证券日报网讯1月26日，爱美客（300896）在互动平台回答投资者提问时表示，公司重视市值管理工 作，于2023年实施回购公司股份计划，总金额达3.99亿元(不含交易费用)，后续如有具体计划将按照相 关法律法规要求及时履行信息披露义务。 ...

这种变化折射出了公募消费赛道的分化现状：一方面，部分基金仍在坚守传统消费，有的白酒股已被连 续重仓36个季度；另一方面，手办潮玩、谷子经济和医美带来的新消费，则成为一批新生代基金经理的 新宠。 人民财讯1月26日电，最新披露的2025年公募基金四季报显示，主动权益基金前十大重仓股出现了一个 新变化，即科技、新能源个股占了九席，剩下一席给了贵州茅台（600519）。 ...

这种变化折射出了公募消费赛道的分化现状：一方面，部分基金仍在坚守传统消费，有的白酒股已被连续重仓36 个季度；另一方面，手办潮玩、谷子经济和医美带来的新消费，则成为一批新生代基金经理的新宠。 传统消费股受冷落 根据天相投顾数据，2025年公募主动权益基金前十大重仓股中仅有一只传统消费股（贵州茅台），其余九只分别 为中际旭创、新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴-W、寒武纪、立讯精密、东山精密。 证券时报记者 余世鹏 最新披露的2025年公募基金四季报显示，主动权益基金前十大重仓股出现了一个新变化，即科技、新能源个股占 了九席，剩下一席给了贵州茅台。 比如，景顺长城品质长青持有泡泡玛特近500万股，其中在去年四季度增持了23.36万股。此外，该基金重仓的还有 老铺黄金等新消费资产，以及中际旭创、新易盛等科技成长标的。该基金的基金经理农冰立，是一位新生代基金 经理，他2023年7月开始管理该基金。 此外，睿远港股通核心价值持有泡泡玛特463.80万股，其中有245万股为去年四季度加仓，该基金的基金经理张佳 璐是一位只有3年证券从业经验的新人，2024年12月开始管理该基金。 新消费的另一个热门标的蜜雪集 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The total retail sales in China for 2025 reached CNY 501,202 billion, with a year-on-year growth of +3.7%. December's retail sales showed a modest increase of +0.9% [25][34] - The retail sector is experiencing a gradual recovery, with service retail outperforming goods retail. Online sales are rebounding, while offline supermarkets, convenience stores, and specialty shops are performing relatively steadily [4][27] - The high-end traditional gold market is expanding, with brands like Laopu Gold gaining traction among high-net-worth consumers, supported by strong sales during promotional events [34][38] Summary by Sections Retail Sector Overview - The retail and social service indices reported increases of 2.16% and 3.20% respectively from January 19 to January 23, 2026, with the retail index ranking 16th among 31 sectors [6][15] - The jewelry sector has shown the highest growth, with an increase of 8.66% in the past week and 11.51% year-to-date [18][20] Consumer Trends - Essential consumer goods are stable, with food and oil products performing particularly well. In contrast, optional consumer goods show mixed results, with cosmetics and jewelry performing better than clothing and home appliances [31][33] - The online retail market for physical goods reached CNY 130,923 billion in 2025, growing by +5.2%, accounting for 26.1% of total retail sales [27][30] Investment Recommendations - Focus on high-quality companies in high-demand sectors driven by emotional consumption themes, particularly in gold and jewelry, with recommendations for brands like Laopu Gold, Chao Hong Ji, and Chow Tai Fook [7][41] - Emphasize offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, recommending companies like Yonghui Supermarket and Aiyingshi [7][39] - Highlight domestic beauty brands that innovate in emotional value and safety, recommending brands like Mao Ge Ping and Proya [7][39] - Consider differentiated medical beauty product manufacturers and expanding chain medical institutions, with recommendations for companies like Meili Tianyuan and Aimeike [7][39]

Core Viewpoint - The latest public fund top ten heavy stocks show a significant shift, with AI technology and new energy stocks occupying nine positions, leaving only one for Kweichow Moutai, indicating a divergence in the consumer sector [1][2]. Group 1: Changes in Fund Holdings - As of 2025, only Kweichow Moutai remains among the top ten heavy stocks in public active equity funds, with the other nine being tech and new energy companies like Zhongji Xuchuang and Ningde Times [2]. - In Q4 2021, three liquor stocks were among the top ten heavy stocks, including Moutai and Wuliangye, which were key players in the previous structural market [2]. - By the end of 2025, 1,048 funds held Kweichow Moutai, with a total market value of 118.203 billion yuan, ranking fourth among the top ten heavy stocks [2]. Group 2: Performance of Traditional Consumer Funds - Some funds have been loyal to traditional liquor stocks, with E Fund Blue Chip Select holding Kweichow Moutai for 29 consecutive quarters and Invesco Great Wall New Growth for 36 quarters [3]. - Many funds focusing on traditional consumption have seen poor performance, with some funds losing over 30% since inception and others reporting negative returns for four consecutive years [3]. - Fund managers focusing on traditional consumption often neglect to analyze their heavy holdings, instead discussing macroeconomic factors, which may indicate a disconnect from their investment strategies [3]. Group 3: Emergence of New Consumption Trends - New consumption trends, such as collectible toys and the "millet economy," have gained traction, with funds increasingly investing in these areas, while traditional consumer funds remain unresponsive [4][5]. - For example, Pop Mart has 123 funds holding it, with significant positions taken by active equity funds that are not traditional consumer funds [5]. - The divide between new and old consumption is perceived as non-existent, with both being products of changing market demands and technological advancements [5][6]. Group 4: Future Consumption Opportunities - Consumption remains a vital driver of economic growth, with expectations for service consumption in entertainment, gaming, and tourism to provide new investment opportunities [6][7]. - Fund managers suggest that the previous optimism surrounding traditional consumption stocks may be misplaced, advocating for a focus on emerging sectors like gaming and sports as new growth areas [7]. - The integration of technology and manufacturing is expected to create synergies, particularly in the robotics sector, which is becoming increasingly relevant across various industries [7].

据官方数据平台，李亚鹏1月23日晚上7点开始直播，一开始便 强势登顶抖音带货总榜， 以1683.8万 的热度领跑榜单 远超第二名" 与辉同行 "（429.2 万），排名大幅飙升， 成为年货节期间最受关注的 带货主播之一。 第三方数据显示 ， 李亚鹏抖音平台的直播间在不到一个半小时内，累计观看人数超800万，销售额突 破5000万元。 近日，李亚鹏及嫣然天使儿童医院相关动态引起热议。 1月23日晚间，李亚鹏时隔一周再度开直播进行带货，并关闭了打赏功能，刚一开播，直播间就迅速 涌入超10万人在线观看。 从直播画面及带货榜单数据可见，李亚鹏的直播间热度居高不下，本场直播累计场观达3412.5万，在 线观看人数峰值超10万， 无论是茶叶还是茶盘茶杯，上架即秒没。 不少用户表示根本没抢到，赶紧 上链接，别说了。 直播中李亚鹏关闭了礼物通道，向网友们鞠躬致谢，感谢大家帮忙渡过难关， 也在直播间一直强调 并呼吁大家理性购物。 另据界面新闻，从嫣然天使儿童医院房东助理处获确认，房东张先生确为知名医美机构思妍丽创始 人、前董事长张毅；但其也同时确认，张毅多年前早已退出思妍丽，双方目前并无关系。 据红星新闻报道，1月22日晚，向 ...

近日，李亚鹏及嫣然天使儿童医院相关动态引起热议。 1月23日晚间，李亚鹏时隔一周再度开直播进行带货，并关闭了打赏功能，刚一开播，直播间就迅速涌入超10万人在线观看。 从直播画面及带货榜单数据可见，李亚鹏的直播间热度居高不下，本场直播累计场观达3412.5万，在线观看人数峰值超10万， 无论是茶叶 还是茶盘茶杯，上架即秒没。 不少用户表示根本没抢到，赶紧上链接，别说了。 直播中李亚鹏关闭了礼物通道，向网友们鞠躬致谢，感谢大家帮忙渡过难关， 也在直播间一直强调 并呼吁大家理性购物。 据官方数据平台，李亚鹏1月23日晚上7点开始直播，一开始便 强势登顶抖音带货总榜， 以1683.8万的热度领跑榜单 远超第二名" 与辉同 行 "（429.2 万），排名大幅飙升， 成为年货节期间最受关注的带货主播之一。 第三方数据显示 ， 李亚鹏抖音平台的直播间在不到一个半小时内，累计观看人数超800万，销售额突破5000万元。 知情人确认房东身份 另据界面新闻，从嫣然天使儿童医院房东助理处获确认， 房东张先生确为知名医美机构思妍丽创始人、前董事长张毅；但其也同时确认， 张毅多年前早已退出思妍丽，双方目前并无关系。 据报道，思妍丽成立 ...

近日，李亚鹏及嫣然天使儿童医院相关动态引起热议。 1月23日晚间，李亚鹏时隔一周再度开直播进行带货，并关闭了打赏功能，刚一开播，直播间就迅速涌入超10万人在线观看。 从直播画面及带货榜单数据可见，李亚鹏的直播间热度居高不下，本场直播累计场观达3412.5万，在线观看人数峰值超10万，无论是茶 叶还是茶盘茶杯，上架即秒没。不少用户表示根本没抢到，赶紧上链接，别说了。 直播中李亚鹏关闭了礼物通道，向网友们鞠躬致谢，感谢大家帮忙渡过难关，也在直播间一直强调并呼吁大家理性购物。 据官方数据平台，李亚鹏1月23日晚上7点开始直播，一开始便强势登顶抖音带货总榜，以1683.8万的热度领跑榜单远超第二名"与辉同 行"（429.2 万），排名大幅飙升，成为年货节期间最受关注的带货主播之一。 第三方数据显示，李亚鹏抖音平台的直播间在不到一个半小时内，累计观看人数超800万，销售额突破5000万元。 知情人确认房东身份 另据智通财经，从嫣然天使儿童医院房东助理处获确认，房东张先生确为知名医美机构思妍丽创始人、前董事长张毅；但其也同时确 认，张毅多年前早已退出思妍丽，双方目前并无关系。 据报道，思妍丽成立于1996年，知名SPA连 ...

摘要 关于美妆医美公司的最近观点如何？20260122 毛戈平通过柜台体验、化妆服务提升客户粘性，线上渠道吸引新客并引 流至线下，实现品牌年轻化，线上新客消费占比超 75%，25%-30%转 化为线下二次消费，线上渠道占比达 25%。 毛戈平会员体系差异化运营，线上会员享积分折扣，线下会员享美妆定 制等服务，有效引导高消费群体至线下，提高整体销售额，2025 年上 半年同店增长率达 18%，复购率达 30%。 毛戈平品类拓展至护肤品（鱼子面膜、黑霜）和香水，护肤品类发展稳 定，鱼子系列表现突出，香水市场目标为更年轻的消费者群体，寻求跨 人群拓展。 美丽田园通过内生增长和外延收购实现扩张，收购行业领先品牌，采用 "双美双保健"模式，生活美容引流至医美和亚健康业务，提高客单价 和客户生命周期。 美丽田园获客成本极低（约 1%），远低于行业平均水平（30- 40%），源于会员资产并购和交叉销售，降低新增客户获取成本，提高 客户质量。 毛戈平公司在会员运营方面采取了多项措施，以确保其稳定增长。首先，公司 非常重视线下渠道的运营，因为线下渠道依赖品牌力，营销费用相对较低，且 客户忠诚度和复购率较高。公司通过柜台体验、化 ...