海南自贸港全岛封关，潜在消费增量空间进一步被激活，聚焦港股消费ETF（513230）布局机遇

Core Viewpoint - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index down by 0.54% and the Hang Seng Tech Index down by 1.11%. The upcoming full closure of Hainan Free Trade Port is expected to create new consumption opportunities due to policy optimizations [1] Group 1: Market Performance - The Hong Kong stock market opened with the Hang Seng Index falling by 0.54% and the Hang Seng Tech Index decreasing by 1.11% [1] - The Hong Kong consumption sector is showing narrow fluctuations, with the Hong Kong Consumption ETF (513230) dropping over 0.5% [1] - Notable declines were observed in stocks such as 康耐特光学, 泡泡玛特, 毛戈平, 上美股份, and 思摩尔国际, while stocks like 新秀丽, 百胜中国, and 珍酒李渡 showed gains [1] Group 2: Policy Changes - Starting from December 18, 2025, Hainan Free Trade Port will officially implement a full closure, marking a new phase in its development [1] - A series of policies including import tax item catalog, goods circulation tax policies, and customs supervision measures will be implemented simultaneously [1] - The closure is aimed at expanding open fields and continuously improving the policy system to establish Hainan as a significant gateway for China's new era of opening up [1] Group 3: Investment Opportunities - 中信证券 highlights that the optimization of the duty-free policy and the impending closure of Hainan create potential consumption growth opportunities [1] - Key areas of focus include high-end consumption sectors such as outbound tourism, hotels, gaming, duty-free shopping, luxury goods, high-end beauty care, and premium real estate [1] - Related popular ETFs include the Tourism ETF (562510) driven by holiday catalysts and ice and snow economy, the Food and Beverage ETF (515170) aimed at boosting domestic demand, and the Hong Kong Consumption ETF (513230) focusing on e-commerce leaders and new consumption trends [1]