ETF甄选 | 冬季冰雪旅游项目规模扩大，旅游、消费、黄金等相关ETF表现亮眼

Market Overview - The market experienced fluctuations with mixed performance among the three major indices, where the Shanghai Composite Index rose by 0.53%, the Shenzhen Component Index increased by 0.18%, while the ChiNext Index fell by 0.92% [1] Sector Performance - The liquor industry, tourism and hotel, and beauty care sectors showed significant gains, while shipbuilding, minor metals, and power equipment sectors faced declines [1] - Main capital inflows were observed in the liquor industry, cultural media, and food and beverage sectors [1] ETF Performance - Tourism, consumption, and gold-related ETFs performed well, likely driven by recent news and developments [2] Ice and Snow Economy - The Harbin winter ice and snow tourism initiative aims to enhance the scale of ice and snow tourism, with plans for three flagship scenic areas exceeding one million square meters each [2] - The Chinese government has set ambitious targets for the ice and snow industry, aiming for a scale of 1.2 trillion yuan by 2027 and over 1.5 trillion yuan by 2030, with a breakthrough of one trillion yuan expected in 2025 [2] Inflation and Economic Policy - In October, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, with core CPI (excluding food and energy) increasing by 1.2%, marking the sixth consecutive month of growth [3] - Domestic policies are expected to continue focusing on expanding domestic demand and promoting consumption and investment, with a stable economic outlook for 2026 [3] Gold Reserves and Market Outlook - The People's Bank of China has increased its gold reserves for 12 consecutive months, reaching 74.09 million ounces by the end of October, with a month-on-month increase of 30,000 ounces [3] - The outlook for gold remains positive, supported by geopolitical factors and potential economic pressures in the U.S., with expectations of continued liquidity easing [4]