中国化妆品：抗老赛道升级 —— 肌肤长效与品牌持久力的长期互动；建议买入敷尔佳与巨子生物-China Cosmetics_ Anti-aging upcycle_ Long-term interplay between skin longevity and enduring brand strength; Buy Forest Cabin & Giant Biogene

25 February 2026 | 8:24PM HKT Equity Research CHINA COSMETICS Anti-aging upcycle: Long-term interplay between skin longevity and enduring brand strength; Buy Forest Cabin & Giant Biogene We expect structural growth in the broader anti-aging beauty market (traditional anti-aging skincare, medical aesthetics [MA], dermocosmetics), driven by evolving consumer perceptions, technological advancements, and a growing emphasis on wellness and appearance. We anticipate long-run growth at a HSD% CAGR over 2025-30E, w ...