展望后市，东兴证券表示，中秋国庆消费有望得到提振。浙江在消费政策上的突破有望被更多区域效 仿，对中秋和国庆国内消费有望形成带动。预计这一举措有望被更多区域效仿，近期很多城市启动了消 费券发放的工作。各地刺激消费的政策有望对中秋和国庆国内消费形成提振，给下半年居民消费整体注 入活力。我们看好今年下半年消费板块整体需求恢复，特别是餐饮产业链的整体复苏，会随着旅游经 济、体育经济等领域的增长一同增长。 资料显示，消费龙头ETF（516130）跟踪复制的消费龙头指数是全市场首个将投资策略结合的消费类策 略指数，在A股众多消费子行业中甄选最具代表性、盈利质量最优质的细分行业龙头公司。聚焦贵州茅 台、格力电器、伊利股份、山西汾酒等大市值白马股，前十大重仓股权重合计约7成！同时兼顾九号公 司等新兴消费龙头成长机遇。 数据来源于沪深交易所、公开资料等，截至2025.9.15。 大消费板块今日（9月15日）震荡走强，荟聚各细分消费板块龙头股的热门ETF——消费龙头ETF （516130）开盘后震荡上行，盘中场内价格一度涨超1%，截至发稿，涨0.73%。 成份股方面，汽车、建筑、机械、农林牧渔等多个细分板块个股表现亮眼。截至发稿 ...

Group 1 - The food and beverage sector experienced a rebound on September 11, with the Food ETF (515710) closing up 0.62% after fluctuating at lower levels throughout the day [1] - Notable performances were seen in liquor and consumer goods, with stocks like JiuGuiJiu rising by 5.5%, BaiRun shares increasing by 4.52%, and SheDeJiuYe up by 2.37% [1] - The recent announcement of consumption-boosting policies in Shaoxing, including subsidies for banquet consumption, is expected to stimulate demand in the liquor sector [1][3] Group 2 - According to Xiangcai Securities, the banquet setting is a primary consumption scenario for liquor, and the new policy is likely to revive banquet consumption, leading to a gradual recovery in liquor demand [3] - The current valuation of the food and beverage sector is seen as an attractive investment opportunity, with the Food ETF's underlying index PE ratio at 21.44, which is at a low point historically [3] - Dongxing Securities anticipates that various local consumption stimulus policies will invigorate domestic consumption during the Mid-Autumn Festival and National Day, particularly benefiting the restaurant industry [4] Group 3 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in beverages, dairy, and other segments [5] - The top ten weighted stocks in the ETF include major brands like Moutai, Yili, and Haitian Flavoring, indicating a strong focus on established market leaders [5] - The Consumer Leader ETF (516130) is also highlighted as a way to invest in high-quality consumer sector leaders, including large-cap stocks like Kweichow Moutai and Gree Electric [5]

Group 1 - Recent market trends show a shift in risk appetite, with funds moving away from previously popular tech sectors like AI and seeking undervalued potential in the consumer sector [1][2] - The consumer sector is seen as a favorable investment opportunity, whether through traditional stable consumption or new consumption models, as current policies support consumption recovery [1][2] - The A-share market's long-term positive trend remains intact, with a focus on corporate earnings becoming increasingly important for market performance [1][2] Group 2 - Traditional consumer sectors have experienced significant declines, with the leading consumer ETF (516130) seeing a nearly 60% drop from its peak, currently close to a 50% decline [2] - The current price-to-earnings ratio (PE) of the consumer index is approximately 18 times, which is lower than 88% of the past five years, while the return on equity (ROE) remains above 20%, indicating strong asset characteristics [2] - The performance of the consumer sector is expected to improve as policies stimulate consumption and market focus shifts to profitability [2] Group 3 - New consumption opportunities driven by new demographics and technologies are emerging, with funds like the Huabao CSI Hong Kong-Shenzhen New Consumption Index Fund (A: 017434; C: 017435) covering a broad range of new consumption stocks [3] - Historical performance of the new consumption index shows significant gains during bull markets, outperforming other indices, indicating potential for higher returns if the consumer sector strengthens [3]