消息面上，中国互联网络信息中心政策与国际合作所近日发布的《数字消费发展报告（2025）》显示， 2025年上半年我国数字消费用户规模突破9.58亿人，占网民总数的85.3%，数字消费正成为消费的重要 动能。招商证券认为，服务消费是提高居民消费率的重要抓手之一，政策层面有望继续聚焦促消费主 线。社服组建议关注出行产业链板块，包括OTA平台与酒店等细分领域，受益于服务消费复苏趋势及潜 在政策支持。 12月17日，港股高开，恒指涨0.03%，国指涨0.12%，恒生科技指数涨0.09%。港股消费板块早盘震荡走 强，港股消费ETF（513230）现涨近1%，其持仓股中，李宁、新秀丽领涨超4%，康耐特光学跟涨超 3.5%，老铺黄金、农夫山泉、裕元集团、华润啤酒等涨幅靠前。 华泰证券表示，据国家统计局，11月社零总额同增1.3%至4.4万亿元，增速环降1.6pct，低于Wind一致预 期（2.9%），主要受到"双十一"促销周期前置，及家电家具等国补品类基数抬升影响。除汽车以外的消 费品零售额同比增长2.5%。展望未来，随着提振消费专项行动继续深入，以及高质量供给增加，国内 消费有望延续温和复苏态势。该机构看好大消费板块的结 ...

从二级市场来看，航空、酒店、景区今日早盘表现活跃，南京商旅、南方航空、中国东航、大连圣亚、 中国国航等领涨，旅游ETF（562510）已连续多日上涨。 据官方放假安排，元旦假期将于1月1日至1月3日放假三天；若在12月29日至31日请三天假，就能拼出8 天长假，拼假攻略在社交媒体火爆，公众出行意愿较强。 旅游ETF（562510）跟踪中证旅游主题指数，覆盖旅游景区、航空机场、旅游零售、酒店餐饮等细分领 域。在冰雪游、境外游、免签政策以及元旦+春节假期等多重催化下，旅游板块热度显著提升。 元旦是春节前最后一个法定假期，公众的出行和休闲需求有望集中释放。同程旅行12月5日发布《2026 元旦假期旅行趋势报告》，该平台上"跨年"、"元旦"等关键词搜索热度环比高增，机票、酒店民宿等主 要产品预订逐步起量； ...

假期催化+冰雪经济：旅游ETF（562510）； 提振内需+低估赛道：食品饮料ETF（515170）； 电商龙头+新消费：港股消费ETF（513230）。 12月15日，港股三大指数集体下跌。截至午间收盘，恒生指数跌0.92%，恒生科技指数跌1.79%，国企 指数跌1.2%。盘面上，科网股普跌，保险股走强，生物医药板块走弱。港股消费板块窄幅震荡，港股 消费ETF（513230）现小幅微涨，其持仓股中，裕元集团、李宁、布鲁可、滔搏等涨幅靠前，康耐特光 学、农夫山泉、周大福、TCL电子等跌幅靠前。 12月11日，去哪儿旅行大数据显示，2026年元旦假期（2026年1月1日至3日），国内多个热门城市酒店 订单量同比增长3倍以上。其中，演唱会经济的拉动效应明显。胡夏、华晨宇演唱会举办地南宁的酒店 预订猛增17倍，南宁全市热度首次跻身全国前三。此外，上海迪士尼度假区门票预订量同比增长5.2 倍，稳坐热门景区第一。北京环球度假区热度高涨，门票预订量同比增长近3倍。 2026年元旦假期旅游市场预期迎来"开门红"，说明旅游的核心驱动力已从传统观光转向演艺经济与IP （直译为"知识产权"，现已延伸为"具有广泛影响力的文化内容" ...

12月15日，恒生指数低开1%，恒生科技指数跌1.34%。港股消费板块低开后震荡攀升，港股消费ETF （513230）现小幅微涨，其持仓股中，裕元集团、李宁、布鲁可、毛戈平、特步国际等涨幅靠前，康耐 特光学、农夫山泉、奥克斯电气、TCL电子、中烟香港等跌幅靠前。 平安证券表示，近年来，随着冰雪运动的普及和冰雪旅游的发展，冰雪经济逐渐成为新的经济增长点。 冰雪经济涵盖冰雪运动、冰雪旅游、冰雪装备、冰雪文化等相关产业的综合经济体系。它具有产业链条 长、导流效应大、社会效益高的特点，并已成为推动地区经济社会发展、促进城乡一体化发展的重要力 量。随着我国冰雪运动逐渐普及，冰雪旅游热度持续升温，"冷资源"正在加速转变为"热经济"，冰雪产 业规模实现快速增长。 电商龙头+新消费：港股消费ETF（513230） 每日经济新闻 相关热门ETF： 假期催化+冰雪经济：旅游ETF（562510） 提振内需+低估赛道：食品饮料ETF（515170） 消息面上，12月14日，商务部、中国人民银行、国家金融监管总局联合印发《关于加强商务和金融协同 更大力度提振消费的通知》，围绕商品消费、服务消费、新型消费、消费场景、消费帮扶等重点领域 ...

随着海南全岛封关进入倒计时，海南概念今日表现同样活跃。华西证券认为，海南封关后将迎来全新发 展阶段，未来在贸易便利、税率优惠、管制宽松的背景下，海南经济发展或将呈现加速发展态势，海南 旅游业发展也将迎来新发展阶段。 12月8日，A股市场酒店、航空、免税等板块表现活跃，带动旅游板块震荡拉升，旅游ETF（562510）由 跌转涨，南京商旅涨停，海南机场、金陵饭店、中国东航、中国中免、君亭酒店等涨幅靠前。 具体来看，南京商旅为南京文旅旗下唯一上市平台，其2025年三季度业绩发布会将于12月15日进行网上 路演；据公开资料，红山动物园为南京商旅旗下IP。 ...

12月3日，港股主要指数持续下跌，恒指跌1.12%，国指跌1.34%，恒生科技指数跌1.5%。科网股集体下 挫，小鹏汽车跌超4%，蔚来、网易、哔哩哔哩跌超3%。港股消费板块午后持续震荡，港股消费ETF （513230）现跌超1%。从持仓股表现来看，小鹏汽车、巨子生物、哔哩哔哩、新秀丽、名创优品、快 手等跌幅居前，创科实业、老铺黄金、中国儒意、万洲国际、古茗等涨幅居前。 国金证券表示，预计到2030年，我国将基本形成供给与消费良性互动的高质量发展格局，消费对经济增 长的贡献稳步提升。实施方案明确四大方向：一是推动AI等新技术全面赋能消费品行业，促进功能化 与健康化创新；二是加快发展宠物、潮玩、户外运动等情绪价值驱动的新兴消费；三是支持国潮品牌通 过国际展会等方式加速出海；四是鼓励首发经济、即时零售、直播电商等新业态发展，并利用AI实现 精准供需匹配。整体来看，消费正朝着技术融合、情感链接、全球拓展和渠道创新的方向持续升级，结 构机遇显著。 华泰证券指出，2025年，新旧消费延续分化表现，"人货场"的变革与科技进步，正推动消费行业的快速 迭代创新与结构性成长机会，潮玩IP、美妆个护、现制饮品等新消费赛道涌现一批优 ...

Group 1 - The Hong Kong stock market opened higher with the Hang Seng Index rising by 0.60% to 26,188.55 points, the Hang Seng Tech Index up by 0.76%, and the National Enterprises Index increasing by 0.56% [1] - The performance of technology stocks was generally positive, with Kuaishou leading gains over 3%, while companies like BYD, MGM China, Bosideng, and Alibaba saw increases of over 2% [1] - The film "Zootopia 2" achieved a single-day box office of over 700 million yuan, surpassing "Avengers: Endgame" to become the highest single-day box office for imported films in mainland China, indicating a strong recovery in the film industry [1] Group 2 - Emei Mountain A announced a shareholder reward activity for 2025, allowing shareholders holding 500 shares or more to enjoy free access to scenic areas and discounts on hotel stays, promoting tourism and cultural experiences [2] - The tourism ETF (562510) is positioned to benefit from holiday catalysts and the ice and snow economy, while the Hong Kong consumption ETF (513230) is linked to new consumption trends [3]

Group 1 - The Hong Kong consumer sector experienced a short-term rally, with the CSI Hong Kong Stock Connect Consumer Theme Index rising by 1.79% and the Hong Kong Consumer ETF (513230) increasing by 1.32% [1] - The "2025 China Theme Park Competitiveness Evaluation Report" indicates that in 2024, 90 large and super-large theme parks received 127.86 million visitors and generated revenue of 29.25 billion RMB, reflecting a decline of 1.76% and 3.74% respectively compared to 2023, indicating a slight negative growth trend in the industry [1] - The report attributes this decline to weak visitor recovery and intensified market competition, with international brands and large resort complexes maintaining high attractiveness due to stable brand effects and continuous investment [1][2] Group 2 - The Chinese theme park industry is showing further differentiation, with leading international brands and large resort complexes retaining customer flow, while parks lacking clear positioning and operational capabilities face challenges such as visitor diversion and declining repeat visits [2] - The industry is transitioning from a phase of extensive scale expansion to a focus on high-quality development characterized by IP cultivation, experience upgrades, and precise operations [2] - Under the backdrop of ongoing growth policies, the service consumption and tourism sectors are presenting multiple structural opportunities, with service consumption and online sales continuing to show resilient growth [2]

Core Insights - The 15th National Games, held from November 9 to 21 in the Guangdong-Hong Kong-Macau Greater Bay Area, significantly boosted local tourism and accommodation spending [1] - Flight bookings to cities like Guangzhou, Shenzhen, and Zhuhai increased by 26% year-on-year during the event, indicating strong demand for travel to these locations [1] - Domestic tourism sector is facing short-term pressure in the secondary market, with the tourism ETF (562510) experiencing four consecutive days of decline [1] - The decline in travel intentions to Japan due to overseas events has negatively impacted Japan's tourism industry, while regions like Yunnan and Hainan are actively attracting tourists, with Yunnan's tourism stocks hitting the daily limit [1] Group 1 - The 15th National Games positively influenced accommodation consumption in host cities [1] - There was a notable increase in flight bookings to key cities during the event [1] - The domestic tourism sector is currently under pressure in the market [1] Group 2 - The decline in travel to Japan is affecting its tourism industry [1] - Yunnan and Hainan are benefiting from the shift in tourist flow, with Yunnan's tourism stocks performing well [1]

Core Insights - The Hong Kong consumer sector showed slight fluctuations, with the Hong Kong Consumer ETF (513230) experiencing a drop of over 0.8% at one point, but the decline narrowed to around 0.2% [1] - The State Council's executive meeting emphasized enhancing the adaptability of supply and demand in consumer goods to further promote consumption, indicating a strategic focus on consumption upgrades leading to industrial upgrades [1] - China International Capital Corporation (CICC) noted that the previously leading technology sector has entered a consolidation phase, and with the end of Q3 earnings reports, the market is transitioning into a performance vacuum period, suggesting a potential rotation and rebound opportunity for the consumer sector [1] Industry Summary - The consumer sector is expected to benefit from multiple catalysts, including a warming CPI trend, which has a high correlation with essential consumer market performance [1] - Related popular ETFs include the Tourism ETF (562510) driven by holiday catalysts and the Ice and Snow Economy, the Food and Beverage ETF (515170) aimed at boosting domestic demand, and the Hong Kong Consumer ETF (513230) focusing on e-commerce leaders and new consumption trends [2]