11月19日，港股开盘，恒生指数低开0.09%，恒生科技指数高开0.37%。 相关ETF方面，截至发稿，港股消费ETF（159735）涨0.60%，溢折率0.17%，盘中现溢价交易。 与此同时，该ETF份额也不断增长。截至11月18日，港股消费ETF（159735）流通份额为9.27亿份，年 内份额增长率达140.31%。 消息面上，据央视新闻，国务院常务会议召开，部署增强消费品供需适配性进一步促进消费政策措施。 会议指出，增强供需适配性是进一步释放消费潜力、畅通经济循环的有效举措。要以消费升级引领产业 升级，以优质供给更好满足多元需求，实现供需更高水平动态平衡。 此外，据证券日报，食品饮料行业正迎来一年中最重要的销售窗口期。Wind数据显示，2025年11月 份，食品饮料行业资本开支环比增长15.15%，显示出产业链上市公司正积极布局旺季市场。 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 ...

Group 1 - The Hang Seng Index and Hang Seng Tech Index experienced a collective decline in early trading on November 14, with the Hong Kong Consumer ETF (159735) dropping by 1.26% and showing a premium trading rate of 0.17% [1] - Notable stocks within the Hong Kong Consumer ETF include Lao Pu Gold, Mixue Group, and Bilibili-W, which all saw gains exceeding 1% [1] - The Hong Kong Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 liquid and large-cap consumer-related stocks within the Stock Connect range, weighted by free float market capitalization [1] Group 2 - During the "Double 11" shopping festival, significant growth was reported across various online sales platforms, with JD.com seeing a 40% increase in the number of users placing orders and a nearly 60% increase in order volume as of November 11 [1] - Douyin reported that from October 9 to November 11, 67,000 brands on its platform achieved a year-on-year sales increase of 100% [1] - Tmall indicated that as of November 5, the number of e-commerce orders from new users driven by Taobao Flash Sales during the "Double 11" period exceeded 100 million [1] Group 3 - China International Capital Corporation (CICC) noted that with the conclusion of the third-quarter report disclosures, market style rotation is accelerating, and there is a positive correlation between essential consumer market performance and the Consumer Price Index (CPI) [1] - CICC highlighted that the consumption style may experience a rotation and rebound opportunity due to multiple catalysts, as the profitability-valuation ratio shows a clear advantage for consumer stocks [1] Group 4 - Galaxy Securities emphasized the importance of the "14th Five-Year Plan" regarding the medium to long-term goals for the consumption industry, with a short-term focus on consumption-related policies for 2026 [2] - The firm holds an optimistic view on the development of overseas business for the consumption industry by 2026 [2] - In terms of individual stocks, Galaxy Securities suggests focusing on high-dividend quality companies during the high-cut-low process, as well as companies with alpha potential in various sub-sectors [2]

Group 1 - The Hong Kong stock market opened higher on November 10, with the consumer sector showing significant gains, particularly the Hong Kong Consumer ETF (159735), which rose by 1.44% during trading [1] - Notable stocks within the ETF included Pop Mart, Great Wall Motors, which both increased by over 3%, along with other companies like Giant Bio, Tencent Holdings, and China Resources Beer also seeing upward movement [1] - As of November 7, the Hong Kong Consumer ETF (159735) has seen a nearly 140% increase in its year-to-date share volume [1] Group 2 - The National Bureau of Statistics released October price data indicating a month-on-month increase of 0.2% in the Consumer Price Index (CPI) and a year-on-year increase of 0.2%, with the core CPI (excluding food and energy) rising by 1.2%, marking the sixth consecutive month of growth [1] - The Producer Price Index (PPI) also showed a month-on-month increase of 0.1%, marking its first rise of the year [1] - Changjiang Securities noted that the rise in CPI and PPI is attributed to seasonal factors, low base effects, and the "anti-involution" trend, with expectations for continued strength in CPI towards the end of the year [2] - Huajin Securities highlighted that the improvement in core CPI and PPI reflects stable growth in service consumption and rising food prices, while the "anti-involution" trend has led to a narrowing of PPI declines [2]

Core Viewpoint - The Hong Kong Consumer ETF (159735) experienced a 2.24% increase in value on October 15, with a trading volume of 101 million yuan, despite a reduction in shares outstanding [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Consumer ETF is 800 million yuan [1] - Since its inception on May 25, 2021, the fund has recorded a return of -13.67% [1] - Over the past month, the fund's return has been -1.43% [1] Group 2: Share and Trading Activity - On the same day, the ETF saw a decrease of 1 million shares, bringing the total shares outstanding to 927 million [1] - In the last 20 trading days, the ETF's shares have decreased by 54 million [1] Group 3: Management and Benchmark - The fund is managed by Yinhua Fund Management Co., Ltd., with Li Yixuan as the fund manager [1] - The performance benchmark for the ETF is the adjusted return of the CSI Hong Kong Stock Connect Consumer Theme Index [1]

Core Insights - The Hong Kong Consumption ETF (159735) increased by 1.84% on September 24, with a trading volume of 72.3983 million yuan [1] - The fund's shares decreased by 7 million, bringing the total to 952 million shares, while the shares increased by 53 million over the past 20 trading days [1] - The latest net asset value of the fund is 847 million yuan [1] - The performance benchmark for the ETF is the adjusted return of the CSI Hong Kong Stock Connect Consumption Theme Index, managed by Yinhua Fund Management Co., Ltd. [1] - The fund manager is Li Yixuan, and since its inception on May 25, 2021, the return has been -11.01%, while the return over the past month is 4.95% [1]

Group 1 - The Hong Kong stock market, including the Hang Seng Index and Hang Seng Tech Index, opened lower on September 22, with the Hong Kong Consumer ETF (159735) down 0.11% and a trading volume exceeding 12 million [1] - The Hong Kong Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 liquid and large-cap consumer-related stocks within the Stock Connect range, reflecting the overall performance of consumer stocks in Hong Kong [1] - The Ministry of Culture and Tourism announced a three-year action plan to boost cultural and tourism consumption, coinciding with the upcoming 8-day holiday period that includes the National Day and Mid-Autumn Festival, indicating a potential surge in tourism [1] Group 2 - Century Securities highlighted that the 8-day holiday period is expected to drive growth in the "Golden Week" tourism market, with a recommendation to focus on undervalued sectors such as hotels, dining, and tourism [2] - Dongxing Securities noted that consumption during the Mid-Autumn and National Day holidays is likely to be boosted by new consumption policies, with cities starting to distribute consumption vouchers, which could enhance domestic consumption [2] - The overall demand recovery in the consumer sector, particularly in the dining industry, is anticipated to grow alongside tourism and sports economies in the second half of the year [2]

Core Viewpoint - The Hong Kong Consumer ETF (159735) experienced a 1.39% increase in value on September 16, with a trading volume of 176 million yuan, indicating positive market sentiment towards consumer stocks in Hong Kong [1] Group 1: Fund Performance - The latest net asset value of the Hong Kong Consumer ETF is 851 million yuan [1] - Since its establishment on May 25, 2021, the fund has recorded a return of -12.18% [1] - Over the past month, the fund has achieved a return of 5.26% [1] Group 2: Fund Management - The fund is managed by Yinhua Fund Management Co., Ltd., with Li Yixuan as the fund manager [1] - The performance benchmark for the fund is the adjusted return of the CSI Hong Kong Stock Connect Consumer Theme Index [1] Group 3: Fund Size and Trading Activity - The fund's shares decreased by 13 million shares on the reporting day, bringing the total shares to 969 million [1] - In the last 20 trading days, the fund's shares increased by 13 million shares [1]

Group 1 - The Hang Seng Index opened high on September 16, with the automotive and consumer sectors leading the gains [1] - The Hong Kong Consumer ETF (159735) rose by 1.50%, with a trading volume exceeding 50 million, making it the top performer among its peers [1] - The latest circulating scale of the Hong Kong Consumer ETF (159735) reached 860 million, marking a historical high [1] Group 2 - The State Council issued a notice to strengthen comprehensive regulation of the tourism market, proposing 16 specific measures to enhance regulatory mechanisms and improve the consumer experience [2] - The notice aims to address issues disrupting the tourism market and protect tourist rights, promoting high-quality development in the tourism industry [2] - Open-source securities suggest focusing on leading companies that align with the "emotional consumption" theme, highlighting four investment lines: jewelry, offline retail, cosmetics, and medical aesthetics [2] Group 3 - The upcoming National Day and Mid-Autumn Festival holiday is expected to boost the tourism market, with potential for extended travel periods due to "leave-packing" strategies [3] - Recommendations include focusing on undervalued sectors such as hotels, dining, and tourism [3]

Group 1 - The Hong Kong stock market showed a low opening followed by a rise, with the Hong Kong Consumer ETF (159735) experiencing a slight decline of 0.46% as of the report, with a trading volume exceeding 24 million [1] - The latest circulating scale of the Hong Kong Consumer ETF (159735) reached 853 million yuan, marking a historical high and leading among similar products, with a circulating share of 982 million [1] - The Hong Kong Consumer ETF (159735) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 large-cap, liquid consumer-related stocks within the Stock Connect range, reflecting the overall performance of consumer stocks [1] Group 2 - The Ministry of Finance reported that approximately 420 billion yuan has been allocated to stimulate consumption, resulting in sales exceeding 2.9 trillion yuan by the end of August [2] - Rural retail sales of consumer goods have increased by 24% since the beginning of the 14th Five-Year Plan, supported by various fiscal policies aimed at enhancing consumption [2] - Direct subsidies for childcare and elderly services, as well as interest subsidies for personal consumption loans, have been introduced to direct resources towards the consumption sector [2] Group 3 - Dongxing Securities anticipates a boost in consumption during the Mid-Autumn Festival and National Day, with Zhejiang's consumption policy breakthroughs likely to be emulated by other regions [3] - The issuance of consumption vouchers by various cities is expected to invigorate domestic consumption, particularly in the second half of the year [3] - The overall recovery of the consumption sector, especially in the catering industry, is projected to grow alongside tourism and sports economies [3]

Core Viewpoint - The Hong Kong stock market opened significantly higher, with the Hang Seng Index rising over 1%, driven by strong performance in consumer-related stocks, indicating a positive market sentiment and potential investment opportunities in the consumer sector [1] Group 1: Market Performance - The Hang Seng Index increased by more than 1%, with notable gains in Alibaba-W (approximately 7%), Tencent Holdings, XPeng Motors-W, Kuaishou-W, Li Auto-W, and Haier Smart Home, all rising over 2% [1] - The Hong Kong Consumer ETF (159735) rose over 1.5%, reaching a nearly five-month high in its secondary market price [1] - The Consumer ETF has seen continuous net inflows for six weeks, with the latest share count reaching 982 million, marking a historical high [1] Group 2: Economic Policies and Outlook - Current nationwide fertility stimulus policies are accelerating, with significant signals from central finance expected to encourage local governments to follow suit, which may help bolster consumer confidence [1] - The outlook for the Hong Kong stock market remains optimistic, with data indicating improved mid-year earnings and the highest earnings forecast rate in three years, suggesting that the profitability of "new economy" stocks in Hong Kong may improve ahead of A-shares [1] Group 3: ETF Details - The Hong Kong Consumer ETF (159735) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which selects 50 consumer-related securities with good liquidity and large market capitalization from the Hong Kong Stock Connect universe [1] - This index aims to reflect the overall performance of consumer-related listed companies within the Hong Kong Stock Connect [1] - Investors can utilize the Hong Kong Consumer ETF (159735) to gain exposure to upward opportunities in the Hong Kong consumer sector [1]