相关产品：港股消费ETF(159735) 5月8日，中证港股通消费主题指数（csi931454）盘中表现活跃，港股消费ETF（159735）表现不俗，其 盘中涨幅一度达到了1.48%，显示出市场对港股消费板块的乐观预期。 消息面上，国家金融监督管理总局发布通知，要求各级机构加大对重点领域小微企业的金融支持，推动 资源向外贸、民营、科技和消费等领域倾斜。银行业金融机构需公平精准授信，支持民营和小微企业发 展，并提升对小微外贸企业的服务水平。此外，金融机构还需培育新生产力，提供多元化服务，特别支 持住宿、餐饮、文旅及新兴消费领域的小微企业和个体工商户，助力扩大内需、促进消费。这一系列政 策举措有望进一步提升市场对港股消费板块的信心，为相关ETF的后续走势提供积极支撑。 中国银河表示，商务部等9部门联合发布《服务消费提质惠民行动2025工作方案》，强调释放服务消费 潜力，涵盖旅游休闲等行业。政策刺激将向服务消费扩散，地方财政支出为主，支持力度有提升空间。 政策节奏与投资时点依赖政府相机抉择，旺季前夕出台可能性大。餐饮业作为社零权重项，政策支持明 确，行业内部现积极信号，龙头品牌调整策略，提价趋势明显。受益方向包括O ...

Group 1 - The China Securities Hong Kong Stock Connect Consumer Theme RMB Index (931455) increased by 0.11% as of May 6, 2025, with notable gains in constituent stocks such as Nongfu Spring (09633) up 7.49%, MGM China (02282) up 6.60%, Chow Tai Fook (01929) up 6.04%, Sands China Ltd. (01928) up 5.21%, and Meituan-W (03690) up 4.98% [1] - The Hong Kong Stock Consumer ETF (159735) rose by 3.32%, with the latest price at 0.81 yuan. Over the past two weeks, the ETF has accumulated a rise of 4.53% as of April 30, 2025 [1] - The trading activity for the Hong Kong Stock Consumer ETF was active, with a turnover of 24.85% and a transaction volume of 159 million yuan. The average daily transaction volume over the past month was 154 million yuan, ranking it first among comparable funds [1] Group 2 - According to Galaxy Securities, the impact of the U.S. so-called "reciprocal tariff" policy is diminishing, leading to a gradual recovery in investor risk appetite. Positive fiscal policies and moderately loose monetary policies are expected to support stable earnings growth in Hong Kong stocks [2] - Current valuations of Hong Kong stocks are at historically low to medium levels, indicating high medium to long-term investment value. Short-term focus should be on sectors benefiting from domestic demand expansion policies, technology sectors with improved self-sufficiency, and sectors with low trade dependency and high dividend yields [2]

Core Viewpoint - The Hong Kong stock market continues its strong performance, with significant gains in the Hang Seng Index and consumer sector ETFs, indicating robust market sentiment towards the consumer sector [1][2]. Group 1: Market Performance - On April 23, the Hang Seng Index opened high, rising by 2.4%, while the CSI Hong Kong Stock Connect Consumer Theme Index saw an intraday increase of up to 4.77% [1]. - The Hong Kong Consumer ETF (159735) also performed well, with an intraday gain of 4.5%, reflecting strong market optimism towards the consumer sector [1]. Group 2: Company Performance - Pop Mart announced an unaudited revenue forecast for Q1 2025, projecting a year-on-year growth of approximately 165%-170%, with the Chinese market growing by 95%-100% and overseas markets by 475%-480% [1]. - In the Chinese market, offline and online channels grew by 85%-90% and 140%-145%, respectively, while overseas markets in the Asia-Pacific, Americas, and Europe regions grew by 345%-350%, 895%-900%, and 600%-605% [1]. - Pop Mart's executives indicated that the 2024 full-year performance would exceed expectations, with an internationalization strategy becoming the company's second growth curve [1]. Group 3: Investment Outlook - The Hong Kong consumer sector is characterized by a higher proportion of new consumption types compared to A-shares, including e-commerce, dining, tourism, and cultural media, which may better reflect the recovery in consumer sentiment driven by recent policies [2]. - According to Guojin Securities, the current policy environment features short-term stimulus combined with long-term mechanisms, with significant policy support and liquidity easing, suggesting potential for excess returns in the Hong Kong consumer sector [2]. - Since the beginning of 2024, there has been a substantial inflow of southbound funds into the Hong Kong market, with financial, non-essential consumer, and information technology sectors being the most favored [2].