会议积极定调，消费板块前景乐观，主要消费ETF(159672)冲击4连涨

Core Viewpoint - The news highlights the positive performance of the major consumption index and related ETFs, driven by recent monetary policy measures and expectations for consumer spending growth in China [3][4]. Group 1: Market Performance - As of May 8, 2025, the major consumption index (000932) increased by 0.11%, with notable gains from stocks such as New Nuo Wei (300765) up 2.27% and Wuliangye (000858) up 1.28% [3]. - The major consumption ETF (159672) also rose by 0.13%, marking its fourth consecutive increase, with a trading volume of 318.23 million yuan and a turnover rate of 3.79% [3]. - The average daily trading volume for the major consumption ETF over the past month was 595.10 million yuan as of May 7, 2025 [3]. Group 2: Policy and Economic Outlook - The Central Committee's recent meeting emphasized increasing income for low- and middle-income groups and boosting service consumption to enhance economic growth [4]. - The meeting's continuation of previous policy stances strengthens expectations for consumer policy, leading to an optimistic outlook for the consumption sector [4]. Group 3: Investment Strategies - The report suggests that the liquor sector is at a fundamental bottom, recommending increased allocation to quality liquor companies with potential market share growth [4]. - Three main investment strategies are proposed: focusing on channel reforms and new product categories, anticipating a slight recovery in the restaurant sector, and identifying companies benefiting from cost reductions [4]. Group 4: ETF Performance Metrics - The major consumption ETF has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 5.36% during rising months [5]. - As of May 7, 2025, the ETF's year-to-date maximum drawdown was 5.57%, with a relative benchmark drawdown of 0.34% [5]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, making it one of the lowest in its category [5]. Group 5: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the major consumption index is 19.9, indicating it is at a historical low, being below 94.05% of the time over the past year [5]. - As of April 30, 2025, the top ten weighted stocks in the index accounted for 67.16% of the total, with notable companies including Yili (600887) and Kweichow Moutai (600519) [5][7].