本周核心观点:1)品牌端:618 大促拉开帷幕,国货品牌表现亮眼;内需消费主线下,美妆个护板块有望迎来结构性机会,新渠道新产品以及品牌资产优质的美妆个护品牌有望受益。(稳健医疗,登康口腔,珀莱雅等)以品牌服饰为代表的可选消费在政策刺激和信心重建下正在踏入逐步复苏的通道,宏观环境好于2024 年;近期内需板块在多因素共振下,复苏超预期的企业迎来估值修复行情,其中具备新消费的品牌表现强劲。美护和户外...
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