商业贸易行业周报：618大促国货领跑，新规利好轻医美扩容

Investment Rating - The report maintains a positive outlook on undervalued sectors with stable growth and high dividends, particularly in e-commerce and Meituan [4][17]. Core Insights - The cosmetics sector has been lackluster in consumer discretionary spending since the beginning of the year, with domestic brands gaining market share. The 618 sales event highlighted a return to rational consumption, with domestic brands leading on platforms like Tmall and TikTok [1][16]. - Guangdong's health commission has expanded the range of departments and doctors authorized to perform medical beauty injections, indicating a regulatory adaptation to market demand. This change is expected to benefit downstream institutions more than upstream materials [3][17]. Summary by Sections 1. 618 Sales Performance - During the 618 promotion, domestic brands like PROYA COSMETICS and TIMAGE achieved significant sales, with PROYA COSMETICS and foreign brands like Lancôme surpassing RMB 100 million in sales within 30 minutes on May 20 [2][16]. - The sales data indicates that domestic brands are increasingly capturing market share, with PROYA COSMETICS leading in skincare and TIMAGE in makeup categories [2][5]. 2. Regulatory Changes in Medical Beauty - The Guangdong health commission's new regulations allow a broader range of medical professionals to perform injection treatments, including laser and filler injections. This regulatory shift reflects an adaptation to market demand and is expected to enhance operational capabilities in the medical beauty sector [3][17]. 3. Investment Recommendations - The report suggests monitoring consumer trends in Q2, with a focus on e-commerce and Meituan. It highlights potential opportunities in the jewelry sector due to recent pressures on terminal demand and falling gold jewelry consumption [4][17]. - Specific A-share recommendations include Zhejiang China Commodities City Group, Chongqing Department Store, and PROYA COSMETICS, while H-share recommendations include Alibaba Group and Meituan [4][18].