Negative trend: 1、Sportswear: Yonex; 2、Cosmetics & Personal Care: P&G (SK II), Kose, KAO, Unicharm, MTG, Pigeo
1. On y/y basis, remain largely seasonal in Aug MTD vs. Jul, while becomes less negative, although still ample room for recovery. (new home sales) continues to be the most negative, but likely close to the bottom as more support measures roll out in early Sep.
2. continues to be healthy based on daily trend, mainly supported by Hong Kong, Macau, Japan, and other regions in APAC. outperforms the most.
Compared to the previous generation after 3 weeks since launch, iPhone 14 standard model underperforms, iPhone 14 Pro/Pro Max perform decently, while Apple Watch 8 outperforms.
1、Hermes continues to outgrow peers; Domestic jewelers, especially Chow Tai Fook, further accelerate in Jul
2、Express shipment remains healthy led by J&T/STO/JDL in Jul
3、Lululemon soars on JD store opening and resilient Tmall; Xtep outperforms; Nike retains recovered-level in Jul