海外消费行业周更新：政策加码有望提振内需，利好三类消费标的

Macro Data - The People's Bank of China has officially lowered the reserve requirement ratio by 0.5 percentage points, resulting in an average reserve requirement ratio of approximately 6.6% [1] - The central bank also reduced the standing lending facility rate by 20 basis points, with overnight, 7-day, and 1-month rates adjusted to 2.35%, 2.50%, and 2.85% respectively [1] - The Hang Seng Consumer Index has shown a performance increase of 21.72% over the past month [1] Event Updates - Recent policies from the central bank, including a 0.5 percentage point reduction in the reserve requirement ratio and a decrease in mortgage rates, are expected to boost domestic demand, benefiting three categories of consumer stocks: outdoor sports, high-dividend apparel, and high-frequency essential chain restaurants [2] - The outdoor sports sector is anticipated to enter a "new golden decade" driven by policy support and infrastructure improvements, with recommended stocks including Anta Sports, Li Ning, and Amer Sports [2] - High-dividend apparel stocks are highlighted due to a potential increase in autumn and winter clothing consumption as temperatures drop [3] - The report suggests focusing on brands like Bosideng, Jiangnan Buyi, and Hailan Home for their low valuations and high dividend yields [3] Company Performance - The report indicates that Luckin Coffee is expected to improve its net profit margin in Q2 2024 due to reduced seasonal negative factors and cost-cutting measures [3] - Yum China reported a 4% year-on-year increase in system sales for Q2 2024, with plans to open 1,500 to 1,700 new stores throughout the year [3] - The stock performance of key companies such as Anta Sports (+22.39%), Li Ning (+28.69%), and Luckin Coffee (+24.11%) reflects positive market sentiment [4]