近期，多家证券研究机构发布报告，维持对美妆商业行业的‘强于大市’评级。这一评级表明，在当前整体消费市场承压的背景下，美妆行业展现出较强的韧性与增长潜力。分析师指出，尽管宏观经济存在不确定性，但消费者对美妆产品的需求依然稳健，尤其是中高端护肤、功效型产品及国货新锐品牌持续受到青睐。支撑该评级的主要因素包括：一是消费升级趋势未改，Z世代和千禧一代对个性化、高性价比美妆产品的偏好推动品类创新；二是线上渠道持续渗透，直播电商、社交种草等新模式有效提升转化效率；三是国货品牌通过成分研发、包装设计和品牌叙事不断提升竞争力，市场份额稳步扩大。此外，随着暑期消费旺季临近及‘618’等促销节点带动，行业短期销售有望进一步回暖。长期来看，中国美妆市场仍处于成长期，人均消费水平相较成熟市场仍有较大提升空间。因此，机构普遍认为，美妆商业板块具备相对超额收益能力，建议投资者关注具有产品力、渠道力和品牌力的龙头企业。
Recently, multiple securities research institutions have maintained an ‘Outperform’ rating on the beauty and cosmetics retail sector. This rating indicates that, despite broader consumer market pressures, the beauty industry continues to demonstrate strong resilience and growth potential. Analysts note that while macroeconomic uncertainties persist, consumer demand for beauty products remains robust—particularly for mid-to-high-end skincare, efficacy-driven formulations, and emerging domestic brands.Key factors supporting this positive outlook include: first, ongoing consumption upgrading trends, with Gen Z and millennials driving innovation through their preference for personalized and value-for-money beauty products; second, deepening online channel penetration, where live-streaming e-commerce and social media-driven product discovery significantly enhance conversion rates; and third, rising competitiveness of local Chinese brands, which are gaining market share through advancements in ingredient R&D, packaging design, and brand storytelling.Moreover, with the summer shopping peak approaching and promotional events like the ‘618’ shopping festival providing near-term sales momentum, the sector is poised for further recovery. In the long term, China’s beauty market remains in a growth phase, with per capita spending still far below that of mature markets, leaving ample room for expansion. Consequently, institutions generally view the beauty retail segment as capable of delivering relative outperformance and recommend investors focus on leading companies with strong product, channel, and brand capabilities.
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