零售美护行业四季度策略暨重点推荐组合：美护先行，零售跟进

Investment Rating - The report rates the retail beauty care industry as "Positive" [1] Core Insights - The beauty care sector has led the current market rally with a 41% increase, with companies like Aimeike, Beitaini, and Huaxi leading with over 50% gains. The fundamentals of most leading companies remain robust, and attention is drawn to the second-tier players as the Double 11 shopping festival approaches [2][30] - The retail sector has seen a 27% increase in the commercial retail index, indicating a valuation recovery trend [2][35] - The gold and jewelry sector has lagged with a 19% increase, primarily due to high gold prices affecting consumer purchasing behavior [2][33] Summary by Sections 1. Beauty Care - The beauty care industry has transitioned from foreign brand dominance to a resurgence of domestic brands, with significant market share growth for brands like Perleya and Han Shu. The industry growth rate has slowed from approximately 10% to flat, but leading domestic brands continue to show strong performance [7] - The current valuation for leading beauty care companies is around 25-30X PE, with some still trading around 20X PE. Focus is on companies with stable performance and potential catalysts from upcoming shopping events [2][30] 2. Gold and Jewelry - The gold jewelry sector has faced challenges with a 24.1% increase in gold prices since the beginning of the year, leading to a cautious consumer sentiment and weak demand for gold jewelry [2][12] - The sector's valuation is at historical lows, with leading jewelry companies trading at around 10X PE. A recovery in consumer confidence could lead to a valuation rebound [2][33] 3. Retail - The retail sector is experiencing a diverse performance, with some companies like Yonghui Supermarket and Kidswant seeing significant gains of 46% and 62%, respectively [2][35] - The report highlights the potential for mergers and acquisitions in the retail sector, which is typically an active area for such activities [20]