商社美护行业周报：政府工作报告加码促内需，证监会支持新型消费、现代服务业企业创业板上市

Investment Rating - The industry maintains a "Recommended" rating, focusing on service consumption, beauty care, IP derivatives, and gold jewelry as new consumption sectors [6][27]. Core Insights - The government work report emphasizes expanding domestic demand as a primary task, with measures including a special long-term bond of 250 billion yuan to support consumer goods and a 100 billion yuan fund to promote domestic demand [3][25]. - The report highlights the importance of enhancing service consumption and creating new consumption scenarios to stimulate market activity [3][25]. - The beauty care sector shows promising growth, with companies like Shangmei Co. expected to achieve revenue of 9.1-9.2 billion yuan in 2025, reflecting a year-on-year growth of 34.0%-35.4% [4][25]. Summary by Sections Market Performance - For the week of March 2-6, 2026, the retail trade, social services, and beauty care sectors experienced declines of 3.91%, 3.63%, and 3.04%, respectively, ranking 25th, 23rd, and 21st among 31 primary industries [2][16]. Key Industry Events and Information - The government continues to prioritize expanding domestic demand, with specific initiatives to support consumption upgrades and enhance service consumption [3][25]. - The Ministry of Commerce announced plans to implement policies to boost consumption and expand domestic demand, including a new version of the tax refund policy for outbound tourists [3][25]. - The beauty care sector's top brands on Douyin in February 2026 included Han Shu, Gu Yu, L'Oreal, and others, indicating strong market competition [4][25]. Investment Recommendations - The report suggests focusing on service consumption and new consumption sectors such as beauty care, IP derivatives, and gold jewelry, with specific companies highlighted for investment [6][27].