年度策略｜美容护理：消费细分格局重塑机遇期，强渠道运营力为核心

方正证券研究01-04

本文来自方正证券研究所于2025年12月29日发布的报告《2026美容护理行业年度策略：消费细分格局重塑机遇期，强渠道运营力为核心》，欲了解具体内容，请阅读报告原文。分析师：周昕S1220524100007谷寒婷S1220524030001报告内容1、美护＆大健康板块投资主线：美护＆大健康行业的核心驱动力是新渠道增长红利与竞争格局迭代，不同板块成长与竞争状态分化：保健品新渠道红利最为显著，同时行业...

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