21世纪经济报道记者 高江虹 北京报道 在全球经济不确定性增加的背景下，粤港澳大湾区展现出强劲的"引力"。 香港投资推广署7月7日公布，2023年1月至2025年上半年，香港成功吸引超过1300家海外及内地企业来 港设立或扩展业务。这些企业在首年运营中为香港带来逾1600亿港元的外商直接投资（FDI），并创造 超19000个新职位。 广东省商务厅近日披露，今年1-5月，广东省新设外资企业1.2万家，同比增长23.4%；实际使用外资 508.4亿元，同比增长6.1%，两项指标均高于全国平均水平。其中，深圳市福田区前五个月新设外资企 业1039家，同比增长28.91%，占全市新设外资企业的23.57%。 这一系列逆势增长的数据背后，是跨国公司用实际行动对大湾区投下的信任票。 外资为何纷纷落子大湾区？ 全球美妆巨头欧莱雅的战略选择，是外资深度融入大湾区的生动缩影。 自2014年将电商运营中心落户 广州，欧莱雅已将大湾区视为其全球布局的战略重点。如今，该中心运营着旗下所有32个品牌的全渠道 电商业务，并承接北亚内容电商。2024年，其BIG BANG美妆科技创造营更主动拥抱大湾区创新生态。 今年三月底欧莱雅集团首席执 ...

创新，是百德福发展的核心动力。在大健康领域中，百德福生物科技有限公司凭借持续的创新精神，在 肽产品领域独树一帜。 为了确保创新成果的科学性和有效性，百德福积极开展产学研合作。公司与天津科技大学建立了长期稳 定的合作关系。双方围绕海参肽展开了多项深入的研发实验，采用膳食干预、动物模型等多种科学方 式，对"海参肽对肺纤维化影响作用的研究""海参肽对肺癌的影响研究""海参肽对免疫活性的调节作用 研究"等课题进行探索。这些研究成果不仅为百德福的产品研发提供了坚实的理论基础，还在国际权威 学术期刊《Food&Function》上发表，得到了国内外学术界的广泛认可，进一步提升了百德福在行业内 的知名度和影响力。 凭借卓越的创新能力，百德福在市场上取得了显著成绩。公司的产品畅销全国各地，并逐渐走向国际市 场。百德福先后获得国家级高新技术企业、河北省专精特新企业等称号，拥有多项专利。 展望未来，百德福将继续坚持创新驱动发展战略，不断加大在科研方面的投入，探索肽产品的更多可能 性。公司将致力于开发更多具有针对性的产品，满足不同消费者在不同健康阶段的需求。同时，百德福 还将加强与国内外科研机构、企业的合作，整合各方资源，共同推动 ...

近日，韩国美妆巨头爱茉莉太平洋旗下品牌 悦诗风吟（Innisfree）宣布关闭其天猫海外旗舰 店 。 7月1日起，正式停止运营。 这一消息，让不少网友直呼：时代的眼泪↓ 目前，悦诗风吟（Innisfree）仅关闭了其天猫海外旗舰店， 天猫国内旗舰店、抖音旗舰店等 本土化渠道仍正常运营 。 据悉，自2020年起，悦诗风吟在中国市场开启"瘦身"模式： 2020年关闭90家亏损门店， 2021年单年撤店170家，彼时门店数量从800余家锐减至140家，撤店率超80% 。 往期推荐 京 东外卖宣布投入超百亿扶持品质商家 突发！知名车企宣布破产 据南方都市报消息，对于此次调整，悦诗风吟母公司爱茉莉太平洋集团回应称，" 为进一步整 合资源、构建更高效渠道 "，旨在" 提升消费者服务与互动体验 "。 业内人士指出，随着"韩流"热度减退，韩妆品牌吸引力下降，而 国货美妆正在崛起，并以高 性价比、贴合本土需求的产品迅速抢占市场 。 来源：中国青年报（ID：z q b c y o l ）综合南方都市报、北京商报、网友评论等 关注" 新华网财经 "视频号 更多财经资讯等你来看 ...

小编评： -投资动态- 英国对冲基金Parvus增持开云股份至5% 近日，英国平价奢侈品牌Rise & Fall完成了新一轮融资，总融资额达400万英镑，其中由Wealth Club注资140万英镑。本轮融资由Guinness Ventures主导， 旨在助力品牌执行其五年增长战略。 Rise & Fall由Jed Coleman和Will Coulton联合创立，定位为提供无高溢价的高品质时尚与家居产品。品牌通过与顶级时装品牌使用相同工厂合作，并采用 DTC（直达消费者）销售模式，成功将售价压缩至同类设计师品牌的20%。（品牌方舟） 小编评： 在创立短短三年内，Rise & Fall的收入每年实现翻倍增长，并逐步赢得消费者青睐，打造出了强烈的品牌吸引力，这也是其能够赢得融资的重要原因之 一。 -收购动态- 近日，运动品牌Le Coq Sportif正式易主。在多方竞购中，法国瑞士企业家Dan Mamane的收购方案成功胜出。 Le Coq Sportif作为法国体育文化的象征品牌之一，曾为2024年巴黎奥运会法国代表团提供官方装备，拥有深厚的本土情感价值。（时尚商业） 小编评： 近年来，Le Coq Spo ...

证券研究报告 2025 年 7 月 6 日 湘财证券研究所 行业研究 商贸零售行业周报 持续看好国内消费复苏潜力 相关研究： | 1.《近期板块走强，关注零售百货 | | --- | | 业态变革》 2024.12.11 | | 2.《2024年社零总额增长3.5%，线 | | 下商超业态平稳复苏》2025.01.24 | 行业评级：增持（维持） 近十二个月行业表现 100.00% | 0.00% | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 24/7 24/8 | 24/9 | 24/10 | 24/11 | 24/12 | 25/1 | 25/2 | 25/3 | 25/4 | 25/5 | 25/6 | | -100.00% | | | | | | | | | | | | | | | 沪深300 | | | | | | | 商贸零售(申万) | | | | % | | 1 个月 | | | | 3 个月 | | | 12 个月 | | | | 相对 ...

社会服务 社会服务 2025 年 07 月 06 日 投资评级：看好（维持） ——行业周报 | | | | | 初敏（分析师） 李睿娴（分析师） 程婧雅（联系人） | | | | --- | --- | --- | --- | --- | --- | --- | | 社会服务 | | | 沪深300 | chumin@kysec.cn | liruixian@kysec.cn chengjingya@kysec.cn | | | 58% | | | | 证书编号：S0790522080008 | 证书编号：S0790525020004 证书编号：S0790123070033 | | | 43% | | |  | | 旅游/潮玩：暑期国内主题乐园预订热度高增，三丽鸥角色大赏排名出炉 | | | 29% | | | | 根据去哪儿，2025 | 年暑期国内主题乐园订单量同比增长七成，其中北京环球影城、 | | | 14% | | | | 上海迪士尼乐园等全球 | 巨头延续亮眼表现，暑期周边酒店及民宿预订量同比增 IP | | | 0% | | | | 长约四成。特色本土 | IP 乐园凭借消费热点翻红，其中泡泡 ...

Core Insights - The article highlights the rise of Chinese brands in the global market, indicating a shift in consumer preferences from Western brands to local alternatives [1][8] - It emphasizes that Chinese consumers are increasingly favoring domestic luxury brands, high-end cosmetics, and local food and beverage options, marking a significant change in consumption patterns [1][4] Group 1: Rise of Chinese Brands - The popularity of the LABUBU toy exemplifies the success of Chinese brands, with its demand leading to a surge in the stock price of its manufacturer, Pop Mart [1][3] - Chinese brands like Kudi and Luckin Coffee are gaining traction by offering quality comparable to international brands like Starbucks at significantly lower prices [3][4] - The jewelry brand Laopu Gold has seen rapid growth, with its average store sales exceeding those of many foreign competitors by at least 50% [4][6] Group 2: Changing Consumer Behavior - Consumers are now willing to pay prices comparable to imported goods for local products, as seen with the high-end tea brand Bawang Chaji, which positions itself as a premium option [4][6] - There is a notable shift in consumer awareness, with younger demographics researching products more thoroughly and seeking local alternatives that offer similar quality at lower prices [6][7] - The success of brands like Mao Geping in the high-end cosmetics market illustrates the changing landscape, as it becomes the only domestic player among the top ten luxury beauty groups in China [6][7] Group 3: Strategic Market Positioning - Many Chinese brands are expanding their presence in lower-tier cities, where consumer activity is reportedly stronger than in major urban centers [7][8] - The strategy of targeting smaller cities has proven effective for brands like Bawang Chaji and Mxue Ice City, which began in less affluent areas before moving to larger markets [7][8] - The article notes that the increasing recognition of these brands internationally will likely enhance their appeal domestically, signaling a potential end to the era where retail trends predominantly flowed from the West to China [8]

[Table_Title] 研究报告 Research Report 27 Jun 2025 Research Report on the Entire 618 Cycle of the Beauty Category on both Taobao/Tmall and Douyin Platforms 中国化妆品 China (A-share) Cosmetics 美妆品类 618 全周期淘系和抖音双平台调研报告 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 本次 618 期间，淘系为美妆销售主战场但销售略低于预期，抖音美妆增速高于抖音大盘增速。淘系平台 5.13-6.20 的 GMV 略超 400 亿，同比增长超 10%，不及平台预期目标。总体淘系平台大盘增速同样不及预期，主要由于政策 调整导致爆发力减弱，去年跨店满减活动单日 ...

智通财经记者 | 陈奇锐 智通财经编辑 | 楼婍沁 6月28日起，法国奢侈品牌路易威登在上海南京西路的"路易号"（Louis, The Boat）将正式向公众开放。 空间设置在兴业太古汇商场内部，外侧装修成金属邮轮造型并装饰金属Monogram印花，而最顶部的楼 层则是品牌传统的硬箱轮廓。 整个空间占地面积约为1600平方米，总共有三层。其中两层总共1200平方米的空间用作"非凡之 旅"(Visionary Journeys)回顾展，余下则为零售商店和餐厅。智通财经获悉，从报批、围挡装修再到开 业，历时约为两个半月。 对于许多人来说，这在某种程度上算是"靴子落地"。自兴业太古汇近年开启定位调整，有关路易威登是 否入驻的传闻不时在社交媒体上流传。在2025年1月重启村上隆合作系列后，路易威登已经在"路易 号"同址铺设大型户外广告。 而这也是路易威登在南京西路上的第二个大型空间，另一处是恒隆广场的路易威登之家。 "我们对中国经济发展态势保持乐观态度，同时对中国消费者持有信心。"路易威登全球首席执行官 Pietro Beccari向智通财经表示。在LVMH集团发布的2025年第一季度财报后的电话会议中，高层表示路 ...

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The report emphasizes the upcoming peak season for tourism and cultural activities, highlighting the potential of combining IP with scenic spots and the ongoing popularity of the "Su Chao" theme in Jiangsu [3][4] - The report suggests focusing on brands with high terminal store efficiency and significant expansion potential in the gold and jewelry sector, as well as the growing demand for personal care products driven by innovation and emotional branding [5][6] - The medical beauty sector is expected to see market share gains among leading institutions due to refined operations and the upcoming release of new products in Q3 [5][6] Summary by Sections 1. Duty-Free and Scenic Areas - The tourism market in Hainan is thriving, with a 62% year-on-year increase in overall bookings for the summer of 2025 [11] - China Duty Free Group is expanding its presence in Macau with a new store opening [11] - Investment suggestions include focusing on duty-free operators and their city store openings, particularly China Duty Free, Wangfujing, and Lingnan Holdings [11] 2. Trendy Toys - The trendy toy sector is experiencing short-term volatility due to regulatory risks and price fluctuations in the secondary market, but long-term growth is anticipated as China's cultural products expand internationally [19] - In the first five months of 2025, the domestic online sales of trendy toys reached approximately 2.754 billion yuan, with a year-on-year growth of 61% [19][22] 3. Hotels - The hotel sector is seeing fluctuations in RevPAR due to the impact of the Dragon Boat Festival holiday, with a notable year-on-year decline in performance metrics [36] - Supply growth remains stable, primarily driven by lower-tier markets [40] 4. Education - The number of high school graduates is expected to remain high, maintaining competitive pressure in the education sector [42] - The number of college graduates is projected to reach 12.22 million in 2025, increasing demand for vocational training and exam preparation services [45] 5. Medical Beauty and Cosmetics - The medical beauty sector is recovering, with a focus on product innovation and market share expansion among leading companies [47] - The beauty sector is expected to see a rebound in sales during the 618 shopping festival, with total online sales reaching 855.6 billion yuan, a year-on-year increase of 15.2% [53][58] 6. Gold and Jewelry - Gold prices remain high, with retail sales in the gold and jewelry sector increasing by 21.8% year-on-year in May 2025 [82] - Investment recommendations include brands with strong terminal store performance and expansion potential, such as Chao Hong Ji and Lai Shen Tong Ling [86]