Investment Rating - The report maintains a "Recommended" investment rating for the optional consumption industry [1] Core Insights - The optional consumption sector is experiencing a mixed performance, with specific segments like hotel and catering benefiting from the listing of Mixue Ice City, which catalyzed a 3.93% increase [4][14] - The beauty and personal care segment saw a slight year-on-year growth of 2.5% in GMV during the 3.8 beauty festival, indicating a stable demand despite broader market fluctuations [5][22] - Domestic brands are gaining market share, contributing 41.7% of GMV during the recent promotional event, up by 6.4 percentage points from the previous year [5][23] Summary by Sections Market Performance - For the week of February 24-28, 2025, the retail, social services, and beauty care sectors experienced declines of -0.67%, -2.82%, and -0.55% respectively, ranking 13th, 25th, and 12th among 31 primary industries [3][12] - The overall market indices also showed negative performance, with the Shanghai Composite Index down by -0.95% and the Shenzhen Component Index down by -3.46% [12][15] Key Data and Updates - The 3.8 beauty festival led by Li Jiaqi featured 380 beauty products from 141 brands, generating over 9.3 billion yuan in GMV, with skincare products accounting for 74.5% of the total [5][22] - Notable brands such as Proya and Kose have shown strong sales performance, with Proya maintaining its leading position in the market [6][23] Key Events and Announcements - The listing of Mixue Ice City on the Hong Kong Stock Exchange on March 3, 2025, saw its stock price rise by 43.2% on the first day, reaching a market capitalization of 109.3 billion HKD [26] - The announcement of new policies to promote high-quality elderly care services by the National Development and Reform Commission indicates a potential growth area within the social services sector [25]
美护商社行业周报：38大促开启，蜜雪冰城上市
Guoyuan Securities·2025-03-04 05:17