以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 最近不少人问消费是不是要反转了，消费是不是要来行情了。 主要是消费最近有几个事情，一个是茅台主动控量，许多人以周期视角看，觉得去库存后，股价就应该差不多了。 另一个是官方发了一篇文章《扩大内需是战略之举》。这一看，不得了了，消费还不得猛猛干。 但是，且收住你们的情绪， 消 费不是科技 股，不是只言片语就能被打动的，也不会短时间就突突上涨，完全不给上车机会。 所以多给点时间想清楚，不用火急火燎做决策。 01 消费的政策面逐渐U起来了 官方发的《扩大内需是战略之举》，许多人有个误会，觉得内需就是消费。其实不是的，国内官方任何场合提的内需都是既有消费，也包括投 资。 这篇文章发出来的时候港股还在交易，港股流动性差，容易应激，如果标题把内需换成消费，港股会立即原地起飞。而当时港股动都没动。 我们拿之前的十五五规划来讲，十五五规划的目标对消费的描述是"居民消费率明显提升"。 往前十四五是怎么描述的呢？不好意思，目标里对消费只字未提（然后十四五这个五年大概是消费最悲催的五年，当然，悲催的原因不完全是 政府只字不提的不重视） ...

在权益市场方面，刘郁认为，2026年的重点任务中，坚持内需主导排第一位，其中包括提振消费、释放 服务消费潜力。考虑到今年市场对消费行情预期偏弱(万得消费大类指数今年以来上涨13.40%，明显低 于万得全A的23.85%)，若2026年消费政策加力，有望推动阶段性行情，关注消费板块的修复趋势。此 外，科技和"反内卷"紧随其后。科技方面，会议强调"加紧培育壮大新动能"，新旧动能交替仍将是2026 年的主要线索，科技板块如AI、半导体、机器人等值得关注；"反内卷"方面，会议强调"制定和实施进 一步深化国资国企改革方案"，意味着"反内卷"不只与光伏、锂电相关，部分国企也将成为"反内卷"的 整治方向。此外，会议提到"扎实推进海南自由贸易港建设""推动海洋经济高质量发展"，相关题材也有 望在2026年出现阶段性行情。 中证报中证网讯(王珞)12月10日至11日，中央经济工作会议在北京举行。华西证券（002926）首席经济 学家刘郁表示：2026年是逆周期与跨周期并重之年，对经济增长更加重视质量。从"内需不足"到"供强 需弱"的表述变化，指向扩内需、"反内卷"同步推进，以扭转低效竞争导致的价格低迷状态。政策方 面，存量政策 ...

Core Viewpoint - The A-share market shows a clear divergence from the Hong Kong stock market, with consumer sectors performing strongly while technology sectors face adjustments. The Hong Kong market experiences a robust rebound driven by both domestic and foreign capital, pushing indices past key levels [1]. A-share Market: Structural Trends - A-share indices exhibited mixed performance, with the Shanghai Composite Index rising by 0.53% to 4018.60 points, while the Shenzhen Component Index increased by 0.18% to 13427.61 points. The ChiNext Index fell by 0.92% to 3178.83 points, indicating a "strong Shanghai, weak Shenzhen" trend [2]. - There is a clear preference for undervalued blue-chip and consumer sectors, with total trading volume reaching 2.17 trillion yuan, an increase of 175.4 billion yuan from the previous day, indicating heightened market activity [2]. - The consumer sector saw significant gains, with sub-sectors like food and beverage, liquor, duty-free shops, and tourism hotels collectively rising. The Shenwan Hotel and Catering Index surged over 7%, while other sectors like aviation, beauty care, and retail also rose by more than 3% [2]. - This strong performance is supported by policy and data, including a recent announcement from the Ministry of Finance regarding fiscal subsidies for personal and business loans in key consumption areas, which boosts domestic demand expectations. Additionally, the October CPI turned positive at 0.2%, with core CPI rising by 1.2%, signaling a recovery in demand [2]. Cyclical Sector Resilience - The cyclical sectors, particularly phosphate and fluorine chemical industries, demonstrated strong resilience, with the Wind Phosphate Chemical Index rising over 3%. This is attributed to tight supply-demand dynamics and cost support, with the phosphate market expected to remain favorable until the end of 2027 [3]. - The price of lithium hexafluorophosphate has increased by 103% since the end of September, indicating a gradual easing of supply-demand conflicts in electrolyte materials [3]. - In contrast, previously hot technology sectors are under pressure, with indices for humanoid robots and computing hardware declining by 1.38% and 1.23%, respectively. This reflects a trend of capital moving from high-valuation tech sectors to undervalued consumer areas, highlighting short-term concerns about performance delivery in these industries [3]. Hong Kong Market: Strong Performance - The Hong Kong market significantly outperformed the A-share market, with the Hang Seng Index rising by 1.55% to 26649.06 points, the Hang Seng Tech Index increasing by 1.34%, and the Hang Seng China Enterprises Index up by 1.90%. Market sentiment quickly improved, with trading volume exceeding 214.7 billion HKD and net inflows from southbound funds reaching 6.654 billion HKD [4]. - Consumer and energy sectors acted as dual drivers of growth, with new consumption stocks rebounding strongly. Notable gains included China Duty Free Group rising over 15% and Pop Mart increasing over 8%. The energy sector, particularly the "three oil giants," also performed well, with China National Offshore Oil Corporation rising nearly 6% [4]. - Technology and financial sectors also moved upward, with major tech stocks like Tencent and Alibaba rising over 2%. The financial sector, including real estate and insurance stocks, contributed significantly to the gains. However, the semiconductor sector faced declines, reflecting the challenges of hardware cycle fluctuations and external technological restrictions [4]. Outlook and Investment Strategy - In the short term, the consumer sector in the A-share market is expected to continue its recovery, supported by policy measures and improving data. Investors should pay attention to the retail sales data for November as a validation of this trend [5]. - The Hong Kong market, supported by low valuations and positive policy expectations, is likely to test the 27000-point level on the Hang Seng Index [6]. - Investment strategies should focus on consumer sectors benefiting from fiscal policies, such as liquor, duty-free, tourism, and medical beauty, as well as high-elasticity stocks in the Hong Kong market, including internet platforms and leading consumer and energy stocks [7]. - Additionally, attention should be given to cyclical and technology intersections, including phosphate chemicals and photovoltaic silicon materials, as well as semiconductor materials with clear domestic substitution trends [8].

Group 1 - Dongwu Securities released a consumption report comparing China with 38 other countries, highlighting key insights into when consumer spending might recover [1] - China's share of disposable income relative to GDP is lower than that of the US, Mexico, and Japan, indicating potential for growth in consumer spending [4] - The property income in China accounts for only 3.2% of GDP, significantly lower than other countries, which limits disposable income for consumption [5] Group 2 - The average household in China spends over 20% of their income on mortgage payments, compared to just 8.3% in the 38 countries surveyed, which constrains overall consumption [6] - Despite current challenges in consumer spending, there is a shift as younger generations are more willing to spend, suggesting future growth in the market [7] - The importance of domestic demand is recognized by the government as a key factor in countering external pressures, indicating that consumer spending will eventually increase [7] Group 3 - In the stock market, individual stocks often lead the market trends, and institutions typically accumulate shares before significant price movements, which can mislead retail investors [9] - Retail investors often struggle to predict stock movements during periods of consolidation, relying on luck rather than data-driven strategies [11] - A data system is available that reveals institutional trading patterns, allowing investors to understand market dynamics better [12] Group 4 - The data system can identify when institutions are accumulating shares or manipulating stock prices, providing insights into potential future price movements [14] - Understanding institutional trading strategies can give retail investors a clearer direction in their trading decisions [16] - The ability to track which stocks are being manipulated by institutions can help investors make informed decisions about potential investments [18]