Xin Lang Cai Jing·2026-02-26 09:34Group 1 - The A-share market is experiencing a narrow consolidation, with the leading consumption ETF (159928) declining by 0.52% and a total trading volume exceeding 350 million yuan, while net inflows over the past 60 days have surpassed 2.1 billion yuan [1] - The Shanghai government has introduced new real estate policies, reducing the social security requirement for non-local residents to purchase homes within the outer ring from 3 years to 1 year, and allowing families with a residence permit for 5 years to buy one property without social security [3] - During the recent Spring Festival, there were reports of shortages of premium liquor, with some distributors indicating that they could not meet demand, leading to an increase in prices instead of the usual post-holiday decline [3] Group 2 - The Spring Festival has seen a significant recovery in restaurant consumption, with key retail and restaurant enterprises reporting a daily sales increase of 5.7% year-on-year, and foot traffic in 78 key pedestrian streets rising by 6.7% [5] - The demand for dining experiences during the holiday surged, with Meituan's New Year's Eve dinner reservations increasing by 105% and Douyin's group purchases rising by 185%, indicating strong consumer vitality [5] - The frozen food and seasoning sectors are benefiting from the recovery in restaurant consumption, with B-end product sales increasing due to the resurgence of dining scenes during the Spring Festival [6] Group 3 - The overall consumption trend during the Spring Festival aligns with expectations, showing a division between material and service consumption, with emotional consumption demonstrating resilience [7] - The consumption ETF (159928) is characterized by its essential and domestic demand attributes, showing significant profitability resilience across economic cycles, with the top ten constituent stocks accounting for over 68.55% of the index [8] - The restaurant supply chain is expected to see improvements in inventory and sales, driven by the strong performance of downstream dining consumption, which is likely to enhance the profitability of leading companies in the sector [6][7]