内需换新政策升级，可选消费表现突出

Group 1 - The A-share market experienced a rebound on May 20, with the ChiNext Index rising over 1% and the North Stock 50 reaching a historical high, driven by strong performance in the consumer sector, particularly in discretionary consumption [1] - The subsidy scale for the old-for-new replacement policy will double to 300 billion yuan by 2025, expanding the covered categories from 8 to 12, including new additions like microwave ovens, water purifiers, dishwashers, and rice cookers, as well as including 3C digital products for the first time [1] - During the May Day holiday, home appliance replacement sales exceeded 55 million units, with air conditioners and robotic vacuum cleaners performing particularly well, indicating a robust demand despite a slight slowdown in growth compared to the previous quarter [1] Group 2 - The discretionary consumption ETF (562580) closely tracks the CSI All-Share Discretionary Consumption Index, with the top five constituent stocks including leading consumer companies such as Midea Group, BYD, Gree Electric, and Haier Smart Home, with automotive and home appliances accounting for over 78% of the index [2] - As the national economy continues to improve, the disposable income of consumers in China is rising, leading to a shift in consumption spending from food and clothing to transportation, healthcare, and consumer electronics, highlighting the investment value of the discretionary consumption sector [2]