“双11”期间多个线上销售平台消费数据亮眼，港股消费ETF（159735）盘中溢价，机构：消费风格或迎轮动补涨机会

Group 1 - The Hang Seng Index and Hang Seng Tech Index experienced a collective decline in early trading on November 14, with the Hong Kong Consumer ETF (159735) dropping by 1.26% and showing a premium trading rate of 0.17% [1] - Notable stocks within the Hong Kong Consumer ETF include Lao Pu Gold, Mixue Group, and Bilibili-W, which all saw gains exceeding 1% [1] - The Hong Kong Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 liquid and large-cap consumer-related stocks within the Stock Connect range, weighted by free float market capitalization [1] Group 2 - During the "Double 11" shopping festival, significant growth was reported across various online sales platforms, with JD.com seeing a 40% increase in the number of users placing orders and a nearly 60% increase in order volume as of November 11 [1] - Douyin reported that from October 9 to November 11, 67,000 brands on its platform achieved a year-on-year sales increase of 100% [1] - Tmall indicated that as of November 5, the number of e-commerce orders from new users driven by Taobao Flash Sales during the "Double 11" period exceeded 100 million [1] Group 3 - China International Capital Corporation (CICC) noted that with the conclusion of the third-quarter report disclosures, market style rotation is accelerating, and there is a positive correlation between essential consumer market performance and the Consumer Price Index (CPI) [1] - CICC highlighted that the consumption style may experience a rotation and rebound opportunity due to multiple catalysts, as the profitability-valuation ratio shows a clear advantage for consumer stocks [1] Group 4 - Galaxy Securities emphasized the importance of the "14th Five-Year Plan" regarding the medium to long-term goals for the consumption industry, with a short-term focus on consumption-related policies for 2026 [2] - The firm holds an optimistic view on the development of overseas business for the consumption industry by 2026 [2] - In terms of individual stocks, Galaxy Securities suggests focusing on high-dividend quality companies during the high-cut-low process, as well as companies with alpha potential in various sub-sectors [2]