Core Points - The Shenzhen-Hong Kong Stock Connect Medical Index (HKD) closed at 4433.77 points, down 0.69%, with a trading volume of 6.716 billion HKD and a turnover rate of 0.73% [1] - Among the index constituents, 18 stocks rose while 39 stocks fell, with Global Medical leading the gainers at 3.66% and Health Road leading the decliners at 6.35% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index include: - Mindray Medical (14.56% weight, latest price 200.62, market cap 243.24 billion) [1] - Yier Eye Hospital (11.62% weight, latest price 11.50, market cap 107.24 billion) [1] - Lejin Medical (4.85% weight, latest price 15.74, market cap 29.01 billion) [1] - Aimeike (4.80% weight, latest price 145.06, market cap 43.89 billion) [1] - Yuyue Medical (4.66% weight, latest price 35.82, market cap 35.91 billion) [1] - Yingke Medical (3.64% weight, latest price 42.40, market cap 27.78 billion) [1] - Furuide (3.59% weight, latest price 67.36, market cap 17.85 billion) [1] - Meinian Health (3.58% weight, latest price 5.21, market cap 20.39 billion) [1] - Sinopharm (3.35% weight, latest price 18.63, market cap 58.14 billion) [1] - Ping An Good Doctor (2.63% weight, latest price 13.39, market cap 28.93 billion) [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 83.77 million HKD, while retail investors saw a net inflow of 61.08 million HKD [1] - Specific stock capital flows include: - Mindray Medical: main fund net inflow of 37.11 million, retail net outflow of 4.23 million [2] - Yuyue Medical: main fund net inflow of 3.70 million, retail net inflow of 4.71 million [2] - Over the past 10 days, one stock was newly added to the index [2]

Core Viewpoint - The Shenzhen-Hong Kong Medical Index (983035) closed at 4523.97 points, down 0.72%, with a trading volume of 6.097 billion yuan and a turnover rate of 0.73% on December 2 [1]. Group 1: Index Performance - Among the index constituents, 18 stocks rose while 39 stocks fell, with Global Medical leading the gainers at a 3.66% increase and Health Road leading the decliners at a 6.35% decrease [1]. - The top ten constituents of the Shenzhen-Hong Kong Medical Index include major companies such as Mindray Medical (14.56% weight, latest price 200.62 yuan, -0.50% change) and Aier Eye Hospital (11.62% weight, latest price 11.50 yuan, -0.60% change) [1]. Group 2: Capital Flow - The net outflow of main funds from the index constituents totaled 83.77 million yuan, while retail investors saw a net inflow of 61.08 million yuan [3]. - Specific stock capital flows indicate that Mindray Medical experienced a net inflow of 37.11 million yuan from main funds, while it faced a net outflow of 32.88 million yuan from speculative funds [3]. - The index constituents underwent an adjustment in the last 10 days, with one new stock added [3].

T a [ 行业研究|可选消费 证券研究报告 l [Table_Title] 六部门印发促消费实施方案，周大福、 e _ M 六福集团 10-11 月同店数据亮眼 ——商社美护行业周报 [Table_Summary] 报告要点： 市场表现 ] 本周（2025.11.24-2025.11.28），商贸零售/社会服务/美容护理分别 +3.45%/+3.92%/+0.50%，在 31 个一级行业中排名第 9/6/26，同期上 证综指+1.40%，深证成指+3.56%，沪深 300+1.64%。 细分子板块来看，本周消费重点申万二级子行业普涨，其中教育/一般 零售/互联网电商行业涨幅居前，分别+8.47%/+4.78%/+3.62%。 本周行业重点事件及资讯 六部门印发《关于增强消费品供需适配性进一步促进消费的实施方 案》的通知。《方案》提出，到 2027 年，消费品供给结构明显优化， 形成 3 个万亿级消费领域和 10 个千亿级消费热点，打造一批富有文 化内涵、享誉全球的高品质消费品；到 2030 年，供给与消费良性互 动、相互促进的高质量发展格局基本形成，消费对经济增长的贡献率 稳步提升。 可选消费行业周报、月报 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [5][10]. Core Insights - The company plans to repurchase up to approximately 104 million shares, which is about 9.7% of its total shares, signaling management's confidence in the company's future and belief that the stock is undervalued [6][7]. - The company has received its first Class III medical device certification for its recombinant type I α1 collagen product, marking its entry into the injectable aesthetic medicine market, which is expected to drive future growth [7]. - Despite recent stock price adjustments due to market conditions and lower-than-expected sales during the Double Eleven shopping festival, the report suggests that the stock has sufficiently adjusted and is poised for recovery [7]. Financial Projections - The company is projected to achieve net profits of RMB 2.43 billion, RMB 2.98 billion, and RMB 3.64 billion for the years 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 17.8%, 22.5%, and 22.2% [9]. - Earnings per share (EPS) are expected to be RMB 2.27, RMB 2.78, and RMB 3.40 for the same years, with corresponding year-over-year growth rates of 8.1%, 22.5%, and 22.2% [9]. - The price-to-earnings (P/E) ratios are projected to decrease from 15x in 2025 to 10x in 2027, indicating a potential increase in value as the company grows [9]. Shareholder Information - The major shareholder is Fan Daidi, holding 55.13% of the shares, which indicates a strong control over the company [1]. - The company's market capitalization is approximately HKD 41.08 billion, with a current share price of HKD 36.58 [1]. Market Performance - The stock has experienced a significant decline, with a 24.4% drop over the past month and a 32.07% drop over the past three months [1]. - The stock price has fluctuated between a high of HKD 82.99 and a low of HKD 35.72 over the past year [1]. Product Portfolio - The company's product mix is heavily weighted towards functional skincare products, which account for 78.6% of total sales, while medical dressings contribute 23.3% and health products account for 0.3% [2].

Core Viewpoint - The stock of Steady Medical (300888) has shown a slight increase, with a closing price of 39.68 yuan on December 1, 2025, reflecting a 0.66% rise, while the company has demonstrated strong financial performance in recent quarters [1][3]. Financial Performance - For the first three quarters of 2025, Steady Medical reported a main business revenue of 7.897 billion yuan, a year-on-year increase of 30.1% [3]. - The net profit attributable to shareholders for the same period was 732 million yuan, up 32.36% year-on-year, while the non-recurring net profit reached 679 million yuan, marking a 43.93% increase [3]. - In Q3 2025 alone, the company achieved a main business revenue of 2.601 billion yuan, a 27.71% increase year-on-year, and a net profit of 240 million yuan, up 42.11% year-on-year [3]. Market Position - Steady Medical's total market capitalization stands at 23.107 billion yuan, ranking third in the beauty and personal care industry [3]. - The company has a net asset value of 12.263 billion yuan, leading the industry, and a net profit of 732 million yuan, also ranking third [3]. - The company's price-to-earnings ratio (P/E) is 23.68, significantly lower than the industry average of 38.46, indicating a favorable valuation [3]. Investment Sentiment - Over the past 90 days, 20 institutions have rated the stock, with 17 buy ratings and 3 hold ratings, suggesting strong institutional confidence [4]. - The average target price set by institutions for the stock is 54.88 yuan, indicating potential upside from the current trading price [4].

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4554.17 points, up 0.2%, with a trading volume of 7.409 billion yuan and a turnover rate of 0.81% [1] - Among the index constituents, 38 stocks rose while 17 fell, with Yidu Technology leading the gainers at 3.5% and Mylab leading the decliners at 4.98% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (sz300760) with a weight of 14.56% and a latest price of 201.62, down 1.17% [1] - Aier Eye Hospital (sz300015) with a weight of 11.62% and a latest price of 11.57, up 0.61% [1] - Lepu Medical (sz300003) with a weight of 4.85% and a latest price of 16.00, up 0.38% [1] - Aimeike (sz300896) with a weight of 4.80% and a latest price of 146.00, up 0.43% [1] - Yuyue Medical (sz002223) with a weight of 4.66% and a latest price of 36.25, up 1.54% [1] - Yingke Medical (sz300677) with a weight of 3.64% and a latest price of 43.48, up 0.95% [1] - Furuide (sz300049) with a weight of 3.59% and a latest price of 69.38, up 2.53% [1] - Meinian Health (sz002044) with a weight of 3.58% and a latest price of 5.27, down 1.50% [1] - Sinopharm (hk01099) with a weight of 3.35% and a latest price of 18.58, up 2.00% [1] - Ping An Good Doctor (hk01833) with a weight of 2.63% and a latest price of 13.53, up 1.22% [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 172 million yuan, while retail funds saw a net inflow of approximately 84.92 million yuan [3] - Notable capital flows include: - Sanbo Brain Science (301293) with a main fund net inflow of 26.77 million yuan [3] - Ruimait (301367) with a main fund net inflow of 16.21 million yuan [3] - Chutian Technology (300358) with a main fund net inflow of 11.20 million yuan [3] - The index constituents underwent an adjustment with one new stock added in the last ten days [3]

Core Insights - The report suggests a shift towards a balanced strategy in response to external disturbances and internal market conditions, emphasizing the importance of equilibrium in investment approaches [2][4][29] - Four industries identified as having "low position + marginal improvement" potential, which are expected to benefit from low valuations and improving economic conditions [2][4] Industry Recommendations - **Low Position Recovery (Dynamic)**: The recommended sectors include Beauty Care, Transportation, Other Power Equipment, Semiconductors, Automotive, Bioproducts, Traditional Chinese Medicine, and Home Appliances [4][6] - **Low Position + Marginal Improvement (Dynamic)**: The sectors highlighted are Beauty Care, Transportation, Other Power Equipment, and Semiconductors [4][6] Market Analysis - The A-share market experienced significant adjustments in November due to three main factors: 1. Federal Reserve liquidity expectations were disrupted by the U.S. government shutdown, leading to market uncertainty regarding the December interest rate meeting [4] 2. The intensifying debate over AI narratives and technical corrections in high-performing stocks, particularly in the AI sector, caused a decline in market sentiment [4] 3. A rebalancing of market styles, with funds shifting from high-volatility growth stocks to low-valuation, high-dividend sectors, resulting in a rise in bank and oil sectors [4] Sector-Specific Insights - **Beauty Care**: The sector is expected to see a revival in new consumption themes towards the end of the year, with a 17.95% year-on-year increase in retail sales for cosmetics [6][10] - **Transportation**: Valuations are low, and improved U.S.-China relations are anticipated to boost export demand, leading to a recovery in shipping [6][10] - **Other Power Equipment**: Increased investments in power grid and supply equipment due to AI-related electricity shortages are expected [4][6] - **Semiconductors**: Continuous demand for AI computing power and a chip shortage in the automotive sector are driving a super cycle in storage [4][6] Economic Indicators - The report provides detailed indicators for the identified sectors, showing positive trends in various metrics such as retail sales, average prices, and investment levels [6][10][22]

Investment Rating - The report provides a positive outlook for the consumer sector, indicating a strong market performance with various sub-sectors showing significant gains [3]. Core Insights - The consumer sector experienced a broad increase in stock prices, with notable weekly gains in social services (+3.92%), retail (+3.45%), textiles and apparel (+2.75%), and home appliances (+1.78%) [3]. - The implementation of the "3+10" consumption matrix aims to create a market space worth trillions, focusing on areas such as elderly products and consumer electronics as core sectors [3]. - The report highlights the government's efforts to boost inbound tourism and consumption through policy measures, resulting in a near doubling of tax refund sales from January to September [3]. Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive rise, with leading stocks such as Hai Xin Food (+45.38%) and Mao Ye Commercial (+51.11%) showing exceptional performance [3][12]. - The report notes a structural contradiction in the consumer market, where supply exceeds demand but quality supply is insufficient, prompting a shift towards quality enhancement [3]. Industry News and Key Company Announcements - The Ministry of Commerce reported a significant increase in tax refund sales, indicating a robust recovery in inbound consumption [3]. - The report mentions the launch of a new brand by Zhongxin Tourism, which has seen a 300% increase in search volume for winter sports products, reflecting growing consumer interest [15]. - The report also discusses the introduction of stringent safety standards for mobile power supplies, enhancing product safety and quality in the consumer electronics sector [15].

Market Outlook - December is expected to start strong, with a market trend of initial gains followed by potential declines in a volatile environment[2] - The Shanghai Composite Index's 5-day moving average has formed a death cross with the 30-day moving average, indicating short-term resistance[6] Investment Strategy - Focus on mid-cap blue chips, particularly in the consumer sector, which is showing signs of recovery after a prolonged downturn[6] - Key sectors to watch include AI-driven new materials and traditional commodities like live pigs and rubber, which are experiencing improved supply-demand dynamics[6] Risk Factors - Risks include slower-than-expected consumer recovery, unclear demand scenarios, and uncertainties surrounding the sustainability of trade-in subsidy policies[5] ETF Recommendations - Suggested ETFs include cash flow ETFs and sector-specific ETFs for consumer goods, beverages, and home appliances, which are expected to perform well in the current market[6]

Core Viewpoints - The market is expected to remain strong towards the end of the year, but a significant style shift may occur, with mid-cap blue chips likely to rise again, presenting investment opportunities in the consumer, cyclical, and manufacturing sectors of mid-cap blue chips [3][16]. Market Analysis - The market has stabilized and rebounded, with previous adjustments deemed short-term in nature. A recent debt extension plan from a real estate company has drawn market attention, indicating a shift from "potential bottoming" to "value recovery pricing" post-extension. Future debt restructuring and debt-to-equity swaps may occur, with the bond market facing continued negative impacts. If this spreads to the stock market, risk preferences may converge towards mid-cap blue chips, highlighting their stability and growth potential. The stock market is expected to remain strong, but the focus of investment will shift towards mid-range stocks [4][17]. Industry Comparison - From March 2023 to the present, the market has consistently anticipated a tech and dividend-driven trend. Looking ahead, the end of the risk-on style is expected, with future investment opportunities in stocks with moderate risk characteristics. The mid-cap blue chip market, which has been dormant for four years, is poised for a resurgence, and market corrections may present good entry points [5][18]. Industry Allocation - Investment opportunities lie in mid-cap blue chips across three main lines: 1. The consumer sector, which has been quiet for years, is approaching a turning point. Many consumer stocks are undervalued, with supply constraints likely to drive prices up. Focus on mid-sized companies in sectors such as liquor, restaurant supply chains, snacks and beverages, home appliances, hotels, human resources, and beauty care [6][19]. 2. The cyclical sector is experiencing a revaluation driven by technological empowerment and supply constraints. Attention should be given to new materials and strategic minor metals (like antimony and rare earths), as well as industrial metals (copper and aluminum) that are seeing improved supply-demand dynamics, alongside traditional commodities like live pigs and rubber [6][19]. 3. The manufacturing sector is moving away from "dream narratives" to embrace "realization." Investment in manufacturing should shift from mere "story speculation" to verification of orders and revenues. Focus on sectors with ongoing performance verification expectations, such as communications, electronics, power equipment, and machinery [6][19]. Thematic Investments - Key areas of focus include: - **Artificial Intelligence**: Despite some skepticism about AI's future, the market's rational assessment of industry development is expected to lead to upward adjustments in investor expectations. Key areas include edge consumer electronics, robotics, computing power, and software applications [7][20]. - **Semiconductor Expansion and Domestic Substitution**: Domestic wafer fabs are expected to expand next year, and the capitalization of domestic storage chip leaders is progressing. Amid international tensions, domestic semiconductor materials are likely to accelerate development, with a focus on domestic computing power, chip manufacturers, equipment suppliers, and domestic substitutes for semiconductor materials [7][20]. - **Aerospace and Satellites**: There are differing views on the satellite industry’s progress next year. Successful launches of reusable rockets are anticipated to significantly boost industry development. Additionally, the IPO progress of industry leaders is expected to accelerate, with opportunities in satellite constellations, satellite tenders, commercial rockets, and terminal applications [7][20]. - **Solid-State Batteries**: The market remains attentive to the progress of solid-state battery projects. The acceleration of the industrialization process is evident, with the equipment/materials sector entering an order-driven phase, and demonstration vehicle timelines converging to 2025-2027. Focus on core companies in the supply chain [7][20]. - **Upstream Price Increases**: Supply constraints and structural demand growth are expected to provide price elasticity for related products, with attention on price-increasing varieties in the upstream of the new energy industry, chemicals, and non-ferrous metals [8][21].