消费政策持续加码，国内消费有望延续温和复苏态势，港股消费ETF（513230）早盘上扬

Group 1 - The Hong Kong stock market opened positively with the Hang Seng Index rising by 0.03%, the National Index by 0.12%, and the Hang Seng Tech Index by 0.09% [1] - The consumer sector in Hong Kong showed strong performance in early trading, with the Hong Kong Consumer ETF (513230) increasing by nearly 1%, led by Li Ning and Samsonite, which rose over 4% [1] - The "Digital Consumption Development Report (2025)" indicates that by the first half of 2025, the number of digital consumption users in China is expected to exceed 958 million, accounting for 85.3% of the total internet users, highlighting the growing importance of digital consumption [1] Group 2 - According to Huatai Securities, the total retail sales of consumer goods in November increased by 1.3% year-on-year to 4.4 trillion yuan, with a deceleration of 1.6 percentage points, primarily due to the pre-emptive timing of the "Double Eleven" promotional period [2] - Excluding automobiles, the retail sales of consumer goods grew by 2.5% year-on-year, indicating a moderate recovery in domestic consumption [2] - Huatai Securities recommends focusing on structural investment opportunities in the consumer sector, highlighting four investment themes: the rise of domestic brands and globalization, technology-enabled consumption, emotional consumption, and undervalued high-dividend blue-chip stocks [2] Group 3 - Relevant popular ETFs include the Tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, the Food and Beverage ETF (515170) focusing on boosting domestic demand, and the Hong Kong Consumer ETF (513230) linked to e-commerce leaders and new consumption trends [3]