消息面上，据相关新闻报道，国内前往海南的机票预订量超72万张，同比增长约10%。这是海南封关运 作后的首个小长假。截至目前，平台元旦假期客单价同比去年增长10%，人均购买件数同比去年增长 9%。去哪儿旅行数据显示，2026年元旦期间租车量同比增长约1.8倍，异地取还车的人同比增长2.5倍。 最火热的自驾前3名城市是：海口、三亚、乌鲁木齐。 12月22日，港股市场开盘迎来积极开局，三大核心指数集体高开。截至发稿，恒生指数上涨0.42%，报 25800点；恒生科技指数表现更优，上涨1.05%，报5535点；港股消费板块现小幅上扬，港股消费ETF （513230）现小幅微涨，持仓股中，珍酒李渡领涨近6%，蜜雪集团、布鲁可、老铺黄金、泡泡玛特、 古茗等均涨超3%。 海南作为封关运作后的核心标的，其旅游消费的韧性与客单价提升，表明中产阶层在假日消费上依然具 备强劲动力。此外，元旦出行中 "宠物经济"与"自驾游"的爆发，也折射出消费者对个性化与私密性的 高溢价支付意愿，"情绪消费"正在重塑旅游产业链。 相关热门ETF： 电商龙头+新消费：港股消费ETF（513230） 假期催化+冰雪经济：旅游ETF（562510） 提振 ...

Investment Rating - The report rates several companies as "Buy," including Yili, Shanxi Fen Wine, Ninebot, Midea, YUTO, and Huali [5][9]. Core Insights - The report highlights a divergence in performance between 'new consumption' stocks, which are experiencing strong growth, and 'traditional consumption' stocks, which are underperforming due to their reliance on macroeconomic conditions and stimulus policies [2][30]. - Key investment themes for 2H25 include structural opportunities and high earnings growth in new consumption trends, market share gains in traditional sectors, and high dividend yields from established consumer leaders [3][10]. Summary by Sections 1. Market Overview - The report notes slower-than-expected implementation of consumption stimulus policies in 1H25, impacting sectors like home appliances and baijiu [2][18]. - The divergence in stock performance is attributed to the macro recovery lacking visibility, with new consumption stocks benefiting from structural opportunities [30][31]. 2. Investment Themes - Structural opportunities and high earnings growth are expected in areas such as smart home products, mass snacks, beauty, and pet care [3][10]. - Market share gains are anticipated in traditional consumer sectors, particularly through consolidation and domestic substitution [3][10]. - High dividend stocks, particularly in baijiu, dairy, and white goods, are highlighted as attractive due to strong cash flows and supportive policies [3][10]. 3. Sector Preferences - The report adjusts sector preferences, ranking dairy products highest, followed by soft drinks, beer, and cosmetics [4]. - It emphasizes the potential for market share consolidation in the e2W sector amid stricter regulations [4]. 4. Stock Picks - Specific stock picks include Yili Industrial, Shanxi Fen Wine, Ninebot, Midea, YUTO, and Huali, all rated as "Buy" due to their strong fundamentals and growth prospects [5][9][11][12][13][14]. 5. Consumer Trends - The report identifies Gen Z as a significant driver of new consumption trends, focusing on emotional and experience-based consumption [38][39][40]. - It notes that Gen Z's preferences are reshaping the consumer market, leading to increased demand for local and trendy brands [39][40].