上周五，泡泡玛特纳入恒生指数成份股，该调整于9月5日收市后实施，9月8日正式生效；此前，老铺黄 金等新消费标的被纳入MSCI EM、中证港股通消费等指数，或表明新消费标的市场认可度持续提升。 从产业趋势来看，新消费板块业绩持续兑现，以泡泡玛特为例，2025年上半年营收138.8亿元、同比增 长204%，经调整归属净利润47.1亿元、同比增长372%，营收、净利润均超过2024年全年，各项经营指 标表现亮眼。 今日港股消费板块高开震荡，截至10:05，中证港股通消费主题指数上涨1.8%，成份股中，李宁涨超 5%，阿里巴巴-W、名创优品涨超4%，美团-W、老铺黄金等多股涨超2%。 中证港股通消费主题指数汇聚一系列新消费龙头，覆盖旅游、潮玩、电商、消费电子等领域，截至8月 22日，指数滚动市盈率为21.3倍，位于2020年发布以来20%分位以下。跟踪该指数的港股消费ETF易方 达（513070，联接基金A/C：018103/018104）支持T+0交易，且管理费率仅为0.15%/年，可助力投资者 把握品质化、个性化消费趋势。 ...

截至午间收盘，恒生科技指数上涨1.6%，恒生港股通新经济指数上涨1.4%，中证港股通消费主题指数 上涨1.1%，中证港股通互联网指数上涨1.0%，中证港股通医药卫生综合指数上涨0.6%。相关产品近期 持续获资金加码，Wind数据显示，截至昨日，港股通互联网ETF（513040）、恒生科技ETF易方达 （513010）近一个月分别"吸金"9.5亿元、23.9亿元。 日)："国际影"是否上还要公产品具体面积极的段度。就是富富和一切，但来注册博彩金300年8月27日是天下回收盘。面20元直率：值低分位置至3005年4月21日，即03年资降10年位于位于四位于四月 布的争利润、低位苗柄样和企业负责将官用流入、近川于波利和刘松之且受迷腾影响较小的行业、结值分益制造像质及上面动态及年任于球舰队功能集团时间向比。体质分位是意识和对婴室。 组成分位区风光 股票怎么打 : 小发 2018年前半有资讯 2018年12月11日： 通工资国道亚博彩网备管家运石12007年1月1日1日： 电影体育后直营日2020年11月11月57- 西游日期都是怎么打冷2000年11月11月：中国游客室长江江二区 会指数发布日分2017年4月21日, ...

今日，南向资金全天净买入358.8亿港元，创历史最高单日净买入纪录。从本周维度看，中证港股通医药卫生综合指数上涨 7.3%，中证港股通互联网指数上涨3.5%，恒生港股通新经济指数上涨3.4%，中证港股通消费主题指数上涨1.9%，恒生科技 指数上涨1.5%。相关产品受到资金青睐，Wind数据显示，截至昨日，恒生科技ETF易方达（513010）近一个月净流入超15 亿元。 由港股上市公司中与科技主题高度相关的、市值 最大的30只股票组成,信息技术及可选消费行业 合计占比超90% 1 中证港股通医药卫生综合指数 | | 恒生港股 通新经济 | 恒生科技 指数 | 中证港股通 医药卫生综 | 中证港股通 互联网指数 | 中证港版 通消费 主题指数 | | --- | --- | --- | --- | --- | --- | | | 指数 | | 合指数 | | | | 本周涨跌幅 | 3.4% | 1.5% | 7.3% | 3.5% | 1.9% | | 指数滚动 市盈率 | 24. 2倍 | 22. 1倍 | 31.5倍 | 24.2倍 | 21.6倍 | | 滚动市盈率 分位 | 51. 3% | 23. 5 ...

截至收盘，中证港股通医药卫生综合指数上涨0.6%，中证港股通互联网指数下跌0.02%，中证港股通消 费主题指数下跌0.2%，恒生港股通新经济指数下跌0.4%，恒生科技指数下跌1.0%，Wind数据显示，截 至昨日，恒生科技ETF易方达（513010）近一个月净流入超15亿元，最新规模已突破140亿元。 本周起，港股进入业绩中报高峰披露期，腾讯控股昨日公布的业绩数据显示，第二季度收入同比增长 15%至1845亿元，超出市场预估的1789.4亿元；网易和京东将于今日盘后公布财报，下周起，小米、百 度、快手等也将陆续披露业绩。 -U. U% Z4. Z信 LL. 3% 港股消费ETF易方达 ( 513070 跟踪中证港股通消费主题指数 该指数自2020年 今日 该指数 该指数由港股通范围内流动性 该指数涨跌 发布以来估值分位 滚动市盈率 较好、市值较大的50只消费主 题股票组成,可选消费占比近 21. 4倍 -0. 2% 19.7% 60% | 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、 ...

| 港股消费ETF易方达 1 | | | 513070 | | --- | --- | --- | --- | | 跟踪中证港股通消费主题指数 | | | | | 该指数由港股通范围内流动性 | 今日 | 该指数 | 该指数自2020年 | | 较好、市值较大的50只消费主 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 题股票组成,可选消费占比近 60% | 0. 0% | 21.0倍 | 17.1% | 截至收盘，中证港股通医药卫生综合指数上涨4.0%，恒生港股通新经济指数上涨0.5%，中证港股通消 费主题指数上涨0.04%，中证港股通互联网指数下跌0.2%，恒生科技指数下跌0.4%。 广发证券表示，从全球视角看中国创新药的崛起，BD出海催化新药价值重估；在"研发-准入-临床-支 付-保障"全链条的政策支持下，我国创新药行业发展驶入快车道。 | 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、属于 | 令日 | 该指数 | 该指数自2018年 | | "新经济"行业中市 ...

Core Viewpoint - The consumer sector is showing signs of recovery, with various sub-sectors experiencing growth and opportunities as domestic consumption trends improve [1][10]. Group 1: Consumer Sector Overview - Since early 2025, there has been a gradual recovery in consumer sentiment, with domestic demand contributing 68.8% to GDP growth in the first half of the year, and final consumption expenditure contributing 52% [1]. - The implementation of policies such as the "Special Action Plan to Boost Consumption" has injected vitality into the consumer market, leading to significant increases in tourism and dining revenues during holidays [1]. - The upcoming mid-year reporting season is expected to be a critical point for validating the recovery in the consumer sector [1]. Group 2: Food and Beverage Sector - The food and beverage industry is experiencing structural differentiation, with the liquor sector under pressure while leading brands maintain steady growth due to strong brand influence [2]. - The beer sector benefits from consumption upgrades and product innovation, while the snack sector is growing due to health-conscious and personalized consumption trends [2]. Group 3: Textile and Apparel Sector - The textile and apparel industry is seeing a recovery in demand, particularly in the sportswear segment, driven by increased awareness of fitness among consumers [3]. - Major sports brands are investing in R&D to launch high-tech, high-performance products to meet consumer demands for quality and functionality [3]. Group 4: Retail Sector - The traditional retail sector is facing challenges from online shopping, leading to a decline in consumption; however, cross-border e-commerce leaders are showing strong growth [4]. - The high growth in import and export trade in Yiwu and the opening of global trade centers are providing new opportunities for cross-border e-commerce companies [4]. Group 5: Social Services Sector - The social services sector is witnessing a surge in cross-border tourism demand, supported by inbound travel policies and the travel needs of younger and older demographics [5]. - Online travel agencies are launching personalized and diverse travel products to cater to varying consumer needs [5]. Group 6: Light Manufacturing Sector - The light manufacturing industry is facing short-term export pressures, but segments like home furnishings, packaging, and pet food are performing well [6]. - The recovery in the real estate market is boosting demand in the home furnishings sector, while the packaging industry benefits from the growth of e-commerce and express delivery [6]. Group 7: Home Appliances Sector - The home appliances industry is experiencing a significant recovery in domestic demand, driven by government subsidies for replacing old appliances [7]. - While the export market faces uncertainties due to tariff policies, long-term growth potential remains strong as global economies recover and Chinese brands enhance their competitiveness [7]. Group 8: Hong Kong Stock Market - The Hong Kong consumer sector is characterized by scarce assets and high growth in earnings, indicating strong performance among leading companies [8]. Group 9: Trend in Niche Markets - The trendy toy industry is seeing strong performance from leading companies, with significant growth in revenue, net profit, and profit margins [9]. - The high-end and trendy gold jewelry sectors are achieving growth through unique designs and brand advantages, catering to young consumers' demand for personalized, high-quality products [9]. - The new-style tea beverage sector is showing significant differentiation, with leading brands achieving double-digit growth and strong store expansion [9]. Group 10: Policy Outlook - The government is expected to continue implementing policies to boost domestic consumption, with fiscal subsidies playing a crucial role in driving growth [10]. - Sectors such as home appliances and consumer electronics are likely to benefit from policies promoting the replacement of old products, while offline service consumption is set to see new development opportunities [10].

Wind数据显示，截至昨日（6月11日），该产品规模达到6.58亿元，创下成立以来新高，自4月11日 （3.97亿元）以来的两个月里，增幅高达65.7%；相较年初，其规模则增长了近3倍。 资料显示，中证港股通消费主题指数从港股通范围内选取流动性较好、市值较大的50只消费主题相关股 票作为指数样本，指数行业覆盖广泛，包括食品饮料、家电、汽车、医美、潮玩等新兴赛道，布局阿 里、腾讯、小米等港股稀缺标的，同时布局泡泡玛特、百胜中国等新消费代表企业，与A股消费板块形 成互补。 新消费风口正在获得公募资金关注。据Wind数据，截至2025年一季度末，"新消费"龙头股泡泡玛特共 获得270只基金重仓，持股总量达6874.75万股，持股总市值达99.3亿元。而在2024年一季度末，仅有36 只基金重仓泡泡玛特。 6月12日，港股泡泡玛特早间一度涨近5%，续创历史新高，不过后续震荡回落，收跌1.11%。受泡泡玛 特及其他收跌成分股影响，中证港股通消费指数当日下跌2.49%。 对看好新消费的投资者来说，短期回调或许也是布局机会。 值得注意的是，跟踪该指数的港股消费ETF易方达（513070，联接基金A/C：018103/018 ...

Market Overview - The brand 100 index experienced a slight rebound in May, closing at 1063.57 points with a monthly increase of 1.09% after a long upper shadow in the K-line [1][4] - The index initially rose due to unexpected financial policies and a pause in tariff announcements between China and the US, but later faced adjustments due to weak fundamental data and profit-taking [2][4] Key Performers - Notable weekly gainers included Nongfu Spring and Lao Feng Xiang, both exceeding 4% in weekly growth, while China Mobile saw a market value increase of 568 billion yuan [2][3] - In May, Dongfang Overseas International, China Life Insurance, and China Pacific Insurance had monthly gains exceeding 15%, with Dongfang Overseas leading at 34.05% [4] New Consumption Sector - The new consumption sector remains attractive, with companies like Nongfu Spring benefiting from strong brand recognition and a robust distribution network [5] - Nongfu Spring's tea beverage revenue is projected to surpass bottled water for the first time in 2024, with a compound annual growth rate of over 90% for its Oriental Leaf brand [5] Strategic Developments - Lao Feng Xiang is enhancing its product offerings and channel strategies, focusing on younger demographics and collaborations with popular IPs [6] - Anta Sports is expanding its global presence through the acquisition of the leading outdoor brand, Jack Wolfskin [6] ETF Investment Opportunities - ETFs such as E Fund (513070) and the Hong Kong Consumption ETF (159735) are highlighted as effective tools for investing in the new consumption sector, with significant year-to-date gains [7][10] - The CSI Hong Kong Stock Connect Consumption Theme Index includes major companies like Alibaba, Tencent, and Xiaomi, which collectively account for over 50% of the index weight [10][14] Long-term Outlook - The Hong Kong Stock Connect Consumption Index is expected to provide long-term investment value, reflecting the evolving consumption habits of younger generations and the global expansion of leading new consumption enterprises [14]