天风证券：双十一美妆大促总体增长稳增头部国货美妆加大投入积极寻求转型

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智通财经APP获悉，天风证券发布研报称，2025美妆双十一大促呈现“总量稳增、高增长集中于细分品类与核心渠道”的鲜明特征。从市场趋势来看：国产升级外资发力，国货以及高端外资品牌排名向前，高端美护表现回暖；淘天渠道回温，头部国货美妆加大投入；头部企业积极寻求转型，从流量驱动到品牌驱动。天风证券主要观点如下：双十一大促表现优异，美妆品类稳健增长2025双十一期间电商零售额近2.4万亿元，同比增长超...

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天风证券：双十一美妆大促总体增长稳增 头部国货美妆加大投入积极寻求转型

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天风证券：双十一美妆大促总体增长稳增头部国货美妆加大投入积极寻求转型