港股消费ETF（159735）年初至今涨超21%，零跑汽车涨超1%，机构：消费有望延续温和增长的新常态

Group 1 - The Hong Kong stock market opened lower and continued to decline, with the Hong Kong Consumer ETF (159735) dropping by 0.48% as of the report date, although it has risen over 21% year-to-date as of December 4 [1] - Notable stocks within the ETF include Li Auto and Techtronic Industries, which both increased by over 1%, while Chow Tai Fook, Li Ning, Hengan International, and Midea Group also showed positive performance [1] - The Hong Kong Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 large-cap, liquid consumer-related stocks within the Stock Connect framework, weighted by free float market capitalization to reflect the overall performance of consumer stocks [1] Group 2 - According to CMB International, consumer spending is expected to see a slight recovery in 2025, with a moderate growth trend continuing into 2026 characterized by slower overall demand growth [2] - The new normal in consumption will be driven by rational consumer behavior and an upward shift in demand levels, leading to structural differentiation that becomes a significant growth driver in niche markets [2] - The market is anticipated to gradually establish a new balance focused on uncovering consumer demand, emphasizing operational efficiency; companies need to accurately perceive consumption trends through product, channel, technology innovation, and supply chain optimization to seize structural opportunities in the new normal [2]