Investment Rating - The industry maintains a "Recommended" rating, with a focus on service consumption, beauty care, IP derivatives, and new consumption sectors such as gold and jewelry [5][28]. Core Insights - The report highlights a significant increase in the retail sales of cosmetics in China, reaching 822.53 billion yuan in 2025, representing a year-on-year growth of 6.18%. Online retail sales grew by 9.36%, accounting for 56.06% of total sales, while offline sales increased by 2.38% [3][25]. - The report notes that during the New Year's holiday, domestic travel reached 142 million trips, with total spending of 84.79 billion yuan, indicating strong consumer demand in the travel sector [4][26]. - The duty-free shopping market in Hainan saw a remarkable start to the year, with total sales amounting to 1.21 billion yuan from January 1 to 7, marking year-on-year increases of 88%, 30.3%, and 38.3% in sales amount, number of items, and number of visitors, respectively [27]. Summary by Sections Market Performance - From January 5 to January 9, 2026, the commerce retail, social services, and beauty care sectors increased by 4.23%, 4.71%, and 2.55%, respectively, ranking 15th, 14th, and 22nd among 31 primary industries. The Shanghai Composite Index rose by 3.82%, and the Shenzhen Component Index increased by 4.40% [15][18]. Key Industry Data and News - The Consumer Price Index (CPI) in December 2025 rose by 0.8% year-on-year, with core CPI (excluding food and energy) increasing by 1.2%. The overall CPI for 2025 remained flat compared to the previous year [3][25]. - The report discusses various developments in the beauty care sector, including the approval of a new botulinum toxin product by Ai Meike and the successful quality inspection of a long-acting botulinum toxin product by Furu Medical Technology [3][25][26]. Investment Recommendations - The report emphasizes a focus on service consumption and highlights specific companies for investment, including Ruoyu Chen, Maogeping, Shangmei Co., Pop Mart, Chaohongji, and Laopu Gold [5][28].

Core Insights - The establishment of the "Furui × Xingrong Aesthetic Innovation Research Center" marks a new phase of collaboration between Furui Medical Technology and Xingrong Plastic Surgery Hospital in the aesthetic medicine field [1][3][4] - The center aims to integrate research, development, and clinical application, focusing on the local clinical application of Furui's core product, Daxifei®, and its precise dosage solutions [3][4] Group 1 - The center will leverage Furui Medical Technology's global expertise in energy source equipment and Xingrong's rich clinical resources to create a comprehensive innovation system from basic research to product transformation [3][4] - The collaboration will introduce cutting-edge aesthetic technologies and focus on the development of new materials, techniques, and therapies [4][8] - The center aims to enhance the clinical value of aesthetic products through technology sharing and ecological collaboration, providing consumers with a personalized beauty and health experience [8] Group 2 - The center will serve as an international exchange platform, promoting the standardization of aesthetic services in China to align with international standards [4][8] - Discussions during the event included optimizing minimally invasive injection techniques and personalized injection plans for facial dynamic areas based on Daxifei®'s advantages [3][4] - The partnership is expected to continuously deepen, enhancing the clinical value of aesthetic products and fostering talent in the industry through localized innovation and training systems [8]