国金证券：美妆行业转向精细化运营
2026-07-27 02:00:27
据36氪报道，国金证券研报认为，美妆行业已步入存量精细化运营阶段，618规模微降但结构优化，品牌策略转向复购与利润导向，彩妆、香氛等升级品类成为增量。政策首次纳入美妆补贴，定向扶持头部国货与高端功效品牌；AI全链路降本增效开始兑现，素材生成、投放托管显著提升利润率。
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