Core Viewpoint - The ETF market showed mixed performance on October 9, with significant gains in gold-related ETFs while some other ETFs experienced declines [1] Group 1: ETF Performance - Gold stock ETF (517520) increased by 9.64% [1] - Gold stock ETF (517400) rose by 8.52% [1] - Gold stock ETF (159321) gained 8.13% [1] - Currency ETF (511600) decreased by 3.81% [1] - Hong Kong Stock Connect Consumer 50 ETF (159268) fell by 1.66% [1] - Hong Kong Consumer 50 ETF (159265) dropped by 1.61% [1]

Summary of Conference Call Records Industry Overview - The new tea beverage industry is experiencing a structural opportunity amidst the new consumption wave, with a projected net decrease of approximately 40,000 stores in 2024, while the average transaction price stabilizes as mid-to-high-end brands cease aggressive price cuts to protect franchisee profitability [1][3] - The Southeast Asian ready-to-drink beverage market shows significant growth potential, with a compound annual growth rate (CAGR) of about 16% from 2018 to 2023, and per capita consumption significantly lower than in China [1][6] Key Insights and Arguments - In the first half of 2025, the tea beverage industry performed well due to improved competition dynamics, a slowdown in price wars, and increased sales driven by delivery platform subsidies [3] - The delivery subsidy war initiated by platforms like JD.com, Meituan, and Ele.me has led to a surge in sales for tea and coffee products, benefiting most tea companies with positive same-store sales growth [3][4] - The performance of tea companies is expected to further diverge as delivery subsidies taper off in 2026, with companies possessing strong supply chains and operational capabilities likely to maintain their competitive edge [4] - Notable brands such as Mixue Ice City and Gu Ming are highlighted as having strong growth potential due to their operational strengths and market positioning [4] Overseas Expansion - Domestic tea brands are actively expanding into overseas markets, particularly in Southeast Asia, where climate and cultural similarities favor the acceptance of tea beverages [5][6] - Mixue Ice City leads in overseas store count with 4,733 locations, while MOMO has over 1,000 stores in Indonesia, indicating substantial growth opportunities in international markets [5] ETF and Investment Opportunities - The Hong Kong Consumption 50 ETF focuses on new consumption sectors, including tea beverages, trendy toys, gold jewelry, and cosmetics, benefiting from anticipated interest rate cuts and inflows from southbound capital [1][7] - The National Index Hong Kong Consumption Index is more diversified compared to traditional A-share indices, focusing on emerging industries and offering higher growth potential [8][12] - The outlook for the new consumption market in the fourth quarter is optimistic, with expected increases in penetration rates for ready-to-drink tea and toys, supported by favorable economic conditions and policy measures [9][13] Future Trends and Recommendations - Future trends in the emerging consumer market will revolve around policy leverage, capital focus, technological integration, and overseas expansion [13] - Investment opportunities in the emerging consumer market are promising, with significant growth potential and favorable valuations for companies in the new consumption space [14]

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Group 1: Core Insights - The rise of new consumption enterprises centered around "self-pleasure" is becoming a standard leisure activity for many, with the launch of the Penghua Hong Kong Stock Connect Consumption Theme ETF (code: 159265) to capture this emerging opportunity [1] - The Hong Kong Stock Connect Consumption Theme ETF tracks the Guozhen Hong Kong Stock Connect Consumption Theme Index, with food and beverage holding the largest weight at 28.5%, followed by beverage dairy and hotel catering in the top five [1] - Young consumers' dietary habits have evolved beyond basic needs into a lifestyle expression, with "internet celebrity" food and beverage stores becoming social hotspots for photo-taking [1] Group 2: Market Trends - The "new food fashion" is driving rapid growth in the capital market, particularly in the ready-to-drink beverage sector, which has significant growth potential due to economic growth and innovation [2] - In 2023, the per capita annual consumption of ready-to-drink beverages in China is approximately 22 cups, compared to 323 cups in the US, 225 cups in the UK, and 172 cups in Japan, indicating substantial room for growth [2] - The trend of Chinese snacks is gaining momentum, with traditional snack categories like candy and puffed foods showing slower growth, while snacks like leisure vegetables and meat products are experiencing faster growth due to their alignment with local dietary habits [2] Group 3: Strategic Value - Amid global trade tensions, the strategic value of domestic consumption is becoming a focal point in the capital market, with internal consumption dynamics being highlighted as a resilient force [3] - Continuous policy support for domestic consumption, along with the emergence of new consumption models and trends, suggests a positive outlook for the consumption sector [3]