智通财经APP获悉，华西证券发布研报称，今年双十一期间美妆板块延续年初以来的恢复态势，各个平 台多措并举推动市场企稳回升。外资品牌今年有所改善，国货品牌同样表现稳健，头部品牌依然稳居各 大榜单前列，国货品牌进步明显。面对激烈的流量竞争，拥有核心技术和成分背书，突显东方文化特 色，同时品牌力、产品力及运营能力突出的国货品牌有望持续领跑并脱颖而出。 天猫：珀莱雅稳居第一，毛戈平进入top20。根据青眼情报，国货品牌在2025年双十一天猫美妆榜前20 中占据5席，分别为珀莱雅(蝉联第一)，薇诺娜(第8/+1名)，可复美(第18/-5名)，自然堂(第19/持平)，毛 戈平(第20/进top20)。国货品牌上榜数量依然较少，但已进入榜单的品牌格局相对稳定，头部品牌依托 品牌力、产品力和渠道运营能力持续获得消费者认可。国际品牌中，定位偏中端的欧莱雅排名下滑，定 位功效性护肤的修丽可排名大幅上升，雅诗兰黛、修丽可、娇韵诗、海蓝之谜、SK-II等头部品牌全周 期均实现同比双位数增长，国际品牌通过增大优惠力度、加大达人合作等方式逐步恢复份额占比。 建议关注：1)增长稳健，业绩确定性强的品牌：毛戈平(01318)，丸美生物(60 ...

Investment Rating - The beauty and personal care industry is rated as "Recommended" [1] Core Insights - The overall market shows stable growth, with impressive performance in instant retail during the Double Eleven shopping festival, achieving a total e-commerce sales of 1,695 billion yuan, a year-on-year increase of 14.2% [2] - The beauty sector outperformed the overall e-commerce market, with skincare sales reaching 991 billion yuan and fragrance and makeup sales at 334 billion yuan, both showing double-digit growth [3] - Domestic brands are gaining strength, with notable performances from brands like Proya and Han Shu, while international luxury brands are also recovering [4][5] Summary by Sections Market Overview - The Double Eleven shopping festival saw a total e-commerce sales of 1,695 billion yuan, with a 14.2% year-on-year growth. Instant retail sales reached 67 billion yuan, marking a significant increase of 138.4% [2] Beauty Sector Performance - The beauty and skincare sales during Double Eleven reached 991 billion yuan, with fragrance and makeup sales at 334 billion yuan, both exceeding the overall market growth rate [3] Brand Analysis - On Tmall, domestic brands occupy five spots in the top 20 beauty brands, with Proya maintaining the top position. International brands like L'Oréal and Estée Lauder also showed improvements [4] - On Douyin, domestic brands hold five spots in the top 10 beauty brands, with Han Shu and Proya leading the rankings [5] Investment Recommendations - The report suggests focusing on brands with strong growth and performance certainty, such as MaoGeping and Marubi. Brands showing significant improvement include Shuiyang and Shanghai Jahwa, while companies with core technology and clear long-term trends like Juzibio are also recommended [6]