申万宏源：3月化妆品社零高增预计26Q2旺季再创新高_老虎社区_美港股上老虎

申万宏源：3月化妆品社零高增预计26Q2旺季再创新高

智通财经04-20

智通财经APP获悉，申万宏源发布研报称，据国家统计局，3月单月我国化妆品社零增速8.3%，Q1累计增速5.9%，全面跑赢社零整体大盘，印证美妆需求端韧性的同时，也彰显26年以来需求端逐月回暖的趋势。在良好趋势的带动下，预计26Q2尤其是618大促，将在25年同期相对低基数的背景下，增速再创新高。申万宏源主要观点如下：品牌端稳健增长，制造端边际改善化妆品医美行业26Q1业绩前瞻。化妆品方面，品牌端...

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