餐饮和化妆品怎么没跟上消费板块?

Core Viewpoint - The current hot sectors in the Chinese stock market are new consumption areas such as toys, tea drinks, and snacks, while traditional sectors like dining and cosmetics are lagging behind, with negative average growth rates in 2023 [1][14]. Dining Industry - The dining sector is experiencing a comprehensive downturn, with major players like Haidilao showing minimal growth, while tea drink companies are accelerating [1][7]. - The dining market is projected to grow at approximately 5.3% in 2024, contrasting with the 20% growth in the ready-to-drink tea segment, indicating a negative growth trend for dining [2][7]. - The dining industry faces challenges such as high competition, a saturated market with 9 million restaurants, and a business model that often prioritizes novelty over customer retention [7][9]. - Major dining companies are struggling with profitability, as evidenced by significant declines in net profits for brands like Jiumaojiu and Jiabujiahe [2][8]. - The dining sector's business model is unsustainable, with many restaurants failing to maintain long-term customer engagement, leading to a high turnover of brands [9][10]. Cosmetics Industry - The overall growth rate of the cosmetics industry is declining, with a notable 9% drop in imported cosmetics in 2024, indicating that domestic companies are not entirely to blame for the downturn [14][16]. - Consumer behavior is shifting towards reducing non-essential spending, impacting higher-priced cosmetics, which are often seen as replaceable [16][21]. - The performance of cosmetic companies is highly variable, with some achieving significant growth while others, like Aimeike and Huaxi Shengwu, face severe declines [18][21]. - The rise of new product trends, such as collagen-based skincare, is reshaping the competitive landscape, leading to the decline of established brands that fail to innovate [21][23]. - The cosmetics sector is characterized by intense competition and frequent brand turnover, making it difficult for companies to maintain long-term growth and stability [23][24]. Conclusion - Both the dining and cosmetics industries are facing significant challenges that hinder performance and valuation compared to more successful sectors like ready-to-drink tea and snacks [24].