行 业 及 产 业 美容护理 2026 年 02 月 01 日 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 业绩预告彰显板块景气度，建议关注节前促销 看好 ——化妆品医美行业周报 20260201 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 本阶段化妆品医美板块表现弱于市场。2026 年 1 月 23 日至 2026 年 1 月 30 日期间， 申万美容护理指数下滑 3.8%，表现弱于市场。其中，申万化妆品指数下滑 3.6%，弱于 申万 A 指 1.9pct；申万个护用品指数下滑 4.6%，弱于申万 A 指数 3.0pct。 ⚫ 周观点：业绩预告彰显板块景气度 ...

Market Overview - The credit bond market is expected to experience continued fluctuations in credit spreads during the fourth quarter, with greater potential pressure on long-term bonds [2][10][11] - Short-term recovery of the bond market may still be influenced by the overdrawn performance from earlier in the year, while mid-term shifts in market logic may occur [10][11] Credit Strategy - It is recommended to maintain a shorter duration in credit bonds, with a focus on mid-to-short-term strategies and interest rate arbitrage being favored [3][11] - The liquidity remains ample, making short-term bonds more certain, while the interest rate arbitrage opportunities are relatively high compared to earlier in the year [3][11] Financial Bonds - Attention should be paid to the pricing discovery opportunities in new financial bonds, as the difficulty in trading perpetual bonds is increasing [4][11] - After the new VAT regulations, the pricing of new financial bonds may still be in a discovery phase, with older bonds potentially offering better value [4][11] Credit Bond Market Dynamics - The behavior of institutions is shifting, with public funds facing significant challenges on the liability side, leading to a restructuring of credit bond demand [10][11] - The expansion of credit bond ETFs is being driven by policy, although the pace may slow down in the short term due to the recent introduction of new products [10][11] Inflation Insights - The Producer Price Index (PPI) improved in September, primarily due to rising commodity prices, particularly copper, which saw a month-on-month increase of 2.1% [15] - The Consumer Price Index (CPI) is also showing upward trends, with core CPI rising to 1.1%, driven by significant increases in gold and platinum jewelry prices [15] Industry Performance - The textile and apparel industry is expected to see a recovery in domestic demand, with retail sales of clothing and textiles reaching 940 billion yuan, a year-on-year increase of 2.9% [15] - The cosmetics and beauty industry is projected to maintain strong growth, with retail sales expected to rise significantly in the fourth quarter due to promotional events [17][18] Company-Specific Insights - Xiaogoods City (600415.SH) reported a net profit growth that exceeded expectations, driven by the successful launch of a new global trade center [23] - The company achieved a revenue of 5.348 billion yuan in Q3, a year-on-year increase of 39.02%, with net profit doubling [23]

Investment Rating - The report maintains a "Positive" investment outlook for the beauty and personal care industry, emphasizing the potential of domestic brands in the offline channel [3]. Core Insights - The report highlights the transformation of offline channels as a key growth driver for beauty brands, especially in the context of slowing e-commerce growth [4][5]. - It identifies the need for brands to enhance their offline presence to create a differentiated competitive advantage [5][7]. Summary by Sections 1. Online Channel Competition Intensifies, Offline Channel Advantages Emerge - E-commerce growth is slowing, with China's physical goods online retail expected to reach 13.1 trillion yuan in 2024, growing at 6.5% [4][15]. - The number of internet users in China is projected to reach 1.108 billion by the end of 2024, with an internet penetration rate of 78.6% [4][15]. - New consumption policies are being implemented to boost offline consumption, enhancing brand influence and customer engagement [4][27]. 2. Multi-Dimensional Analysis of Offline Channel Formats - Offline channels serve both sales and brand marketing functions, with a variety of formats emerging to meet consumer needs [40]. - High-end beauty counters are experiencing a phase of quality improvement, with a significant increase in average sales per counter from 3.36 million yuan in 2019 to nearly 5 million yuan in 2023 [46][50]. - The report notes that high-end brands are increasingly occupying the beauty counter space, with a 32% increase in high-end counters from 2019 to 2023 [50][53]. 3. Brand Strategies in Offline Channel Development - Domestic brands are actively expanding their offline presence, with several launching flagship stores in major cities [38][39]. - The report recommends specific companies for investment, including: - Shangmei Co., which is developing a balanced multi-brand matrix [5]. - Shanghai Jahwa, known for its extensive presence in supermarkets and counters [5]. - Proya, which is focusing on offline channels with its energy series [5]. - Betaini, leveraging pharmacy channels to establish a professional image [5]. - Maogeping, which has a unique offline counter layout [5]. - Runben, a leading brand in maternal and infant products, expanding its offline market [5].