强化部门联动执法。应针对不同行业特点精准施策：食品行业重点核查货源追溯链条，化妆品行业 严查备案信息真实性，电子产品行业加大抽检力度。同时，打通市场监管、电商平台的数据壁垒， 对"幽灵网店"的注册、运营、收款等环节实施全链条追踪，依法处罚违法经营行为。 引导消费者理性维权。消费者网购时应优先选择"旗舰店""品牌授权店"，核对食品生产许可证号、 化妆品备案号、电子产品防伪标识等关键信息，遇到异常情况及时通过官方渠道投诉举报。通过强化消 费者维权意识，以社会监督挤压"幽灵网店"生存空间，形成全民共治的良好氛围。 规范电子商务发展是维护市场公平、保障消费安全的必然要求，唯有为每家网店"验明正身"，才能 让消费者放心消费、商家公平竞争，推动电子商务行业行稳致远。(本文来源：经济日报 作者：李翱) (责任编辑：武晓娟) 近日，市场监管部门在查处涉嫌侵犯"胖东来"注册商标专用权的14家网店时发现，有10家未在公示 地址经营，其中8家更是难寻踪迹。这类"幽灵网店"已成为扰乱市场秩序的突出隐患。 "幽灵网店"普遍存在无实体经营地址、无真实联系方式、无售后保障等情况，依靠虚假宣传、低价 诱惑、刷单造势等手段吸引消费者，在交易完 ...

Group 1 - Hainan has maintained the highest number of notified commitment items in the country for four consecutive years, with plans to enhance market access reforms by 2025 [1] - The province aims to implement a "commitment + license" system, simplifying 128 licensing processes, benefiting over 250,000 business entities [1] - Hainan's business registration process is the most convenient in the country, with the shortest announcement time for cancellations at 7 days [1] Group 2 - In drug regulation, by 2025, Hainan plans to cover over 90% of duty-free operators with electronic labels for imported cosmetics and has approved 13 products for special food use [2] - The province has achieved significant milestones in clinical data application, accelerating the approval of five products and introducing the first innovative drugs [2] - Hainan will continue to deepen market access reforms and promote a new model for foreign enterprise registration, focusing on quality enhancement in key industries [2]

Market Performance - Both Shanghai and Shenzhen markets experienced short-term fluctuations but closed higher, with the ChiNext and Sci-Tech 50 indices rising by 0.97% and 1.74% respectively, outperforming the Shanghai Composite and Shenzhen Component indices[1] - On December 12, the Shanghai Composite Index rose by 0.41%, the Shenzhen Component Index increased by 0.84%, and the ChiNext Index gained 0.97%[2] Capital Flow - On December 12, net inflows into the Shanghai Stock Exchange reached 257.53 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 204.78 billion yuan[3] - The top three sectors for capital inflow were power grid equipment, semiconductors, and communication equipment, while the sectors with the highest outflows included general retail, energy metals, and batteries[3] Policy Insights - The Central Economic Work Conference highlighted eight key priorities for the upcoming year, emphasizing the importance of new productivity and the cultivation of new growth drivers, which are expected to attract market attention[1] - The People's Bank of China plans to maintain a moderately loose monetary policy to support stable economic growth and financial market stability[5][6] - The Ministry of Finance aims to implement a more proactive fiscal policy, ensuring policy continuity and strength, focusing on investments in both physical and human capital[7] Industry Developments - The Ministry of Culture and Tourism is promoting positive cultural economic policies to guide the healthy development of online literature, games, and audiovisual content[8][9] - The National Medical Products Administration has launched a three-year action plan to enhance the quality management systems of cosmetic companies, aiming to transition from a major to a strong player in the cosmetics industry[10] Fund Dynamics - Public fund distributions have increased significantly this year, exceeding 200 billion yuan, with equity funds enhancing their distribution efforts[13] - The total trading volume of ETFs across both markets reached 4,334.87 billion yuan, with stock ETFs accounting for 1,247 billion yuan and bond ETFs for 2,087.04 billion yuan[14]

Company Overview - Qingdao Kingking (SZ 002094) announced the convening of its ninth board of directors' second temporary meeting on August 19, 2025, to discuss the proposal for the first temporary shareholders' meeting of 2025 [1] - As of the report, Qingdao Kingking has a market capitalization of 6.1 billion yuan [1] Revenue Composition - For the year 2024, Qingdao Kingking's revenue composition is as follows: manufacturing accounts for 78.04%, cosmetics industry for 21.05%, and trading industry for 0.91% [1]

Core Viewpoint - China Lianhe Credit Rating Co., Ltd. maintains the long-term credit rating of Proya Cosmetics Co., Ltd. at AA, with a stable outlook for both the company and its convertible bonds, indicating strong financial health and operational performance [1][3][4]. Company Overview - Proya Cosmetics Co., Ltd. specializes in the research, production, and sales of cosmetics, maintaining competitive advantages in brand recognition, product diversity, and R&D capabilities [4][9]. - The company has a diverse brand portfolio including Proya, Caitang, Off&Relax, and others, covering various segments of the cosmetics market [9][14]. Financial Performance - For 2024, Proya reported a total revenue of 107.78 billion yuan, a year-on-year increase of 21.04%, and a profit of 18.89 billion yuan, up 26.34% from the previous year [4][10]. - As of March 2025, the company had cash assets of 47.34 billion yuan, with a low debt burden reflected in an asset-liability ratio of 28.15% [6][10]. Operational Strategy - The company successfully implemented a "big single product strategy," enhancing its market share in key categories and achieving significant sales growth through online channels [5][15]. - Proya's production capacity increased to 40.118 million units per year, with a focus on flexible production and inventory management [21][22]. R&D and Innovation - In 2024, Proya increased its R&D investment by 21.21%, totaling 2.10 billion yuan, and obtained 25 new patents, enhancing its technological edge [5][16]. - The company has established a European innovation center in Paris to strengthen its R&D capabilities [15]. Industry Context - The cosmetics industry in China is characterized by low technical barriers and high competition, with many players and a low market concentration [12][13]. - The online retail market for cosmetics is growing, with Proya ranking among the top companies in various categories on platforms like Tmall and Douyin [5][12]. Future Outlook - The stable rating outlook suggests that Proya's operational performance and competitive position are expected to improve further, driven by enhanced R&D and brand development [4][5].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The global trade of counterfeit goods is projected to reach approximately 4.7% of total trade by 2021, reflecting a growth from 2.3% in 2019 [14][113]. - The report highlights that counterfeit goods significantly impact various sectors, with the clothing industry being one of the most affected, accounting for 21% of counterfeit trade in 2020-2021 [33][43]. - The OECD and EUIPO emphasize the need for enhanced international cooperation to combat the rising trend of counterfeit goods, particularly in the context of the COVID-19 pandemic [15][16]. Summary by Sections Section 1: Background on Counterfeit Trade - The introduction outlines the increasing prevalence of counterfeit goods in global trade, particularly during the pandemic [15]. - The report notes a significant rise in counterfeit goods, with a 4.7% share of total trade in 2021 compared to 2.3% in 2019 [14][113]. Section 2: Trade Routes and Affected Industries - The main source economies for counterfeit goods in 2020-2021 were identified, with 45% of counterfeit goods originating from specific countries [27]. - The report lists the top 20 categories of counterfeit and pirated products, with clothing, electronics, and cosmetics being the most prominent [34][38]. - Transportation methods for counterfeit goods have shifted, with 60% of goods transported via road [44]. Section 3: Specific Industry Analysis - The clothing industry (HS code 61) is highlighted as a major target for counterfeiters, with a significant percentage of trade attributed to this sector [56]. - The report details the trade routes for counterfeit footwear and cosmetics, indicating that these sectors also face substantial challenges from counterfeit products [70][80]. Section 4: EU Counterfeit Imports - The report provides insights into the structure of counterfeit imports into the EU, with a focus on the top 20 industries targeted by counterfeiters [108]. - It estimates the value of counterfeit products imported into the EU, which reached approximately 1.17 billion in 2021, reflecting a 4.7% increase from previous years [113].