Investment Rating - The report provides a positive investment rating for the beauty and retail sectors, recommending companies with strong brand capabilities and innovative product lines [4][12][91]. Core Insights - The beauty industry is experiencing a weak recovery in 2024, with domestic brands showing further differentiation in performance. The focus for 2025 is on three investment themes: strong brands, new channels, and new market segments [12][91]. - The medical beauty sector is characterized by intense competition in the hyaluronic acid market, while the collagen segment shows high growth potential. Companies with strong channel management and product operation capabilities are recommended [6][12][231]. - The retail sector is witnessing a transformation, with traditional supermarkets undergoing adjustments to enhance service capabilities. The report highlights the success of the "胖东来" model in improving operational efficiency for various supermarket chains [7][268][319]. Summary by Sections Beauty Sector - The beauty market is projected to recover slowly in 2024, with domestic brands like 珀莱雅 and 巨子生物 expected to perform well due to their strong product and marketing capabilities [12][91]. - The report emphasizes the importance of new product pipelines and effective channel management in the medical beauty industry, recommending companies like 锦波生物 and 爱美客 [6][12][231]. Retail Sector - The report notes that the retail sector is gradually recovering, with companies like 名创优品 and 重庆百货 showing promising growth through innovative store formats and international expansion [7][268][319]. - The overall retail sales in China for the first ten months of 2024 reached 39.90 trillion yuan, with a year-on-year growth of 3.5%, indicating a steady recovery in consumer spending [8][46]. Jewelry Sector - The gold and jewelry market is facing short-term pressure due to high gold prices, but long-term demand is expected to improve as consumer sentiment stabilizes [243][247]. - The report recommends companies with strong market sensitivity and product design capabilities, such as 老凤祥 and 潮宏基, as potential investment opportunities in the jewelry sector [253][280]. Professional Retail - The AI smart glasses market is rapidly developing, with companies that provide customized vision correction solutions expected to benefit significantly. Recommendations include 明月镜片 and 博士眼镜 [13][264]. - The report highlights the importance of adapting to changing consumer preferences and the growth potential in the mother and baby sector, suggesting investments in companies like 孩子王 and 爱婴室 [131][175].
商贸零售行业2025年度投资策略：美护求稳、零售谋变
民生证券·2024-12-22 02:51