Summary of Conference Call Records Industry Overview - **Consumer Sector**: The consumer sector, particularly mass dining and service consumption, continues to show a recovery trend. High-end consumption, including luxury goods and high-end jewelry, is performing even stronger, with some indicators exceeding expectations, reflecting a structural recovery in the consumer market [1][2]. Key Insights and Arguments - **Travel and Hospitality**: The travel chain significantly benefited from the longest Spring Festival in history, with hotel Average Daily Rate (ADR) increasing. Family travel demand is prominent, driven by the return home trend, quality scenic dining, and "reverse New Year" celebrations in first-tier cities [1][2]. - **Luxury Goods and Jewelry**: There is a clear differentiation in jewelry and luxury goods consumption, heavily influenced by high gold prices. Luxury goods consumption is relatively stronger, with high-end shopping district data exceeding expectations. The focus is on brand share improvement opportunities, as some brands are pressured by gold prices, creating structural opportunities for share changes [1][3]. - **Medical Aesthetics**: During the Spring Festival, medical aesthetics saw a double-digit increase in customer flow, although average prices were under pressure. Products like collagen water light and related offerings are expected to benefit from a robust pipeline and expanding market size. High-demand categories are likely to continue benefiting, necessitating tracking of certification rhythms and profit balance in the supply chain [1][3]. - **Cosmetics Sector**: The cosmetics sector is expected to see an upward trend around the March 8th node. Notable performance was observed in the China Resources system, particularly with the brand Mao Ge Ping. The investment strategy leans towards "momentum varieties" and "bottom stocks with share improvement," focusing on key companies [1][4]. Additional Important Insights - **Export Chain Dynamics**: The export chain is expected to see excess growth driven by "new products + new capacity deployment." The short-term key factor is the RMB exchange rate, which influences month-on-month changes. Companies with new capacity or product lines are prioritized for attention [2][4]. - **Tobacco Sector Changes**: The tobacco sector is undergoing significant changes due to adjustments in the international system by China National Tobacco. The removal of intermediaries in the domestic duty-free market is expected to enhance profits by approximately 3-5 percentage points [5]. - **Carbon Trading Opportunities**: The importance of carbon trading is increasing, driven by initiatives in Europe and the introduction of carbon tax mechanisms in domestic industries like steel and cement. Companies involved in carbon trading development, such as Yueyang Forest Paper and Yong'an Forestry, are worth monitoring for new business growth opportunities [6]. - **Pork Price Trends**: As of February 26, 2026, the average price of pork is approximately 10.7 CNY/kg, down 1 CNY from pre-Spring Festival levels. The market is expected to stabilize between 10.5-11.5 CNY/kg in the coming months, supported by potential state stockpiling and market entry by new players [10][11]. Investment Recommendations - **Consumer Sector**: Focus on the restaurant chain as a core direction, recommending companies like Anjiu and Yihai, while also considering those with accelerated store opening expectations. The snack sector remains promising, particularly in volume sales channels, with companies like Weilong and Salted Fish being highlighted for their investment value [14]. - **Medical Aesthetics and Cosmetics**: Companies with robust pipelines and market expansion potential should be closely monitored, particularly in the medical aesthetics sector [3][4]. This summary encapsulates the key points from the conference call records, providing insights into the consumer sector's recovery, investment opportunities, and market dynamics.

行 业 及 产 业 美容护理 2026 年 03 月 01 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 38 大促进行时，国货经典大单品合作超头主播 看好 ——化妆品医美行业周报 20260301 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 本阶段化妆品医美板块表现弱于市场。2026 年 2 月 6 日至 2026 年 2 月 27 日期间， 申万美容护理指数下滑 0.9%，表现弱于市场。其中，申万化妆品指数下滑 0.9%，弱于 申万 A 指 4.9pct；申万个护用品指数上涨 2 ...

商贸零售 2026 年 03 月 01 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% 2025-03 2025-07 2025-11 商贸零售 沪深300 相关研究报告 《马年春节消费稳健恢复，老铺黄金 宣 布 2 月 底 调 价 — 行 业 周 报 》 -2026.2.23 投资主线一（黄金珠宝）：关注具备差异化产品力和消费者洞察力的黄金珠宝品 牌，重点推荐潮宏基、老铺黄金、周大福等，受益标的周生生等； 投资主线二（线下零售）：关注顺应趋势变革探索的线下零售企业和 AI 赋能跨 境电商龙头，重点推荐永辉超市、爱婴室、吉宏股份、赛维时代等； 投资主线三（化妆品）：关注满足情绪价值和安全成分创新的国货品牌，重点推 荐毛戈平、珀莱雅、上美股份、巨子生物、润本股份，受益标的林清轩等； 投资主线四（医美）：关注差异化医美产品厂商和持续并购扩张的连锁医美机构， 重点推荐美丽田园医疗健康、爱美客、科笛-B、朗姿股份等。 《美团拟收购叮咚买菜，打造即时零 售供应链优势—行业周报》-2026.2.8 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2 ...

商贸零售 2026 年 03 月 01 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% 2025-03 2025-07 2025-11 商贸零售 沪深300 相关研究报告 《马年春节消费稳健恢复，老铺黄金 宣 布 2 月 底 调 价 — 行 业 周 报 》 -2026.2.23 《美团拟收购叮咚买菜，打造即时零 售供应链优势—行业周报》-2026.2.8 《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 老铺黄金调价幅度超预期，巩固品牌高端调性 ——行业周报 | 黄泽鹏（分析师） | 李昕恬（联系人） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790125100021 | 老铺黄金调价幅度超预期，巩固品牌高端调性 2 月 28 日老铺黄金启动 2026 年首次调价，多数产品涨幅集中在 20%至 30%区间， 对比 2025 年三次调价，提价幅度明显放大。调价落地前，提价预期叠加大 ...

辞职消息公布前，博雅生物公布了2025年业绩预亏的公告。预计2025年归母净利润仅为1.05亿元—1.37 亿元，同比下滑65.62%-73.55%，扣非净利润预计亏损750万元—1500万元，而2024年同期盈利3.02亿 元。 值得注意的是，这不是该公司第一次出现高管辞职现象。在2021年华润医药斥资48亿元控股博雅生物， 并成功入局血液制品行业后，该公司的管理层波动、业绩震荡以及战略整合问题不断。 博雅生物的频繁人事更迭，让华润也着急了！ 2月27日，博雅生物（300294.SZ）发布公告称，公司董事会于2月26日收到董事、总裁任辉递交的书面 《辞任报告》，因工作变动原因，任辉申请辞去第八届董事会董事、战略与ESG委员会委员、总裁及法 定代表人四项职务，辞任后不再担任公司任何职务。 任期最短总裁出现 2024年12月起，任辉担任博雅生物非独立董事，2025年5月由副总裁升任总裁、法定代表人，任辉原定 任期至2027年3月20日。为什么仅履职约10个月就要辞职？ 2024年11月，博雅生物以18.2亿元收购绿十字香港控股有限公司，旨在获取其血液制品牌照和4家在营 浆站资源。然而，其全资子公司安徽格林克医药 ...

王思聪接连成立新公司，正展现出积极的一面。 继2025年年底与演员秦岚、甘薇等人成立北京柠悦悦己医疗美容诊所悄然进入了医美赛道后，王思聪近期成立一家新公司，再次登上热搜。 天眼查APP显示，今年2月9日成立的北京与雾餐饮管理有限公司，股权穿透后最终受益人为王思聪。这家注册资本为100万元的餐饮类公司，经营范围包 括餐饮管理、外卖递送服务以及商业综合体管理服务等。目前该公司有两大股东，穿透股权来看，王思聪持股33.33%的北京商机企业管理中心（有限合 伙）是与雾餐饮公司的大股东，持股比例为66.67%。 | 都在用的商业查询工具 | | WO 日本版 ■大预 | 百万人 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 到家中小企业发展子基金旗下机构 | | 北京与喜餐饮管理有跟公司 | Ø | 天腺一下 | 除应用 ▼ | 商务合作 | 企业级产品、 ★ 开通会员 | | 基本信息 6 | 法律诉讼 | 经营风险 | 经营信息 | | 公司发展 | | 知识产权 历 | | 股东信息 2 3 ● 品股权结构 | | | | | | 园 ...

医药生物行业 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2026/2/13-2026/2/26） 静待板块回暖 -35% -30% -25% -20% -15% -35% -30% -35% -30% -25% -20% -40% -20% 0% 20% 医药生物 沪深300 -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 2026 年 2 月 27 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 ◼ SW医药生物行业跑输同期沪深300指数。2026年2月13日-2026年2月26 日，SW医药生物行业下跌0.95%，跑输同期沪深300指数约1.1个百分点。 SW医药生物行业三级细分板块中，多数细分板块均录得正收益，其中其 他生物制品和医院板块涨幅居前，分别上涨2.42%和1.80%，医疗研发外 包和线下药店板块跌幅居前，分别下跌3.80%和0.65%。 ...

Core Insights - The inclusion of "medical beauty services" in the CPI marks a significant shift for the industry, transitioning from a niche service to a recognized component of the national economic monitoring system [3][19] - The implementation of the new VAT regulations explicitly excludes profit-driven medical beauty institutions from tax exemptions, reinforcing their classification as commercial services and eliminating tax arbitrage opportunities [3][19] - These dual policy adjustments signify a transition from "wild growth" to "regulated development," fundamentally restructuring the competitive landscape and development logic of the medical beauty industry [3][19] Market Dynamics - The medical beauty market is experiencing "differentiated growth," with leading chain institutions achieving growth through refined operations, while smaller institutions face significant operational pressures [5][21] - In the first half of 2025, over 63% of medical beauty institutions reported revenue declines, with only 14% achieving growth; Q2 was particularly challenging, with 58% of institutions experiencing declines [5][21] - The average customer spending in the medical beauty industry dropped to 6,500 yuan, a 10% decrease year-on-year, while the frequency of consumer visits increased, indicating a trend towards more conservative spending among middle and high-income consumers [5][21] Consumer Trends - The trend of "popularization and down-market penetration" is becoming increasingly evident, with lower-tier cities emerging as new growth engines for the industry [6][22] - By 2025, the proportion of medical beauty institutions in third-tier cities and below increased from 30% in 2022 to 42%, with overall consumption growth reaching 22%, double that of first-tier cities [6][22] - Non-surgical light medical beauty projects have become the mainstream, accounting for over 53% of the market, with a market size of 227.9 to 258 billion yuan, driving industry growth [6][22] Regulatory Environment - The simultaneous implementation of the CPI inclusion and new VAT regulations represents a policy "one-two punch" for the regulated development of the medical beauty industry, establishing its commercial consumption attributes [8][24] - This regulatory shift has eliminated the "gray area" label that has long plagued the industry, with the CPI now monitoring price fluctuations and consumption scale as part of national economic management [9][25] - The combination of these policies is transforming the identity of the medical beauty industry from "marginal service" to "mainstream consumption," laying the groundwork for its regulated development [10][26] Competitive Landscape - The regulatory changes are leading to a "good money driving out bad money" scenario, where compliant institutions benefit from favorable conditions while non-compliant ones face significant operational challenges [11][27] - Over 18,000 non-compliant institutions were shut down in 2025, and more than 320 violators had their licenses revoked, indicating the effectiveness of ongoing regulatory measures [11][27] - The market is shifting from a seller's market to a buyer's market, with price wars becoming a primary strategy for smaller institutions competing for customers [6][22] Industry Evolution - The medical beauty industry is transitioning from an upstream-dominated model to one focused on terminal capabilities, with an emphasis on differentiation and scale as core competitive advantages [12][28] - Upstream companies are shifting their focus from licensing to product innovation, as competition intensifies and profit margins normalize [13][29] - The entry of public hospitals into the medical beauty sector is becoming a new variable, with a significant increase in the number of public hospitals establishing medical beauty departments [14][30] Consumer Behavior - Consumers are becoming more rational, shifting from a focus on appearance changes to daily anti-aging maintenance, with increased demands for product safety and institutional compliance [15][31] - This rationalization is driving industry upgrades, as institutions move towards standardized solutions that combine products, medical expertise, and post-operative management [15][31] - The transparency of industry information is improving, allowing consumers to compare the overall value of different institutions, which is pushing prices towards greater fairness [15][31]

10% 医药生物 沪深300 -5% 0% 5% 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2026/2/13-2026/2/26） 静待板块回暖 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 -35% -35% -30% -20% 0% 20% 医药生物 沪深300 -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： -40% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 -30% -25% -20% xiexiongxiong@dgzq.com.cn -35% 资料来源：iFind，东莞证券研究所 相关报告 -30% -25% -20% -15% -10% 5% -25% -20% -15% -10% -5% 0% -35% 2026 年 2 月 27 日 医药生物（申万）指数走势 证 券 研 ...

南财智讯2月27日电，敷尔佳在投资者关系活动中表示，基于敷尔佳的医药基因与背景，医美赛道的医 疗器械类产品与公司现有产品是契合的，布局医美赛道是进一步完善产品矩阵的重要举措；医美相关标 的公司一直在关注，未来如有相关进展，将严格按照监管规则履行信息披露义务。 ...