2025-06-03-Jefferies-本周宏观图表_4月份非必需消费品与服务支出比例保持稳定_6页_131kb

Summary of Equity Research Report

Report Focus: Equity research on USA Discount Retailers, dated June 3, 2025.

Main Findings

• The macro analysis indicates that discretionary spending has stabilized, with services comprising 56% of discretionary spending (consistent with pre-pandemic averages), which supports the retail sector.
• Investment recommendations include Buy (60.5% of ratings), Hold (35.1%), and Underperform (4.4% of ratings), highlighting positive sentiment for some retailers.
• Valuation methodologies are based on factors including growth, market capitalization, and expected returns, with discounts or premiums applied based on specific criteria.

Key Details

• Analyst certifications confirm personal views and independence from compensation.
• Extensive disclosures address conflicts of interest, risks, and regulatory compliance, emphasizing that this is not personalized advice.
• The report monitors consumer demand and economic factors to assess retail performance.