微信小店“送礼物”功能开发新礼赠场景，潮玩/化妆品望优先受益

Investment Rating - Buy (Maintain Rating) [69] Core Insights - The beauty and personal care sector is experiencing a shift towards multi-channel operations as online traffic reaches a peak and costs remain high. Domestic beauty brands are quickly adapting to new opportunities presented by WeChat stores, while international brands are slower to respond [11][80]. - The collectible toy market is thriving due to its ability to meet social needs and emotional recognition, with the new gifting feature on WeChat expected to drive significant demand. The emotional consumption trend is rising, with collectible toys becoming more popular in gifting scenarios [11][80]. - The gold and jewelry sector is seeing improved sales dynamics, with a focus on gold price trends and the potential release of pent-up demand during the upcoming Spring Festival [89]. Summary by Sections Beauty and Personal Care - The retail total for cosmetics from January to November reached 401.5 billion yuan, showing a year-on-year decline of 1.3%. In November alone, retail sales were 43.4 billion yuan, down 26.4% year-on-year [11]. - Key performers in the beauty sector include Reliable Co., Nobon Co., Baozun E-commerce, and Ruoyu Chen, which have shown significant growth [43][50]. - The WeChat store's new gifting feature is expected to benefit brands with strong gifting products and high-end cosmetics [89]. Gold and Jewelry - The gold jewelry market is experiencing a seasonal improvement in sales, with October showing a month-on-month increase compared to Q3, and November remaining stable [89]. - Key companies to watch include Laopu Gold, Zhou Dazheng, and Chao Hongji, particularly in relation to gold price fluctuations and consumer demand during the Spring Festival [89]. Market Trends - The overall market indices, including the Shanghai Composite Index and Shenzhen Component Index, have seen declines of 1.06% and 1.34% respectively over the past two weeks, with the beauty and personal care sector down 0.28% and gold jewelry down 1.49% [19][20]. - Raw material prices, including palm oil and crude oil, have also seen declines of 6.27% and 0.61% respectively in the same period [86].