Cathay Pacific Haitong released a research report saying that the 26Q3 US protection sector's revenue/attribution/deduction was not +10%/-36%/-29%, sector differentiation intensified, personal care was steady, high-end beauty was better than the public, and downstream medicine and beauty were better than upstream. The growth attributes of the sector are still obvious over the long term. Currently, sector valuations and positions are low. It is recommended to select those with strong energy and high recovery elasticity from the bottom up. Recommended: 1) high-growth targets with strong fundamentals; 2) leading targets with low valuations; 3) targets with low expectations and margins expected to improve in the future.

Cathay Pacific Haitong released a research report saying that the 26Q3 US protection sector's revenue/attribution/deduction was not +10%/-36%/-29%, sector differentiation intensified, personal care was steady, high-end beauty was better than the public, and downstream medicine and beauty were better than upstream. The growth attributes of the sector are still obvious over the long term. Currently, sector valuations and positions are low. It is recommended to select those with strong energy and high recovery elasticity from the bottom up. Recommended: 1) high-growth targets with strong fundamentals; 2) leading targets with low valuations; 3) targets with low expectations and margins expected to improve in the future.