光大证券认为，2025年以来，化妆品行业竞争进一步加剧，虽然存在整体需求偏弱、流量红利减弱以及 费用居高不下等问题，但也看到部分公司和品牌通过发挥自身的差异化优势实现高增长，期待竞争格局 的进一步明朗化和头部企业能力的进一步凸显。 开源证券认为，近年颜值经济和悦己潮流盛行，消费者通过选购功效护肤品(达到美白/抗老等效果)、国 潮彩妆(打造时尚感妆容)、家居香氛(闻香舒缓身心)等达到悦己疗愈的目的，建议关注"情绪消费"下的 美妆投资机遇。主线一：美妆国货崛起旋律持续，关注把握高景气细分赛道且能力不断迭代的美妆企 业；主线二：高端美妆打造稀缺，高端国货美妆势能崛起；主线三：个护家清细分领域多面开花，"需 求刚性+体验升级"双轮驱动。 国家药监局发布《关于深化化妆品监管改革促进产业高质量发展的意见》，其中提出，加大产业扶持力 度。鼓励省级药品监管部门积极争取政府支持，协调相关部门出台化妆品产业扶持政策，营造良好的产 业创新环境，支持行业绿色低碳发展，通过政策赋能推动品牌崛起，培育具有国际竞争力的民族品牌化 妆品。 ...

在2025年10月28日举办的"美创赋能·营在静安"大宁功能区营商环境推介活动上，一场围绕"美妆健康产 业发展与投资趋势"的圆桌对话，揭开了中国美妆产业在消费升级与科技革命交汇点上的野心与焦虑。 科研机构负责人、国际品牌代表、资本方与行业平台共同描绘了一幅产业转型的图景：从"流量驱动"走 向"科研深耕"，从"本土内卷"迈向"全球竞合"。 上海市皮肤病医院皮肤与化妆品研究室常务副主任谈益妹指出，当前美妆行业正面临三大新需求：医美 术后适用、妆食同源产品、精准功效机理验证。她透露，其团队近期翻译出版的《功效护肤品与临床应 用》一书，构建了"问题—机理—成分—机制—临床验证"的科学逻辑，将"循证医学路径"引入美妆研发 体系。 对于美妆健康产业，投资逻辑正在发生改变。 凯辉基金管理合伙人段兰春指出，近几年市场化机构对美妆行业的投资较为谨慎，而凯辉基金依然选择 逆势深耕，每年都有稳定出手案例。其与欧莱雅、静安区政府联合发起的美妆基金，聚焦投资国内具有 创新力与成长潜力的美妆创业企业。 她分享了凯辉的投资策略：创业者需要具备深刻的市场洞察力和消费者理解力；同时保持持续的学习能 力与开放心态，在快速变化的市场环境中持续进化 ...

Group 1 - The consumer sector is showing signs of recovery, with the Consumption ETF (159928) gaining 0.23% and achieving a trading volume exceeding 560 million yuan, alongside a net subscription of 54 million units [1] - The Consumption ETF (159928) has reached a scale of over 19.7 billion yuan, leading its peers significantly [1] - The Hong Kong Stock Market's Consumption 50 ETF (159268) rose over 1%, with a trading volume exceeding 30 million yuan, and has seen net inflows for three out of the last five days, accumulating over 2.9 million yuan [3] Group 2 - High-level policies are focusing on boosting domestic demand, with measures implemented from 2023 to 2025 effectively stimulating consumption potential, leading to a steady increase in retail sales [5] - The pet food market is projected to reach 166.8 billion yuan in 2024, growing by 7.54% year-on-year, with cat food dominating the segment [5] - The beauty and skincare market is expected to surpass 430 billion yuan in retail sales by 2024, driven by consumer upgrades and a focus on product efficacy [5] Group 3 - The new-style tea beverage market in China is projected to exceed 400 billion yuan by 2028, with strong consumer demand driving the upstream industry [6] - The secondary dimension derivative market is experiencing rapid growth, expected to reach 168.9 billion yuan in 2024, with a significant portion of users from Generation Z [6] Group 4 - The liquor sector is entering a peak season, with improved sales performance reported by Moutai, and companies are innovating products and seeking channel reforms [7] - The dairy product sector is showing marginal improvements, while the beverage sector is performing well with new product launches [8] - The Consumption ETF (159928) has a significant weight in top stocks, with over 68% of its top ten holdings, including major liquor brands and dairy companies [8]

Summary of Key Points from Conference Call Records Industry Overview Gold and Jewelry Industry - The gold and jewelry industry is undergoing a significant transformation from channel-driven to product-driven, influenced by increased information transparency and consumer sophistication. Brands are innovating in design and craftsmanship to cope with rising gold prices. Valuation varies, with weight-based products valued lower and fixed-price products valued higher, potentially leading to a reevaluation in the context of new consumer sentiment [1][4][7]. - In April 2025, the industry showed decent performance in retail sales data, primarily due to a low base and investment gold's strong influence. However, the beta for jewelry is not ideal, with companies like Changhong Jiahua and Mankalon showing resilience against budget and price pressures [3][4]. - The valuation of the gold and jewelry sector is at historical lows, with weight-based products valued below 15 times earnings and fixed-price products valued around 20 to 30 times. This sector is expected to gain more attention as new consumer sentiment rises [7]. Tea Beverage Industry - The tea beverage industry is shifting from price competition to product innovation, with new products contributing more to revenue and improving average transaction value and gross margins. Leading brands have high market concentration, limiting the survival space for new entrants. Notable performers include Cha Bai Dao and Gu Ming, which excel in product innovation and geographic expansion [1][11][12]. - In Q1 2025, Cha Bai Dao's new product contribution to revenue increased from 10% to 18%, indicating a positive trend in product innovation and pricing strategy [11][13]. - The market share of leading tea brands like Mi Xue Bing Cheng, Gu Ming, and others accounts for approximately 50% of the market, indicating high concentration and competitive dynamics [9][10]. Beauty Industry - The beauty industry is transitioning from channel-driven growth to a focus on comprehensive capabilities. International brands are recovering, and domestic brands are no longer engaging in aggressive price wars. Key areas of interest include collagen restructuring and functional skincare products, with Hong Kong-listed beauty brands valued between 25 to 35 times earnings and expected to grow at a compound annual growth rate of about 30% over the next three years [1][19][20]. - Companies like Shangmei and Mao Ge Ping are adjusting their product lines and expanding into new categories, such as fragrances and body care, to meet urban women's needs [23][24]. Key Companies and Their Strategies Shangmei Co. - Shangmei is leveraging data from Douyin and expanding its product line to seek growth. The brand is transitioning towards a broader market appeal and plans to launch collaborative products with popular IPs [23]. Mao Ge Ping - Mao Ge Ping is restructuring its skincare business and has launched a new fragrance line. The company aims to meet the demands of urban women and is expected to achieve around 30% growth over the next few years [24]. Ke Fu Mei - Ke Fu Mei holds a strong position in the collagen cosmetics sector, with expectations of maintaining approximately 30% growth over the next three years. The company is preparing for medical aesthetics commercialization [25]. Bu Lu Ke - Bu Lu Ke is projected to achieve significant revenue growth, with expectations of reaching 11 to 12 billion yuan in 2025. The company is diversifying its IP portfolio and expanding its market presence [35]. Market Trends and Future Outlook - The overall consumer market is expected to recover, with the beauty sector showing signs of growth despite previous pessimism. The beauty industry is transitioning from a focus on price to product quality and brand-driven growth, with many companies expected to maintain a compound growth rate of around 30% [21][29]. - The medical aesthetics industry is also transitioning from a saturated market to one with growth potential, particularly with upcoming shopping events and new product launches expected to drive performance [32]. Conclusion - The gold and jewelry, tea beverage, and beauty industries are all experiencing significant transformations driven by consumer behavior changes and market dynamics. Companies that adapt to these changes through innovation and strategic positioning are likely to see substantial growth opportunities in the coming years.

Market Overview - The A-share market showed mixed performance on May 13, with the Shanghai Composite Index rising by 0.17%, while the Shenzhen Component and ChiNext Index fell by 0.13% and 0.12% respectively [1] Active Sectors - The port and shipping sector, closely related to foreign trade, saw significant gains, with stocks like Ningbo Shipping and Ningbo Ocean reaching their daily limit [2] - The banking sector experienced a positive trend, with all bank stocks rising, including historical highs for Shanghai Pudong Development Bank, Shanghai Bank, Chengdu Bank, and Jiangsu Bank [2] - The photovoltaic industry chain, including photovoltaic equipment, BC batteries, and POE films, also saw an increase. Guojin Securities forecasts a sustained growth rate of 10% to 15% for new photovoltaic installations by 2025, with diverse regional distribution expected to drive demand [3] - The consumer sector, particularly in beauty and personal care, led the gains, with stocks like Jinbo Biological and Runben Co. reaching historical highs. Analysts noted the rise of the "beauty economy" and self-care trends driving consumer purchases in skincare and cosmetics [4] - The chemical sector, including epoxy propane and dyes, experienced an uptick, with popular stocks like Zhongyida and Hongqiang Co. hitting their daily limit [5] - The pharmaceutical sector, particularly in medical services and gene sequencing, also saw growth. OpenAI announced a new testing evaluation set for healthcare AI systems, which may enhance capabilities in the medical field [6]