金吾财讯 | 中信证券表示，2025H1，限额以上化妆品零售额同比+2.9%，存量整合态势延续。2025Q2，黄金珠宝在金价上行而后盘整、基数较低的情况下实现较快增长；线下零售增长承压，不断寻求调整突破。该机构认为，美妆、医美板块存量整合的趋势仍将延续，推荐：1）定位高端，增长确定、标的稀缺的本土彩妆龙头；2）重组胶原蛋白龙头企业；医美综合龙头；3）性价比、性质比特征显著，契合当前消费形势的企业。黄金珠宝连锁板块推荐差异化定位，品牌力、设计力突出，具备高成长性的企业。零售：推荐逆势变革，或在未来1-2年重回成长通道的企业。
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