周大生强势涨停，可选消费市场潜力释放

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up 0.07% and the Shenzhen Component down 0.04%, while the consumer sector, particularly new beverages and new retail, led the gains [1] - The government announced a doubling of the subsidy for the old-for-new replacement program to 300 billion yuan by 2025, expanding the covered categories from 8 to 12, including new appliances like microwaves and water purifiers [1] - During the May Day holiday, home appliance sales exceeded 55 million units, with air conditioners and robotic vacuum cleaners performing particularly well, indicating strong consumer demand [1] Group 2 - The investment logic in the home appliance sector is shifting from "total growth" to "structural upgrade," with short-term support from domestic replacement policies and a gradual pricing in of export chain risks [2] - Long-term trends of smartization, globalization, and greening are expected to reshape the competitive landscape of the industry, highlighting the need for investors to identify value benchmarks amid policy benefits and technological revolutions [2] - The optional consumption ETF closely tracks the CSI All-Share Optional Consumption Index, with top holdings including leading consumer companies such as Midea Group, BYD, Gree Electric, and Haier Smart Home, which together account for over 78% of the portfolio [2]