伴随着个性化、精细化医美需求的持续提升，供给端产品、材料更新也在井喷。从玻尿酸的经典应用， 到胶原刺激类材料（如PLLA童颜针等）、胶原蛋白等陆续获批入场，消费者选择似乎变得格外丰富。 不过，繁荣背面也有很多隐忧。社交媒体上，馒化（面部过度填充）、假面感、移位等负面案例，又让 很多人望而却步。 那么，到底应该如何客观衡量医美前后的"年轻态"改变？在临床医生眼中，用于医美修复的主要生物材 料，各自有哪些特点？导致馒化、假面感的核心原因，到底有哪些？ 针对一系列问题，36氪近日访谈了上海交通大学医学院附属第九人民医院整复外科主任医师张余光教 授，从临床专家角度，讲述面部年轻化的客观标准，"馒化"修复等的深层逻辑，以及提升医美体验的关 键要素。 以下是对话内容（经编辑）： 为"年轻化"审美，设置客观标准 2025年，国内医美市场站在一个关键点上。 大众对于抗衰、年轻化的需求与日俱增，审美潮流也从昔日的盲目跟风，转向追求自然的"妈生 美"、"东方美"。 36氪：据你观察，大众求美的潮流、需求发生了哪些显著变化？ 张余光：我认为，近20年，中国医美市场经历了从"盲目跟风"到"自我觉醒"的过程。20年前，很多人会 想要拥 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the **domestic consumption market** in China, focusing on the **"2035 Income Doubling Plan"** aimed at increasing per capita GDP to over $20,000 by enhancing new productivity and achieving common prosperity through sectors like the semiconductor industry and healthcare systems [5][1]. Key Points and Arguments - **Wealth Effect and Consumer Recovery**: The recovery of consumption in the coming year is heavily reliant on the wealth effect, particularly among high-net-worth individuals. However, the purchasing power of the general public is constrained by salary structures and leverage capabilities, necessitating government intervention [1][6]. - **Challenges in the Consumption Market**: The current consumption market faces challenges such as: - **Salary Structure**: Companies are cutting costs and laying off employees to improve profit margins, which hampers salary growth for the middle class [3]. - **Leverage Issues**: Wealth concentration among the affluent increases, while the middle class struggles with mortgage pressures and slow income growth, limiting their borrowing capacity for consumption [3][8]. - **High-End Consumption Recovery**: The high-end consumption market is gradually recovering, with notable performance in high-end hotels, luxury cruises, and the gaming industry, indicating a positive trend in high-end consumer spending [3][22]. Important Insights - **CPI and Transfer Payments**: In 2026, key factors to watch include CPI expectations, transfer payments, and the wealth effect, particularly in high-end consumption sectors like medical aesthetics, which may benefit from stock market performance [9][6]. - **Tax Policy Impact**: Shifting from value-added tax to consumption tax could encourage local governments to stimulate consumption, supporting long-term economic goals despite short-term pressures on consumers [10][11]. - **Global Trade and Domestic Demand**: The uncertain global trade environment has highlighted the importance of domestic demand as a strategy to ensure stable GDP growth, especially in light of poor export data and weakening overseas PMIs [12]. Sector-Specific Developments - **Pet Food Sector**: The pet food sector has shown strong performance, with a three-year compound growth rate reaching two times, although profit margins remain low. The sector is driven by significant marketing efforts on platforms like Douyin and Tmall [14]. - **Hotel Industry**: The chain hotel industry is moving towards a more favorable investment phase, with average prices rising due to the recovery of high-end consumption post-pandemic [15]. - **Duty-Free Industry**: The duty-free sector is expected to improve as foreign cosmetic brands show growth, indicating a recovery in high-end consumption [16]. - **Medical Aesthetics**: The medical aesthetics sector is experiencing a K-shaped recovery, with high-end consumers opting for premium services while lower-tier markets seek affordable options [21]. Future Investment Opportunities - **Timing for Investment**: The best time to invest in the consumption sector will be from the lunar new year until early March 2026, coinciding with high policy expectations and increased consumer spending during holiday periods [23]. - **Emerging Sectors**: Other sectors to watch include luxury cruises, sports events, elder care, and high-quality gaming, all of which show significant long-term growth potential [18][19]. Conclusion - The conference call highlights the complexities of the domestic consumption market in China, emphasizing the need for strategic government policies to address current challenges and stimulate recovery. The focus on high-end consumption and emerging sectors presents potential investment opportunities for the future.