美容护理行业周报（20240520-0524）：美妆关注618全周期表现，广东调整医美外科项目

Investment Rating - The report maintains an "Accumulate" rating for the beauty and personal care industry [1] Core Insights - The 618 shopping festival has commenced, highlighting the full-cycle performance of beauty brands, with notable performances from Proya and Kefu Mei. The first live broadcast by Li Jiaqi on May 19 generated a GMV of over 2.675 billion yuan, marking a 194.9% increase compared to this year's major promotional events [1] - The adjustment of medical beauty surgical projects in Guangdong is expected to boost investor confidence in the medical beauty sector. The inclusion of physical and injection treatments in the surgical project category is anticipated to enhance market compliance and increase the supply of medical professionals [2][3] Summary by Sections Beauty and Personal Care Performance - The first live broadcast of the 618 festival by Li Jiaqi featured 500 products, with 371 being beauty items from 141 brands. Domestic brands accounted for 36.9% of the GMV, totaling approximately 806 million yuan, while foreign brands made up 69.9% with 1.869 billion yuan [1] - Proya and Kefu Mei ranked first and fifth in skincare sales on Tmall during the event, with Proya achieving a GMV of 2.14 billion yuan and Kefu Mei 1.55 billion yuan [1] Medical Beauty Sector Developments - The Guangdong Provincial Health Commission announced adjustments to medical beauty surgical projects, adding physical and injection treatments. This includes various laser and injection therapies, which are expected to enhance the compliance and efficiency of the medical beauty market [2] - The report suggests that the adjustments will facilitate the entry of more doctors into the light medical beauty sector, potentially increasing its market share [2][3] Long-term Investment Outlook - The report indicates a positive long-term outlook for the medical beauty sector, with expectations of continued penetration and growth. Companies such as Kefu Mei and others in the medical beauty space are highlighted for their strong sales performance and product development [3]