Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary consumption sector, including Nike, Midea Group, and Anta Sports, among others [1]. Core Insights - The gold and jewelry sector continues to show strong performance, while cosmetics and snacks are experiencing adjustments [1][4]. - Most sectors within discretionary consumption are currently valued below their historical five-year averages, indicating potential investment opportunities [6][11]. Sector Performance Review - Weekly performance rankings: Luxury Goods > Gambling > Credit Card > U.S. Hotel > Sportswear > Pet > Cosmetics > Snacks, with only cosmetics and snacks underperforming compared to the MSCI China index [4][14]. - Monthly performance rankings: Luxury Goods > Gambling > U.S. Hotel > Sportswear > Pet > Credit Card > Cosmetics > Snacks, with luxury goods and gambling outperforming the MSCI China index [15]. - Year-to-date performance rankings: Luxury Goods > Pet > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling, with luxury goods and pets outperforming the MSCI China index [16]. Sector Valuation Analysis - As of May 30, 2025 expected P/E ratios for various sectors are as follows: Sportswear at 15.4 (76% of five-year average), Luxury Goods at 21.7 (61%), Gambling at 14.8 (24%), Cosmetics at 35.6 (88%), Pet at 48.4 (49%), Snacks at 24.3 (37%), U.S. Hotel at 28.7 (18%), and Credit Card at 32.0 (61%) [6][11][18]. - The only sector with a 2025 EV/EBITDA higher than its historical five-year average is cosmetics [11][18].
可选消费W22周度趋势解析：本周黄金珠宝板块景气度延续，化妆品和零食持续调整-20250601
Haitong Securities International·2025-06-01 13:47