FICC日报 | 2025-06-05 消费板块连续领涨，股指上涨 市场分析 美国就业不及预期。国内方面，人社部等四部门印发通知，组织开展人力资源服务业与制造业融合发展试点工作。 试点工作将在30个左右具备条件的城市开展先行先试，通过3年左右的努力，培育一批面向制造业的专业人力资源 服务机构，打造一批融合发展平台载体和联合体，发展一批支持制造业高质量发展的人力资源服务创新技术、产 品、模式，形成一批推动人力资源和实体经济、科技创新深度协同的政策体系和有效模式。海外方面，美国5月ADP 就业人数增3.7万人，预期增11.0万人，前值增6.2万人。美国5月份的招聘速度达到2023年3月以来的最低水平。数 据发布后，特朗普表示，鲍威尔现在必须降息。他还表示，"这令人难以置信，欧洲已经降息九次了"。此外，美 国5月ISM非制造业PMI为49.9，为近一年来首次萎缩，预期52.0，前值51.6。 股指上涨。现货市场，A股三大指数全线上涨，上证指数涨0.42%收于3376.2点，创业板指涨1.11%。行业方面，板 块指数涨多跌少，美容护理、纺织服饰行业继续领涨，仅交通运输、国防军工、公用事业、银行行业收跌。当日 沪深两市 ...

Core Viewpoint - The company Fanwenhua is facing significant challenges in its expansion and product quality, with a recent quality crisis impacting its reputation and growth strategy [1][19][23] Group 1: Company Background and Expansion Plans - Fanwenhua, founded in 1988, has evolved from a small beauty workshop to a national chain with over 6,000 stores and more than 3,000 franchisees as of August 2023 [3][4] - The company launched a "10,000-store plan" in March 2023, aiming to expand its store count significantly despite a noticeable slowdown in growth rates [8][19] - The compound annual growth rate (CAGR) of store openings has decreased from 50% between 2017-2018 to 14.47% from 2020-2023, indicating a "stair-step decline" in expansion [8][9] Group 2: Leadership and Management Challenges - The founder, Fanwenhua, is still the executive director and general manager, while her daughter, Zhang Xin, has recently become a shareholder with a 10% stake [7] - Zhang Xin's digital transformation initiatives face internal resistance due to her lack of practical experience and generational differences in management philosophy [6][7] - The company is struggling with training and service quality across its franchise network, leading to customer complaints about aggressive sales tactics and product quality [11][19] Group 3: Competitive Landscape - The beauty industry is becoming increasingly competitive, with new brands like White Whale and Face Cat offering low-cost services that directly compete with Fanwenhua [3][7] - The market is characterized by a fragmented structure, with the top five companies holding less than 1% market share, indicating a highly competitive environment [7] - The rise of low-priced beauty services has intensified competition, making it difficult for established brands like Fanwenhua to maintain their market position [15][16] Group 4: Product Quality Issues - In April 2023, the National Medical Products Administration named Fanwenhua for discrepancies in the ingredients of its whitening essence products, leading to a quality crisis [1][19] - This is not the first instance of product quality issues; previous violations include unlisted ingredients in sunscreen products and false advertising claims, resulting in fines [19][21][23] - The company faces ongoing scrutiny regarding its product quality and marketing practices, which could further erode consumer trust [19][23]

A股大消费板块震荡调整，美容护理、食品加工制造、饮料制造板块跌幅居前，拉芳家化跌超7%，水 羊股份、南侨食品、盐津铺子、西王食品、黑芝麻、有友食品等跌幅居前。 ...

大消费板块调整，美容护理、食品板块跌幅居前，拉芳家化（603630）跌超7%，水羊股份 （300740）、南侨食品（605339）、盐津铺子（002847）、西王食品（000639）、有友食品（603697） 等跌幅居前。 这几只票暗盘资金正在偷偷流入，立即查看>> ...

证券研究报告 2025 年 6 月 5 日 星期四 【A 股市场大势研判】 市场全天震荡反弹，创业板指领涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3376.20 | 0.42% | 14.23 | | | 深证成指 | 10144.58 | 0.87% | 87.41 | | | 沪深 300 | 3868.74 | 0.43% | 16.73 | | | 创业板 | 2024.93 | 1.11% | 22.23 | | | 科创 50 | 986.11 | 0.45% | 4.40 | | | 北证 50 | 1438.73 | 1.10% | 15.59 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 美容护理 | 2.63% | 交通运输 | - ...

Core Viewpoint - Zhejiang Certain Health Management Company was fined 61,500 yuan for failing to clearly display prices, fabricating promotional prices, and not maintaining a cosmetics inventory ledger [1][2]. Group 1: Pricing Violations - The company did not display a price list for its beauty packages in-store, violating regulations that require clear pricing for services offered [1]. - The company was found to have fabricated prices for beauty services on platforms like Douyin and Dazhong Dianping, which constitutes price fraud [2]. Group 2: Regulatory Compliance - The company failed to establish and maintain an inventory ledger for cosmetics, violating the Cosmetics Supervision and Administration Regulations [2]. - The market supervision department emphasized the importance of compliance with pricing regulations and maintaining transparent pricing systems to build consumer trust [3]. Group 3: Consumer Protection - Consumers are advised to verify price tags against checkout prices and be cautious of promotional language that may mislead [3]. - The case highlights typical issues in price disclosure, promotional integrity, and product traceability among some businesses [3].

Market Overview - A-share market continued to rebound on June 4, with all three major indices opening higher and closing positively, particularly the ChiNext Index which rose over 1% [1][2] - The total trading volume reached 1.18 trillion yuan, with nearly 4,000 stocks rising and over 80 stocks hitting the daily limit [1][2] - The market is currently in a repair phase, supported by a series of domestic policies, limiting the adjustment space [1][5] Sector Performance - The consumer sector saw significant activity, with beauty care, textiles, and retail sectors leading the gains, with increases of 2.63%, 2.53%, and 2.41% respectively [2][3] - Solid-state battery and optical module sectors also performed well, contributing to the overall market rebound [1][2] - A total of 32 stocks reached historical highs, predominantly from the banking, pharmaceutical, and food and beverage sectors [3] Fund Flow - On June 4, the net inflow of main funds in the CSI 300 exceeded 3 billion yuan, indicating a recovery in market sentiment [3][4] - Among the 13 sectors with net inflows, electronics, communications, and power equipment led with inflows of 22.99 billion yuan, 13.48 billion yuan, and 11.00 billion yuan respectively [4] - Conversely, sectors such as defense, pharmaceuticals, and automotive experienced net outflows [4] Investment Strategy - Analysts suggest focusing on high-performance consumer leaders and traditional companies with new consumption thinking, as they may benefit from structural opportunities [3][5] - The current market environment is characterized by a focus on safety and stability, with recommendations to invest in dividend-paying stocks and technology sectors [5][6] - The upcoming Lujiazui Forum is expected to announce significant financial policies that could support market expectations [5]

6月4日，A股市场整体表现积极，指数、板块及个股收涨居多。其中，消费和科技股表现亮眼，而通用航空和大飞机 板块则微跌。 今日震荡走强 A股继续震荡走高，沪指收涨0.42%报3376.2点，创业板指收涨1.11%报2024.93点。科创50、沪深300、上证50均微涨， 北证50涨逾1%。交易量微增，今日A股日成交额共计1.18万亿元。 A股共计3963只个股收涨，涨停股86只；1238只个股收跌，跌停股2只。 31个申万一级行业板块中，仅有交通运输、国防军工、公用事业板块微跌，其余飘红。消费、科技股表现亮眼，美容 护理、综合、纺织服饰板块涨幅均超过2%，通信、商贸零售、电子等板块涨幅超过1%。轻工制造板块掀起涨停潮， 嘉美包装（002969）等10只个股涨停，其中金陵体育（300651）20cm涨停。 | 名称 | ● | 涨幅% ↓ | 涨停家数 | 年初至今涨幅% | 5日涨幅% | 10日涨幅% | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨日涨停 含- | 字 | 3.58 | 25 | 491.79 | 12.44 | 1 ...

策 略 研 究 太 平 2025 年 06 月 04 日 投资策略 策略日报（2025.06.04）：轮动 相关研究报告 洋 证 券 股 份 有 限 公 司 证 盘>>--2025-06-03 << 无 所 谓 有 无 所 谓 无>>--2025-05-06 下>>--2025-04-07 出>>--2025-04-07 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 E-MAIL：xuzm@tpyzq.com 分析师登记编号：S1190525050001 <<策略日报（2025.06.03）6 月变 债券市场：利率债普涨。今日股债商齐涨，考虑到股市波动率仍在 低位，维持债市后续将受益于避险资金的流入的判断。后续展望：股市 波动率可能抬高，资金避险需求或使得债券重拾涨势。 券 研 究 报 告 <<估值与盈利周观察——4 月第 1 期 ： 市 场 分 化 ， 红 利 上 成 长 <<流动性与仓位周观察——4 月第 1 期 ： 杠 杆 资 金 加 速 流 证券分析师：张冬冬 证券分析师：徐梓铭 股票市场：市场全天震荡上行，期指波动率继续下行的同时成交量 仍维持在 1 ...