商贸零售 行 业 研 究 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 商贸零售 沪深300 相关研究报告 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2026.2.1 《老铺黄金 SKP 活动开启，关注春节 销售超预期催化 — 行 业 周 报 》 -2026.1.25 《2025 年社零同比+3.7%，海南封关 首 月 表 现 亮 眼 — 行 业 点 评 报 告 》 -2026.1.19 行业关键词：霸王茶姬、琳朝珠宝、阿嬷手作、壹网壹创、千问等 【霸王茶姬】霸王茶姬开设首家泰国旗舰店。 【琳朝珠宝】琳朝珠宝全国第二家门店落子南京德基广场。 【阿嬷手作】阿嬷手作跨界试水餐饮，推出高端广西风味螺蛳粉。 【壹网壹创】壹网壹创拟并购 AI 营销公司。 【千问】千问 APP 上线 AI 请奶茶活动引爆流量。 板块行情回顾 本周（2 月 2 日-2 月 6 日），商贸零售和社会服务指数分别报收 2426.99 点/9285.47 点，分别下跌 0.34%/上涨 ...

节前医美进入"拉满模式"：启动更早、客流更密 "今年忙得特别早。"这是多位医美从业者对今年春节前市场的直观判断。 "元旦假期前就已经明显忙起来了，连喝口水的时间都没有。"西安国际医学中心医院整形美容 科主任孙峰向财联社记者表示，其所在的眼整形门诊，一上午面诊人数最多能达到45人，"以 我个人的排期为例，一天四五台是常态，年前早就约满了，部分顾客的手术已经排至春节后 了。" 晚上九点，成都一家轻医美诊所的候诊区仍灯火通明。玻璃门外，商场人流已明显减少；玻璃 门内，取号屏上的数字却仍在滚动刷新，前台不时提醒，"后面的客人稍等几分钟。" 财联社记者近日通过调研、多方采访了解到，1月份以来，全国各地医美机构逐渐迎来客流高 峰期的同时，医美消费者的需求也在发生结构性变化。 从机构排期、门诊接诊量到营业时间延长，多项指标均显示，节前医美市场已提前进入"满负 荷运转"状态。多位医美机构负责人、整形科医生在接受财联社记者采访时表示， 今年节前医 美消费热潮启动时间明显早于往年，且客流高峰持续时间更长。 这场热潮并非单纯的周期性回暖，多位受访者表示， 轻医美项目取代传统手术类项目，成为节 前消费的绝对主流；项目选择更趋精准化、 ...

Core Viewpoint - New Oxygen is regaining pricing power in the medical beauty industry, which may lead to improved profitability despite previous challenges [4][5][8]. Group 1: Industry Dynamics - The medical beauty industry has seen a significant price war, with New Oxygen introducing competitively priced products like the "Miracle Youth 1.0" at 4,999 yuan, compared to the market price of 18,800 yuan for similar products [12][13]. - The industry is characterized by a fragmented pricing structure, where the same product can have vastly different prices across various platforms and institutions, indicating a loss of control by upstream manufacturers [15][16]. - New Oxygen's strategy includes a focus on "transparent medical beauty," aiming to make treatments affordable for a broader audience, including those with lower incomes [18][24]. Group 2: Cost Structure and Profitability - The cost structure of medical beauty products reveals that marketing costs can account for 30% to over 50% of expenses, while supply chain costs range from 20% to 30% [24][27]. - New Oxygen has managed to reduce its marketing costs to below 10% by leveraging community engagement and avoiding traditional sales models [28]. - Despite efforts to optimize costs, the overall profit margins in the industry remain low, with many downstream institutions operating at a loss [38][44]. Group 3: Company Performance and Strategy - New Oxygen has expanded its offline business with the launch of "New Oxygen Youth Clinics," aiming to increase its market presence and improve procurement power through large-scale purchases [41][49]. - The company has faced declining net profits, with figures showing a loss of 5.87 million yuan in 2025, highlighting the challenges in transitioning from an online to an offline model [44][48]. - The introduction of the "Miracle Youth" series has positively impacted New Oxygen's stock price, which rose significantly after the launch of the second version [50]. Group 4: Market Outlook - The market for micro-sphere regeneration products, including those offered by New Oxygen, is projected to reach 10.77 billion yuan by 2028, indicating substantial growth potential in this segment [51]. - The increasing approval of medical device registrations is expected to further dilute the pricing power of manufacturers, impacting overall industry profitability [33][37].

2月4日，"智构胶原·有序新生"2026斐缦生物"可控自组装技术"生态发布会在长春举办，汇聚近200位来 自全国的医美专家、行业领袖和媒体，共同见证了这一中国胶原的高光时刻。斐缦生物凭借全新自研的 可控自组装技术平台，打造针对皮肤全层次抗衰的创新解决方案——4.0智构胶原系列。 斐缦生物董事总经理陈欣伟表示："胶原产品的远期安全性关系到消费者长久的安心与信赖。因此，斐 缦始终坚守品质、长期疗效与安全性的底线，致力于打造'大国品质'胶原，以极致的全程质量管理体 系，重新定义抗衰安全与胶原活性的新高度。从本质来讲，我们的驱动力就是满足求美者对精准抗衰、 安全有效的不断升级。今天发布的斐缦独家自研的可控自组装技术平台即是胶原突破性的精准进化力， 让自组装过程被设计、可控制，从分子级的调控精准读懂每一寸皮肤。" 斐缦生物董事总经理陈欣伟现场分享 技术赋能：斐缦独家可控自组装技术，做皮肤微观层面的"分子建筑师" 复旦大学生物医学工程与技术创新学院青年研究员、博士生导师，上海皮肤健康概念验证中心执行主任 马彦云博士围绕弗缦活性胶原的结构特征、作用机制及多场景应用价值，阐述了系统性的研究结论与实 践验证成果。如今，斐缦胶原 ...

Group 1: Medical Aesthetics Industry - The Chinese medical aesthetics market is expected to reach nearly 370 billion by 2025, with a high growth outlook for the recombinant collagen segment [2][35] - The trend of younger consumers in medical aesthetics is evident, with light medical aesthetics gradually becoming mainstream, accounting for 52% of the market in 2022 [7][12] - Approximately 50.90% of users choose medical aesthetics because "becoming beautiful can make oneself happier," indicating a strong emotional value associated with beauty [4][8] Group 2: Beauty Industry - The retail sales of cosmetics in China are projected to grow at a CAGR of about 9% from 2016 to 2024, with domestic brands expected to maintain growth momentum [2][3] - The Chinese cosmetics market is entering a phase of high-quality development, with trends leaning towards scientific beauty and Eastern philosophies [3][19] - The market for cosmetic raw materials is expected to grow from 1147.80 billion in 2019 to 1603.90 billion by 2024, with a CAGR of 6.9% [2][3] Group 3: Related Companies on the Beijing Stock Exchange - Companies such as Jinbo Biological, which leads in recombinant human collagen medical devices, and Bawei Co., which provides ODM services for domestic and international cosmetic brands, are expected to benefit from the ongoing beauty consumption boom [2][3] - The market for functional skincare products is also seeing new entrants, with companies like Jinbo Biological expanding into this segment [2][3] - The beauty industry is experiencing a transformation driven by technological innovations, including synthetic biology and the application of new materials [2][3]

Core Viewpoint - The implementation of the "Live E-commerce Supervision Management Measures" marks a significant regulatory shift, particularly affecting the promotion of "three products and one device" (drugs, health foods, special medical purpose formula foods, and medical devices) through influencers, which may lead to a substantial restriction on their marketing channels [4][6]. Regulatory Changes - The new regulation defines individuals with influence who promote products in live e-commerce as commercial advertisers, thus requiring them to comply with advertising laws [5]. - The regulation aims to address the rampant issues of false advertising in the live e-commerce sector, particularly concerning health-related products, which have seen a high incidence of misleading promotions [8]. Industry Impact - The new rules are expected to fundamentally change marketing strategies in industries such as pharmaceuticals and health products, moving from a focus on traffic-driven sales to compliance-driven, trust-based marketing [11]. - Companies like Shouxiangu have successfully utilized influencer marketing, achieving significant viewership and sales, but will now need to adapt to the new compliance landscape [11]. Compliance Strategies - Companies are advised to establish a "three-layer firewall" for advertising content compliance and to innovate marketing channels that align with regulatory expectations [12]. - Legal experts suggest that businesses should prioritize compliance in their promotional strategies, including using brand self-broadcasting instead of influencer endorsements to mitigate risks [12]. Future Trends - The industry is expected to shift from broad marketing tactics to more precise trust-building efforts, emphasizing transparency and compliance in promotional activities [12].

Investment Rating - The report maintains a "Market Perform" rating for the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [28][37]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.91% from January 23 to February 5, 2026, which is approximately 0.74 percentage points lower than the index [12]. - Most sub-sectors within the industry recorded negative returns during the same period, with offline pharmacies and vaccine sectors showing the best performance, increasing by 3.01% and 0.12% respectively, while other sectors like biological products and chemical preparations saw declines of 3.28% and 3.27% [13]. - Approximately 34% of stocks in the industry recorded positive returns, while 66% experienced negative returns during the reporting period [14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 51.00 times as of February 5, 2026, indicating a decrease in industry valuation [18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.91% from January 23 to February 5, 2026 [12]. - Most sub-sectors recorded negative returns, with offline pharmacies and vaccines performing relatively well [13]. - About 34% of stocks in the industry had positive returns, with significant variations in individual stock performance [14]. - The industry valuation has decreased, with a PE ratio of approximately 51.00 times [18]. 2. Industry News - The 11th batch of national procurement results is set to be implemented in February, with notifications already released by 17 provinces [26]. - The National Medical Insurance Administration has issued a notice to accelerate the cultivation and opening of application scenarios in the medical insurance field [25]. 3. Company Announcements - Jianyou Co., Ltd. announced that its subsidiary received FDA approval for its product, sodium selenite injection [27]. 4. Industry Outlook - The report suggests a focus on investment opportunities in the brain-computer interface sector as part of the 14th Five-Year Plan, with ongoing policy support [28]. - Recommended sectors for investment include medical devices, pharmaceutical commerce, aesthetic medicine, scientific services, hospital and diagnostic services, traditional Chinese medicine, innovative drugs, biological products, and CXO services [29].

Core Viewpoint - The A-share market experienced a decline in early trading, but major financial sectors such as banks and brokerages provided support, leading to a mixed performance across various sectors, with significant activity in consumer and emerging concepts [1] Market Performance - The three major A-share indices closed lower, with the Shanghai Composite Index down 26.29 points (0.64%) at 4075.92, the Shenzhen Component down 203.56 points (1.44%) at 13952.71, and the ChiNext Index down 51.24 points (1.55%) at 3260.28 [1] - Total market turnover reached 2.19 trillion yuan, with over 3700 stocks declining [1] Sector Highlights - Major financial sectors, including banks and brokerages, showed strong performance, with Xiamen Bank hitting a ceiling price, marking a new high since June 2021, and Chongqing Bank rising over 7% [1] - Consumer sectors, including media, tourism, food and beverage, retail, and healthcare, saw collective gains, with stocks like Haixin Food and Anji Food hitting ceiling prices [1] - New consumption concepts such as the "grain economy" and "pet economy" also experienced upward momentum, reflecting positive market expectations for consumer recovery [1] - AI application concepts rebounded, with stocks in AI animation, marketing, and media rising, including companies like Qunxing Toys and Yaowang Technology hitting ceiling prices [1] - Real estate concepts continued to strengthen, with multiple stocks like Jingtou Development and Huangting International hitting ceiling prices, adding vibrancy to the market [1] Declines in Specific Sectors - The non-ferrous metals, gold, and silver sectors faced significant declines, with stocks like Silver Nonferrous and Hunan Silver hitting their lower limits [2] - The photovoltaic industry chain, including space photovoltaic and equipment, saw a sell-off, with stocks like Junda Co. and Shuangliang Energy hitting their lower limits [2] - The power equipment sector also declined, with companies like Zhongheng Electric and Keshida hitting their lower limits [2] - The semiconductor and storage chip sectors continued to retreat, with stocks like Juguang Technology and Changfei Optical Fiber experiencing significant declines [2] Insights from Analysts - Dongfang Securities noted that the recent rebound after a significant drop indicates a stronger expectation for market stability, suggesting a potential shift towards a "slow bull" market [7] - Tianfeng Securities highlighted that this year's "Spring Festival excitement" may be more sustained due to policy expectations and trends in household investment towards equity assets, with consumer demand expected to release earlier than in previous years [8] - CITIC Securities identified low-orbit communication satellite chains as a key investment hotspot in the commercial aerospace industry, anticipating a transition from technology validation to large-scale industrialization around 2026 [8]

Core Insights - The high-net-worth female social circle in first-tier cities in China is undergoing a significant transformation, moving from a restrained "quiet luxury" to a more vibrant and expressive culture driven by pop concerts and celebrity fandom [1][3][13] Group 1: Consumer Behavior - High-net-worth women are engaging in extravagant spending not just for tickets but for a sense of vitality and youthfulness, reflecting a deep psychological need for self-expression and liberation [3][4] - These women, often decision-makers in their professional lives and caretakers at home, are seeking experiences that allow them to break free from their structured lives, leading to a surge in unconventional consumer behavior [5][6] Group 2: Economic Impact - The spending patterns of these women extend beyond ticket purchases, influencing various sectors such as travel, hospitality, and luxury goods, creating a "super leverage" effect on local economies during concert tours [6][8] - The demand for high-end services, including luxury accommodations and fine dining, is significantly boosted by their concert attendance, marking a shift in tourism dynamics towards high-value experiences [6][8] Group 3: Social Dynamics - Concerts are becoming new social venues, replacing traditional settings like golf courses for networking and relationship building, with shared experiences fostering deeper emotional connections [9][11] - The phenomenon of fandom is also serving as a bridge in family dynamics, particularly for mothers navigating relationships with their teenage children, as shared interests in pop culture help dissolve generational gaps [11][12] Group 4: Market Opportunities - The beauty and fashion industries are capitalizing on this trend, with brands targeting these women through collaborations with popular idols, as purchases are not just about products but also about the psychological affirmation of youth and vitality [8][10] - Companies that can resonate with this demographic's desire for excitement and engagement are positioned to capture significant market share, as these women represent a lucrative consumer base [13]

近年来，随着内卷化竞争加剧，科学护肤赛道概念泛滥，消费者在"抗氧化" "抗糖化"等标签中 难辨真伪；同样，在狂飙的医美赛道也存在重短期效果、轻长期管理，重单点技术、轻系统整 合的乱象。行业亟需一个能跨越地域与学科、以循证医学为底座的整合方案，真正满足市场涌 现的个性化抗衰需求。 2 0 2 6年1月2 9 – 3 1日，被誉为"医美界奥斯卡"的IMCAS英卡思世界大会于巴黎举行。修丽可第 十 三 次 站 在 这 个 顶 级 舞 台 ， 通 过 国 际 学 术 峰 会 、 全 球 临 床 案 例 分 享 及 权 威 学 术 壁 报 等 多 元 形 式，系统性呈现其整全护肤理念的最新进展，尤其是将聚焦神经性衰老机制、获全球1 0 0 0+皮 肤学专家推荐、用于除皱项目联合使用的 P-TIOX抗皱精华 的学术成果推至聚光灯下，彰显 其全球化经验与本土化实践交融的丰硕成果和硬核实力。在深入的国际对话和生态共建中，修 丽可也勾勒出" 整全美学 "从理念到实践的清晰路径。 修丽可亮相IMCAS2026世界大会 在《FBe a u t y未来迹》看来，这不仅是一场学术交流，更是一次重新定义抗衰维度的行业宣言 ——从西方科技 ...