中航证券指出，在稳增长政策持续加码、服务消费与文旅免税政策密集落地、入境游强势复苏的背景 下，消费链条已呈现多个结构性机会。一方面，服务消费与线上消费延续强韧增长，政策驱动下文旅、 教育等领域具备更高景气弹性；另一方面，免税渠道改革叠加入境便利化，有望成为下阶段消费复苏的 核心引擎。 提振内需+低估赛道：食品饮料ETF(515170)； 相关热门ETF： 电商龙头+新消费：港股消费ETF(513230)。 11月17日，港股三大指数集体下跌。截至午间收盘，恒生指数跌0.80%，恒生科技指数跌1.19%，国企 指数跌0.79%。盘面上，科网股普跌，军工股涨幅居前，半导体板块逆势上涨，黄金股普跌，港股消费 板块午后持续震荡，港股消费ETF(513230)现跌近0.5%，打开低位布局通道。 假期催化+冰雪经济：旅游ETF(562510)； 11月14日晚，2025年天猫双11以实现四年来最好增长收官。天猫双11全周期，近600个品牌成交破亿， 34091个品牌同比去年增长翻倍，18048个同比增长超3倍，13081个同比增长超5倍，均超去年同期。其 中，苹果、海尔、美的、源氏木语、小米、斐乐、老铺黄金、骆驼、华为、 ...

提振内需+低估赛道：食品饮料ETF(515170)； 电商龙头+新消费：港股消费ETF(513230)。 假期催化+冰雪经济：旅游ETF(562510)； 11月12日起，浙江、广东、四川多所中小学迎来史上首个秋假。航旅纵横大数据显示，11月12日-11月 23日，国内往返四川、浙江、广东、湖北的机票平均价格(不含税)约700元，同比去年增长约7%。秋假 期间，成都—三亚、成都—海口、杭州—厦门等航线较为热门，部分航班已显示售罄。"史上首个秋 假"引发出行热潮，机票价格上涨与部分航线售罄，体现出政策红利对文旅消费的直接拉动效应。作为 教育体系内的新假期安排，秋假的落地不仅释放了家庭出游需求，也在"黄金周"之外创造了新的旅游高 峰。 11月14日，国新办就2025年10月份国民经济运行情况举行新闻发布会，相关负责人表示，从新兴消费 看，数字消费和绿色消费持续壮大，有力促进消费增长。1-10月份，全国网上零售额同比增长9.6%，其 中实物商品零售额增长6.3%，快于社会消费品零售总额增速，即时零售交易额和直播电商交易额均保 持两位数增长。1-10月份，新能源汽车零售额继续保持较快增长。此外，我国正处在消费结构升级 ...

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、名创优品等新消费龙头，又包含腾讯、快手、阿 里巴巴、小米等互联网电商龙头，科技+消费属性突出。 消息面上，据千龙网，销售额破亿元、高性价比商品受追捧、即时零售带动线下销售增长。今年"双 11"大促期间，品牌商品和创新产品销售增速明显，服务消费热点频现。业内人士认为，今年"双11"正 逐步从商品消费驱动，转向服务驱动、体验驱动、情绪价值驱动。平台在拉长促销周期的同时，针对当 前消费变化趋势和特点，推陈出新打造消费热点，优化供应服务，加强技术和服务创新，为"双11"创造 了更多活力。 据复旦大学消费市场大数据实验室测算数据，今年双十一期间全网零售额近2.4万亿元再创新高，同比 增长超10%。值得一提的是，今年双十一期间"AI+电商"模式屡次被提及，从市场趋势来看，随着AI技 术加速走向商业化应用，越来越多的线上电商平台希望借此AI打造"第二增长曲线"。 11月13日，港股消费板块早盘震荡，截至发稿，港股消费ETF(513230)现小幅微跌。从成分股表现来 看，新秀丽 ...

11月10日，港股新消费走强，泡泡玛特领涨超8%，蜜雪集团、古茗、新秀丽、老铺黄金、蒙牛乳业等 个股跟涨。受此影响，港股消费ETF(513230)午盘持续走强，现涨2.79%。 消息面上，11月7日，财政部发布2025年上半年中国财政政策执行情况报告，将继续实施好提振消费专 项行动，对重点领域的个人消费贷款和相关行业经营主体贷款给予财政贴息，激发养老、托育等服务消 费潜力。 国金证券认为，当前消费情绪处于低点，反而为具备长期成长逻辑的新消费主线提供布局契机。四大景 气方向值得关注：一是品牌出海2.0时代，聚焦在新兴市场掌握定价权的品牌；二是情绪价值赛道，包 括潮玩、宠物、黄金珠宝和美护，有望承接人均GDP提升带来的消费升级趋势；三是功能价值领域， AI+消费正逐步形成可盈利商业模式，AI+眼镜、AI+玩具、AI+3D打印等高交互场景驱动的细分赛道迎 来增长窗口；四是渠道变革下的即时零售与性价比餐饮茶饮。其中，AI眼镜作为科技大厂四季度重点 新品方向，值得密切关注发布节奏及关键零部件卡位标的。 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 ...

Group 1 - The announcement of a 9-day Spring Festival holiday in 2026 has significantly boosted travel demand, with a notable increase in flight and hotel searches on travel platforms [1][2] - The search volume for domestic flights and hotels on platforms like Qunar and Tongcheng has more than doubled within hours of the announcement, indicating strong consumer interest [1][2] - The surge in inquiries for European travel, particularly a 200% increase in consultations for destinations like Greece and Spain, highlights the potential for long-distance travel during the extended holiday [1][2] Group 2 - The extended holiday aligns with cultural needs for family reunions during the New Year, while also providing a window for consumption upgrades, thus acting as a catalyst for various industries [2] - The combination of policy incentives and released demand is expected to drive growth in transportation, cultural tourism, and other sectors, serving as a significant boost for consumer spending [2] - Relevant ETFs that may benefit from this trend include the Tourism ETF (562510), Food and Beverage ETF (515170), and Hong Kong Consumption ETF (513230) [3]

Group 1 - The second quarter saw an influx of funds into the new consumption sector, driving an upward trend and raising market expectations for performance in this area. However, some high-growth stocks reported earnings below previous expectations, leading to a market adjustment before gradually stabilizing. The top companies continue to maintain stable high growth rates, and with the overall consumption market expected to bottom out, the relative growth advantage of new consumption, combined with fiscal year valuation shifts, is likely to usher in a new round of market activity [1] - Traditional consumption sectors are showing a high cost-performance ratio for rebound. From the perspective of the large consumption sector, the main industry increases since August are as follows: Automotive (12.05%), Home Appliances (9.37%), Light Industry Manufacturing (8.4%), Beauty and Personal Care (7.5%), Commercial Trade (7.44%), Agriculture, Forestry, Animal Husbandry and Fishery (7.38%), Food and Beverage (7.11%), Social Services (6.9%), Textile and Apparel (5.93%). Except for automotive, all sectors lagged behind the CSI 300 index (9.66%). Valuations are at the 79.06%, 39.29%, 75.06%, 59.51%, 89.37%, 12.11%, 11.80%, 46.13%, and 61.31% percentiles over the past decade, with Food and Beverage, Agriculture, Forestry, Animal Husbandry and Fishery, Home Appliances, and Social Services below their valuation midpoints. The expected profit growth rates for 2025E are 8.64%, 22.26%, 13.92%, and 45.35%, indicating good cost-performance ratios in the current industry rotation context [1] Group 2 - The Hong Kong Stock Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which selects 50 liquid and large-cap consumption-related securities from the Hong Kong Stock Connect range to reflect the overall performance of consumption-listed companies in Hong Kong. This index covers various sectors benefiting from policy stimulus, including discretionary retail (27%), automotive and parts (13.4%), food and beverage (6%), consumer services (5.7%), and home appliances (4.9%) [2] - The Food and Beverage ETF (515170) tracks the CSI Subsector Food and Beverage Industry Theme Index, reflecting the overall trend of food industry stocks in the Shanghai and Shenzhen markets. This index selects large-scale, liquid companies from the food manufacturing sector. According to the Shenwan三级行业 distribution, the index weight is concentrated in low-valuation areas such as liquor (56.8%), dairy products (14.1%), and seasoning and fermented products (9.9%) [2]

Group 1 - The core viewpoint of the news is that Pop Mart anticipates significant revenue and profit growth for the first half of 2025, with revenue expected to increase by no less than 200% and profit by no less than 350% compared to the previous year [1] - For the first half of 2024, Pop Mart reported revenue of 4.558 billion yuan, and based on the projected growth rate, revenue for the first half of 2025 is expected to exceed 13.5 billion yuan, surpassing the total revenue for 2024 [1] - The reasons for the performance fluctuations are attributed to three factors: increased global brand recognition and diverse product categories driving revenue growth, a rising proportion of overseas revenue positively impacting gross and net profit, and ongoing optimization of product costs and expense management enhancing profitability [1] Group 2 - The market outlook for the second half of the year suggests a potential upward trend, with expectations to surpass the peak of the second half of 2024, particularly in the consumer sector [1] - Focus areas for investment in the consumer sector include domestic subsidy-related sectors such as home appliances and consumer electronics, offline service consumption like dining and tourism, and new consumption trends [1] - The Hong Kong stock market is highlighted for its unique opportunities in new consumption and technology sectors, with specific ETFs covering these areas [2]

Market Overview - The Hong Kong stock market opened lower on June 23, with the Hang Seng Index down 0.83% at 23,335.51 points, the Hang Seng Tech Index down 1.08%, and the Hang Seng China Enterprises Index down 0.81% [1] - Technology stocks experienced widespread declines, while gold stocks opened higher, and several stocks in the oil and gas equipment and services sector saw gains [1] Company Focus: Xiaomi - Xiaomi's first SUV, the YU7, is set to be officially launched on June 26, 2023, as announced by Lei Jun on Weibo [1] - Tianfeng Securities believes that the YU7 has already gained significant attention, positioning it as a representative of Xiaomi's high-end strategy, with its optional configurations offering strong value for money [1] - There is potential for the YU7 to exceed market expectations in sales, and its relatively high-end pricing and sporty characteristics may lead to a valuation premium in the current automotive market [1] - The YU7 will also serve as a test for Xiaomi's ecosystem integration, validating the synergy between Xiaomi's people, vehicles, and home products [1] Investment Products - The Hong Kong Consumption ETF (513230) combines e-commerce and new consumption sectors, covering relatively scarce new consumption tracks compared to A-shares [2] - The Hang Seng Technology Index ETF (513180) includes core AI assets in China, featuring technology leaders that are relatively scarce in A-shares [2]

Group 1 - The Hang Seng Index fell by 2.02% to 23,231.48 points, while the Hang Seng Tech Index dropped by 2.38% to 5,090.33 points, and the Hang Seng China Enterprises Index decreased by 2.12% to 8,412.32 points [1] - The Hong Kong consumer sector continued to decline, with the Hong Kong Consumer ETF (513230) down nearly 2.5%, indicating a sustained low-point layout opportunity [1] - The State Council Information Office emphasized that consumption is a key driver of economic growth, and boosting consumption is crucial for responding to external environmental changes and enhancing residents' quality of life [1] Group 2 - In May, the total retail sales of consumer goods (social retail) grew by 6.4% year-on-year, significantly exceeding market expectations of 4.9% and the previous value of 5.1%, marking a new high for 2024 [2] - The strong performance in May was attributed to the early launch of e-commerce promotional activities and changes in holiday distribution, which led to a concentrated release of consumer demand [2] - Specific categories such as home appliances and communication equipment saw retail growth rates increase by 14.2 and 13.1 percentage points, respectively, indicating significant structural improvement [2]

Group 1 - The Hong Kong stock market indices experienced a decline, with the Hang Seng Index down 0.13% to 24028.83 points, the Hang Seng Tech Index down 0.06%, and the State-Owned Enterprises Index down 0.23% [1] - The 618 shopping festival coinciding with the national subsidy policy for replacing old products is expected to boost consumer demand for durable goods, including digital products, home appliances, and even automobiles [1] - The demand for durable consumer goods is anticipated to bring prosperity to related industries and provide strong support for the expansion of the domestic market [1] Group 2 - China Galaxy Securities suggests that the A-share market is likely to maintain a volatile trend in the short term, focusing on structural opportunities [1] - Three main lines of opportunity are identified: first, assets with high safety margins, characterized by low valuations and high dividends; second, technology as a long-term allocation focus; third, the consumer sector boosted by policy support [1] - The old-for-new policy is showing effects, with new consumption potential continuously released under the reconstruction of consumer behavior and deep technological empowerment [1] Group 3 - The Hong Kong consumption ETF (513230) combines e-commerce and new consumption, covering relatively scarce new consumption sectors compared to A-shares [2] - The Hang Seng Tech Index ETF (513180) includes both software and hardware technology, encompassing relatively scarce technology leaders compared to A-shares [2]