金吾财讯 | 中信证券研究指，22026Q2，预计美妆行业在需求疲弱、流量成本走高、内容运营压力加大的背景下延续低速增长；结构性进一步分化，国际高端品牌销售反弹，本土大众、中端定位品牌承压；毛戈平、林清轩延续高增长，巨子生物、贝泰妮、敷尔佳销售底部回升。2026Q2，医美板块上游产品供给增加，竞争延续较高强度，四环医药受益于自主产品上市继续提升市场份额。黄金珠宝板块，4-5月金价相对平稳，各上市公司销售情况显著好于社零额黄金珠宝板块整体增速，6月金价下行销售压力回升，Q2表现弱于Q1。美妆、医美、黄金珠宝公司的估值2026年动态PE主力区间在10~15x，部分公司低于10x；各公司现金流充沛，账面现金普遍在市值的20%~35%，部分达40%+；股息率在4%+个股占比高，部分达7%~9%。估值已充分反映当前的经营压力且已严重低估，静候基本面改善和估值回升。
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