Xin Lang Cai Jing·2025-09-29 06:13Core Viewpoint - The consumption ETF (159928) shows a strong rebound with a net subscription of 156 million units, indicating robust investor interest in the consumer sector as the "super golden week" approaches, driven by increased travel and spending intentions [1][5]. Group 1: Market Performance - The major consumption index (000932) increased by 0.63%, with notable gains in stocks such as Yangyuan Beverage (603156) up 8.71%, Luzhou Laojiao (000568) up 4.16%, and Gujing Gongjiu (000596) up 3.42% [3]. - The top ten component stocks of the consumption ETF account for over 68% of the index, with four leading liquor stocks making up 32% and major consumer staples like Yili (9.56%) and Moutai (8.68%) also contributing significantly [7][8]. Group 2: Consumer Trends - The upcoming Mid-Autumn and National Day holidays are expected to boost consumer spending, with online travel platforms reporting a significant increase in travel bookings, particularly for interprovincial and outbound travel [5]. - The liquor market is experiencing a cautious inventory buildup, with traditional sales channels under pressure, while new retail formats like live streaming and instant retail are showing rapid growth [5]. Group 3: Industry Insights - Leading liquor companies are actively responding to market conditions, with Moutai initiating market research and price stabilization efforts, while Wuliangye is addressing pricing issues through dealer meetings [5]. - The food and beverage sector is seeing policy-driven catalysts, particularly in the prepared food segment, which may benefit leading brands through increased market share [6].