本期投资提示:本周化妆品医美板块表现强于市场。2025 年7 月18 日至2025 年7 月25 日期间,申万美容护理指数上涨5.4%,表现强于市场。其中,申万化妆品指数上涨3.4%,强于申万A 指1.2pct;申万个护用品指数上涨7.7%,强于申万A 指数5.5pct。周观点:监管趋严利好国货龙头,消费淡季关注新品布局。广告法电商投流政策规定,从10 月1 日开始,企业产生的投流费用被归为广告费...
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