Group 1 - The Hong Kong stock market showed volatility with the Hang Seng Technology Index rising over 2%, driven by active performance in the media and pharmaceutical sectors [1] - Recent "anti-involution" policies are expected to reduce excess competition on the supply side, enhancing industry concentration and improving corporate profitability, particularly benefiting the new energy vehicle sector within the consumer sector [1] - The core logic for the consumer sector is based on "domestic demand-driven + policy dividends + trend dynamics," indicating a potential recovery in the sector despite short-term market fluctuations [1] Group 2 - Everbright Securities anticipates that the market will enter a new phase of upward momentum in the second half of the year, potentially surpassing the peak in the second half of 2024 [2] - The consumer sector is highlighted with three focus areas: 1) domestic demand subsidies related to home appliances, consumer electronics, and Hong Kong automotive stocks; 2) offline service consumption including Hong Kong dining and tourism; 3) new consumption trends [2] - The synergy between hard technology and new consumption is emphasized, particularly through Hong Kong's new consumer products (supporting T+0), which include the Hong Kong Consumer ETF (513230) and the Hang Seng Technology Index ETF (513180) [2]

Market Overview - The Hong Kong stock market opened lower on June 23, with the Hang Seng Index down 0.83% at 23,335.51 points, the Hang Seng Tech Index down 1.08%, and the Hang Seng China Enterprises Index down 0.81% [1] - Technology stocks experienced widespread declines, while gold stocks opened higher, and several stocks in the oil and gas equipment and services sector saw gains [1] Company Focus: Xiaomi - Xiaomi's first SUV, the YU7, is set to be officially launched on June 26, 2023, as announced by Lei Jun on Weibo [1] - Tianfeng Securities believes that the YU7 has already gained significant attention, positioning it as a representative of Xiaomi's high-end strategy, with its optional configurations offering strong value for money [1] - There is potential for the YU7 to exceed market expectations in sales, and its relatively high-end pricing and sporty characteristics may lead to a valuation premium in the current automotive market [1] - The YU7 will also serve as a test for Xiaomi's ecosystem integration, validating the synergy between Xiaomi's people, vehicles, and home products [1] Investment Products - The Hong Kong Consumption ETF (513230) combines e-commerce and new consumption sectors, covering relatively scarce new consumption tracks compared to A-shares [2] - The Hang Seng Technology Index ETF (513180) includes core AI assets in China, featuring technology leaders that are relatively scarce in A-shares [2]

Group 1 - The Hang Seng Index fell by 2.02% to 23,231.48 points, while the Hang Seng Tech Index dropped by 2.38% to 5,090.33 points, and the Hang Seng China Enterprises Index decreased by 2.12% to 8,412.32 points [1] - The Hong Kong consumer sector continued to decline, with the Hong Kong Consumer ETF (513230) down nearly 2.5%, indicating a sustained low-point layout opportunity [1] - The State Council Information Office emphasized that consumption is a key driver of economic growth, and boosting consumption is crucial for responding to external environmental changes and enhancing residents' quality of life [1] Group 2 - In May, the total retail sales of consumer goods (social retail) grew by 6.4% year-on-year, significantly exceeding market expectations of 4.9% and the previous value of 5.1%, marking a new high for 2024 [2] - The strong performance in May was attributed to the early launch of e-commerce promotional activities and changes in holiday distribution, which led to a concentrated release of consumer demand [2] - Specific categories such as home appliances and communication equipment saw retail growth rates increase by 14.2 and 13.1 percentage points, respectively, indicating significant structural improvement [2]

Core Viewpoint - The Hong Kong stock market is experiencing a decline, particularly in the technology and consumer sectors, despite a surge in demand for durable consumer goods driven by the 618 shopping festival and government subsidies [1] Group 1: Market Performance - The three major indices in the Hong Kong stock market opened lower and continued to decline, with the Hang Seng Technology Index seeing an expanded drop [1] - The Hang Seng Technology Index ETF (513180) fell over 1% in the afternoon, while the Hong Kong Consumer ETF (513230) dropped more than 1.5% [1] Group 2: Consumer Demand - The overlap of the 618 shopping festival and the government’s trade-in subsidy policy has led to a significant increase in demand for durable consumer goods, including home appliances and automobiles [1] - The retail sales growth rate for social consumer goods in May reached 6.4%, significantly exceeding market expectations of 4.9% and the previous value of 5.1%, marking a new high for 2024 [1] - The strong performance in May was attributed to the early start of e-commerce promotional activities and changes in holiday distribution, with two additional holiday days compared to the previous year, leading to a concentrated release of consumer demand [1] Group 3: Sector Insights - The consumer sector in Hong Kong is showing strong investment value, particularly in the context of the recent retail sales data [1] - The retail sales growth for household appliances and communication equipment increased by 14.2 and 13.1 percentage points, respectively, indicating a clear structural improvement [1] Group 4: Investment Focus - The Hong Kong Consumer ETF (513230) encompasses e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [1] - The Hang Seng Technology Index ETF (513180) includes both soft and hard technology, featuring technology leaders that are also relatively rare in A-shares [1]

Group 1 - The Hang Seng Index opened lower by 0.42% and the Hang Seng Tech Index by 0.61%, with notable declines in stocks like BYD, Tongcheng Travel, Horizon Robotics, SMIC, and Meituan, while Xiaomi Group saw an increase of over 1% [1] - Lei Jun announced on Weibo that the Xiaomi YU7 will be launched at the end of June, alongside other significant new products, including the Xiaomi Pad 7S Pro [1] - As of June 13, Xiaomi Group accounted for 7.76% of the Hang Seng Tech Index ETF (513180), indicating that positive news regarding weight stocks could drive the overall index upward [1] Group 2 - Changjiang Securities reported that the launch of YU7 is expected to continue the success of SU7, potentially leading to increased average selling prices and sales volume, with improvements in gross margin and operating expenses [2] - By 2025, Xiaomi is projected to achieve positive net profit, with single-vehicle net profit exceeding 10,000 yuan, and by 2026, single-vehicle profit may surpass 20,000 yuan [2] - Xiaomi's product planning includes a diverse range of electric vehicles, sedans, and SUVs across various price segments, positioning the company to potentially capture a 24% market share in the high-end sector, with sales expected to exceed 2 million units [2]

Group 1 - The Hong Kong stock market showed strong performance on June 9, with the Hang Seng Index and Hang Seng Tech Index rising by 1.02% and 2.03% respectively [1] - The Hang Seng Technology Index ETF (513180) maintained its strength, increasing by nearly 2% during the midday session [1] - The Hong Kong consumer sector saw a slight narrowing in afternoon gains, with the Hong Kong Consumer ETF (513230) rising over 1% and trading volume approaching 45 million [1] Group 2 - The emotional consumption demand of Generation Z is increasingly being released, with over 40% of young consumers driven by emotional satisfaction in their purchasing behavior according to MobTech [1] - The consumer scale for trendy toys in China is projected to reach 40 million by 2024, with a market size of 76.4 billion yuan, expected to exceed 110 billion yuan by 2026, reflecting a compound annual growth rate of 20% [1] - A report by Guozheng International highlighted that Generation Z focuses more on personal experiences and is willing to embrace new things, showing a strong willingness to pay for personalized, diverse, and interactive content [1] Group 3 - The Hong Kong Consumer ETF (513230) combines e-commerce and new consumption, covering relatively scarce new consumption sectors compared to A-shares [2] - The Hang Seng Technology Index ETF (513180) includes both soft and hard technology, encompassing relatively scarce technology leaders compared to A-shares [2]