医美化妆品11月月报：巨子生物医美管线获优先审批，高端国货美妆毛戈平熠熠生辉

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The report emphasizes the growth potential in the medical beauty and cosmetics sectors, particularly highlighting the advancements in collagen products and the strong performance of domestic high-end cosmetics brands [8][55]. Summary by Sections 1. Market Review - The beauty and personal care index fell by 0.84% in November, ranking 24th among all primary industries, underperforming the broader market which saw a 1.42% increase [19][25]. 2. Medical Beauty: Focus on Collagen Products - The report highlights that Giant Biological's collagen injection product received priority approval, indicating a strong outlook for the collagen market, which has a high ceiling for growth [6][40]. - Several new regenerative injection products are expected to enhance consumer choices and market education [41]. 3. Cosmetics: High-End Domestic Brands Shine - The report notes that high-end cosmetics, particularly those from domestic brands like Mao Ge Ping, are gaining traction in a market traditionally dominated by international brands [7][44]. - Mao Ge Ping's unique positioning and strong offline presence contribute to its competitive advantage, with a focus on high-quality service and customer loyalty [45][47]. 4. Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to continue gaining market share, particularly in the medical beauty and cosmetics sectors [8][55]. - Specific companies highlighted for investment include Aimeike, Kedi-B, and Ruiben Co., which are positioned well for growth due to their innovative product lines and market strategies [55][57].