"希望可以打造世界的城市美妆时尚产业中心，中国的美妆时尚产业城市核心。"艺尚小镇相关负责人表 示，该项目一旦落地，国内美妆产业集群的格局将被改写。 未来，摩尚·PARK将依托国内外头部美妆品牌的产业资源优势，共同在临平新城范围内打造集研发、销 售及供应链集合为一体的国际美妆时尚产业基地。聚集总部中心、销售中心、研发中心、品牌中心、发 布中心等，打造产业聚集中心，达到集群效应，推动产业复合型发展。 商报讯（记者 周振琪）近日，杭州市临平区发布了摩尚PARK国际美妆时尚产业基地项目杭政储出 〔2025〕70号地块建筑设计方案进行公示的说明。 据悉，该项目地块位于乔司街道汀城单元，东至良熟路，南至文正街（在建），西至规划星仁路（暂命 名），北至东仁街。项目整体规划284亩，预计总投资额将超过40亿元，目前一期占地84亩左右，计划 于今年年底动工。本次公示仅为方案展示，后期施工图深化阶段时，相关规划指标、景观及消防等专项 设计允许在符合规划条件的前提下进行适当调整。 摩尚·PARK项目定位"国家级美妆时尚产业总部聚集中心"，按照规划，美妆时尚类企业将是入驻摩尚 ·PARK的主力，其他相关服务行业企业也计划搭配入驻，预 ...

上美股份(02145)涨超3%，截至发稿，涨3.1%，报96.4港元，成交额4911.96万港元。 消息面上，据青眼情报，2025年9月抖音美妆TOP20品牌总GMV突破30亿元，市场份额为17.6%，同比 增长38.59%，韩束以超5亿元GMV继续领跑。华泰证券表示，公司上半年收入及利润增长表现均靓丽， 进入下半年以来，该行观察到上美主品牌韩束继续拓展次抛精华/香氛沐浴露等多品类，8月增长动能强 劲，趋势有望延续；多品牌拓展亦顺利，下半年以来聚光白/面包超人/NAN beauty陆续落地，催化剂不 断。当前公司多品牌/多品类孵化及运营能力已得初步验证，若能力持续复制天花板上限有望再打开， 内部高效能、强执行力组织架构奠定底层根基，维持买入评级。 ...

消息面上，据青眼情报，2025年9月抖音美妆TOP20品牌总GMV突破30亿元，市场份额为17.6%，同比 增长38.59%，韩束以超5亿元GMV继续领跑。华泰证券表示，公司上半年收入及利润增长表现均靓丽， 进入下半年以来，该行观察到上美主品牌韩束继续拓展次抛精华/香氛沐浴露等多品类，8月增长动能强 劲，趋势有望延续；多品牌拓展亦顺利，下半年以来聚光白/面包超人/NAN beauty陆续落地，催化剂不 断。当前公司多品牌/多品类孵化及运营能力已得初步验证，若能力持续复制天花板上限有望再打开， 内部高效能、强执行力组织架构奠定底层根基，维持买入评级。 智通财经APP获悉，上美股份(02145)涨超3%，截至发稿，涨3.1%，报96.4港元，成交额4911.96万港 元。 ...

10月12日，第37次上海市市长国际企业家咨询会议在上海举行。近40位来自全球的顶尖企业家齐聚一堂，围绕"开放、创新、包容——迈向2030的上 海发展战略"这一主题，共同为上海实现高质量发展建言献策。 "我一直是上海市市长国际企业家咨询会议（IBLAC）的坚定支持者。"西门子董事会主席、总裁兼首席执行官博乐仁（Roland Busch）表示，早 在"生态"一词被广泛使用之前，IBLAC就已帮助上海构建起了创新生态体系。它帮助制定城市的发展战略，驱动经济持续增长，也证明了合作才能成就共 赢。 "西门子与上海的紧密合作为城市的经济发展和民生福祉贡献了绵薄之力，为此倍感自豪。"博乐仁分享道，上海地铁借助西门子技术每天支持着1000 万人的出行；上海中心大厦使用西门子智能楼宇系统，降低能耗10%；已赋能数百家本地中小企业实现数字化转型；此外，西门子携手顶尖高校与科研机 构，开展了数百个研究项目，推动社会进步。 "历经多年深耕，西门子在上海已拥有完整的产业布局，并建立起在德国之外最大的生态体系。"博乐仁说，西门子还将继续拓展这一生态体系。面向 未来，只有合作才能成就共赢，"当前AI时代，要从工业AI的发展中获益，我们必 ...

Core Viewpoint - Coty Group has initiated a strategic review of its mass cosmetics business to strengthen its leading position in the fragrance sector, which contributes over 60% of its sales [2][4]. Group 1: Business Overview - The mass cosmetics business generates annual revenue of $1.2 billion, including brands like CoverGirl, Rimmel, Sally Hansen, and Max Factor, along with a Brazilian operation that accounts for nearly $400 million [4]. - The strategic review will explore various options, including partnerships, divestitures, and spin-offs, to maximize long-term value [4]. Group 2: Financial Performance - For the fiscal year 2025, Coty reported total net revenue of $5.893 billion, a 4% decrease year-over-year, with Q4 net revenue at $1.252 billion, down 8% [4]. - The high-end beauty segment generated $3.820 billion, a 1% decrease, while the mass beauty segment earned $2.073 billion, an 8% decrease [5]. Group 3: Market Dynamics - The mass cosmetics sector faces challenges from emerging brands that attract consumers with faster product launches and more affordable pricing, leading to a decline in Coty's market position [5]. - The overall beauty market is under pressure, with rational consumer spending impacting growth across all segments, including mass cosmetics [5]. Group 4: Strategic Focus - Coty aims to concentrate on its fragrance business, which poses a risk of over-reliance, as it already accounts for over 60% of total sales [5]. - The fragrance market is evolving, with consumer experience becoming a significant factor, an area where Coty may be relatively weak compared to emerging brands [6].

今年上半年，珀莱雅销售费用为26.59亿元，同比增长13.64%，占营业收入的49.59%。其中形象宣传推 广费增长14.48%，至23.99亿元。 公司称，销售费用的增加主要源于线上渠道扩张带来的平台服务费上升、新品推广力度加大，以及自建 MCN团队和内容营销团队的相关投入等。 去年珀莱雅继续蝉联最赚钱的国货美妆公司，成为首个跻身"百亿俱乐部"的国货美妆企业。需要注意的 是，2024年和2025年上半年的业绩面临增速放缓的挑战。 2021年至2024年，珀莱雅营业收入分别为46.33亿元、63.86亿元、89.05亿元、107.8亿元，同比分别增长 23.47%、37.82%、39.45%、21.04%；归母净利润分别为5.76亿元、8.17亿元、11.94亿元、15.52亿元， 同比分别增长21.03%、41.88%、46.06%、30.00%。 今年上半年，珀莱雅营收为53.62亿元，同比增长7.21%；归母净利润7.99亿元，同比增长13.80%，增速 降至近5年最低水平。上半年公司营收7.21%的增速较去年同期显著回落，净利润增速也从去年同期的 40.48%降至13.8%。 对于业绩增速放缓，珀莱雅 ...

年仅14岁的小七已经有了目标，那就是成为下一个凯莉·詹娜。 据当地时间10月12日消息称，大卫·贝克汉姆和维多利亚·贝克汉姆最小的孩子，也是他们唯一的女儿哈 珀·赛文·贝克汉姆（昵称：小七），即将进军美容创业领域。 据悉，"HIKU BY Harper"这个名字已通过H7B Limited提交了两份商标申请，H7B Limited是维多利亚以 其女儿的名义注册成立的一家公司。一位消息人士称："哈珀热爱时尚和化妆，并且已经开始进行（线 上）化妆教学。我们的计划是创建一个针对年轻市场的品牌，从流行文化和韩国美容中汲取灵感。贝克 汉姆夫妇是鼓励型的家长，他们期待孩子发挥才华，探索他们的爱好和商业理念。他们是一个非常有创 业精神的家庭。" "我们实际上已经谈论食物很长时间了，因为有一件事似乎没有改变，那就是小女孩在成长过程中、身 体变化过程中以及青春期时，会经常考虑食物。哈珀身体也很好，也经常运动，但我们之前谈过食物， 因为这也是学校里经常讨论的话题。" TOWOTH STATES W 0 . t do == 11 4 | 25 t 1 63 东西译言 被昵称为"金小妹"的凯莉，现年28岁，却已经在美妆行业叱咤十多年 ...

Group 1 - The stock market has experienced significant fluctuations post-holiday, with A-shares, Hong Kong stocks, and US stocks all declining, prompting public fund analysts to suggest a defensive strategy in Q4 to lock in annual performance [1][2] - Historical trends indicate that sectors with high gains in the first three quarters typically underperform in Q4, as institutional funds tend to secure profits or shift to lower-risk investments to mitigate high volatility [1][2] Group 2 - The adjustment of margin financing rates has had a minor impact on the market, with certain stocks seeing their financing rates drop to zero due to high static P/E ratios, affecting market sentiment but not being the primary cause of the recent downturn [2][4] - Fund managers are accelerating portfolio adjustments in October to preserve annual returns, with a focus on balancing sector allocations and identifying rotation opportunities [4][5] Group 3 - There is a growing emphasis on technology and innovation, with expectations that companies with strong technological barriers and commercialization capabilities will validate market expectations through solid performance [3][7] - The shift in fund positioning towards cyclical sectors such as consumer goods, resources, and finance is anticipated, as these sectors are expected to outperform in Q4 based on historical performance data [6][7] Group 4 - The market is likely to see a dual-driven pattern of technology and cyclical sectors, with traditional resource stocks being viewed as a favorable investment opportunity amid improving liquidity and policy expectations [7][8] - The focus is shifting from emotionally driven market movements to fundamental growth, particularly for innovative pharmaceutical companies with strong product pipelines and market potential [7][8]

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The domestic tourism during the National Day holiday showed stable performance with a year-on-year increase in tourist numbers but a decrease in per capita spending [16][22] - The global and Chinese vehicle toy markets reached sizes of 967 billion and 151 billion respectively in 2023, indicating a strong market potential for this category [30][36] - The craft beer market in China is projected to grow from 428 billion in 2022 to over 2000 billion by 2030, with a compound annual growth rate (CAGR) of 18.5% [53][56] - The beauty sector on Douyin (TikTok) saw a year-on-year GMV increase of 19.69% in September, with the top 20 brands achieving a total GMV exceeding 30 billion [72] Summary by Sections Domestic Tourism - During the 2025 National Day holiday, domestic tourism reached 8.88 billion person-times, a year-on-year increase of 1.6%, with total tourism revenue of 809 billion, also up by 1% [16][17] - The average spending per person decreased by 0.6% to 911 yuan [16] - Cross-regional travel volume increased by 6.2% year-on-year, indicating strong long-distance travel intentions among residents [18][22] Vehicle Toys - The vehicle toy market is the second largest toy category, with a global market size of 967 billion and a Chinese market size of 151 billion in 2023 [30][36] - The market share for vehicle toys is approximately 12.5% globally and 14.4% in China [30][36] - The sales of vehicle toys in the G12 countries are expected to grow by 3% in 2024, continuing a five-year trend of positive growth [30] Craft Beer - The craft beer market in China is expected to grow significantly, with the number of craft beer outlets reaching 16,600 by mid-2025, a 28% increase from the previous year [59][65] - The market is driven by a shift towards premium experiences, with the younger generation contributing significantly to sales [53][56] - The penetration rate of craft beer in China is still below 5%, compared to 13.2% in the US, indicating substantial growth potential [55][56] Beauty Sector - The beauty category on Douyin experienced a significant increase in GMV, with the top 20 brands capturing a market share of 17.6% [72] - Domestic brands are gaining traction, with over 50% of the GMV from the top 20 brands coming from local products [72] - The price distribution in the beauty market is becoming more balanced, with a notable increase in the share of affordable products [75]

New Product Launches - Luckin Coffee collaborates with "Tom and Jerry" to launch "Milk Skin Latte," inspired by traditional Inner Mongolian dairy products, featuring a rich milk flavor and a pudding-like texture [6][4] - Heytea introduces "Sauce-flavored White Tofu Crushed Silver," combining Yunnan sweet soy sauce with butter for a unique taste experience [6][4] - Qiaqia partners with Dairy Dragon to launch "Growth Nuts," featuring cartoon packaging and added lutein and probiotics [6][4] - Yanjinpuzi collaborates with Nongshim to create "Spicy Kimchi Chips," utilizing a non-fried baking process and optimized for reduced fat, salt, and sugar [7][4] - Dongpeng Special Drink teams up with Wrigley's to launch a sugar-free gum flavored like Dongpeng Special Drink [6][4] - Let Tea launches "Guava Oil Kumquat Jasmine Tea," a new product emphasizing health with no sugar and added probiotics [11][8] - Yuanqi Forest releases a new 1.8L iced tea, priced around 8 yuan, expanding its product sizes [11][8] Industry Events - Sun Yingsha becomes a global partner for OPPO, unveiling the special edition "Chasing Light Red" for the Find X9 series [15][13] - General Mills announces the closure of factories and a restructuring plan costing approximately $82 million, aimed at enhancing supply chain competitiveness [16][12] - Pang Donglai reports sales of 681 million yuan over the National Day holiday, with the Times Square store leading at 188 million yuan [16][12] - UNDEFEATED SPORT launches a themed event in Anaya, promoting its fall/winter collection through interactive sports challenges [16][12] - RIMOWA introduces a new seasonal limited edition in ballet pink, enhancing its Essential series [19][17] - LG Life Health appoints a new CEO, Lee Sun-joo, who has extensive experience in the beauty industry [20][18] - Mengniu Dairy continues its stock buyback strategy, repurchasing shares on multiple occasions in October [20][18] - Zheng Qinwen becomes the first global brand ambassador for Bawang Tea [20][18] - Three Squirrels receives approval for its H-share listing, aiming to issue up to 81.5 million shares [23][21] Investment and Acquisitions - M Stand acquires RAC BAR, marking its entry into multi-brand development [25][24] - Mixue Ice Cream invests 285.6 million yuan in Fulu Beer, gaining a 51% stake to enter the fresh beer market [25][24] - Zhou Dasheng acquires German high-end audio brand MBL, preserving jobs and production facilities [25][24] - Froneri, the parent company of Häagen-Dazs in the U.S., secures 36 billion yuan in new funding to strengthen its asset holding [25][24] - Pernod Ricard invests over 50 million yuan in a Canadian distillery, reaffirming its commitment to the region [28][26] - Jianming Industrial acquires enzyme producer HJ Youtel, enhancing its capabilities in various sectors [30][29] Food Industry Developments - Central Park Coffee Co. announces the opening of a Friends-themed café in New York, offering immersive experiences for fans [31][30] - Meituan's Happy Monkey brand opens its first northern store in Yanjiao, Hebei [33][32] - Asahi Foods launches a new nursing food brand, focusing on enjoyable eating experiences for the elderly [33][32] - a2 Milk becomes the first official milk partner of the Australian Open [33][32] - Wangwang introduces "Wangzai Vegetable and Fruit Milk," made with 100% imported milk and various fruit and vegetable juices [35][34] - JD.com kicks off its 11.11 fresh food sales event, offering significant discounts [35][34] - Xiangpiaopiao announces Sun Yingsha as its brand ambassador, promoting its health-focused product line [35][34] - Baili Foods plans to list on the Beijing Stock Exchange, aiming to issue up to 54 million shares [38][36] - Vitasoy is launching new flavors to adapt to emerging tea drink trends and competitive pricing [38][36] - Shuanghui's premium light food brand Jian Song releases new products, emphasizing health and nutrition [38][36]