12月CPI环比由降转涨，核心CPI上涨1.2%！消费ETF(159928)再度飘红，连续第4日大举净流入超2.1亿元，累计揽金超14亿元！

Core Viewpoint - The Chinese stock market shows positive momentum with the Shanghai Composite Index rising by 0.92% and surpassing the 4100-point mark, driven by favorable CPI data and significant inflows into consumer ETFs [1][3]. Economic Indicators - The National Bureau of Statistics reported that the Consumer Price Index (CPI) increased by 0.8% year-on-year in December, with a month-on-month rise of 0.2%. The core CPI, excluding food and energy, rose by 1.2% year-on-year [3][7]. - The Producer Price Index (PPI) saw a month-on-month increase of 0.2% but a year-on-year decline of 1.9%, indicating a mixed outlook for industrial pricing [3][6]. Market Performance - The Consumer ETF (159928) experienced a net inflow of 2.66 million units, accumulating over 14 billion yuan in total, with its latest scale exceeding 218 billion yuan, leading its peers in the same category [1][3]. - The valuation of the Consumer ETF's underlying index stands at a TTM P/E ratio of 19.29, which is in the 2.76% percentile over the past decade, indicating a favorable valuation compared to historical levels [3]. Sector Insights - The Hong Kong Stock Connect Consumer 50 ETF (159268) also saw a rise of 0.22%, with significant trading volume, highlighting investor interest in consumer stocks [5]. - The consumer sector is characterized by a "K-shaped" consumption pattern, where high-end and high-value products are favored by some consumers, while others seek high utility and low-cost options [10][11]. Investment Opportunities - The consumer ETF's underlying index is noted for its resilience across economic cycles, with top holdings including leading liquor brands and major agricultural companies, indicating strong fundamentals in the consumer sector [11].