Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on service consumption, beauty care, IP derivatives, and gold jewelry as new consumption sectors [6][26]. Core Insights - The report highlights that during the Spring Festival travel period, the total cross-regional population flow is expected to reach 9.5 billion people, setting a historical record [4][24]. - In the beauty care sector, the top three brands on Tmall in January 2026 were L'Oreal, Proya, and Lancôme, indicating a strong market concentration with the top 20 brands accounting for 28.7% of total sales [3][24]. - The report notes that the net profit of Estée Lauder turned from a loss to a profit in Q2 of the 2026 fiscal year, with a net sales increase of 6% year-on-year [3][24]. Summary by Sections Market Performance - For the week of February 2 to February 6, 2026, the performance of the retail, social services, and beauty care sectors was -0.34%, +0.02%, and +3.69% respectively, ranking them 19th, 17th, and 2nd among 31 primary industries [16][18]. Key Industry Events and News - The Ministry of Commerce and nine other units issued the "2026 Spring Festival Special Activity Plan," which includes various promotional activities during the holiday [3][24]. - The first week of the Spring Festival saw an estimated 1.413 billion people moving across regions, a 2% increase compared to the previous year [4][24]. - Bubble Mart's annual sales reached over 400 million units in 2025, with a global employee count exceeding 10,000 and membership surpassing 100 million [4][24]. Investment Recommendations - The report suggests focusing on companies such as Ruoyu Chen, Mao Ge Ping, Shangmei Co., Bubble Mart, Chao Hong Ji, and Lao Pu Gold as potential investment targets [6][26].
商社美护行业周报：春运火热启幕，泡泡玛特25年销量超4亿只
Guoyuan Securities·2026-02-11 10:25