六大维度透视：大消费板块后市可期！12只滞涨消费股低估值且绩优

Core Viewpoint - The consumer sector is expected to recover in terms of valuation and performance, especially with the upcoming traditional consumption peak season and increased market attention since August [1][9]. Fund Flow into Consumer ETFs - Since August, consumer-themed ETFs have seen significant capital inflow, with over 3.4 billion yuan net inflow, particularly in food and beverage ETFs, which attracted nearly 3 billion yuan [2][4]. - Prior to August, the consumer-themed ETFs experienced a net outflow of nearly 700 million yuan in the first seven months of the year [4]. Characteristics of the Consumer Sector - The consumer sector is currently valued at a three-year low, with the major consumer index's price-to-earnings ratio at 19.88 times, about 30% lower than its three-year average [5][6]. - The consumer index has underperformed the market, with a year-to-date increase of less than 5%, compared to nearly 16% for the Shanghai Composite Index [6]. - The earnings growth potential for the consumer sector is strong, with expected double-digit net profit growth for 2026 and 2027 [6][7]. - Market activity in the consumer sector has increased, with a notable rise in trading volume and turnover rates since June [6][7]. - Investor interest has also risen, with more companies in the consumer index being researched in August compared to July [7]. Historical Performance and Trends - Historical data indicates that the consumer sector often exhibits a "first rise" and "subsequent rise" pattern during market uptrends, suggesting potential for future gains [11]. - The consumer sector has shown significant profitability during past bull markets, with notable returns in specific periods [12]. Policy Support for Consumption - Recent government policies have focused on boosting consumption, indicating a supportive environment for the consumer sector's growth [13]. Undervalued and High-Performance Consumer Stocks - There are 12 consumer stocks identified as undervalued and performing well, with low price-to-earnings ratios and stable earnings growth expected [14][15]. - For instance, Kweichow Moutai has a price-to-earnings ratio of around 20 times and is expected to see nearly 9% net profit growth in the first half of 2025 [15][16].