核心观点三季报预计行业内个股表现依旧分化。2025 年8 月，社会消费品零售总额3.97 万亿，同比增长3.4%。其中商品零售额同比增长3.6%，餐饮收入同比增长2.1%。国庆中秋假期，全国重点零售及餐饮增速2.7%，三季度以来消费行业增速整体相对平稳，存量时代下，个股逻辑大于行业逻辑。1）美容护理：三季度是化妆品行业淡季，但随着行业越发注重平销，以及为应对Q4 大促提前，相关营销及推品节奏都有所...
Source Link核心观点三季报预计行业内个股表现依旧分化。2025 年8 月，社会消费品零售总额3.97 万亿，同比增长3.4%。其中商品零售额同比增长3.6%，餐饮收入同比增长2.1%。国庆中秋假期，全国重点零售及餐饮增速2.7%，三季度以来消费行业增速整体相对平稳，存量时代下，个股逻辑大于行业逻辑。1）美容护理：三季度是化妆品行业淡季，但随着行业越发注重平销，以及为应对Q4 大促提前，相关营销及推品节奏都有所...
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