近日，国家发展改革委、工业和信息化部等七部门联合印发《再生材料应用推广行动方案》（以下 简称《行动方案》），要求推动汽车制造应用更多再生材料，加大电池生产中再生材料应用力度，探索 再生材料数据溯源管理。 为落实国家有关要求，加速再生材料应用推广，中汽数据有限公司（以下简称"中汽数据"）作为汽 车行业第三方技术研究机构，长期深耕车用材料及再生材料领域，持续联动产业链上下游，共同探索专 业、系统的再生材料全流程数据追溯机制建设，全力推动产业在绿色化与数字化的融合发展道路上稳步 前行，致力为行业可持续发展注入核心动能。 行业实践来看，汽车产业链企业正积极推动再生材料的规模化应用，探索追溯体系的构建路径。部 分整车企业，通过技术研发、布局回收端实体企业，探索再生材料规模化应用与全链条管控；多家电池 企业也纷纷成立专业化回收处理公司，聚焦动力电池材料再生利用，推动回收端与生产端的产品对接。 二、践行央企担当，推动构建精准追溯新格局 作为汽车行业产业链核心支撑力量，中汽数据立足"双碳"目标与行业高质量发展需求，以破解再生 材料全链条追溯难题为目标，从平台搭建、标准完善、评价采信、国际协同四大维度发力，牵头整合产 业链资源 ...

日前，国务院印发《固体废物综合治理行动计划》(以下简称《行动计划》)。 《行动计划》要求，各地区各有关部门在党中央集中统一领导下，结合实际抓好贯彻落实。地方各级政 府切实履行主体责任，完善工作制度，细化目标任务，确保落地见效。各有关部门按照职责分工，落实 重点任务，形成工作合力。坚持"谁污染、谁治理"，压实固体废物污染主体的防治责任。 固体废物综合治理行动计划 为加强固体废物综合治理，推进美丽中国建设，加快经济社会发展全面绿色转型，制定本行动计划。 《行动计划》提出，到2030年，重点领域固体废物专项整治取得明显成效，固体废物历史堆存量得到有 效管控，非法倾倒处置高发态势得到遏制，大宗固体废弃物年综合利用量达到45亿吨，主要再生资源年 循环利用量达到5.1亿吨，固体废物综合治理能力和水平显著提升。 在工业领域，《行动计划》要求，加强工业固体废物源头减量。严格落实产业、环保、节能等政策，依 法依规淘汰落后产能。强化工业园区固体废物源头管控。大力推行绿色设计，支持企业改进生产工艺和 装备，强化工业生产精细化管控，降低固体废物产生强度。推动重点行业固体废物产生量与综合消纳量 逐步实现动态平衡。 《行动计划》还要求， ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 05 年 月 日 环保 板块行情回顾：当周环保板块表现较好，跑赢大盘，跑赢创业板。当周上 证综指涨幅为 0.13%、创业板指跌幅为 1.25%，环保板块（申万）涨幅为 0.24%，跑赢上证综指 0.11%，跑赢创业板 1.50%；公推事业跌幅为 2.92%，跑输上证综指 3.05%，跑输创业板 1.66%。环保子板块涨幅：监 测（1.01%）、水处理（-1.01%）、水务运营（-0.13%）、节能（8.33%）、 大气（0.78%）、固废（0.96%）。A 股环保股中涨幅前三的个股为易世达 （22.67%）、双良节能（12.18%）、汉威科技（7.44%），跌幅前三的个股 为华西能源（-6.02%）、中创环保（-5.52%）、科融环境（-5.31%）。 风险提示：环保政策及督查力度不及预期、行业需求不及预期、补贴下降 风险。 增持（维持） 行业走势 -10% -2% 6% 14% 22% 30% 2025-01 2025-05 2025-08 2025-12 环保 沪深300 作者 分析师 杨心成 执业证书编号：S0680518020001 ...

近日，国家发展改革委等七部门印发《再生材料应用推广行动方案》。其中明确：提升再生材料供给保 障能力；推动汽车制造应用更多再生材料，提高电器电子产品再生材料应用水平，加大电池生产中再生 材料应用力度。到2030年，我国废弃物循环利用体系进一步健全，再生材料推广应用等标准和认证体系 逐步建立。 ...

经济观察网据央视新闻客户端消息，记者今天(12月31日)从国家发展改革委了解到，多部门印发《再生 材料应用推广行动方案》，其中明确： 提升再生材料供给保障能力；推动汽车制造应用更多再生材料，提高电器电子产品再生材料应用水平， 加大电池生产中再生材料应用力度，鼓励纺织、包装等生产企业应用再生材料。到2030年，我国废弃物 循环利用体系进一步健全，再生材料推广应用等标准和认证体系逐步建立。 ...

Group 1 - The company actively monitors policy directions and technological developments in relevant fields, emphasizing a strategy focused on green circular and sustainable development [1] - The company is enhancing its competitive advantage by upgrading production technologies and modifying production facilities to increase the research and production of recycled materials and new green chemical materials [1]

行业研究丨深度报告丨零售业 [Table_Title] 细分需求企稳，甄选供给优化 ——商贸零售行业 2026 年度投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为，内需有望逐步企稳，出口需求仍存在较多结构性看点。在此背景下，我们着重供给 逻辑、甄选供给端格局优化的子行业。出口方向，需求端看好一带一路的相对景气和北美结构 性需求，供给侧看好合规性提升过程中龙头出口企业的优势增强机遇；美容护理板块，看好高 端和极致性价比两个价格带进入门槛较高、格局相对稳定的细分方向；实体零售板块，龙头企 业门店供给调整相对彻底，伴随供应链改革逐步展开，有望迎来盈利优化；黄金珠宝板块，持 续看好具备强饰品化能力的珠宝品牌，在当前阶段更加迎合消费者需求的增长机遇。 分析师及联系人 [Table_Author] 李锦 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 张彦淳 曾维朵 SAC：S0490525080008 请阅读最后评级说明和 ...

Core Insights - The Chinese medical aesthetics industry has surpassed 300 billion yuan, with the light medical aesthetics market expected to grow at a compound annual growth rate (CAGR) of over 20% in the next five years, becoming the mainstream segment by 2024 [1] - Injection projects, as the core growth engine of light medical aesthetics, have seen their market size grow from 25.7 billion yuan in 2018 to 67 billion yuan in 2023, with a CAGR of 21.1%, projected to reach 147 billion yuan by 2027 [1] - The industry faces challenges such as rapid market changes driven by consumer preferences and increasing competition, necessitating innovation in material research to build competitive barriers [1] Market Dynamics - In 2024, the market share of injection materials is projected to be approximately 36% for hyaluronic acid, 29% for botulinum toxin, 19% for collagen, and 16% for regenerative materials [3] - The competition in the hyaluronic acid market has intensified, leading to revenue declines for major companies like Huaxi Biological and Aimeike, with revenue drops of 18.36% and 21.49% respectively in the first three quarters of 2025 [3][4] - In contrast, the recombinant collagen market is rapidly growing, with a projected CAGR of 44.93%, expected to reach 58.57 billion yuan by 2025 [3] Innovation and Product Development - Companies are accelerating new product launches to capture market opportunities, with Huaxi Biological introducing compliant products for facial skin improvement and other companies like Jinbo Biological launching innovative recombinant collagen products [5] - The emergence of new materials such as alginate and hydroxyapatite is set to enrich the market supply, with several products receiving regulatory approval in 2025 [6] Regulatory Environment - The industry is experiencing a shift towards compliance, with increased regulatory scrutiny leading to a "survival of the fittest" scenario, pushing medical aesthetic institutions to accelerate compliance transformations [2] - Despite the growth in compliant products, issues such as illegal operations and counterfeit products remain prevalent, posing risks to consumer safety [11][12] Pricing and Market Structure - The supply expansion has led to a restructuring of interests within the industry, with upstream manufacturers and downstream medical institutions engaged in pricing power struggles [8][9] - New platforms like Xinyang are disrupting traditional pricing models by significantly reducing costs through digitalization and centralized procurement, indicating a shift from a seller's market to a buyer's market [9][10] Future Trends - The industry is expected to evolve towards a more transparent and competitive landscape, with a focus on product and scenario-driven strategies, comprehensive treatment solutions, and enhanced consumer awareness [10] - The ongoing regulatory efforts and market dynamics suggest that the medical aesthetics industry is moving towards a more mature and compliant operational model, emphasizing innovation and safety [14]

Summary of Langzi Co., Ltd. Conference Call Company Overview - **Company**: Langzi Co., Ltd. - **Industry**: Medical Aesthetics and Fashion Retail Key Financial Performance - **Net Profit**: For the first three quarters of 2025, the net profit attributable to shareholders reached 989 million yuan, a year-on-year increase of 366% [2][3] - **Non-recurring Net Profit**: Decreased by 4.1% year-on-year, indicating a need for improvement in profit quality [2][3] - **Operating Cash Flow**: Slight decline observed, reflecting potential operational challenges [2][3] Medical Aesthetics Business - **Revenue Contribution**: Medical aesthetics revenue exceeded 50% of total revenue for the first time, reaching 2.237 billion yuan, a 2.5% increase year-on-year [2][4] - **Gross Margin**: Improved to 55.6%, up 1.8 percentage points year-on-year [2][4] - **Net Profit Contribution**: Decreased by 33.5% year-on-year, indicating challenges in profitability [2][4] - **Revenue Breakdown**: - Milan Fabric Division: 1.159 billion yuan, up 2.2% - Financial Services Division: 393 million yuan, up 9.7% - Hancheng Division: 318 million yuan, up 16% - Wuhan Wuzhou: 146 million yuan, down 9% - Changsha Yamei: 132 million yuan, down 13% - Gao Doctor: 109 million yuan, down 11% [4] Women's Clothing Business - **Revenue**: Approximately 1.407 billion yuan, stable year-on-year [5] - **Gross Margin**: Maintained at around 64% [5] - **Net Profit Contribution**: Increased by 1% year-on-year [5] - **Online Sales Growth**: Significant growth of over 22%, accounting for more than 46% of total women's clothing revenue [5] - **Inventory**: Total inventory at the end of Q3 was approximately 769 million yuan, with a focus on preparing for Q4 [5] Yingdong Division Performance - **Revenue**: Approximately 674 million yuan, a slight decline of 1.6% year-on-year [7] - **Gross Margin**: Decreased by 4.2 percentage points to 61.4% [7][8] - **Net Profit**: Approximately 6.87 million yuan, down 33% [8] Trends in Medical Aesthetics - **Revenue Trends**: Despite a 6% decline in half-year revenue, Q3 showed slight growth of about 2% [9] - **Product Mix Changes**: - Regenerative materials accounted for 22% of revenue, up 5.1 percentage points - Hyaluronic acid decreased to 12.6%, down 1.9 percentage points [9] - **Light Medical Aesthetics**: Increased focus on light medical aesthetics projects, with significant growth in revenue [10] Strategic Considerations - **Pricing Strategy**: Emphasis on providing comprehensive solutions rather than relying solely on product pricing [12] - **Cost Management**: Efforts to reduce customer acquisition costs through channel optimization and content marketing [12] - **M&A Strategy**: Active pursuit of high-quality medical aesthetics targets through external fund acquisitions, with a focus on integration [14][17] Market Environment and Future Outlook - **Market Conditions**: Current market conditions have influenced M&A activities, with many small institutions being acquired for better growth opportunities [15][16] - **Investment Plans**: Positive outlook on future growth, especially in new regions, with ongoing monitoring of potential targets [17] Cost and Supplier Dynamics - **Material Costs**: Decreased by 1.4 percentage points year-on-year, benefiting from strong supplier relationships [19] - **Supplier Power**: Upstream suppliers maintain significant power, particularly in high-end products [20] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segments, strategic initiatives, and market dynamics of Langzi Co., Ltd.

Core Viewpoint - The report from CITIC Securities indicates that leading global medical aesthetics companies with established brand strength, proactive global channel expansion, and product innovation are expected to achieve superior growth by Q2 2025 [1] Group 1: Market Dynamics - In the U.S., middle-class demand may continue to face pressure, while competition in the South Korean market is intensifying [1] - Emerging markets in China, Europe, and globally are showing steady growth, contributing positively to the medical aesthetics sector [1] Group 2: Product Trends - Leading companies in botulinum toxin are experiencing more stable growth, with market dynamics shifting towards top-tier players [1] - There is a diversification in filler product categories, with hyaluronic acid facing ongoing pressure, while regenerative materials/PDRN are maintaining high growth [1] - In the equipment category, strong brand products in radiofrequency and ultrasound are expected to sustain their momentum [1] Group 3: Future Outlook - Companies that actively expand globally and invest in new materials and product categories are likely to exhibit strong growth potential and may revise their performance guidance upwards [1] - Regional companies focusing on mature markets may face challenges due to intensified competition and operational pressures [1] - The industry outlook remains positive for leading medical aesthetics companies with established brand presence, as they leverage regional and product category expansions for superior growth [1]