化妆品行业:医美上游加速创新 关注新品催化

国泰海通证券
Jul 21, 2025

本报告导读:产品创新是美护板块的重要催化,2024 年以来医美上游新品持续丰富,国产注射针剂加速创新,新材料在多品类、多适应症拓展,关注新品上市节奏及终端放量表现。投资要点:投资建议:产 品创新是新消费的重要方向,医美、化妆品品类对成分技术更加强调,上游产品线不断完善,新品加速落地推动行业出新。整体来看,美护板块成长属性明显,基本面维度品牌分化加剧,建议自下而上优选存在产品及渠道变化、具备弹性的...

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