Market Overview - The three major A-share indices experienced slight increases, with the Shanghai Composite Index rising by 1.13% to 3880.22 points, the Shenzhen Component Index increasing by 2.04% to 12841.6 points, and the ChiNext Index up by 2.6% to 3005.23 points [1] ETF Performance - The top-performing ETF on November 24, 2025, was the Aerospace ETF (159227), which saw a gain of 5.01%. Other notable gainers included the Aviation TH (159241) at 4.66%, Aerospace (159208) at 4.64%, and Online Consumption (159725) at 4.50% [1] - Conversely, the ETF with the largest decline was the Sci-Tech Innovation ETF (589580), which fell by 2.14%. Other ETFs with significant declines included the Double Innovation Fund (159783) at 1.88%, Rare Metals (562800) at 1.68%, and Rare Metals (159608) at 1.67% [1] Trading Volume - The ETF with the highest trading volume on November 24, 2025, was the Hang Seng Internet ETF (513330), with a volume of 10,407.25 million shares. Other ETFs with high trading volumes included Hang Seng Technology (513130) at 9,698.71 million shares, Hang Seng Tech (513180) at 8,768.89 million shares, and A500E (512050) at 5,106.58 million shares [1][2] Fund Flows - The ETF with the largest net subscription on November 24, 2025, was the 300ETF (510300), with a net subscription amount of 3.662 billion yuan. Other top net subscriptions included the 50ETF (510050) at 1.529 billion yuan, 500ETF (510500) at 898 million yuan, and CSI 300 (159919) at 742 million yuan [3] - The ETF with the highest net redemption was the Real Estate ETF (512200), with a redemption amount of 384 million yuan. Other ETFs with significant redemptions included the Military Industry Leader (512710) at 212 million yuan, Bank ETF (512800) at 211 million yuan, and Coal ETF (515220) at 206 million yuan [3]

Core Insights - Since 2025, the consumption market has shown stable growth due to the implementation of policies aimed at boosting consumption, leading to the continuous release of consumption potential [1] - The retail sales of consumer goods in the first three quarters of 2025 increased by 4.5% year-on-year, reflecting a steady growth in market sales compared to the same period last year [3] - The contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year, continuing to serve as a main engine for economic growth [16] Consumption Trends - The growth of service consumption has accelerated, with service retail sales increasing by 5.2% year-on-year in the first three quarters, outpacing the growth of goods retail sales by 0.6 percentage points [9] - The "old-for-new" policy has driven significant growth in related retail categories, with furniture retail sales increasing by 21.3% year-on-year, and home appliances and cultural office supplies seeing increases of 25.3% and 19.9%, respectively [12] - Online consumption has continued to thrive, with online retail sales growing by 9.8% year-on-year in the first three quarters, indicating a sustained acceleration in growth since May [14] Policy Impact - The macroeconomic research department of the National Information Center indicates that the policy dividends are continuously being released, and innovations in business models are effectively stimulating consumer enthusiasm and meeting the demand for quality and diversified consumption upgrades [6]