高盛：中国消费者关系_在线品牌追踪_白色家电_啤酒继续领先；体育落后；化妆品改善

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it highlights outperforming and underperforming brands, indicating a mixed outlook for different segments. Core Insights - The report indicates a divergence in performance across key consumer categories, with white goods and beer leading at 38% and 20% year-over-year growth respectively, while discretionary segments like women's clothing and sportswear showed declines of -20% and -7%/-11% year-over-year in September [2][11]. - Local brands in cosmetics, such as Proya and Giant, demonstrated strong growth at 37% year-over-year, while multinational corporations (MNCs) like Estee Lauder and Shiseido regained market share but faced challenges with negative two-year compound annual growth rates (CAGR) [3][28]. - The infant milk formula (IMF) category saw a growth of 17% year-over-year in September, with local brands like Yili and Feihe performing well, while MNCs like Mead Johnson faced declines [19][20]. Category Performance Summary - White Goods: Continued strong performance with 38% year-over-year growth, supported by trade-in policies [10][11]. - Beer: Grew by 20% year-over-year, indicating robust consumer demand [11]. - Cosmetics: Local brands outperformed MNCs, with Proya and Giant at 37% growth, while MNCs like Whoo faced a decline of 10% year-over-year [3][25][28]. - Sportswear: Both local and MNC brands showed slight deceleration in online growth due to seasonal factors, with declines noted in sales [4][16]. - Infant Milk Formula: Local brands like Yili and Feihe grew by 47% and flat respectively, while MNCs like Nutrilon faced a decline of -24% year-over-year [19][20]. Brand Performance Summary - Outperforming Brands: Gree, Haier, Pop Mart, Lululemon, Collgene, KANS showed strong sales growth [7]. - Underperforming Brands: Mengniu, Byhealth, QuadHA, Ecovacs, Carlsberg faced challenges in sales performance [7]. - Cosmetics Brands: Proya and Giant led with 37% growth, while Whoo declined by 10% year-over-year [25][28].