【相关ETF】 食品饮料ETF（515170）； 消费30ETF（510630）。 11月10日至14日，A股市场整体呈现调整态势，三大指数均下跌，创业板指领跌，大消费板块走强，科 技成长板块调整。此番消费行情的启动，主要得益于两大核心驱动力：一是10月CPI同比转正，内需动 能修复；二是年末消费旺季的到来，为零售、食品饮料等行业带来了实实在在的业绩增长预期。 面对海外市场的波动与内部科技板块的高位分化，市场资金开始关注更具性价比和确定性的方向。大消 费板块经过长时间调整，估值已处于历史相对低位，吸引了机构资金的回流。临近年末，机构配置更趋 均衡，正在为明年布局做准备，食品饮料等业绩稳定、与宏观经济复苏紧密相关的板块，自然成为重点 关注的领域。 展望年末，作为内需的核心代表，食品饮料等大消费行业直接受益于经济基本面的好转和消费者信心的 恢复。中长期看，随着政策效果的逐步显现和居民消费潜力的持续释放，大消费板块的配置价值日益凸 显，当前时点或是中长期布局的窗口期。 ...

食品饮料ETF（515170） 消费30ETF（510630） 中长期内，政策层面持续强化"国内大循环"战略支点，通过消费补贴、税收优惠等精准施策，推动内需 结构升级。当前政策注重"外需缓和期"与"内需培育期"的衔接，若未来美方关税政策出现反复，政策可 快速启动，对冲外部影响。这种"短期纾困+中期转型"的政策组合，标志着我国正加速构建更具韧性的 经济发展体系。 相关ETF： 中金公司发表观点表示，当前白酒需求景气度已处历史底部，向下风险或有限。政策较宽松为消费回暖 提供基础，预计更多托底政策出台将助力白酒需求稳步筑底回升。未来白酒需求或以较慢斜率小幅回 升，从消费场景看，短期大众需求偏刚性，且同期低基数下，宴席需求或有望有所表现；中期维度下， 政策刺激有望刺激高端白酒需求企稳。全年白酒业绩在三四季度低基数支撑下或呈先抑后扬的走势。 中银证券认为，在行业周期底部，中小企业加速出清，龙头企业具备优秀的组织管理能力及强大的抗风 险能力，份额或将提升。行业当前估值优势明显，白酒龙头企业或具备中长期配置价值。 ...

Group 1 - The Hang Seng Index opened down 0.32%, the Hang Seng Tech Index down 0.68%, and the National Enterprises Index down 0.42% [1] - Consumer stocks showed weakness, with Anta Sports down over 4% and Kuaishou opening down 6.3% due to regulatory scrutiny over harmful information [1] - Pharmaceutical stocks generally rebounded, with Innovent Biologics rising over 3%, and Hongteng Precision opening nearly 7% close to historical highs [1] Group 2 - In the first eight months, the amount of goods eligible for tax refunds at Shanghai's exit exceeded 2 billion yuan, surpassing the total for the previous year [1] - The Shanghai Customs reported a significant increase in tax refund applications, with 96,600 applications and a total amount of 2.07 billion yuan, representing a year-on-year growth of 168% and 83% respectively [1] - The Hongqiao Airport Customs also performed well, with 3,329 tax refund applications and a total amount of 125 million yuan, showing year-on-year increases of 140% and 31% respectively [1] Group 3 - Relevant popular ETFs include the Tourism ETF (562510), which may benefit from the upcoming Mid-Autumn Festival and National Day holidays, and the Food and Beverage ETF (515170) that focuses on core assets in the "food and drink sector" [2] - The Consumption 30 ETF (510630) covers various sub-sectors including liquor, food, beauty care, and biotechnology [2] - The Hong Kong Consumption ETF (513230) aggregates leading internet consumption stocks in Hong Kong [2]

Core Viewpoint - The Hong Kong stock market is showing signs of recovery with the Hang Seng Index up by 0.12%, driven by a rise in consumer stocks as the National Day and Mid-Autumn Festival holidays approach, indicating a peak in domestic tourism consumption [1] Group 1: Market Performance - The three major indices in the Hong Kong stock market rebounded, with the Hang Seng Index increasing by 0.12%, the Hang Seng China Enterprises Index rising by 0.35%, and the Hang Seng Tech Index up by 0.62% [1] - The Hong Kong consumer sector is experiencing a notable increase, with the Hong Kong Consumer ETF (513230) rising nearly 1.5% [1] Group 2: Tourism Trends - The latest data from Mafengwo indicates a diversified demand for travel during the upcoming holidays, with a growing interest in autumn sightseeing, niche destinations, and a sustained trend in self-driving and outdoor activities [1] - The outbound long-distance travel market is showing significant recovery, and AI tools are becoming essential for trip planning, reflecting new trends in holiday tourism consumption [1] Group 3: Investment Opportunities - Longjiang Securities identifies three potential directions for the Hong Kong stock market to reach new highs: 1. AI technology and new consumption sectors have considerable growth potential, likely to drive market increases [1] 2. Continuous inflow of southbound capital into Hong Kong stocks, enhancing marginal pricing power, especially if domestic low-interest rates persist [1] 3. The transmission from broad monetary policy to broad credit, alongside potential US interest rate cuts improving global liquidity, could support further market growth [1] Group 4: Related ETFs - The Tourism ETF (562510) may benefit from the dual holiday effect of the Mid-Autumn Festival and National Day [2] - The Food and Beverage ETF (515170) offers a one-click investment in core assets of the "food and drink sector" [2] - The Consumption 30 ETF (510630) includes segments such as liquor, food, beauty care, and biotechnology [2] - The Hong Kong Consumer ETF (513230) aggregates leading internet consumption stocks in Hong Kong [2]

Group 1 - The central viewpoint of the news is the announcement of policies aimed at expanding service consumption, with a focus on enhancing service supply capabilities and stimulating new consumption growth through fiscal and financial measures [1] - Local policies in Shaoxing, Zhejiang, include subsidies for hosting banquets in hotels, with a maximum subsidy of 5,000 yuan for events with five tables or more and a total expenditure of at least 10,000 yuan [1] - The policies are expected to directly stimulate demand for white wine during the upcoming Mid-Autumn Festival and National Day holidays, benefiting both banquet consumption and suppliers in the industry [1] Group 2 - Relevant ETFs that may benefit from the upcoming holidays include the Tourism ETF (562510), Food and Beverage ETF (515170), Consumption 30 ETF (510630), and Hong Kong Stock Consumption ETF (513230) [2]

Group 1 - The Hong Kong stock market opened higher on July 16, with the Hang Seng Index rising by 0.46%, the Hang Seng China Enterprises Index increasing by 0.56%, and the Hang Seng Tech Index up by 0.89% [1] - Major technology stocks and biopharmaceutical stocks saw a broad increase, with innovative drug concept stocks active and rare earth concept stocks rising [1] - The retail sales of consumer goods in June reached 4.2 trillion yuan, showing a year-on-year growth of 4.8%, while the total for the first half of the year was 24.5 trillion yuan, up by 5.0% year-on-year [1] Group 2 - The National Bureau of Statistics indicated that China is in a critical phase of consumption structure upgrading, with per capita GDP stabilizing above 13,000 USD for two consecutive years, highlighting significant growth potential in cultural tourism, healthcare, and elderly care consumption [1] - Ping An Securities' research report emphasizes the importance of focusing on niche markets related to spiritual needs in the second half of the year, suggesting that understanding consumer sentiment fluctuations could present opportunities for consumer goods companies [1] - The report specifically highlights optimism for industries related to outdoor sports, gold and jewelry, and cultural creative IP [1] Group 3 - Relevant popular ETFs include the Tourism ETF (562510), which may benefit from the ongoing summer holiday, the Food and Beverage ETF (515170) for core assets in the food and drink sector, the Consumption 30 ETF (510630) covering various segments like liquor, food, beauty care, and biotechnology, and the Hong Kong Consumption ETF (513230) that aggregates leading new consumption stocks in Hong Kong [2]

Group 1 - The Hang Seng Index fell by 0.48% and the Hang Seng Tech Index remained flat as of midday on June 26, with the Hong Kong consumer sector experiencing continued fluctuations [1] - The National Development and Reform Commission (NDRC) announced that it will issue the third batch of subsidies for the replacement of consumer goods in July, emphasizing a focus on sustainability and balance in the implementation of the policy throughout the year [1] - Huatai Securities noted that the 300 billion yuan subsidy for the replacement program represents approximately 0.5% of the total disposable income and 0.7% of the total retail sales of consumer goods for the year 2024, potentially boosting the growth rate of retail sales by about 1 percentage point if certain conditions are met [1] Group 2 - Huajin Securities highlighted that the issuance of guidelines for financial support to boost and expand consumption provides strong backing for the investment value of the consumer sector, with a focus on enhancing credit support and diversifying financing channels [1] - Popular ETFs related to the consumer sector include the Food and Beverage ETF (515170), which focuses on core assets in the food and beverage sector, and the Consumption 30 ETF (510630), which covers various sub-sectors such as liquor, food, beauty care, and biotechnology [2]

Core Insights - Hong Kong's stock market indices opened higher, with the Hang Seng Index rising 2.4% to 22,080 points, the Hang Seng Tech Index up 3.5%, and the National Enterprises Index increasing by 2.54% [1] - The consumer sector in Hong Kong showed positive momentum, with the Hong Kong Consumer ETF (513230) rising nearly 3.5%, led by stocks such as Baisheng China up nearly 9% and Smoore International up over 7% [1] - China's wholesale and retail industry added value of 3.3 trillion yuan in the first quarter, a year-on-year growth of 5.8%, accounting for 10.4% of GDP, indicating a strong start for domestic demand [1] - JD.com announced a 200 billion yuan support plan for export-to-domestic sales, aiming to assist foreign trade enterprises in product development and market entry, with other companies like Meituan and Baidu also enhancing support for domestic consumption [1] - Guotai Junan Securities emphasizes the importance of focusing on domestic demand and new consumption layouts, suggesting a growth-first approach in investment strategy [1] Related ETFs - The Tourism ETF (562510) may benefit from the upcoming May Day holiday [2] - The Food and Beverage ETF (515170) provides exposure to core assets in the "eating and drinking" sector [2] - The Consumption 30 ETF (510630) covers various sub-sectors including liquor, food, beauty care, and biotechnology [2] - The Hong Kong Consumer ETF (513230) aggregates leading internet consumption stocks in Hong Kong [2]