政策再加码！“以旧换新”国补有望延续，港股消费板块迎长线布局窗口

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the Hong Kong Consumer ETF (513230) dropping over 1% in early trading [1] - Notable declines were observed in stocks such as Bruker, Aox Electric, Weilian Delicious, Conant Optical, and Pop Mart, while stocks like Giant Bio, Gao Xin Retail, and Mixue Group saw gains [1] - The Ministry of Commerce reported that from January to November, the "old-for-new" consumption policy generated over 2.5 trillion yuan in sales, benefiting over 360 million people [1] Group 2 - The Central Economic Work Conference held on December 10-11 confirmed the continuation of long-term special government bonds to support the "old-for-new" consumption policy in the coming year [1] - Galaxy Securities noted the acknowledgment of the subsidy policy's effectiveness and mentioned the optimization of the "two new" policy implementation, predicting further enhancements to the subsidy policy by 2026 [1] - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including leading new consumption companies and major internet e-commerce players like Tencent, Alibaba, and Xiaomi [1]