在不确定的市场中，芙蕊汇如何为美丽消费提供"确定性" 其核心逻辑在于将传统模式中模糊、不可控的环节，转为透明、可预期的标准化规则。具体而言，芙蕊汇通过"平台集采"模式构建产品流转：所 有产品由平台直采直供，从源头过滤假货与水货风险，同时也实现价格稳定管控，让用户能以更合理价格购买到产品。 三、从"预期模糊"到"结果可视" 在芙蕊汇的体系中，用户认购一个医美产品或护肤品的份额，其未来的价值路径是清晰的，平台只收取固定比例的管理费，其余返还给用户。 第八届中国国际进口博览会上海举行，设立了医美、化妆品专区，展台上那些眼花缭乱的产品，向世界描绘了一个充满无限可能的"美丽新世 界"。然而，当繁华散尽，回归现实的消费者与从业者，却依然要面对一个充满不确定性的市场：产品的真伪不确定，价格的波动不确定，效果的 预期不确定……这种普遍存在的"不确定性"，正在成为制约行业健康发展的核心阻力。 一、不确定性的迷雾，笼罩美丽消费 对于消费者而言，这种不确定性体现在多个层面：斥资不菲购买的精华液，是否是无法追溯来源的"水货"？心仪的医美产品，价格是否因渠道混 乱而层层加码？最终的效果，又是否会与宣传时描绘的蓝图相去甚远？数据显示，超 ...

Market Overview - On December 29, the Shanghai Composite Index rose by 0.04%, while the CSI 300 fell by 0.38%. The STAR 50 increased by 0.04%, the CSI 1000 decreased by 0.15%, the ChiNext Index dropped by 0.66%, and the Hang Seng Index declined by 0.71% [4][5]. - The best-performing industries on December 29 were Oil & Petrochemicals (+1.48%), Defense & Military (+1.43%), Banking (+1.03%), Agriculture, Forestry, Animal Husbandry & Fishery (+0.71%), and Automotive (+0.41%). The worst-performing industries included Nonferrous Metals (-1.95%), Utilities (-1.24%), Electric Equipment (-1.13%), Building Materials (-1.11%), and Food & Beverage (-1.06%) [4][5]. - The total trading volume for the entire A-share market on December 29 was 21,577 billion yuan, with net outflow of southbound funds amounting to 3.414 billion HKD [4][5]. Key Recommendations - The report focuses on the company Xingsen Technology (002436), highlighting its comprehensive PCB product system and meticulous process capabilities [6]. - The driving factors for the company include the upgrade of PCB processes driven by AI, leading to an expanding market space. Projected revenues for 2025-2027 are 7,150.01 million yuan, 8,920.01 million yuan, and 11,250.01 million yuan, with growth rates of 22.91%, 24.76%, and 26.12% respectively. Net profits are expected to be 154.57 million yuan, 435.16 million yuan, and 830.26 million yuan, with growth rates of -181.52%, 90.79%, and 90.79% respectively [6][8]. - The catalysts for growth include the AI-driven upgrade of PCB processes [6]. Industry Insights - The pharmaceutical industry is expected to see innovation breakthroughs and favorable policy changes leading to a turning point in the sector's fundamentals. The report notes that the market lacks further catalysts for the pharmaceutical sector [7][9]. - The report emphasizes the potential for continued innovation in drugs and medical devices, driven by improved payment and access policies for innovative drugs and traditional Chinese medicine [9]. - The beauty and personal care industry is characterized by intense competition and increasing differentiation. The report suggests that structural opportunities should be seized, particularly for emerging brands and products [10].

很多人第一次认识我们，是通过一篇微信公众号文章、一份白皮书、一组行业深度稿件，或一次行业大会。也 有不少企业在合作之后才逐渐意识到： 思宇是帮忙宣传的平台，更是一家长期站在产业视角、理解技术与临床逻辑的内容与研究型机构。 我们成立于2016年底，已度过9岁生日。现计划在2026年内扩充团队，因此发布本招聘说明。为了找到真正合 适的人，我们并不着急，也欢迎长期关注。 一、我们在做什么？ 思宇 MedTech 面向医疗科技行业的专业人群，核心工作包括： 主要读者与合作对象包括： 二、需要应聘者做什么？ 围绕医疗科技产品、企业与行业开展内容工作，包括但不限于： 为医疗器械企业进行内容策划 参与年度传播主题、系列文章与关键节点内容的策划与拆解 希望具备以下特质和习惯： 补充说明： 教育背景以工科/医/药相关专业为主，硕士研究生；目前不招聘本科生，也暂不招聘博士。团队为全女性成 员。 四、我们如何一起工作？ 对企业原始素材进行专业化改写与重构 将研发进展、产品资料、临床信息等，转化为逻辑清晰、表达克制、可被行业理解的内容 参与白皮书、行业报告等中长期项目 包括资料调研、结构梳理、章节撰写或协作，理解一个赛道如何被系统性 ...

Group 1: Retail and Service Industry Insights - The report highlights a recovery in the hotel and duty-free sectors, suggesting that the hotel prices have gradually increased since the second half of this year, with a recommendation to focus on hotel stocks such as Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [6][12][17] - Duty-free sales are showing signs of bottoming out, with new policies implemented to expand the range of duty-free products and eligible consumers, leading to a significant increase in sales figures [12][15][16] - The report emphasizes the importance of service consumption policies, particularly in the context of the ice and snow economy, silver-haired economy, and sports events, recommending investments in companies like Changbai Mountain and Sanchuan Tourism [26][28][29] Group 2: AI Applications in Various Industries - The report discusses the acceleration of AI applications in the education and human resources sectors, with companies like Keri International and Beijing Renli leveraging AI to enhance recruitment efficiency [39][44] - AI's integration into 3D printing and e-commerce is highlighted, with a focus on companies like Huina Technology and Xiaogoods City, which are expected to benefit from cost reductions through full-chain penetration [6][39] - The report notes that AI applications are driving significant changes in operational efficiency and commercial opportunities across various sectors, particularly in human resources [39][44] Group 3: Beauty and Personal Care Sector - The beauty and personal care industry is experiencing a mild recovery, with domestic brands showing strong performance during the Double Eleven shopping festival, indicating a shift in competitive dynamics [6][32] - The report identifies key players in the beauty sector, recommending brands like Mao Ge Ping and Shanghai Jahwa, while also suggesting a focus on high-growth segments within the industry [6][32] - The medical beauty sector is under pressure but is seeing consolidation and innovation, with recommendations for companies like Jinbo Biological and Kedi-B [6][32] Group 4: Jewelry and Precious Metals - The jewelry sector is undergoing a transformation, with a focus on overseas expansion as a second growth curve, recommending companies like Laopu Gold and Chaohongji [6][32] - The report emphasizes the importance of high-value jewelry products and the impact of new tax regulations on the market dynamics [6][32] Group 5: Food and Beverage Industry - The food and beverage sector is witnessing a shift, with a focus on leading brands expanding their store counts and product categories, particularly in the tea and dining segments [32][38] - The report highlights the competitive landscape in the restaurant industry, noting the resilience of Western fast food and the growth of Chinese casual dining brands [32][38]

智通财经APP获悉，西部证券发布研报称，消费行业呈现底部特征，基本面触底修复构成股价催化剂。 该行看好红利+优势全球资产，以及红利+修复，两个细分策略。虽然贸易摩擦对供应链、产能等格局 重塑，但是优质出海供给替代海外品牌依然成为不可逆转的时代主题。未来随着资金视角的全球化，景 气度和竞争实力较强的中国资产，将获得更多的发展机会和回报空间。 传统行业盘子基数大、产业动能较低，未来将保持稳定增长，内需寻找高成长需要围绕新人群、新市场 带来的增量。"Z 世代"人群本身消费能力较强、"新中产"悦己属性提升带动优质品质消费品，对旅游、 健康消费(保健品)、智能科技消费、奶茶、医美产品等高复购的情绪价值消费有较强带动。以十月稻田 为代表的新零售品牌，公司管理效率极高，具备成长性+高人效特征，依然享受结构性的成长红利。 出海是2-3年的时代景气主题 虽然贸易摩擦对供应链、产能等格局重塑，但是优质出海供给替代海外品牌依然成为不可逆转的时代主 题，大部分高增长消费依然聚集在此，该行看好安克、春风等公司在品牌和渠道的长期竞争力和竞争格 局，在估值具备相当安全边际的时候，可以进行配置。 稀缺的境外资产，逐渐将获得国内资金关注 西部 ...

Core Viewpoint - The company emphasizes its commitment to internationalization and aims to expand its presence in global markets across various sectors, including pharmaceuticals, medical aesthetics, and industrial microbiology [1] Group 1: Pharmaceutical Sector - The pharmaceutical segment has begun exporting certain formulation products to international markets [1] - The innovative drug business is focusing on strengthening independent research and development while actively exploring business development opportunities in collaboration with global peers [1] Group 2: Medical Aesthetics Sector - The medical aesthetics division operates globally, with a marketing network covering over 80 countries and regions [1] - The company has more than 20 products already launched in domestic and international markets, along with over 10 innovative products under development [1] - The goal is to become a leading provider of comprehensive solutions in the global medical aesthetics market [1] Group 3: Industrial Microbiology Sector - The industrial microbiology segment is continuously expanding its overseas market presence [1] - The company has established partnerships with several foreign pharmaceutical companies for specialty raw materials, intermediates, and xRNA business, leading to stable sales growth and a steady increase in customer numbers [1]

Group 1: Wind Power Industry - The domestic wind power demand is stable, driven by the "dual carbon" goals and the 2035 plan for 360 GW of installed capacity, with a projected addition of 86.99 GW in 2024 and a total of 272.1 GW from 2021 to 2024, significantly higher than the 145.5 GW added during the 13th Five-Year Plan period [7][8][9] - The "15th Five-Year Plan" aims for annual new installed capacity of no less than 120 GW, with offshore wind power expected to contribute at least 15 GW annually, indicating a robust growth trajectory for the wind power sector [7][8] - The industry is recovering from price wars, with a 9% increase in the average bid price for onshore wind projects in 2025 compared to 2024, suggesting improved profitability for wind turbine manufacturers [9] Group 2: Retail Industry - The retail sector is slowly recovering in 2025, with segments like high-end gold and fashion jewelry experiencing higher demand due to rising gold prices, while cosmetics and medical aesthetics face intense competition [13][15] - "Emotional consumption" is identified as a key driver of market dynamics, with a focus on brands that can leverage consumer insights and differentiate their products [13][15] - Investment strategies should prioritize high-quality segments with both short-term recovery potential and long-term growth prospects, emphasizing companies with competitive advantages and brand strength [13][15] Group 3: Coal Mining Industry - Yongtai Energy's Hai Zetan coal mine project is progressing ahead of schedule, with plans to repurchase shares worth 300-500 million yuan for cancellation, signaling confidence in long-term growth [20][21][22] - The Hai Zetan project has significant resource advantages, with reserves of 1.145 billion tons and a planned production capacity of 6 million tons per year, expected to reach 10 million tons annually upon completion [21][22] - The company maintains profit forecasts for 2025-2027, projecting net profits of 580 million, 1.05 billion, and 1.47 billion yuan, respectively, with a corresponding EPS of 0.03, 0.05, and 0.07 yuan [20][21] Group 4: Chemical Industry - Wankai New Materials is advancing its rPET and oxalic acid projects, which are expected to drive diversified growth, maintaining a "buy" rating [5][23] - The rPET project, in collaboration with Carbios, aims for an initial capacity of 50,000 tons, with a total investment of approximately 922 million yuan, showcasing strong partnership commitment [23][24] - The oxalic acid project, utilizing low-cost natural gas, aims to establish a production capacity of 100,000 tons, enhancing the company's competitive edge in the market [24]

Industry Overview - The cosmetics and medical beauty sector has shown stronger performance than the market, with the Shenwan Beauty Care Index declining by 4.5% from November 14 to November 21, 2025, outperforming the Shenwan A Index by 1.9 percentage points [3][4] - The cosmetics sales are expected to gradually decline as the peak shopping season ends, with domestic brands actively preparing new products for the off-season [9][10] Key Insights - The 2026 cosmetics and medical beauty strategy report indicates that brand growth is crucial, with upstream and downstream margins improving. Domestic brands are expected to grow against the trend during the industry consolidation phase [10][11] - The National Medical Products Administration has introduced 24 reform measures aimed at enhancing the regulatory framework for cosmetics, promoting high-quality industry development [26] Company Focus - Qingmu Technology (301110) is highlighted as a full-domain operation service expert, leveraging data and technology to drive growth. The company has established a strong brand matrix across various sectors, including fashion and beauty [15][16] - Investment recommendations include brands with strong channel and brand matrices such as Maogeping, Shangmei Co., and Proya, as well as companies in the medical beauty sector like Aimeike [12][14] Market Trends - The retail sales of cosmetics in October 2025 grew by 9.6%, driven by the Double 11 shopping festival, with a total retail sales of 381.3 billion yuan for cosmetics in the first ten months of 2025, reflecting a 4.6% year-on-year increase [21][23] - The domestic market for skincare products is expected to see further growth, with domestic brands gaining market share due to their competitive pricing and localized strategies [31][34]

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting robust demand and the continued rise of domestic brands [2]. Core Insights - The beauty care industry is experiencing a stable demand phase, with domestic leading brands expected to grow during the industry consolidation period [3]. - The cosmetics sector showed resilience during the off-peak season, with retail sales reaching 98.2 billion yuan from July to September, reflecting a single-digit year-on-year growth and an acceleration compared to the first half of 2025 [2][3]. - The report emphasizes the strong performance of domestic brands during the Double 11 shopping festival, with Proya ranking first in Tmall's beauty sales [2][11]. Summary by Sections Cosmetics Sector Performance - The cosmetics sector's key A-share companies reported an average revenue growth rate of around 3% in Q3 2025, with overall improvement in net profit [2]. - Proya's cumulative revenue for the first three quarters of 2025 was 7.098 billion yuan, a year-on-year increase of 1.89%, while its Q3 revenue was 1.736 billion yuan, down 11.63% year-on-year [16]. - Other notable performances include: - Ruifucheng: Q1-Q3 revenue of 2.138 billion yuan, up 85.3% year-on-year, with Q3 revenue of 819 million yuan, up 123.4% year-on-year [16]. - Marubi: Q1-Q3 revenue of 2.45 billion yuan, up 25.5% year-on-year, with Q3 revenue of 686 million yuan, up 14.28% year-on-year [16]. Medical Aesthetics Sector Performance - The medical aesthetics sector showed slight fatigue but experienced marginal improvements in Q3 2025 [2]. - Notable performances include: - Aimeike: Q1-Q3 revenue of 1.865 billion yuan, down 21.49% year-on-year, with Q3 revenue of 566 million yuan, down 21.27% year-on-year [2]. - Longzi: Q1-Q3 revenue of 4.328 billion yuan, up 0.9% year-on-year, with Q3 revenue of 1.539 billion yuan, up 11.9% year-on-year [2]. Investment Recommendations - The report recommends focusing on companies with a well-established channel and brand matrix, such as Maogeping, Shangmei, and Shanghai Jahwa, which are expected to see high GMV growth [2][20]. - Companies anticipated to show marginal improvements in performance include Proya, Marubi, and Ruifucheng [2]. - In the medical aesthetics sector, the report highlights Aimeike as a key recommendation, with Longzi suggested for further observation [2]. Market Trends - The domestic market share of leading brands is increasing, with the top ten domestic brands capturing 16.6% of the market share in skincare, up from 11.8% in 2023 [4]. - The report notes that the cosmetics retail sales in October 2025 grew by 9.6% year-on-year, indicating a recovery in demand driven by promotional events [10][11].

Investment Rating - The report maintains a positive outlook on the beauty and personal care industry, indicating a "Buy" rating for key players in the sector [2]. Core Insights - The demand side of the beauty industry is showing robust growth, with domestic brands gaining market share and performing well during promotional events like Double 11 [3][4]. - The overall performance of the cosmetics sector is mixed, with some companies showing strong growth while others face challenges [3][4]. - The report highlights the increasing market share of domestic brands, with significant improvements in their competitive positioning against international brands [5][9]. Summary by Sections Industry Overview - The beauty industry is entering a stable growth phase, with domestic leading brands expected to grow during the industry consolidation period [4]. - The retail sales of cosmetics reached 98.2 billion yuan from July to September, showing a high single-digit year-on-year growth, and continued strong performance in October with a growth rate exceeding 9% [3][4]. Company Performance - **Polaire**: For the first three quarters of 2025, Polaire reported a cumulative revenue of 7.098 billion yuan (up 1.89% year-on-year) and a net profit of 1.026 billion yuan (up 2.65%) [18]. - **Ru Yuchen**: The company achieved a revenue of 2.138 billion yuan (up 85.3% year-on-year) in the first three quarters, with a net profit of 105 million yuan (up 81.6%) [18]. - **Marubi**: Reported a revenue of 2.45 billion yuan (up 25.5% year-on-year) for the first three quarters, with a net profit of 240 million yuan (up 2.1%) [19]. - **Shanghai Jahwa**: Revenue for the first three quarters was 4.961 billion yuan (up 10.8% year-on-year), with a net profit of 405 million yuan (up 149%) [20]. Market Trends - The report notes that domestic brands are increasingly capturing market share, with the top ten domestic brands holding five spots and a combined market share of 16.6%, up from 11.8% the previous year [5]. - The cosmetic sector's gross margin continues to improve, although rising sales expenses are impacting net profit margins [3][4]. Investment Recommendations - Key recommendations include focusing on companies with strong channel and brand matrices, such as Mao Ge Ping and Shangmei, and those expected to see marginal improvements in performance, like Polaire and Marubi [3][4]. - In the medical beauty sector, companies with high barriers to entry and strong profitability, such as Aimeike, are highlighted as potential investment opportunities [3][4].