--- title: "中信证券：看好国货化妆品基于组织进化、产品提升和营销运营优势提升市占率" description: "中信证券看好国货化妆品的市场前景，认为国际品牌在中国区的经营波动为国货提供了成长空间，尤其是在高端美护领域。国际品牌的经营分化显示出美护行业需要多维综合能力的支持。基于组织进化、产品提升和营销运营优势，国货化妆品有望提升市场占有率。维持美妆行业 “强于大市” 评级。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/261952442.md" published_at: "2025-10-21T00:11:30.000Z" --- # 中信证券：看好国货化妆品基于组织进化、产品提升和营销运营优势提升市占率 > 中信证券看好国货化妆品的市场前景，认为国际品牌在中国区的经营波动为国货提供了成长空间，尤其是在高端美护领域。国际品牌的经营分化显示出美护行业需要多维综合能力的支持。基于组织进化、产品提升和营销运营优势，国货化妆品有望提升市场占有率。维持美妆行业 “强于大市” 评级。 中信证券指出，从选取的国际美护上市公司样本来看，美妆个护行业在全球维度经营波动，国际品牌之前表现分化。聚焦中国区，几乎仅欧莱雅在中国区取得持续销售增长，部分公司经过战略重组后先迎来经营模型的优化、但销售势能暂未恢复，部分国际公司经营持续承压。在短期视角下，国际品牌中国区的经营波动给国货提供了更好的成长空间，尤其在国货布局更少的高端美护赛道；在中期维度中，国际美护公司经营的波动和分化进一步说明了美护行业需要组织、产品、渠道、营销等多维综合能力支撑增长。在此背景下，继续看好国货化妆品基于组织进化、产品提升和营销运营优势提升市占率。维持美妆行业 “强于大市” 评级。 ### Related Stocks - [LRLCY.US - 欧莱雅(ADR)](https://longbridge.com/zh-CN/quote/LRLCY.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | L'Oreal CEO: Not happy with skincare, we outpaced market for 8 years but not in 2025 | L'Oreal CEO: Not happy with skincare, we outpaced market for 8 years but not in 2025 | [Link](https://longbridge.com/zh-CN/news/275883512.md) | | L'Oreal's Shares Drop After Soft End to the Year | L'Oreal's shares fell 4.5% to 374.10 euros after the company reported weaker-than-expected fourth-quarter results, with | [Link](https://longbridge.com/zh-CN/news/275881106.md) | | AI disruption overblown but not yet time to buy - Jefferies  | Jefferies economist Mohit Kumar believes fears surrounding AI disruption are overblown, but advises against buying into | [Link](https://longbridge.com/zh-CN/news/275889165.md) | | L'Oreal Bullish on Outshining Rivals in Attractive Beauty Market -- Update | L'Oreal is optimistic about its growth in the beauty market, expecting to outperform competitors. In 2022, the company r | [Link](https://longbridge.com/zh-CN/news/275793173.md) | | RBC Capital Reaffirms Their Buy Rating on L’Oreal (0NZM) | RBC Capital has reaffirmed its Buy rating on L’Oreal (0NZM) with a price target of €410.00, according to analyst Wassach | [Link](https://longbridge.com/zh-CN/news/275811927.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。