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零售美护行业2023年美护中期策略：新材料，新替代，中国成分开启东方美学新纪元-20230702-方正证券

复盘＆展望：悲观底部，拐点有望向上。①悲观耗尽：对标行业跌幅更深，对标历史估值已回去年疫情爆发前期底部；②复苏在路上：医美强β支撑高增势能不减，美妆618环比复苏超市场悲观预期，增势上行有迹可循；③持仓低点：机构持股占比及估值均处于近期最低点，预计将随需求复苏和消费板块资金回流而拐点向上。一、美妆：中国成分开启国货替代新周期 β：品类端功效护肤仍为最核心增量，趋势转向长期，从单纯敏感肌发展进阶多

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