来源：新浪基金 近期，中央经济工作会议重磅定调，有机构分析称，新消费成长或率先受益。与此同时，中证港股通消 费主题指数（931454.CSI）于12月15日正式实施修订，成分股更纯粹、更聚焦在港股上市的消费板块中 细分龙头企业，或为投资者捕捉中国消费结构变迁中的成长红利，提供更精准、更有效的指数化投资工 具。（资料参考：国金证券《中央经济会议对消费影响解读：新消费成长率先受益 政策助力增长型红 利机会显现》，2025.12.14；中证指数有限公司《中证港股通消费主题指数编制方案》） 从政策方向看，中央经济工作会议将"大力提振消费，提高投资效益，全方位扩大国内需求"作为首要任 务，凸显消费在稳增长中的首要作用和意义。机构分析指出，后续围绕消费的结构性政策或有望从以下 两方面重点发力： 一是通过财政补贴、税收优惠、社保提升等政策，增强居民消费能力，如提高退休人员养老金等，银 发消费或将迎来黄金发展期。 二是推动消费结构性升级，政策将鼓励服务消费、数字消费、绿色消费等新兴业态发展，支持文旅、 养老、体育等服务领域开放合作创新，服务类消费迎来重点支持和发展。 （资料参考：国金证券《中央经济会议对消费影响解读：新消费成 ...

Group 1 - The core viewpoint of the article highlights the performance of various indices related to Hong Kong stocks, with the Consumer Theme Index rising by 0.7% and the Hang Seng Technology Index increasing by 0.5% [1] - The net inflow for the Hang Seng Technology ETF and the Hong Kong Internet ETF in the current month reached 960 million and 450 million respectively, indicating strong investor interest [1] - Analysis suggests that Hong Kong internet companies have a first-mover advantage in AI-native applications and smart hardware integration due to their platform scale, data resources, and cloud computing infrastructure [1] Group 2 - The article notes that as super applications, intelligent agent platforms, and full-link AIGC capabilities mature, the profitability structure of leading internet companies in advertising, cloud services, local life, and e-commerce efficiency is expected to improve [1] - The industry valuation is currently at a historically low level, and the trend of AI investment converting to revenue is becoming clearer, enhancing the long-term allocation value of the sector [1]

Group 1 - The Hang Seng Index opened high on September 16, with the automotive and consumer sectors leading the gains [1] - The Hong Kong Consumer ETF (159735) rose by 1.50%, with a trading volume exceeding 50 million, making it the top performer among its peers [1] - The latest circulating scale of the Hong Kong Consumer ETF (159735) reached 860 million, marking a historical high [1] Group 2 - The State Council issued a notice to strengthen comprehensive regulation of the tourism market, proposing 16 specific measures to enhance regulatory mechanisms and improve the consumer experience [2] - The notice aims to address issues disrupting the tourism market and protect tourist rights, promoting high-quality development in the tourism industry [2] - Open-source securities suggest focusing on leading companies that align with the "emotional consumption" theme, highlighting four investment lines: jewelry, offline retail, cosmetics, and medical aesthetics [2] Group 3 - The upcoming National Day and Mid-Autumn Festival holiday is expected to boost the tourism market, with potential for extended travel periods due to "leave-packing" strategies [3] - Recommendations include focusing on undervalued sectors such as hotels, dining, and tourism [3]

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Consumer Theme has shown positive performance, with a year-to-date increase of 25.73% [1]. Group 1: Index Performance - The index opened high and closed at 1610.12 points, with a trading volume of 58.994 billion yuan [1]. - Over the past month, the index has risen by 1.52%, and over the past three months, it has increased by 1.14% [1]. - The index is composed of 50 consumer-related securities selected from the Hong Kong Stock Connect, reflecting the overall performance of consumer companies listed in this market [1]. Group 2: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [1]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [1]. - If a sample company is delisted or undergoes significant corporate changes, it will be removed or adjusted according to specific maintenance guidelines [1].

Group 1 - The core viewpoint of the article highlights the recent performance of the consumer sector in the Chinese market, with the China Securities Hong Kong Stock Connect Consumer Theme Index declining by 1.9% and the China Securities Consumer 50 Index down by 2.1% [1] - The Ministry of Commerce has released a consumption report for the "14th Five-Year Plan" period, summarizing it with four key terms: "expansion," "quality improvement," "renewal," and "openness" [1] - Over the past four years, the total retail sales of consumer goods have grown at an average annual rate of 5.5%, while residents' service consumption expenditure has increased by an average of 9.6% annually [1] Group 2 - The E Fund Consumption ETF tracks the China Securities Consumer 50 Index, which consists of 50 leading companies in the consumer sector, with over 75% of its composition in the food and beverage and home appliance industries [2] - The rolling price-to-earnings ratio of the China Securities Consumer 50 Index is 16.9 times, with a valuation percentile of 4.3% since its inception in 2019 [2] - The E Fund Hong Kong Stock Connect Consumption ETF tracks the China Securities Hong Kong Stock Connect Consumer Theme Index, which includes 50 consumer theme stocks with high liquidity and market capitalization, with nearly 60% in discretionary consumption [2] - The rolling price-to-earnings ratio of the China Securities Hong Kong Stock Connect Consumer Theme Index is 21.3 times, with a valuation percentile of 18.3% since its inception in 2020 [2]

Group 1 - The Hong Kong stock market experienced fluctuations on May 9, with the Hang Seng Technology Index dropping over 2% and the Hang Seng Index declining by 0.3% [1] - The Hong Kong consumption sector showed mixed performance in early trading, with the Hong Kong Consumption ETF (513230) slightly down and trading volume approaching 25 million yuan, indicating active market participation [1] - The Ministry of Commerce released a report on May 8, emphasizing the need to boost consumption and expand domestic demand to promote economic recovery, focusing on new consumption models and enhancing consumer momentum [1] Group 2 - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which covers a balanced range of industries, unlike A-share consumption investments that primarily focus on liquor [2] - The index includes various sectors such as e-commerce, dining, tourism, and cultural media, reflecting a higher proportion of new consumption, which may better capture the recovery in consumer sentiment driven by recent policies [2] - Data from Suning.com indicated a significant increase in sales during the May Day holiday, with a 61% year-on-year growth in home appliance trade-ins and a 104% increase in sales at retail cloud stores, highlighting strong consumer demand for high-quality electronics [1]