美容护理行业2025年中期投资策略：焕新变革

东海证券2025-07-08

美护行业符合悦己需求，消费者对于情绪价值的追求持续提升，带动悦己型消费升温。化妆品：挖掘国货Alpha机遇。行业渠道红利下行，行业竞争程度加剧，在此背景下，大单品产品力、品牌矩阵等助力国货优质企业快速发展，国货市占率有望不断提升。建议关注：1）国内化妆品龙头，产品矩阵丰富标的：珀莱雅；2）产品高速放量：上美股份；3）聚焦高端奢侈彩妆：毛戈平。医美：关注细分赛道。行业景气度短期有所承压，医美产品...

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美容护理行业2025年中期投资策略：焕新 变革

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美容护理行业2025年中期投资策略：焕新变革