| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920123 | 芭薇股份 | 15.37 | -0.26% | 1.43万 | 2187.90万 | | 300132 | 青松股份 | 6.49 | 0.00% | 16.97万 | 1.44亿 | | 603605 | | 68.86 | 0.12% | 2.85万 | 1.97亿 | | 002094 | 青岛金王 | 7.57 | 0.13% | - 30.91万 | 2.33亿 | | 600315 | 上海家化 | 23.16 | 0.22% | 5.84万 | 1.35亿 | | 600223 | 福瑞达 | 7.40 | 0.27% | 7.61万 | 5629.06万 | | 300955 | 嘉亨家化 | 39.23 | 0.41% | 7.38万 | 2.93亿 | | 300957 | 贝泰妮 | 40.45 | 0.52% | 4.16万 | 1.68亿 | | 300856 | 科思股份 | + 13.75 | 0.6 ...

Core Insights - The sunscreen market for 2026 has already begun, with brands launching new products and marketing campaigns earlier than usual due to the late Lunar New Year holiday and the upcoming beauty consumption wave around International Women's Day [1][3] - Concerns arise over a potential price war in the sunscreen market, as many products are priced below 30 yuan, leading to questions about the sustainability of innovation trends such as multifunctional products and seasonal marketing strategies [1][3] Market Trends - Major brands like L'Oréal and Sekkisei have already iterated their core sunscreen products, initiating a "winter offensive" marketing strategy to extend the sales cycle throughout the year [3] - The total number of sunscreen product registrations has reached 4,835 since 2021, with 704 new registrations in 2025, indicating a rich product variety in the market [5] Sales Performance - From January to November 2025, sunscreen products sold 155 million units, generating sales of 14.153 billion yuan, surpassing the total sales of 12.045 billion yuan for the entire year of 2024 [7] - Sales growth in different price segments shows that products priced below 100 yuan generated 5.588 billion yuan, while those priced between 100-200 yuan and above 200 yuan saw growth rates of 20.44%, 15.27%, and 16.02% respectively [7][8] Brand Dynamics - The sales ranking for sunscreen brands remains stable, with Mistine, L'Oréal, and Anessa leading the market. L'Oréal experienced a significant growth of 47.94% during this period [8] - New product launches are increasingly focused on mainstream sunscreen creams, with outdoor-focused products performing well [12] Consumer Behavior - The rise of ultra-low-priced sunscreen products reflects a cautious consumer spending trend, allowing for more choices and lower trial costs for consumers [18] - The market is witnessing a shift towards smaller, lower-priced products that cater to specific consumer needs and preferences [18] Innovation and Technology - The sunscreen industry is seeing advancements in research and development, with a focus on anti-aging and light damage protection becoming central themes [19][23] - Brands are increasingly integrating skincare benefits into sunscreen products, with many new launches featuring dual certifications for whitening and sun protection [20][23] Industry Standards and Certification - Brands are actively participating in the establishment of industry standards, with initiatives like the "first" and "only" certifications becoming competitive advantages [30][31] - The introduction of AI-driven models for product development, such as Mistine's SCOPE-DTI model, marks a significant shift in the research landscape, enhancing the efficiency of product development in the sunscreen category [34][32]

Product Launch and Development - In November and December 2025, the company launched a total of 18 new products, with 9 in medical devices and 9 in cosmetics [1] - The company has a clinical-stage medical device, "Recombinant Type III Humanized Collagen Dressing," and is preparing for clinical trials for other collagen-based products [2] Financial Performance and Sales Strategy - The company is currently finalizing its financial results for 2025, with sales data impacted by adjustments in offline sales channels [2] - The transition from traditional distribution to value-driven sales models is expected to improve long-term health in offline business [2] Margin and Cost Management - The company is experiencing pressure on profit margins due to high online sales costs and adjustments in offline sales channels [4] - The fluctuation in gross margin is attributed to increased competition and changes in product mix, with plans for optimization in production, pricing, and supply chain management [2] Channel Optimization and Inventory Management - The company is optimizing its offline channels, focusing on better inventory management and strategic partnerships with service-oriented distributors [4] - Current adjustments in offline channels are expected to have manageable impacts on performance, laying the groundwork for future growth [4] Future Plans and Incentives - The company expresses a strong intention to implement an equity incentive plan as the management team evolves [4]

盈利预测：基于公司线上及线下渠道靓丽销售表现，该行预计公司2025-2027年归母净利润分别为 12.1/15.8/20.3亿元，同比增长38%/30%/28%。 风险提示：化妆品行业竞争加剧风险；渠道竞争加剧风险；新品孵化风险。 华源证券发布研报称，毛戈平(01318)作为国内高端彩妆品牌，创始人IP深度赋能品牌，护肤&彩妆品类 稳步增长，线下&线上优势显著，当前品牌势能处于稳步向上阶段，大单品矩阵仍在高速增长，看好公 司的IP品牌价值稀缺＋渠道禀赋＋后续成长潜能，未来业绩增长确定性较高，维持"买入"评级。 华源证券主要观点如下： 公司发布自愿公告股东减持计划 公司控股股东及执行董事毛戈平先生、汪立群女士、执行董事毛霓萍女士、毛慧萍女士、汪立华先生及 宋虹佺女士拟在6个月内，主要通过大宗交易方式合计减持不超过公司已发行股份总数的3.51%。减持 所得款项用途包括但不限于美妆相关产业链的投资、改善个人生活等。公司控股股东及董事对公司发展 充满信心，将持续致力于集团的产品研发及生产经营管理，努力为集团品牌价值提升及业绩增长作出卓 越贡献。此外公司通过大宗方式减持，影响或较为温和。 公司近期与LCatterton ...

Core Viewpoint - South Korea aims to achieve annual exports exceeding $700 billion for the second consecutive year by 2026, despite global trade uncertainties [1][2]. Group 1: Export Performance - In 2025, South Korea's exports are projected to surpass $700 billion for the first time, reversing earlier pessimistic forecasts [1][2]. - Last year, South Korea achieved a record export value of $709.7 billion, driven by growth in key sectors such as semiconductors, automobiles, and shipbuilding, as well as small and medium-sized industries like agriculture, water products, and cosmetics [1][2]. Group 2: Government Initiatives - The Minister of Trade emphasized that the recovery of market trust in South Korea and the conclusion of the Korea-U.S. trade agreement contributed to the positive export outlook [1][2]. - The Ministry of Trade plans to diversify export projects and destinations to counteract trade protectionism from major economies, including stronger steel safeguard measures from the European Union, while also upgrading infrastructure and providing financial support to exporting companies [1][2].

Group 1 - In the fourth quarter of last year, notable fund managers such as Ge Lan and Tang Xiaobin reduced their holdings in Kelun Pharmaceutical, while Zhao Bei increased her stake [2][3] - Ge Lan's fund, the China Europe Medical Health Mixed Fund, held 38.1954 million shares of Kelun Pharmaceutical as of December 31, 2025, having reduced its holdings by 1.867 million shares compared to the end of the third quarter [4] - Tang Xiaobin's fund, the GF Multi-Factor Mixed Fund, exited the top ten shareholders of Kelun Pharmaceutical by the end of 2025, having reduced its holdings from 24.2335 million shares to an estimated 1.394 million shares [6] Group 2 - Zhao Bei's fund, the ICBC Credit Suisse Frontier Medical Equity Fund, increased its holdings in Kelun Pharmaceutical to 22 million shares by December 31, 2025, up by 2 million shares from the end of the third quarter [6] - The National Social Security Fund's 416 portfolio became the tenth largest shareholder of Kelun Pharmaceutical with 13.9445 million shares by the end of 2025 [6] Group 3 - Liu Yanchun and Hu Xinwei reduced their holdings in Proya Cosmetics, with Liu's fund holding 2.6 million shares as of December 30, 2025, down from 3.332 million shares at the end of the third quarter [8] - Hu Xinwei's fund exited the top ten shareholders of Proya Cosmetics by the end of 2025 [8] Group 4 - Zhou Yun's fund, the Dongfanghong New Energy Mixed Fund, and the National Social Security Fund's 404 portfolio entered the top ten shareholders of Jiazhe New Energy by the end of 2025 [10] - The National Social Security Fund's 114 portfolio increased its holdings in Nanshan Aluminum by 4.3432 million shares in the fourth quarter of 2025, with five ETF products included in the top ten shareholders of Nanshan Aluminum by the end of 2025 [10] Group 5 - A surge in institutional research activities has been noted, with over 10,000 research sessions conducted in the past month, focusing on sectors such as semiconductors, general equipment, automotive, and artificial intelligence [12] - Fund managers from various firms, including Chang'an Fund and Nord Fund, have actively participated in company research activities, indicating a strong interest in the market outlook for 2026 [13]

毛霓萍、毛慧萍系实际控制人毛戈平的姐姐，汪立华系实际控制人汪立群的弟弟，毛霓萍、毛慧萍、汪立华现分别在公司担任副董事长兼副总经理、董事 兼副总经理及董事兼副总经理。 截至昨日收盘，毛戈平股价为87.95港元，市值为431亿港元；以此计算，毛戈平家族可套现15亿元。 雷递网 乐天 1月8日 雷递由媒体人雷建平创办，若转载请写明来源。 此番毛戈平上市刚满一周年。毛戈平是一家家族色彩非常浓厚的公司。 毛戈平与汪立群为夫妻关系，毛戈平，1964年7月出生，中专学历。1983年7月至1998年7月任职浙江省越剧团，1998年11月创建杭州毛戈平化妆艺术有限 公司，2000年7月创建杭州汇都化妆品有限公司，任公司董事长兼产品研发负责人，2000年10月创建浙江毛戈平形象设计艺术学校。现任毛戈平董事长兼 总经理。 汪立群，女，1971年9月出生，1991年至1999年任浙江省越剧团演员，2000年至2008年任浙江毛戈平形象设计艺术学校执行校长，2008年至今，任杭州毛 戈平形象设计艺术有限公司总经理。现任毛戈平副董事长。 上市刚刚满一年的港股上市企业毛戈平化妆品股份有限公司（简称："毛戈平"，股票代码为："01318"） ...

Core Viewpoint - The cosmetics industry is still facing cyclical challenges, prompting leading companies like Estée Lauder to implement significant operational changes to regain growth [1] Group 1: Company Strategies - Estée Lauder has announced its largest operational transformation in history, termed "Reinventing Beauty" strategy, to navigate through industry difficulties [1] - Some mid-tier cosmetics companies are increasing R&D investments to differentiate their products, while others are opting for share reductions by management [1] Group 2: Shareholder Actions - On January 6, 2024, the Hong Kong-listed company Mao Geping announced plans for major share reductions by its controlling shareholders, amounting to a maximum of 17.2 million shares, or 3.51% of total shares [1] - The total cash raised from this share reduction could exceed 1.4 billion HKD, which will be used for investments in the beauty industry and personal expenses [1] Group 3: Market Performance - Mao Geping's stock price has seen significant appreciation, reaching a peak of over 130 HKD, four times its initial offering price of 29.8 HKD, and currently standing at 87.95 HKD [2] - The average daily trading volume for Mao Geping has been below 300 million HKD, indicating liquidity issues for a company valued over 40 billion HKD [3] Group 4: Financial Performance - For the first half of 2025, Mao Geping reported revenue of 2.588 billion CNY, a year-on-year increase of 31.28%, and a net profit of 670 million CNY, up 36.11% [3] - The company's gross margin stands at 84.2%, which is relatively high within the industry, but there are signs of slowing growth [3] - Sales and distribution expenses increased by 24.8% to 1.169 billion CNY, accounting for 45.2% of total revenue, with marketing expenses exceeding 540 million CNY [4] Group 5: Analyst Insights - Citibank noted that the share reduction by Mao Geping's controlling shareholders could exert short-term pressure on the stock price, but maintains a "Buy" rating with a target price of 82 HKD, predicting a 28% growth in earnings per share for 2025 [4][5] - The dynamic price-to-earnings ratio for Mao Geping is currently at 37.6 times, indicating a high valuation that may need to be addressed if growth does not continue [5][6]

Group 1 - Notable fund managers have disclosed their latest stock adjustments as the new year begins, with several companies announcing related updates [1] - Fund managers Ge Lan and Tang Xiaobin reduced their holdings in Kelun Pharmaceutical (002422), while Zhao Bei increased her stake [1][2] - Liu Yanchun and Hu Xinwei reduced their holdings in Proya (603605), while Zhou Yun entered the top ten shareholders of Jiazhe New Energy (601619) [1][6] Group 2 - As of December 31, 2025, Ge Lan's fund held 38.1954 million shares of Kelun Pharmaceutical, having reduced by 1.867 million shares compared to the previous quarter [2] - Tang Xiaobin's fund exited the top ten shareholders of Kelun Pharmaceutical by the end of 2025, having reduced holdings from 24.2335 million shares to 13.94 million shares [4] - Zhao Bei's fund increased its holdings in Kelun Pharmaceutical to 22 million shares, up by 2 million shares from the previous quarter [4] Group 3 - Liu Yanchun's fund held 2.6 million shares of Proya as of December 30, 2025, down from 3.332 million shares, indicating a reduction of over 700,000 shares [7] - Hu Xinwei's fund is no longer among the top ten shareholders of Proya [8] - Zhou Yun's fund and the National Social Security Fund 404 combination entered the top ten shareholders of Jiazhe New Energy in the fourth quarter of 2025 [9] Group 4 - The National Social Security Fund 114 combination increased its holdings in Nanshan Aluminum (600219) by 4.3432 million shares in the fourth quarter of 2025 [9] - By the end of 2025, five ETF products were included among the top ten shareholders of Nanshan Aluminum, indicating the growing influence of index funds [9] Group 5 - A significant increase in institutional research activities has been noted, with over 10,000 research sessions conducted in the past month, focusing on sectors such as semiconductors, general equipment, automotive, and artificial intelligence [10] - Fund managers are optimistic about the performance of non-financial listed companies in A-shares for 2025 and 2026, anticipating a stable recovery [10]

Core Viewpoint - The article discusses the recent stock adjustments made by several well-known fund managers, highlighting their changes in holdings in various companies, particularly focusing on Kelong Pharmaceutical and Proya Cosmetics [2]. Group 1: Kelong Pharmaceutical - Fund managers Ge Lan and Tang Xiaobin reduced their holdings in Kelong Pharmaceutical, while Zhao Bei increased her stake [3]. - As of December 31, 2025, Ge Lan's fund held 38.1954 million shares of Kelong Pharmaceutical, a decrease of 1.867 million shares compared to the end of the third quarter [4]. - Tang Xiaobin's fund, Guangfa Multi-Factor Mixed Fund, exited the top ten shareholders of Kelong Pharmaceutical by the end of 2025, having reduced its holdings from 24.2335 million shares to at least 10.2935 million shares [6]. - In contrast, Zhao Bei's fund held 22 million shares of Kelong Pharmaceutical as of December 31, 2025, an increase of 2 million shares from the previous quarter [6]. - The National Social Security Fund's 416 portfolio became the tenth largest shareholder of Kelong Pharmaceutical with 13.9445 million shares by the end of 2025 [7]. Group 2: Proya Cosmetics - Liu Yanchun and Hu Xinwei reduced their holdings in Proya Cosmetics, with Liu's fund holding 2.6 million shares as of December 30, 2025, down from 3.332 million shares [9]. - Hu Xinwei's fund is no longer among the top ten shareholders of Proya Cosmetics [10]. Group 3: Other Companies - Zhou Yun's fund and the National Social Security Fund's 404 portfolio entered the top ten shareholders of Jiazhe New Energy by the end of 2025 [11]. - The National Social Security Fund's 114 portfolio increased its holdings in Nanshan Aluminum by 4.3432 million shares in the fourth quarter of 2025, with five ETF products now included among the top ten shareholders [11]. Group 4: Market Trends - As of early 2026, A-shares stabilized above 4000 points, with over 10,000 institutional research activities focused on sectors like semiconductors and artificial intelligence [13]. - Fund managers express optimism for A-share performance in 2026, anticipating a recovery in earnings growth for non-financial listed companies [13].