今日（1.23），港股消费再度大涨，港股通消费50ETF（159268）收涨0.42%，全天成交额超5000万元！热门成分股中，泡泡玛特、老铺黄金收涨超6%，古 茗、中国中免涨超2%；安踏体育、毛戈平回调近1%（成分股仅做展示，不作为个股推介）。 消息面上，泡泡玛特1月19日宣布斥资2.51亿港元回购公司140万股股份。这是自2024年以来公司的首次回购行动。1月22日，泡泡玛特发布2026年情人节限 定款盲盒"星星人怦然星动"系列，该系列上线后迅速售罄。 沪指今日再度收红，大消费板块小幅回调。消费ETF（159928）收跌0.13%，全天成交额超3.7亿元。资金面上，近5日有3日获资金青睐，累计净流入超3.7亿 元。截至1月22日，消费ETF（159928）最新规模超229亿元，同类遥遥领先！ 【机构：为何关注食饮消费底部反转？】 华安证券指出，食饮消费价值洼地值得重视。重视价值洼地原因在于：（1）股息率水平已值得重视（较高分红外还有额外向上弹性）；（2）长期视角消费 可以穿越周期（更高概率走出困境反转）。 （来源：华安证券20260121《为何关注食饮消费底部反转？》） 【千问融入阿里全生态，对新消费影响 ...

Core Viewpoint - The company Shandong Huawutang Cosmetics Co., Ltd., the parent company of Banmu Huatian, has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1]. Group 1: Business Strategy and Product Development - Banmu Huatian has expanded from a single product strategy to a full-category approach, launching facial and hair care products alongside its core body scrub, which has sold 37.7 million bottles as of September 30, 2025 [2]. - The company aims to enhance sustainable profitability by diversifying its product offerings, with a total of 509 main SKUs as of September 30, 2025 [2]. - The top-selling product on its Tmall flagship store is the amino acid cleansing mousse [2]. Group 2: Financial Performance - Banmu Huatian's revenue for the years 2023, 2024, and the first three quarters of 2025 was 1.199 billion, 1.499 billion, and 1.895 billion RMB, respectively, with adjusted net profits of 23.7 million, 82.8 million, and 148 million RMB [2][4]. - The company experienced a revenue growth of 76.7% and an adjusted net profit increase of 197.2% from the first three quarters of 2024 to the first three quarters of 2025 [2]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 65.8%, 62.3%, and 63.3%, respectively [3][4]. Group 3: Revenue Breakdown by Product Category - For the first three quarters of 2025, body care products contributed 791 million RMB, accounting for 41.8% of total revenue, while hair care and facial care products each contributed 482 million RMB and 463 million RMB, representing 25.4% of total revenue [3]. Group 4: Cost Structure and R&D Investment - Sales expenses for 2023, 2024, and the first three quarters of 2025 were 410 million, 566 million, and 695 million RMB, making up 34.2%, 37.7%, and 36.7% of revenue, respectively [5]. - The total R&D expenses from 2023 to the first three quarters of 2025 amounted to only 88.76 million RMB [6]. - The company primarily relies on outsourcing for manufacturing, using specific qualified OEM suppliers for skin and personal care products [7]. Group 5: Fundraising and Future Plans - The funds raised from the IPO will be used for channel development, product marketing, brand building, enhancing R&D capabilities, and general corporate purposes [7].

行 华福证券 社会服务 2026 年 01 月 23 日 业 研 究 社会服务 关注服务消费结构性机会，及春节旺季珠宝行情 投资要点： 行 业 定 期 报 告 文旅：元旦假期出行链数据超预期。海南离岛免税方面，元旦假期期 间，海口海关共监管离岛免税商品销售 44.2 万件，同比增长 52.4%；购物 人数 8.35 万人次，同比增长 60.6%；购物金额 7.12 亿元，同比增长 128.9%。 旅游出行方面，经文化和旅游部数据中心测算，元旦假期 3 天，全国国内 出游 1.42 亿人次，国内出游总花费 847.89 亿元，建议关注四季度冰雪游旺 季公司长白山、大连圣亚，寺庙游标的九华旅游、峨眉山 A 等。 黄金珠宝：金价高位走强，关注春节旺季销售。春节旺季金价走强， 民众基于"买涨"心理，旺季期间预计行业消费量下降有限，而金价同比 大幅上涨，主要品牌 1-2 月同店有望保持较快增长。建议关注一口价产品 占比高的潮宏基、老铺黄金、周大福，其他建议关注高股息的周大生、菜 百股份。 华福证券 风险提示 宏观经济波动；需求不及预期；行业竞争加剧。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： ...

Group 1: Gold Market Analysis - The bull market for gold is not over, with macro factors remaining optimistic and short-term fluctuations driven by geopolitical events [3][11][13] - Key macro pricing factors for gold have not changed, indicating a sustained upward potential in the medium to long term [3][13] - Micro indicators show that while gold price deviations are high, the RSI is healthy, and ETF inflows continue to rise, suggesting no clear direction for gold prices [3][13] Group 2: Semiconductor Industry Insights - TSMC's revenue for December 2025 is projected to grow by 20.4% year-on-year, driven by high-margin advanced processes and strong demand from AI/HPC sectors [4][12] - The advanced process capacity is fully loaded, with HPC accounting for 55% of revenue and 3nm technology representing 28% of wafer revenue [4][12] - TSMC's guidance for Q1 2026 indicates revenue between $34.6 billion and $35.8 billion, with a gross margin of 63%-65%, reflecting strong demand visibility in AI [4][14] Group 3: Beauty Industry Trends - The South Korean beauty market has undergone several growth and decline phases, with the current phase focusing on global market expansion and reducing reliance on China [18][20] - New brands like APR and Silicon2 are outperforming traditional giants, indicating a shift in market dynamics and consumer preferences [20] - The report highlights the importance of innovation in product formulation and packaging, with South Korean brands leading in areas like cushion packaging and functional skincare products [20]

2 0 2 6年第一个月尚未结束，市场监管领域已迎来新的制度调整。 近 日 ， 国 家 市 场 监 督 管 理 总 局 发 布 修 订 后 的 《 市 场 监 督 管 理 投 诉 举 报 处 理 办 法 》 （ 下 称 《 办 法》），自2 0 2 6年4月1 5日起施行。根据官方说明，此次修订旨在适应新的监管环境，提升投 诉举报处理质量与效率，更好平衡消费者权益保护与经营者合法权益保障。 在竞争高度集中的美妆市场中，外部监督始终是行业运行的一部分。 与此同时，如何区分正 当监督与不当利用制度的行为，也成为近年来监管与行业共同关注的议题。 《FBe a u t y未来 迹》基于公开资料与多位行业人士访谈，对新规可能带来的影响进行梳理和分析。 在 制 度 设 计 的 初 衷 中 ， 投 诉 举 报 与 职 业 打 假 ， 本 应 是 发 现 问 题 、 弥 补 监 管 盲 区 的 重 要 补 充 机 制。尤其在监管力量有限、市场主体数量庞大的现实条件下，这一机制曾在打击假冒伪劣、揭 露安全隐患、推动企业整改等方面发挥过积极作用。 据公开信息显示，新《办法》在原有基础上新增6个条款、修改2 2个条款，对投诉举报的 ...

Group 1 - LVMH Group's private equity firm L Catterton has acquired a minority stake in the French high-end perfume brand EX NIHILO, with the investment amount expected to exceed 200 million yuan, and the transaction is anticipated to be completed in Q1 2026, pending regulatory approvals [1] - EX NIHILO, founded in 2013, has expanded its fragrance offerings from 9 to 78, with prices ranging from $165 to $365, and is known for its collaborations with artists and modern French aesthetics [1] - In recent years, LVMH has invested in several niche high-end perfume brands, including BDK Parfums, Vyrao, and Maison Berger, indicating a strategic focus on the growth potential of these brands [2] Group 2 - LVMH's perfume and cosmetics segment is one of the few areas still experiencing growth, with revenue of 4.08 billion euros in H1 2025, showing a slight increase of 1% in Q2, while overall group revenue has declined [3] - The luxury market is shifting from oligopoly to a more diversified landscape, with brands focusing on product innovation and service improvement to enhance competitiveness [4] - The expansion of the fragrance market and the increasing consumer base have prompted not only luxury groups but also major beauty companies like L'Oréal and Estée Lauder to invest in the fragrance sector [3][4]

2026年1月19日，"逆势而上，破局增长"艾媒新消费盛典暨"预见2026"张毅年度演讲圆满举办。本次活 动由iiMedia Research（艾媒咨询）主办，广东省广告协会、广东省互联网协会协办，汇聚数百位来自 全国各地的业界精英、专家学者及知名企业代表，同步举办2025年中国国货消费品牌500强颁奖典礼， 通过权威趋势解读、实战案例分享与重磅榜单发布，为新消费行业发展注入新动能。 活动现场，艾媒咨询CEO兼首席分析师张毅博士对消费人群迭代与需求变革的解读，精准击中了当下的 市场趋势。他指出，随着00后逐渐成为消费主力，消费市场进入"成分觉醒"时代，产品安全已超越功 效，成为消费者的第一诉求。"2025中国国货消费品牌500强"榜单中的美妆、食品、日化品牌，正是凭 借对成分安全的坚守与透明化展示，收获了消费者的认可，在市场竞争中脱颖而出。 去年的"苏丹红事件"，让化妆品行业遭遇了巨大的舆论危机，也进一步强化了消费者的成分焦虑与安全 意识，推动"成分觉醒"趋势加速蔓延。艾媒咨询数据显示，有78%的消费者表示会优先选择成分天然、 安全的产品，有65%的消费者会因为产品成分存疑而放弃购买，这一数据充分说明，成分安 ...

每日金句 天时、地利、人和三者齐全永远是理想状态，99%的创业者在创业之初都极 为艰难。没有信心怎么办？创业者必须有决心，有强烈的愿望想要成功，想要 解决某个行业内的问题，想要为这个社会做点事情……梦想和"野心"是一个创 始人最核心的竞争力。 一个心怀梦想的人，会极其自律、昼度夜思、殚精竭 虑、不知疲倦，因为他不是想赢，而是必须赢。 吴世春 | 梅花创投创始合伙人 黑马实验室导师 这里认真推荐你： 黑马·欧洲游学 7天6晚， 我们将带您 回到品牌的"第一现场"， 从 巴黎到米兰 ，直击 LV、欧莱雅、Prada 等顶流品牌的诞生地与核心工厂。我们还将潜入IFM学院解密奢侈品管理逻辑，在蓝带学院领 悟生活方式定义权，更能探访Loro Piana面料实验室，解锁产业链密码。 30席限量抢位， 带你用欧洲思维重构品牌壁垒，从"卖产品"到"卖梦想"，用文化重新定义品 牌定价权！ 文末扫码，即可报名 活动详情如下 ↓↓↓ 回到品牌 朝圣品牌她 用 文 化 重 本国 2026 04-12-04:18 马 新 商业 全 球探 索 计 划 线 。 欧 洲 站 当中国制造的效率已经达到极致,单纯的成本优势已无法 支撑品牌增长。 ...

Core Viewpoint - L'Occitane is shifting its IPO focus from Hong Kong to the US market, aiming for a higher valuation amidst a competitive beauty industry landscape [2][5][11] Group 1: IPO Details - L'Occitane was privatized in 2024 with a valuation of €6 billion (approximately ¥48.82 billion) after 14 years on the Hong Kong Stock Exchange [4] - The company is exploring the possibility of an IPO in the US as early as this year, having engaged JPMorgan and Morgan Stanley for the process, although specific details are still under discussion [4] - For the fiscal year 2025, L'Occitane reported revenues of €2.8 billion, an increase of approximately 11.7% from €2.5419 billion in the previous year, driven by its brand portfolio [4] Group 2: Market Valuation and Preferences - L'Occitane's decision to pursue a US IPO rather than returning to Hong Kong or entering the European market is primarily driven by the desire to enhance its valuation [5] - The valuation logic for beauty brands differs significantly between Hong Kong and the US, with Hong Kong beauty companies like Shiseido and Maogeping having an average P/E ratio exceeding 30, while leading A-share beauty brand Proya has a P/E ratio of about 21 [5] - The US market shows a higher recognition for natural and organic beauty products, which aligns well with L'Occitane's business focus [8] Group 3: Business Performance and Growth Drivers - L'Occitane's core focus on natural skincare and organic cosmetics has led to significant growth, with its body care brand Sol de Janeiro contributing 31.6% to group revenue in fiscal year 2025, a 460 basis point increase, and revenue reaching €884.8 million, up 29% year-on-year [8] - The brand's fragrance line is highly competitive in the North American market, with its Cheirosa mini body spray ranking first in Ulta's beauty sales, generating over $15 million in sales for a single $26 product [8] - The global cosmetics market is projected to reach $32.805 billion in 2025, with the US market expected to grow to $9.571 billion, reflecting a compound annual growth rate of 6.19% [11] Group 4: Competitive Landscape and Strategic Considerations - The beauty market is becoming increasingly competitive, with major players like L'Oréal dominating through comprehensive product lines and channel advantages, while domestic brands are expanding internationally [17] - L'Occitane's shift to the US market provides a new reference for beauty brands with global operations, emphasizing the importance of aligning capital market choices with business focus [17] - The upcoming IPO is not only a strategy for L'Occitane to secure a higher valuation but also serves as a case study for capital operations in the global beauty industry [18]

业 研 究 / 行 业 点 相关研究 行 业 及 产 业 美容护理 2026 年 01 月 22 日 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 聂霜 A0230524120002 nieshuang@swsresearch.com 品牌格局重塑，全球战略扩张 看好 ——从韩国美妆发展看如何重建新增长动能 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 韩国美妆市场相对成熟，进行国际化探索早，并随着自身国家综合实力、本土需求与国 际市场需求的变化，发展经历数次沉浮，其展现的发展路径值得国货公司参考借鉴。我 们通过对韩国美妆市场的研究，探索韩国美妆在不同的发展阶段，崛起的美妆集团组织 架构的特点，如何在需求端快速变化的产品领域加速推新，在新成分、新剂型等领域如 何走在全球市场前端，以及拥抱全球市场背后所需要的能力。 ⚫ 韩国美妆四大成长与衰退阶段，把握低谷紧抓转型，再临高峰。韩国 ...