“最长春节”点燃消费热潮，关注港股通消费ETF易方达（513070）等产品布局机会

Core Insights - The 2026 Spring Festival will feature the "longest" 9-day holiday, leading to a vibrant consumption market [1] - The total number of cross-regional movements reached 5.08 billion in the first 20 days of the Spring Festival travel period, averaging 250 million daily, marking a historical high [1] - The Spring Festival film screenings exceeded 4.34 million, setting a record in Chinese film history [1] - Daily sales of major retail catering enterprises increased by 10.6% compared to the two days before the 2025 festival [1] - Foot traffic and revenue in 78 monitored pedestrian streets grew by 23.2% and 33.2% year-on-year, respectively [1] Investment Opportunities - The consumption recovery trend is evident, attracting market attention to related indices [1] - The CSI Hong Kong Stock Connect Consumption Theme Index includes traditional service industry leaders as well as high-elasticity assets like trendy toys and gold jewelry, along with high-dividend stocks in sportswear and white goods [1] - As of February 13, the index's rolling price-to-earnings ratio stood at 18.6 times, positioned at the 4.5% percentile since its launch in 2020 [1] Fund Performance - The E Fund Hong Kong Stock Connect Consumption ETF (513070) has a management fee rate of only 0.15% per year, making it the only low-fee product in the market for Hong Kong consumption ETFs [1] - Wind data indicates that this product has seen a net inflow of over 1.2 billion yuan over the past eight trading days, facilitating low-cost investments in Hong Kong consumption leaders [1]