关注重组胶原蛋白赛道与美妆双11大促提振

Investment Rating - The report maintains a cautious outlook on the beauty and personal care industry, with a focus on the potential recovery in the medical aesthetics and beauty sectors during the second half of 2024 [12][15]. Core Insights - The report highlights that the performance of the recombinant collagen and jewelry sectors has been adjusted positively, while the beauty brands continue to show a trend of differentiation and improvement, albeit with increasing difficulty due to a weakening market and rational consumer behavior [12][13]. - The report recommends specific companies such as Juzhi Biotechnology, Proya, Shangmei, and Runben for investment consideration [15]. Summary by Sections 1. Industry Overview: Weakness and Anticipation of Recovery - The optional consumption sectors, including cosmetics and jewelry, showed a decline in performance in Q2 2024, with retail growth rates dropping to 1.0% and 0.2% respectively by June [20]. - The beauty and jewelry sectors have underperformed the CSI 300 index by over 20 percentage points since the beginning of 2024, with better-performing stocks being those with relatively low valuations [12][23]. 2. Performance: Scarcity of Growth and Increasing Differentiation - Growth has become increasingly scarce, with a notable differentiation in performance among brands. Recombinant collagen companies like Juzhi Biotechnology have seen significant upward adjustments in performance, while only a few jewelry companies have shown similar trends [13][15]. - The beauty sector continues to experience a divergence in brand performance, with some brands showing initial signs of improvement despite a generally weak market [15]. 3. Investment Recommendations: Focus on Recombinant Collagen and Major Promotions - The report suggests focusing on the recombinant collagen sector and the upcoming Double 11 promotional event in the beauty sector as potential catalysts for recovery [15][27]. - It emphasizes the importance of tracking the recovery progress in medical aesthetics and brand performance during major promotional periods in the second half of 2024 [15][27].