可选消费W06周度趋势解析：海外消费业绩密集发布带动股价波动，A H股期待26年可选消费恢复

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary consumption sector, including Nike, Li Ning, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and many others [1]. Core Insights - The report highlights that overseas consumer earnings releases have led to stock price volatility, with A/H shares anticipating a recovery in discretionary consumption in 2026 [1]. - The performance of various sectors is analyzed, with gaming, U.S. hotels, snacks, and retail showing positive trends, while luxury goods and overseas cosmetics are experiencing declines [4][12]. - The report notes that the gaming sector saw a strong increase in gross gaming revenue, with a year-on-year growth of 24%, exceeding market expectations [6][14]. Sector Performance Summary - Gaming Sector: Increased by 5.5%, driven by strong January gross gaming revenue growth and positive earnings from MGM China [6][14]. - U.S. Hotels: Also up by 5.5%, with Marriott and Hilton showing positive earnings forecasts [6][14]. - Snacks: Grew by 3.6%, with companies like Youyou Foods and Qiaqia Foods reporting significant growth expectations [6][14]. - Retail Sector: Increased by 3.5%, led by Walmart and Target, which exceeded market sales forecasts [8][14]. - Domestic Sportswear: Rose by 2.6%, with Li Ning benefiting from its partnership with the Chinese Olympic Committee [8][14]. - Credit Card Sector: Gained 2.3%, supported by strong earnings from Visa and Mastercard [8][14]. - Domestic Cosmetics: Increased by 2.1%, benefiting from overall strength in the beauty and skincare sector [8][14]. - Luxury Goods: Slightly up by 0.9%, influenced by a rebound in the U.S. market [8][14]. - Overseas Cosmetics: Decreased by 5.7%, with concerns over the sustainability of growth for Estée Lauder [9][15]. - Pet Sector: Down by 0.7%, with companies like Guai Bao Pet and Zhongchong Co. experiencing declines [8][14]. - Gold and Jewelry: Fell by 1.2%, affected by fluctuations in gold prices [8][14]. Valuation Analysis - The report indicates that the valuation of various sectors remains below their historical averages, with expected P/E ratios for 2025 showing significant discounts compared to the past five years [10].