Group 1 - The main consumption index (000932) decreased by 1.02% as of May 16, 2025, with mixed performance among constituent stocks [3] - New Nuo Wei (300765) led the gains with an increase of 4.42%, while Huaxi Biological (688363) experienced the largest decline at 2.77% [3] - The major consumption ETF (159672) fell by 0.76%, with a latest price of 0.78 yuan and a turnover rate of 3.11% during the trading session [3] Group 2 - According to招商证券, the Q4 and Q1 reports indicate slight increases in revenue and profit for the liquor industry, but excluding Moutai, both metrics showed a year-on-year decline [4] - The industry has been in a challenging period for three consecutive quarters since Q3 2024, with a pronounced "Matthew effect" where leading companies show more resilience compared to second and third-tier companies [4] - Looking ahead to Q2, demand is expected to weaken, but potential recovery in the third quarter could present more upside opportunities than downside risks for the industry [4] Group 3 - As of May 15, 2025, the major consumption ETF has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 5.36% [5] - The ETF's maximum drawdown this year was 5.57%, with a tracking error of 0.015% over the past month, indicating high tracking precision among comparable funds [5] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 20.39, which is below 83.73% of the time over the past year, indicating a historically low valuation [5][6]