Core Viewpoint - The A-share market is experiencing an overall adjustment with all three major indices declining, while the consumer sector shows strength driven by improved domestic demand and the upcoming consumption peak season [1] Market Performance - From November 10 to 14, the A-share market saw a decline in all three major indices, with the ChiNext Index leading the drop [1] - The consumer sector, particularly retail and food and beverage industries, is expected to see significant performance growth due to the positive impact of the October CPI turning positive and the arrival of the year-end consumption peak [1] Investment Trends - Market funds are shifting focus towards more cost-effective and certain investment directions amid overseas market volatility and high differentiation within the technology sector [1] - The consumer sector has been under adjustment for a long time, leading to relatively low valuations that are attracting institutional fund inflows [1] Future Outlook - As a core representative of domestic demand, the food and beverage sector is expected to benefit directly from improvements in the economic fundamentals and the recovery of consumer confidence [1] - In the medium to long term, the consumer sector's investment value is becoming increasingly prominent, with the current timing seen as a potential window for long-term positioning [1] Related ETFs - Food and Beverage ETF (515170) [1] - Consumer 30 ETF (510630) [1]

Economic Performance - In the first half of the year, China's GDP reached 66.05 trillion yuan, growing by 5.3% year-on-year, exceeding expectations and laying a solid foundation for achieving the annual target of around 5% [1][2] - The growth was primarily supported by a rebound in consumption and exports, despite a slowdown in investment, particularly in real estate [1][2] Policy Implications - The macroeconomic policy in the second half of the year needs to focus on enhancing effectiveness, particularly in fiscal support and consumption policies to stimulate demand [5][6] - The implementation of "anti-involution" policies and the resumption of state subsidies are expected to further support domestic consumption and investment [5][6] Export and Import Trends - In the first half of the year, exports increased by 7.2% while imports decreased by 2.7%, with strong performance in machinery, high-end equipment, and new energy products [7][8] - The export structure is shifting towards high-tech and high-value-added products, reflecting improvements in China's manufacturing capabilities [7][8] Future Outlook - The economic growth rate is expected to face downward pressure in the third and fourth quarters, but achieving the annual target remains relatively controllable due to a strong start [3][4] - The export growth is anticipated to maintain a moderate pace, with emerging markets continuing to drive trade growth [9]