可选消费W46周度趋势解析：A/H高股息和中高端消费回升带动子板块关注度提升-20251117

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others [1]. Core Insights - The report highlights a recovery in mid-to-high-end consumption and increased focus on high-dividend A/H stocks, which has driven attention to sub-sectors within discretionary consumption [1][4]. - Various sub-sectors have shown different performance trends, with overseas sportswear leading the gains, followed by luxury goods and domestic sportswear [4][12]. Performance Review by Sub-Sector - Weekly Performance: Overseas sportswear increased by 6.8%, luxury goods by 5.2%, and domestic sportswear by 3.8%. In contrast, the pet sector saw a decline of 5.8% [4][12]. - Monthly Performance: The gambling sector led with an 8.4% increase, while domestic cosmetics experienced a significant decline of 14.3% [12]. - Year-to-Date Performance: The gold and jewelry sector outperformed with a 137.2% increase, while overseas sportswear saw a decline of 21.5% [12]. Sub-Sector Analysis - Overseas Sportswear: Notable gains driven by strong Q3 FY25 earnings, particularly in EMEA and Asia-Pacific regions, alleviating market concerns [6][15]. - Luxury Goods: Companies like Samsonite and Burberry reported better-than-expected earnings, boosting market confidence [6][15]. - Domestic Sportswear: OEM companies confirmed growth expectations for 2026 orders, contributing to positive stock performance [6][15]. - Gold and Jewelry: The sector benefited from rising international gold prices and favorable tax regulations in Hong Kong and Macau [8][15]. - Pet Sector: Experienced a decline post Double Eleven sales, with increased competition among brands [15]. Valuation Analysis - The report indicates that most sub-sectors are trading below their historical five-year average P/E ratios, suggesting potential undervaluation [9][16]. - Projected P/E Ratios for 2025: - Overseas sportswear: 29.1x (55% of historical average) - Domestic sportswear: 14.8x (78% of historical average) - Gold and jewelry: 23.8x (45% of historical average) - Luxury goods: 27.0x (49% of historical average) [9][16].