美容护理行业周报：2024年社零同比增长3.5%

Investment Rating - The report assigns a "Market Index Rating" of "Bullish" indicating that the Shanghai and Shenzhen 300 Index is expected to rise by 20% or more in the next six months [33]. Core Insights - The beauty and personal care sector outperformed the market with a weekly increase of 4.34%, while the Shanghai and Shenzhen 300 Index rose by 2.14%, indicating a 2.2 percentage points outperformance [15][16]. - The overall performance of cosmetics in 2024 was weak, with a year-on-year decline of 1.1% in retail sales, contrasting with a 3.5% growth in total retail sales [4][26]. Market Performance - The beauty care sector's weekly performance was 4.34%, compared to the previous week's decline of 2.73%, and a year-to-date decline of 12.65% [16]. - The top five performing stocks in the beauty care sector included Yiyi Co. (22.04%), Mingchen Health (14.86%), Jieya Co. (11.43%), Baiya Co. (10.55%), and Beijia Co. (9.67%) [18][20]. Industry News - Jinbo Biological's ProtYouth products received FDA certification, enhancing the company's reputation for quality and R&D capabilities [4][25][26]. - The import of beauty and personal care products in China saw a decline, with a total import volume of 324,778.8 tons in 2024, down 9.4% year-on-year [22]. Company News - Jiangsu Chuangjian Medical Technology Co., Ltd. submitted an application for public stock issuance and listing on the Beijing Stock Exchange, positioning itself as a leader in the recombinant collagen industry [5][23]. - Jinbo Biological's FDA-certified collagen serums are noted for their high activity, concentration, and permeability, aimed at skin nourishment and wrinkle reduction [26]. Investment Recommendations - The report suggests focusing on high-quality domestic brands that maintain strong growth despite the weakening channel dividends in the cosmetics sector [6]. - The medical beauty sector, particularly in recombinant collagen and regenerative products, is highlighted as having significant investment value, with recommendations for leading companies like Aimeike and Jiangsu Wuzhong [6].