天猫实现四年来双11最好增长，机构称消费链条已呈现多个结构性机会

Group 1 - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index down by 0.80%, the Hang Seng Tech Index down by 1.19%, and the National Enterprises Index down by 0.79% [1] - Technology stocks saw widespread declines, while military stocks led the gains, and the semiconductor sector rose against the trend [1] - The consumer sector in Hong Kong showed volatility, with the Hong Kong Consumer ETF (513230) dropping nearly 0.5%, indicating a potential low-point buying opportunity [1] Group 2 - The 2025 Tmall Double 11 event achieved its best growth in four years, with nearly 600 brands surpassing 100 million in sales, and 34,091 brands experiencing year-on-year growth [1] - Notable brands such as Apple, Haier, and Xiaomi each exceeded 1 billion in sales during the event, driven by strong consumer investment and support for quality brands [1] - According to Zhonghang Securities, the ongoing growth policies and the recovery of inbound tourism are creating multiple structural opportunities in the consumption chain, particularly in service consumption and online sales [1] Group 3 - The tourism ETF (562510) is positioned to benefit from holiday catalysts and the ice and snow economy [2] - The food and beverage ETF (515170) is seen as a low-valuation sector that can boost domestic demand [2] - The Hong Kong Consumer ETF (513230) is linked to e-commerce leaders and new consumption trends [2]