策 华福证券 2026 年 02 月 27 日 略 研 究 3 月日历效应：小微盘风格，农林、美容、医药 行业或相对占优 投资要点： 策 略 定 期 报 告 3 月日历效应：1）全 A 相对走平，小盘、微盘风格超额明显。2）行 业：农林、美容、医药占优，钢铁、石化、非银滞后。具体来看，宽基和 风格上，参考过去 10 年指数的月涨跌幅，同花顺全 A（加权）指数的 3 月 的平均的月绝对涨跌幅为 0.4%，相对有限。但从超额收益来看，风格上仍 有结构性亮点：小盘风格明显跑赢大盘风格，微盘风格明显跑赢全 A 指数。 行业指数上，参考过去 10 年指数的平均的月涨跌幅，3 月相对占优的有： 农林牧渔、美容护理、医药生物、计算机、公用事业；3 月相对滞后的有： 钢铁、石油石化、非银金融、电子、汽车。 团队成员 分析师： 周浦寒(S0210524040007) zph30515@hfzq.com.cn 研究助理： 杨逸帆(S0210124110046) yyf30689@hfzq.com.cn 相关报告 1.红利+：AH 双市轮动策略——2025.02.17 2. 反 转 策 略 ： 红 利 滞 涨 下 的 超 额 选 ...

Core Insights - The 2026 Guangdong High-Quality Development Conference emphasizes the importance of high-quality development in the region, highlighting the opportunities for migrant workers in Guangdong [12] - The stories of three ordinary workers reflect the broader narrative of employment and skill development in Guangdong, showcasing the province's commitment to supporting its workforce [12] Group 1: Employment and Skill Development - Guangdong's focus on "investing in people" aims to transition from a "demographic dividend" to a "talent dividend," enhancing the growth and development of its workforce through skill training and support [12] - The province is committed to optimizing employment services and implementing subsidies to create a more inclusive job market, which is crucial for high-quality development [12] - The experiences of workers like Liu Wuque and Mo Xianjiao illustrate the importance of continuous learning and skill enhancement in adapting to industry changes and achieving personal growth [3][8] Group 2: Industry and Economic Growth - The conference theme of "coordinated development of manufacturing and service industries" indicates a strategic direction for Guangdong's economic growth, focusing on both sectors to create a balanced economy [12] - The stories of workers in various industries, such as Liu in property management and Mo in beauty services, highlight the evolving nature of job roles and the increasing need for certification and skills in the workforce [4][7] - The commitment to high-quality employment services is seen as a foundation for sustainable economic growth, ensuring that workers can contribute effectively to the province's development [12]

参会重点企业覆盖计算机、环保科技、智能数字化、机械制造、金融、法律、教育、传媒、医疗、 物流、酒店餐饮、汽车、美容等多个行业领域。招聘岗位涵盖大部分专业类别，集中提供新媒体、项目 经理、店长、管培生、电子商务、技术工程师、行政、设计、会计、运营主管、主播、律师、实习生等 10600余个优质就业岗位。 记者从郑州市金水区人力资源和社会保障局获悉，28日上午，河南省重点企业专场招聘会将在郑州 金水信万广场一楼长廊大厅（3号门入场）举行，为求职者提供万余个岗位。 本次招聘会由郑州市金水区人力资源和社会保障局和金水区丰庆路街道办事处联合河南123人才网 共同主办，旨在搭建高效精准的供需对接平台。招聘对象主要面向应往届高校毕业生、高层次人才、离 校未就业青年、转岗求职人员、技能型青年人才及退役军人等急需就业群体。 为满足广大求职者的多元化需求，活动现场将分设企业招聘区、企业展示区、扫码投递简历等功能 区域，提供岗位匹配、面对面推荐等一站式服务，助力求职者高效对接心仪岗位。 ...

AptarGroup (NYSE:ATR) 2026 Conference February 25, 2026 09:45 AM ET Company ParticipantsGeorge Staphos - Managing DirectorMary Skafidas - Head of Investor RelationsStephan Tanda - President and CEOGeorge StaphosStephan Tanda, CEO for the company, and Mary Skafidas, who does a wonderful job on Investor Relations. Here for Aptar, they unfortunately ran the gauntlet and ultimately could not be here live, but we are grateful that they're here virtually. That, you know, all the great work that our conference pla ...

【#黑白颠周媛退股名下公司#】#网红周媛卸任名下公司法定代表人#企查查APP显示，近日，海南美韵 康颜生物科技有限公司发生工商变更，法定代表人由周媛变更为周斌，同时周媛退出股东行列，退出前 持股100%。目前周媛仍任该公司董事、总经理职务。该公司成立于2024年12月，注册资本100万元，经 营范围包含生活美容服务、互联网信息服务、成人情趣用品制造等，现由周斌全资持股。此前，网红黑 白颠周媛因教授女性吸引男性课程遭热议，多部门成立工作专班，对其立案调查，并责令其停止线上线 下社会行为。 ...

Core Viewpoint - The beauty industry is facing significant challenges due to deceptive marketing practices that lure consumers with low-cost services, leading to high debt and eroding trust in the sector [1][2]. Group 1: Industry Practices - Many beauty institutions employ manipulative tactics, starting with low-priced experiences like "16 yuan treatments" and "free tests," followed by aggressive upselling of expensive services [1]. - These institutions often create anxiety through misleading diagnoses, claiming severe skin damage, and may even process loans without consumer consent, violating consumer rights [1]. - Some beauty providers lack basic qualifications, operating without licensed medical professionals or compliant equipment, jeopardizing consumer health [1]. Group 2: Regulatory and Consumer Protection - The "Medical Beauty Service Management Measures" mandates that medical beauty institutions must obtain proper licenses and that practitioners must have valid medical qualifications [2]. - Regulatory bodies are urged to enhance cross-departmental cooperation to address issues like unlicensed operations, forced consumption, and illegal lending, promoting a zero-tolerance approach to violations [2]. - Consumers are advised to maintain vigilance against low-cost offers and to refuse high-pressure sales tactics, ensuring they verify loan terms and retain evidence of transactions [3].

国家卫生健康委昨日明确，"轻医美"属于医疗行为，严禁生活美容机构违规开展。当前一些商家利 用"容貌焦虑"非法培训、无证操作，导致伤害事件频发。公众应选择正规医疗机构，警惕"速成班"话 术，发现线索可举报。 爱美之心碰上美丽陷阱 究竟什么才是"轻医美"？国家卫健委给出了清晰界定：它本质是医疗行为。所谓"轻医美"，通常指利用 注射、光电、生物技术等方式进行的非手术类医疗美容项目，其核心前提是必须在取得《医疗机构执业 许可证》的医疗美容机构内开展，且操作者必须是持有相关资质的专业医师或护士。这意味着，我们日 常生活中熟悉的美容院、美发店、美甲店、养生会所等生活类美容机构，其服务范围仅限于皮肤表面清 洁、护理、修饰等非侵入性项目，严禁开展任何破皮、注入或使用医疗器械的"轻医美"项目。 公众切勿因价格诱惑或熟人介绍，而在这些场所接受所谓的"轻医美"服务，将自身健康置于巨大风险之 中。 别让速成班毁了你的脸 想要悄悄变美，却可能踏入危险陷阱。近年来，打着"无创""恢复快"招牌的"轻医美"项目风靡大街小 巷，从热玛吉、水光针到少女针，吸引着众多求美者。然而，这股热潮背后却乱象丛生。 国家卫生健康委在昨天召开的新闻发布会上指 ...

Financial Data and Key Metrics Changes - For Q4 2025, reported sales increased by 14% to $963 million, up from $848 million in the prior year, while core sales grew by 5% [3][4] - Full-year reported sales rose by 5% to $3.8 billion, compared to $3.6 billion in the previous year, with core sales up by 2% [6][25] - Reported net income increased by 5% to $393 million, and reported earnings per share grew by 7% to $5.89 [6][25] - Adjusted earnings per share were $5.74, a slight decline of 1% compared to the prior year [7][25] - Adjusted EBITDA margin decreased to 19.8% from 23% in the prior year due to higher production costs and unfavorable product mix [17][24] Business Line Data and Key Metrics Changes - Pharma segment core sales increased by 4%, with prescription core sales up by 1% and injectables core sales rising by 24% [17][18] - Beauty segment core sales grew by 10%, driven by strong demand in fragrance and personal care [20][21] - Closures segment core sales increased by 1%, with beverage core sales up by 7% while food core sales decreased by 1% [22] Market Data and Key Metrics Changes - Strong demand was noted in the pharma market, particularly for systemic nasal drug delivery and injectables [4][18] - The beauty market showed double-digit growth, especially in fragrance and skincare categories, indicating a recovery in consumer demand [20][21] - The closures market experienced mixed results, with beverage sales increasing while food sales declined [22] Company Strategy and Development Direction - The company is focusing on cost reduction initiatives and productivity measures to enhance operational efficiency [4][30] - Continued investment in innovation and technology is emphasized, particularly in the pharma segment with a strong pipeline of drug delivery systems [8][9] - The company aims to maintain a disciplined approach to capital allocation while returning capital to shareholders [7][26] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong growth in the pharma segment, excluding emergency medicine, which is expected to face headwinds [28][32] - The beauty segment is showing signs of recovery, particularly in prestige fragrance, while closures are expected to perform steadily [32] - Management remains confident in achieving long-term growth targets despite short-term challenges [28][32] Other Important Information - The company returned $486 million to shareholders in 2025 through share repurchases and dividends, marking its 32nd consecutive year of increasing dividends [7][26] - A new share repurchase authorization of up to $600 million was announced, replacing all existing authorizations [26] Q&A Session Summary Question: Is there any deceleration in GLP-1 demand in elastomers in 2026? - Management expects injectables to grow in the high single digits to low double digits, with GLP-1 being an important but not sole driver of growth [35][39] Question: What is the expectation for EBITDA margin trends throughout the year? - Margins are expected to improve significantly in the second half of the year, driven by productivity measures and reduced impact from emergency medicine declines [40][41] Question: Can you provide specifics on margin performance in beauty and closures? - Management acknowledged operational issues in beauty and closures but expects steady improvements in margins as these issues are resolved [50][51] Question: What is the outlook for emergency medicine sales? - A revenue headwind of approximately $65 million is anticipated for 2026, primarily affecting the first half of the year [28][66] Question: How does the company view growth in the Narcan business? - Management anticipates low to mid-single-digit growth from the new baseline for Narcan, with potential for geographic expansion [74] Question: What are the expectations for cough and cold product demand? - Management expects to provide updates on the strength of the cough and cold season by Q1 or Q2, with indications of a strong season this year [76]

Financial Data and Key Metrics Changes - For Q4 2025, reported sales increased by 14% to $963 million, up from $848 million in the prior year, while core sales grew by 5% [3][4] - Full-year reported sales rose by 5% to $3.8 billion, compared to $3.6 billion in the previous year, with core sales up by 2% [6][25] - Reported net income increased by 5% to $393 million, and reported earnings per share grew by 7% to $5.89, up from $5.53 a year ago [6][25] - Adjusted earnings per share were $5.74, a slight decline of 1% compared to the prior year [7][25] - Adjusted EBITDA margin for Q4 was approximately 19.8%, down from 23% in the prior year [17][24] Business Line Data and Key Metrics Changes - Pharma segment core sales increased by 4%, with prescription core sales up by 1% and consumer healthcare core sales up by 3% [17][18] - Injectables core sales surged by 24%, driven by strong demand for elastomeric components [18] - Beauty segment core sales increased by 10%, with personal care core sales rising by 17% [20][21] - Closures segment core sales increased by 1%, with beverage core sales up by 7% [22] Market Data and Key Metrics Changes - Strong demand was noted in the pharma segment, particularly for systemic nasal drug delivery technologies and injectables [4][8] - The beauty segment experienced double-digit growth across fragrance and facial skincare markets [4][20] - The closures segment saw solid product volume growth, particularly in beverages [5][22] Company Strategy and Development Direction - The company is focusing on cost reduction initiatives and back-office centralization through global talent centers [4][30] - There is an emphasis on productivity measures to mitigate higher production costs and improve margins [3][30] - The company aims to maintain a disciplined approach to capital allocation while investing in long-term growth opportunities [7][26] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong growth in the pharma segment, excluding emergency medicine, which is facing destocking challenges [32] - The company expects steady improvements in beauty margins and a return to growth in the closures segment [30][32] - The outlook for Q1 2026 includes adjusted earnings per share expected to be in the range of $1.13-$1.21 [29] Other Important Information - The company returned $486 million to shareholders through share repurchases and dividends in 2025 [7][26] - The company achieved a record quarter for tooling sales in Q4 2025, indicating strong customer retention [23] Q&A Session Summary Question: Is there any deceleration in GLP-1 demand in elastomers in 2026? - Management expects injectables to grow in the high single digits to low double digits, with GLP-1 being an important but not sole driver of growth [38][39] Question: What is the expectation for EBITDA margin trends throughout the year? - Management anticipates stronger margins in the second half of the year, driven by improvements in beauty and closures segments [40][41] Question: Can you provide specifics on the margin performance in beauty and closures? - Management noted operational issues in beauty due to environmental upgrades and maintenance in closures, with expectations for improvements in Q1 [50][51] Question: What is the outlook for emergency medicine sales? - Management expects a revenue headwind of approximately $65 million in 2026, primarily in the first half [28][66] Question: How should growth in Narcan and cough and cold products be expected to stabilize? - Management anticipates low to mid-single-digit growth for Narcan and expects to update on cough and cold product performance by Q2 [74][76]

Financial Data and Key Metrics Changes - For Q4 2025, reported sales increased by 14% to $963 million, up from $848 million in the prior year, while core sales grew by 5% [3][4] - Full-year reported sales rose by 5% to $3.8 billion, compared to $3.6 billion in the previous year, with core sales up by 2% [5][24] - Reported net income increased by 5% to $393 million, and reported earnings per share grew by 7% to $5.89, up from $5.53 a year ago [5][24] - Adjusted earnings per share were $5.74, a slight decline of 1% compared to the prior year [6][24] - Adjusted EBITDA margin for Q4 was approximately 19.8%, down from 23% in the prior year [17][24] Business Line Data and Key Metrics Changes - Pharma segment core sales increased by 4%, with prescription core sales up by 1% and consumer healthcare core sales up by 3% [17][18] - Injectables core sales surged by 24%, driven by strong demand for elastomeric components [18] - Beauty segment core sales increased by 10%, with personal care core sales rising by 17% [19][20] - Closures segment core sales increased by 1%, with beverage core sales up by 7% [21] Market Data and Key Metrics Changes - Strong demand was noted in the pharma segment, particularly for systemic nasal drug delivery and injectables [4][8] - The beauty segment experienced double-digit growth across fragrance and facial skincare markets [4][19] - The closures segment saw volume growth, although impacted by lower resin pricing [21] Company Strategy and Development Direction - The company is focusing on cost reduction initiatives and back-office centralization through global talent centers [4][29] - There is an emphasis on productivity measures and efficiency improvements, with expectations for continued growth in the pharma segment excluding emergency medicine [30][28] - The company aims to maintain a disciplined approach to capital allocation while investing in long-term growth opportunities [6][25] Management's Comments on Operating Environment and Future Outlook - Management anticipates near-term headwinds in emergency medicine extending through 2026, with a revenue headwind of approximately $65 million expected [26] - The company expects steady improvements in beauty margins and overall performance in the second half of 2026 [34][39] - There is confidence in the growth potential of the pharma segment, particularly in injectables and systemic nasal drug delivery technologies [30][45] Other Important Information - The company returned $486 million to shareholders in 2025 through share repurchases and dividends, marking its 32nd consecutive year of increasing dividends [6][25] - The company issued $600 million of senior notes in Q4 2025 to support its capital structure [23] Q&A Session Summary Question: Is there any deceleration in GLP-1 demand in elastomers in 2026? - Management expects injectables to grow in the high single digits to low double digits, with GLP-1 being an important but not sole driver of growth [32][33] Question: What is the expectation for EBITDA margin trends throughout the year? - Margins are expected to improve significantly in the second half of the year, driven by increased volume and productivity measures [34] Question: Can you elaborate on the margin performance in beauty and closures? - Operational issues and environmental upgrades impacted margins, but improvements are expected as these issues are resolved [39][40] Question: What is the outlook for emergency medicine sales? - Emergency medicine is expected to face challenges, with a significant decline anticipated in the first half of 2026 [26][41] Question: How does the company view the growth potential for Narcan and cough and cold products? - Management sees low to mid-single-digit growth for Narcan and anticipates a strong cough and cold season, with updates expected in Q1 and Q2 [46][48]