2025年美容护理中期投资策略：领跑新消费美妆个护全面崛起

申万宏源研究2025-06-10

回顾美容护理板块表现：新消费属性引投资热点，25Q1业绩领跑可选消费，618大促带高板块关注，三重利好催化下，25年初至今SW美容护理指数大涨13.4%，领涨31个SW一级行业。25H2预计势能持续，新成分、新细分赛道发力。化妆品：完善矩阵、布局新成分、与国潮谷子共舞，享受竞争格局优化红利。1）对标国际美妆个护集团，细分赛道布局+品牌矩阵建设，潜力巨大，预计25H2各国货公司将继续推进矩阵完善。2...

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2025年美容护理中期投资策略：领跑新消费 美妆个护全面崛起

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2025年美容护理中期投资策略：领跑新消费美妆个护全面崛起