Core Viewpoint - The beauty and medical aesthetics industry is experiencing a stark contrast, with medical aesthetic companies facing significant pressure while domestic beauty brands are actively entering the medical aesthetics market [3][4][5] Medical Aesthetics Industry Performance - Among 22 medical aesthetics companies, 14 reported a year-on-year decline in revenue during the first half of the year, with "medical aesthetics trio" member Aimeike experiencing a decline exceeding 20% [4][5] - The medical aesthetics market has been growing rapidly, with a projected market size of nearly 3,700 billion by 2025, growing at an annual rate of 17.4% since 2020 [4] Competitive Landscape - The medical aesthetics industry is facing intensified competition, particularly in upstream raw materials and equipment, leading to declining revenues for companies like Aimeike and Haohai Biological [6][7] - The consumer market is becoming more rational, with 73% of mid-to-high-income consumers planning to reduce or maintain their medical aesthetics spending in 2024 compared to 2023 [7] Domestic Beauty Brands' Strategies - Over 20 domestic beauty companies are entering the medical aesthetics sector, with brands like Naturating and Youshiyan launching new products aimed at the medical aesthetics market [10][12] - Baijuerling has launched three medical aesthetics brands, focusing on injection regeneration, post-operative care, and medical equipment, indicating a comprehensive approach to the medical aesthetics industry [16][20] Market Challenges and Opportunities - The market for medical aesthetics is becoming increasingly competitive, with established brands like 可复美 and 薇诺娜 already dominating the "medical device" segment, making differentiation a key challenge for new entrants [22][25] - Despite the challenges, the structural adjustment in the medical aesthetics industry presents opportunities for collaboration and innovation, as companies explore new product offerings and partnerships [25][27]

Macro Economic Group - In May, US retail sales decreased by 0.9%, the largest drop since March 2023, exceeding expectations of a 0.6% decline [3] - Excluding automobiles, retail sales fell by 0.3%, while core retail sales, excluding gas stations, decreased by 0.1% [3] - The industrial production index for May showed a decrease of 0.2%, with manufacturing output slightly increasing by 0.1% [3] - US stock markets experienced declines, with the Dow down 0.7%, Nasdaq down 0.91%, and S&P 500 down 0.84% [3] - Oil prices rose by 5.4%, while gold and silver prices saw minor increases [3] Industry Comprehensive Group - Chip Qu Microelectronics signed contracts worth RMB 146 million for PCB production equipment, indicating optimism in the domestic PCB industry [5] - Major AI facility investors like Microsoft, Google, and Amazon are expected to increase capital expenditures by over $300 billion in 2025, a year-on-year growth of over 30% [5] - Taiwan's major PCB companies reported a 15% year-on-year revenue growth from January to May 2025, reflecting high industry demand [5] - BOE announced a plan to acquire a 30% stake in Xianyang Rainbow Optoelectronics for RMB 4.849 billion, which will enhance global TFT panel supply concentration [6] - The demand for TVs is expected to rise due to appliance consumption subsidies, positively impacting TFT panel profitability [6] Advanced Manufacturing Group - The recruitment for humanoid robots surged by 409%, with technical positions making up 62% of the total [8] - The robot industry is in a critical phase of technology development, with significant demand for talent in R&D and system debugging [8] - Investment strategies should focus on humanoid robot algorithms and automation, with long-term attention on full-stack technology and scenario positioning [8] - Tianqi Lithium and CATL established a lithium mining subsidiary, emphasizing resource control over procurement [9] - The establishment of the subsidiary reflects a strategic shift towards resource control in the lithium battery industry [9] Consumer Group - With summer approaching, searches for "graduation trips" have surged, particularly among young travelers [11] - Intercontinental Hotels Group has launched student-exclusive discounts and packages to cater to the rising demand from young tourists [11] - Fulejia announced the upcoming clinical trials for its collagen dressing, indicating growth potential in the medical aesthetics market [12]

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Insights - The optional consumption sector showed positive performance in the week of June 2-6, 2025, with the retail, social services, and beauty care sectors increasing by 1.29%, 2.09%, and 1.56% respectively, outperforming the Shanghai Composite Index which rose by 1.13% [15][17] - The beauty care segment saw significant growth, with Douyin's beauty category GMV reaching 23.497 billion yuan in May 2025, a year-on-year increase of 18% [3][23] - Major events included the acquisition of a 65% stake in Silky by Kids Wang for 1.65 billion yuan, and the IPO plans of several companies in the beauty and retail sectors [5][34] Market Performance - The retail, social services, and beauty care sectors ranked 15th, 9th, and 13th among 31 primary industries during the reporting week [15] - The tourism and beauty segments experienced notable gains, with the tourism sector seeing a 14.8% increase in domestic travel [26][27] Key Industry Data and News - In the beauty care sector, foreign brands dominated the top 10 beauty brands on Douyin, capturing 7 out of 10 spots [3][23] - The cultural and tourism sector reported a revenue of 14.151 trillion yuan in 2024, marking a 6% increase year-on-year [26] - The retail sector is witnessing significant developments, including the opening of Kids Wang's first ultra store in Shanghai and the successful IPO of Pitanium Limited on NASDAQ [5][34][29] Company Announcements - Kids Wang announced the acquisition of a 100% stake in Silky for 1.65 billion yuan, enhancing its market position [34] - Shanghai Jahwa revised its employee stock ownership plan to include revenue growth metrics [35] - The company Fat East reported a sales figure exceeding 10 billion yuan for the year [34][33]

★ 宏观动态 ★ 中央财政拟支持北京、天津等20城实施城市更新行动 财政部今天（4日）公示2025年城市更新行动评审结果，北京、天津、唐山、包头、大连、哈尔滨、苏州、温 州、芜湖、厦门、济南、郑州、宜昌、长沙、广州、海口、宜宾、兰州、西宁、乌鲁木齐等20个城市入围。未 来几年，中央财政计划补助超过200亿元，支持这20个城市实施城市更新行动，探索建立可持续的城市更新机 制，补齐城市基础设施的短板弱项。 首个国产九价HPV疫苗获批上市 据央视新闻消息，今天，我国第一款九价人乳头瘤病毒（HPV）疫苗获国家药监局批准上市。这款疫苗，也是 全球第二款九价HPV疫苗，打破了国外产品长达十余年的市场垄断。 人乳头瘤病毒疫苗俗称宫颈癌疫苗，可用来预防女性宫颈癌和男、女生殖器癌及生殖器疣。 乘联分会初步数据：特斯拉5月份中国产汽车销量同比下降15% 乘联分会初步数据：中国5月新能源乘用车厂商批发销量同比增长38%。其中特斯拉中国5月新能源乘用车批发 销量为61662辆，同比下降15%。 深圳：率先试点扩大增值电信业务开放 近日，深圳市商务局、市发展改革委联合印发《深圳市推动服务贸易和数字贸易高质量发展实施方案》。《实 施方案 ...

Group 1: Company Developments - Hainan Huatie is planning to issue shares overseas and list on the Singapore Exchange as part of its international strategy [1] - Weilian Meishi has increased its registered capital from 6,606 million USD to 8,106 million USD, a growth of approximately 23% [2] - CATL has repurchased a total of 6,640,986 A-shares, amounting to 1.55 billion RMB, representing 0.1508% of its total A-share capital [4] - WanTai Biologics has received approval for its nine-valent HPV vaccine, enhancing its product line and competitive edge [11] Group 2: Market Performance - Volvo's global sales in May decreased by 12% year-on-year, totaling 59,822 vehicles [3] - Tesla's new car registrations in Germany fell by 36.2% in May, with a total of 1,210 vehicles registered [5] Group 3: Investment and Financing - "NanShu Network Technology" has completed a 10 million RMB angel round financing to enhance its big data analysis platform and AI algorithms [6] - "JinChuang Technology" has successfully completed a 30 million RMB Series A financing to deepen core technology development and expand its talent team [7] - Asset management giant Brookfield plans to invest up to 99.1 billion USD to build an AI data center in Sweden, creating approximately 1,000 permanent jobs [8] Group 4: New Products - Nintendo's new console, Switch 2, will officially launch with a starting price of 3,889 RMB, and has already surpassed 400,000 pre-orders on JD [9] - Fulejia's new product, a recombinant type III humanized collagen dressing, has completed clinical trial registration, marking a significant step in its product development [10]

敷尔佳（301371）公告，公司第三类医疗器械产品"重组Ⅲ型人源化胶原蛋白贴敷料"通过临床试验伦理 审查，并在黑龙江省药品监督管理局完成备案，已进入临床试验阶段。该产品用于激光、光子术后创面 修复辅助治疗及敏感性皮肤患者皮肤屏障功能损伤修复。目前，国内外应用于医美领域的同类医疗器械 产品及生产企业相对较少，市场处于快速发展阶段，国内生产及销售情况增长较快，市场需求持续增 长，市场潜力非常可观。 ...