Group 1 - Hong Kong stock indices opened higher on June 5, with the Hang Seng Index rising by 0.74%, the Hang Seng China Enterprises Index up by 0.78%, and the Hang Seng Tech Index increasing by 0.97% [1] - Major technology stocks collectively rose, while Chinese brokerage stocks continued to strengthen, along with gains in the biopharmaceutical, rare earth, and food and beverage sectors [1] - The consumer sector in Hong Kong showed positive early trading, with the Hong Kong Consumer ETF (513230) rising nearly 1.5% [1] Group 2 - Tmall reported that during the first phase of the 618 shopping festival, categories like home appliances and digital devices saw a total transaction value increase of 283% compared to last year's Double 11, with over 3,000 brands doubling their sales year-on-year [1] - JD.com indicated that over 500 million consumers placed orders during its shopping season, with nearly 80,000 brands achieving a year-on-year sales increase, and live-streaming sales growing nearly fourfold [1] - Online retail has become a core driver of consumption upgrade, with a 7.7% growth in online retail sales from January to April, and digital product sales increasing by 8.4%, particularly smart robots and smart home systems growing by 87.6% and 16% respectively [1] Group 3 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which covers a balanced range of industries, unlike A-share consumption investments that focus primarily on liquor [2] - The index includes stocks from various sectors such as trendy toys and "Guzi economy" related companies, reflecting a higher proportion of new consumption in e-commerce, dining, tourism, entertainment, and national trend clothing [2] - The consumer sector in Hong Kong is expected to better reflect the recovery of consumption driven by strong consumption policies due to its higher representation of service and mass consumption [2]

Group 1 - The consumption upgrade policy is showing significant effects, with strong sales in automobiles, home appliances, and mobile phones during the "618 shopping festival" [1] - E-commerce platforms are enhancing promotional activities, leading to rapid growth in new consumption areas such as pets and trendy toys [1] - JD.com reported a more than 300% year-on-year increase in sales for action cameras and accessories on May 22, while gaming laptops and high-end gaming PCs saw over 110% growth [1] Group 2 - The Hong Kong stock market saw a decline on May 26, but consumer sectors like automobiles, home appliances, media, and tourism showed strong performance [1] - The Hong Kong Consumption ETF (159735) has an average daily trading volume of 107 million yuan over the past 20 trading days, indicating high market interest [1] - The Hong Kong consumption sector is characterized by a higher proportion of e-commerce, consumer electronics, new energy vehicles, and cultural entertainment compared to A-shares, which are more focused on high-end liquor [2] Group 3 - The current market environment presents investment value in the consumption sector, supported by easing US-China trade tensions and domestic macro policies [2] - The Chinese government has emphasized support for expanding consumption in recent monetary policy announcements, reflecting a focus on the consumption sector [2] - June is a quiet period for listed company earnings disclosures, which may stabilize market sentiment and facilitate valuation recovery in the consumption sector [2]

交银国际证券表示，消费板块在当前经济环境下展现出较强的韧性和结构性亮点，具备一定的投资价 值。2025年"五一"假期数据显示，全国重点商圈人流量明显回升，叠加地方政府发放文旅消费券等刺激 措施，有效提振了旅游及服务消费。例如，河南、四川和黑龙江三地发放的文旅消费券总规模分别达到 4000万元、6800万元和5000万元，力度远超往年，直接带动了餐饮和旅游等相关产业的增长。在零售领 域，以旧换新政策与假期效应共同推动家电、汽车、通讯器材等商品销售快速增长，重点监测零售企业 的销售额同比分别增长15.5%、13.7%和10.5%。 5月16日，港股市场大幅低开，短视频、金饰、国潮服装、汽车、消费电子等大消费方向涨势居前。港 股消费指数成分股中，哔哩哔哩-W涨超2%，思摩尔国际、周大福、滔博、比亚迪股份涨超1%，其余成 分股积极跟涨。港股消费ETF（159735）过去20个交易日成交额1.23亿元排名同指数第一。 港股消费ETF（159735）跟踪港股消费指数，是"更新的消费"，相较A股消费以白酒高端消费为主，港 股消费板块中电商、消费电子、新能源车、餐饮、旅游、文娱传媒、国潮服装等新型消费比例更高，服 务消费和大 ...

消息面上，今年的"618"年中大促已经于5月13日正式开启，比往年的5月20日来得早一些。日前，淘宝 天猫、京东、抖音电商、苏宁易购等多个电商平台陆续发布"618"大促安排，全力迎接这场年中购物狂 欢。提振消费是今年经济工作的首要任务，也是当前扩内需稳增长的关键点。作为上半年电商大促的重 头戏，"618"大促无疑是一次激发消费市场活力的契机。 华泰证券表示，首先，从高频数据来看，4月地铁客运量回升，表明居民出行活动维持在较高景气度， 侧面反映出消费活动的活跃。其次，政府出台的以旧换新政策正在发挥积极作用，手机、家电、汽车等 主要消费品类受到政策支持，带动了销售回暖。例如，截至4月24日，全国已有超过270万辆汽车完成以 旧换新，12类家电以旧换新数量达到4746.6万台，手机等数码产品购新数量达3661万件，电动自行车以 旧换新数量也超过420万辆。这些政策不仅提升了短期消费信心，还带动了超1.2亿人次享受补贴，销售 额突破7200亿元，显示出较强的内需支撑力。 相关产品：港股消费ETF（159735）。 每日经济新闻 5月14日，港股市场大幅修复，汽车、国潮服装、消费电子等大消费方向涨势居前。港股消费指数成 ...

港股消费ETF（513230）及其场外联接（017832/017833）跟踪中证港股通消费主题指数，不同于A股消 费投资以白酒为主，该指数覆盖行业均衡，近乎囊括了港股消费的各个领域，成分股包括泡泡玛特、名 创优品等潮玩、"谷子经济"相关上市公司。港股消费板块中电商、餐饮、旅游、文娱传媒、国潮服装等 新型消费比例更高，服务消费和大众消费占比也更高，或更能充分反映本轮大力提振消费政策驱动下的 消费景气复苏。 消息面上，5月8日商务部发布《大力提振消费 全方位扩大国内需求 推动经济持续回升向好》，其中提 到，培育新型消费，着力增强消费动能。打造IP（知识产权）创意设计和新品发布平台，建设IP消费商 业地标，推出IP消费经典路线，拓展沉浸式消费空间。 华泰证券表示，五一假期期间，多个地区的政府和企业采取了积极措施促进消费，包括发放消费券、举 办以旧换新活动等，这些举措有效刺激了家电、汽车、数码产品等领域的消费需求。苏宁易购的数据表 明，五一假期首日，家电以旧换新的销售额同比增长了61%，零售云全国门店的家电销售同比增长了 104%，显示出消费者对高品质家电、手机、电脑等数码产品的强烈需求。 5月9日，港股震荡走低，恒 ...

Group 1 - The core viewpoint of the news emphasizes the importance of boosting consumption and expanding domestic demand to drive economic recovery, highlighting the potential of new consumption trends among young consumers [1] - The Ministry of Commerce's report outlines initiatives to cultivate new consumption, focusing on IP (intellectual property) creative design and the establishment of IP consumption landmarks, which are expected to enhance consumer engagement [1] - The Hong Kong stock market experienced a V-shaped rebound, with significant gains in sectors such as blind boxes, national trend clothing, gold jewelry, and new energy vehicles, indicating a positive response to consumption policies [1] Group 2 - Huatai Securities reported that various local governments and enterprises implemented measures during the May Day holiday to stimulate consumption, including issuing consumption vouchers and promoting trade-in activities, which effectively boosted demand in sectors like home appliances and automobiles [2] - Data from Suning.com indicated a substantial increase in sales during the holiday, with home appliance trade-ins seeing a 61% year-on-year growth and retail cloud stores reporting a 104% increase in sales, reflecting strong consumer demand for high-quality electronics [2] Group 3 - The Hong Kong Consumption ETF (159735) tracks the Hong Kong consumption index, which is characterized by a higher proportion of new consumption sectors compared to A-shares, including e-commerce, consumer electronics, new energy vehicles, dining, tourism, and cultural entertainment [1][3]

内容概要：国潮是指以中华优秀传统文化为基础，融合现代审美与时尚元素的产品形式。近些年来，随 着中国经济的快速发展和人民生活水平的不断提高，消费者对中国本土文化的认同感和自信逐步提升， 国潮产品逐渐赢得消费者的青睐，叠加国潮品牌在产品创新和品牌营销上持续发力，不断创造出新的消 费潮流，我国国潮产业市场规模呈现出加速扩容态势。数据显示，2024年，我国国潮经济市场规模已从 2018年的12266.6亿元增长至22922.3亿元。 相关上市企业：锦泓集团（603518）；丽尚国潮（600738）；海澜之家（600398）；李宁（02331）； 安踏体育（02020）；水星家纺（603365）；地素时尚（603587）；润本股份（603193）；泡泡玛特 （09992）；逸仙电商（YSG）等 相关企业：华为技术有限公司；湘西七绣坊苗服饰文化有限责任公司；故宫文化创意产业有限公司；杭 州花凝香生物科技有限公司等 关键词：产业链；政策；市场规模；竞争格局；重点企业；发展趋势 一、行业概况 国潮是指以中华优秀传统文化为基础，融合现代审美与时尚元素的产品形式。自2018年年初，国产体育 品牌李宁带着印有"中国李宁"字样的潮T ...