港股消费ETF易方达（513070）业绩比较基准为中证港股通消费主题指数收益率(使用估值汇率折算)， 管理人为易方达基金管理有限公司，基金经理为刘树荣，成立（2022-03-14）以来回报为33.46%，近一 个月回报为-5.76%。 来源：新浪基金∞工作室 11月21日，港股消费ETF易方达（513070）跌1.46%，成交额7819.75万元。当日份额增加300.00万份， 最新份额为5.88亿份，近20个交易日份额增加2000.00万份。最新资产净值计算值为7.84亿元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

近期10月CPI数据引发市场广泛关注——同比由降转涨至0.2%，核心CPI涨幅连续6个月扩大至1.2%，这 是否意味着消费领域的"通胀拐点"已现？结合社零、固定资产投资等数据，以及消费板块的估值与基本 面变化，我们不妨从"数据解读-趋势判断-投资机会"三个维度，拆解当前消费板块的配置价值。 一、10月CPI超预期：短期受益于假日消费，但内需仍存在承压信号 10月CPI的积极变化，本质是"假日消费+金饰上涨刺激"双重因素的阶段性释放，而非全面复苏的信 号，这一点需要先厘清。 CPI上涨0.2%的核心驱动力有三：一是双节消费拉动，国庆与中秋叠加直接推升服务消费——如宾馆住 宿、机票等的价格；二是黄金饰品价格上涨，对CPI环比的拉动作用较强。 从同比看，CPI由降转涨的另一关键是"下拉因素减弱"——食品价格降幅收窄至-2.9%，能源价格降幅收 窄至-2.4%。 表: 10月CPI的同比与环比表现 | 项目 | 同比(%)-2025-10 | 同比(%)-2025-09 | | --- | --- | --- | | CP I | 0. 2 | -0. 3 | | 食品 | -2.9 | -4.4 | | 鲜来 | ...

Core Insights - The Hong Kong stock market showed mixed performance this week, with significant rebounds in the pharmaceutical sector and active performance in the new consumption sector, while popular technology stocks experienced varied movements [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Index rose by 6.9%, and the CSI Hong Kong Stock Connect Consumption Theme Index increased by 2.3%, while the Hang Seng Technology Index fell by 0.4% [1][3] Index Performance - The Hang Seng New Economy Index increased by 0.7%, while the Hang Seng Technology Index decreased by 0.4% [3] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng New Economy Index at 24.7x, Hang Seng Technology Index at 23.1x, CSI Hong Kong Stock Connect Pharmaceutical and Health Index at 29.2x, CSI Hong Kong Stock Connect Internet Index at 24.2x, and CSI Hong Kong Stock Connect Consumption Theme Index at 21.6x [3] - The rolling P/E ratio percentiles indicate that the Hang Seng New Economy Index is at 54.1%, the Hang Seng Technology Index at 30.8%, the CSI Hong Kong Stock Connect Pharmaceutical and Health Index at 46.0%, the CSI Hong Kong Stock Connect Internet Index at 23.0%, and the CSI Hong Kong Stock Connect Consumption Theme Index at 21.4% [3] Market Outlook - Western Securities noted that the reopening of the U.S. government and the resumption of spending by the Treasury could lead to a loosening of dollar liquidity, potentially driving a rebound in the Hong Kong stock market, with the Hang Seng Technology Index expected to benefit from a new round of strong rebound [1]

Core Viewpoint - The Hong Kong stock market has shown significant liquidity improvement in 2023, with strong inflows from southbound funds, which are expected to support a "slow bull" market trend in the long term [1][1][1] Group 1: Market Performance - The Hong Kong stock market opened lower but rebounded, with the innovative drug sector experiencing a substantial increase, while new consumption and technology sectors showed fluctuating gains [1] - As of 10:18 AM, the Hang Seng Technology Index and the CSI Hong Kong Stock Connect Consumer Theme Index both rose by 0.8% [1] Group 2: Liquidity and Fund Inflows - The average daily trading volume in the Hong Kong stock market reached HKD 412.19 billion in the first nine months of 2023, marking a 126% year-on-year increase [1] - Southbound funds have injected significant vitality into the Hong Kong stock market, with net purchases amounting to approximately HKD 1.3 trillion year-to-date as of November 11, 2023, and over HKD 5 trillion since the program's inception [1] Group 3: Investment Outlook - According to China Merchants Securities, the continuous inflow of southbound funds is expected to drive the capital market back to fundamentals and value-driven approaches, optimizing corporate governance and protecting minority shareholders' interests [1] - Investors interested in the technology and new consumption sectors can consider products like the E Fund Hang Seng Technology ETF (513010) and the E Fund Hong Kong Consumption ETF (513070) for investment opportunities [1]

Core Viewpoint - The A-share market shows positive momentum with consumer sectors leading the gains, while the Hong Kong market experiences significant increases in new consumption stocks and AI application concepts, indicating a robust economic recovery and consumer demand [1]. Group 1: Market Performance - A-share indices opened high and experienced fluctuations, with sectors such as emulsions, duty-free shops, beverage manufacturing, and liquor leading the gains [1]. - The Hong Kong market saw a substantial rise in new consumption stocks, with related indices climbing steadily, including a 1.7% increase in both the CSI Consumer 50 Index and the CSI Hong Kong Stock Connect Consumer Theme Index [1]. Group 2: Economic Indicators - In October, the Consumer Price Index (CPI) rose by 0.2% year-on-year and month-on-month, reflecting improved supply-demand dynamics in certain domestic industries and the impact of international commodity prices [1]. - The Producer Price Index (PPI) also showed positive changes both year-on-year and month-on-month, indicating a strengthening economic vitality and the release of domestic demand potential [1]. Group 3: Future Outlook - Analysts suggest that the October price data signals a steady enhancement of economic vitality in China, with expectations for a moderate increase in CPI in the fourth quarter, driven primarily by a clearer upward trend in core CPI [1]. - The CSI Consumer 50 Index comprises 50 leading consumer companies with over 80% representation from the food and beverage and home appliance sectors, while the CSI Hong Kong Stock Connect Consumer Theme Index includes 50 liquid and large-cap consumer stocks from emerging sectors like trendy toys, tea drinks, e-commerce, and consumer electronics [1].

Core Viewpoint - The Hong Kong new consumption sector is experiencing localized activity, with significant gains in stocks like Pop Mart and Xiu Li, reflecting strong consumer demand and robust earnings growth in the sector [1] Group 1: Market Performance - As of 11:05 AM, Pop Mart's stock rose over 4%, while Xiu Li and Mi Xue Bing Cheng increased by more than 2% [1] - The CSI Hong Kong Stock Connect Consumption Theme Index showed narrow fluctuations, indicating a stable market environment [1] Group 2: Earnings Growth - Pop Mart's latest earnings report indicates a year-on-year revenue growth rate of 245%-250% for Q3, accelerating from 204.4% in the first half of the year [1] - The overseas market has become a key growth driver, with strong performance also observed in the domestic market, highlighting sustained new consumption demand [1] Group 3: Investment Sentiment - Analysts suggest that there is a "high cut low" allocation demand in the market, with the consumption sector attracting new capital due to its valuation appeal [1] - The earnings growth momentum in the Hong Kong new consumption sector is strong, and after previous adjustments, valuations have returned to a reasonable range, enhancing their investment value [1] Group 4: Index and ETF Information - The CSI Hong Kong Stock Connect Consumption Theme Index includes leading companies across various new consumption fields such as trendy toys, tea drinks, e-commerce, consumer electronics, and medical beauty [1] - As of yesterday, the index's rolling price-to-earnings ratio was 22 times, positioned at the 21st percentile since its launch in 2020 [1] - The E Fund Hong Kong Consumption ETF (513070) is the largest ETF tracking this index, featuring a low management fee of 0.15% per year and supporting T+0 trading, providing investors with a convenient tool for exposure to Hong Kong's new consumption leaders [1]

Group 1 - The core viewpoint of the news is that Hong Kong's technology and internet stocks have rebounded significantly, with the Hang Seng Technology Index rising by 3.0% and the Hang Seng New Economy Index increasing by 2.9% [1] - The recent influx of capital into Hong Kong's technology-related ETFs is notable, with the E Fund Hang Seng Technology ETF (513010) attracting over 4 billion yuan in net inflows over the past month, ranking first among similar ETFs [1] - Other indices also showed positive performance, including the China Securities Hong Kong Internet Index up by 2.7% and the China Securities Hong Kong Consumption Theme Index up by 2.2% [1] Group 2 - The Hang Seng New Economy ETF tracks the largest 50 stocks in the "new economy" sector within the Hong Kong Stock Connect, primarily including information technology, consumer discretionary, and healthcare [2] - The rolling P/E ratio for the Hang Seng Technology ETF is reported at 22.1 times, with a valuation percentile of 24.1% since its inception in 2020 [2] - The China Securities Hong Kong Consumption Theme Index, which includes 50 major consumer stocks, has a rolling P/E ratio of 20.9 times and a valuation percentile of 16.1% since its launch in 2020 [3]

Market Overview - The Hong Kong stock market experienced overall fluctuations and corrections this week, with southbound funds accumulating a net purchase of over 45 billion HKD [1] - The CSI Hong Kong Stock Connect Consumer Theme Index fell by 3.5%, the CSI Hong Kong Stock Connect Healthcare Comprehensive Index decreased by 5.7%, the CSI Hong Kong Stock Connect Internet Index dropped by 7.6%, the Hang Seng Hong Kong Stock Connect New Economy Index declined by 7.8%, and the Hang Seng Technology Index fell by 8% [1][3] ETF Inflows - Recent data indicates a significant inflow into related ETFs, with the Hang Seng Technology ETF (513010) attracting over 2.5 billion HKD in nine consecutive trading days [1] - The inflow into ETFs reflects a growing interest from investors in technology and new economy sectors despite the overall market downturn [1] Index Performance - The performance of various indices over the past month shows a decline, with the Hang Seng New Economy Index down by 8.8%, the Hang Seng Technology Index down by 8.1%, and the CSI Hong Kong Stock Connect Healthcare Comprehensive Index down by 9.7% [8] - Year-to-date performance indicates a strong recovery for some indices, with the CSI Hong Kong Stock Connect Healthcare Comprehensive Index up by 78.9% and the Hang Seng New Economy Index up by 35.2% [8] Valuation Metrics - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Hang Seng New Economy Index at 24.8x, Hang Seng Technology Index at 22.9x, and CSI Hong Kong Stock Connect Healthcare Comprehensive Index at 30.0x [3][7] - The rolling P/E ratio percentiles indicate that the Hang Seng New Economy Index is at a 55.3% percentile, suggesting it is relatively expensive compared to historical levels, while the Hang Seng Technology Index is at 28.8%, indicating it is relatively cheaper [3][11]

Market Overview - The Hong Kong stock market showed mixed performance today, with southbound funds net buying 15.8 billion HKD [1] - The CSI Hong Kong Stock Connect Healthcare Index rose by 1.6%, while the CSI Hong Kong Stock Connect Consumer Theme Index increased by 0.2% [1] - The Hang Seng Stock Connect New Economy Index fell by 0.9%, and the CSI Hong Kong Stock Connect Internet Index decreased by 1% [1] - The Hang Seng Technology Index dropped by 1.2% [1] ETF Performance - The E Fund Hang Seng Technology ETF (513010) saw a net inflow of over 3.5 billion HKD in the past month, ranking first among similar ETFs [1] - The Hang Seng New Economy ETF (513320) tracks the Hang Seng Stock Connect New Economy Index, which consists of the 50 largest stocks in "new economy" sectors, with a rolling P/E ratio of 25.1 times and a valuation percentile of 56.7% since its inception in 2018 [2] - The Hang Seng Technology ETF (513010) tracks the Hang Seng Technology Index, composed of the 30 largest tech-related stocks, with a rolling P/E ratio of 23.1 times and a valuation percentile of 30.7% since its launch in 2020 [2] - The Hong Kong Stock Connect Healthcare ETF (513200) tracks the CSI Hong Kong Stock Connect Healthcare Index, consisting of 50 liquid and large-cap healthcare stocks, with a rolling P/E ratio of 29.6 times and a valuation percentile of 46.4% since its inception in 2017 [2] - The Hong Kong Stock Connect Internet ETF (513040) tracks the CSI Hong Kong Stock Connect Internet Index, made up of 30 leading internet companies, with a rolling P/E ratio of 24.7 times and a valuation percentile of 25.7% since its launch in 2021 [2] - The E Fund Hong Kong Consumption ETF (513070) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which includes 50 large-cap consumer stocks, with a rolling P/E ratio of 21.6 times and a valuation percentile of 21.3% since its inception in 2020 [3]

Market Overview - The Hong Kong stock market experienced fluctuations today, with the CSI Hong Kong Stock Connect Consumer Theme Index down by 0.02%, the Hang Seng Technology Index and CSI Hong Kong Stock Connect Internet Index both down by 0.7%, the Hang Seng Hong Kong Stock Connect New Economy Index down by 1.6%, and the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index down by 5.1% [1] - In September, the E Fund Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) attracted significant capital inflows, with net inflows of 4.2 billion and 2.7 billion respectively [1] Sector Performance - The Hang Seng New Economy ETF tracks the Hang Seng Hong Kong Stock Connect New Economy Index, which consists of 50 stocks from the "new economy" sector with the largest market capitalization. This index saw a decline of 1.6% today, with a rolling P/E ratio of 26.8 times and a valuation percentile of 65.4% since its inception in 2018 [2] - The E Fund Hang Seng Technology ETF tracks the Hang Seng Technology Index, composed of 30 major stocks related to technology. This index decreased by 0.7%, with a rolling P/E ratio of 24.6 times and a valuation percentile of 36.7% since its launch in 2020 [2] - The Hong Kong Stock Connect Medical and Health Comprehensive Index, which includes 50 liquid and large-cap stocks in the healthcare sector, fell by 5.1%, with a rolling P/E ratio of 32.0 times and a valuation percentile of 49.9% since 2017 [2] - The Hong Kong Stock Connect Internet ETF tracks the CSI Hong Kong Stock Connect Internet Index, which consists of 30 leading internet companies. This index dropped by 1.0%, with a rolling P/E ratio of 30.5 times [2] Investment Sentiment - Huatai Securities indicated that with the onset of a new round of monetary easing by the Federal Reserve and advancements in the internet and technology sectors, market sentiment in Hong Kong may have further room for improvement, suggesting that the technology sector remains a potential area for investment [1]