美护商社行业周报：6月CPI同比由降转涨，稳就业政策支持加码-20250715

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][31]. Core Insights - The June CPI has turned from decline to increase, with a year-on-year rise of 0.1%, marking the end of four consecutive months of decline. Core CPI also rose by 0.7%, the highest increase in nearly 14 months [3][22]. - The report highlights significant events in the beauty care sector, including the ranking of brands on Tmall and the entry of certain brands into new sales channels [3][23]. - The travel sector shows a recovery with a 5.7% week-on-week increase in flight operations, and a year-on-year increase of 4.1% compared to 2024 [4][28]. Market Performance - For the week of July 7-11, 2025, the retail trade, social services, and beauty care sectors saw increases of +2.20%, +2.11%, and +1.52% respectively, ranking 11th, 13th, and 20th among 31 primary industries [14][19]. - The internet e-commerce, trade, and professional services sub-sectors performed particularly well, with increases of +4.37%, +4.36%, and +4.14% respectively [16][19]. Key Industry Data and News - The report notes that the beauty care category on Tmall saw a shift in brand rankings, with local brands' market share decreasing slightly [23]. - The government has introduced policies to stabilize employment and support market expectations, which are expected to drive economic growth [3][22]. Company Announcements - Guilin Tourism expects a significant profit increase of 142% year-on-year for H1 2025, while Chongqing Department Store reported a net profit increase of 8.74% [29][30]. - Companies like Guibao Pet are investing in smart warehousing to enhance operational efficiency [30]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzhibio, Marubi, Runben, Proya, Chaohongji, Blukoo, and Furuida within the beauty care and new consumption sectors [5][31].