Huaxi Securities released a research report stating that the "16th Five-Year Plan" inaugural year is expected to see intensified policies to expand domestic demand, coupled with consumers' increasingly strong pursuit of high-quality living, opening up broad growth space for the light industry and beauty care sectors. Cross-border e-commerce penetration still has ample room for improvement, while improving international relations and demand stimulation from emerging markets will further drive market expansion, injecting momentum for the industry's global expansion. Looking ahead to 2026 for the light industry and beauty care sectors, the broader environment still faces certain pressures, but driven by the dual forces of domestic demand policy empowerment and steady export expansion, the industry is expected to stabilize and trend positively. The main views of Huaxi Securities are as follows:
Looking ahead to 2026 for the light industry and beauty care sectors, the broader environment still faces certain pressures, but driven by the dual forces of domestic demand policy empowerment and steady export expansion, the industry is expected to stabilize and trend positively. 1) Domestic Demand: The inaugural year of the "16th Five-Year Plan" is expected to see intensified policies to expand domestic demand, coupled with consumers' increasingly strong pursuit of high-quality living, opening up broad growth space for the industry. 2) Exports: Cross-border e-commerce penetration still has ample room for improvement, while improving international relations and demand stimulation from emerging markets will further drive market expansion, injecting momentum for the industry's global expansion. 3) Enterprises: Companies possessing core technology and brand advantages will seize the initiative; cutting-edge technology will solidify product competitiveness, and brand momentum will break through price-performance competition. These enterprises are expected to capture the benefits of domestic demand, deeply tap into domestic consumption potential through differentiated supply, while simultaneously expanding into overseas markets leveraging their global layout advantages, leading growth amidst the industry's high-quality development trend.
Investment Views: 1) Cosmetics: Focus on high-end skincare and makeup brands with distinctive oriental cultural characteristics such as MAO GEPING (01318) and FOREST CABIN (02657), as well as companies showing marginal improvements like丸美生物 (603983.SH). * Medical Aesthetics: Focus on锦波生物 (920982.BJ), which holds a clear advantage in secondary materials, and丸美生物 (603983.SH), which is actively expanding into new materials. * Daily Chemicals: Focus on brands with clear advantages in niche segments and leading industry positions, as well as companies showing significant operational improvements like登康口腔 (001328.SZ),润本股份 (603193.SH), and上海家化 (600315.SH). 2) Home Furnishings: Focus on leading companies with stronger channel capabilities and multi-category layouts as core competencies, such as欧派家居 (603833.SH) and顾家家居 (603816.SH); also focus on敏华控股 (01999), which benefits from expectations of a US real estate recovery driven by Fed rate cuts and is deeply entrenched in the North American functional sofa market. 3) Two-Wheelers & Motorcycles: Two-wheelers are generally essential consumer goods with natural replacement cycles, leading to relatively stable industry demand. Current market expectations for two-wheelers are somewhat pessimistic; it is anticipated that after the new national standards become clearer, allocation opportunities in the sector will become more defined. Focus on YADEA (01585),爱玛科技 (603529.SH), and九号公司 (689009.SH). 4) Light Industrial Consumer Goods: Personal Care: Big product strategies and omni-channel development capabilities constitute corporate competitiveness. Focus on:百亚股份 (003006.SZ) and稳健医疗 (300888.SZ). * Stationery: Product and channel optimization and upgrades have become key points for stationery companies to actively adapt to current consumption trends. Focus on:晨光股份 (603899.SH) and齐心集团 (002301.SZ). * Gold & Jewelry: Focus on老铺黄金 (06181),看好 the company's continuous channel expansion and the fission effect of performance growth as it constantly breaks through in the market. 5) Exports: Focus on companies with significant technical barriers and brand advantages, and operating in sub-sectors with sustained high growth, such as浩洋股份 (300833.SZ) and依依股份 (001206.SZ).
Risk warnings: Macroeconomic performance falls short of expectations; consumer recovery falls short of expectations; international situation instability; intensification of market competition.
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