美容护理行业月度点评：大促提前开启，期待国货龙头“双十一”表现

Investment Rating - The report maintains an industry rating of "In line with the market" [1] Core Viewpoints - The cosmetics sector is experiencing pressure on sales as the "Double Eleven" shopping festival approaches, with various platforms extending their promotional periods and adjusting strategies to support merchants rather than focusing solely on low prices [6][11] - The report highlights the strong growth potential of the cosmetics sector, which is currently at a historical low valuation, suggesting a recovery driven by recent policy changes [11][12] - The medical beauty segment is expected to see gradual improvement in market conditions due to the approval of several new products and supportive policies [12] Market Performance Review - The Shenwan Beauty and Personal Care Index rose by 25.85% from September 16 to October 15, 2024, ranking 8th among 31 sub-industries, outperforming the Shanghai Composite Index and CSI 300 Index by 7.47 percentage points and 3.8 percentage points, respectively [13] - The monthly performance of sub-sectors within beauty care included a 17.37% increase in personal care products, 24.64% in cosmetics, and 36.5% in medical beauty [13] Industry Data Tracking - Sales across major channels are under pressure as the "Double Eleven" event approaches, with monthly GMV for skincare and cosmetics on Tmall, Douyin, and Kuaishou showing declines of 9.7%, 8.8%, and 14.5% respectively [5][10] - The top five brands in the skincare category on Tmall include Proya, L'Oreal, Olay, Winona, and TTS, while Douyin's top five are Han Shu, Estée Lauder, Gu Yu, Proya, and La Mer [10][27] Related Company Announcements - Proya and other domestic brands are expected to perform well during the upcoming "Double Eleven" due to their strong operational capabilities and product offerings [11][12] - Aimeike's subsidiary received approval for a clinical trial of a new weight management product, indicating ongoing innovation in the medical beauty sector [36]