1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report focuses on the performance and fund flow of the ETF fund market in the week from March 9th to March 13th, including overall market, different popular segments, and innovative themes and sub - industries, to provide reference for investors [1]. 3. Summary by Relevant Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Stock ETFs showed mixed performance. Hong Kong mid - stream manufacturing ETFs led in gains, with an average increase of 3.15% for funds above a certain scale. In contrast, Shanghai - Hong Kong - Shenzhen theme ETFs, Hong Kong pharmaceutical and biotech ETFs, and Hong Kong consumer ETFs led in losses, with average declines of 3.19%, 3.09%, and 2.96% respectively for funds above a certain scale [2][6]. - **Fund Flow**: Funds mainly flowed into A - share mid - stream manufacturing ETFs, with a net inflow of 8.996 billion yuan throughout the week. Conversely, A - share large - cap and bond ETFs had net outflows of 12.475 billion yuan and 9.938 billion yuan respectively [3][8]. 3.2 Different Popular Segmented Type ETF Funds Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biotech, cycle, finance and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme ETFs. Each type has different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [16][17][18]. - **Hong Kong ETFs**: Include broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biotech, finance and real estate), SmartBeta (dividend), and theme ETFs, with different performance in various aspects [31][32][33]. - **Shanghai - Hong Kong - Shenzhen ETFs**: Include industry and theme ETFs, with different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [36][37]. - **US ETFs**: Include broad - based index and industry ETFs, with different performance in various aspects [38][39]. - **Other QDII - ETFs (excluding Hong Kong/US)**: Include funds tracking different markets, with different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [40]. - **Bond ETFs**: Different bond ETFs have different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [41]. - **Commodity ETFs**: Different commodity ETFs have different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [42]. 3.3 Innovative Themes and Sub - industry ETF Funds Market Performance - **TMT Innovation Themes**: Different TMT - related themes such as 5G communication, consumer electronics, etc., have different weekly and year - to - date returns, and the performance of representative funds is also different [44]. - **Consumption Sub - industries**: Include agriculture, animal husbandry and aquaculture, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [45]. - **Pharmaceutical Sub - industries**: Include medical devices, healthcare, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [46]. - **New Energy Themes**: Include low - carbon economy, new energy, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [47][48]. - **Central and State - owned Enterprise Themes**: Include state - owned enterprise dividends, central enterprise modern energy, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [48]. - **Steady - growth Themes**: Include coal, infrastructure projects, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [49]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect Sub - industries**: Include Hong Kong Stock Connect technology, Shanghai - Hong Kong - Shenzhen technology, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [50]. - **Dividend/Dividend Low - volatility Index Families**: Different dividend - related indices have different weekly and year - to - date returns, and the performance of representative funds is also different [51]. - **Science and Technology/Growth Enterprise Board Index Families**: Different indices in this family have different weekly and year - to - date returns, and the performance of representative funds is also different [52].

Group 1 - The "2026 'Buy New Year' Special Activity Plan" aims to stimulate consumption during the Spring Festival, focusing on both short-term activation and long-term cultivation of consumer demand [1] - The plan targets six major livelihood areas: food, accommodation, transportation, tourism, shopping, and entertainment, to create a rich and convenient consumption environment [1] - The initiative emphasizes emerging sectors such as the digital economy, green consumption, smart consumption, health consumption, and inbound consumption, indicating a shift from scale expansion to quality improvement in the Chinese consumer market [1] Group 2 - The Food and Beverage ETF (515170) tracks the CSI segmented food index, with leading liquor stocks accounting for over 60% of its weight, including a 17% holding in Kweichow Moutai (600519) [2] - The Consumption ETF (510630) tracks the main consumption industry index, covering various sub-sectors such as liquor, dairy, condiments, soft drinks, and beer [2] - The Hong Kong Stock Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect consumption theme index, encompassing nearly all areas of Hong Kong's consumer sector [2] - The Tourism ETF (562510) tracks the CSI segmented tourism index, focusing on service consumption and covering sectors like duty-free, airlines, and hotel dining [2]

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]

Group 1 - The Hong Kong stock market saw a short-term rise, with the Hang Seng Index increasing over 1%, reaching a four-year high, and the Hang Seng Tech Index rising over 0.7% [1] - Alibaba's Tongyi Qianwen is expected to join the cash red envelope promotion for the Spring Festival, following similar announcements from Baidu and Tencent, which are expected to attract significant attention to their consumer applications [1] - Citigroup predicts that the adoption of AI assistant applications in China will accelerate rapidly after the 2026 Spring Festival activities [1] Group 2 - Zheshang International is optimistic about sectors benefiting from favorable policies, including new energy, innovative pharmaceuticals, and AI technology, as well as undervalued state-owned enterprises and local Hong Kong banks, telecommunications, and utility stocks [1] - The performance of the Hong Kong stock market in the spring of 2026 is expected to be driven by three factors: "AI applications, PPI improvement, and expanded domestic demand," with a recommendation to focus on quality stocks in these areas [1] - Notable investment targets include core broad-based Hong Kong stocks such as Hang Seng ETF, AI and platform economy stocks like Hang Seng Tech Index ETF, and consumer core assets represented by Hong Kong Consumer ETF [2]

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]

Group 1 - The Hang Seng Index rose by 0.65% and the Hang Seng Tech Index increased by 1.14%, with retail and healthcare sectors leading the gains while oil, petrochemicals, and building materials sectors faced declines [1] - Southbound capital recorded a net inflow of HKD 690 million, indicating positive investor sentiment towards Hong Kong stocks [1] - The consumption sector in Hong Kong showed slight fluctuations, with the Hong Kong Consumption ETF (513230) experiencing a minor increase of nearly 1%, driven by strong performances from stocks like Upwind Holdings, Weilong, and Nongfu Spring [1] Group 2 - Hainan Free Trade Port officially commenced full island closure operations, with international flight ticket sales to Haikou during the 2026 Spring Festival increasing by over 100% year-on-year, primarily from countries like Russia, Singapore, and Australia [1] - Flight bookings to Haikou and Sanya during the 2026 New Year period saw year-on-year increases of 19% and 51%, respectively, indicating a surge in travel demand [1] - The combination of the closure and holiday policies is expected to boost short-term revenues for airlines, airports, duty-free shops, and hotels on the island, while the long-term "zero tariff + visa-free" policy will continue to attract international tourists [1] Group 3 - CITIC Securities highlighted the potential for increased consumer spending due to the optimization of the duty-free policy and the impending closure of Hainan, suggesting a focus on high-end consumption sectors such as outbound tourism, hotels, and luxury goods [2] - The report emphasizes the wealth effect and supply-side optimization as key drivers for operational turning points in the market [2] Group 4 - Relevant 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 Consumption ETF (513230) focusing on e-commerce leaders and new consumption trends [3]

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]

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the Hong Kong Consumer ETF (513230) dropping over 1% in early trading [1] - Notable declines were observed in stocks such as Bruker, Aox Electric, Weilian Delicious, Conant Optical, and Pop Mart, while stocks like Giant Bio, Gao Xin Retail, and Mixue Group saw gains [1] - The Ministry of Commerce reported that from January to November, the "old-for-new" consumption policy generated over 2.5 trillion yuan in sales, benefiting over 360 million people [1] Group 2 - The Central Economic Work Conference held on December 10-11 confirmed the continuation of long-term special government bonds to support the "old-for-new" consumption policy in the coming year [1] - Galaxy Securities noted the acknowledgment of the subsidy policy's effectiveness and mentioned the optimization of the "two new" policy implementation, predicting further enhancements to the subsidy policy by 2026 [1] - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including leading new consumption companies and major internet e-commerce players like Tencent, Alibaba, and Xiaomi [1]

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]