，昨日领涨的科技概念今日低开高 走，政策预期引领下，地产板块与概念异军突起。债市暂未出现显著的实质利好，不过市场情绪较为积极，中长 端走出普涨行情。 权益市场低开高走。万得全 A 上涨 0.12%，全天成交额 1.79 万亿元，较昨日（12 月 9 日）缩量 1261 亿元。 港股方面，恒生指数和恒生科技分别上涨 0.42%和 0.48%。南向资金净流出 10.18 亿港元，其中小米集团净流入 6.20 亿港元，腾讯控股和中芯国际分别净流出 6.06 亿港元、4.51 亿港元。 指数触及支撑位后反弹。我们曾在《等待破局》中提及，若指数强势突破 11 月 21 日大跌前的点位（6230）， 这一点位就会从压力位转化为支撑位。今日万得全 A 早盘低开，一度下探至 6230 附近，之后市场开始回升，说明 这一支撑位比较牢靠。当前指数已经进入修复行情的第二阶段，震荡状态可能延续，10 月高点可 ...

深港通医疗(港币)（983036）指数十大成份股详情如下： 证券之星消息，12月10日，深港通医疗(港币)（983036）指数报收于4327.65点，跌0.28%，成交76.82亿 元，换手率0.9%。当日该指数成份股中，上涨的有21家，可孚医疗以4.14%的涨幅领涨，下跌的有36 家，先健科技以9.14%的跌幅领跌。 | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002044 | 美年健康 | 2363.08万 | 11.77% | -2076.20万 | -10.34% | -286.88万 | -1.43% | | 300358 楚天科技 | | 1559.21万 | 10.19% | -1529.46万 | -10.00% | -29.75万 | -0.19% | | 300595 欧普康视 | | 1478.63万 | 15.10% | -1776.29万 | -18.14% | 297.66万 | 3.0 ...

e _ M 超 10 亿 ——商社美护行业周报 [Table_Summary] 报告要点： 市场表现 T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 12 月 09 日 b l [Table_Title] 国资入主君亭，林清轩上半年收入 ] 本周（2025.12.01-2025.12.05），商贸零售/社会服务/美容护理分别- 0.83%/-0.65%/-2.00%，在 31 个一级行业中排名第 22/20/29，同期上 证综指+0.37%，深证成指+1.26%，沪深 300+1.28%。 细分子板块来看，本周消费重点申万二级子行业中酒店餐饮/贸易/专 业服务实现上涨，分别+0.94%/0.79%/0.71%，教育/互联网电商/化妆 品行业跌幅居前，分别-3.33%/-2.77%/-2.23%。 本周行业重点事件及资讯 （1）美护：我国批准建立全球首个猪Ⅰ型胶原蛋白纯度国家标准物 质。高德美旗下「童颜针」Sculptra®「身体适应症」欧盟获批。巨子 生物创始人严建亚以 4.51 亿元受让三人行传媒 8%股份，成为公司第 二大股东。林清轩更新招股书，公司更名为上海林清轩化妆 ...

证券之星消息，截至2025年12月9日收盘，稳健医疗(300888)报收于38.11元，下跌1.58%，换手率 0.63%，成交量3.69万手，成交额1.41亿元。 12月9日的资金流向数据方面，主力资金净流出833.89万元，占总成交额5.91%，游资资金净流出79.03 万元，占总成交额0.56%，散户资金净流入912.92万元，占总成交额6.47%。 近5日资金流向一览见下表： | 指标 | 稳健医疗 | 美容护理行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 221.93亿元 | 99.46亿元 | 3 28 | | 净资产 | 122.63亿元 | 33.61亿元 | 1 28 | | 净利润 | 7.32亿元 | 2.15亿元 | 3 28 | | 市盈率(动) | 22.74 | 36.89 | 2 28 | | 市净率 | 1.93 | 2.64 | 3 28 | | 毛利率 | 48.32% | 42.35% | 13 28 | | 净利率 | 9.81% | 8.73% | 9 28 | | ROE | 6.38% | 5.78% | 12 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on leading brands and potential opportunities in compliance-driven market shifts [1]. Core Insights - The new safety standards for mobile power banks are expected to drive industry transformation, increasing compliance costs and accelerating technological upgrades. This may lead to a shift from a fully competitive market to an oligopoly, benefiting leading brands with strong R&D capabilities [1]. - The "Cultural and Tourism Integration" policy is anticipated to positively impact the service consumption sector, enhancing travel services and creating new products and scenarios in the tourism industry [1]. Market Weekly Review - During the week of December 1-5, the consumer sector saw mixed performance, with home appliances rising by 1.84% while other sectors like food and beverage and beauty care declined by 1.90% and 2.00% respectively. Notable gainers included Anji Food (+50.23%) and Xiaosong Co. (+22.94%), while Rock Co. (-14.84%) and Yitian Intelligent (-7.88%) were among the biggest losers [3][13][14]. Industry News and Key Company Announcements - The Ministry of Culture and Tourism and the Civil Aviation Administration of China released an action plan for the integration of culture, tourism, and civil aviation, aiming for a higher quality of service and broader coverage of travel routes by 2027 [1][16]. - Gree Electric's silicon carbide chip factory is focusing on a strategy of "independent control and open foundry," with over 20 chip design companies as clients, indicating a significant expansion into various sectors including new energy and industrial control [1][16]. - New regulations in the food safety sector have been implemented, enhancing the supervision of liquid food transport and establishing stricter responsibilities for chain restaurants [1][17].