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商贸零售行业周报:双11大促开启,玩法化繁为简,国货品牌增长分化-20251019
KAIYUAN SECURITIES· 2025-10-19 13:55
《国庆假期消费稳步恢复,关注年轻 时 尚 黄 金 优 质 品 牌 — 行 业 周 报 》 -2025.10.12 商贸零售 2025 年 10 月 19 日 投资评级:看好(维持) 行业走势图 数据来源:聚源 -12% 0% 12% 24% 36% 48% 2024-10 2025-02 2025-06 商贸零售 沪深300 相关研究报告 《吉宏股份预告高增长,关注三季度 高景气赛道公司 — 行 业 周 报 》 -2025.9.28 《医美化妆品 8 月月报:锦波生物胶 原蛋白冻干纤维获药用辅料登记,珀 莱雅拟赴港上市—行业点评报告》 -2025.9.27 双 11 大促开启,玩法化繁为简,国货品牌增长分化 ——行业周报 黄泽鹏(分析师) 姚慕宇(联系人) huangzepeng@kysec.cn 证书编号:S0790519110001 yaomuyu@kysec.cn 证书编号:S0790125040021 双 11 电商大促拉开序幕,玩法化繁为简,国货品牌持续加强布局 年度电商盛宴启幕,双 11 电商大促正式打响,本次大促的核心为"化繁为简+ 周期延长+战略寻新"。(1)玩法做减法:平台营销机制回归零售本 ...
化妆品医美行业周报:天猫双11国货开门红,毛戈平上美强者恒强-20251019
Shenwan Hongyuan Securities· 2025-10-19 12:19
Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2]. Core Views - The cosmetics and medical beauty sector has shown stronger performance than the market, with the Shenwan Beauty Care Index declining by 2.5% from October 10 to October 17, 2025, which is better than the overall market performance [4][5]. - The Tmall Double 11 event has seen significant success for domestic brands, with brands like Maogeping experiencing high demand and sold-out products [10]. - The overall performance for Q3 2025 is expected to meet expectations, with a continued upward trend into Q4, driven by promotional events [11][12]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market during the specified period, with the Shenwan Cosmetics Index down by 1.1%, which is 2.3 percentage points better than the Shenwan A Index [4][5]. - Key stocks in the sector included Jiaheng Jiahua (+35.0%), Yiyi Co. (+18.6%), and Yanjing Co. (+15.6%) [6]. Market Trends - The Tmall Double 11 event on October 15 attracted over 10 million viewers, with domestic brands like Maogeping experiencing supply shortages due to high demand [10]. - The overall sales performance is expected to improve in the coming weeks, particularly with the upcoming Douyin Double 11 event [10]. Q3 Performance Outlook - The demand for cosmetics remains robust, with retail sales growth in July and August outpacing the overall market [11]. - The total retail sales of cosmetics for the first eight months of 2025 reached 291.5 billion yuan, a year-on-year increase of 3.3% [11]. - Domestic brands are leveraging online channels effectively, with Han Shu achieving over 2 billion yuan in GMV in Q3 [12]. Company Highlights - Han Shu announced a global partnership with Wang Jiaer, enhancing its international presence and brand recognition [19][22]. - The report recommends focusing on companies with strong channel and brand matrices, such as Maogeping, Shanghai Jahwa, and Up Beauty [14]. E-commerce Data - The report highlights significant growth in e-commerce sales for various brands, with Han Shu achieving a 37% increase in GMV [15]. - The overall e-commerce landscape for domestic brands is expected to continue thriving, supported by promotional events and strategic partnerships [15][18]. Market Dynamics - The report notes that the Chinese skincare market is projected to reach 271.2 billion yuan in 2024, despite a slight decline in growth [26]. - Domestic brands are increasingly capturing market share, with a notable presence in the top ten rankings [26][27]. Investment Recommendations - The report suggests investing in companies with strong growth potential and robust product pipelines, particularly in the cosmetics and medical beauty sectors [14]. - Specific recommendations include Maogeping, Up Beauty, and Shanghai Jahwa for cosmetics, and Aimeike for medical beauty [14].
2025年第41周:美妆行业周度市场观察
艾瑞咨询· 2025-10-19 00:06
Group 1 - The core viewpoint of the article highlights the rapid growth and international expansion of Chinese beauty brands, driven by cultural integration and technological innovation [2][3][4] - Chinese beauty products are expected to reach an export value of 51.2 billion yuan in 2024, with a year-on-year growth of 11.9% [3] - The collaboration between beauty brands and celebrities has surged, with first-day GMV exceeding 10 million yuan becoming a standard [4] Group 2 - The global beauty market is projected to reach 677 billion USD by 2025, with skincare leading at 180.3 billion USD, and China holding a 35% market share [9] - Domestic brands are increasingly entering the medical beauty sector, intensifying competition as they launch medical-grade products [5][13] - The rise of "Douyin brands" has changed consumer perceptions, with brands like BABI achieving significant sales through targeted marketing strategies [30] Group 3 - The beauty industry is witnessing a structural transformation, with a focus on rational consumption and the importance of cost-effectiveness [12] - The trend of cross-industry collaboration is evident as fast fashion brands like Zara and H&M venture into the beauty market due to declining apparel sales [8] - The emphasis on sustainability and ESG principles is becoming crucial for companies in the beauty sector, with examples like 诺斯贝尔 leading the way [21]
海外策略周报:本周全球市场波动偏多-20251018
HUAXI Securities· 2025-10-18 15:22
Global Market Overview - The global markets experienced increased volatility this week, with most markets showing fluctuations. The US stock market rebounded after a significant drop last week, but faced volatility due to banking issues and tariff policy uncertainties, leading to a rise in the VIX index [1][2] - The TAMAMA Technology Index has a P/E ratio of 37.1, the Philadelphia Semiconductor Index at 51.5, and the Nasdaq Index at 42.9, indicating that US tech stocks remain historically overvalued [1][2] - The S&P 500 Shiller P/E ratio is at 39.79, close to the 40 high range, suggesting continued pressure for adjustment in the US market due to economic fundamentals and tariff uncertainties [1][2] US Market Performance - The S&P 500, Nasdaq, and Dow Jones Industrial Average all saw gains this week, with increases of 1.7%, 2.14%, and 1.56% respectively [2][12] - Within the S&P 500, the communications sector had the highest increase at 3.64%, while the financial sector had the smallest gain at 0.02% [12][16] Hong Kong Market Performance - The Hang Seng Index and the Hang Seng China Enterprises Index both declined, with drops of 3.97% and 3.7% respectively. The Hang Seng Technology Index fell by 7.98% [24][30] - The utilities sector was the only sector to show a gain, increasing by 1.38%, while the information technology sector saw the largest decline at 8.21% [28][30] Economic Data - In September 2025, the Eurozone CPI year-on-year growth rate was 2.2%, up from the previous 2% [2][46] - The Eurozone ZEW Economic Sentiment Index for October 2025 was -31.8, lower than the previous -28.8, indicating a decline in economic sentiment [40][46] - Japan's industrial production index year-on-year growth rate for October 2025 was -1.64%, down from -0.37% previously [42][46]
林小海和上海家化的青浦棋局:“国货样本不只卖产品,还要卖标准”
Guan Cha Zhe Wang· 2025-10-18 15:01
Core Insights - The article discusses the transformation of Shanghai Jahwa, a traditional cosmetics company, from performance decline to recovery, highlighting its strategic shift towards supply chain control and innovation [1][4][10] Industry Overview - Shanghai is a major hub for the cosmetics industry in China, with 230 production enterprises and 3,200 registered entities, dominating the import registration market [1] - The industry faces common challenges such as supply chain restructuring, innovation in research and development, and brand rejuvenation [1][4] Company Strategy - Shanghai Jahwa has strategically relocated its production from OEM factories back to its own facilities in Qingpu, reflecting a broader trend in the cosmetics industry to reassess supply chain structures [5][7] - The company increased its R&D investment by 26.3% year-on-year, indicating a commitment to innovation despite overall cost control measures [8] Supply Chain Dynamics - The return of production to Qingpu is not merely a logistical move but signifies a deeper restructuring of the supply chain, focusing on cost efficiency, quality control, and risk management [5][7] - The establishment of a "factory-to-consumer" (C2M) model aims to enhance product freshness, cost optimization, and delivery efficiency, although it poses significant operational challenges [7] R&D and Innovation - Shanghai Jahwa's 35 years of R&D experience and over 400 patents highlight the importance of long-term investment in research as a competitive advantage [8] - The company is focusing on leveraging traditional Chinese medicine in its product development, collaborating with research institutions to modernize and scientifically validate its offerings [8][11] Market Positioning - The rise of domestic brands is not just about market share but involves a systemic reconstruction of technology, cultural confidence, and industry ecology [10][12] - Successful domestic brands are transitioning from "Chinese elements" to "Chinese values," integrating traditional culture with modern consumer needs [11] Industry Collaboration - The Qingpu industrial cluster exemplifies the importance of collaborative innovation, where the efficiency of various industry segments determines overall competitiveness [11][12] - Shanghai Jahwa's willingness to share testing facilities with peers reflects a recognition of the need for collective industry standards to enhance competitiveness on a global scale [11]
广州市珍琪化妆品有限公司成立 注册资本1万人民币
Sou Hu Cai Jing· 2025-10-18 07:42
Core Insights - Guangzhou Zhenqi Cosmetics Co., Ltd. has recently been established with a registered capital of 10,000 RMB [1] - The company’s business scope includes the sale of sanitary products and disposable medical supplies, as well as various other consumer goods and services [1] Business Scope - The company is involved in the sale of hygiene products and disposable medical supplies [1] - It also engages in the research and development of biochemical products [1] - The business includes the sale and manufacturing of daily necessities, maternal and infant products, and outdoor goods [1] - The company offers services such as health consulting (non-medical) and traditional Chinese medicine wellness services [1] - It provides internet sales and consulting services, along with technology import and export [1] Product Categories - The company’s product offerings encompass daily chemical products, cosmetics (both retail and wholesale), personal hygiene products, and protective gear for medical personnel [1] - It also includes the sale of disinfectants (excluding hazardous chemicals) and pre-packaged food [1]
广州市合馥生物科技有限公司成立 注册资本50万人民币
Sou Hu Cai Jing· 2025-10-18 07:42
Core Viewpoint - Guangzhou Hefu Biotechnology Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various sectors including chemical products, biotechnology, and personal care products [1] Group 1: Company Overview - The company was recently founded in Guangzhou, China [1] - It has a registered capital of 500,000 RMB [1] Group 2: Business Scope - The business scope includes sales of chemical products (excluding licensed chemical products) [1] - It involves research and development of biochemical products and new materials technology [1] - The company will engage in wholesale and retail of cosmetics and personal hygiene products [1] - It also covers the manufacturing of daily chemical products and sales of disinfectants (excluding hazardous chemicals) [1] - The company is involved in domestic trade agency, technology import and export, and goods import and export [1]
郴州市北湖区春睿化妆品店(个体工商户)成立 注册资本2万人民币
Sou Hu Cai Jing· 2025-10-18 05:10
Core Points - A new individual business named Chunyui Cosmetics Store has been established in Beihu District, Chenzhou City, with a registered capital of 20,000 RMB [1] - The legal representative of the store is Hu Yunping, and its business scope includes cosmetic production and beauty services, subject to necessary approvals [1] - The store's general business activities include retail and wholesale of cosmetics, sales of sanitary products and disposable medical supplies, personal hygiene products, internet sales (excluding licensed goods), daily miscellaneous goods sales, and sales of specialized chemical products (excluding hazardous chemicals) [1]
女人有没有福气,看脸就知道
洞见· 2025-10-18 02:00
洞见给读者送礼物 预约直播 ,抽 送 韩束X肽礼盒 女人的脸,就是她的命运写照图。 一个女人过得好不好,有没有福气,看她的脸就知道了。 面相会体现她的性格,面色会暴露她的生活。 一个经常笑容满面的人,背后一定站着一个和睦的家庭,体贴的伴侣和懂事的孩子。 她的眉目舒展,面容柔和,让人如沐春风。 一个面色红润、肌肤饱满透亮的女人,她的生活一定是滋润而顺遂的。 内心安宁,睡眠充足,生活无忧,永远愿意投资和保养自己。 所以啊,我们女人的脸, 既 是过往生活的总结,也是未来运势的预言。 尤其是到了 30岁以后,更要好好打造我们的面相和容貌。 这个世界是有磁场和能量的,当你的气色好了,精神状态好了,各种好运和福气,也会循环往复向你奔涌而来。 就拿我自己来说,我平时保养好状态,每天必做的有三件事: 一是每天运动半小时,二是吃一些滋补身体的补品,三就是早晚坚持护肤。 如果你不知道如何选择适合自己的护肤品。 10月20日晚上六点 ,我们有一个韩束护肤专场。 韩束大家应该都知道, 20多年的国货大品牌 了。 在国内、国外都有 自己的科学实验室 ,有近 200项授权专 利 。品质特别好, 很多明星、富婆姐姐都在用。 这次专场,各种 ...
扬州市自在化妆品有限公司成立 注册资本20万人民币
Sou Hu Cai Jing· 2025-10-17 20:58
天眼查App显示,近日,扬州市自在化妆品有限公司成立,法定代表人为梁晶,注册资本20万人民币, 经营范围为一般项目:化妆品批发;化妆品零售;美发饰品销售;珠宝首饰零售;日用品销售;日用杂 品销售;日用百货销售;箱包销售;个人卫生用品销售;卫生用品和一次性使用医疗用品销售;纺织、 服装及家庭用品批发;针纺织品销售;服装服饰批发;服装服饰零售;养生保健服务(非医疗);互联 网销售(除销售需要许可的商品)(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)。 ...