A股下一阶段大概率将延续震荡上行的走势，但需关注短期波动风险。科技自立、内需消费及红利股方向具备中长期配置价值。（1）趋势节奏上：９月业 绩为锚，10月政策为帆。展望下一阶段，短期预计市场在偏高中枢运行，经历前期上涨行情后，市场或将阶段性呈现震荡整固特点。但当前市场成交维持活 跃，资金面持续驱动叠加政策预期升温，为市场行情提供支撑。 技术面8.3 资金面4.0 （2）未来关注方向：短期关注补涨机会。中长期聚焦三条主线，一是供需格局改善与行业盈利修复带动的"反内卷"概念，以及估值具备安全边际的红利资 产，配置逻辑依然清晰。二是内需消费方向：政策呵护下的大消费领域具备投资价值，建议关注服务消费领域低估值标的。三是科技自立方向：AI、机器 人、半导体、军工等板块受益于国内高技术产业的快速发展。 快递行业"反内卷"步伐加快。近期，在电商重镇广东、浙江两地，多家快递公司对电商客户上调快递费用。除浙江义乌、广东外，业内对福建、安徽、江 苏、山东等地也有涨价预期。记者从浙江地区的部分快递网点与电商商家处了解到，7月底、8月初以来，电商快递价格确实有不同程度的上调。快递费用调 涨，对特价快递与小件产生的影响较为明显，不过目前 ...

Core Viewpoint - The company maintains its profit forecast for 2025-2026, with the current stock price corresponding to a P/E ratio of 41x for 2025 and 31x for 2026, indicating a target price of HKD 127, which represents a 22.5% upside potential [1] Product Development - The skincare product matrix continues to expand, with positive market feedback for new perfume products. The company is building its brand identity around Eastern aesthetics, facilitating successful category extensions [2] - Skincare: The product matrix is enriched with serums and creams, with the launch of the black gold water in 1H25 and the new spark root series in September, targeting anti-aging solutions for Eastern skin types [2] - Makeup: The color product line is being enhanced, with the launch of the starry sky eyeshadow in 1H25 and earth-tone eyeshadows in Q3 [2] - Perfume: 13 new products were launched in May, with continued high demand in July and August, indicating strong market reception [2] Channel Expansion - Offline: The company has successfully entered high-end retail locations, with plans for further expansion in 2H25, including a new counter in Hangzhou and ongoing planning for Shenzhen and other locations. Same-store sales growth of approximately 18% in 1H25 outperformed the offline market average [3] - Online: The company has maintained a balanced structure in self-broadcasting and influencer marketing, achieving a 47% year-on-year increase in GMV on Tmall and Douyin from July to August, indicating successful outreach to younger demographics [3] International Expansion - The company has entered the Hong Kong market with a presence in Sephora and plans to open its first counter in Harbour City, Hong Kong, in October. There are expectations to expand into Southeast Asia, Japan, and Europe starting in 2026, highlighting the company's growth potential as a rare high-end domestic beauty brand [4]

Core Viewpoint - The report from CICC maintains the profit forecast for Maogeping (01318) for 2025-2026, with the current stock price corresponding to a P/E of 41/31x for those years, and a target price of HKD 127, indicating a potential upside of 22.5% [1] Group 1: Product Development - The skincare product matrix continues to expand, with positive market feedback on new perfume products [2] - In skincare, the company is launching a series of products targeting anti-aging issues, including the "Fire Source" series and the black gold series [2] - In color cosmetics, new products such as the "Starry Sky" eyeshadow and earth-tone eyeshadows have been introduced [2] - The perfume segment saw the launch of 13 new products in May, which remain in high demand [2] Group 2: Channel Expansion - The company is strengthening its brand presence by entering high-end retail locations, with significant same-store growth outperforming the market [3] - Offline, the company has opened new counters in prestigious locations, with a same-store growth of approximately 18% in the first half of 2025 [3] - Online, the company has successfully engaged younger demographics, with a combined GMV growth of 47% on Tmall and Douyin from July to August [3] Group 3: International Expansion - The company is expanding its brand internationally, having entered Sephora in Hong Kong and planning to open its first counter in Harbour City, Hong Kong in October [4] - The company aims to expand into Southeast Asia, Japan, and Europe starting in 2026, indicating strong growth potential as a rare high-end domestic beauty brand [4]

Core Insights - Advanced intelligent factories are shifting from "key process automation" to "full-process collaborative breakthroughs" to achieve qualitative leaps in efficiency, flexible production, and system collaboration [1][24] - The integration of AI, digital twins, and other technologies is transforming production from being merely assisted by technology to being driven by it, reshaping the manufacturing model [18][24] Group 1: Smart Manufacturing in Beauty Industry - A beauty factory in Changsha features a "formula library" with over 8,000 self-developed formula samples for various beauty products [1] - The production process of a mask involves automated systems that require no manual intervention, with ingredients flowing automatically into 36 emulsification pots [6][8] - The factory's production efficiency exceeds the industry average by over 30% due to its flexible production model that accommodates multiple product types on the same line [12] Group 2: AI and Automation in Manufacturing - AI is utilized to manage production lines in real-time, optimizing which lines should produce specific products based on demand [11][15] - The use of AI allows for a minimum production unit of one item, enhancing efficiency and reducing inventory backlog while meeting personalized product demands [21] - The application of digital twins enables real-time monitoring and control of production processes, achieving nearly 100% automation in some factories [24] Group 3: Broader Implications for Manufacturing Industry - Over 7,000 advanced intelligent factories have been established in China, covering various sectors and becoming a backbone for manufacturing upgrades [25] - These factories enhance order delivery capabilities, reduce operational costs, and improve competitiveness through real-time data sharing and collaborative management [25][26] - The transition from "local intelligence" to "overall intelligence" in manufacturing is crucial for future advancements in smart factories, opening avenues for new business models and innovations [26]

Core Viewpoint - The article emphasizes the importance of using the "Black Cat Complaints" platform to verify product quality and service reliability before making purchases, highlighting its role in reducing consumer uncertainty and enhancing informed decision-making [1][2][3]. Group 1: Consumer Insights - Consumers often hesitate to make purchases due to concerns about product quality and after-sales service, leading them to seek reliable information before buying [1]. - The "Black Cat Complaints" platform provides a transparent view of real user experiences, allowing consumers to check common issues and the responsiveness of brands [1][2]. - The platform's data reveals that brands with fewer complaints and higher resolution rates are generally more trustworthy, leading to better consumer satisfaction [1][2]. Group 2: Application Across Industries - The utility of the "Black Cat Complaints" platform extends beyond home appliances to various sectors, including prepaid cards, skincare products, and online courses, where consumers can avoid potential financial losses by checking complaints beforehand [2]. - The platform regularly publishes industry-specific complaint rankings, helping consumers identify problematic businesses and make informed choices [2][3]. - Each piece of information on the platform is based on verified consumer experiences, ensuring that users are not misled by marketing claims [3]. Group 3: Consumer Behavior - Many consumers have adopted the habit of checking the "Black Cat Complaints" platform before making purchases, viewing it as a necessary step to avoid post-purchase regret [3]. - The platform serves as a preventive tool, allowing consumers to learn from others' experiences and make more confident purchasing decisions [3].

Core Viewpoint - The collaboration between Jiangsu Provincial Drug Administration and Taicang Municipal Government aims to establish Jiangsu's "Beauty Harbor" and support the high-quality development of the beauty industry [1] Group 1: Industry Development - The event marked the unveiling of a one-stop service window for cosmetic filing and review in Taicang, facilitating the development of Jiangsu's beauty industry [1] - Taicang has introduced five initiatives to develop the "Beauty Harbor" and launched the Jiangsu "Beauty Harbor" industry fund [1] - The Taicang Biotech Park for the beauty industry has opened and welcomed its first batch of projects [1] Group 2: Market Statistics - Suzhou is accelerating the development of the "beautiful economy," with 82 cosmetic production enterprises [1] - The total industrial output value of cosmetics in Suzhou is projected to reach 15 billion yuan in 2024, ranking first in the province [1] - As of July this year, Taicang has 7 cosmetic production enterprises, with 6 located in the Taicang Port area, including brands like Procter & Gamble's Rejoice and Pantene, Reckitt's Dettol, and Henkel's Schwarzkopf and Syoss [1] - Taicang's beauty industry has significantly contributed to Suzhou, accounting for over 25% of the annual output value and over 70% of the tax revenue [1]

商报讯（实习生 唐钰 记者 杨伊琳）"早秋氛围感，琥珀流光的主场！" 这几天，一种新的穿搭风格在社 交平台上火了。博主 @赵小小YIMAO发布穿搭视频：她转动身体展示琥珀色外套的光泽，手持同色系 手提包。短短几天，视频获3.2万赞、3805个收藏，评论区满是求购链接和搭配咨询。 此外，MsShe、Max Mara等品牌也在商场布局琥珀系单品，从大衣、半身裙到披肩，用不同面料与剪裁 展现风格多样性，进一步拓宽市场接受度。 像这样分享"琥珀流光"穿搭的创作者不在少数，这股风潮近期在社交平台持续升温。"琥珀流光系"穿搭 是大地色与微妙光泽的结合，主打温暖治愈，成2025早秋热门趋势——既延续大地色实穿易搭的优势， 又靠材质光泽和层次组合提升精致感。如今它已衍生出流光游牧风、高智风、甜酷风等多个分支，覆盖 不同场景，给消费者更多选择。 社交平台数据更直观体现热度：截至9月11日，抖音"琥珀系"话题浏览量达15.7亿次，2.5万用户自发上 传穿搭实拍、分享搭配技巧；淘宝"2025早秋流行风格"热搜登顶，热度681.2万且持续攀升；京东更是 将"琥珀流光"标注为"秋冬新宠"，相关热度突破405万。 线上线下联动，秋装市场 ...

Group 1 - The article discusses the rising trend of IP collaborations in marketing, particularly in South Korea, highlighting the success of the Netflix animated film "K-POP: The Witch's Diary" which has increased global interest in Korean food products [1] - Following the film's release, the search volume for "Korean food" surged, prompting brands like Shin Ramyeon to launch co-branded products, resulting in a noticeable increase in their stock prices [1] - The trend is closely linked to the consumption psychology of the MZ generation (born between 1980 and 2000), who are willing to spend on emotional value products, even if they are not necessities [1] Group 2 - The beauty industry frequently utilizes IP collaborations, as seen with a home beauty device brand partnering with Sanrio's popular character, Melody, achieving cumulative sales of 4 million units by May this year, with over 2 million sold overseas [2] - A health and beauty store in South Korea launched exclusive Sanrio-themed products, indicating that IP collaboration has evolved into comprehensive, platform-centered partnerships [2] - While IP collaborations can quickly boost brand visibility and sales, there is a concern that over-reliance on such collaborations without maintaining product quality may lead to a decline in long-term brand vitality [2]

欢迎扫描下方二维码关注： 年薪制可以每两个月发一次工资吗？试用期工资可以"八折"吗？哪些情形企业可以代 扣工资？病假工资具体怎么算？关于职场新人工资的这些问题，一起来看相关解答↓ 年薪制可以每两个月发一次工资吗？ 小詹今年研究生毕业，上月收到了一家通讯企业的Offer，从事研发工作。上周小詹到企业办理入职手续，签订劳动合同时，双方约定小詹属于实 行年薪制的员工，将每2个月支付一次工资。小詹不解，工资难道不应该每月发一次吗？公司的做法对吗？ 试用期工资可以"八折"吗？ 8月初，应届生小米入职一家美妆企业。双方签订3年劳动合同，约定工资8000元，试用期4个月。本月初，小米发现银行卡上到账的工资不是约定 的8000元，而是6400元。询问HR之后，对方回复说，试用期期间，工资打八折。小米疑惑，可是合同上明明没有写啊……这也可以吗？ 哪些情形企业可以代扣工资？ 今年刚刚从大学毕业的小朱上月入职了一家广告公司，在办理入职手续时，人事告知她，她的税前工资是9千元。这两天银行短信提醒小朱，她的 工资已入账，但却只有7000多元。询问HR后，对方回复说，因为公司为小朱代扣了她的社保、公积金还有税。这些都是企业可以代扣工资的 ...

Core Insights - Estée Lauder is expected to return to growth in fiscal year 2026, contingent upon finding new brands to attract younger consumers [3] - The company is undergoing significant strategic reforms under CEO Stéphane de La Faverie, who emphasizes a focus on high-return opportunities and a streamlined organizational structure [4][5] Group 1: Strategic Changes - Stéphane de La Faverie has initiated a major strategic reform called "Beauty Reimagined," aimed at revitalizing the company through structural simplification and increased innovation speed [4] - The company has eliminated the position of "International Business President" and laid off approximately 7,000 employees globally, including 20% of management [4][5] - Estée Lauder has restructured its brand divisions into skincare and makeup categories, which is expected to enhance targeted marketing efforts [4][5] Group 2: Brand Portfolio and Acquisitions - Estée Lauder owns 25 brands, primarily acquired and positioned in the high-end market, with underperforming hair and certain makeup brands likely to be sold [5] - The company is considering acquiring affordable brands to expand its product price range, although specific acquisition plans will not be announced soon [5] - Estée Lauder is also looking to enhance its brand portfolio by acquiring more fragrance licenses, currently holding only one [5] Group 3: Market Adaptation - The company has accelerated the expansion of various online and offline distribution channels, including launching eight brands on Amazon's "Luxury Beauty" channel [5] - Estée Lauder is responding to the "ingredient-focused" beauty trend by promoting its high-end skincare brand La Mer through scientific collaborations, such as with the Salk Institute [6][7] - The collaboration with the Salk Institute aims to explore mitochondrial function and cellular aging, which could enhance the brand's market positioning [6][7] Group 4: Industry Challenges - Estée Lauder faces challenges similar to other beauty companies that thrived in the 70s and 80s, struggling to retain teenage consumers amid rapid market changes driven by social media [7][8] - The increasing discounting on online platforms intensifies pricing competition, adding pressure on brands that seek to lower prices to gain consumer favor [7][8]