华泰 | 可选消费:海外美护龙头业绩分化,存在结构性亮点

华泰睿思
Aug 05

点击小程序查看研报原文核心观点1H25海外美护龙头业绩:结构性亮点突出海外美护龙头公司近期陆续披露1H25业绩表现。整体来看,我们难以通过以上公司业绩表现将不同区域的消费趋势简单定性概括为“消费降级”或“消费升级”,亮点是结构性的。分区域,25Q2中国大陆业务有边际改善迹象(如欧莱雅/LVMH);分品类,皮肤医学级产品(高德美/欧莱雅等)/香水(PUIG/LVMH等)/高端彩妆(PUIG)/护发(...

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