金吾财讯 | 中信证券表示，电商大盘、美护类目在此次618大促均取得10%+GMV增速；平台弱化绝对价格竞争，性价比护肤、中高端彩妆各有突出表现；平台战略倾向优质品牌，头部品牌总体受益。品牌端压降达播占比、官方渠道商品折扣价调升，助力优质品牌高质量发展、优化经营利润。总览此次618大促，重点跟踪的头部品牌总体实现了低个位数GMV规模增长，但品牌间表现分化较大；国际品牌总体表现平稳。
具体到品牌端表现较为分化，该机构重点推荐：1）具备稀缺高端品牌资产，线下护城河深厚、线上渠道高速增长的公司；建议关注收购优质品牌资产、以强运营能力赋能品牌发展的公司；2）大促销售进一步突破，组织势能向上、产品具备高质价比心智的公司；关注建立性价比商业模式闭环，在婴童小品类持续突破的公司；3）建议关注管理团队及经营策略处于调整阶段，品牌布局完善、综合实力强劲的公司，维持美妆行业“强于大市”评级。
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