流动性方面，消费ETF嘉实盘中换手1.97%，成交1463.19万元。拉长时间看，截至9月22日，消费ETF嘉实近1月日均成交2206.43万元。 规模方面，消费ETF嘉实近1周规模增长419.73万元，实现显著增长。份额方面，消费ETF嘉实最新份额达10.33亿份，创成立以来新高。从资金净流入方面 来看，消费ETF嘉实近4天获得连续资金净流入，最高单日获得948.62万元净流入，合计"吸金"2852.34万元，日均净流入达713.08万元。 截至2025年9月23日 14:10，中证主要消费指数下跌1.04%。成分股百润股份领涨4.41%，圣农发展、双汇发展跟涨；贝泰妮领跌，华熙生物、海南橡胶跟 跌。消费ETF嘉实(512600)下修调整。 截至9月22日，消费ETF嘉实近6月净值上涨4.40%。从收益能力看，截至2025年9月22日，消费ETF嘉实自成立以来，最高单月回报为24.50%，最长连涨月数 为7个月，最长连涨涨幅为66.83%，上涨月份平均收益率为6.05%。截至2025年9月22日，消费ETF嘉实近3个月超越基准年化收益为6.23%。 消息面上，随着中秋、国庆双节的临近，白酒市场逐渐升温，终端 ...

Core Insights - The consumption ETF, Jia Shi (512600), has shown significant performance with a 0.67% increase, and notable individual stocks like Hai Da Group and Hua Xi Bio have risen by 3.14% and 2.37% respectively [1] - The ETF has experienced a net inflow of 25.22 million yuan over the past five trading days, indicating strong investor interest [1] - The current price-to-earnings ratio (PE-TTM) of the index tracked by the ETF is 20.2, which is historically low, suggesting potential undervaluation [2] Performance Metrics - As of September 12, 2025, the consumption ETF has achieved an 8.61% increase in net value over the past six months [1] - The ETF's highest single-month return since inception was 24.50%, with an average monthly return of 6.05% [1] - The ETF's performance over the last three months has outperformed its benchmark with an annualized return of 7.08%, ranking it first among comparable funds [1] Market Trends - The food and beverage sector is undergoing adjustments due to policy impacts, with a noticeable decline in revenue year-on-year in Q2 2025, which may help clear historical burdens [4] - The upcoming Mid-Autumn Festival and National Day are expected to boost market demand, with recent sales showing improvement compared to June and July [5] - Leading liquor companies are adapting to industry cycles and changing consumer trends, which may lead to a gradual recovery in the sector [5] Sector Composition - The index tracked by the consumption ETF includes major consumer sectors such as liquor, pork, dairy, and food processing, with liquor accounting for over 39% of the index weight [2] - Key stocks within the index include Yili (10.02% weight), Kweichow Moutai (9.85% weight), and Wuliangye (9.85% weight), among others [4]

Group 1 - The core viewpoint of the news highlights the strong performance and growth potential of the Jia Shi Consumption ETF, which tracks the major consumption index in China, showing significant liquidity and inflows [1][2] - As of August 20, 2025, the Jia Shi Consumption ETF has achieved a scale of 601 million yuan, marking a one-year high, with a total of 839 million shares outstanding, also a one-year high [1] - The ETF has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 7.24 million yuan, totaling 26.49 million yuan [1] Group 2 - The ETF's performance since inception includes a highest monthly return of 24.50%, with an average monthly return of 6.01% during rising months [1] - The Jia Shi Consumption ETF has outperformed its benchmark with an annualized return of 8.95% over the last three months, ranking first among comparable funds [1] - The price-to-earnings ratio (PE-TTM) of the index tracked by the ETF is currently at 19.45 times, which is in the lower percentile compared to the past three years, indicating a historical low valuation [1] Group 3 - The Jia Shi Consumption ETF primarily includes leading consumer stocks in A-shares, with a significant focus on the liquor industry, which accounts for 45% of the index [2] - Key stocks within the ETF include Yili Group, Kweichow Moutai, and Wuliangye, with respective weights of 10.02%, 9.85%, and 9.85% [4] - The liquor industry is expected to recover quickly, with leading companies likely to benefit from channel adjustments and market expansion opportunities as consumer demand gradually improves [4][5]

Group 1 - The core viewpoint of the news highlights the performance and liquidity of the Consumption ETF managed by Jiashi, which has seen significant inflows and growth in both scale and shares [2][3] - As of August 4, the Consumption ETF Jiashi achieved a scale of 549 million yuan, marking a three-month high, and its shares reached 799 million, the highest in nearly a year [2] - The ETF has experienced continuous net inflows over the past six days, with a peak single-day net inflow of 13.37 million yuan, totaling 54.89 million yuan [2] Group 2 - The net asset value of the Consumption ETF Jiashi has increased by 4.55% over the past six months, ranking in the top two among comparable funds [2] - The ETF's highest monthly return since inception was 24.50%, with the longest streak of consecutive monthly gains being seven months and an overall increase of 66.83% [2] - The current price-to-earnings ratio (PE-TTM) of the index tracked by the ETF is 18.83, which is in the 9.13% percentile over the past year, indicating a historically low valuation [2] Group 3 - The news also mentions that the government has allocated 690 billion yuan for consumer goods replacement programs, with plans to distribute another 690 billion yuan in October, contributing to a total of 3 trillion yuan for the year [3] - The liquor industry is reportedly bottoming out, with leading companies adjusting their channel structures to enhance market capabilities, which may lead to growth opportunities if consumer demand improves [3] - The Consumption ETF Jiashi tracks the major consumption index, which includes leading A-share companies across various sectors, with liquor being the largest segment at 45% weight [3]

截至2025年8月1日 14:39，中证主要消费指数下跌0.15%。成分股方面涨跌互现，东鹏饮料领涨，洋河股份、汤臣倍健跟涨；牧原股份领跌，圣农发展、海 天味业跟跌。消费ETF嘉实(512600)下修调整。 从估值层面来看，消费ETF嘉实跟踪的中证主要消费指数最新市盈率（PE-TTM）仅18.82倍，处于近1年7.54%的分位，即估值低于近1年92.46%以上的时 间，处于历史低位。 消息面方面，在今天召开的国家发展改革委新闻发布会上，相关负责人表示，今年上半年，消费对经济发展的基础性作用进一步显现。下一步，国家发展改 革委将以更大力度、更实举措、更优服务，持续做好扩消费工作。据介绍，上半年最终消费对经济增长的贡献率达52%，其中二季度贡献率为52.3%，较一 季度提高0.6个百分点，较去年同期提高4.4个百分点。 中信建投指出，重要会议提出要大力提振消费，使内需成为拉动经济增长的主动力和稳定锚。高层发布了《提振消费专项行动方案》，部署了8方面30项重 点任务，全方位指引消费复苏，重点看好白酒、低度酒、零食饮料及乳制品等4个板块。 消费ETF嘉实(512600)跟踪中证主要消费指数，该指数汇集A股必选消费龙头 ...

Group 1 - The main consumption index of China Securities fell by 1.84% as of July 31, 2025, with Shanxi Fenjiu leading the decline, followed by Meihua Biological, Luzhou Laojiao, and Dongpeng Beverage [1] - The consumption ETF, Jiashi (512600), experienced a turnover of 2.39% and a transaction volume of 12.4811 million yuan, with an average daily transaction of 15.3627 million yuan over the past week [3] - As of July 30, 2025, the Jiashi consumption ETF reached a new high in scale at 529 million yuan and a new high in shares at 755 million, with a net inflow of 24.5174 million yuan over the past three days [3] Group 2 - The Jiashi consumption ETF has seen a net value increase of 6.68% over the past six months, ranking in the top two among comparable funds, with a maximum monthly return of 24.50% since inception [3] - The price-to-earnings ratio (PE-TTM) of the index tracked by the Jiashi consumption ETF is currently at 19.24 times, indicating a valuation lower than 85.71% of the time over the past year, suggesting historical low valuations [3] Group 3 - The recent performance of the liquor sector is attributed to trading factors, with liquor stocks being favored for their low valuations and high dividends, making them attractive to funds seeking stable returns [4] - The liquor sector is currently at a five-year low in valuation, with public fund holdings at a record low, indicating a favorable chip structure and low market pressure [4] - The focus for investment in the second half of the year should be on low-valuation liquor stocks, while new consumer companies should be analyzed for core competitiveness and industry trends [4] Group 4 - The Jiashi consumption ETF tracks the major consumption index of China Securities, which includes leading consumer stocks across various sectors, with liquor being the largest sector, accounting for 45% of the index [4] - The top stocks in the index include Yili Group, Kweichow Moutai, and Wuliangye, all of which experienced declines in their stock prices [6]

Group 1 - The core viewpoint of the news highlights the performance and potential of the Jia Shi Consumption ETF, which tracks the major consumption index in A-shares, indicating a strong liquidity and increasing scale [3][4] - As of July 29, 2025, the Jia Shi Consumption ETF has achieved a net inflow of 541.12 million yuan, with a total of 3 out of the last 5 trading days showing net inflows totaling 3,114.96 million yuan [3] - The ETF's highest monthly return since inception is 24.50%, with an average monthly return of 6.07% during the rising months, showcasing its strong performance relative to benchmarks [3] Group 2 - The current A-share market is approaching the "924 market" high point, driven by optimistic expectations of corporate ROE recovery, with a focus on stable domestic demand policies [4] - The report suggests that the white liquor sector is worth monitoring for potential investment opportunities due to its low current expectations and favorable valuation after recent corrections [4] - The Jia Shi Consumption ETF includes major consumption leaders in A-shares, with the white liquor sector accounting for 45% of the index, indicating a significant focus on this industry [4][6] Group 3 - The top holdings in the Jia Shi Consumption ETF include leading companies such as Yili Group, Kweichow Moutai, and Wuliangye, with respective weights of 10.02%, 9.85%, and 9.85% [6] - The ETF provides an opportunity for off-market investors to participate in the consumption recovery trend through its linked fund [6]

Group 1: Liquidity and Performance of Consumption ETF - The Consumption ETF managed by Jia Shi recorded a trading volume of 2.7878 million yuan on the trading day, with an average daily trading volume of 10.1431 million yuan over the past year [3] - The fund's scale increased by 127 million yuan over the past year, and its shares grew by 2.6 million in the past week [3] - Since its inception, the Consumption ETF has achieved a maximum monthly return of 24.5%, with the longest consecutive monthly gains lasting 7 months and a total increase of 66.83% [3] Group 2: Valuation and Market Trends - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Consumption ETF is 18.72, which is in the 0.4% percentile over the past year, indicating a valuation lower than 99.6% of the time in the last year [3] - The "old-for-new" policy is effectively stimulating consumer potential, leading to increased sales in key categories, with expectations for a positive domestic market in 2025 [4] - The service consumption sector is rapidly growing, with retail sales projected to increase by 6.2% year-on-year in 2024, and per capita service consumption expenditure reaching 46.1% [4] Group 3: Industry Composition and Key Players - The Consumption ETF tracks the major consumption index, which includes leading A-share companies across various sectors such as liquor, pork, dairy, condiments, and food processing, with liquor being the largest sector at a weight of 45% [4] - Key stocks within the ETF include Kweichow Moutai (10.54% weight), Yili (9.91% weight), and Wuliangye (9.16% weight), among others [6] - Investors can also access the Consumption ETF through the Jia Shi Consumption ETF Connect Fund (009180) to capitalize on the consumption recovery trend [6]