盘面上，PEEK材料板块和可控核聚变板块早盘期间大幅上涨，虽盘中涨幅有所收窄，但当日整体涨幅 仍然居前。新冠药概念、汽车零部件、一体化压铸、培育钻石等板块亦有较大幅度上涨。化纤、仓储物 流、种业等板块跌幅相对靠前。 截至收盘，沪指报3367.46点，跌幅0.40%，成交额约4356亿元；深成指报10179.60点，跌幅0.07%，成 交额约6539亿元；创业板指报2039.45点，跌幅0.19%，成交额约2985亿元；科创综指报1170.20点，涨 幅0.12%，成交额约714.4亿元；北证50指数报1422.43点，涨幅0.49%，成交额约346.8亿元。 机构观点 新华财经北京5月16日电（罗浩）沪深两市主要股指16日早间普遍低开，沪指盘初震荡走低后在相对低 位窄幅整理，深成指和创业板指则在完成缺口回补后宽幅整理。 商务部召开全国离境退税工作推进会 商务部16日消息，5月15日，全国优化离境退税政策扩大入境消费工作推进会在京召开。会议深入贯彻 落实党中央、国务院决策部署，交流离境退税工作经验做法，部署下一步重点工作。会议指出，发展离 境退税是大力提振消费的重要抓手，是应对外部冲击的重要举措，是扩大高水平对 ...

Core Viewpoints - The A-share market experienced a collective adjustment, with the Shanghai Composite Index falling by 0.2% to 3288.41 points, the Shenzhen Component Index down by 0.62%, and the ChiNext Index down by 0.65% [1][6] - The total transaction volume in the Shanghai and Shenzhen markets was 1.06 trillion yuan, with the banking and steel sectors leading gains, while real estate, social services, and automotive sectors lagged [1][6] - The report highlights the government's upcoming measures to stabilize employment and promote high-quality economic development, including support for enterprises to maintain employment and enhance vocational training [7] Market Performance - As of the end of Q1 2025, the total scale of the wealth management market reached 29.14 trillion yuan, reflecting a year-on-year growth of 9.41% [13][16] - The report indicates that the risk appetite in the wealth management sector remains low, with fixed-income products dominating the market [14][16] - The performance of various fund types showed mixed results, with QDII funds leading with a return of 3.93% [9][10] Company-Specific Insights - The report on Runben Co., Ltd. indicates a significant revenue increase of 27.61% year-on-year, reaching 1.318 billion yuan in 2024, with a net profit growth of 32.80% [17][18] - The company launched over 90 new products in 2024, focusing on mosquito repellent and baby care products, which contributed to its revenue growth [19][20] - The report on Wuliangye shows a revenue of 89.175 billion yuan in 2024, with a year-on-year growth of 7.09%, and a net profit of 31.853 billion yuan, reflecting a growth of 5.44% [23][24] Investment Recommendations - The report suggests that the technology, pharmaceutical, and consumer sectors are receiving high attention from funds, with significant allocations towards electronic and food & beverage industries [8][10] - The investment outlook for Runben Co., Ltd. remains positive, with expected EPS for 2025 adjusted to 0.93 yuan per share, maintaining a "buy" rating [20] - Wuliangye's investment value is highlighted due to its strong brand and increased dividend payout ratio, with a projected net profit growth of 5.50% for 2025 [26]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has maintained impressive growth in net profit, achieving a revenue of 10.778 billion yuan in 2024, a year-on-year increase of 21.04%, and a net profit of 1.552 billion yuan, up 30.00% year-on-year [1][12] - The main brand, Proya, has launched new product lines targeting oily skin and whitening, while multiple sub-brands have also seen growth [2] - Online sales channels have continued to grow rapidly, with online revenue reaching 10.234 billion yuan in 2024, a year-on-year increase of 23.68%, accounting for 95.06% of total revenue [10] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 1.552 billion yuan, with a net profit margin of 14.71%, an increase of 0.89 percentage points year-on-year [11] - The company’s gross margin improved to 71.39%, up 1.46 percentage points year-on-year, driven by lower freight rates and higher average transaction values [11] - The company expects net profits of 1.853 billion yuan, 2.171 billion yuan, and 2.516 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 15, and 13 times [12] Product Development - Proya has focused on upgrading its core products, introducing unique ingredients such as "XVII type recombinant collagen" in its new product lines [2] - The new product lines include the "净源系列" for oily skin and the "光学系列" for whitening, contributing to the brand's revenue growth [2] Market Position - Proya's main brand generated 8.581 billion yuan in revenue in 2024, accounting for 79.69% of total revenue, with strong performance on platforms like Tmall [2] - The sub-brand 彩棠 achieved revenue of 1.191 billion yuan, while OR and 悦芙媞 also reported significant growth in their respective markets [2] Sales Channels - Online sales accounted for a significant portion of revenue, with direct and distribution channels contributing 8.122 billion yuan and 2.112 billion yuan respectively [10] - The company is optimizing its offline store structure, although offline revenue decreased by 13.63% to 532 million yuan in 2024 [10]

中国化妆品行业的历史正式翻开新的篇章！ 4月2 4日晚间，珀莱雅发布的最新年报显示，其2 0 2 4年营收达到1 0 7 . 7 8亿元。刷新了中国本土 化妆品企业的最高营收纪录，也意味着中国本土化妆品企业正式进入百亿时代。 这一里程碑背后，是中国化妆品行业从"渠道为王"到"科研立命"的基因突变。经济学家郑永年 提出，未来1 0年，中国正面临"中等技术陷阱"的挑战——提升"从0到1 "的原创性创新能力， 以及在" 1 - 1 0 "技术刻度上持续升级，是企业博得可持续发展的关键。这一洞察同样适用于本土 美妆市场。 那 么 ， 在 跨 过 百 亿 规 模 之 后 的 未 来 十 年 ， 珀 莱 雅 又 有 哪 些 长 远 目 标 和 规 划 ？ 《 FBe a u t y 未 来 迹》专访珀莱雅首席科学官黄虎，试图从研发的视角探索这家本土美妆企业的战略性布局。 珀莱雅首席科学官 黄虎 据 《 FBe a u t y 未 来 迹 》 了 解 ， 在 跨 越 百 亿 门 槛 之 后 ， 珀 莱 雅 已 经 正 式 定 下 了 " 双 十 " 战 略 愿 景 ——" 未来十年跻身全球化妆品行业前十 "。 回 顾 历 ...