Group 1 - The A-share and Hong Kong stock markets experienced a collective adjustment, with the consumer sector showing localized activity as of the midday close on February 13 [1] - The CSI Consumer 50 Index rose by 0.2%, while the CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.8% [1] - The E Fund Consumer ETF (513070) has seen a net subscription of over 1.2 billion yuan over the past seven trading days [1] Group 2 - The CSI Consumer 50 Index tracks 50 leading companies in major consumer sectors, excluding passenger vehicles and parts, with nearly 75% of its composition in the food and beverage and home appliance industries [2] - The E Fund Consumer ETF has a low fee rate and tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which includes liquid stocks within the Hong Kong Stock Connect range [2]

Group 1 - The core index, the China Securities Hong Kong Stock Connect Consumer Theme Index, experienced a decline of 0.35%, closing at 1571.89 points with a trading volume of 52.402 billion [1] - Over the past month, the index has increased by 3.09%, by 1.79% over the last three months, and has risen by 23.44% year-to-date [1] - The index comprises 50 consumer-related securities selected from the Hong Kong Stock Connect, reflecting the overall performance of listed consumer companies within this scope [1] Group 2 - The index is adjusted semi-annually, with changes implemented on the next trading day following the second Friday of June and December [2] - Public funds tracking the Hong Kong Stock Connect Consumer Index include several funds from Penghua and E Fund, indicating active investment interest in this sector [2]

Market Performance - The China Securities Hong Kong Stock Connect Internet Index decreased by 0.3%, the Hang Seng Technology Index fell by 0.7%, the Hang Seng Hong Kong Stock Connect New Economy Index dropped by 1.2%, the China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index declined by 1.3%, and the China Securities Hong Kong Stock Connect Consumer Theme Index fell by 1.9% [1] Fund Inflows - The E Fund Hang Seng Technology ETF (513010) saw a net inflow of 600 million yuan over the past three days [1] Earnings Expectations - According to CITIC Securities, while there has been a slight downward adjustment in recent earnings expectations for the Hang Seng Technology Index, this is mainly due to the impact of delivery subsidies on several internet platforms, which has already been fully priced in by the market. Other sub-sectors generally show an upward adjustment in earnings expectations, particularly in the new energy vehicles, semiconductors, and consumer electronics sectors [1] Future Outlook - Overall, the Hang Seng Technology Index is expected to present a "steady as the main focus, with upward elasticity" pattern in the mid-2025 interim report [1]