Group 1: Gold Market Analysis - The bull market for gold is not over, with macro factors remaining optimistic and short-term fluctuations driven by geopolitical events [3][11][13] - Key macro pricing factors for gold have not changed, indicating a sustained upward potential in the medium to long term [3][13] - Micro indicators show that while gold price deviations are high, the RSI is healthy, and ETF inflows continue to rise, suggesting no clear direction for gold prices [3][13] Group 2: Semiconductor Industry Insights - TSMC's revenue for December 2025 is projected to grow by 20.4% year-on-year, driven by high-margin advanced processes and strong demand from AI/HPC sectors [4][12] - The advanced process capacity is fully loaded, with HPC accounting for 55% of revenue and 3nm technology representing 28% of wafer revenue [4][12] - TSMC's guidance for Q1 2026 indicates revenue between $34.6 billion and $35.8 billion, with a gross margin of 63%-65%, reflecting strong demand visibility in AI [4][14] Group 3: Beauty Industry Trends - The South Korean beauty market has undergone several growth and decline phases, with the current phase focusing on global market expansion and reducing reliance on China [18][20] - New brands like APR and Silicon2 are outperforming traditional giants, indicating a shift in market dynamics and consumer preferences [20] - The report highlights the importance of innovation in product formulation and packaging, with South Korean brands leading in areas like cushion packaging and functional skincare products [20]

业 研 究 / 行 业 点 相关研究 行 业 及 产 业 美容护理 2026 年 01 月 22 日 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 聂霜 A0230524120002 nieshuang@swsresearch.com 品牌格局重塑，全球战略扩张 看好 ——从韩国美妆发展看如何重建新增长动能 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 中庚基金 使用。1 ⚫ 韩国美妆市场相对成熟，进行国际化探索早，并随着自身国家综合实力、本土需求与国 际市场需求的变化，发展经历数次沉浮，其展现的发展路径值得国货公司参考借鉴。我 们通过对韩国美妆市场的研究，探索韩国美妆在不同的发展阶段，崛起的美妆集团组织 架构的特点，如何在需求端快速变化的产品领域加速推新，在新成分、新剂型等领域如 何走在全球市场前端，以及拥抱全球市场背后所需要的能力。 ⚫ 韩国美妆四大成长与衰退阶段，把握低谷紧抓转型，再临高峰。韩国 ...

Core Viewpoint - The article highlights the significant untapped potential of the global Muslim market, which encompasses over 2 billion people, and emphasizes the challenges and opportunities for Chinese companies looking to enter this space [4][5][6]. Market Size and Potential - The global Islamic finance market is projected to reach $3.18 trillion by 2024, while the halal food and beverage market was valued at $2.09 trillion in 2021, and the halal cosmetics market is expected to reach $47.7 billion by 2024 [6]. - The Muslim market represents a vast economic opportunity that remains largely unexplored by Chinese enterprises, especially compared to the saturated markets in Europe and the U.S. [7]. Key Markets - Key markets for Chinese companies include Indonesia, Malaysia, Saudi Arabia, and the UAE, with Indonesia having 86% of its population as Muslims, translating to approximately 229 million people [10][11]. - Malaysia, despite its smaller population of 35.98 million, is recognized as a global center for the halal industry, influencing standards and practices [12]. Consumer Trends - Popular consumer categories in these markets include home goods, food, beauty, and maternal and infant products, with Muslim fashion being particularly successful on platforms like TikTok [12][13]. - The peak sales periods for Muslim fashion coincide with significant events like Ramadan, where sales strategies adapt to cultural practices [14][15]. Certification Challenges - Halal certification is a critical requirement for entering the Muslim market, ensuring that products meet specific religious standards throughout the supply chain [25][28]. - The certification process can be complex and varies by country, with some certifications being recognized across multiple nations while others are limited to specific regions [39][40]. Legal and Cultural Barriers - Chinese companies often face legal and cultural challenges when entering Muslim markets, including contract negotiations that differ significantly from domestic practices [44]. - Misunderstandings regarding local laws and cultural practices can lead to significant operational challenges and potential legal issues for companies [45][46]. Infrastructure Opportunities - The construction and infrastructure sectors in Muslim-majority countries are experiencing growth, driven by initiatives like Saudi Arabia's Vision 2030 and Indonesia's new capital project [22][23]. - Emerging sectors such as data centers and technology infrastructure present new opportunities for Chinese enterprises, leveraging their experience in these areas [24]. Conclusion - The interplay of high competition in domestic markets and the allure of the high-barrier Muslim market creates a compelling case for Chinese companies to explore these opportunities [48].