中信证券：国货品牌化妆品有望在竞争格局维度受益于市场需求变化

Core Viewpoint - The report from CITIC Securities indicates that the development of the Japanese cosmetics industry over the past century has been closely linked to economic growth and changing consumer demand, highlighting structural opportunities in the market post-1980s [1] Group 1: Economic and Demand Evolution - Before the 1980s, the Japanese cosmetics industry experienced high economic growth and industry expansion [1] - After the 1980s, the industry saw a slowdown, with demand characteristics giving rise to structural opportunities [1] Group 2: Product and Pricing Trends - There is a differentiation in product pricing, with stable high-end demand and an increase in cost-performance products driven by the demand for effective cosmetics [1] - The evolution of distribution channels is influenced by cost-performance, with drugstores leveraging low prices to gain market share [1] Group 3: Market Comparison between Japan and China - The current market environment in China shows similarities to Japan's post-1980s, with a stable growth phase and consumer preferences reflecting cost-performance and effective skincare [1] - However, there are significant differences in market structure, with foreign brands dominating the top market in Japan, while domestic brands in China are better aligned with current consumer demands for quality and price-performance [1]