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

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 in 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 the MSCI China index [4][14]. - Monthly performance shows similar trends, with luxury goods leading and snacks showing negative growth [15]. - Year-to-date performance indicates luxury goods, pet, cosmetics, and snacks sectors outperforming the MSCI China index, while U.S. hotel, sportswear, and gambling sectors are in negative growth [16]. Sector Valuation Analysis - As of May 30, 2025, expected P/E ratios for various sectors are as follows: - Sportswear: 15.4 (76% of five-year average) - Luxury Goods: 21.7 (61% of five-year average) - Gambling: 14.8 (24% of five-year average) - Cosmetics: 35.6 (88% of five-year average) - Pet: 48.4 (49% of five-year average) - Snacks: 24.3 (37% of five-year average) - U.S. Hotel: 28.7 (18% of five-year average) - Credit Card: 32.0 (61% of five-year average) [6][11][18].