证券研究报告·行业点评报告 2026 年 2 月 26 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.51 -5.22 -14.9 绝对收益 -2.41 0.62 3.69 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业深度报告-美容护理行 业：专业皮肤护理行业研究-巨子生物、敷 尔佳、创尔生物 – 2026.01.14 2. 江海证券-行业点评报告-美容护理行 业：创健医疗重组胶原蛋白植入剂获批， 林清轩通过港交所上市聆讯 – 2025.12.30 3. 江海证券-行业点评报告-美容护理行 业："双 11"天猫抖音美妆榜出炉，巨子 生物重组 I 型胶原蛋白冻干纤维获批 – 2025.10.27 执业证书编号：S1410525120001 消费行业研究组 分析师：黄燕芝 2025 年，珀莱雅稳居淘宝天猫化妆品 榜首，韩束蝉联抖音化妆品榜首 事件： 美容护理行业 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 ...

文 | 未来迹FutureBeauty 林锦淼 编辑 | 子辰 岁聿云暮，新元肇启。 当城市街巷的年味在腊月的风里渐次洇开，一种属于东方的时间美学，便在辞旧迎新的倒计时中，叩响了千家万户的心门。丙午马年，挟着"天马行空"的昂 扬意气与"万马奔腾"的生命张力，踏着清脆的蹄音，自岁月深处嗒嗒而来。 于每一位中国人而言，春节从不止是节气的更迭，更是血脉里流淌的仪式图腾——它是围炉夜话的温情脉脉，是故友新朋的笑靥重逢，亦是一段被郑重标记 的人生重启，蕴藏着我们对"万象更新"最质朴也最热烈的祈盼。 嗅觉敏锐的美妆品牌，早已循着这缕年味入局，将新春营销的鼓点擂响在岁末年初的节点。当"马"这一生肖主角跃然眼前，它便超越了单纯的文化符号，成 为品牌竞逐创意锋芒、深挚对话用户心灵的绝佳载体。一场围绕"马"的创意赛马，已在消费者的殷殷期待与品牌的奇思妙想间，悄然拉开帷幕。 《FBeauty未来迹》特邀设计、艺术领域的多位专业人士展开深度对话，试图解码美妆新春营销正经历的深层转向：当符号化的文化表达日渐式微，品牌叙 事如何挣脱窠臼，以更具人性温度与情感共鸣的笔触，书写与时代的共鸣？我们一同探寻，这场以"马"为媒的岁序新章，将如何重 ...

慧科讯业 2026 春节营销趋势洞察报告围绕春节消费趋势、典型营销案例展开分析，并提炼出营销核心逻辑，指出 2026 年春节消费与营销均围绕 "情绪价 值" 展开，成功的营销需落地 "活人感"，实现品牌与用户的情感共鸣。 消费端呈现三大核心趋势，年轻人成为春节消费与年味构建的核心群体。其一，年轻人将传统年味转向情绪价值，"惊喜" 成为春节核心情绪，小红书数据 显示 2024-2025 年春节相关内容中，惊喜、期待感等 7 大情绪主导舆论，品牌营销需从流量转向关注人的具体需求。其二，技术加持的 "赛博年味" 成新习 俗，AI 拜年、电子年货、元宇宙庙会等玩法受追捧，# 带着我的 AI 来拜年 等话题播放量破亿，云拜年搜索量大幅增长。其三，非遗本土文化与年俗结合现 代表达，英歌舞、打铁花等非遗项目在抖音刷屏，非遗搜索量环比增长 99.7%，非遗元素成为品牌俘获年轻消费者的重要抓手。 报告盘点了现制茶饮、食品饮料、美妆、互联网科技等九大行业的春节营销经典案例，各品牌结合趋势打造多元玩法实现破圈。蜜雪冰城联手唐三彩非遗传 承人，推出联名周边让非遗贴近大众；百事可乐与《浪浪山小妖怪》深度绑定，以 "普通人的微光" 诠释 ...

Core Viewpoint - The article discusses the evolving landscape of beauty brand marketing during the Chinese New Year (CNY), particularly focusing on the significance of the Year of the Horse and how brands are creatively engaging with cultural symbols to resonate with consumers [4][49][62]. Group 1: Cultural Significance of the Horse - The horse symbolizes a rich cultural narrative in Chinese history, representing success, progress, and vitality, deeply embedded in the collective consciousness [5][8][51]. - The horse's imagery is not only a cultural symbol but also a medium for brands to connect emotionally with consumers, reflecting a shift from mere symbolic representation to deeper narrative engagement [4][16][48]. Group 2: Marketing Strategies and Trends - Over 30 beauty brands have launched CNY limited editions, emphasizing creativity and narrative depth rather than just symbolic representation [16][49]. - The marketing strategies can be categorized into four main paths: direct imagery, integration of traditional crafts, emotional storytelling, and innovative forms [16][48]. Group 3: Direct Imagery - Brands like Hermès and HOURGLASS have incorporated horse imagery directly into product designs, creating strong visual associations with the Year of the Horse [18][21][22]. Group 4: Integration of Traditional Crafts - Brands such as 韩束 and 百雀羚 are merging horse imagery with intangible cultural heritage, enhancing the aesthetic and cultural value of their products [24][26][28]. Group 5: Emotional Storytelling - Brands like L'Oréal and OLAY focus on emotional resonance and collective memory, using themes of family and nostalgia to connect with consumers [30][31][34]. Group 6: Innovative Forms - Some brands are exploring new forms and functionalities, such as Valentino's use of color and Kiehl's incorporation of artistic elements, to provide fresh experiences [42][44][46]. Group 7: Consumer Engagement and Expectations - There is a growing consumer demand for personalized and meaningful interactions with brands, with younger generations seeking unique expressions of identity and cultural relevance [60][61]. - Brands are increasingly focusing on creating products that serve as cultural companions rather than mere consumables, aiming to establish lasting emotional connections with consumers [52][62].

马年来了，全网都在"抓马"，力度等同于"抓钱"。最近火爆的商品也大多跟"马"有关，传统类的"马年生肖产品"依旧能有"理财"的效果。总之，现在 沾"马"就要火。 马年来了，全网都在"抓马"，力度等同于"抓钱"。 因为马在中国文化中象征力量、忠诚、进取、健康、吉祥等多种积极的品质和精神，谁都喜欢。即便见面问候一句"马上发财、马上幸福"，也能把亲朋好 友钓成翘嘴。 所以，商家对"马"这个吉祥物特别青睐，想尽办法要去贴一下，最为明显的是，"姓马"的明星被疯抢，人均至少2个代言。最近火爆的商品也大多 跟"马"有关，传统类的"马年生肖产品"依旧能有"理财"的效果。 总之，现在沾"马"就要火。 1. "马"姓明星代言接到手软，"外国马"成互联网顶流 最近几个月，"姓马"的明星特别走俏，无论在娱乐圈人设如何、咖位高低，只要"姓马"就会人均两三个代言，而且代言自己找上门。 比如马伊琍。几个月前，网友发帖："马年伊利会请马伊琍吗？"，还给品牌写好了广告词"我是马伊琍，马年喝伊利"，结果帖子火了，讨论声量越来越 大。 伊利特别"听劝"，立马请了马伊琍代言。做的"寻找马伊琍"的广告，点击量特别高，评论区全是各种赞美的声音，很难想象这 ...

今天分享的是：2026年PDRN行业白皮书-久谦中台x品观 以下为报告节选内容 报告共计：54页 《2026年PDRN行业白皮书》围绕2023-2025年PDRN护肤市场展开全维度分析，揭示了这一赛道从医美小众品类成长为大众超级品类的 爆发逻辑、核心矛盾与未来发展方向。2023-2025年PDRN市场销售额实现27倍增长，从1459万元攀升至4.01亿元，完成了从医美平替向 日常护肤标配的转变，其爆发并非单纯的成分红利，而是由次抛形态创新解决活性信任问题、熬夜急救场景切中消费痛点共同驱动的认 知红利，国货品牌凭借这一逻辑实现对韩系品牌的降维打击，绽媄娅以33.9%的市场份额成为头部，而丽珠兰等韩系品牌仅占1.6%。 渠道方面，抖音以77.5%的销售额占比成为绝对引擎，契合PDRN的强解释性和视觉属性，且各渠道呈现差异化特征，抖音适合低价拉 新，天猫则承载高价沉淀与复购需求。市场格局从寡头垄断走向充分竞争，CR3暴跌26.7%，但300-600元价格带成为高增长蓝海，仅绽 媄娅一家独大，而100元以下则陷入红海竞争。产品端，次抛形态以13888%的增速成为品类代名词，面部精华是核心品类，复配趋势上 PDRN+胶 ...

黑猫大数据中心依托消费投诉数据，从分布、趋势、行业热点问题等多个角度全面梳理、盘点消费者投 诉情况及关注热点，全面客观地反映消费行业发展动态、热点舆情事件、企业服务质量。 1月，美妆行业因韩束化妆品添加剂争议，投诉量迎来爆发式增长，环比上月增幅高达166.27%。与此 同时，元旦及寒假期间人们出行需求大增，租车行业投诉量也随之显著上升。此外，随着寒假的来临， 游戏相关投诉逐渐增多，其中未成年人充值退款问题的投诉尤为突出。 美妆行业投诉涨幅超1.6倍 受韩束面膜添加剂事件影响，1月美妆行业投诉接近5000单，环比12月增长166.27%。 韩束添加剂争议引发大量投诉 12月末因韩束面膜被爆出添加禁用成分"表皮生长因子"导致投诉爆发，在一月上旬仍有大量投诉，单日 最高投诉超过500单，目前商家未对投诉做出回复。 寒假出行增多迎来租车热 随着寒假出行增多，1月租车行业投诉增长明显，环比12月增加了45.09%，霸王条款、乱收费等问题为 主要投诉原因，消费者经常遇到提前还车仍然要交全款，租车后被额外收费等问题。 寒假到来游戏投诉增长明显 黑猫大数据中心联合黑猫投诉 【下载黑猫投诉客户端】平台发布1月数据说，截至202 ...

Core Insights - In 2025, the domestic silver-haired consumption market transitioned from providing basic survival needs to offering high-quality living supplies for the elderly [1] - Significant growth was observed in various segments of silver-haired consumption, with health management and wellness services becoming new consumption hotspots, showing year-on-year revenue growth of 11.7% and 12% respectively [1] - The growth in the industry is driven by the upgrading of consumption concepts and capabilities among the elderly population, leading to a revolution in supply channels [1] Policy Support - In 2025, multiple policies were introduced by the government to enhance the silver-haired consumption industry, focusing on optimizing service supply for the elderly and supporting pilot projects for various services [2] - The Ministry of Civil Affairs and other departments issued measures to cultivate elderly service operators and promote the development of the silver economy, emphasizing the construction of convenient living circles and the development of suitable products for the elderly [3] Product Trends - The silver-haired consumption products are shifting from "one-size-fits-all" solutions to those that target specific needs and provide satisfactory experiences [7] - The health management awareness among the elderly is shifting from "post-treatment" to "prevention," leading to the emergence of niche markets in brain, gastrointestinal, cardiovascular, and bone health [8] - Sales of sleep aids for the elderly saw a remarkable increase of 300% year-on-year, with innovative products catering to specific health needs [8] Channel Innovations - The digitalization of the elderly population is accelerating, with 52% of internet users aged 60 and above as of mid-2025, leading to a shift in shopping habits towards online platforms [13] - Companies are increasingly utilizing short video platforms and live streaming to engage with the elderly consumer base, creating a new shopping experience [15] - Offline, businesses are focusing on meeting the immediate needs of the elderly in communities, with companies like 足力健 expanding their presence through community-based membership stores [16][17] Brand Engagement - Brands are increasingly recognizing the need to connect with the elderly population on a deeper emotional level, moving away from viewing them as mere consumers [20] - Campaigns featuring older celebrities are being used to resonate with the silver-haired demographic, promoting a positive image of aging and encouraging active lifestyles [22] - The narrative around aging is being redefined, with brands portraying the elderly as vibrant individuals capable of enjoying life to the fullest [22]

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].

Investment Rating - The industry maintains a "Recommended" rating, 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. The average daily flight volume in the national civil aviation sector is projected to be 17,056 flights, showing a year-on-year increase of 0.6% compared to 2025 and an 18.4% increase compared to 2019 [4][24]. - In the beauty care sector, the top three brands on Tmall in January 2026 were L'Oreal, Proya, and Lancôme, with the total sales of the top 20 brands accounting for 28.7% of the market, reflecting an increase in market concentration [3][24]. - The report notes significant corporate activities, such as Meituan's plan to acquire Dingdong Maicai for $717 million, indicating ongoing consolidation in the retail sector [5][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 [2][16]. Key Industry Events and Information - The Ministry of Commerce and nine other units issued the "2026 'Happy New Year' Spring Festival Special Activity Plan," which will run from February 15 to 23, covering various aspects of consumer experience [3][24]. - The report details the Spring Festival travel forecast, with a total expected flow of 9.5 billion people, and highlights the increase in flight operations compared to previous years [4][24]. - In the beauty care segment, significant product launches and financial recoveries were noted, such as Estée Lauder's return to profitability with a net profit of $162 million for Q2 of fiscal year 2026 [3][24]. Investment Recommendations - The report emphasizes a focus on service consumption and specific companies such as Ruoyuchen, Maogeping, Shangmei, Pop Mart, Chaohongji, and Laopu Gold as key investment targets [6][26].