美妆行业更新:美护修复 关注高成长与边际改善

国泰海通证券
Feb 08

本报告导读:美妆销售淡季边际改善,建议自下而上优选产品及品牌势能较强下高速成长,以及产品及渠道变化下具备修复弹性的标的。投资要点:展望2026年,美妆大盘有望延续稳健增长,板块因产品创新较多、且国货整体呈崛起趋势,成长属性明显,建议自下而上优选产品及品牌势能较强下高速成长,以及产品及渠道变化下具备修复弹性的标的。建议增持:1)基本面强劲的高成长标的:若羽臣、倍加洁、毛戈平、林清轩、上美股份;2)...

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