| 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh600887 | 伊利股份 | 10.26% | 29.43 | 0.17% | | 1861.55 | ■ 食品饮料 | | sh600519 | 贵州茅台 | 9.82% | 1448.00 | -0.17% | | 18132.87 | 食品饮料 | | sz000858 | 五粮液 | 9.49% | 117.65 | -0.17% | 4 7 | 4566.71 | 食品饮料 | | sz002714 | 牧原股份 | 9.18% | 49.70 | -2.07% | | 2715.00 | 农林牧渔 | | sz000568 | 泸州老窖 | 6.62% | 135.76 | -0.09% | | 1998.31 | 食品饮料 | | sz300498 | 温氏股份 | 6.37% | 17.54 | -2.99% | | 1167.10 | 农林牧渔 | | sh600809 | 山西汾 ...

Core Viewpoint - The article emphasizes the importance of understanding the long-term value of assets by aligning them with fundamental human needs, categorizing consumption into essential and discretionary segments, and highlighting the structural differences between A-shares and H-shares in the consumer sector [4][5]. Group 1: Consumer Sector Analysis - The consumer sector is divided into essential consumption, which includes food, beverages, and daily retail, and discretionary consumption, which includes appliances, automobiles, and tourism, with the former being more resilient to economic fluctuations [4]. - A-shares focus more on essential consumption and brand manufacturing, while H-shares have a higher weight in discretionary consumption and services, providing complementary investment opportunities [4][12]. Group 2: Key Consumer Indices - The article reviews ten key consumer indices in A/H shares, detailing their establishment dates, sample sizes, and average ROE, with the China Securities Consumer Index being a core index for essential consumption [6][7]. - The China Securities White Wine Index has a high ROE of 27.86%, indicating strong performance in the wine sector, while the Hang Seng Consumer Index has a significant focus on discretionary consumption, with 66.18% of its weight in this category [12][18]. Group 3: Valuation Comparisons - Current valuation data shows that the consumer sector is generally undervalued, with the China Securities Consumer Index having a PE of 19.30 and a PB of 4.33, indicating a historical low valuation range [14][16]. - The CS Food and Beverage Index has a low temperature of 8.6°C, suggesting it is also undervalued, while the Hang Seng Consumer Index has a high temperature of 52.1°C, indicating it may be overvalued [16][17]. Group 4: Investment Recommendations - For investors looking to focus on essential consumption, the China Securities Consumer Index is recommended, while those seeking exposure to discretionary consumption should consider the Consumer Leaders or CS Consumer 50 indices for a more diversified approach [20][22]. - The combination of the China Securities Consumer Index and the Hang Seng Consumer Index can effectively represent the overall trend of the Chinese consumer market, providing a balanced investment strategy [25].