金吾财讯 | 国泰海通证券表示，美护板块持仓估值处于底部，有望展现修复弹性。年初以来美护板块受市场情绪、及部分头部品牌线上数据偏弱等影响，出现较大回撤、至26年7月申万美容护理板块YTD跌幅18%，当前头部标的2026E估值基本已经回落至15-25x，板块Q2机构持仓低于0.1%，估值及持仓均处于低位。该机构认为美护板块因产品创新较多，且国货整体处于崛起趋势，仍有较多自下而上高成长机会。当前板块头部公司估值已处于历史低位，随着高端美奢数据企稳改善及市场风格再平衡，该机构认为板块有望展现修复弹性。
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