海通国际：618大促美妆国货领跑新规利好轻医美扩容

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智通财经APP获悉，海通国际发布研报称，化妆品年初以来在可选消费品类持续平淡，国货市占率提升成为主线，2Q多品牌发力营销、加速上新提振龙头市场表现。在超头抢跑、平台取消预售、延长活动周期的模式下，618反映出消费回归理性的特点。根据青眼情报公众号统计，天猫/抖音大促首日美妆品牌榜单均由国货领跑。此外，广东省卫健委发布医疗美容外科项目调整通知，激光治疗、注射及填充等项目不再局限由美容皮肤科医生操作。...

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href=http://www.zhitongcaijing.com/content/detail/1128905.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，海通国际发布研报称，化妆品年初以来在可选消费品类持续平淡，国货市占率提升成为主线，2Q多品牌发力营销、加速上新提振龙头市场表现。在超头抢跑、平台取消预售、延长活动周期的模式下，618反映出消费回归理性的特点。根据青眼情报公众号统计，天猫/抖音大促首日美妆品牌榜单均由国货领跑。此外，广东省卫健委发布医疗美容外科项目调整通知，激光治疗、注射及填充等项目不再局限由美容皮肤科医生操作。...</p>\n\n<a 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beauty","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300592":1,"300866":1,"600223":1,"600415":1,"600612":1,"600694":1,"600710":1,"600729":1,"600859":1,"600916":1,"603605":1,"603708":1,"605599":1,"02367":1,"002867":1,"09896":1},"content_text":"智通财经APP获悉，海通国际发布研报称，化妆品年初以来在可选消费品类持续平淡，国货市占率提升成为主线，2Q多品牌发力营销、加速上新提振龙头市场表现。在超头抢跑、平台取消预售、延长活动周期的模式下，618反映出消费回归理性的特点。根据青眼情报公众号统计，天猫/抖音大促首日美妆品牌榜单均由国货领跑。此外，广东省卫健委发布医疗美容外科项目调整通知，激光治疗、注射及填充等项目不再局限由美容皮肤科医生操作。该政策扩大可注射科室及医生范围，反映出监管对市场需求的适应转变正在推进。产业链受益顺序：下游机构>上游材料。海通国际主要观点如下：618大促国货份额提升，珀莱雅、可复美领跑天猫：平台5月20日正式开售，持续到6月20日全活动周期共32天，较去年延长6天。根据天猫大美妆公众号统计，平台首日美妆榜单护肤、彩妆类目TOP20中国货分别有6个、5个，较23年增加1个、减少1个。其中珀莱雅、彩棠分别斩获护肤、彩妆类目GMV第一。根据青眼情报公众号，5月20日珀莱雅、兰蔻、欧莱雅、雅诗兰黛开卖30分钟即成交破亿。从热销商品来看，珀莱雅GMV最高的3个单品为早C晚A3.0、红宝石面霜3.0、双抗精华面膜2.0;彩棠热销前三的单品为妆前乳、高光修容盘+遮瑕盘套组、三色修容盘。以上热销单品均为李佳琦直播商品链接。抖音：平台5月24日正式开售，持续到6月18日全活动周期共26天，较去年延长1天。根据青眼情报公众号，大促首日美妆类目GMV前20品牌中国产品牌和外资品牌各占10个席位;前20品牌中，相较于去年618首日(2023年5月25日)14个品牌GMV同比增加，巨子生物旗下可复美位列榜首，可丽金进入TOP5。广东扩大注射项目科室范围，医美关注新品获批&放量提振板块表现根据深圳市整形美容行业协会，广东省卫健委发布医疗美容外科项目调整通知，在美容外科下新增物理治疗和注射治疗，具体包括激光治疗、强脉冲光(IPL)治疗、射频治疗等;以及透明质酸、胶原蛋白、聚左旋乳酸、聚己内酯、羟基磷灰石、聚双旋乳酸等填充剂注射。根据《医疗美容项目分级管理目录》，医美项目细分为美容外科、牙科、皮肤科、中医科，其中美容外科包含隆乳、头面部部位整形等手术类项目，美容皮肤科包含激光治疗、抽吸、注射及填充等项目。海通国际认为，此次调整后，广东省激光治疗、注射及填充等轻医美项目可注射科室及医生范围扩大，这反映出监管对市场需求的适应转变正在推进。终端有望加速运营能力筑底回升节奏，上游形成稳定客群的优质管线、以及新材料、新卖点的产品贡献增量。投资建议：关注二季度消费趋势，看好电商板块和美团海通国际指出，跟踪二季度以来，终端需求仍有一定压力，特别在金价急涨后，前期相对坚挺的黄金珠宝消费需求也显著回落，判断此或带来珠宝板块低位择机布局的机会。此外，短期关注美妆龙头618表现、出海企业业务进展。从年度来看，维持看好低估值+稳增长+高股息主线，关注出口链。此外，继续看好电商板块和美团，今年以来竞争格局改善，龙头降本提效有望驱动净利率提升，兼备业绩短期确定性和中期成长性。A股推荐：小商品城(600415.SH)、重庆百货(600729.SH)、周大生(002867.SZ)、老凤祥(600612.SH)，关注大商股份(600694.SH)、王府井(600859.SH)、华凯易佰(300592.SZ)、安克创新(300866.SZ)、珀莱雅(603605.SH)、福瑞达(600223.SH)、中国黄金(600916.SH)、菜百股份(605599.SH)、苏美达(600710.SH)、家家悦(603708.SH)。H股推荐：阿里巴巴(09988)、美团(03690)、名创优品(09896)，关注巨子生物(02367)。行业风险提示：新业态分流；行业竞争加剧；监管政策的不确定性。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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海通国际：618大促美妆国货领跑 新规利好轻医美扩容

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海通国际：618大促美妆国货领跑新规利好轻医美扩容