华源研究 | 国产替代趋势延续，优质国货凸显强α——美护行业2026年度投资策略

华源研究01-15

2025年行业发展回顾• 化妆品：品牌分化：国产替代趋势延续，竞争格局“稳态”与“新变”并存；渠道变革：天猫由高端美妆主导，抖音凸显国货崛起趋势；• 医美：消费端：高端求美者抗衰需求强劲；供给端：医美机构增速放缓，合规趋严驱动行业加速洗牌；• 个护：消费端：21-35岁女性为消费主力，年轻群体对个人护理逐步重视。2026年行业机会展望• 化妆品：产品：消费者需求升级驱动功效护肤市场高增；价格：大促...

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