关注高端国货美妆发展潜力

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The retail sector showed a slight increase of 0.85% last week, underperforming the CSI 300 index by 0.53 percentage points, indicating a mixed performance across various retail sub-sectors [4][9] - The current Price-to-Earnings (PE) ratio for the retail sector is 42.81X, reflecting a 0.45 percentage point increase week-on-week, with a one-year range between 24.35X and 43.07X [5][17] - The retail sector's Price-to-Book (PB) ratio stands at 2.06X, with a one-year range from 1.19X to 2.07X [5][19] Industry Dynamics - The Shenzhen Stock Exchange adjusted the list of eligible stocks for the Hong Kong Stock Connect, adding 20 stocks including brands related to retail and light manufacturing, which may enhance liquidity and trading opportunities [6][20][22] - In August, domestic beauty brands showed strong performance on Douyin, with Han Shu leading sales at over 700 million yuan, indicating a growing acceptance and market share for domestic brands [7][23] - The rise of domestic beauty brands is attributed to improved product quality and the growing trend of "Guochao" (national tide), which enhances consumer recognition and acceptance [7][23] Investment Recommendations - The report suggests focusing on recently added Hong Kong stocks in the retail sector and high-end domestic beauty brands, particularly those that are scarce in the market, such as Mao Ge Ping [6][24] - The ongoing domestic policies aimed at boosting consumption are expected to further enhance consumer willingness and capacity, supporting the retail sector's growth [7][24]