Market Performance - The Black Friday kickoff has significantly boosted overseas consumption, leading to a positive sentiment in the A/H-share consumer sectors[1] - Weekly performance of various sectors showed strong growth, with the gaming sector leading at 6.9%, followed by overseas sportswear at 6.8% and overseas cosmetics at 4.1%[11] - Year-to-date performance highlights jewelry as the top performer with a 133.9% increase, while overseas sportswear has seen a decline of 15.4%[11] Sector Analysis - The overseas sportswear sector is expected to have a PE ratio of 30.2x in 2025, which is 57% of the average PE over the past five years[15] - The domestic sportswear sector's expected PE is 14.7x, representing 77% of its historical average[15] - The gaming sector's expected PE is 17.2x, which is only 28% of its five-year average, indicating potential undervaluation[15] Company Highlights - Notable stock performances include Sands China up 11.2% and MGM China up 9.1%, driven by positive trends in Macau's gaming revenue[14] - Lululemon's stock surged by 9.5% due to strong demand for new winter apparel, with expectations for a positive Q3 2025 earnings report[14] - E.L.F. Beauty's stock rose by 8.7% following favorable analyst ratings and improved sales trends[14] Consumer Sentiment - The retail sector saw a 3.6% increase, with Walmart and Target benefiting from the Black Friday shopping season[14] - The luxury goods sector increased by 2.5%, supported by expectations of strong performance during the holiday shopping season despite high valuation levels[14] - Domestic cosmetics stocks rose by 2.2%, with significant growth reported by companies like Shiseido and Marubi[14]

Core Insights - JD.com has launched its "11.11 Warm Surprise Day" on November 7, offering significant discounts and promotions on winter apparel and beauty products to meet consumer demand for warmth during the winter season [1][10] Promotions and Offers - The event features a major promotion of "spend 1000 get 300 off" on clothing, alongside discounts on specific items such as a 300 yuan reduction on a popular down jacket [1] - Consumers can purchase special collaboration autumn pants for just 1 yuan, with designs that incorporate cultural elements and fun styles [3] - A variety of promotional gifts are available with the purchase of select warm products, including branded items and exclusive gifts [5] Community Engagement - JD.com is conducting a "Warm Stall" pop-up event in Harbin, providing free seasonal warm items to the public, including jackets, thermal suits, and other winter essentials [8] - The company has also prepared free warm kits specifically for sanitation workers, highlighting its commitment to community support [8]