恒生消费指数投资价值分析：恒生消费指数：稀缺+低估的消费核心资产

Group 1 - The report highlights the increasing attention on Hong Kong stocks since 2025, particularly focusing on investment opportunities in the consumer sector, driven by fundamental comparisons, valuations, capital flows, policies, and market trading characteristics [2] - The Hang Seng Consumer Index (HSCGSI.HI) was launched on August 17, 2015, selecting 50 high-growth leading companies in the Hong Kong consumer sector, emphasizing scarce assets amid the consumption upgrade wave [7][10] - The index is well-diversified across industries, with significant weights in food and beverage (15.02%), hotel and catering (13.24%), and apparel and home textiles (13.2%), effectively mitigating single-category volatility risks [10][15] Group 2 - The Hang Seng Consumer Index demonstrates superior profitability, with a median annualized ROE of 16.3% as of mid-2024, compared to 11.9% for the A-share consumer sector, indicating a stronger performance outlook [20][23] - The dividend yield of the Hang Seng Consumer Index has been on the rise, reaching approximately 3.24% in 2024, making it an attractive option for investors seeking stable returns in a low-interest-rate environment [28][30] - Current valuation levels of the Hang Seng Consumer Index are recovering from lows, with a PETTM of about 18 times, placing it at the 28th percentile since 2016, suggesting good value for allocation [31][36] Group 3 - There has been a significant inflow of southbound funds, with the allocation of active equity public funds to Hong Kong Stock Connect targets reaching a historical high of 14.5% by the end of Q4 2024, indicating strong interest in quality assets [42][46] - The Chinese government's focus on boosting consumption and expanding domestic demand is expected to benefit the consumer sector, with policies aimed at enhancing investment efficiency and overall demand [50][51] - The GF Hang Seng Consumer ETF, which closely tracks the Hang Seng Consumer Index, has seen substantial growth, expanding from 4.95 million shares at the end of 2024 to 15.6 million shares by March 26, 2025, marking a 216% increase [52][54]