冬季旅游”热度环比上涨300%，港股消费ETF（159735）盘中翻红，年内份额增长率超140%

Group 1 - The Hang Seng Technology Index decreased by 0.04% while the Hang Seng Index increased by 0.01% on December 10 [1] - The Hong Kong Consumer ETF (159735) rose by 0.12% during the trading session, with a year-to-date increase of over 18% as of December 9 [1] - The circulating shares of the Hong Kong Consumer ETF reached 926 million, reflecting a year-to-date growth rate of 140.06% [1] - The ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 large-cap, liquid consumer-related stocks within the Hong Kong Stock Connect [1] - A report from Mafengwo indicated a 300% increase in the popularity of winter tourism, driven by activities such as "snow play" and "escaping the cold" [1] - According to Jianyin International, the investment logic in Hong Kong stocks has shifted from traditional valuation recovery to a revaluation based on new productive forces and high-quality development, with moderate expansion expected in valuation and earnings by 2026 [1] Group 2 - According to Jiao Yin International, consumer spending is expected to see a slight recovery in 2025, with a continuation of moderate growth in 2026 characterized by slower overall demand growth [2] - The structural differentiation driven by rational consumption and the upgrading of demand levels will become significant growth drivers in niche markets [2] - The market is anticipated to gradually establish a new balance focused on consumer demand, emphasizing operational efficiency improvements [2] - Companies need to accurately identify consumer trends and leverage product, channel, technology innovations, and supply chain optimization to seize structural opportunities in the new normal [2]