美护行业：超长双十一大促开启，龙头美妆品牌开门红

Investment Rating - The report maintains a "positive" investment rating for the retail industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [5][14]. Core Insights - The 2024 Double Eleven pre-sale has commenced with major platforms launching promotions earlier than in 2023, reflecting intensified competition among platforms and a shift in consumer behavior towards value-oriented purchases [2][6]. - Tmall's pre-sale performance on the first day showed strong consumer engagement, with multiple brands achieving significant sales within minutes, indicating a robust demand in the beauty sector [2][6]. - International beauty brands are increasing discounts and promotional efforts to maintain market share against rising domestic brands, which are showing resilience and growth despite overall market slowdowns [2][6]. Summary by Sections Promotional Activities - Major platforms like Taobao, JD, Douyin, and Pinduoduo have started their promotional activities significantly earlier than in 2023, with Taobao and JD starting on October 14, and Douyin on October 8 [2]. - The promotional strategies include substantial discounts, cash vouchers, and various incentives to attract consumers, with Taobao investing an additional 30 billion yuan in consumer vouchers [2]. Sales Performance - Tmall reported that within the first 10 minutes of the Double Eleven event, 13 brands surpassed 100 million yuan in sales, with a total of 20 brands achieving this milestone within the first 30 minutes [2]. - The overall sales performance across categories such as home appliances and apparel also showed significant year-on-year growth, with home appliances seeing a 765% increase in sales compared to the previous year's pre-sale [2]. Brand Competition - The report highlights that while international brands are enhancing their promotional strategies, domestic brands like Proya and Huaxi Biological are maintaining strong positions in the market, with Proya ranking first in sales during the pre-sale [2][6]. - The competitive landscape is shifting, with domestic brands increasingly capturing market share from international counterparts, necessitating that international brands enhance their product offerings and marketing efforts [2][6]. Investment Recommendations - The report recommends focusing on high-quality domestic beauty brands that have demonstrated strong product capabilities and brand strength, such as Proya and Beitaini, as they are well-positioned to benefit from the ongoing market dynamics [6][7].