今日（1.9），沪指涨0.92%站上4100点，两市成交额突破3万亿大关！受CPI数据利好，消费ETF（159928）收涨0.38%，全天成交额超5亿元！资金持续大幅 涌入，继前3日净流入12亿元后，消费ETF（159928）再获净申购2.66亿份，累计揽金超14亿元！截至1月8日，消费ETF（159928）最新规模超218亿元，同 类持续领先！ 消息面上，1月9日，统计局发布数据显示，2025年12月份，全国居民消费价格（CPI）同比上涨0.8%。12月份，扩内需促消费政策措施继续显效，叠加元旦 临近，居民消费需求增加，CPI环比上涨0.2%，同比上涨0.8%，扣除食品和能源价格的核心CPI同比上涨1.2%。受国际大宗商品价格传导拉动以及国内重点 行业产能治理相关政策持续显效等因素影响，工业生产者出厂价格指数（PPI）环比上涨0.2%，同比下降1.9%。 聚焦大消费板块，估值性价比仍极具吸引力。截至1月8日，消费ETF（159928）标的指数市盈率TTM为19.29，处于近10年2.76%分位点，比近10年历史上超 97%的时间便宜，估值性价比更高！ 港股方面，港股通消费50ETF（159268）亦涨0.2 ...

今日（1.8），沪指小幅攀升，大消费连续第二日回调，消费ETF（159928）两连阳后回调0.75%，盘中成交额超3亿元！资金持续大幅涌入，继前两日净流 入超7.6亿元，消费ETF（159928）再获净申购4.6亿份！截至1月7日，消费ETF（159928）最新规模超215亿元，同类持续领先！ 消息面上，伊利股份公告称，董事长兼总裁潘刚计划通过大宗交易或集中竞价方式减持不超过6200万股，占公司总股本的0.98%，减持股份来源于股权激励 及集中竞价取得。本次减持股份资金将用于偿还已到期的因认购股权激励股份及二级市场以市场价购买股票向华泰证券（上海）资产管理有限公司等金融机 构的股票质押融资借款。减持股份所有资金全部用于偿还股票质押融资借款，无权由个人支配，无权用于任何其他个人支出。 聚焦大消费板块，估值性价比仍极具吸引力。截至1月7日，消费ETF（159928）标的指数市盈率TTM为19.4，处于近10年3.46%分位点，比近10年历史上超 96%的时间便宜，估值性价比更高！ 港股方面，港股通消费50ETF（159268）回调0.64%，盘中成交额超2800万元。热门成分股多数回调，泡泡玛特、老铺黄金、蒙牛乳 ...

今日（1.7），沪指再度攀升，大消费震荡回调，消费ETF（159928）两连阳后回调0.74%，盘中成交额7亿元！资金持续大幅涌入，继昨日"吸金"超4.6亿 后，消费ETF（159928）再获净申购超3.6亿份！截至1月6日，消费ETF（159928）最新规模超213亿元，同类持续领先！ 消息面上，元旦假期，入境游市场迎来"开门红"，适用免签政策入境的外国人达到29.2万人次，同比增长35.8%。我国情绪消费市场规模快速攀升，从2022 年1.63万亿元升至2024年2.31万亿元，2025年将达2.72万亿元，2029年将突破4.5万亿元。数据显示，超九成青年认可"情绪价值"，近六成青年愿意为情绪价 值买单。 聚焦大消费板块，估值性价比仍极具吸引力。截至1月6日，消费ETF（159928）标的指数市盈率TTM为19.5，处于近10年4.08%分位点，比近10年历史上近 96%的时间便宜，估值性价比更高！ 港股方面，港股通消费50ETF（159268）震荡走平，盘中成交额超4500万元。热门成分股中，毛戈平涨超6%，中国中免涨近6%，李宁、海尔智家微涨；下 跌方面，安踏体育跌超1%，泡泡玛特、老铺黄金微跌（成 ...

今日（1.6），沪指劲升1.5%创逾10年新高，大消费再度飘红，消费ETF（159928）收涨0.87%强势两连阳，全天成交额近11亿元，环比放量38%！资金大幅 涌入，消费ETF（159928）全天净流入超4.6亿元！截至1月5日，消费ETF（159928）最新规模超207亿元，同类持续领先！ 消息面上，茅台开年新动作获得市场高度关注！今年1月1日，贵州茅台打造的数字营销平台"i茅台"正式上架飞天53%vol 500ml贵州茅台酒，零售价为1499 元/瓶，每人每日限购12瓶。当日开抢后，经过多轮补货后仍"售罄"。1月3日晚间，贵州茅台旗下"小茅i茅台"官微披露数据显示，上线3天内已有逾10万名用 户成功购买该产品。此外，贵州茅台同步调整了限购政策：自1月4日至春节前，将每人每日可购买的飞天53%vol 500ml贵州茅台酒(2026)最大数量由12瓶调 整为6瓶。 高盛发布最新研报《中国2026年展望：探索新动能》称，2026年中国实际GDP增速高于市场共识预测，建议高配A股和港股，预计2026年和2027年中国股市 将每年上涨15%至20%。 聚焦大消费板块，估值性价比仍极具吸引力。截至1月5日，消费E ...

Group 1 - The core viewpoint of the articles highlights the significant rebound in the consumer sector, particularly driven by the rising prices of premium liquor such as Moutai, which has seen substantial price increases recently [3][5][6] - The Consumer ETF (159928) has experienced a net inflow of over 700 million yuan in the last three days, indicating strong investor interest and confidence in the consumer sector [1][3] - The valuation of the Consumer ETF is currently at a TTM P/E ratio of 19.21, which is at a low point historically, suggesting high valuation attractiveness compared to the past decade [3][6] Group 2 - Moutai's price increase is attributed to the company's "quantity control" policy, which aims to reduce non-standard product quotas and enhance distributor confidence [5][6] - The demand for liquor has increased as the market enters a peak consumption season, leading to higher sales volumes for distributors [6][7] - Major liquor companies are focusing on maintaining price stability and channel profitability amid ongoing industry adjustments, with strategies aimed at developing new consumer segments and adapting to market changes [7][10] Group 3 - The articles discuss the broader recovery trends in the consumer sector, emphasizing the importance of Return on Assets (ROA) as a leading indicator for operational recovery [9][10] - The current market environment shows a shift from expansion to competition based on existing market shares, with companies focusing on operational efficiency and consumer demand [6][9] - The investment strategy suggests focusing on sectors with stabilizing ROA and potential for valuation recovery, particularly in traditional industries like liquor and dairy [10][11]

Market Overview - A-shares experienced a rebound, with the consumption ETF (159928) declining by 0.5% and a trading volume exceeding 380 million yuan [1] - The consumption ETF has seen a net subscription of over 130 million units during the day, accumulating a significant net inflow of over 700 million yuan over three days [1] Spring Market Expectations - As the year-end approaches, discussions about the spring market are intensifying, with analysts expecting positive policies to boost investor confidence [3] - The anticipated improvement in corporate earnings and favorable liquidity conditions are expected to contribute to a "spring rally," with technology growth and domestic consumption identified as key investment themes [3] Valuation Insights - The consumption ETF's underlying index has a TTM price-to-earnings ratio of 19.32, placing it in the 2.8% percentile over the past decade, indicating a high valuation attractiveness [5] - Seasonal trends in Q4 suggest a potential shift in market style towards undervalued sectors, particularly in December [5] Investment Themes - The rotation between domestic demand and technology themes is noted, with significant inflows into sectors like dairy, retail, and food processing [7] - External factors such as the Federal Reserve's interest rate cuts and the Bank of Japan's rate hikes are expected to stabilize market risk appetite [7] AI Applications - The domestic AI industry is entering a phase of large-scale demonstration applications, driven by advancements in computing architecture and product iterations [8] - Notable developments include the launch of new GPU architectures and AI health applications achieving significant user engagement [8] Commercial Aerospace - The upcoming launch of the Long March 12 rocket and advancements in satellite networking are highlighted as key developments in China's commercial aerospace sector [9] - The National Space Administration's action plan aims to support the development of new technologies and applications in commercial aerospace [9] Hainan Free Trade Zone - The Hainan Free Trade Port has officially launched its full island closure, with significant foreign investment projects commencing operations [9] - The first day of customs supervision saw substantial imports benefiting from zero tariffs, indicating a positive start for the free trade zone [9] Domestic Consumption - Policies aimed at boosting consumption are being implemented, with new consumption scenarios emerging in sports events, tourism, and cultural activities [10] - The expected growth in ice and snow sports consumption is projected to exceed 187.5 billion yuan, reflecting a 25% year-on-year increase [10] New Consumption Trends - The Chinese consumption market is characterized by structural highlights despite overall weak demand, with new products and channels gaining traction [11] - Health-conscious consumption trends are accelerating, particularly in sectors like health supplements and functional foods [11] ETF Composition - The consumption ETF's top ten constituent stocks account for over 68.55% of its weight, with leading liquor brands and major agricultural companies prominently featured [12]

Group 1: Market Performance - A-shares experienced fluctuations and a decline, with the Consumer ETF (159928) dropping by 0.74% and a trading volume exceeding 650 million yuan [1] - The Consumer ETF (159928) has seen a net subscription of over 470 million units during the day, accumulating over 600 million yuan in the last 20 days [1] - As of December 22, the latest scale of the Consumer ETF (159928) exceeded 21.3 billion yuan, leading its peers [1] Group 2: EU Dairy Products Subsidy - The EU has announced a preliminary ruling on dairy products, determining that subsidies exist with a countervailing duty rate ranging from 21.9% to 42.7% [3][7] - Starting December 23, temporary countervailing measures will be implemented on imported dairy products from the EU [3] - The additional countervailing duty is expected to increase import prices, potentially accelerating domestic substitution in the dairy sector [8] Group 3: Domestic Dairy Industry Impact - The countervailing duties are projected to shift the deep processing of dairy products to domestic enterprises, as domestic milk prices are currently lower than international prices [8] - The deep processing sector is anticipated to enhance demand for raw milk, improving the supply-demand balance in the upstream raw milk industry [8] - Domestic dairy companies are actively focusing on deep processing, which is expected to drive demand growth and stabilize the industry [8] Group 4: Consumer Sector Insights - The Consumer ETF (159928) is characterized by its resilience across economic cycles, with the top ten constituent stocks accounting for over 68.55% of its weight [13] - The ETF includes major players such as Yili (10.37%), Kweichow Moutai (9.94%), and Wuliangye (9.50%) [14] - The current valuation of the Consumer ETF (159928) is attractive, with a TTM P/E ratio of 19.4, placing it in the lower 3.13% of the past decade [5] Group 5: Future Consumption Trends - The service consumption sector is expected to grow significantly as China's GDP per capita exceeds $10,000, indicating a shift in consumer spending patterns [11] - Emerging consumer groups, particularly the Z generation and affluent elderly, are likely to drive demand for service-oriented consumption [12] - Investment opportunities in the service sector are anticipated, particularly in areas such as event economy and AI applications [12]

Market Overview - The Shanghai Composite Index experienced a slight rebound, with significant inflows into consumer ETFs, indicating a positive sentiment in the consumer sector [1] - The Consumer ETF (159928) saw a 0.38% increase, with trading volume exceeding 230 million yuan, and a net subscription of 10 million units during the day [1] Economic Policy Insights - The 2025 Economic Work Conference emphasized expanding domestic demand as a top priority, focusing on boosting consumption and stabilizing the real estate market through targeted measures [3] - The supply side will control new increments and activate existing stock, while the demand side will implement measures to release rigid and improvement needs of residents [3] Sector Performance - The Hong Kong stock market's new consumer sector also showed positive performance, with the Hong Kong Consumer 50 ETF (159268) rising nearly 1% and attracting over 40 million yuan in net inflows over the past five days [3] - Key consumer stocks such as Li Ning and Anta Sports saw gains of over 4%, while others like Haidilao experienced slight increases [3] Investment Strategy - China Galaxy Securities suggests focusing on defensive sectors, high dividends, and consumer recovery themes in December, given the backdrop of important policy meetings and potential interest rate cuts [6] - The market may enter a wide fluctuation phase, with an emphasis on defensive and consumer sectors in the short term, while TMT and advanced manufacturing sectors are recommended for mid-term focus [6] Industry Trends - The food and beverage sector has faced five consecutive years of decline, but historical trends suggest potential for reversal after prolonged downturns [7] - The Consumer ETF (159928) is currently at a TTM P/E ratio of 19.39, indicating a high valuation attractiveness compared to historical levels [8] Future Outlook - Looking ahead to 2026, structural opportunities are expected to arise from channel differentiation and supply upgrades, with a moderate recovery in overall demand [13] - Consumer confidence is gradually improving, with notable growth in specific categories such as electrolyte drinks and health foods, indicating potential growth areas [20] Fund Performance - The food and beverage sector is currently at a historical low in terms of valuation and fund holdings, highlighting its potential investment value [18] - The Consumer ETF (159928) is characterized by its resilience across economic cycles, with significant weight in leading consumer stocks [21]

Group 1: Market Overview - The Shanghai Composite Index fell over 1%, but the consumer sector showed relative resilience with a smaller decline [1] - The Consumer ETF (159928) experienced a slight drop of 0.37%, with trading volume exceeding 300 million yuan and a net subscription of 12.8 million shares during the day [1] Group 2: Policy Impact on Consumer Sector - The "Two New" policy is expected to stimulate greater consumption potential in the home appliance sector, with a focus on domestic demand and a strong domestic market [3] - The high-level economic work conference emphasized the continuation of policies for large-scale equipment updates and trade facilitation, which is likely to benefit the export chain and cross-border channels [3] - Statistics indicate that from January to November 2025, over 12.84 million home appliances were replaced under the old-for-new policy, generating sales exceeding 2.5 trillion yuan and benefiting over 360 million people [3] Group 3: Valuation and Investment Sentiment - As of December 15, the TTM price-to-earnings ratio of the Consumer ETF (159928) was 19.42, placing it in the 3.21% percentile over the past decade, indicating high valuation attractiveness [5] - The market is expected to experience seasonal changes in investment styles, particularly in December, with a tendency towards undervalued sectors [5] Group 4: Focus on Defensive Consumption Sectors - China Galaxy Securities suggests focusing on defensive sectors with stable cash flows and high dividend yields, as well as service consumption as a new growth point [7] - The market may enter a wide fluctuation phase, with short-term attention on defensive and consumer sectors, while mid-term focus may shift to TMT and advanced manufacturing sectors [7] Group 5: Alcohol Industry Insights - Concerns have arisen regarding the high-end liquor market, with price declines prompting worries about channel stability [8] - Huachuang Securities anticipates that the liquor industry will see volume growth before price recovery, with key players like Moutai and Wuliangye influencing market dynamics [9][10] - Moutai is expected to stabilize prices through controlled supply, while Wuliangye is implementing subsidies to support channel turnover [11]

Group 1: Market Performance - The consumer sector has shown positive performance for the second consecutive day, with the consumption ETF (159928) increasing by over 1% and a trading volume exceeding 320 million yuan [1] - The consumption ETF (159928) received a net subscription of 8 million units during the day, following a significant net inflow of over 12 million yuan last Friday [1] Group 2: Policy and Economic Support - Three departments issued a notice to enhance collaboration between commerce and finance to boost consumption, proposing 11 specific measures including the use of digital RMB smart contracts to improve policy effectiveness and the development of personal consumption loans [3] - The National Bureau of Statistics reported an increase in the CPI year-on-year in November, indicating positive changes in the economy [3] Group 3: Company News - Moutai - Following the announcement of Moutai's new volume control policy, market prices reacted immediately, with the price of Tianjin Flying Moutai rising to 1,630 yuan per bottle, an increase of over 150 yuan in two days [4] - Moutai's pricing strategy includes focusing on three core products for growth and adjusting the supply of non-standard products based on market demand [8][10] - East Wu Securities believes Moutai's proactive changes and long-term resilience are trustworthy, despite facing challenges from demand shortages and industry transformations [11] Group 4: Industry Insights - The white liquor industry is currently in a challenging phase, with significant declines in revenue and profit margins reported [12] - The industry is experiencing a reduction in the number of large-scale liquor companies, with a record high of 36.1% of companies reporting losses in the first half of 2025 [12] - The demographic changes and evolving drinking habits are expected to have a limited impact on liquor consumption in the next 5-10 years, with signs of price stabilization emerging [13] Group 5: Valuation and Investment Strategy - The consumption ETF (159928) is considered to have attractive valuation characteristics, with a TTM P/E ratio of 19.37, which is lower than 97% of the historical data over the past decade [6] - The white liquor sector's current valuation is reasonable, with a strong dividend yield providing a safety margin for investors [14] - The top ten components of the consumption ETF (159928) account for over 68.55% of its weight, indicating a strong focus on essential consumer goods [15]