2025年美容护理中期投资策略:领跑新消费 美妆个护全面崛起

申万宏源研究
10 Jun

回顾美容护理板块表现:新消费属性引投资热点,25Q1业绩领跑可选消费,618大促带高板块关注,三重利好催化下,25年初至今SW美容护理指数大涨13.4%,领涨31个SW一级行业。25H2预计势能持续,新成分、新细分赛道发力。化妆品:完善矩阵、布局新成分、与国潮谷子共舞,享受竞争格局优化红利。1)对标国际美妆个护集团,细分赛道布局+品牌矩阵建设,潜力巨大,预计25H2各国货公司将继续推进矩阵完善。2...

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