"全球市场春节是不放假的，我们一直通过跨境平台对接世界各地的客户。"春节假期，走进汕头跨境数 字经济产业园，西之月&1688汕头跨境选品中心的展厅灯火通明，广东西之月汕头市场部负责人姚臻全 正盯着屏幕上不断更新的交易数据。 作为广东首个跨境数字经济产业园，汕头跨境数字经济产业园启动半年多来，吸引了130家企业注册入 驻。如今，这里正以"产业带+跨境电商"的创新模式，成为"汕货"走向全球的"数字跳板"。 近年来，随着潮汕地区产业集群崛起，越来越多的"广货"源源不断地走向全球。 今年2月，汕头纺织服装产业与泰国正大集团战略合作的首批定制化订单完成首车交付。这批订单共有7 家纺织服装企业，货值近千万元。广东百利安是其中之一，这也是该企业首次收获海外市场订单。 广东百利安数字化智能制造工业园厂长郭莹燕说，为适配东南亚市场需求，公司对产品进行针对性改 良，"这个订单对我们来说意义重大，期待拓展更大合作空间，真正让'汕头织造'走进全球更多家庭。" 在华侨试验区，跨境电商也激活了广货出海新引擎，加快推动本地特色产业乃至全国产业走向全球。去 年5月启动的汕头跨境数字经济产业园，依托国际海缆与侨乡优势，探索跨境数据流通创新试点 ...

立春过后 天气渐暖但空气依然干燥 不少人的皮肤开始出现 频繁泛红、脱皮、瘙痒 别急着怪护肤品！ 90%的皮肤问题 都源于皮肤屏障受损 从"清洁陷阱"到"锁水密码" 3步科学护肤法 清洁→保湿→防晒 手把手教你避开90%的护肤误区 01 警惕皮肤"生病"信号 及时识别需就医的症状 屏障受损而非单纯缺水 皮肤表面存在一层由皮脂膜、角质层及水分构成的"保护罩"，类似"三明治"结构，是抵御外界刺激的第一道防线。季节交替时，气温波动、空气干燥（加 速水分流失）、紫外线增强（易被忽视却持续损伤屏障）是影响皮肤的三大外部因素。若皮脂分泌减少、水分流失增多或紫外线破坏屏障结构，保护功能 减弱，外界刺激便会侵入，引发干痒、红肿等症状。核心问题在于屏障受损，而非单纯缺水。 此外，不当护理习惯也会加剧屏障损伤。 清洁方式不当： 水温过热、使用强力清洁产品或粗糙搓澡巾（如丝瓜络）会破坏皮脂膜；频繁搓澡去角质（角质层是屏障重要组成）会直接削弱屏障。 搔抓与刺激： 用力搔抓或用刺激性护肤品（如强酸强碱类产品）会进一步损伤屏障。 及时识别需就医的症状 皮肤屏障受损后，若出现以下症状，提示可能发生炎症或病变，需及时就医： 红斑：皮肤出现片状 ...

Core Insights - The upcoming Valentine's Day has led to a surge in consumer demand for gifting, particularly in the beauty sector, which is seen as a key medium for expressing emotions and intentions [1][5] - Kuaishou E-commerce is launching a themed campaign titled "New Spring, New Look, Big Brand Gifts for Loved Ones" from February 7 to 14, featuring various promotions and live-streaming events with major beauty brands [1][5] Group 1: Campaign Details - The campaign includes participation from numerous beauty brands such as Naturando, Han Shu, Gu Yu, Orange Du, Marubi, Oushiman, and Proya, offering special live-streaming events and discounted beauty products [1][3] - Users can engage in interactive activities on Kuaishou, such as sharing videos related to Valentine's Day gifts, with opportunities to win prizes like gold bracelets and Kuaishou merchandise [3][4] Group 2: Consumer Behavior and Trends - Kuaishou reported significant growth in Valentine's Day-related metrics, with a 310.8% month-over-month increase in total video views and a 70.7% increase in GMV for beauty purchases driven by search behavior [2][4] - The demand for beauty products is strong, with notable increases in searches for gift sets and practical items like facial cleansers and sunscreens, reflecting a trend towards more refined and practical gift choices [4][5] Group 3: Market Insights - The Valentine's Day celebration has evolved into a significant marketing opportunity, intertwining emotional expression with consumer behavior, as evidenced by the rising popularity of related topics and search terms [3][4] - The "he economy" is gaining traction, with men's skincare sets emerging as a notable category, indicating potential growth in this segment during Valentine's Day [4]

Core Insights - The new duty-free policy in Hainan has been in effect for 100 days, resulting in a shopping amount of 11.585 billion yuan, a year-on-year increase of 14.71% [1] - The policy adjustments include expanding the range of goods, allowing domestic products to be sold duty-free, and increasing the eligible consumer base to include departing travelers and local residents [1] Group 1: Policy Impact - The new policy has led to a surge in consumer traffic and sales at duty-free stores, significantly boosting domestic economic circulation and stimulating the internal market [1] - Local residents can now enjoy the "buy and pick up" service for 15 categories of goods after just one departure record within a calendar year, enhancing their shopping experience [3][5] Group 2: Consumer Experience - Departing travelers can now benefit from a duty-free shopping limit of 100,000 yuan, with popular categories including cosmetics, digital products, and duty-free alcohol [5] - The convenience of picking up purchases at the airport has been highlighted by travelers, indicating a positive shopping experience [5] Group 3: Product Range Expansion - The number of duty-free product categories has increased from 45 to 47, with new additions including pet supplies and portable musical instruments, broadening consumer choices [6] - Domestic products, including clothing, scarves, coffee, and tea, are now allowed in duty-free stores, enhancing the selection available to both domestic and international travelers [7][9] Group 4: Regulatory Measures - The Hainan customs authority is implementing advanced regulatory measures to ensure the effective management of duty-free goods, including remote video inspections and automated auditing processes [9] - The customs authority aims to maintain a healthy shopping environment while preventing illegal activities related to the new policy [9]

Investment Rating - The report assigns an "Accumulate" rating for the cosmetics industry, indicating a positive outlook for selected companies within the sector [5]. Core Insights - The beauty industry is expected to maintain steady growth in 2026, driven by product innovation and the rising trend of domestic brands. The report suggests a bottom-up selection of high-growth products and brands with strong potential, as well as companies that exhibit resilience amid product and channel changes [2][5]. Summary by Sections Industry Overview - The report highlights that the cosmetics sales during the off-peak season have shown marginal improvement. It suggests focusing on products and brands with strong growth momentum and resilience in the face of changing product and channel dynamics [2]. Key Investment Points - The report identifies two main lines of investment: 1. **High-Growth Companies**: Companies like RuYuchen, BeiJiaJie, MaoGePing, LinQingXuan, and ShangMei are expected to perform well due to strong fundamentals and product innovation [5]. 2. **Brands with Strong Asset Value**: Companies such as BeiTaiNi and PoLaiYa are anticipated to see marginal improvements following adjustments in their channels and product structures [5]. Market Performance - According to data from the National Bureau of Statistics, the retail sales of cosmetics in December 2025 grew by 8.8% year-on-year, significantly outpacing the overall retail growth of 0.9%. The annual retail sales for cosmetics in 2025 reached 465.3 billion yuan, reflecting a 5.1% year-on-year increase [5]. Company Valuations - The report provides a valuation table for key companies, indicating their earnings per share (EPS) and price-to-earnings (PE) ratios for 2025E, 2026E, and 2027E. For instance, RuYuchen has an EPS of 0.59 yuan for 2025E with a PE of 60, while BeiTaiNi has an EPS of 1.10 yuan for 2025E with a PE of 43 [7].

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 ...

Investment Rating - The report does not explicitly provide an investment rating for the sunscreen industry [2] Core Insights - The sunscreen e-commerce market is experiencing a slowdown in growth, with Tmall's sales declining and market share dropping to 35.4%. In contrast, Douyin's sales surged by 58% in 2023, capturing a market share of 52.4% [8][9] - The overall sales of sunscreen products on Taobao are projected to decline by 17.9% in 2024, with significant drops in specific categories such as sunscreen sprays and other products [11] - Douyin is emerging as a dominant platform for sunscreen sales, with sunscreen cream sales reaching 51.8 billion, a 40.1% increase year-on-year [16] Summary by Sections E-commerce Trends - Tmall's sales are declining, with a 20% drop expected in 2024, while Douyin is rapidly gaining market share [8][9] - The sales figures for 2022 to 2024 show a stark contrast between platforms, with Douyin's growth outpacing Tmall and JD [10] Product Categories - Sunscreen cream remains the leading category with a projected sales figure of 33.5 billion in 2024, but it is expected to decline by 13.6% [11] - Sunscreen sprays are facing a significant decline of 38.2% in sales [11] Brand Performance - The top brands in the sunscreen market include Mistine, Anessa, and Cosme Decorte, with varying growth rates. Mistine is projected to have a sales figure of 6.4 billion in Douyin, showing a growth of 58.7% [19] - In Tmall, Mistine and Anessa are also leading but are experiencing declines in sales [21] - JD's top brand, Anessa, is expected to see a sales drop of 28.6% [24] Market Dynamics - The report highlights a shift in consumer preferences towards platforms like Douyin, which is reshaping the competitive landscape of the sunscreen market [8][16] - The overall market is characterized by a mix of declining sales in traditional platforms and robust growth in emerging channels [8][11]

Core Viewpoint - The article emphasizes the importance of integrating simple, scientifically validated habits into daily life to promote health and youthfulness, rather than setting unrealistic goals for the new year. Group 1: Daily Habits for Health - Standing against a wall for 10 minutes daily can improve posture and help with muscle training, effectively burning calories [2] - Eating until 80% full can slow aging by 2-3% and reduce mortality risk by 10-15%, as supported by a study published in 2023 [4] - Regular sun protection is crucial for skin health, as UV rays accelerate aging; using sunscreen and protective clothing is recommended [5][6] Group 2: Mental and Physical Well-being - Learning a new skill each month can stimulate the brain and help maintain cognitive function [7] - Going to bed 15 minutes earlier each night can enhance the body's repair processes, aligning with natural hormone cycles [8] - Staying hydrated is essential, with a recommendation of 1500-1700 milliliters of water daily to prevent accelerated aging [9] Group 3: Stress Management and Physical Activity - Taking 10 minutes daily to relax and clear the mind can reduce stress and its aging effects, with studies showing a potential 3-year increase in biological age under stress [10] - Engaging in 15 minutes of strength training each day can significantly slow biological aging, with research indicating a 3.9-year delay in aging for those who train regularly [11][12]

Group 1 - The article addresses common misconceptions about various topics, including AI content generation, NFC technology, flu vs. cold, allergy medications, electric toothbrushes, dietary oils, carbon plate running shoes, sun protection, dried food storage, and electric vehicles in rain [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16]. Group 2 - The article emphasizes the importance of scientific understanding and debunking myths to enhance public knowledge and safety [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16].