12月31日，港股消费板块震荡下挫，港股消费ETF(513230)现回调近1%。持仓股中，毛戈平、蜜雪集 团、老铺黄金、布鲁可、泡泡玛特等跌幅靠前；康耐特光学、奥克斯电气、滔搏等涨幅靠前。 12月27日至28日，全国财政工作会议在北京召开。会议指出，2026年继续实施更加积极的财政政策，要 坚持内需主导，支持建设强大国内市场；大力提振消费，深入实施提振消费专项行动；积极扩大有效投 资，加大对新质生产力、人的全面发展等重点领域投入；加快推进全国统一大市场建设，规范税收优 惠、财政补贴政策。12月30日，国家发改委、财政部印发《关于2026年实施大规模设备更新和消费品以 旧换新政策的通知》，落实优化实施"两新"政策的决策部署，明确2026年"两新"政策的支持范围、补贴 标准和工作要求。 国金证券认为，中央经济工作会议将"扩大内需"置于明年工作首位，居民增收计划或将帮助沉寂许久的 大消费板块重新回到投资者的视野，同时，在资本回流和入境人数增加下，中国的消费进入回升通道。 电商龙头+新消费：港股消费ETF(513230) 相关热门ETF： 假期催化+冰雪经济：旅游ETF(562510) 提振内需+低估赛道：食品饮料E ...

12月29日，港股开盘，恒指涨0.43%，国指涨0.59%，恒生科技指数涨0.88%。盘面上，新能源车概念股 普涨，铜业股领衔有色金属股上涨，半导体芯片股强势。港股消费板块早盘窄幅震荡，港股消费 ETF(513230)现小幅下跌。 海南自贸港全岛封关首周，政策红利释放带动市场活跃，离岛免税消费、外贸企业增长等数据亮眼。离 岛免税层面，首周离岛免税购物金额11亿元、购物件数77.5万件、购物人数16.5万人，同比2024年同期 分别增长54.9%、11.8%、34.1%。封关首周，海南新增外贸备案企业1972家，同比增长2.3倍。截至目 前，全年新增备案报关单位3万余家，同比增长超40%。航运层面，海南三亚飞往捷克布拉格的国内第 七航权航线投运。海南封关后首周(12.22-12.28)美兰机场旅客吞吐量同比+11.8%，飞猪《2026元旦假期 出游风向标》显示，截至目前，海南元旦假期门票预订量同比增长3倍，包车游预订量同比增长4倍。预 计随封关叠加避寒游升温，海南旺季旅游景气度边际持续提升。 电商龙头+新消费：港股消费ETF(513230)。 消息面上，财政部相关负责人在12月27日至28日举行的全国财政工作会 ...

假期催化+冰雪经济：旅游ETF(562510) 提振内需+低估赛道：食品饮料ETF(515170) 近日，马蜂窝发布的2025冬季"旅行蜂向标"清晰映照出当下冬季出行与消费新态势——"玩雪"与"避 寒"成为冬季出行的主要动力，"冬季旅游"热度环比上涨300%。这一现象也给消费领域带来启示：激发 冬季消费活力，既要深耕北方冰雪经济的"冷"资源，也要充分挖掘南方"避寒"需求的"暖"潜力，实 现"冷""暖"均衡发展。 12月9日，港股指数开盘表现分化，恒指高开0.06%，国企指数平开，恒生科技指数低开0.11%。港股消 费板块近期整体走势承压，港股消费ETF(513230)早盘持续下挫，现跌至0.5%上下，持仓股跌多涨少， 万洲国际、新秀丽、李宁、中国旺旺等涨幅居前，康师傅控股、小米集团、零跑汽车、哔哩哔哩、泡泡 玛特等跌幅居前。 华源证券表示，新兴消费品的蓬勃发展折射出新世代年轻人在当前社会环境下所孕育出的新兴消费观 念，正确的解读此类全新的消费叙事是抓住新消费公司成长的关键因素。 交银国际表示，2025年消费小幅回暖，展望2026年，消费有望延续温和增长的新常态，其核心特征是总 体需求增速偏缓，但消费理性化与需 ...

Group 1 - The Hang Seng Index fell by 0.45% and the Hang Seng Tech Index dropped by 0.98% during the midday close on November 19, with personal care products and industrial group sectors showing gains, while water and life sciences tool sectors experienced declines [1] - The Global Express Development Report (2025) indicates that the global express parcel business volume is expected to reach approximately 26.79 billion pieces in 2024, representing a year-on-year growth of 17.49%, with business revenue projected at 4.6037 trillion yuan, a 14.05% increase [1] - The Asia-Pacific region maintains a significant advantage in the express parcel business, with a volume exceeding 21 billion pieces, accounting for 78.9% of the global total, and nearly 40% of the business revenue [1] - China's express parcel business volume reached 1.758 billion pieces in 2024, marking a year-on-year growth of 21.5%, with business revenue of 1.40335 trillion yuan, reflecting a 13.8% increase [1] - China's express market has maintained its position as the largest globally for eleven consecutive years, achieving a remarkable average of 10 billion pieces per month, showcasing the industry's strong vitality and potential [1] Group 2 - Under the backdrop of ongoing growth stabilization policies, the service consumption and tourism duty-free policies are intensifying, leading to structural opportunities in the consumption chain [2] - Service consumption and online consumption continue to show resilient growth, with policy-driven sectors like tourism and education exhibiting higher elasticity [2] - The reform of duty-free channels, combined with the facilitation of inbound travel, is expected to become a core engine for the next phase of consumption recovery [2] Group 3 - Related popular ETFs include: Tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, Food and Beverage ETF (515170) aimed at boosting domestic demand and undervalued sectors, and Hong Kong Consumption ETF (513230) focusing on e-commerce leaders and new consumption trends [3]

Group 1 - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index down by 0.80%, the Hang Seng Tech Index down by 1.19%, and the National Enterprises Index down by 0.79% [1] - Technology stocks saw widespread declines, while military stocks led the gains, and the semiconductor sector rose against the trend [1] - The consumer sector in Hong Kong showed volatility, with the Hong Kong Consumer ETF (513230) dropping nearly 0.5%, indicating a potential low-point buying opportunity [1] Group 2 - The 2025 Tmall Double 11 event achieved its best growth in four years, with nearly 600 brands surpassing 100 million in sales, and 34,091 brands experiencing year-on-year growth [1] - Notable brands such as Apple, Haier, and Xiaomi each exceeded 1 billion in sales during the event, driven by strong consumer investment and support for quality brands [1] - According to Zhonghang Securities, the ongoing growth policies and the recovery of inbound tourism are creating multiple structural opportunities in the consumption chain, particularly in service consumption and online sales [1] Group 3 - The tourism ETF (562510) is positioned to benefit from holiday catalysts and the ice and snow economy [2] - The food and beverage ETF (515170) is seen as a low-valuation sector that can boost domestic demand [2] - The Hong Kong Consumer ETF (513230) is linked to e-commerce leaders and new consumption trends [2]

Group 1 - The introduction of the first autumn holiday in several provinces in China, including Zhejiang, Guangdong, and Sichuan, has led to a surge in travel demand, with average round-trip ticket prices rising to approximately 700 yuan, a 7% increase compared to last year [1] - Popular travel routes during the autumn holiday include Chengdu to Sanya, Chengdu to Haikou, and Hangzhou to Xiamen, with some flights already sold out, indicating a strong impact of policy incentives on tourism consumption [1] - The autumn holiday not only meets family travel needs but also creates a new peak in tourism outside of traditional "Golden Week" periods, reflecting a shift in consumer behavior [1] Group 2 - From January to October, China's online retail sales increased by 9.6% year-on-year, with physical goods retail sales growing by 6.3%, outpacing the overall growth of social consumer goods retail [1] - The retail sales of new energy vehicles continue to grow rapidly, highlighting a trend towards digital and green consumption that is driving overall consumption growth [1] - The current phase of consumption structure upgrading presents significant opportunities in cultural tourism and healthcare, with emerging sectors like the silver economy and first-time economy contributing to new consumption momentum [1] Group 3 - Relevant ETFs include tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, food and beverage ETF (515170) aimed at boosting domestic demand, and Hong Kong consumption ETF (513230) focusing on e-commerce leaders and new consumption trends [2]

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the consumer ETF (513230) showing a slight decline as of the report time [1] - Notable performers included Samsonite, which surged over 21%, while companies like Wynn Macau and Miniso faced significant declines [1] - The "Double 11" shopping festival saw online retail sales reach nearly 2.4 trillion yuan, marking a new high with a year-on-year growth of over 10% [1] Group 2 - The consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including new consumption leaders and major internet e-commerce players [2] - The ETF includes companies like Pop Mart, Lao Pu Gold, and major tech firms such as Tencent and Alibaba, highlighting a strong tech-consumer integration [2]

Group 1 - The Hong Kong stock market's new consumption sector is showing strength, with Pop Mart leading gains of over 8%, followed by companies like Mixue Group, Gu Ming, and others [1] - The Hong Kong Consumption ETF (513230) is up 2.79% during midday trading, reflecting positive market sentiment [1] - The Ministry of Finance's report on the execution of China's fiscal policy for the first half of 2025 indicates continued efforts to boost consumption, including financial subsidies for personal consumption loans [1] Group 2 - Guojin Securities highlights that current low consumer sentiment presents an opportunity for long-term growth in the new consumption sector, focusing on four key areas: brand expansion into emerging markets, emotional value sectors, functional value fields driven by AI, and instant retail under channel transformation [1] - The report emphasizes the importance of AI products, particularly AI glasses, as a focus for major tech companies in Q4, suggesting a potential growth window in high-interaction segments [1] - The Hong Kong Consumption ETF tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing leading companies in both new consumption and internet e-commerce sectors, such as Pop Mart and Alibaba [2]

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]