春节前夕，商务部等9部门联合印发的《2026"乐购新春"春节特别活动方案》正式亮相。这项于春节假 期内全面铺开的促消费活动，其意义远不止于营造节日氛围、刺激短期消费。这次系统性的政策部署， 着眼于精准把握长假带来的独特时间窗口，通过释放家庭团圆、购物出行、年俗文化等核心需求潜力， 将传统的节日旺季转化为推动消费市场持续扩容与升级的结构性动能。 "乐购新春"方案的内容清晰折射出"短期激活"与"长期培育"的双重逻辑。一方面，方案围绕"吃住行游 购娱"六大民生领域进行场景化布局，意在通过营造丰富、便捷、实惠的消费环境，直接激发居民消费 意愿，提升节日市场热度，为全年消费开好局。另一方面，"乐购新春"方案将发力点明确指向了首发经 济、数字消费、绿色消费、智能消费、健康消费、入境消费等新兴领域。这一导向绝非简单叠加时髦概 念，而是指向了中国消费市场从规模扩张转向质量提升的必然路径。有关举措都致力于通过供给侧的创 新与优化，创造新的消费需求。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包新消费龙头，成分股近乎囊括港股消 费的各个领域； 旅游ETF（562510）跟踪中证细分旅游指数，专注服务消费，不 ...

Core Viewpoint - The global market has experienced a significant style switch since the beginning of the year, with traditional value assets, referred to as "old Deng stocks," making a comeback while tech giants like Nvidia and Microsoft face high volatility [1]. Group 1: Market Trends - The Dow Jones index, dominated by traditional blue-chip stocks, has reached a historical high, contrasting with the Nasdaq's tech giants [1]. - In the A-share market, the consumer sector has shown signs of recovery, with the liquor index rising significantly, and Kweichow Moutai's stock price increasing over 14% in just six trading days [1]. Group 2: ETF Performance - The E Fund Hong Kong Stock Connect Consumer ETF has seen a net inflow of 504 million yuan in the last 10 days, bringing its total size to 1.434 billion yuan, making it the largest among similar products [3]. - The ETF supports T+0 trading with a comprehensive fee rate of 0.2%, the lowest among all Hong Kong consumer ETFs [3]. Group 3: Consumer Sector Insights - The upcoming "longest Spring Festival holiday" is expected to boost retail consumption in sectors like gold, travel, and dining [2]. - New consumption trends are performing well, with expectations for continued policy support for service consumption through 2026, while optional consumption sectors may show mixed performance [3].

Group 1 - The core viewpoint of the news highlights a strong performance in Hong Kong's consumer stocks, with notable increases in companies such as Yum China (over 9% rise), Shenzhou International (over 3% rise), and others like Pop Mart and Mengniu Dairy (over 2% rise) [1] - The consumer-related ETFs in Hong Kong also saw a rise of over 2%, indicating a positive market sentiment towards the consumer sector [1] Group 2 - Specific ETF performance includes: - ETF Huatai-PineBridge (code 159268) rose by 2.68% to 0.997 - ETF E Fund (code 513070) increased by 2.25% to 1.409 - ETF Penghua (code 513590) grew by 2.19% to 0.981 [2] - Analysts note that the upcoming Spring Festival is expected to boost consumer spending, supported by various local government policies aimed at stimulating consumption [2] - The current promotional activities for the Spring Festival are characterized by a "government-led, multi-party collaboration, and comprehensive coverage" approach, aiming to enhance consumer potential and create a festive atmosphere [2]

浙商国际表示，看好行业相对景气且受益于政策利好的新能源、创新药、AI科技等；业绩和股价走势 稳健且受益于政策利好的低估值国央企红利板块；基本面相对独立且受益于降息周期的香港本地银行、 电信及公用事业红利股。另外，我们认为港股2026春季表现将由"AI应用+PPI改善+扩大内需"三轮驱 动，建议关注相关优质标的。 值得关注的标的： 1月28日盘中，港股短线走高，恒生指数涨超1%创4年多新高，恒生科技指数涨超0.7%。消息面上，阿 里通义开源Qwen3-TTS，百度、腾讯先后宣布旗下AI应用春节发放数亿元现金。花旗预计阿里巴巴的 通义千问也将加入红包促销行列。从历史上看，春节活动能有效帮助互联网公司为其消费级应用吸引大 量关注。花旗预计2026年活动后，中国AI助手应用的采用将快速推进。 网罗港股消费核心资产：港股消费ETF（513230）； 全球医药全产业链代表：恒生医药ETF（159892）； 汇集中国AI科技概念公司：恒生互联网ETF（513330）。 港股核心宽基：恒生ETF（159920）； AI+平台经济：恒生科技指数ETF（513180）； ...

Group 1 - The Hang Seng Index opened up 0.41% and the Hang Seng Tech Index rose by 0.61%, indicating a positive start for the market [1] - Lithium mining stocks showed strength, while tech stocks exhibited mixed performance, with Meituan rising by 1.46% [1] - The Hong Kong consumer sector experienced slight fluctuations after an initial rise, with the Hong Kong Consumer ETF (513230) showing a small increase, led by stocks like Mixue Group, Blukoo, and Zhenjiu Lid, which all rose over 4% [1] Group 2 - According to China Merchants Securities, the recent weakness in the Hong Kong stock market is attributed to the return of southbound funds to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and a peak in lock-up expirations [1] - Looking ahead, it is expected that the Hong Kong market may see a year-end rally as southbound fund flows stabilize and the pressures from IPO supply and lock-up expirations ease [1] - Jianyin International suggests that investors should consider buying on dips before the spring market in early 2024, focusing on high-yield stocks and sectors related to new productivity and structural reforms, particularly in technology, high-end manufacturing, hydrogen, nuclear energy, and domestic consumption [1] Group 3 - Related popular ETFs include the Tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, the Food and Beverage ETF (515170) aimed at boosting domestic demand, and the Hong Kong Consumer ETF (513230) focusing on e-commerce leaders and new consumption trends [2]

中信证券指出，离岛免税政策的优化与海南封关在即创造了潜在消费增量空间。重点建议关注财富效应 传导、供给端优化推动的经营拐点机会，包括受益于资本市场财富效应潜在传导的偏高端消费，如出境 游、酒店、博彩、免税、奢侈品&高端美护、高端地产物业等。 相关热门ETF： 假期催化+冰雪经济：旅游ETF（562510） 12月19日，恒指午间休盘涨0.65%，恒生科技指数涨1.14%；日常零售、医疗服务板块领涨，石油石 化、建材板块跌幅居前；南向资金净买入6.92亿港元。港股消费板块午盘略有震荡，港股消费ETF （513230）现小幅微涨近1%，其持仓股中，上美股份、卫龙美味、康耐特光学、农夫山泉、毛戈平、 布鲁可等涨幅居前。 12月18日，海南自由贸易港全岛封关运作正式启动，据去哪儿数据，2026年春节期间飞往海口的国际机 票销售量同比增长超100%，主要客源国家为俄罗斯、新加坡、澳大利亚、马来西亚、韩国、泰国等。 2026年元旦期间（1月1日至3日）飞往海口、三亚的机票预订量同比分别增长19%、51%。封关叠加"请 3休8"拼假，海南迎来"入境+短途"双轮客流高峰，短期将推高航空、机场、免税及岛内酒店营收；中长 期看， ...

Group 1 - The central economic work conference emphasizes the importance of boosting consumption and expanding domestic demand, indicating a favorable policy environment for new consumption growth [4][5] - Structural policies are expected to enhance consumer capacity through fiscal subsidies, tax incentives, and social security improvements, particularly benefiting the elderly consumption sector [4] - The new consumption sectors, including service consumption, digital consumption, and green consumption, are set to receive significant policy support for development [4] Group 2 - Tax data shows strong growth momentum in new consumption areas, with retail sales of communication devices and home appliances increasing by 20.3% and 26.5% year-on-year, respectively [4] - The "event economy" and "silver economy" are gaining traction, with sports services and elderly care services seeing year-on-year growth of 29.7% and 33.6% [5] - Cultural tourism consumption is also thriving, with revenues from artistic performances and travel services growing by 15.6% and 10.8% year-on-year [6] Group 3 - The Hong Kong stock market offers a more balanced distribution of new consumption sectors, making it a focal point for investment in consumer stocks [7] - The newly revised CSI Hong Kong Stock Connect Consumption Theme Index aims to enhance precision and representation by focusing on 50 consumer-related securities [9] - The index upgrade includes stricter liquidity requirements and weight limits for individual stocks, ensuring better representation of the new consumption sector [12][13]

12月16日，港股消费板块早盘持续震荡，港股消费ETF（513230）现跌超1%。持仓股中，布鲁可、奥 克斯电气、卫龙美味、康耐特光学、泡泡玛特等跌幅靠前，巨子生物、高鑫零售、蜜雪集团等涨幅靠 前。 商务部最新数据显示，今年1-11月，消费品以旧换新（即"国补"）带动相关商品销售额超2.5万亿元，惠 及超3.6亿人次。在12月10日-12月11日举行的中央经济工作会议上明确，国家明年将继续发行超长期特 别国债支持消费品以旧换新。 银河证券认为，中央经济工作会议肯定了以旧换新补贴政策的作用， 提到了优化"两新"政策实施，机 构预计2026年以旧换新补贴政策将进一步优化，对于已享受补贴 的品类预计力度将有所下降，同时预 计会引入新的补贴品类。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金等新消费龙头，又包含腾讯、阿里巴巴、小米等 互联网电商龙头，科技+消费属性突出。 ...

Group 1 - The Consumer Price Index (CPI) in November increased by 0.7% year-on-year but decreased by 0.1% month-on-month. The average consumer price from January to November remained flat compared to the same period last year [1] - The National Retail Industry Innovation Development Conference will be held in Beijing from December 9 to 10, with the Ministry of Commerce emphasizing the importance of the retail sector in fostering a complete domestic demand system and promoting high-quality development during the 14th Five-Year Plan [1] - Apple has launched a year-end discount campaign on its official flagship store on e-commerce platforms, reducing the prices of iPhone 17 Pro and iPhone 17 Pro Max by 300 yuan, with new prices starting at 8699 yuan and 9699 yuan respectively. Some regions can benefit from government subsidies of up to 500 yuan, indicating Apple's strategy to maintain competitiveness in the high-end market [1] - According to a report by Galaxy Securities, upcoming important domestic meetings and the Federal Reserve's interest rate meeting in December are expected to provide medium to long-term policy direction and short-term liquidity signals for the Hong Kong stock market. The report suggests focusing on sectors such as precious metals, domestic consumption, and technology growth [1] Group 2 - The Hong Kong Stock Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, packaging leading internet e-commerce companies and new consumption sectors. Its constituent stocks include major players like Pop Mart, Lao Pu Gold, Miniso, Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting a strong technology and consumption attribute [2]

Group 1 - The Hang Seng Technology Index decreased by 0.04% while the Hang Seng Index increased by 0.01% on December 10 [1] - The Hong Kong Consumer ETF (159735) rose by 0.12% during the trading session, with a year-to-date increase of over 18% as of December 9 [1] - The circulating shares of the Hong Kong Consumer ETF reached 926 million, reflecting a year-to-date growth rate of 140.06% [1] - The ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 large-cap, liquid consumer-related stocks within the Hong Kong Stock Connect [1] - A report from Mafengwo indicated a 300% increase in the popularity of winter tourism, driven by activities such as "snow play" and "escaping the cold" [1] - According to Jianyin International, the investment logic in Hong Kong stocks has shifted from traditional valuation recovery to a revaluation based on new productive forces and high-quality development, with moderate expansion expected in valuation and earnings by 2026 [1] Group 2 - According to Jiao Yin International, consumer spending is expected to see a slight recovery in 2025, with a continuation of moderate growth in 2026 characterized by slower overall demand growth [2] - The structural differentiation driven by rational consumption and the upgrading of demand levels will become significant growth drivers in niche markets [2] - The market is anticipated to gradually establish a new balance focused on consumer demand, emphasizing operational efficiency improvements [2] - Companies need to accurately identify consumer trends and leverage product, channel, technology innovations, and supply chain optimization to seize structural opportunities in the new normal [2]