估值低位+政策“组合拳”出击，关注消费板块中长期配置价值

Group 1 - The Hong Kong consumer sector experienced slight fluctuations, with the Hong Kong Consumer ETF (513230) showing a minor decline of approximately 0.5% [1] - Key stocks that performed well include Zhenjiu Lidu, Xtep International, Master Kong Holdings, Uni-President China, and China Feihe, while stocks like Xiaocaiyuan, Miniso, KANAT Optical, and Jingyuan International saw significant declines [1] - The Central Economic Work Conference highlighted the prominent contradiction of strong supply and weak demand domestically, emphasizing the expansion of domestic demand as a top priority for China's economic work in 2026 [1] Group 2 - The Ministry of Commerce, the People's Bank of China, and the National Financial Regulatory Administration issued a notice on December 14, proposing 11 policy measures to enhance collaboration between commerce and finance to boost consumption across various sectors [1] - Tianfeng Securities believes that the consumer sector's valuation has reached a relatively low level, suggesting a reduced expectation for policy changes and a need to focus on new consumption driven by domestic demand [1] - Related 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 [2]