东方证券：2026年零售美护行业展望聚焦内需、出海与美护创新

智通财经2025-12-30

智通财经APP获悉，东方证券发布研报称，“十五五”开局年零售业成为内需发力重点，渠道调改与情绪消费助推增长；跨境电商依托产品创新与AI工具强化出海竞争力；美容护理行业以技术突破与全渠道融合进入新阶段。东方证券主要观点如下：十五五开局年来临，零售业是发力内需的重要着力点，渠道调改、情绪价值方兴未艾1)中央经济工作会议定调十五五坚持内需主导，零售业重要性再获提升，叠加2026年超长春节形成拉动旺季消费...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2595752016?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-30 09:37","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2595752016","market":"hk","top_or_hot":-1,"title":"东方证券：2026年零售美护行业展望 聚焦内需、出海与美护创新","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，东方证券发布研报称，“十五五”开局年零售业成为内需发力重点，渠道调改与情绪消费助推增长；跨境电商依托产品创新与AI工具强化出海竞争力；美容护理行业以技术突破与全渠道融合进入新阶段。东方证券主要观点如下：十五五开局年来临，零售业是发力内需的重要着力点，渠道调改、情绪价值方兴未艾1)中央经济工作会议定调十五五坚持内需主导，零售业重要性再获提升，叠加2026年超长春节形成拉动旺季消费...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1386934.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>东方证券：2026年零售美护行业展望 聚焦内需、出海与美护创新</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n东方证券：2026年零售美护行业展望 聚焦内需、出海与美护创新\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-30 09:37 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1386934.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，东方证券发布研报称，“十五五”开局年零售业成为内需发力重点，渠道调改与情绪消费助推增长；跨境电商依托产品创新与AI工具强化出海竞争力；美容护理行业以技术突破与全渠道融合进入新阶段。东方证券主要观点如下：十五五开局年来临，零售业是发力内需的重要着力点，渠道调改、情绪价值方兴未艾1)中央经济工作会议定调十五五坚持内需主导，零售业重要性再获提升，叠加2026年超长春节形成拉动旺季消费...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1386934.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1564","symbol_name":"中资券商股","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1386934.html","article_id":"2595752016","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2595752016","pubTimestamp":1767058629,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，东方证券发布研报称，“十五五”开局年零售业成为内需发力重点，渠道调改与情绪消费助推增长；跨境电商依托产品创新与AI工具强化出海竞争力；美容护理行业以技术突破与全渠道融合进入新阶段。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600958":"东方证券","BK1564":"中资券商股","BK0183":"MSCI概念","BK0188":"融资融券","03958":"东方证券","BK0012":"证金概念","BK1147":"投资银行业与经纪业","BK0028":"国家队","BK0276":"资本市场"},"translate_title":"Orient Securities: Outlook for the retail beauty care industry in 2026 focuses on domestic demand, going overseas and beauty care innovation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600958":1.5,"03958":1.5},"content_text":"智通财经APP获悉，东方证券发布研报称，“十五五”开局年零售业成为内需发力重点，渠道调改与情绪消费助推增长；跨境电商依托产品创新与AI工具强化出海竞争力；美容护理行业以技术突破与全渠道融合进入新阶段。东方证券主要观点如下：十五五开局年来临，零售业是发力内需的重要着力点，渠道调改、情绪价值方兴未艾1)中央经济工作会议定调十五五坚持内需主导，零售业重要性再获提升，叠加2026年超长春节形成拉动旺季消费，区域头部零售企业Q1有望迎来“开门红”。2)在经历2024-25年的初步探索后，零售企业加快调改步伐、经营效果已有体现，后续调改思路围绕薪酬机制、供应链、场景(即人、货、场)继续推进。3)折扣业态、情绪消费崛起，珠宝零售、母婴零售集中度延续提升。出海景气度依旧高企，跨境电商供给侧改善、产品力突围1)2025年外贸依旧“有底气、有朝气、有锐气”，跨境电商渗透率仍有翻倍提升空间，虽性价比/质价比逻辑依旧存在，但头部企业依托产品创新、品牌势能强化有望加速领跑。2)展望2026年，关税成本趋降背景下多数企业利润率有望修复；税收稽查推动行业合规发展，供给侧优化推动集中度提升。3)美国黑五揭示AI分发流量逻辑的兴起，跨境B2B企业深挖AI工具创新有望进一步增收。美容护理品牌、渠道、科技多元化叙事正在强化1)A股美护板块营收增速与归母净利增速的剪刀差进一步改善，毛利率虽延续提升趋势但毛销差小幅降低，行业发展正进入新阶段。2)植物提取、生物发酵等技术兴起，原料作为化妆品“芯片”成为各企业发力方向，2026年PDRN/ECM等更多成分有创新及应用值得期待。3)线上投流成本提升的背景下，全渠道融合或更为关键。投资建议：线下零售相关标的重庆百货、名创优品、东方甄选、孩子王；出海链相关标的小商品城、焦点科技、安克创新、绿联科技、苏美达；美护相关标的上美股份、毛戈平、珀莱雅、若羽臣、美丽田园医疗健康；AI+相关标的康耐特光学、爱施德。风险提示：行业竞争加剧、贸易摩擦重现、新品创新不及预期、假设条件变化影响测算结果。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2595752016","isCrawlerRequest":true}

东方证券：2026年零售美护行业展望 聚焦内需、出海与美护创新

精彩评论

东方证券：2026年零售美护行业展望聚焦内需、出海与美护创新