化妆品医美行业周报：政策提振消费，美护板块受益

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty sector, indicating a "Buy" recommendation due to favorable market conditions and policy support [3][5]. Core Insights - The cosmetics and medical beauty sector has outperformed the market, with the Shenwan Beauty Care Index increasing by 2.5% from December 6 to December 13, 2024, surpassing the Shenwan A Index by 2.7 percentage points [3][10]. - The central government's focus on boosting consumption and expanding domestic demand is expected to benefit the beauty care sector significantly, with brands like Marubi and Shanghai Jahwa seeing nearly 10% growth in stock prices [3][16]. - The report anticipates a recovery in consumer demand in 2025, driven by improved economic expectations and the rise of domestic brands, which will enhance the competitive landscape [3][17]. Summary by Sections Industry Performance - The beauty care sector has shown strong performance, with the Shenwan Cosmetics Index growing by 1.9% and the Shenwan Personal Care Index increasing by 7.5% during the same period [10][12]. - The report highlights that the beauty care sector is closely correlated with macroeconomic expectations, with a notable rebound observed since September 2024 [3][16]. Investment Strategy - The investment strategy for 2025 emphasizes the importance of domestic brands, affordable pricing, and niche markets as key growth drivers [3][17]. - The report identifies four critical elements for the cosmetics sector: domestic brands, affordability, segmentation, and brand matrix, which are expected to support performance in 2025 [3][17]. - In the medical beauty segment, companies are expected to benefit from rising household incomes and a shift towards more affordable and specialized products [3][18]. Key News and Developments - A new company, Shanghai Shumei Household Cleaning Products, has been established by Shumei's subsidiary, indicating a strategic expansion into the household cleaning sector [4][29]. - The report notes a continued decline in imported cosmetics, with a 11.5% drop in quantity and a 9% decrease in value from January to November 2024 compared to the previous year [4][30]. - The report also highlights the increasing export of cosmetics, with a 35.1% year-on-year growth in volume and a 23.3% increase in value in October 2024 [4][30]. Recommendations - For cosmetics, the report recommends brands with comprehensive product matrices and strong performance in live e-commerce, such as Proya, Shumei, and Marubi [5][19]. - In the medical beauty sector, the report suggests focusing on companies with strong R&D capabilities and broad product pipelines, recommending Aimeike as a key player [5][22]. - The e-commerce segment is also highlighted, with recommendations to monitor companies like Nanji E-commerce and Ruoyu Chen [5][23].