李在明在访华前接受中国媒体采访时表示，韩中两国的基本关系在建交之初就确立了非常原则的、基本的立场。韩中关系的健康发展，有赖于双方对彼此核 心利益的充分尊重以及对各自立场的相互包容。在此背景下，韩国对中国最核心的关切——台湾问题，将一如既往地秉持尊重一个中国的立场。 【环球时报驻韩国特派记者 莽九晨 于文】韩国总统李在明将于1月4日至7日对中国进行国事访问。这是李在明就任总统后首次访华，也是他2026年首次出 访。韩国国家安保室室长魏圣洛2日举行记者会，介绍李在明访华行程安排，他4日将在北京同旅华韩侨座谈，5日举行韩中元首会谈。韩联社称，韩中两国 都是新年的首次元首会谈，因此向国际社会发出的信息意义重大。访华前夕，李在明接受中国媒体采访，表达韩国政府对中韩关系的重视。他表示，此访的 目的是最大限度地减少或消除两国之间以往存在的矛盾或误解，推动韩中关系跃升并发展到新阶段，使两国关系牢固确立为相互助力彼此发展的关系。对于 台湾问题，李在明明确表态，韩国始终尊重一个中国原则。 " 恪守一个中国原则 " 2025年12月31日，中共中央政治局委员、外交部长王毅应约同韩国外长赵显通电话。王毅表示，在两国元首战略引领下，中 ...

2025年12月30日，林清轩正式在香港交易所主板挂牌上市，成为港股市场"国货高端护肤第一股"。公司招 股价77.77港元/股，截至31日收盘股价为90.45港元，两日涨幅超16%，市值突破126亿港元，表现亮眼。 林清轩致力于为用户提供天然、山茶花成分的高端护肤改善方案，以2024年零售额计，公司位列中国高端 国货护肤品牌首位、国内抗皱紧致类护肤品牌第一，同时也是中国前15大高端护肤品牌（含国际品牌）中 唯一的国货代表。 作为"以油养肤"赛道的开创者，林清轩凭借超级大单品山茶花精华油在修护、抗皱领域等赛道已得到市场 充分验证。截至2025年末，公司山茶花精华油累计销量已突破5000万瓶，连续11年以全渠道零售额第一的 成绩占据全国面部精华油榜首，更是该品类中唯一连续8年零售额超1亿元的产品。目前，该产品已推出第 5代，定位「细胞级」抗皱精华油，在功效、成分、科技含量、包装等方面都实现了全面迭代。 近日，LiveReport大数据预测，"国货高端护肤第一股"林清轩（02657）或将于3月9日获纳入港股通名单。 若入通成功，港股通作为连接内地与香港资本市场的重要桥梁，将为林清轩带来更广泛的内地投资者群 体，显著 ...

Core Viewpoint - The article narrates the entrepreneurial journey of Sun Laichun, founder of Linqingxuan, highlighting his transformation from a pharmaceutical representative to a successful skincare brand owner, emphasizing the importance of sustainability and cultural identity in business [2][3][40]. Group 1: Entrepreneurial Journey - Sun Laichun started his career in a state-owned pharmaceutical company, eventually becoming a regional director before resigning to explore various business ventures, which initially resulted in significant financial losses [3][4]. - After attending an entrepreneurial training program, he discovered his passion for environmental sustainability, leading to the founding of Linqingxuan with a mission to "make the earth greener" [5][12]. - The brand name "Linqingxuan" was chosen to reflect Chinese cultural roots, contrasting with the trend of using Western names in the cosmetics industry [16][40]. Group 2: Product Development and Market Positioning - Linqingxuan initially focused on a range of products but later specialized in high-end skincare, particularly the camellia oil, which became a flagship product with significant market success [22][30]. - The camellia oil product has achieved over 45 million units sold by mid-2025, dominating the facial oil market in China for eleven consecutive years [22][39]. - The company emphasizes quality control and innovation, holding over 600 formulations and 87 patents, with a focus on proprietary plant extraction methods [36][37]. Group 3: Business Challenges and Adaptation - The COVID-19 pandemic posed significant challenges, leading to store closures and financial strain, prompting a shift towards e-commerce and live-streaming sales to sustain operations [25][29]. - Linqingxuan successfully raised funds through two rounds of financing in 2020 and 2021, marking a strategic shift in its growth approach [29][30]. - The company has maintained profitability through a direct sales model, with over 95% of its stores located in prime shopping areas, showcasing a robust business strategy [17][30]. Group 4: Competitive Landscape - Linqingxuan positions itself as a leading domestic skincare brand, competing directly with international brands by emphasizing superior product efficacy and cultural uniqueness [40][41]. - The brand's strategy includes focusing on a few competitive products, leveraging local plant ingredients, and innovating new product categories, such as the "oil-based skincare" concept [40][41]. - The company reported a revenue of 1.052 billion yuan in the first half of 2025, reflecting a 98.3% year-on-year increase, indicating strong market performance [39].

Core Viewpoint - In 2025, Guangzhou police reported significant achievements in combating food safety and intellectual property crimes, with over 1,800 criminal cases solved and more than 3,000 individuals detained, emphasizing the commitment to protecting public safety and environmental integrity [1]. Group 1: Food Safety and Intellectual Property Crimes - In 2025, Guangzhou police cracked over 1,800 cases related to food safety and intellectual property, detaining more than 3,000 suspects [1]. - A notable case involved the "1.10" cross-border e-commerce live-streaming sale of counterfeit cosmetics, resulting in the arrest of 15 suspects and the seizure of over 130,000 counterfeit cosmetic items, with total sales exceeding 80 million yuan [3]. - The police conducted seven rounds of "food safety" special operations targeting illegal additives in meat products, substandard food near schools, and counterfeit goods in rural areas, successfully addressing public concerns [3]. Group 2: Environmental Crime and High-Value Intellectual Property Protection - Guangzhou police intensified efforts against environmental crimes, including illegal waste disposal, illegal mining, and pollution, to protect ecological resources [4]. - The focus also included combating high-value intellectual property crimes, such as infringement of trade secrets, patents, and copyrights, as well as the sale of counterfeit well-known brand products, which disrupt market order and harm corporate rights [4].

Core Viewpoint - The recent controversy surrounding the ingredient EGF in the core brand Han Shu of Shangmei Co. has led to significant stock price fluctuations and raised concerns about the company's future growth plans [4][5][8]. Group 1: Company Developments - Chairman Lv Yixiong announced that executive director Luo Yan purchased 364,000 shares at approximately HKD 75.5 each, totaling about HKD 66.32 million, indicating strong confidence in the company's future [2]. - The company aims to achieve a revenue target of 30 billion yuan by 2030, requiring a doubling of current revenue within five years [12][38]. - In the first half of the year, the company's revenue reached 4.1 billion yuan, with a goal of hitting 10 billion yuan in annual revenue for the new brand Newpage [11][22]. Group 2: Controversy and Market Reaction - The controversy originated from the detection of EGF in two Han Shu face masks, leading to a significant drop in stock price, with a loss of over 10 billion yuan in market value [5][8]. - Han Shu's official response included presenting third-party testing results to refute the claims, but investor concerns persisted, resulting in a 30% drop in stock price on the first trading day after the holiday [8][39]. - The Chinese Fragrance and Cosmetic Industry Association noted that there is currently no commercial ELISA kit available for testing EGF in cosmetics, which complicates the situation [9]. Group 3: Strategic Expansion Plans - The company is in a critical expansion phase, planning to launch 20 new brands between 2025 and 2027, primarily leveraging the Douyin platform for marketing [10][22]. - The company is also focusing on international markets, with a significant investment of 300 million yuan in a factory in Southeast Asia [24]. - The strategy includes hiring top talent and implementing a rigorous selection process to enhance brand development and marketing effectiveness [29][32].

Core Insights - South Korea's total exports reached a record high of $709.7 billion in 2024, marking a year-on-year increase of 3.8% [1] Export Performance - Semiconductor exports surged by 22.2% year-on-year, totaling $173.4 billion, setting a new historical peak for the second consecutive year [1] - Automotive exports increased by 1.7%, reaching $72 billion, also achieving a record high [1] - Biopharmaceutical exports rose by 7.9% to $16.3 billion, maintaining growth for two consecutive years [1] - Other sectors such as shipbuilding, computers, wireless communication devices, agricultural products, cosmetics, and electrical equipment also experienced growth [1] Decline in Specific Sectors - Exports of petroleum products decreased by 9.6% to $45.5 billion [1] - Petrochemical product exports fell by 11.4% to $42.5 billion [1] - Steel exports dropped by 9% to $30.3 billion [1]

Core Insights - Lin Qingxuan has successfully positioned itself as the "first high-end domestic skincare stock" in China, achieving a market capitalization of over 12.4 billion HKD after its listing on the Hong Kong Stock Exchange [3][30] - The brand's journey from a handmade soap to a billion-dollar valuation exemplifies the importance of creating trends rather than following them [3][39] Group 1: Brand Positioning and Strategy - Lin Qingxuan's brand name, chosen in 2003, reflects a commitment to Chinese cultural symbols, distinguishing itself in a market dominated by foreign brands [5][7] - The brand has become the top domestic high-end skincare brand in China by 2024, leading in the anti-wrinkle category and being the only domestic brand among the top 15 high-end skincare brands [5][14] - The decision to focus on camellia oil over handmade soap in 2016 was a strategic move to maximize potential revenue, demonstrating the importance of resource allocation [8][27] Group 2: Competitive Advantages - Lin Qingxuan's "shipbuilding logic" emphasizes a deep integration of the supply chain, ensuring consistent product quality and stability [10][12] - The company boasts a gross margin of 82.5%, outperforming major competitors like L'Oréal and Estée Lauder, indicating strong value premium capabilities [14] - With over 600 formulas and 87 patents, including 46 core invention patents, Lin Qingxuan's research and development efforts are focused on creating unique, effective products [17][19] Group 3: Marketing and Distribution - The brand's channel strategy includes 554 stores, with over 95% located in shopping malls, enhancing its high-end perception [21][35] - Lin Qingxuan's marketing strategy balances online and offline channels, with a significant focus on building brand recognition through targeted campaigns [24][25] - The average transaction value in offline stores is significantly higher than online, showcasing the effectiveness of in-store experiences in conveying brand value [22][23] Group 4: Future Growth and Challenges - Post-IPO, Lin Qingxuan aims to expand globally, particularly in Southeast Asia, while evolving its brand positioning to emphasize "high-end skincare technology from China" [30][33] - The company is addressing the challenge of dependency on a single product by developing new brands and expanding its product matrix [27][28] - Lin Qingxuan's journey illustrates that true brand building requires patience and a long-term vision, rather than a focus on short-term trends [38][40]

Group 1 - The core viewpoint of the article highlights the uncertainty in the beauty consumption market, which is characterized by issues such as product authenticity, price fluctuations, and effectiveness expectations, posing significant challenges to industry growth [1][3] - Consumers face multiple layers of uncertainty, including concerns over counterfeit products, inflated prices due to chaotic distribution channels, and the disparity between advertised and actual product results, leading to a sense of risk in their purchasing decisions [3][4] - Industry participants, particularly small and medium-sized distributors, also experience uncertainty, facing financial pressures from inventory holding and price system collapse due to "gray market" activities, which complicates business operations [4] Group 2 - The "Furuihui" platform aims to introduce certainty into the market by establishing clear commercial rules, transforming ambiguous and uncontrollable aspects of traditional models into transparent and predictable standardized rules [4][6] - Users of the Furuihui platform can invest in beauty products with a clear value path, as the platform charges a fixed management fee and returns the rest to users, shifting the consumer mindset from passive to proactive [6] - The exploration by Furuihui indicates a fundamental desire for safety in the demand and circulation sectors, suggesting that platforms providing certainty will have stronger competitive advantages compared to those offering mere possibilities [6]

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |