风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变化。本材料所含任 何市场观点的内容皆基于相应的假设条件，而任何假设条件都可能随时发生变化。基金管理人不承诺、 不保证任何具有预测性质的市场观点必然得以实现。材料中提及的个股不构成投资推荐或建议。 线上消费ETF基金 ...

Group 1: Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.02% while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 0.08% and 0.58% respectively, with a total market turnover of HKD 245.136 billion [2] - Northbound capital flow into Hong Kong stocks amounted to HKD 15.992 billion, with the most net purchases in stocks like Tracker Fund of Hong Kong (2800.HK), Hang Seng China Enterprises (2828.HK), and Alibaba (9988.HK) [2] - The consumer sector performed well, with notable gains in sports goods, home appliances, and beer sectors, including a 4% increase in Li Ning (2331.HK) [3] Group 2: Company Analysis - Quantitative Party (2685.HK) - Quantitative Party operates an online marketplace covering various consumer products and has expanded into an O2O platform for automotive retail since April 2022 [7] - Revenue is projected to grow from HKD 475 million in 2022 to HKD 993 million in 2024, with a compound annual growth rate (CAGR) of 44.7%, driven primarily by its core platform, Yang Xiaomei, which is expected to generate HKD 925 million in 2024, a 361.5% increase from 2023 [8] - The overall gross margin is expected to rise from 65.8% in 2022 to 96.9% in 2024, with the core business maintaining a gross margin above 97% [8] Group 3: Industry Status and Prospects - The online retail market in China is projected to grow from RMB 13.9 trillion in 2020 to RMB 25.7 trillion in 2024, with a CAGR of 16.5%, driven by technological advancements and diverse consumer demands [9] - By 2025, the market size is expected to reach RMB 29.1 trillion, with a further increase to RMB 41.2 trillion by 2029, indicating a CAGR of 9.1% during this period [9] Group 4: Competitive Advantages and Opportunities - The company leverages its proprietary AI algorithms and unified technology platform "Liangxingqiu" to enhance user experience through personalized product recommendations and improved search functionalities [10] Group 5: Weaknesses and Risks - The online retail market is dominated by major players like Alibaba and JD.com, posing challenges for market share expansion for the company [11] - The company has a high dependency on its top suppliers, with the top five suppliers accounting for 69.8% of purchases, which could impact operations if supply disruptions occur [11] Group 6: IPO Information - The IPO subscription period is from November 19 to November 24, 2025, with trading expected to commence on November 27, 2025 [12] - The estimated net proceeds from the IPO are approximately HKD 5.2 million, allocated for technology development and infrastructure improvements [13] Group 7: Investment Recommendation - The IPO price range is set at HKD 8.80 to HKD 9.80, with a corresponding market capitalization of HKD 45.17 billion to HKD 50.31 billion, indicating a relatively high valuation compared to other e-commerce platforms [14]

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 | ...

数据显示，截至2025年10月31日，中证沪港深线上消费主题指数(931481)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、快手-W(01024)、美团-W(03690)、京东健康(06618)、哔哩哔哩- W(09626)、科大讯飞(002230)、巨人网络(002558)、恺英网络(002517)、昆仑万维(300418)，前十大权重 股合计占比55.69%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | -1.68% | 11.77% | | 00700 | 腾讯控股 | 0.92% | 10.24% | | 01024 | 快手-W | 1.44% | 6.37% | | 03690 | 美团-W | -0.29% | 5.50% | | 06618 | 京东健康 | 4.15% | 4.86% | | 002558 | 巨人网络 | 3.59% | 3.82% | | 09626 | 哔哩哔哩-W | -1.31% | 3.74% | | 002230 | 科大讯飞 | -0 ...

Group 1 - Short dramas are emerging as a new battleground for e-commerce during the "Double 11" shopping festival, with e-commerce and content platforms competing in this new arena [1] - The integration of short dramas with e-commerce is gaining momentum, serving as a comprehensive medium for brand marketing, user retention, and consumer conversion [1] - As of November 4, 2025, the China Securities Index for online consumption (931481) shows mixed performance among its constituent stocks, with China Film leading at a 5.19% increase [1] Group 2 - The online consumption ETF fund closely tracks the China Securities Index for online consumption, which includes 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 55.69% of the total, with Alibaba-W and Tencent Holdings being the largest contributors [2] - The latest data shows that the online consumption ETF fund has reached a new high in scale at 29.46 million yuan [1]

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]

Group 1 - The domestic AI industry chain is accelerating, with significant developments in large models, computing power, and applications [1] - The online consumption ETF fund (159793) is positioned to benefit from the explosion of AI applications, having recently increased by 0.18% [1] - As of October 27, 2025, the online consumption ETF fund has seen a cumulative increase of 3.01% over the past week [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) account for 55.76% of the index [2] - The top ten stocks include Alibaba-W (09988), Tencent Holdings (00700), Kuaishou-W (01024), Meituan-W (03690), and JD Health (06618) [2] - The weightings of the top stocks are as follows: Alibaba-W (11.77%), Tencent Holdings (10.24%), and Kuaishou-W (6.37%) [4]

数据显示，截至2025年9月30日，中证沪港深线上消费主题指数(931481)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、快手-W(01024)、美团-W(03690)、京东健康(06618)、巨人网络(002558)、 哔哩哔哩-W(09626)、科大讯飞(002230)、恺英网络(002517)、昆仑万维(300418)，前十大权重股合计占 比55.76%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 00700 | 腾讯控股 | 1.68% | 9.65% | | 09988 | 阿里巴巴-W | 1.73% | 9.25% | | 03690 | 美团-W | 6.04% | 8.37% | | 01024 | 快手-W | -0.07% | 6.05% | | 06618 | 京东健康 | 0.65% | 3.98% | | 002230 | 科大讯飞 | -0.10% | 3.88% | | 09626 | 咳唾咳咳-W | -0.72% | 3.52% | | 03888 | 金山软件 | 0.06% ...

Core Insights - China's final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the previous year, reinforcing its role as the "main engine" of economic growth [1][2] Group 1: Economic Policies and Measures - The government has implemented a series of macro policies to stimulate consumption, including the allocation of 300 billion yuan in special bonds to support the replacement of old consumer goods [2] - The "old-for-new" policy has led to significant retail growth in categories such as home appliances and communication devices, with retail sales in these sectors maintaining double-digit growth [2][3] - The domestic travel during the Mid-Autumn and National Day holidays reached 888 million trips, showcasing the resilience and vitality of China's consumer market [2] Group 2: Consumer Trends and Market Dynamics - Service consumption, particularly in leisure and travel, has shown strong performance, indicating a high enthusiasm for offline activities among consumers [3] - New consumption models, such as online shopping, have also seen substantial growth, highlighting their importance in supporting overall market expansion [3] - Upgraded consumer goods, including communication devices and home appliances, have experienced over 20% growth, reflecting a steady progression in consumer upgrading [3] Group 3: Future Outlook and Recommendations - The government aims to enhance internal growth momentum by implementing targeted measures to boost consumption, stabilize employment, and increase income channels for residents [4][5] - Suggestions include issuing consumption vouchers and organizing promotional activities to further stimulate consumer spending [5] - Long-term strategies should focus on increasing income levels for low- and middle-income groups and improving the social security system to alleviate concerns related to consumption [5]

Core Insights - The usage of Doubao large model has surged from 120 billion tokens in May 2024 to over 30 trillion tokens in September 2025, marking a 253-fold increase, indicating rapid growth in the domestic AI ecosystem [1] - The online consumption ETF fund is positioned to benefit from the explosion of AI applications, reflecting the acceleration in the AI industry chain, including large models, computing power, and applications [1] - As of October 20, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index has risen by 2.12%, with notable increases in constituent stocks such as Guomai Culture (up 7.19%) and Bilibili (up 4.11%) [1] Index Performance - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index account for 55.76% of the index, including Alibaba, Tencent, Kuaishou, and Meituan [2] - The online consumption ETF fund closely tracks the CSI Hong Kong-Shenzhen Online Consumption Theme Index, which includes 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine [1] Stock Performance - Notable stock performances include Tencent Holdings (up 2.71% with a weight of 9.65%), Alibaba (up 4.02% with a weight of 9.25%), and Meituan (up 1.75% with a weight of 8.37%) [4] - The online consumption ETF fund has seen a cumulative increase of 9.28% over the past three months, reflecting strong market interest [1]