美容护理行业月度点评：美妆大盘回暖，消费信心或将持续修复

Investment Rating - The report maintains an industry rating of "in line with the market" [2][3]. Core Viewpoints - The beauty market is showing significant recovery due to extended promotional periods, low base effects from the previous year, and increased consumer bundling behavior. Domestic brands, particularly Proya, are solidifying their leading positions, although competition is intensifying as international brands return to the market [11][22]. - The report highlights the strong performance of the skincare and cosmetics categories, with notable growth in GMV across major platforms like Tmall, Douyin, and Kuaishou [10][22]. - The medical aesthetics sector is benefiting from favorable policies aimed at high-quality development, with leading companies expanding their international presence [23]. Summary by Sections 1. Core Viewpoints - The report maintains an "in line with the market" rating for the beauty industry, noting a significant recovery in the beauty market driven by promotional activities and consumer behavior [11][22]. - Domestic brands are gaining strength, with Proya leading in both Tmall and Douyin channels, while international brands are also making a comeback [22]. 2. Market Performance Review - The beauty and personal care index rose by 4.92% from October 16 to November 15, 2024, outperforming the Shanghai Composite and CSI 300 indices [26]. - Among the sub-sectors, cosmetics saw an 11.91% increase, while personal care products and medical aesthetics rose by 7.92% and 8.3%, respectively [26]. 3. Industry Information Tracking - In October 2024, the combined GMV for skincare and cosmetics on Tmall, Douyin, and Kuaishou reached 241.47 billion yuan, 251.99 billion yuan, and 55.45 billion yuan, reflecting substantial month-on-month growth [10][42]. - The report notes that the skincare category experienced a remarkable growth rate of 232.8% on Tmall, while cosmetics also saw significant increases [10][42]. - The competitive landscape is shifting, with a concentration of market share among top brands, particularly Proya, L'Oreal, and Lancôme in skincare, and brands like Shiseido and NARS in cosmetics [10][42].