指数甄选并追踪中国香港上市公司中评分最高、流动性最好、增长最快的十家可选消费或消费必需品领域公司，所属行业包括专卖店、餐饮、其 他消费类企业、电影娱乐、食品零售和服装鞋类等。 符合条件的成份股需满足十二个月滚动销售增长率大于或等于10%等条件。评分的30%由标准化自由流通市值决定，70%由标准化销售增长率决 定。评分最高的十家公司构成指数投资组合。成份股按其评分比例加权，单只权重上限为20%，并进行迭代重新分配，以确保组合多样化并保持 流动性。 （原标题："一键买入"泡泡玛特、老铺黄金，韩国巨头出手） 【导读】韩国资产管理机构推出ETF追踪中国消费趋势指数 中国基金报记者 吴娟娟 11月25日，Solactive于官网宣布与新韩资产管理公司（Shinhan Asset Management）合作推出SOL中国消费趋势ETF，跟踪Solactive-KEDI中国消费 趋势指数，以捕捉中国内地及香港消费市场的增长动力。 新韩资产管理创立于1996年，为韩国排名靠前的资产管理机构。该公司对中国市场多有布局。例如，2015年它推出了布局中国内地资产的RQFII 基金。Solactive为总部位于德国的指数公司，以灵活 ...

Group 1: Core Insights - South Korean asset management firm Shinhan Asset Management has launched the SOL China Consumption Trend ETF, which tracks the Solactive-KEDI China Consumption Index to capture growth in the consumer markets of mainland China and Hong Kong [1][5] - The ETF is set to be listed on the Korean Exchange on November 25, 2025, highlighting the importance of domestic consumption in China and the structural shift from export-driven growth to consumption-driven economy [5] Group 2: Index Composition and Methodology - The Solactive-KEDI China Consumption Index selects and tracks the top ten consumer discretionary or staples companies listed in Hong Kong based on liquidity and growth, including sectors like retail, dining, and entertainment [2][3] - Eligible constituents must have a rolling twelve-month sales growth rate of at least 10%, with the scoring based 30% on market capitalization and 70% on sales growth rate [2][3] Group 3: Current Index Constituents - As of now, the index includes companies such as 361 Degrees International Ltd, Alibaba Pictures Group Ltd, Anta Sports Products Ltd, and others, reflecting a diverse range of consumer sectors [4] Group 4: Investment Trends - In the past month, South Korean investors have shown significant interest in Chinese stocks, particularly in sectors like semiconductors and electric vehicles, with net purchases amounting to approximately $46.32 million in the Global X China Semiconductor ETF [6][8] - Cumulatively, since the beginning of 2025, South Korean investors have engaged in transactions totaling $10.32 billion in Hong Kong and A-shares, making China the second most favored overseas market after the United States [8]

本刊记者/李朝瑞 今年的政府工作报告，把提振消费、扩大内需列为全年十大任务之首，提出要大力提振消费、提高投资 效益，全方位扩大国内需求，还特别强调，要让内需成为拉动经济增长的主动力和稳定锚。 经济学上常把投资、消费、出口比喻为拉动GDP增长的"三驾马车"，这是对经济增长原理生动形象的表 述。 经济增长的原动力来源于经济中总需求的拉动，其中消费是核心驱动因素。人类历史上，由于对消费水 平不断的期望和追求，刺激了生产力的发展。马克思在分析生产和消费关系时指出，"没有生产，就没 有消费，但是没有消费，也就没有生产，因为没有消费，就没有生产的目的"。而生产又决定消费内容 和形式，例如工业化催生标准化的商品，信息化推动精准、高效的服务，改变人们生活方式和社会文化 形态。"好"的消费，促进"好"的生产，"好"的生产又给消费者带来福祉，可以说消费是经济的"压舱 石"，也是民生福祉的"晴雨表"。在当前经济形势下提振消费又被赋予更加重要的使命，这是由我国经 济进入高质量发展阶段的新形势要求决定的。 首先解读一下关于提振消费的纲领性文件和政策导向。 1. 国家层面出台了一系列重要文件，为提振消费提供了明确的政策指引。2025年3 ...

Core Viewpoint - KPMG emphasizes that the innovative vitality of the consumer market is crucial for driving high-quality economic development in China [1] Group 1: Economic Outlook - KPMG points out that consumption will be the core driving force for high-quality economic development [1] - With policies aimed at boosting consumption and expanding domestic demand, the domestic circulation is continuously addressing bottlenecks, leading to enhanced consumer vitality [1] - The consumer economy is showing a positive trend towards normalization [1]

Core Viewpoint - The article emphasizes the significant issue of insufficient consumption in China, highlighting that household consumption, final consumption, and service consumption as a percentage of GDP are notably lower compared to OECD countries, with a gap of approximately 25% to 33% [3][4][5]. Group 1: Structural Bias in Consumption - China's consumption deficit is characterized as a "structural bias," with actual final consumption as a percentage of GDP being about 20 percentage points lower than the global average [5][6]. - Four main reasons for this structural bias are identified: low overall level of basic public services, lagging urbanization quality, significant income disparity, and the characteristics of the government balance sheet [5][6][7]. Group 2: Causes of Insufficient Consumption - The low level of basic public services, particularly in education, healthcare, and social security, restricts the growth of development-oriented consumption [6][7]. - Urbanization in China is at approximately 67%, which is lower than the 70%-80% seen in OECD countries at similar development stages, impacting service consumption levels [6][7]. - Income inequality, with a Gini coefficient generally above 0.45, limits the consumption capacity of lower-income groups, while the middle-income group is not large enough to drive demand [6][7]. - The government balance sheet shows a high proportion of government wealth compared to total societal wealth, which affects consumption rates negatively [7]. Group 3: Identifying Key Issues in Consumption - The article stresses the need to focus on service consumption, particularly in education, healthcare, housing, social security, and pensions, as the main areas of insufficient consumption [10]. - The urban-rural divide is highlighted, with rural residents facing the most significant consumption gaps, particularly among migrant workers [10][11]. - Structural reforms aimed at urbanization and rural integration are necessary to address these consumption issues [10][11]. Group 4: Addressing Consumption Deficits - The article suggests that addressing consumption deficits requires distinguishing between root causes and derived issues, emphasizing the need to focus on the structural underrepresentation of consumption in terminal demand [12][13]. - It argues for a shift in policy focus from investment-driven growth to consumption-driven growth, which is essential for sustainable economic development [12][13]. Group 5: Recommendations for Pension Reform - The article proposes reforms to rural residents' pension systems as a short-term measure to boost consumption, suggesting the allocation of stimulus funds to increase pension payouts significantly [16][17]. - It discusses the potential for reallocating state-owned capital to enhance pension funds, which could double or even triple pension levels, thereby increasing consumption capacity among low-income groups [17][18]. - The goal is to raise rural pension levels to around 600-1000 yuan over five years, which could lead to substantial increases in direct consumption and overall GDP growth [19][20].