Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, and others, while Lulu Lemon is rated as "Neutral" [1]. Core Insights - Duty-free sales have shown exceptional performance, driving growth in the discretionary sector, while Hong Kong consumer stocks have experienced significant declines [4][11]. - The luxury goods sector has outperformed, with a weekly increase of 1.5%, while the retail sector also saw a rise of 1.1% [5][13]. - The report highlights that the overall sentiment in travel-related sectors remains high, contributing positively to the discretionary consumption outlook [3]. Weekly Performance Review - The weekly performance of various sectors is as follows: luxury goods > retail > overseas sportswear > overseas cosmetics > US hotels > domestic sportswear > credit cards > snacks > pets > domestic cosmetics > gold and jewelry > gaming, with respective weekly changes of 1.5%, 1.1%, 0.8%, -0.3%, -0.4%, -2.4%, -2.4%, -2.8%, -2.9%, -4.5%, -4.6%, and -5.6% [11][12]. - The retail sector's growth was significantly driven by China Duty Free, which saw a 7.6% increase due to strong sales during the New Year holiday [6][13]. Monthly and Year-to-Date Performance - Monthly performance shows retail leading with a 4.9% increase, followed by overseas sportswear and US hotels, while domestic cosmetics and gaming sectors faced declines [11]. - Year-to-date performance indicates that overseas cosmetics and US hotels have performed well, while domestic cosmetics and snacks have shown negative growth [12]. Valuation Analysis - The report notes that the valuation of various sectors remains below their average over the past five years, with expected PE ratios for 2025 indicating significant potential for growth [9][14]. - Specific sectors such as overseas sportswear are projected to have a PE of 31.2 times, which is 59% of the past five-year average, while domestic sportswear is at 13.3 times, 70% of the average [14][15].

近日，市场有消息称，上美股份旗下新彩妆品牌NAN beauty品牌合伙人古迈已于近期离职。 2015年末，古迈加入阿里，自2016年1月起担任天猫美妆事业部总经理。 《国际金融报》记者向上美股份确认了这一消息。对方表示，因个人职业发展方向的调整，古迈决定将更多精力投入其他感兴趣的领域，"古迈正在 以其他形式与公司继续合作"。 从加盟到离开，古迈只在上美股份停留了约8个月。其离职后，NAN beauty的发展该何去何从？ 大将离去 根据公开信息，古迈于2025年5月正式加盟上美股份，彼时上美股份创始人兼CEO吕义雄还曾公开表示"特别开心"，称"古迈在我心里一直是一个英 雄，他几乎改变了中国美妆的格局，我特别欣赏"。 孙婉秋/摄 在化妆品及电商行业，古迈颇有声望。 其曾在玛氏、联合利华、雅诗兰黛、LVMH集团等国际企业任职，先后担任雅诗兰黛中国区销售总监、Benefit贝玲妃大中华区品牌总经理、LVMH集 团Fresh品牌总经理等职务。 在他的带领下，天猫美妆的品牌阵容迅速扩大，截至2016年底已有来自全球3000多家美妆品牌入驻天猫，LVMH集团、雅诗兰黛、欧莱雅、宝洁、资 生堂、爱茉莉太平洋等国际美妆集团旗下 ...