21世纪经济报道记者 杨娜娜 一股明确的政策"暖风"正吹向消费领域。 12月底，全国财政工作会议将"大力提振消费"置于明年重点任务之列；紧随其后，总额达625亿元的首 批2026年消费品以旧换新资金计划迅速下达，彰显了从中央到地方刺激内需的连贯决心。这不仅延续了 自2024年下半年以来累计超5000亿元的直接政策支持力度，也为市场注入了对2026年消费环境的积极预 期。 政策预期也转化为市场的直观反应。 长城证券金融工程团队观察到，上周（2025/12/22-2025/12/26）行 业主题ETF中，有色、消费等顺周期、消费板块资金获大幅流入。国金证券12月29日的研究报告显示， 近期市场交易热度回升，商贸零售、军工、消费者服务、轻工、纺服等板块的交易热度均处于80%分位 数以上。 Wind数据进一步印证，近期多只消费主题ETF获得资金净申购，市场关注度回升。截至12月30日，近一 个月以来，全市场净流入规模最大的是嘉实基金和汇添富基金旗下的两只消费 ETF，通过申赎净流入 带来的规模增长分别为4.81亿元、4.7亿元。 时间拉长来看，今年以来，汇添富基金旗下的消费ETF、景顺长城基金旗下的恒生消费ETF、富 ...

近日，华创证券研究所所长、大消费组组长董广阳在雪球嘉年华上，针对消费行业及白酒板块分享了最 新研判。 与但斌对白酒短期承压、人口结构等变量表示谨慎的观点不同，董广阳从消费基本面、行业周期与龙头 价值等角度，提出了其对白酒板块的观察与侧重。 董广阳团队曾多次上榜新财富最佳分析师，在消费行业里深耕多年，我们较为认可他们对于消费板块的 观点。本文，研究院梳理了董广阳发言的关键要点，为投资者提供另一重视角的思考。 以下为概括内容： 一、消费行业有自身周期规律 董广阳首先对于当下消费行业，进行了总体性判断。 董广阳提及，他与很多投资者交流，大家担忧中国是否会持续类通缩、消费是否还有机会。 对此，他想说的是，不管是否通缩、经济环境如何，消费行业有自身的发展周期规律，这与行业技术发 展特点、时代技术背景相关，不会因经济增长快慢而改变。 中国过去三四十年凭借体制优势和后发优势，完成了西方工业国家200年的现代化、工业化进程。 回顾过去，每十年就是一套新模式、新玩法、新玩家，少部分企业穿越周期并实现新增长，大部分企业 则被洗牌。穿越的企业主要是白酒头部企业以及其他消费品领域的少数头部企业。 对此，董广阳把中国消费市场发展阶段做 ...

Group 1 - In August, A-shares led global stock markets, with equity funds performing well, particularly those focused on the TMT (Technology, Media, and Telecommunications) sector, while pharmaceutical sector funds saw declines [1] - A total of 32 equity funds achieved returns exceeding 40% in August, indicating a significant shift in market dynamics [1] - The "霸榜" (top ranking) trend previously dominated by the North Exchange and pharmaceutical-themed funds has changed, with technology-heavy funds now leading [1] Group 2 - The fund managed by Wu Yuanyi, Guangfa Value Core A, achieved a nearly one-year return of 101.36% as of September 5, outperforming its benchmark by 67.56% with a Sharpe ratio of 2.66 [1] - Guangfa Value Core A, established in January 2021, is a full-market fund that can invest in A-shares and Hong Kong Stock Connect, showcasing a stable stock position and diversified industry allocation [1] - The fund's top ten holdings account for approximately 50% of its net value, with a balanced distribution across various sectors including pharmaceuticals, automotive, electronics, textiles, machinery, and computers [1] Group 3 - Wu Yuanyi dynamically adjusts the stock allocation between A-shares and Hong Kong stocks based on market conditions, increasing the Hong Kong stock allocation from about 11% at the end of Q1 2024 to over 31% by the end of Q4 2024 [2] - The fund has effectively captured both beta and alpha returns in the recent Hong Kong market rally, focusing on innovative pharmaceuticals and new consumption sectors [2] - Recent quarterly reports indicate strong performance from newly added stocks, with significant price increases for stocks like Weixin Bio and Haoyuan Pharmaceutical, showcasing effective stock selection capabilities [2] Group 4 - Looking ahead, the focus will be on fast-moving consumer goods, innovative pharmaceuticals, high-end manufacturing, robotics, and AI sectors [3] - The fast-moving consumer goods sector is recovering first due to its "high frequency and low price" characteristics [3] - In the pharmaceutical innovation sector, China is transitioning from auxiliary research to becoming a global leader in original innovative drugs [3]