可选消费W23周度趋势解析：本周零食板块景气度增强，部分新消费公司解禁在即板-20250608

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary consumption sector, including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, and many others [1]. Core Insights - The snacks sector has shown increased prosperity this week, with stock price volatility rising as some new consumption companies approach share release dates [4][10]. - The luxury goods sector, particularly gold and jewelry, has continued to perform well, driven by stable gold prices and brand upgrades [18]. - The sportswear sector has experienced divergence, with Lululemon's earnings slightly exceeding expectations but facing a significant stock price drop due to lowered guidance [19]. - The cosmetics sector has seen a decline, with unresolved issues affecting stock prices, while high-end international brands have performed well [19]. - Most discretionary consumption sectors are still valued below their historical five-year averages, indicating potential investment opportunities [20]. Sector Performance Review - Weekly performance rankings: Snacks > Pet > Luxury Goods > Credit Card > U.S. Hotel > Gambling > Cosmetics > Sportswear, with snacks and pet sectors outperforming the MSCI China index [14]. - Monthly performance rankings: Luxury Goods > Pet > Gambling > Credit Card > Snacks > U.S. Hotel > Cosmetics > Sportswear, with only cosmetics and sportswear underperforming [15]. - Year-to-date performance rankings: Luxury Goods > Pet > Snacks > Cosmetics > Credit Card > U.S. Hotel > Sportswear > Gambling, with luxury goods, pet, snacks, cosmetics, and credit card sectors outperforming [16]. Valuation Analysis - As of June 6, 2025, expected P/E ratios for various sectors indicate that most are below their five-year averages, with the sportswear sector at 15.5x (76% of its average), luxury goods at 21.8x (61%), and snacks at 25.7x (40%) [11][20].