Beauty render channels are components of the final 'beauty' render, where each render channel captures all the light from a particular class of light path from the emitter to the camera.
This render channel shows direct diffuse lighting.
In other words, it shows light that is emitted from a light source, and then bounces exactly once diffusely off an object
and into the camera.
left image - beauty render. right image - direct lighting channel
This render channel shows indirect diffuse lighting.
In other words, it shows light that bounces around a scene at least once, and then bounces diffusely off an object immediately before hitting the camera.
left image - beauty render. right image - indirect lighting channel
This render channel shows specularly reflected light.
In other words, it shows light that bounces around a scene, and then bounces specularly (e.g. bounces off a smooth surface) off an object immediately before hitting the camera.
right image - Specular reflection channel
This render channel shows refracted light.
In other words, it shows light that bounces around a scene, and then is refracted through a transparent object immediately before hitting the camera.
Glossy transparent and specular materials will contribute to this channel.
right image - refracted lighting channel
This render channel shows light diffusely transmitted through a surface.
In other words, it shows light that bounces around a scene, and then is diffusely transmitted through a partially or full transparent object immediately before hitting the camera.
Diffuse transmitter and double-sided thin materials will contribute to this channel.
A double-sided thin material. Right image - transmitted lighting channel
This render channel shows directly emitted light.
In other words, it shows light that is emitted from a light source, and then directly strikes the camera.
right image - emission lighting channel
This render channel shows light that has undergone sub-surface scattering.
In detail - it shows light that is emitted from a light source, bounces around the scene,
undergoes SSS, exits a medium through a transparent material, and then directly strikes the camera.
right image - SSS lighting channel
This render channel shows light that has undergone participating-media scattering.
In detail - it shows light that is emitted from a light source, bounces around the scene,
undergoes participating media scattering, then directly strikes the camera.
right image - Participating Media lighting channel