可选消费W24周度趋势解析：宠物和黄金珠宝板块表现最优，各板块表现分化加剧-20250615

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, and Haier Smart Home among others [1]. Core Insights - The pet and gold jewelry sectors have shown the best performance, with significant growth driven by online sales and geopolitical factors affecting gold prices [4][5]. - The report highlights a divergence in sector performance, with luxury goods and pet sectors outperforming MSCI China, while other sectors like cosmetics and sportswear are experiencing negative growth [4][10]. Sector Performance Summary - Pet Sector: Increased by 4.2% this week, benefiting from high online sales growth, with brands like MaiFuDi and FrieGat showing year-on-year growth of 26% and 147% respectively [5][14]. - Luxury Goods: Continued strong performance in gold jewelry due to rising gold prices influenced by geopolitical risks and expectations of interest rate cuts in the US [5][14]. - Snacks: Experienced a slight pullback after previous gains, but companies show resilience with increasing production capacity and new product placements [5][14]. - Sportswear: Mixed performance with local brands experiencing a downturn, while international brands like Lululemon face challenges after lowering earnings guidance [5][14]. - Cosmetics: Continued decline over four weeks, impacted by discussions around collagen restructuring and pressure on domestic brands [5][14]. - US Hotels and Credit Cards: Both sectors declined due to risk-averse market sentiment [5][14]. Valuation Analysis - Most sectors are valued below their historical averages, with expected PE ratios for 2025 indicating potential undervaluation: - Sportswear: 14.5x (72% of 5-year average) - Luxury Goods: 23.1x (65% of 5-year average) - Gambling: 14.6x (24% of 5-year average) - Cosmetics: 33.9x (84% of 5-year average) - Pet Sector: 52.6x (54% of 5-year average) - Snacks: 25.3x (39% of 5-year average) - US Hotels: 28.0x (17% of 5-year average) - Credit Cards: 31.2x (60% of 5-year average) [6][15].