$美国零售长牛股(ZH3219383)$ 零售股最近迎来一波大涨，尤其是YTD laggards。We believe FOMO will make investors continue to pile in laggards / cheap cyclical names. 我们看好overkilled quality stories with numbers upside like ULTA / FIVE. 在我们看来，有些反弹在三个月过后看会是traps，比如TGT，因为there is no bottom of fundamentals. 其他laggards里we look to get more constructive on TSCO if top-line cooperates. $犹他美容(ULTA)$ $Five Below(FIVE)$