Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][32]. Core Insights - The beauty care sector is expected to see significant growth, with companies like Shangmei Co. projecting a revenue of approximately 4.09-4.11 billion yuan for the first half of 2025, representing a year-on-year increase of about 16.8%-17.3% [3][30]. - The report highlights key events such as the announcement of free preschool education by the State Council, which may impact consumer spending patterns [3][25]. - The report notes a rise in core CPI by 0.8% year-on-year in July 2025, indicating inflationary pressures that could affect consumer behavior [3][25]. Summary by Sections Market Performance - During the week of August 4-8, 2025, the retail trade, social services, and beauty care sectors experienced declines of -0.38%, -0.11%, and an increase of +1.70%, respectively [15][18]. - Among sub-sectors, jewelry, personal care products, and trade saw notable gains of +5.53%, +4.23%, and +2.09% [18][21]. Key Industry Data and News - The report discusses the impact of the government's free preschool education policy, which will take effect in the fall semester of 2025 [3][25]. - Notable company announcements include Shangmei Co.'s positive earnings forecast and the planned H-share listing by Ruoyuchen [30][32]. - The report also covers the performance of major companies like Shiseido and Marubi, with Shiseido reporting a 7.6% decline in net sales for the first half of 2025 [3][25]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Biotechnology, Marubi, and others within the beauty care and new consumption sectors [6][32].

Summary of Conference Call Records Industry Overview: Travel and Hospitality Sector Key Points - **Market Dynamics**: The travel and hospitality sector is experiencing demand resilience, with a notable shift in channels and brand iterations. Ctrip's stock has been affected by the slowdown in outbound travel growth and increased overseas investments, while Tongcheng has performed well due to low valuations and favorable policies [1][4]. - **Impact of Competition**: JD's entry into the travel and hospitality sector has limited impact on Ctrip but may cause a 10% decline in Tongcheng's performance due to price-sensitive users opting for platforms with higher subsidies [5][16]. - **Performance Trends**: Ctrip's performance in Q2 may be influenced by lower-than-expected overseas investments and geopolitical disturbances, but strong summer travel demand is expected to benefit OTA platforms [6][8]. Financial Insights - **Ctrip's Financial Performance**: Ctrip's outbound travel growth has decreased from 50-60% last year to 15-20% this year, with a corresponding decline in profit margins due to lower ticket prices and increased overseas investments [3][6]. - **Hotel Industry Recovery**: The hotel industry showed improvement in Q2, particularly during the May Day holiday, although June saw a slight decline compared to May. The overall hotel performance is expected to improve in the summer due to stable supply growth [7][8]. Company-Specific Insights Ctrip - **Market Position**: Ctrip has a strong advantage in high-end exclusive inventory, which mitigates the impact of JD's entry into the market [5]. - **Future Outlook**: The company is expected to benefit from increased booking volumes during the summer, with potential for upward movement in stock prices if high-frequency data improves [6][12]. Tongcheng - **Market Strategy**: Tongcheng is focusing on integrating exclusive travel resources and price subsidies to expand its market share, particularly in the mid-to-high-end hotel segment [3][14]. Yaduo - **Growth and Expansion**: Yaduo is experiencing rapid expansion with a store growth rate of 25-30%. The retail business is performing well, with plans to launch new products in the second half of the year [10][11]. - **Valuation and Market Position**: Yaduo's valuation is around 20 times earnings, with a growth rate of 25-30%, indicating a favorable cost-performance ratio [11]. Industry Challenges and Opportunities Supply Chain and Market Dynamics - **Supply Expansion Challenges**: The hotel industry faces challenges related to supply expansion, with a potential turning point in the next 6-12 months as investment returns for franchisees lengthen, affecting signing speeds [9][21]. - **Market Segmentation**: High-end hotels are focusing on renovations in high-tier cities, while lower-tier cities are expanding rapidly, indicating a significant growth potential in the mid-range and economy segments [20][21]. Competitive Landscape - **Key Competitive Factors**: The competitive landscape in the hotel online travel market is driven by resource integration and fulfillment capabilities. OTA platforms are focusing on consolidating hotel resources to provide more choices for consumers [13][18]. - **Market Share Trends**: Recent trends show a stable increase in market share for leading companies, with high-end brands like Yaduo and international brands experiencing slight growth [19]. Conclusion The travel and hospitality sector is navigating a complex landscape characterized by competitive pressures, changing consumer preferences, and evolving market dynamics. Companies like Ctrip, Tongcheng, and Yaduo are adapting their strategies to leverage growth opportunities while addressing challenges related to supply and market competition. The upcoming months will be critical for assessing the recovery trajectory of the industry, particularly in light of summer travel demand and potential shifts in consumer behavior.

Investment Rating - The report maintains a "Buy" rating for Proya and a "Hold" rating for other companies in the beauty and personal care sector [5][9]. Core Insights - The beauty and personal care sector has shown mixed performance, with Proya launching new medical-grade collagen products and Lin Qingxuan preparing for an IPO in Hong Kong [2][20][23]. - The Tmall 618 pre-sale rankings for beauty products show Proya, Lancôme, and L'Oréal leading the market, indicating strong brand presence [20][21]. - The overall market performance for the week ending May 30, 2025, saw the retail sector increase by 0.69%, while the beauty care sector decreased by 0.72% [12][14]. Summary by Sections Market Performance - For the week of May 26 to May 30, 2025, the retail sector increased by 0.69%, social services by 0.18%, and beauty care decreased by 0.72%, ranking 12th, 14th, and 25th among 31 primary industries respectively [12][14]. - The professional chain, general retail, and professional services sectors saw the highest gains, with increases of 2.24%, 1.72%, and 0.92% respectively [14]. Key Industry Events and News - Proya launched a new medical-grade collagen patch, approved as a Class II medical device, aimed at treating superficial wounds and post-procedure care [23]. - Lin Qingxuan submitted its IPO application to the Hong Kong Stock Exchange, with significant sales figures for its signature camellia oil product [20]. - Tmall's 618 pre-sale rankings for beauty products remained stable, with Proya, Lancôme, and L'Oréal maintaining their top three positions [20][21]. Company Announcements - Proya's new medical product is priced at 198 yuan for a box of five patches, indicating a strategic move into the medical beauty segment [23]. - Ji Hong Technology announced its H-share listing, with a global offering of 67.91 million shares at a price of 7.68 HKD per share, aiming to raise approximately 420 million HKD [27].

Summary of Conference Call Records Industry Overview - The new consumption sector is expected to continue its growth trend into the summer and possibly into the second half of the year, driven by strong consumer travel intentions observed during the May Day and Qingming Festival periods [1][5] - The beauty care, gold jewelry, and travel chain sectors are highlighted as having high growth potential, with specific recommendations for investment opportunities in these areas [1][4] Key Points on Gold Jewelry Sector - The gold jewelry industry is undergoing a transformation from a selection-based business model to a product-focused approach, with companies like Laopuhuang, Chao Hong Ji, and others excelling in product quality to meet consumer emotional value [2][15] - Laopuhuang reported a significant sales increase in April, with SKP system sales up 140%-150% year-over-year and new store openings contributing to ongoing sales growth [1][19] - The market for high-end gold jewelry is substantial, with a market size of 600 billion yuan and a high-end segment of 70-80 billion yuan, indicating strong demand for gold and diamond products [19] Investment Recommendations - Guohai Securities recommends stocks such as Laopuhuang, Changrong Co., and Shangmei Co. due to their strong performance and reasonable valuations [1][6] - Other recommended stocks include Tongling Jewelry, Maikalu, and Diya Co., which have shown growth during their transition from embedded jewelry to gold products [6] Beauty Care Sector Insights - The cosmetics industry is optimistic for 2025, with a significant increase in market share for domestic brands, projected to rise from 50% in 2024 towards 80% [7][8] - NewPay, a new brand, is expected to generate at least 800 million yuan in revenue for the year, with a profit margin of around 20% [10] - The selection logic for cosmetics stocks focuses on market-sensitive companies and those showing signs of recovery, with Shangmei Co. fitting both criteria [9] Company-Specific Performances - Maogeping Company has led the beauty care sector with over 40% growth, showing strong performance both online and offline [11] - Jinjibo Biotech is experiencing explosive growth in collagen product demand, with plans to expand its store coverage significantly [12] - Perfect Diary is focusing on long-term stable growth through product innovation and expansion in the online makeup category [13] Market Sentiment and Future Outlook - The current market sentiment is strong, with the North Exchange index reaching new highs, benefiting companies with high growth potential in the beauty and collagen sectors [14] - The gold jewelry sector is expected to continue its upward trend, with companies like Laopuhuang and Chao Hong Ji showing strong sales growth and market positioning [15][20] Conclusion - The new consumption sector, particularly in beauty care and gold jewelry, presents significant investment opportunities, with several companies demonstrating strong growth potential and favorable market conditions. Investors are encouraged to focus on companies with solid performance metrics and innovative product offerings.

Investment Rating - The report maintains a "Recommendation" rating for the consumer discretionary sector [5] Core Insights - The beauty and personal care segment shows strong growth, with companies like Proya achieving over 10 billion RMB in revenue for the first time, and significant increases in net profit [3][26] - The retail sector is expanding, with ALDI opening new stores and achieving record sales, while companies like Yonghui Supermarket are recovering from previous losses [25][34] - The travel and leisure industry is also seeing growth, with increased flight operations and significant revenue increases for companies like Xiangyuan Culture [21][34] Summary by Sections Market Performance - For the week of April 21-25, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors showed mixed performance, with beauty care up by 3.80% [10][12] - The beauty care sub-sector outperformed others, with individual products and cosmetics increasing by 7.11% and 4.89% respectively [11] Key Industry Data and News - Proya's revenue for 2024 reached 10.778 billion RMB, marking a 21% increase, while its net profit rose by 30% [3][26] - Other companies like Marubi and Betaini also reported significant revenue growth, with Marubi's revenue increasing by 33.4% in 2024 [3][29] - The travel sector saw a rise in flight operations, with nearly 106,000 flights executed in the week of April 14-20, 2025, reflecting an 8.7% increase year-on-year [21][23] Key Company Announcements - Proya's Q1 2025 revenue was 2.359 billion RMB, a year-on-year increase of 8.13% [26] - Marubi reported a Q1 2025 revenue of 847 million RMB, up 28.01% from the previous year [29] - Bubble Mart's Q1 2025 revenue surged by 165%-170%, with overseas revenue increasing by over 475% [33]