微信小店灰测“送礼物”功能，关注新渠道潜在变革带来的投资机会

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry [10]. Core Insights - The introduction of the "Gift Giving" feature in WeChat Mini Store is expected to enhance user shopping habits and create new investment opportunities in the beauty sector [8][10]. - The beauty category aligns well with gifting scenarios, and domestic beauty brands are likely to benefit from the new channel advantages [10]. Summary by Sections Industry Events - On December 19, WeChat Mini Store began a gray test of the "Gift Giving" feature, applicable to products priced below 10,000 yuan [10]. - The feature aims to meet both social and shopping needs of users, coinciding with several major holidays, which could increase WeChat's penetration in e-commerce [10]. Market Trends - Gifting scenarios have consistently accounted for over 10% of the beauty market share for three consecutive years, with sales growth outpacing the overall beauty market [10]. - During the 2024 Qixi Festival, beauty GMV saw a 100% year-on-year increase, with young users growing by 150% [10]. Investment Recommendations - The report suggests focusing on brands that are well-positioned for the new channel changes, particularly those with high-potential products [8][10]. - Recommended companies include: - Shangmei Co., Ltd. (sensitive to new channel changes) - Juzhibio (leader in collagen products) - Proya (leading domestic beauty brand) - Marubi (leader in eye cream products) - Runben (leader in mosquito repellent and baby skincare) - Shuiyang Co., Ltd. (owns high-end brands) [8][10].