“以旧换新”政策成效显现，消费复苏态势明确，聚焦港股消费ETF（513230）布局机遇

Core Viewpoint - The Hong Kong stock market is experiencing fluctuations, with the Hang Seng Index down by 0.43% and the Hang Seng Tech Index down by 1.36%, while certain sectors like passenger airlines and home goods are performing well, indicating a mixed market sentiment [1] Market Performance - As of the midday close on October 16, the Hang Seng Index decreased by 0.43% and the Hang Seng Tech Index fell by 1.36% [1] - The consumer ETF (513230) is down approximately 0.5%, with leading stocks such as Lao Pu Gold, Pop Mart, Shenzhou International, and China Wangwang showing gains, while stocks like Giga Bio, Xpeng Motors, and Xiaomi Group are experiencing declines [1] Economic Insights - A recent economic forum emphasized the need to expand domestic demand and strengthen the domestic circulation, with expectations that the upcoming "14th Five-Year Plan" will enhance the long-term development mechanism for consumption [1] - As of May 31, the "trade-in" policy for five major consumer categories has driven sales exceeding 1.1 trillion yuan, indicating a positive trend in consumer spending [1] Capital Flow - There has been a notable acceleration of southbound capital inflow into the Hong Kong stock market this year, driven by policy benefits and increased liquidity [1] - The combination of policy incentives and capital inflow is seen as a dual driving force for market recovery, with a clear trend of consumption recovery supported by the effectiveness of the "trade-in" policy [1] ETF Composition - The Hong Kong consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including internet e-commerce leaders and new consumption brands [1] - Key components of the ETF include leading new consumption brands like Pop Mart and Lao Pu Gold, as well as major internet e-commerce players such as Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting a strong tech and consumer attribute [1]