东兴证券：医美消费兼具创新型消费和服务类消费概念

Group 1 - The core viewpoint is that the medical beauty market in China is in a stage of increasing penetration, with high industry prosperity [2] - The supply side is seeing rapid development in new material technologies, such as recombinant collagen and "regenerative injectables," leading to more effective product options for consumers [2] - The demand side is driven by trends in "self-consumption" and "emotional consumption," making medical beauty services align well with current consumer trends [2] Group 2 - The medical beauty industry is expected to experience significant growth elasticity due to policies aimed at expanding domestic demand [2] - It is recommended to focus on leading midstream medical beauty product manufacturers with clear market positioning and strong technological, qualification, and channel barriers [2]