东南亚消费行业11月跟踪报告：通胀温和且分化，多数消费跑输指数

研究报告 Research Report 19 Dec 2025 东南亚必需消费 & 可选消费 Southeast Asia Staples & Discretionary 东南亚消费行业 11 月跟踪报告：通胀温和且分化，多数消费跑输指数 Moderate, Uneven Inflation; Most Consumer Sectors Underperform the Index [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 市盈率 P/E 股票名称 评级 目标价 PE(2025E) PE(2026E) 资料来源： Factset, HTI 80 100 120 140 160 HAI Southeast Asia Staples HAI Southeast Asia Discretionary MSCI China Related Reports 东南亚消费行业 10 月跟踪报告：通胀温和且分化，消费需求结构性改善 Inflation Moderate and Differentiated; Consumption Structurally Impr ...