Market Overview - The cosmetics sector experienced a slight decline of 0.13% on December 26, with Qingsong Co. leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - Marubi Biotechnology (603983) closed at 33.09, up 0.91% with a trading volume of 23,700 shares and a turnover of 78.26 million yuan [1] - Shanghai Jahwa (600315) closed at 23.17, up 0.83% with a trading volume of 32,000 shares and a turnover of 74.08 million yuan [1] - Furuida (600223) closed at 7.39, up 0.41% with a trading volume of 55,100 shares and a turnover of 40.71 million yuan [1] - Proya Cosmetics (603605) closed at 67.92, up 0.06% with a trading volume of 27,900 shares and a turnover of 20.06 million yuan [1] - Betaini (300957) closed at 40.48, down 0.59% with a trading volume of 37,100 shares and a turnover of 151 million yuan [1] - Other notable declines include Qingsong Co. (300132) down 1.57% and Jinsong New Materials (300849) down 1.55% [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 80.47 million yuan from institutional investors, while retail investors contributed a net inflow of 70.02 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Furuida (600223) had a net inflow of 7.77 million yuan from institutional investors, but a net outflow of 4.35 million yuan from retail investors [3] - Huaye Fragrance (300886) saw a net inflow of 3.30 million yuan from institutional investors, while retail investors had a net outflow of 1.01 million yuan [3] - Marubi Biotechnology (603983) experienced a net inflow of 1.22 million yuan from institutional investors, with retail investors also seeing a net outflow [3] - Qingsong Co. (300132) had a significant net outflow of 1.57 million yuan from institutional investors [3]

2026年的钟声即将敲响，对于中国庞大的防脱发化妆品市场而言，这声钟响也标志着一个旧时代的结束 与一个新时代的开启。自2026年1月1日起，根据国家相关法规的过渡期安排，原先宣称具有"育发"功效 的化妆品将不得继续生产、进口或销售。 与此同时，国家药品监督管理部门近期连续发布《防脱发化妆品研究技术指导原则（试行）》等技术文 件，为"防脱发"这一功效宣称设立了前所未有的明确科学与实证门槛。这一系列举措并非简单的产品下 架，而是一次深刻的行业范式转移，意味着过往模糊的"育发"概念被精准拆分，市场宣传的"狂欢"将让 位于产品研发的"内功"，中国化妆品监管正坚定地迈入以"安全"与"功效"为基石的新阶段。 此番调整的核心在于对"防脱发"产品定义的廓清与要求的细化。根据新规，以往笼统的"育发"概念被科 学地区分为三类：有助于减少头发脱落的产品，仍归属特殊化妆品管理，但只能宣称"防脱发"，且必须 通过严格的人体功效评价试验获取注册批件；宣称防断发的产品，被划归为普通化妆品管理；而宣称有 助于毛发生长的产品，则将逐步纳入药品监管范畴。 尤其值得注意的是，新规明确禁止防脱发化妆品使用"生发"、"育发"等医疗术语或引人误解的宣称 ...

药品安全监管方面，广西推动监管机制更好适应医药创新发展需求。政策加持下，2025年广西获国 家药监局批准上市药品10个，其中1个为全球首个仿制药，仿制药品种从"十三五"末的1个增长至42个； 109个第二类医疗器械填补广西空白；3个化妆品新原料通过国家药监局备案，实现零的突破。广西 造"良药好械美妆"正在不断走向市场。 通过综合运用监督检查、抽检监测等强化监管，"十四五"期间，全区实现药品安全事件"零发生"， 药品评价性抽检合格率稳定在99%以上。 医药产业促进有力——自治区医疗器械检测中心检测能力覆盖区内生产90%的第二、三类医疗器 械；十米法电磁兼容实验室填补全区大型高端医疗器械检测能力的空白。《广西海洋中药材标准》完成 编制。药物临床试验机构数量从12家增长至54家。2025年，38家区外医药企业入驻重点园区，全区新增 第二类医疗器械注册证472张、普通化妆品备案2266个，分别同比增长11.06%和19.8%。 2025年前三季度，广西还为88个药品、136个医疗器械产品出具出口销售证明，销售额分别同比增 长27.23%和16.25%，更多广西产品首次走出"国门"。（刘冬莲） 12月25日，自治区政府 ...

智通财经APP获悉，万联证券发布研报称，中国消费进入"消费分级"新阶段，表现为大众品追求性价 比，同时对能提供情绪价值的创新产品和服务愿意支付溢价。在此背景下，潮玩市场快速扩容，行业集 中度有望提升；黄金珠宝行业从渠道驱动转向产品与设计驱动；国货化妆品则凭借研发与营销优势持续 崛起。相关产业迎来发展机遇，龙头企业有望受益。 万联证券主要观点如下： 回顾与展望：消费分级时代来临，情绪消费兴起带火相关产业发展 金价的快速上涨抑制了黄金珠宝的消费需求，不少黄金珠宝企业门店拓展放缓甚至出现闭店的情况，但 同时，仍有部分优秀的企业凭借精湛的工艺设计和营销成功吸引消费者，实现业绩的快速增长。当前全 球经济不确定性以及地缘政治风险依然存在，且新兴经济体为分散风险持续购入黄金，金价或将被继续 推高。未来随着黄金饰品工艺提升以及"悦己"消费观念的深入，黄金珠宝首饰在非婚嫁场景的渗透率有 望进一步提升。看好注重产品设计、运营能力强、品牌势能强、高分红+高股息的黄金珠宝龙头企业。 化妆品：国潮崛起趋势明显，优秀国货品牌突围 短期下半年化妆品行业整体恢复势头良好，"双11"大促部分国货品牌发展势头保持良好。供给端方面， 国货美妆企业 ...

Core Insights - The A-share market saw collective gains on Thursday, with the Shanghai Composite Index rising by 0.47%, the Shenzhen Component Index by 0.33%, and the ChiNext Index by 0.3%. The total trading volume in the Shanghai and Shenzhen markets reached 1,924.381 billion yuan [2][8]. Market Review - The leading sectors included defense and military, light industry manufacturing, and machinery equipment, while the comprehensive, non-ferrous metals, and commercial retail sectors lagged behind. Concept stocks such as Chengfei Concept, aviation engines, and commercial aerospace saw significant gains, whereas Hainan Free Trade Zone, lead metal, and zinc metal concepts experienced declines [2][8]. Important News - The National Development and Reform Commission and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)," effective from February 1, 2026. Key changes include encouraging foreign investment in advanced manufacturing and modern service industries, as well as in the central and western regions, Northeast China, and Hainan Province [3][9]. - The People's Bank of China emphasized the need for robust monetary policy adjustments to maintain ample liquidity, suggesting a comprehensive use of various tools to manage policy implementation effectively [3][9]. Industry Analysis - The retail industry is shifting towards emotional consumption, with a focus on consumer sentiment driving demand for related sectors. The current consumption landscape in China has transitioned from "consumption upgrade" to "consumption stratification," where consumers are increasingly seeking value for money while also willing to pay a premium for certain new products or services [10]. Specific Sector Insights - **Trendy Toys**: The trendy toy market in China is rapidly expanding, with market size projected to grow from 22.9 billion yuan in 2020 to 76.3 billion yuan by 2024, reflecting a CAGR of 35.11%. The market is currently fragmented, and companies with comprehensive supply chains and strong IP resources are expected to thrive [11]. - **Gold and Jewelry**: The sector is transitioning from channel-driven to product-driven strategies. Despite rising gold prices suppressing consumer demand, some companies are achieving rapid growth through superior craftsmanship and marketing. The demand for gold jewelry is expected to increase as consumer preferences evolve [13]. - **Cosmetics**: The rise of domestic brands is evident, with local companies focusing on R&D and successfully capturing market share from foreign brands. The demand for domestic beauty products is increasing among younger consumers, suggesting a positive outlook for strong domestic brands [13].

（来源：河北长城网） 【#央视曝光美妆背后的消费陷阱##女子1.3万元买祛痘神品越用痘越多#】我国化妆品市场连续两年破 万亿元，但虚假宣传、违规添加等乱象正在消耗信任。北京杨先生被直播宣称"买一送一"吸引，收到货 才知是买化妆品送盒子；刘女士花1.3万买"祛痘神品"，越用痘越多，客服还称是"排毒"，维权因举证 难无果。社交平台上，"烂脸""过敏"相关笔记年增68.7万篇，背后是行业套路连环套：直播里"三天见 效""孕妇可用"标签满天飞，实则用"K老""抗火火"等谐音词规避监管；专柜宣称"绝对安全"的产品，备 案仅是普通化妆品，而我国从未批准过"孕妇、哺乳期专用化妆品"。更触目惊心的是成本猫腻：399元 套装料体仅12元、包材14元。当行业陷入价格内卷，牺牲的往往是安全标准和研发投入。好消息是， 2025年化妆品新规已落地，功效宣称需有科学依据，原料管控更严。#经济半小时#为您讲述！ 转自：河北长城网 ...

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential in anti-aging, DNA repair, and metabolic regulation, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial applications, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2]. NMN Definition and Function - NMN is a direct precursor of NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can quickly elevate NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, and metabolic improvement [4][6]. Synthesis Pathways - NMN supplementation shows significant advantages in NAD+ synthesis pathways compared to other precursors, with no known adverse reactions and the highest conversion efficiency [6][7]. Natural Sources and Supplementation - Natural food sources of NMN are limited, making NMN supplements, which can provide up to 300 times the dietary intake, more effective for achieving beneficial doses [8]. Synthesis Technology - The NMN synthesis process has shifted from chemical methods to fully enzymatic methods, focusing on high purity, safety, and environmental sustainability [10][11]. - Leading companies are innovating in full enzymatic synthesis and patenting technologies to create competitive advantages [12]. Market Trends and Applications - NMN is primarily used in health supplements and cosmetics, with potential expansion into pet nutrition, medical health, and agricultural technology [24][28]. - The NMN market in China is expected to exceed 3 billion yuan by 2025, driven by regulatory changes and new applications [28]. Sales Channels - NMN products are mainly sold through cross-border e-commerce and private channels, with cross-border platforms accounting for 60%-70% of market share [35]. Certification and Compliance - The "blue hat" certification for health supplements in China represents the highest standard for NMN products, with strict approval processes impacting market dynamics [37]. Future Prospects - The NMN industry is poised for growth, with increasing demand driven by an aging population and younger consumers seeking anti-aging solutions [19][21]. - Technological advancements in synthesis, quality control, and delivery methods are expected to enhance market growth and product efficacy [21][22]. Challenges - The NMN industry faces challenges such as regulatory hurdles, market education, and the need for scientific validation to support claims [61][63].

2025年12月18日，海南全岛封关运作的大幕正式拉开。在海口海关的实时统计屏幕上，一个醒目的数字瞬间攫取了所有人的目光：3.6亿元。这代表着封关 运作首日，从"一线"涌入海南的零关税货物总价值，象征着一个崭新时代的开启。 远在千里之外的东京，资生堂一款高端化妆品在海南免税店的销售额如同火箭般蹿升，首日便暴涨了惊人的200%。与此同时，日本航空业却笼罩在一片愁 云惨雾之中，由于12条中日航线接连取消，整个行业陷入了前所未有的混乱。日本各大企业的决策者们，眉头紧锁地坐在堆满成本报表的会议室里，他们进 退维谷，内心充满挣扎：海南这块诱人的蛋糕，究竟敢不敢咬上一口？ 封关首日，东京至海口的直飞航班悄然从每周一班增至三班，尽管如此，机票依然一票难求。穿梭于机舱之中的，是那些手持计算器、步履匆匆的日本企业 代表，他们此行肩负着重要的使命，要仔细权衡其中的利弊。 他们所计算的，绝非蝇头小利，而是一笔关乎企业生死存亡的大账。一位日本巧克力工厂的老板敏锐地捕捉到了其中的商机：如果将工厂从天津迁至海南， 进口可可豆和生产设备所产生的巨额关税便可一笔勾销，再加上海南企业所得税的封顶优惠——15%，年度综合成本有望锐减8?0%。对 ...

Group 1 - Han Shu, a brand under Shangmei Co., reported an annual revenue of 5.591 billion yuan, with a year-on-year growth of 80.9% [4] - The brand's products, specifically the Han Shu Rich Tightening Essence Mask and the Han Shu Brightening Mask, were found to contain epidermal growth factor (EGF) at levels of 0.07 pg/g and 3.21 pg/g respectively, which violates quality standards [1][3] - EGF is primarily used in medical fields for treating burns and wounds, and its use in cosmetics is prohibited due to safety concerns related to skin absorption [2][3] Group 2 - As of the report, Han Shu's official flagship store has 9.26 million followers and annual sales exceeding 10 million units [3] - The products in question have been removed from the store, and customer service provided no further explanation regarding the detection of EGF [3]

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure operation on December 18, 2025, presents both opportunities and challenges for Japanese companies, amid strained Sino-Japanese relations [1][9]. Group 1: Benefits for Japanese Companies - The zero-tariff policy will expand the range of imported goods to 6,600 tax items, covering 74% of product categories, significantly increasing from the previous 1,900 items [3]. - Japanese cosmetics company Shiseido can expect a cost reduction of 15% to 25% by directly importing raw materials to Hainan without tariffs [3]. - Logistics costs for Japanese companies are projected to decrease significantly, aiding supply chain integration in Southeast Asia, particularly for time-sensitive industries like pharmaceuticals and cold chain logistics [3]. - The annual duty-free shopping limit for individuals in Hainan is set at 100,000 yuan, with an expanded variety of products, allowing brands like SK-II and Lawson to benefit from the growing global duty-free market, which Hainan currently holds over 8% market share [3]. - The opening of the seventh freedom rights allows foreign airlines to operate directly in Hainan, reducing costs for Japanese airlines like Japan Airlines when transporting goods to Southeast Asia [3]. Group 2: Investment Trends - Japanese companies are increasingly attracted to Hainan's low tax rates, with corporate income tax capped at 15% and personal income tax also at 15%, enhancing the region's appeal for high-end talent [5]. - Mitsubishi Corporation has established a regional R&D center in Hainan, shifting investments from trade to high-value-added industries [5]. - The comprehensive cost reduction for Japanese firms is estimated at 8% to 10%, providing additional profit margins for the manufacturing sector [5]. - A memorandum of cooperation was signed between Hainan's trade promotion agency and the Kansai Chinese Chamber of Commerce, focusing on healthcare and trade investment [5]. - The establishment of a financial service platform by Mizuho Bank aims to support Japanese companies with one-stop services, indicating proactive measures despite some companies expressing caution [5][13]. Group 3: Challenges and Risks - Japanese companies face strict regulations requiring that imported goods processed in Hainan must achieve a value-added rate of at least 30% to qualify for zero tariffs, complicating logistics and potentially increasing costs [7]. - The ongoing tensions in Sino-Japanese relations, particularly statements from Japanese politician Sanae Takaichi regarding Taiwan, have raised concerns about potential retaliatory measures from China, affecting trade and tourism [9][11]. - The potential for increased diplomatic friction could lead to further restrictions on Japanese seafood imports and cultural exchanges, creating uncertainty for Japanese businesses considering investment in Hainan [9][11]. - Japanese companies are caught in a dilemma between the need to invest in Hainan to capture market share and the fear of domestic industry hollowing out, as they risk losing market presence to competitors like South Korea [15].