外部环境波动，内需提振成关键，主要消费ETF(159672)回调蓄势

Core Viewpoint - The recent measures announced by various government departments aim to stabilize employment and the economy, focusing on employment support, foreign trade development, consumption promotion, effective investment, and optimizing the business environment [1] Group 1: Market Performance - As of April 29, 2025, the CSI Major Consumption Index (000932) decreased by 0.45%, with component stocks showing mixed performance [1] - Bai Run Co., Ltd. (002568) led the gains with an increase of 9.98%, while Xin Nuo Wei (300765) experienced the largest decline at 7.91% [1] - The Major Consumption ETF (159672) fell by 0.52%, with the latest price at 0.77 yuan [1] Group 2: Economic Insights - Dongguan Securities highlighted that increasing external uncertainties make boosting domestic demand crucial for economic growth, with a focus on consumer policies expected to intensify [2] - Key sectors to watch include the liquor industry and consumer goods related to the catering supply chain, with specific attention on high-growth areas like snacks and dairy products benefiting from fertility policy catalysts [2] Group 3: ETF Performance - The Major Consumption ETF has shown a maximum monthly return of 24.35% since inception, with an average monthly return of 5.89% [2] - As of April 28, 2025, the ETF's maximum drawdown this year was 5.57%, compared to a benchmark drawdown of 0.34% [3] Group 4: Fee Structure and Valuation - The management fee for the Major Consumption ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumption Index is 19.71, indicating it is at a historical low, below 96.43% of the time over the past year [4] Group 5: Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI Major Consumption Index accounted for 66.9% of the index, with Kweichow Moutai (600519) being the largest at 10.39% [4][6]