国泰海通 · 晨报0617｜金工、美护

Group 1: Market Overview - A-shares have been in a rebound trend since mid-April, with a significant drop on June 13 due to geopolitical factors, but the overall adjustment is expected to be limited [1] - As of June 13, 2025, the best-performing sectors include pharmaceuticals and banking, while food and beverage and real estate sectors show weaker performance [1] - The financing balance in the market has not significantly increased during this rebound, indicating that the implied risk in major A-share indices is not at a high level [1] Group 2: Investment Style and Trends - The differentiation between large-cap value and small-cap growth styles is at a central level compared to the past two years, with no clear mean reversion opportunity currently [1] - The high basis level of stock index futures is influenced by the seasonal increase in dividend distributions from listed companies during May and June, alongside increased hedging demand from cautious investors [1] Group 3: New Consumption Trends in Cosmetics - The new consumption era in the cosmetics industry is characterized by product innovation and emotional value consumption, moving away from the previous traffic-driven growth [3] - The emergence of new channels and media is accelerating product innovation and market penetration, with platforms like Douyin playing a crucial role in product testing and promotion [4] - Traditional industries such as personal care, health products, and cosmetics are experiencing significant product renewal opportunities, driven by structural changes in consumer demand and channel dynamics [5]