2026年分行业展望：①美妆医美：中金公司判断2026板块增长更多来自供给侧驱动，如PDRN等成分创 新和功能升级带来的结构性机会，格局上国货龙头份额仍有望继续提升。②潮玩零售：中金公司判断潮 玩品类仍将在全球范围内持续高景气，龙头持续的品类和产品创新、IP深度运营、渠道迭代升级有望创 造新的增长机遇，同时出海仍方兴未艾。③轻工制造：我们判断行业需求弱复苏但存在结构性机会，看 好具备产能优势、品牌优势的出口型企业，和抓住产业变革机会布局新业务焕发成长新动能的企业。 2026投资策略围绕三条主线：一是坚守对情绪及悦己消费的长期布局，如潮玩、美妆个护、新型烟草 等；二是关注新技术催化下的产业革命和投资机会，如AI+等板块；三是积极布局刺激政策托底和基本 面反转型机会，对传统板块可能带来提振。 智通财经APP获悉，中金公司发布研究报告称，展望2026年，伴随着消费者对情绪、功能价值的持续追 求，产业供给升级和消费政策的配套支持，轻工零售美妆行业叙事逻辑从"扩容"进一步转向"提质"，投 资应坚守三大方向：情绪消费、基本面反转和新技术催化下的产业变革。 2026年趋势研判：供给提质，需求升级。①需求端：中金公司梳理轻工 ...

面对市场上多样的销售模式，很多消费者和创业者难免会产生困惑——"维娜是直销产品吗"。其实判断的关键 在于经营核心与终端赋能方向，维娜的发展逻辑与直销产品有着本质区别。 经营核心的导向差异，直接解答维娜是直销产品吗。维娜以 "产品品质 + 门店专业服务" 为核心，聚焦为消费 者提供精准护肤解决方案，通过肌肤检测、个性化推荐、使用指导等服务提升用户体验。而直销产品的经营核 心往往是 "个人分销推广"，以发展下线代理、扩大分销网络为主要目标，二者的核心导向截然不同，证明维娜 并非直销产品。 从经营核心的导向，到终端赋能的侧重，再到品牌管理的规范，维娜用清晰的发展逻辑回应维娜是直销产品 吗。它是聚焦专业服务与产品品质的传统美妆品牌，与依赖个人分销的直销产品有着明确界限。 品牌管理的规范程度，让维娜是直销产品吗的答案更具说服力。维娜对合作门店实行统一的服务标准、定价规 则和运营规范，严禁门店进行夸大宣传、强制推销等行为，全力保障消费者权益。而直销产品的个人代理模 式，往往缺乏统一规范，易出现宣传乱象与消费纠纷。这种管理模式的差异，进一步凸显维娜与直销产品的本 质不同。 终端赋能的内容侧重，进一步印证维娜是直销产品吗。维 ...

来源：Barrons巴伦 作者|坦纳·布朗 编辑|蔡鹏程 重金押注中国市场的欧洲奢侈品集团与美国美妆巨头，近年来市值蒸发了数千亿美元。 曾推动奢侈品十年增长、痴迷品牌标识的中国消费者正在消失。取而代之的，是新一代人——他们把精 明会买当作一种荣耀的徽章。 社交媒体上对"平替"的搜索量在2022年至2025年间增长了两倍。这股潮流反映的不只是勒紧裤腰带。对 中国Z世代而言，找到高品质、可替代西方高端品牌的选择，已经成了一种值得自豪的事，他们在小红 书等平台上分享和庆祝，其狂热程度不亚于过去专属于奢侈品开箱视频的热度。 对投资者而言，其影响十分严峻。根据咨询公司贝恩（Bain & Company）的数据，曾贡献全球约三分 之一销量的中国奢侈品市场，2024年萎缩了18%至20%。这场暴跌，让重金押注中国中产消费升级的欧 洲奢侈品集团与美国美妆巨头，市值蒸发了数千亿美元。 LVMH的股价较2023年高点已下跌约30%。拥有Gucci的开云集团（Kering）自2021年以来已暴跌约 60%。博柏利集团（Burberry Group）的品牌价值在2024年缩水20亿美元，降幅达42%，这家拥有近170 年历史的英国品 ...

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 ...

与此同时，受韩国美妆与食品热潮带动，韩国线上海外直接销售额也持续增长，全年达到3.02万亿 韩元，同比增长16.4%。从地区看，美国、欧盟、日本、中国等主要市场均实现增长；从品类看，化妆 品、食品饮料、音像制品表现亮眼，而通信设备、农水产品及服装类销售则相对低迷。 根据国家数据处当日发布的《2025年12月及全年网络购物动向》，2025年韩国线上购物交易额达 272.04万亿韩元，同比增长4.9%。其中，移动端交易额为211.14万亿韩元，增幅（6.5%）高于整体水 平。按商品类别看，餐饮服务（12.2%）、食品饮料（9.5%）交易增长明显；而受消费信心下降及此前 电商平台结算风波影响，电子券服务（-27.5%）、箱包（-11.1%）、鞋类（-4.5%）交易额明显下滑。 （原标题：2025年韩自华直购激增） 据韩国《首尔新闻》2月2日报道, 2025年韩国海外在线直接购买额首次突破8.5万亿韩元，创历史新 高。其中，美国直购放缓之际，中国直购迅速扩大，交易额达到5.57万亿韩元，占整体比重的65.5%， 较2024年上升5.5个百分点，所谓"C电商冲击"在统计数据中得到充分体现。 ...

Core Insights - L'Oréal reported a sales revenue of €44.05 billion (approximately ¥360 billion) for 2025, marking a 4% year-on-year growth, with the North Asia region, including China, showing signs of recovery after two years of decline [1] - Estee Lauder also demonstrated strong performance, with a 6% increase in sales to $4.229 billion for the second fiscal quarter of 2026, and a significant turnaround in net profit from a loss of $590 million to a profit of $162 million [1][2] - The recovery in the beauty industry reflects not only a cyclical rebound but also the resilience and potential of the Chinese consumer market [1] Company Performance - L'Oréal's professional hair products segment led with a comparable growth of 7.5%, surpassing €5 billion, while the skincare segment grew by 5.5% to €7.2 billion [2] - Estee Lauder's net sales for the first half of the 2026 fiscal year reached $7.71 billion, a 5% increase, with a net profit turnaround from a loss of $746 million to a profit of $209 million [2] - Both companies attribute their recovery to improved consumer confidence and proactive adjustments in product structure and channel efficiency [1][2] Market Trends - The high-end beauty segment is showing signs of recovery, with L'Oréal's sales in China increasing from 1% growth in the first half to 5% in the second half of 2025 [3] - The overall Chinese cosmetics market reached a total transaction value of ¥1.104245 trillion in 2025, growing by 2.83%, solidifying its position as the largest cosmetics market globally [7] - Domestic brands have increased their market share to 57.37%, indicating a shift in consumer preferences towards local products [7] Strategic Adjustments - Estee Lauder has restructured its organization to treat the Chinese market as a strategic core, reporting a full-year sales figure of $2.741 billion (approximately ¥19.6 billion) for mainland China [6][7] - L'Oréal is focusing on enhancing its digital and direct-to-consumer (D2C) strategies, with e-commerce sales surpassing 30% of total revenue for the first time in 2025 [7] - The competitive landscape is shifting, with international brands needing to solidify their high-end offerings while adapting to local consumer demands [8]

Core Insights - The high-end beauty market is showing signs of recovery, with L'Oréal and Estée Lauder reporting positive sales growth and improved profitability in their recent financial results [1][2][4] Group 1: Financial Performance - L'Oréal achieved sales of €44.05 billion (approximately ¥360 billion) in 2025, marking a 4% year-on-year increase, with the North Asia region, including China, showing a 0.5% growth after two years of decline [1] - Estée Lauder reported a 6% increase in sales to $4.229 billion for the second fiscal quarter of 2026, significantly improving its net profit to $162 million from a loss of $590 million in the previous year [1][3] - L'Oréal's professional hair products segment led the growth with a 7.5% comparable increase, surpassing €5 billion, while the skincare segment grew by 5.5% to €7.2 billion [3] Group 2: Market Dynamics - The recovery in the beauty sector is attributed to restored consumer confidence and proactive adjustments in product structure and channel efficiency by major brands [2][4] - Both L'Oréal and Estée Lauder's recovery signals a cyclical turnaround in the beauty industry and reflect the resilience and potential of the Chinese consumer market [2][4] Group 3: Strategic Adjustments - Estée Lauder has restructured its organization to treat the Chinese market as a strategic core, reporting a full-year sales figure of $2.741 billion (approximately ¥19.6 billion) for the mainland China market, which accounts for nearly 20% of the company's overall sales [6][7] - L'Oréal emphasized its leading position in the Chinese market, with e-commerce sales surpassing 30% of total sales for the first time in 2025, highlighting the importance of digital channels [7] Group 4: Consumer Trends - The demand for high-end and ultra-high-end skincare products is stabilizing, driven by higher frequency of use and emotional value associated with these products [4][6] - The overall cosmetics market in China reached a transaction value of ¥1.104245 trillion in 2025, with a year-on-year growth of 2.83%, solidifying its position as the largest cosmetics market globally [7]

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].

Core Viewpoint - The financial reports from major beauty groups indicate a recovery trend in China's high-end beauty market in the second half of 2025 [1] Group 1: Financial Performance and Market Trends - L'Oréal's sales growth in mainland China is projected to be 1% in the first half and 5% in the second half of 2025, contributing to growth in the North Asia region [2] - Estée Lauder and Shiseido have adjusted their financial reporting, with Estée Lauder separating mainland China from the Asia-Pacific market starting in Q2 2025, and Shiseido merging its China and travel retail businesses [2] - Estée Lauder's revenue growth in mainland China for Q2 to Q4 of 2025 is expected to be -2%, 9%, and 13% respectively, while Shiseido's comparable sales growth is projected at -14%, -7%, 8%, and 2% for the same quarters [2] - Bain & Company's report indicates that the beauty and personal care category will be the first to recover positive growth in 2025, while other luxury categories are still in a phase of decline [2] Group 2: Consumer Behavior and Market Dynamics - Increased consumer traffic in beauty sections of malls, particularly during the pre-Spring Festival period, indicates a rise in purchasing activity [3][4] - The beauty market is expected to rebound in 2025 after a slight decline in 2024, with a projected growth rate of 5.1% [7] - High-end brands are adjusting prices and inventory to facilitate recovery, with a notable shift of consumers from high-end to mass brands due to improved offerings and competitive pricing [11][17] Group 3: Product Innovation and Market Strategy - Major beauty brands are focusing on localized research and innovation in China, with L'Oréal, Estée Lauder, and Shiseido establishing R&D centers in Shanghai [19] - New product launches and collaborations, such as L'Oréal's partnership with Huashan Hospital and Shiseido's introduction of a new medical beauty brand, reflect a trend towards localized product development [20] - The market is shifting towards more specialized segments, such as scalp care and lip care, indicating a move from basic skincare to more refined personal care [12][13] Group 4: Long-term Market Outlook - The sustainability of current growth drivers, such as price reductions and niche market expansions, remains uncertain [14] - The beauty market is entering a phase of stock competition, with brands needing to enhance core competitiveness and adapt to changing consumer preferences [18] - The demand for high-end beauty products persists, but consumers are increasingly discerning, leading to a need for brands to align pricing with product value [17]

Group 1 - The sixth China International Consumer Products Expo (CICPE) will be held from April 13 to 18, 2024, at the Hainan International Convention and Exhibition Center, with several international companies confirming their participation [1] - Volkswagen Group will showcase multiple brands including Volkswagen, Bentley, Lamborghini, and Audi, aiming to deepen connections with Chinese consumers and expand its market presence [1] - L'Oréal Group, a leading global beauty company, has confirmed its participation, focusing on enhancing interactions with the Chinese market and exploring innovative retail models [3] Group 2 - OSIM, a high-end health lifestyle brand from Singapore, will participate for the sixth consecutive year, highlighting its deep connection with Chinese consumers and the importance of the Chinese market for its global development [3] - SK-II, a premium skincare brand under Procter & Gamble, will debut as an independent exhibitor at the expo, emphasizing its commitment to the Chinese market and the demand for high-end skincare solutions [4] - The CICPE is recognized as the largest consumer goods exhibition in the Asia-Pacific region, providing a significant platform for brands to showcase their strengths and enhance market communication [4]