可选消费W26周度趋势解析：新老消费共振向上-20250629

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Gree Electric, Anta Sports, Haier Smart Home, and many others [1]. Core Insights - The report highlights a positive resonance between old and new consumption sectors, indicating an upward trend in the discretionary market [4][14]. - The gaming sector showed the best performance, with average daily gross gaming revenue (GGR) recovering to 686 million MOP, reaching 89% of pre-pandemic levels [5][14]. - Nike's stock surged by 18.5% due to better-than-expected Q4 FY25 results and positive future outlooks, particularly in the running segment [5][14]. - The report notes that many sectors are still undervalued compared to their historical averages, suggesting potential investment opportunities [9][17]. Weekly Performance Review - The report details the weekly performance of various sectors, with gaming, overseas sportswear, and U.S. hotels leading the gains, while luxury goods and daily necessities showed negative growth [4][11]. - Year-to-date performance highlights that gold and jewelry, domestic cosmetics, and pet sectors have outperformed the MSCI China index [11][12]. Sector Valuation Analysis - The report provides a valuation analysis indicating that most sectors are trading below their five-year average P/E ratios, with the overseas sportswear sector expected P/E at 34.4x, which is 55% of its historical average [9][17]. - The domestic sportswear sector's expected P/E is 12.6x, representing 73% of its five-year average, while the luxury goods sector is at 21.7x, 44% of its historical average [17].