金吾财讯 | 护肤与化妆品股震荡走强，截至发稿，上美股份(02145)涨6.79%，毛戈平(01318)涨5.83%，威高国际(01173)涨5.13%，颖通控股(06883)涨3.30%，自然美(00157)涨1.89%。消息面上，华源证券发布研报称，2025年9月，抖音美妆类目GMV同比增长19.7%，环比下滑10.4%。从带货维度来看，国货品牌自营表现亮眼，TOP20美妆品牌榜单中自营大于达人推广GMV贡献率的品牌数占比达60%，自营GMV占比超50%的品牌均来自国货，其中韩束与百雀羚的自营GMV占比均超70%，显示国货品牌在自营渠道具备差异化竞争优势。国货替代逻辑持续兑现，建议关注在主流渠道不断提升市场规模及品牌影响力的国货。
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