Xin Lang Cai Jing·2025-09-01 09:47Market Overview - The market showed strong performance on September 1, with a total trading volume of 2.8 trillion yuan, and the Shanghai Composite Index rose by 0.46% [1] - The ChiNext Index increased by over 2%, and the STAR 50 Index rose by over 1%, marking a positive start for September [1] Fund Performance - The Consumption ETF (159928) experienced a slight decline of 0.23%, with a trading volume exceeding 1.1 billion yuan [1] - The fund saw a significant net subscription of 570 million units, indicating a strong demand, with a cumulative "capital absorption" of over 3.2 billion yuan in the last ten days [1] Economic Indicators - China's economic sentiment continues to expand, with the official manufacturing PMI at 49.4%, non-manufacturing PMI at 50.3%, and composite PMI at 50.5%, showing slight month-on-month increases [5] - Industries such as general equipment and aerospace are showing strong production expectations, with indices above 58% [5] Consumer Sector Insights - The consumer sector is experiencing a recovery in demand supported by liquidity, with the large consumption sector outperforming the broader market [6] - The liquor industry, particularly leading brands, has shown resilience despite market pressures, with Moutai reporting a 7% growth rate, outperforming the industry [6][7] - The China Securities White Liquor Index rose by 11.22% in August, indicating positive market feedback on liquor performance [6] Sector Differentiation - Within the consumer sector, there is a notable divergence among sub-sectors, with functional beverages and snacks showing high growth potential [7] - The dairy sector is expected to improve as raw milk prices decline, leading to a potential recovery in profitability for leading dairy companies [7] - The restaurant supply chain is stabilizing, with sectors like condiments and frozen foods beginning to recover from previous lows [7] New Consumption Trends - The consumer landscape is evolving with new demands for emotional and personalized products, particularly in categories like trendy toys and beauty products [8] - Domestic brands are leveraging innovative business models and channel efficiencies to build strong user ecosystems [8] ETF Composition - The Consumption ETF (159928) has a significant allocation to leading liquor stocks, which account for 32% of the top ten holdings, alongside major players in the agricultural and food sectors [10]