中信证券：维持美妆行业“强于大市”评级

Core Viewpoint - The beauty and personal care sector has shown weak performance since the Double Eleven event, reflecting a pessimistic market outlook, with the beauty index declining by 12% since September 16 [1] Group 1: Market Dynamics - The recent promotional strategy shift, focusing on "supporting the strong," has allowed international high-end brands to gain market share during the Double Eleven event [1] - Tax policy adjustments, including mandatory reporting of sales and tax data transparency, along with stricter enforcement of "advertising tax," are impacting the industry [1] Group 2: Investment Opportunities - Current market pressures may be interpreted as temporary, presenting opportunities to identify structurally beneficial undervalued stocks [1] - Despite the potential for opportunity, there are significant concerns regarding downward pressure on product prices, the difficulty in launching successful new products, and the rarity of "dark horse" brands, which are critical issues for long-term growth in the sector [1] Group 3: Industry Rating - The beauty industry maintains a rating of "outperforming the market" [1]