报告为美银举办的"中国美妆/奢侈品/运动品"线上调研成果之一，聚焦中国美妆市场。中国仍是全球第二大美妆市场，规模约650亿美元；在经历2022-24年低迷后已连续7个季度加速复苏，2025年增长约7%，2026年上半年维持约6%增速，预计2026年达690亿美元、2027年达730亿美元。复苏由国际品牌与高端美妆主导：2Q26国际品牌贡献中国/亚洲增量收入约2.67亿美元，本土品牌仅约900万美元，差距约30倍；国际品牌在高端市场份额升至63%（2016年以来+7个百分点），欧莱雅（26%）与雅诗兰黛（14%）领跑，日韩品牌份额被明显挤压。中国市场高度偏重护肤（占比54%，全球平均仅30%），香水为增速最快品类。去库存基本结束、折扣趋于正常化，下一阶段增长将转向创新驱动，高端护肤与香水是最明确改善方向。亚洲旅游零售受价格优势（海南折扣37%、日本22%、韩国10%）带动回暖。
China remains the world's #2 beauty market at $65bn. After three tough years, the China beauty market has accelerated for 7 quarters in a row, growing +7% in 2025 and holding at +6% in 1H26; BofA estimates $69bn in 2026 and $73bn in 2027. International and luxury brands are doing the heavy lifting: in 2Q26 they added $267m of incremental China/Asia revenue versus just $9m for domestic peers (a c.30x gap), and now hold 63% of the premium segment (+7ppt since 2016), led by L'Oréal (26%) and Estée Lauder (14%). J-beauty and K-beauty lost premium share. The market remains heavily skewed to skincare (54% vs 30% global), while fragrance is the fastest-growing category. With destocking largely done and discounting normalising, the next leg of growth should be innovation-led, especially in premium skincare and fragrance. Discount-driven Asia travel retail (37% in Hainan, 22% in Japan, 10% in Korea) is recovering, and international beauty companies look well positioned for 11/11, with Estée Lau