可选消费W51周度趋势解析：A/H零食和零售板块表现亮眼，海外NIKE拖累运动服饰表现-20251228

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier, Gree Electric, Anta Sports, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - The A/H snack and retail sectors have shown strong performance, while overseas Nike has negatively impacted sportswear performance [4][11]. - The report highlights a recovery in overseas consumer sectors and anticipates the implementation of supportive consumption policies in the A/H markets [3]. Performance Review by Sector - Snacks: The snack sector saw a weekly increase of 5.7%, with companies like Qiaqia Food and Three Squirrels rising by 6.0% and 7.5% respectively. The performance is attributed to seasonal sales and expectations for new products in Q1 2026 [5][13]. - Retail: The retail sector increased by 2.3%, driven by the rapid expansion of Wancheng Group's stores and positive same-store sales growth [6][14]. - Overseas Cosmetics: This sector rose by 2.4%, with notable increases from ELF Beauty and Estée Lauder [6][14]. - Luxury Goods: The luxury sector increased by 0.8%, with Samsonite benefiting from high-end consumer recovery [6][14]. - Domestic Sportswear: This sector experienced a decline of 0.3%, with Li Ning showing a 7.5% increase due to the opening of a flagship store [6][14]. - Gold and Jewelry: This sector fell by 1.9%, with Chow Tai Fook and other companies facing price increases and market volatility [6][14]. - Overseas Sportswear: This sector declined by 2.6%, primarily due to Nike's poor performance, which saw a 13.0% drop [6][14]. Valuation Analysis - The report indicates that most sectors are currently valued below their average over the past five years. For instance, the expected PE for the overseas sportswear sector is 31.2 times, which is 59% of its historical average [9][15]. - Other sectors such as domestic sportswear, gold and jewelry, and luxury goods also show lower expected PE ratios compared to their historical averages, indicating potential investment opportunities [9][15].