美容护理行业周报：消费悲观情绪改善，建议关注美护板块估值修复

Investment Rating - The industry investment rating is "Overweight" (maintained) [3][15] Core Viewpoints - The report highlights that multiple significant policies supporting economic growth have been introduced, which are expected to improve consumer pessimism. The central bank's announcement to lower existing mortgage rates and unify the minimum down payment ratio for first and second homes is anticipated to boost consumer sentiment. The report suggests focusing on the beauty and personal care sector for valuation recovery [4][10]. Summary by Sections Economic Policies and Consumer Sentiment - The central bank has announced a reduction in existing mortgage rates by approximately 0.5 percentage points and has unified the minimum down payment ratio for second homes from 25% to 15%. Additionally, Shanghai has launched a service consumption voucher program worth 500 million yuan to stimulate spending in various sectors [4]. Company Developments - Runben Co., Ltd. plans to invest 700 million yuan in the "Runben Intelligent Manufacturing Future Factory Project" to enhance production capacity and product quality in personal care and cosmetics manufacturing [5]. - Huaxi Biological's new production base in Xiangtan has officially commenced operations, with a total investment of 200 million yuan. The facility is expected to generate an annual output value exceeding several hundred million yuan and will produce a range of medical devices [6][9]. Market Trends and Opportunities - The report indicates that the long-term penetration rate of medical aesthetics is expected to continue rising. Companies such as Juzhi Biotechnology and Aimeike are highlighted for their promising sales performance and product pipelines. The report also notes that domestic beauty brands are likely to maintain a competitive edge due to their brand, channel, product, and operational advantages [10].