截至2025年12月31日 09:58，中证沪港深线上消费主题指数(931481)上涨0.15%，成分股蓝色光标 (300058)上涨13.96%，易点天下(301171)上涨5.53%，中公教育(002607)上涨3.42%，汤姆猫(300459)上涨 3.13%，科大讯飞(002230)上涨2.76%。线上消费ETF基金(159793)上涨0.10%，最新价报1.02元。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港 市场中选取50只主营业务涉及线上购物、数字娱乐、在线教育以及远程医疗等领域上市公司证券作为指 数样本，以反映内地与香港市场线上消费主题上市公司证券的整体表现。 数据显示，截至2025年11月28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)、美团-W(03690)、快手-W(01024)、京东健康(06618)、巨人网络(002558)、 哔哩哔哩-W(09626)、科大讯飞(002230)、昆仑万维（维权）(300418)、恺英网络(002517)，前十大权重 股合计占比5 ...

消息面上，政策提出，要抢抓市场拓展发展空间，密切关注宏观形势，加强行业运行结构性、趋势性分 析，加大滚动监测力度，提升产供储销各环节的反应灵敏度。要探索运用各种大数据模型和行业模型， 精准捕捉潜在市场需求，创新提升商品和服务品质，培育壮大文旅、数字、健康等消费新场景，努力形 成新的增长点。 华源证券指出，新兴消费品的蓬勃发展折射出新世代年轻人在当前社会环境下所孕育出的新兴消费观 念，正确的解读此类全新的消费叙事是抓住新消费公司成长的关键因素。因此，在美护方面，建议关注 基于较高专业性与创新性的优质国货品牌；黄金珠宝方面，建议关注更受年轻消费者欢迎的古法黄金赛 道头部品牌；潮玩方面，建议关注具备IP创造及对IP运营有丰富的成功经验的公司；现制茶饮方面，建 议关注品牌力较强且业务覆盖区域较广的头部茶饮品牌。 截至2025年12月24日 09:52，中证沪港深线上消费主题指数(931481)下跌0.51%。成分股方面涨跌互现， 浙数文化(600633)领涨1.84%，万润科技(002654)上涨1.41%，中国电影(600977)上涨0.92%；巨人网络 (002558)领跌4.47%，恺英网络(002517)下跌 ...

Core Insights - The concept of "reward economy" is gaining traction, defined as consumers purchasing non-essential goods or experience services to cope with work-life stress and fulfill psychological needs, leading to immediate gratification and self-affirmation [1] Group 1: Market Performance - As of December 23, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) shows mixed performance among its constituent stocks, with Perfect World (002624) leading at a 2.74% increase, followed by Kaiying Network (002517) at 1.79%, and Gome Retail (06808) at 1.69% [1] - The Online Consumption ETF (159793) is currently priced at 1.01 yuan [1] Group 2: Index Composition - The CSI Hong Kong-Shenzhen Online Consumption Theme Index comprises 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] - The top ten weighted stocks in the index include Alibaba-W (09988), Tencent Holdings (00700), Meituan-W (03690), Kuaishou-W (01024), JD Health (06618), Giant Network (002558), Bilibili-W (09626), iFLYTEK (002230), Kunlun Wanwei (300418), and Kaiying Network (002517), collectively accounting for 55.21% of the index [2]

Core Viewpoint - The online consumption theme index has shown strong performance, driven by the rise of AI applications and supportive macroeconomic policies, indicating potential growth in the sector [1][2]. Group 1: Market Performance - As of November 24, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) surged by 3.93%, with notable gains in constituent stocks such as BlueFocus (300058) up 20.02%, and Kuaishou-W (01024) [1]. - The Online Consumption ETF (159793) increased by 3.04%, closing at 1.05 yuan [1]. Group 2: AI Application Impact - The rapid growth of the Qianwen App, which surpassed 10 million downloads in just one week, has positioned it as the fastest-growing AI application, outpacing competitors like ChatGPT and Sora [1]. - Google's release of the new image generation model, Nano Banana Pro, further emphasizes the momentum in AI applications, contributing to the rise in online consumption [1]. Group 3: Future Outlook - Looking ahead to 2026, there is an expectation of macroeconomic improvement, with potential regulatory easing and the implementation of consumer stimulus policies, which may sustain consumption growth [2]. - The development of AI technology is anticipated to enhance digital transformation for businesses, improving consumer experiences [2]. - The online consumption ETF closely tracks the CSI Hong Kong-Shenzhen Online Consumption Theme Index, which includes 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [2]. Group 4: Index Composition - 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 major players like Alibaba-W (09988) and Tencent Holdings (00700) [3].

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]

Core Insights - Tmall achieved its best growth in four years during the Double 11 shopping festival, with nearly 600 brands surpassing 100 million in sales and significant year-over-year growth for many brands [1] - The China Securities Index for online consumption shows mixed performance among its constituent stocks, with BlueFocus leading the gains [1][2] - Structural opportunities in the consumption chain are emerging due to ongoing growth policies, with service consumption and online shopping showing resilience [1] Group 1: Tmall Double 11 Performance - Tmall's Double 11 event saw 34,091 brands doubling their sales compared to last year, with 18,048 brands growing over three times and 13,081 brands growing over five times [1] - Major brands like Apple, Haier, and Xiaomi each surpassed 1 billion in sales during the event [1] - Tmall's president attributed the growth to support for quality brands and significant consumer investment [1] Group 2: Online Consumption Index - The CSI Online Consumption Theme Index includes 50 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 accounted for 55.69% of the total index weight [2] - The top stocks include Alibaba, Tencent, and Kuaishou, with Alibaba holding an 11.77% weight despite a slight decline [4]

Core Insights - The domestic AI ecosystem is rapidly improving, with significant acceleration in the AI industry chain, including large models, computing power, and applications [1] - The online consumption ETF fund (159793) is positioned as an AI application ETF and is expected to benefit from the explosion of AI applications [1] Group 1: ETF Performance - As of November 11, 2025, the online consumption ETF fund has seen a cumulative increase of 6.09% over the past three months [1] - The fund's management fee is 0.50%, and the custody fee is 0.10% [1] - The tracking error for the fund over the past month is 0.050% [1] Group 2: Index Composition - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) includes 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [2] - The top ten weighted stocks in the index account for 55.69% of the total index weight, with Alibaba-W (09988) and Tencent Holdings (00700) being the top two [2] Group 3: Stock Performance - The performance of the top ten stocks in the index shows mixed results, with Alibaba-W down 1.68% and Tencent Holdings up 0.92% [3] - JD Health (06618) has increased by 4.15%, while Kuaishou-W (01024) has risen by 1.44% [3]

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]