相关热门ETF： 假期催化+冰雪经济：旅游ETF(562510) 提振内需+低估赛道：食品饮料ETF(515170) 电商龙头+新消费：港股消费ETF(513230) 11月19日，港股午间收盘，恒生指数跌0.45%，恒生科技指数跌0.98%。板块方面，个人护理用品、工 业集团企业板块涨幅靠前；水务、生命科学工具板块跌幅靠前。港股消费板块午盘震荡下挫，港股消费 ETF(513230)现小幅微跌，打开低位布局通道。 11月18日发布的《全球快递发展报告(2025)》指出，2024年全球快递包裹业务量约为2679亿件，同比增 长17.49%，业务收入约为46037亿元，同比增长14.05%。依托庞大的电商消费群体和日益完善的跨境供 应链体系，亚太地区保持绝对优势，快递包裹业务量突破2100亿件，占全球总量的78.9%，业务收入占 比近40%。其中我国快递包裹业务量为1750.8亿件，同比增长21.5%；业务收入为14033.5亿元人民币， 同比增长13.8%。我国快递包裹市场规模连续十一年保持全球第一，实现了月均百亿件的跨越式发展。 2024年全球快递业务量、收入双增长，亚太地区优势显著，我国更是成绩斐然。快递包 ...

截至2025年11月17日 09:53，中证沪港深线上消费主题指数(931481)成分股方面涨跌互现，蓝色光标(300058)领涨10.09%，拓维信息(002261)上涨5.89%，易 点天下(301171)上涨5.38%；中国电影(600977)领跌。线上消费ETF基金(159793)上涨0.29%，最新价报1.06元。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | -0.71% | 11.77% | | 00700 | 腾讯控股 | -0.70% | 10.24% | | 01024 | 快手-W | -0.22% | 6.37% | | 03690 | 美团-W | 1.20% | 5.50% | | 06618 | 京东健康 | -1.16% | 4.86% | | 002558 | 巨人网络 | -2.15% | 3.82% | | 09626 | 哔哩哔哩-W | -0.57% | 3.74% | | 002230 | 科大讯飞 | 0.32% | 3.52% | | 002517 | 恺英网络 | ...

Core Insights - The consumer market in October showed stable growth, with a notable increase in service consumption and a positive trend in sales of essential and some upgraded goods [1] Group 1: Service Retail Growth - Service retail sales accelerated, with a year-on-year growth of 5.3% from January to October, outpacing the growth of goods retail sales by 0.9 percentage points [2] - The National Day and Mid-Autumn Festival holidays led to increased spending in dining, accommodation, and transportation, with dining revenue growing by 3.8% in October [2] Group 2: Consumer Goods Market Performance - The total retail sales of consumer goods exceeded 40 trillion yuan, with a year-on-year growth of 4.3% from January to October, which is 0.8 percentage points higher than the previous year [3] - Sales in rural areas outpaced urban markets, with rural retail sales growing by 4.6% compared to urban areas [3] Group 3: Sales of Essential and Upgraded Goods - Over 70% of retail categories in large-scale units saw growth in October, with essential goods sales showing strong performance [4] - Notable growth in upgraded goods, such as communication devices and cultural office supplies, with year-on-year increases of 23.2% and 13.5% respectively [4] Group 4: E-commerce and New Retail Formats - Online retail sales grew by 9.6% from January to October, with physical goods online sales increasing by 6.3% [5] - New retail formats, including membership warehouses and unmanned stores, continued to thrive, with traditional retail adapting through supply chain optimization [5] Group 5: Future Outlook - The overall operation of the consumer market remains stable, with plans to implement policies to boost consumption and innovate new consumption scenarios [6]

Group 1 - JD's "Double 11" sales reached a new high with order volume increasing nearly 60% year-on-year, showcasing significant growth in core metrics such as order peak, logistics efficiency, and merchant revenue [1] - JD's AI has transitioned from being an "auxiliary tool" to a "productivity tool," with the JoyAI system deeply integrated into JD's super supply chain [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index accounted for 55.69% of the index, including Alibaba, Tencent, Kuaishou, Meituan, and JD Health [2] - The index reflects the overall performance of companies involved in online shopping, digital entertainment, online education, and telemedicine in the Hong Kong and mainland markets [1][2] Group 3 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) saw a decline of 0.42%, with component stocks showing mixed performance; Ping An Good Doctor led with a 4.96% increase, while Miniso fell by 2.80% [1] - The Online Consumption ETF (159793) decreased by 0.19%, with a recent price of 1.06 yuan, but has seen a cumulative increase of 6.31% over the past three months [1] Group 4 - The performance of individual stocks within the top ten weighted stocks showed varied results, with Alibaba down 1.72%, Tencent down 0.91%, and JD Health up 0.54% [4] - The weightings of the top stocks indicate their influence on the index, with Alibaba holding the highest weight at 11.77% [4]

Core Insights - The China Securities Index for online consumption (931481) has shown a 0.70% increase as of October 31, 2025, with notable gains in constituent stocks such as Kunlun Wanwei (300418) up by 4.27% and Yidian Tianxia (301171) up by 4.13% [1][2] - The online consumption ETF fund (159793) has risen by 1.48%, with a latest price of 1.1 yuan, and has accumulated a 1.60% increase for the month as of October 30, 2025 [1] - The index comprises 50 listed companies from mainland China and Hong Kong, focusing on sectors like online shopping, digital entertainment, online education, and telemedicine [1] Index Composition - As of September 30, 2025, the top ten weighted stocks in the online consumption index account for 55.76% of the total index, with Alibaba-W (09988) and Tencent Holdings (00700) being the largest contributors [2] - The weightings of the top ten stocks are as follows: Alibaba-W (11.77%), Tencent Holdings (10.24%), Kuaishou-W (6.37%), Meituan-W (5.50%), JD Health (4.86%), Giant Network (3.82%), Bilibili-W (3.74%), iFLYTEK (3.52%), Kaiying Network (2.98%), and Kunlun Wanwei (2.69%) [4]

Core Insights - The implementation of consumption-boosting policies, such as trade-in programs, has effectively stimulated consumer spending, leading to the rapid development of new consumption formats, models, and scenarios [1] Group 1: Economic Contribution - Final consumption expenditure contributed 53.5% to economic growth in the first three quarters of 2025, an increase of 9.0 percentage points compared to the previous year [4] Group 2: Market Sales Growth - The total retail sales of social consumer goods reached 3,658.77 billion yuan, with a year-on-year growth of 4.5%, accelerating by 1.2 percentage points compared to the same period last year [9] - Retail sales of goods increased by 4.6% in the first three quarters of 2025, with nearly 90% of retail categories in above-limit units achieving growth [25] Group 3: Service Consumption - Retail sales of services grew by 5.2% year-on-year in the first three quarters of 2025, outpacing the growth of goods retail sales by 0.6 percentage points [12] Group 4: Rural and Urban Market Expansion - Retail sales in urban markets grew by 4.4% year-on-year, with growth rates accelerating by over 1 percentage point compared to the previous year [16] - The county and township market, including towns and rural areas, accounted for 38.8% of the total retail sales of social consumer goods, an increase of 0.1 percentage points compared to the first eight months of the year [22][23] Group 5: Online Consumption Trends - Online retail sales increased by 9.8% year-on-year in the first three quarters of 2025, with growth rates accelerating by 0.2 percentage points since May [31] - The online retail sales of physical goods grew by 6.5%, with a consistent acceleration in growth rates since the beginning of the third quarter [33]

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - In September 2025, the total retail sales in China reached 4.2 trillion yuan, showing a year-on-year growth of 3.0%, which is in line with market expectations. The growth rate has slowed down compared to previous months due to the high base effect from last year's consumption policies [5]. - Online retail continues to show strong growth, with a penetration rate of 25.2% in September, up from 24.2% in the same month last year. The online retail sales for the first nine months of 2025 increased by 9.8% year-on-year, significantly outpacing the overall retail growth [5]. - The report highlights the resilience of service consumption, with the service sector production index growing by 5.6% year-on-year in September. The government has introduced measures to expand service consumption, which is expected to further stimulate growth [5]. Summary by Sections Retail Sales Performance - In September 2025, retail sales grew by 3.0% year-on-year, with a total of 4.2 trillion yuan. Excluding automobiles, retail sales increased by 3.2% [5]. - The growth rate of retail sales has slowed down due to the high base effect from last year's consumption policies [5]. Online Retail Trends - Online retail sales for the first nine months of 2025 reached a growth rate of 9.8%, which is 5.3 percentage points higher than the overall retail growth [5]. - In September, the online retail sales amounted to 1,056.4 billion yuan, with a year-on-year growth of 7.3% [5]. Service Consumption - The service sector's production index increased by 5.6% year-on-year in September, indicating strong service consumption resilience [5]. - The government has implemented 19 measures to enhance service consumption, focusing on improving the quality of service supply [5]. Investment Opportunities - The report suggests a positive outlook for e-commerce and instant retail sectors, particularly companies like Alibaba, JD.com, Meituan, and Pinduoduo, as well as premium gold jewelry brands like Lao Pu Gold and Cai Bai Co. [5]. - The travel industry is expected to benefit from service consumption policies, with companies like Sanxia Tourism and Changbai Mountain highlighted as potential investment opportunities [5].

Group 1 - The 2025 World VR Industry Conference will be held in Nanchang from October 19 to 20, focusing on major tech companies like Huawei, Apple, Alibaba, Xiaomi, and Lenovo, as well as leading AR glasses innovators such as XREAL and Rokid, showcasing the latest product technologies and innovative application scenarios [1] - As of October 17, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has decreased by 1.68%, with mixed performance among constituent stocks; Kid King (301078) led with a rise of 2.36%, while Donghua Software (002065) fell by 4.17% [1] - The Online Consumption ETF (159793) has dropped by 2.02%, with the latest price at 1.07 yuan, but has seen a cumulative increase of 2.54% since the beginning of October 2025 [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index include Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024), with the top ten stocks accounting for 55.76% of the index [2] - The weight and performance of key stocks in the index show declines, with Tencent Holdings down by 1.05% and Alibaba-W down by 2.73%, indicating a challenging market environment for these major players [4]

在数字经济蓬勃发展的当下，大数据与人工智能技术持续拓宽消费边界，推动线上消费朝着个性化、智能化、便捷化方向加速迈进。 当前，AI技术深度融入线上消费市场运营，量化派紧抓机遇，以AI驱动的撮合服务提升用户匹配效率与平台运营效益。其AI赋能数字技术平台"量星球"， 通过运营、算法、营销、客服及商品与服务赋能五大系统，为业务伙伴提供精准撮合解决方案，既助力合作伙伴高效配对用户、提升参与度与留存率，又依 托八年客户画像分析经验，以专有AI技术实时解析客户偏好，精准匹配终端客户需求与合作伙伴的商品服务。 随着提振消费政策"组合拳"持续发力，线上消费市场迎来政策与技术的双重利好。量化派正以AI自主创新打破技术壁垒，通过引入优质流量、智能算法分 发、精准匹配客户群体实现转化提效，与众多客户构建互信共赢的合作生态，在数字时代的线上消费赛道上，为行业可持续增长持续贡献力量。 在此背景下，专注于中国消费领域的线上市场运营商量化派，正凭借政策红利与技术优势加速前行。量化派创立于2014年，秉承"数字驱动世界，智能点亮 生活"的使命，依托自主研发的AI技术平台，为消费者与合作伙伴提供智能化、精准的消费体验。通过多元消费场景的数字化运 ...

Group 1 - The Ministry of Industry and Information Technology and six other departments have jointly issued the "Implementation Plan for Promoting Innovative Development of Service-Oriented Manufacturing (2025-2028)", which emphasizes strengthening the construction of new information infrastructure and deepening the integration and large-scale application of "5G + Industrial Internet" [1] - The plan aims to enhance the supply of industrial data elements, promote the resourceization, assetization, and elementization of data, and build a number of high-quality industry data sets [1] Group 2 - As of October 13, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has decreased by 0.92%, with component stocks showing mixed performance [1] - Kingsoft (03888) led the gains with an increase of 17.50%, while Yidian Tianxia (301171) experienced the largest decline at 3.88% [1] - The Online Consumption ETF (159793) has decreased by 0.62%, with a latest price of 1.12 yuan, but has seen a cumulative increase of 21.04% over the past three months as of October 10, 2025 [1] Group 3 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 55.76% of the total index weight, including Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024) [2]