中信证券：维持美妆与商业行业“强于大市”评级

Core Viewpoint - The era of GEO has arrived, with the GenAI wave gradually reshaping information distribution logic, leading to a new round of structural changes driven by shifts in search paradigms, user decision-making logic, and brand focus [1] Group 1: Industry Trends - Tax compliance and stricter regulations are driving an increase in industry concentration [1] - Changes in the traffic environment indicate a solidification of market structure and an acceleration of concentration among leading firms [1] Group 2: Company Opportunities - Comprehensive operational capabilities are becoming the key to success, benefiting leading group enterprises overall [1] - The trend towards further compliance in e-commerce is pushing consumer spending back to offline channels, favoring brands with a higher offline presence [1] - Companies that demonstrate significant R&D investment and lead in brand and content layout are likely to be the first to benefit in the GEO era [1] Group 3: Market Rating - The beauty and commercial sectors maintain a "stronger than the market" rating [1]