国家统计局近日发布的数据显示，上半年内需对GDP增长的贡献率为68.8%，其中最终消费支出贡献率 为52%，日益成为经济增长的主动力和主引擎。 日前，财政部联合多部门印发《服务业经营主体贷款贴息政策实施方案》及《个人消费贷款财政贴息政 策实施方案》，分别从消费的需求端和供给端来发力，与正在实施的消费品"以旧换新"补贴等政策形 成"组合拳"，撬动更多金融活水流向真正的消费领域，以激发消费潜力，提升市场活力。 从消费特征看，我国消费市场呈现更多的是"消费分级"，消费更强调"质价比""情价比"，乐意为情绪价 值、悦己经济等买单。与之相随，消费新热点和新浪潮不断涌现，也带动港股新消费概念板块成为今年 资本市场上亮丽的风景线。顺应新兴消费趋势、聚焦港股消费龙头的恒生消费指数近一年涨幅近45%， 年内涨幅超20%（数据来源：Wind，截至2025年8月22日。恒生消费指数2020-2024年度涨跌幅分别为 35.20%、-9.57%、-21.08%、-24.89%、6.84%；近一年（20240823-20250822）涨幅为44.48%，今年来截 至8月22日涨幅为20.16%。指数基日为2010年3月5日）。目前指数 ...

Core Insights - The Hang Seng Consumption ETF has shown strong performance, with a recent increase in value and a significant trading volume, indicating investor interest in the Hong Kong consumer sector [1][2] - The Hang Seng Consumption Index is currently at a historical low valuation, with a price-to-earnings ratio of 17.85, suggesting potential for future growth [1][2] - The top ten weighted stocks in the Hang Seng Consumption Index account for 58.88% of the index, highlighting the concentration of investment in key players like Pop Mart and Anta Sports [2] Group 1: Market Performance - As of May 26, 2025, notable stock performances include Farmer Spring rising by 4.92% and Pop Mart maintaining a strong upward trend [1] - The Hang Seng Consumption ETF has recorded an average daily trading volume of 1.27 billion yuan over the past month, ranking first among comparable funds [1] Group 2: Valuation and Investment Potential - The Hang Seng Consumption Index's current P/E ratio of 17.85 is below 82.75% of its historical levels over the past five years, indicating a potentially undervalued market [1] - The consumer sector is showing investment value due to easing tariffs and supportive macroeconomic policies aimed at boosting consumption [2] Group 3: Company Insights - Pop Mart, a leading player in the trendy toy market, is projected to achieve a net profit growth rate of 185% in 2024, with overseas revenue increasing by 375% [2] - Companies with channel and product innovation capabilities are expected to demonstrate significant growth in the consumer sector [3]

文 | 银行螺丝钉 （转载请注明出处） 银行、红利等价值风格整体上涨。 科创板等成长风格微跌。 港股波动不大，港股科技股微涨。 今年港股比较火。 也有朋友问港股的指数体系，港股有哪些指数基金可以投资？ 港股跟A股指数体系类似，也是宽基、策略、行业、主题这样的分类。 只不过港股因为本土基金市场比较小，每一类的指数基金数量、规模，比A股少很多。 1. 港股宽基指数 今天大盘略微上涨，截止到收盘，还在5星。 沪深300等大盘股微跌。 小盘股微涨。 代表是恒生指数、H股指数、港股中小。 （1）恒生指数 港股的代表指数，代表港股的大盘股。 （2）H股指数 全称是恒生中国企业指数，简称H股指数或者国企指数。 其实是中国企业的意思。 早期这两个指数有差异。但现在恒生指数中内地公司占比越来越高，这两个指数也比较相似了。 （3）香港中小 恒生和H股指数都是大盘股为主。 香港中小则是大中盘股为主。市值规模小一些。 香港中小也是2018-2019年那轮熊市咱们定投比较多的指数，后来到了高估完成止盈，收益也不错。 咱们估值表里也已经考虑了分红税的因素了。 现在也有一些定期分红的港股红利类品种。 例如沪港深红利成长低波动、恒生红利低波 ...

一 政策加持叠加资金青睐，港股消费启新程 1 消费复苏正当时，收入上扬拓宽消费增长空间 随着我国经济结构的转型升级，第三产业在经济发展中占据主导地位。我国第三产业（服务业）增加值占GDP比重连续10年超过50%；根据国家统计局数 据，2024年全年分产业看，第一产业增加值91414亿元，增长3.5%；第二产业增加值492087亿元，增长5.3%；第三产业增加值765583亿元，增长 5.0%。三大产业增加值占GDP的比重分别为6.8%、36.5%和56.7%，对经济增长的贡献率分别为5.2%、38.6%和56.2%，第三产业成为经济增长的重要 驱动力。 消费是拉动经济增长的"主引擎"。2024年，在消费品以旧换新及一揽子增量政策的带动下，消费潜力不断释放，为促进国民经济稳定增长提供有效支撑。 2024年，最终消费支出对经济增长贡献率为44.5%，拉动GDP增长2.2个百分点。 一、 政策加持叠加资金青睐，港股消费启新程 消费复苏正当时，收入上扬拓宽消费增长空间： 我国第三产业增加值占GDP比 重连续10年超50%，对经济增长贡献率高，成为经济结构优化的重要驱动力。 居民可支配收入的稳步提高，提振了居民的消费能 ...

Group 1 - The report highlights the increasing attention on Hong Kong stocks since 2025, particularly focusing on investment opportunities in the consumer sector, driven by fundamental comparisons, valuations, capital flows, policies, and market trading characteristics [2] - The Hang Seng Consumer Index (HSCGSI.HI) was launched on August 17, 2015, selecting 50 high-growth leading companies in the Hong Kong consumer sector, emphasizing scarce assets amid the consumption upgrade wave [7][10] - The index is well-diversified across industries, with significant weights in food and beverage (15.02%), hotel and catering (13.24%), and apparel and home textiles (13.2%), effectively mitigating single-category volatility risks [10][15] Group 2 - The Hang Seng Consumer Index demonstrates superior profitability, with a median annualized ROE of 16.3% as of mid-2024, compared to 11.9% for the A-share consumer sector, indicating a stronger performance outlook [20][23] - The dividend yield of the Hang Seng Consumer Index has been on the rise, reaching approximately 3.24% in 2024, making it an attractive option for investors seeking stable returns in a low-interest-rate environment [28][30] - Current valuation levels of the Hang Seng Consumer Index are recovering from lows, with a PETTM of about 18 times, placing it at the 28th percentile since 2016, suggesting good value for allocation [31][36] Group 3 - There has been a significant inflow of southbound funds, with the allocation of active equity public funds to Hong Kong Stock Connect targets reaching a historical high of 14.5% by the end of Q4 2024, indicating strong interest in quality assets [42][46] - The Chinese government's focus on boosting consumption and expanding domestic demand is expected to benefit the consumer sector, with policies aimed at enhancing investment efficiency and overall demand [50][51] - The GF Hang Seng Consumer ETF, which closely tracks the Hang Seng Consumer Index, has seen substantial growth, expanding from 4.95 million shares at the end of 2024 to 15.6 million shares by March 26, 2025, marking a 216% increase [52][54]