Group 1 - The core viewpoint of the articles highlights the positive impact of recent real estate policy adjustments in Shanghai and Beijing on consumer sectors, particularly retail and food and beverage, which have shown significant gains in stock performance [1] - The real estate policy relaxation is part of a broader macroeconomic strategy aimed at stimulating consumption, with various supportive measures already in place, including subsidies and financial incentives [1] - The anticipated financial stimulus from these policies is substantial, with expected funding reaching 100 billion annually for childcare subsidies, 45 billion for free preschool education, and 138 billion for consumption-related initiatives in the second half of the year [1] Group 2 - The Food and Beverage ETF (515170) tracks the performance of a specialized index reflecting the overall trends of food industry stocks, with a significant weight in liquor (56.8%), dairy products (14.1%), and seasoning products (9.9%), all of which are currently at low valuation levels [1] - The Consumer Discretionary ETF (562580) follows the All-Share Consumer Discretionary Index, focusing on stocks with good liquidity and market representation, with major weights in air conditioning (21.5%), electric passenger vehicles (16%), and comprehensive passenger vehicles (7.2%), indicating a shift towards low-valuation sectors with new technology [2]

可选消费ETF(562580)紧密跟踪中证全指可选消费指数，前五大成分股囊括美的集团、比亚迪、格力电 器、海尔智家等消费龙头，汽车和家电占比合计超78%。随着国民经济持续向好发展，我国消费者人均 可支配收入不断上升，消费支出从食品、服装等向交通、医疗、消费电子等方向转变，可选消费板块投 资价值凸显。 在应对国际重大挑战之际，内循环成为驱动我国经济平稳增长的重要压舱石，顺周期板块有望低位复 苏，从而释放业绩弹性，食品饮料、旅游等板块受益。中期看，2025年，稳消费、稳民生被写入今年经 济社会发展总体要求中，并把"全方位扩大国内需求"作为今年十个方面工作任务中的第一条，新一轮供 给侧结构性改革或开启，为价格提供修复动力，今年政府工作报告提出"加强产业统筹布局和产能监测 预警，促进产业有序发展和良性竞争"、"综合整治'内卷式'竞争"。消费板块在过往几年的回调后，"低 预期低估值"+"消费韧性特征下的企稳趋势"将提升消费配置的资金偏好。 东方证券指出，展望五月，尽管外部贸易摩擦仍存在不确定性，但中国资产依然是更有性价比的资产， 经济基本面的韧性也就意味着市场不会互现出现大幅波动，市场震荡上行格局没有发生改变，内需构建 ...