可选消费W45周度趋势解析：海内外消费子版块均无共振，内部因素催化股价表现-20251111

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, China Duty Free, and others [1]. Core Insights - The report highlights that domestic and overseas consumer subsectors are not showing synchronized movements, with internal factors driving stock performance [4][10]. - The performance of various sectors is analyzed, indicating that the U.S. hotel sector has outperformed others, while luxury goods and overseas cosmetics have seen significant declines [10][13]. Sector Performance Summary - U.S. Hotels: The sector saw a weekly increase of 7.9%, driven by strong performance from Marriott and Hilton, with Marriott's RevPAR growth meeting market expectations [5][13]. - Pet Sector: Increased by 1.1%, with leading brands showing significant growth in GMV despite overall sales being weak [5][13]. - Gambling Sector: Rose by 0.7%, with Macau's GGR exceeding expectations, indicating strong future performance [5][13]. - Retail Sector: Experienced a slight decline of 0.3%, with China Duty Free benefiting from new tax policies [7][13]. - Snack Sector: Fell by 1.9%, with competitive pressures affecting performance [7][13]. - Gold and Jewelry Sector: Decreased by 2.5% due to tax reforms impacting profitability [7][13]. - Overseas Sportswear: Dropped by 2.8%, facing tariff pressures and concerns over U.S. consumer spending [7][13]. - Luxury Goods: Declined by 3.0%, with concerns over upcoming earnings reports affecting stock prices [7][13]. - Domestic Cosmetics: Fell by 3.4%, with overall performance weaker than international brands [7][13]. - Overseas Cosmetics: Experienced a significant drop of 11.6%, primarily due to ELF Beauty's disappointing earnings [7][13]. Valuation Analysis - Most sectors are valued below their average over the past five years, with specific PE ratios indicating potential undervaluation [8][14]. - Overseas Sportswear: Expected PE of 28.6, 54% of the past five-year average [14]. - Domestic Sportswear: Expected PE of 14.1, 74% of the past five-year average [14]. - Gold and Jewelry: Expected PE of 22.1, 42% of the past five-year average [14]. - Luxury Goods: Expected PE of 25.6, 46% of the past five-year average [14]. - Gambling: Expected PE of 29.1, 47% of the past five-year average [14]. - Overseas Cosmetics: Expected PE of 35.5, 53% of the past five-year average [14]. - Domestic Cosmetics: Expected PE of 27.9, 52% of the past five-year average [14]. - Pet Sector: Expected PE of 40.3, 55% of the past five-year average [14]. - Snack Sector: Expected PE of 26.8, 65% of the past five-year average [14]. - Retail Sector: Expected PE of 28.6, 53% of the past five-year average [14]. - U.S. Hotels: Expected PE of 31.4, 19% of the past five-year average [14]. - Credit Card Sector: Expected PE of 28.9, 55% of the past five-year average [14].