Core Insights - The 2025 Import Expo Quality Goods Trade Fair, also known as "Small Import Expo," features a wide range of discounted products, emphasizing high quality and cost-effectiveness [1] Group 1: Promotions and Discounts - Swiss chocolate wafer biscuits originally priced at 45 yuan per bag are now offered at a promotional price of 100 yuan for four bags, with a discount of 20 yuan per bag [2] - Brazilian instant coffee, known for its smooth taste and health benefits, is being sold at a promotional deal of buy three boxes and get two free, effectively reducing the price to just over one yuan per cup [2] - Estee Lauder showcases 12 brands with discounts reaching below 50%, with sales exceeding 100,000 yuan on the first day of the event [3] Group 2: Special Offers and Limited Editions - Tommy Hilfiger introduces limited edition gift bags priced at 990 yuan and 690 yuan, with original values of 3,890 yuan and 2,670 yuan, respectively, focusing on delivering tangible benefits to consumers [3] - The Sri Lankan exhibition area features stunning jewelry, attracting significant consumer interest, with one customer purchasing a blue topaz earring for over 1,000 yuan [4]

来源：港股研究社 近日，上海林清轩生物科技股份有限公司(股票代码："2657"，简称"林清轩")正式开启招股程序，计划于2025年 12月30日在港交所挂牌上市。此次林清轩拟发售1396.65万股，其中香港发售占10%，国际发售占90%，每股发 售价定为77.77港元，预计募资总额达10.86亿港元。 从财务数据来看，林清轩近年来业绩表现亮眼。招股书显示，2022年至2024年，公司营收从6.91亿元增长至12.1 亿元，年内盈利更是从-593万元大幅跃升至1.87亿元。进入2025年，上半年营收便达到10.52亿元，较上年同期 激增98.5%，期内利润也攀升至1.82亿元。 股价方面，虽然目前尚未正式上市交易，但基石投资者的踊跃认购已显示出市场对林清轩的高度认可。富达基 金、大湾区共同家园投资有限公司旗下Mega Prime等知名机构纷纷入局，合计认购6200万美元，为林清轩的股 价提供了有力支撑。 值得注意的是，上市前夕，林清轩创始人孙来春通过股权转让至少套现超2000万。不过，从公司目前的业绩表 现和基石投资者的支持来看，林清轩的股价前景依然值得期待。 ...

美股和A股的消费一样惨，在今年已经成为共识，尽管股市火热，但涨的大部分是AI链条上的公司，大部分普通人从Ai并没有获得太多红利，因此，消费 整体表现平平，反倒因裁员，不断减少中产基数，压制消费意愿。 从跌幅看，大部分消费股都是今年严重跑输市场，也是很多消费长牛股历史以来，连续2年跟不上市场的罕见状态。 这一波大跌始于2024年6月，让大部分消费股的长期稳定性估值溢价消失，10来倍的PE已是常态，也让不少公司跌出深度价值。 但在上周，这一波下跌中带头的lululemon，Q3财报还是一如既往的低增速，与其他季度不同，这一季度的增速略超指引预期，下滑的势头有望止住，裁 员和关税的双重打击，像是扛过去了，同时公司还更换了CEO，这引发了更高的改革预期，让股价单日大涨10%，也是这一年来，非必选消费股板块首次 大幅跑赢美股大盘的情况。 中产阶级减少，裁员潮，也该有个尽头，股市积累的财富效应，还是会最终蔓延到各个阶层。10来倍的PE只要止跌，新一轮的回归又在酝酿当中。 所以，美股消费最难的时刻过去了吗？ 一、K型分化 从目前大量公司的股价表现看，非必选消费品，如餐饮及运动服饰，表现较差。不少个股年跌幅惊人。这也是美股历 ...

Core Viewpoint - The first Import Expo Quality Products Trade Fair in Shanghai showcased over 700 companies from more than 60 countries, emphasizing the importance of quality products and consumer engagement in the post-Expo period [3][10]. Group 1: Event Overview - The trade fair took place from December 19 to 21 at the National Exhibition and Convention Center in Shanghai, serving as a key extension of the Import Expo [3]. - The event featured a variety of products, including health foods from Oceania, home appliances from Europe, personal care items from the Americas, and beauty products from Asia, all popular among consumers [5]. Group 2: Innovative Sales Approach - New Zealand's New Zealand Dairy Company transformed its booth into an immersive 360-degree live streaming space, allowing for real-time interaction and purchases, effectively merging online and offline sales [9][10]. - The company's star product, colostrum milk powder, sold out its initial batch of 25,000 cans within a month of its global debut at the previous Import Expo, highlighting its popularity [9][10]. Group 3: Consumer Engagement and Education - The trade fair served as a platform for companies to educate consumers about their products, with Medtronic showcasing advanced medical technologies aimed at enhancing health consumer choices [14]. - The event included a special area for health education, where innovative medical products were displayed, emphasizing the importance of consumer awareness in health technology [16]. Group 4: Brand Participation and Market Impact - Companies like Sanofi and Boston Scientific presented products that had previously debuted at the Import Expo, demonstrating a successful transition from exhibition to market availability [15][16]. - Shiseido adopted a direct sales model at the trade fair, allowing consumers to experience products firsthand and make immediate purchases, reflecting a shift towards consumer-centric marketing strategies [17][18].

自2026年1月1日起，日本化妆品集团资生堂将开启一轮大幅度的组织架构调整与高管变动。12月12日，新京报贝 壳财经记者获悉，资生堂集团在官网发布"组织架构及人事变动"公告，将涉及三大关键领域的多个核心部门调 整、8位高管职位变动。 这场深度变革背后，是该集团前三季度营业利润亏损333.5亿日元的业绩困境，以及到2030年核心营业利润率超过 10%的目标。 "大刀阔斧"调整组织架构，8位高管职位生变 公告显示，此次组织架构调整，资生堂集团将围绕可持续发展、艺术与创意、数字化与IT三大领域进行，涉及多 个核心部门重组，同步进行8位高管的人事调整，将于2026年1月1日起实施。 图/资生堂集团官网截图 与上述调整相比，资生堂集团在数字化与IT领域的变革更为深度和复杂。 该集团在公告中指出，此次变革旨在通过整合数字部门和IT部门来提高资源利用率，"将构建一个利用全球化平台 实现资源调配的组织架构。"具体来看，将新设立"全球数字事业部"，整合分散的"数字化转型办公室""全球IT治 理部"等；撤销"业务转型部"，成立负责加强全球业务流程治理的"全球业务协作部"和推动技术标准统一的"全球 企业应用部"；"数字化转型办公室 ...

Group 1: Changes for Businesses and Individuals - The official closure of Hainan Island on December 18, 2025, has led to significant changes, allowing companies to process imported goods like soybeans and beef without high tariffs, saving substantial costs that are reinvested in production and hiring [2] - Consumers are benefiting from lower prices on luxury items, such as BMW cars, and an expanded range of duty-free products, enhancing their quality of life [4] - The introduction of high-end medical services and equipment locally has made healthcare more accessible for residents [4] Group 2: Open Policy Management - Hainan's approach to "closure" is not about isolation but rather facilitating smoother entry and exit for goods and people, with over 80 countries and regions able to visit without visas [6] - To prevent policy loopholes, goods enjoying tax exemptions must be declared when leaving the island, and vehicles can only remain on the mainland for 120 days per year, ensuring a balanced interaction between the island and the mainland [8] - The core of Hainan's policy is to balance openness and control, attracting resources and talent while protecting the national tax system [12] Group 3: Unique Competitive Position - Hainan is not competing with Hong Kong as a free port; instead, it focuses on serving the domestic market by attracting global resources for local output [14] - The tax policies and measures in Hainan aim to foster growth in innovation, manufacturing, tourism, and high-tech industries [14] - Hainan's strategy is complementary to the Guangdong-Hong Kong-Macao Greater Bay Area, with Hainan focusing on production and application while the Bay Area emphasizes research and innovation [16] Group 4: Exploration and Development - Hainan is establishing itself as a new model of openness, not by mimicking Hong Kong but by creating its own path, with policies continuously evolving based on practical needs [18] - The goal is to serve as a practical open channel for domestic residents and businesses, aligning consumer needs with entrepreneurial motivation while showcasing a new form of Chinese openness to the world [18] - Hainan is transforming into a crucial tropical window connecting domestic and international markets, with these changes occurring in real-time [18]

来源：美通社 兰州2025年12月18日 /美通社/ -- 近日，一场科技女生提问女科学家的主题活动在兰州市第五十九中学展 开，让"让她问，助她行"化为一场真实的科学对话，成为欧莱雅"科技女生赋能计划"系列活动在陇原大 地持续深化的生动注脚。学生们将好奇写进明信片，寄往科学家手中，由第十九届"中国青年女科学家 奖"获奖者中国科学院上海药物研究所黄敏研究员、中国科学院动物研究所曲静研究员写下饱含鼓励与 专业知识的回信，为充满好奇的科技女生搭建与科学思维直接对话的桥梁。同时，一批曾参与过上海临 港、兰州大学赋能营的女生也化身"科学信使"，在校园内与更多学生分享活动见闻与心得。 "一代耀一代"欧莱雅科技女生赋能计划——兰州市第五十九中学科技赋能活动 本次活动的成功开展，也是对《兰州市全民科学素质行动规划纲要(2022-2025年)》所倡导的"激发青少 年科学兴趣、培育创新精神、弘扬科学家精神"目标的生动实践与积极回应。欧莱雅"科技女生赋能计 划"催化了学校由校外活动"联动者"自主转型为校内科教活动"创造者"，形成了"项目引领、学校支持、 社会协同"的良性循环，为西部青少年的科学梦想搭建了坚实的阶梯。 缘与联：欧莱雅 ...

Core Insights - Yunnan Germanium Industry Biotechnology Co., Ltd. has recently been established with a registered capital of 10 million yuan [1] - The company's business scope includes the production of cosmetics, production and operation of Class III medical devices, and inspection and testing services [1] - The company is jointly held by Yunnan Germanium Industry and other stakeholders [1]

Core Viewpoint - The stock of Mao Geping (01318) has increased by nearly 4%, currently trading at 87.1 HKD with a transaction volume of 146 million HKD, driven by favorable policies in Hainan Free Trade Port [1] Industry Summary - On December 18, Hainan Free Trade Port officially closed its borders, with CITIC Securities (601066) suggesting that the policy dividends will make Hainan a hotspot for industrial migration, potentially creating new economic growth points [1] - The Hainan Provincial Drug Administration has introduced the first provincial-level support policy specifically for the cosmetics industry, establishing a comprehensive support system across eight dimensions, covering the entire industry chain [1] - According to Qichacha data, 41,826 new cosmetics-related companies have been registered in Hainan in the past six months, indicating a strong consensus on the region's prospects within the industry [1] - In November, Mao Geping established Mao Geping (Hainan) Trading Co., Ltd. in Haikou with a registered capital of 10 million RMB, focusing on cosmetics wholesale and retail, as well as import and export of goods [1]

Group 1 - The core viewpoint of the article highlights the positive impact of the Hainan Free Trade Port's official closure on the cosmetics industry, with a significant increase in company registrations in the region [1] - The stock price of Mao Ge Ping (01318) rose nearly 4%, reaching HKD 87.1, with a trading volume of HKD 146 million, indicating strong market interest [1] - The Hainan Provincial Drug Administration has introduced supportive measures for the high-quality development of the cosmetics industry, creating a comprehensive support system covering the entire industry chain [1] Group 2 - In the past six months, Hainan has seen the registration of 41,826 new cosmetics-related companies, reflecting a strong consensus on the region's potential within the industry [1] - Mao Ge Ping established Mao Ge Ping (Hainan) Trading Co., Ltd. in Haikou with a registered capital of RMB 10 million, focusing on cosmetics wholesale and retail, as well as import and export activities [1]