KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2026-01-07 07:03Group 1: Market Performance - The Shanghai Composite Index has risen again, with the Consumer ETF (159928) experiencing a 0.74% pullback after two consecutive days of gains, with a trading volume of 700 million yuan [1] - The Consumer ETF (159928) has seen a net subscription of over 360 million units, following a previous inflow of over 460 million yuan [1] - As of January 6, the latest scale of the Consumer ETF (159928) exceeds 21.3 billion yuan, leading its peers in the same category [1] Group 2: Consumer Market Trends - The inbound tourism market has shown a strong start to the New Year, with 292,000 foreign visitors benefiting from visa-free policies, marking a 35.8% year-on-year increase [3] - The emotional consumption market in China is rapidly growing, projected to rise from 16.3 trillion yuan in 2022 to 23.1 trillion yuan in 2024, reaching 27.2 trillion yuan by 2025, and surpassing 45 trillion yuan by 2029 [3] - Over 90% of young people recognize "emotional value," with nearly 60% willing to pay for it [3] Group 3: Valuation and Investment Opportunities - The valuation of the Consumer ETF (159928) is attractive, with a TTM price-to-earnings ratio of 19.5, placing it in the 4.08% percentile over the past decade, indicating it is cheaper than 96% of historical periods [3] - The Consumer ETF (159928) is characterized by its resilience through economic cycles, with over 68.55% of its top ten constituent stocks being essential consumer goods [10] Group 4: Sector-Specific Insights - The food and beverage industry is entering a mature phase, with growth opportunities arising from new consumer trends and channel transformations [8] - The white liquor sector is expected to perform well during periods of rising CPI, with a clear trend of increasing volume and price [9] - Moutai's market-oriented transformation is underway, focusing on consumer-centric strategies and dynamic product distribution [9][10]