1月以来，上海、贵州、陕西等各地"国补"首单消费先后产生。2026年首批国家补贴资金625亿元已于近 期下达地方，意味着新一轮支持消费品"以旧换新"的资金计划正式落地，将满足居民元旦、春节等旺季 消费需求。 关注可选消费ETF（562580.SH）。与其他消费指数集中在"吃喝"有所不同，可选消费ETF主要覆盖汽 车（46%）、家电（34%）、商贸零售（6%）等，将显著受益国补政策的延续，前十大权重股包括美 的集团、比亚迪、格力电器、福耀玻璃、海尔智家、赛力斯、三花智控、中国中免、上汽集团、长安汽 车。指数估值PE-TTM仅23.47倍，位于近十年38.04%分位数。 相比2025年，2026年国补优化了补贴范围和标准。其中，数码品类在手机、平板、智能手表和智能家居 以外，新增了智能眼镜；家电品类则聚焦"高能效"产品；汽车、设备更新也相应做了调整。各大电商平 台也已经上线"国家补贴"专区，做足承接工作。 回顾2024到2025年度，"以旧换新"政策带动了消费品销售额高达3.92万亿元，惠及消费者4.94亿人次。 华西证券指出：从居民消费、储蓄金额占GDP比例两组数据看，我国居民消费水平与美/日/韩等发达国 家相 ...

2026年1月1日，重要刊物《求是》杂志发表了一篇题为《改善和稳定房地产市场预期》的特约评论员文章。 房地产ETF基金（515060.SH）食品饮料ETF（515170.SH）及其联接基金（华夏食品饮料ETFl联接C：013126）可选消费ETF（562580.SH） 该文章之所以引起各方关注，一是肯定了房地产的重要性，称其"带有显著的金融资产属性""仍然是支撑国民经济的基础产业"，更重要的是首次明确提 出"政策要一次性给足，不能采取添油战术"。 各方机构积极解读该文章。华泰证券认为"文章表明中央对于地产预期管理的重视度进一步提升，传递了积极的信号意义，针对预期的对症下药有望加速市 场回稳"；光大证券乐观表示"地产政策持续出台进一步托底需求，后续政策推出节奏亦或加快"；摩根大通则表示："这是一个好的开始。" 此前国海证券指出：房地产市场持续的结构性调整，可能通过资产负债表效应压缩居民财富感知，进而不仅抑制消费意愿，也进一步削弱购房者的加杠杆意 愿。 关注房地产及可选消费、传统消费相关ETF后市表现： ...

每日经济新闻消息，12月30日盘后，发展改革委、财政部公布2026年"国补"政策：AR眼镜等智能产品纳入 补贴范围；智能家居明确包含"适老化家居"；延续支持汽车报废更新、汽车置换更新，补贴方式由"定 额"改为"按比例"，新能源车报废更新补贴车价的12%（上限2万），燃油车报废更新补贴车价的8%（上限 1.5万），新能源车置换更新补贴车价的8%（上限1.5万），燃油车置换更新补贴车价的6%（上限1.3 万）。 与其他消费指数集中在"吃喝"有所不同，可选消费ETF主要覆盖汽车（46%）、家电（34%）、商贸零售 （6%）等与服务消费、统一大市场密切相关的细分行业，前十大权重股包括美的集团、比亚迪、格力电 器、福耀玻璃、海尔智家、赛力斯、三花智控、中国中免、上汽集团、长安汽车。 | 产品大类 | 2025年补贴标准(旧政策) | 2026年补贴标准(新政策) | 主要变化点 | | --- | --- | --- | --- | | 家电类 | 8类家电:1级能效20%,2级 | 6类家电:仅限1级能效:比 | 补贴强度下降(比例 及上限均下调),品 | | | 15%;单件上限 2000元 | 例 15%;单件上 ...

与其他消费指数集中在"吃喝"有所不同，可选消费ETF主要覆盖汽车（46%）、家电（34%）、商贸零售（6%）等与服务消费、统一大市场密切相关的细分 行业，前十大权重股包括美的集团、比亚迪、格力电器、福耀玻璃、海尔智家、赛力斯、三花智控、中国中免、上汽集团、长安汽车。 | 产品大类 | 2025年补贴标准 (旧政策) | | --- | --- | | 家电类 | 8类家电;1级能效20%,2级 15%;单件上限 2000元 | | 数码及智能产 | 手机、平板、手表手环（3 | | 品 | 类）；15%补贴，上限500元 | | 汽车报废更新 | 定额补贴：新能源2万元，燃 | | | 油车1.5万元 | | 汽车置换更新 | 定额上限: 新能源1.5万,燃 | | | 油1.3万 (各地标准略异) | | 智能家居 | 地方自主制定 | 12月30日盘后，发改委、财政部公布2026年"国补"政策：AR眼镜等智能产品最新纳入补贴范围；智能家居明确包含"适老化家居"；延续支持汽车报废更 新、汽车置换更新，补贴方式由"定额"改为"按比例"，新能源车报废更新补贴车价的12%（上限2万），燃油车报废更新补贴车价的8% ...

Market Performance - On December 19, all three major A-share indices closed higher, with over 80% of more than 1,300 ETFs in the market also rising [1] - The Hong Kong automotive-themed ETFs led the market, with six products ranking among the top ten in daily gains, each rising over 3% [1] Trading Activity - ETF trading was active, with total trading volume exceeding 450 billion yuan, an increase of nearly 25 billion yuan from the previous day [2] - Twelve ETFs had trading volumes exceeding 10 billion yuan, with several bond ETFs seeing significant increases in trading volume [2][6] Net Inflows - On December 18, the ETF market saw a net inflow of over 17 billion yuan, marking the third consecutive day of net inflows exceeding 10 billion yuan [3][8] - Over the past five trading days, the total net inflow into ETFs has surpassed 87 billion yuan [3] Sector Performance - The Hong Kong automotive ETFs performed exceptionally well, with six out of seven ETFs in this category seeing gains, and 38 out of 46 component stocks closing higher [4] - The total scale of the seven Hong Kong automotive ETFs is approximately 1.168 billion yuan, with the largest ETF having a scale of about 528 million yuan [4] Specific ETF Performance - The top-performing ETFs on December 19 included several automotive and tourism ETFs, with notable gains ranging from 2.92% to 3.35% [5] - Bond ETFs were particularly active, with the Shanghai Company Bond ETF's trading volume increasing to over 10 billion yuan, a 4.2-fold increase from the previous day [6][7] Investment Trends - The A500 ETF and the Sci-Tech Bond ETF attracted significant net inflows, with the A500 ETF seeing over 4 billion yuan in net inflows on December 18 [8][9] - Conversely, several military-themed ETFs experienced substantial net outflows, totaling over 2.9 billion yuan in the past five trading days [10] Fund Management Changes - Multiple ETFs announced changes to their fund names, aligning with new regulations from the Shanghai and Shenzhen stock exchanges [11] Sector Insights - Investment opportunities in the innovative pharmaceutical sector are gaining attention, with expectations for a stable upward trend in 2026 [12] - Analysts suggest focusing on companies with global intellectual property and strong cash flow in the pharmaceutical sector [12]

12月16日，A股市场风格急剧切换，科技板块大幅回调，前三季度相对低迷的汽车、商贸在内的可选消 费板块，则迎来反转时刻。 截至10:55，可选消费ETF（562580.SH）持仓股内，永辉超市、北汽蓝谷、中公教育齐齐涨停。 政策面上，大消费迎来诸多利好： 12月15日，《求是》杂志发表高层重要文章《扩大内需是战略之举》，提出"要加快补上内需特别是消 费短板，使内需成为拉动经济增长的主动力和稳定锚。"12月14日，三部门联合印发《关于加强商务和 金融协同更大力度提振消费的通知》，提出：结合地方实际探索运用融资担保、贷款贴息、风险补偿等 多种方式，加强财政、商务、金融政策协同配合，引导信贷资金加大向消费重点领域投放。 ...

周五（12月12日），半导体ETF收跌4.53%，全球科技股指数ETF跌2.92%，科技行业ETF跌2.89%，网 络股指数ETF跌1.36%，能源业ETF跌0.91%，可选消费ETF则收涨0.43%，日常消费品ETF涨0.79%。本 周，银行业ETF累计上涨3.58%，在利率趋势带动下，于"美联储降息当周"实现连续第四周上涨；半导 体指数累跌2.83%。 ...

Group 1 - The overall trend in the U.S. stock market shows a general increase in industry ETFs, indicating positive market sentiment [1] - The semiconductor ETF experienced a notable rise of 2.49%, reflecting strong performance in the semiconductor sector [1] - The technology sector ETF increased by 2.19%, suggesting robust growth and investor confidence in technology companies [1] - The global technology stock index ETF rose by 2.17%, indicating a favorable outlook for technology stocks on a global scale [1] - The banking sector ETF saw an increase of 1.89%, which may signal recovery or stability in the banking industry [1] - Consumer discretionary ETFs and internet stock index ETFs both rose by over 1.50%, highlighting positive trends in consumer spending and online businesses [1] - The energy sector ETF increased by 0.73%, suggesting a moderate positive movement in energy stocks [1]

Core Viewpoint - The article highlights a broad decline in various industry ETFs in the U.S. stock market, indicating a negative sentiment across multiple sectors, particularly in technology and consumer discretionary [1] Group 1: Industry Performance - The semiconductor ETF experienced a decline of over 1.4% [1] - The global technology stock index ETF fell by more than 1.2% [1] - The consumer discretionary ETF dropped by over 1.1% [1] - The technology sector ETF decreased by more than 0.9% [1] - The internet stock index ETF saw a decline of over 0.7% [1] Group 2: S&P 500 Sector Performance - Among the 11 sectors of the S&P 500, the consumer discretionary sector declined by 0.95% [1] - The technology sector fell by 0.56% [1] - The energy sector decreased by 0.38% [1] - The telecommunications sector showed a slight increase of 0.17% [1]

Group 1 - The semiconductor ETF declined by 2.34% on November 6, indicating a negative trend in the sector [1] - Global technology stock index ETF and consumer discretionary ETF also fell by over 2.3%, reflecting broader market weakness in technology and consumer sectors [1] - The technology industry ETF decreased by 2.01%, while the internet stock index ETF dropped by 1.99%, further highlighting the downturn in technology-related investments [1] Group 2 - In contrast, the energy sector ETF experienced a gain of 0.97%, suggesting a divergence in performance between energy and technology sectors [1]