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。 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。因此，在黄金珠宝方面，建议 关注更受年轻消费者欢迎的古法黄金赛道头部品牌，如老铺黄金等；潮玩方面，建议关注具备IP创造及 对IP运营有丰富的成功经验的公司，如泡泡玛特、名创优品；现制茶饮方面，建议关注品牌力较强且业 务覆盖区域较广的头部茶饮品牌，如蜜雪集团、古茗。 11月21日，名创优品发布"IP天才少年计划"，以100-1000万年薪面向全球招募顶尖IP创作人才，以加强 原创IP孵化，构建自有IP矩阵，向全球领先的IP运营平台升级。名创优品方面表示，该岗位设置意图为 吸引年轻人才来进行原创IP开发。11月21日，名创优品公布了2025年第三季度财务报告。财报显示， 旗下潮玩品牌TOP TOY营收达5.7亿元，实现1 ...

11月24日，港股消费板块短线拉升，中证港股通消费主题指数现涨1.79%，港股消费ETF（513230）持 续走强涨1.32%。 11月21日，《2025中国主题公园竞争力评价报告》发布。报告显示，2024年， 纳入评价的90座特大型 与大型主题公园共接待游客12785.68万人次，实现营业收入292.52亿元人民币。相较于2023年，两项核 心指标分别下降1.76%和3.74%，行业整体呈现轻微的负增长趋势。进入2025年，这一趋势并未根本扭 转。 报告分析指出，造成这一现象的主要原因在于客流恢复乏力与市场竞争加剧的叠加影响。国际品牌与大 型度假综合体凭借稳定的品牌效应与持续投入，仍保持较高吸引力；而定位模糊、特色不足或管理能力 有限的园区，则面临游客分流、复游率下降及市场营销资源紧张等多重压力。 数据显示，中国主题公园行业分化进一步凸显，国际头部品牌与大型度假综合体凭借稳定的品牌号召 力、持续的内容投入，依然牢牢锁定客流；而缺乏清晰定位、特色IP支撑薄弱或运营能力不足的园区， 正面临游客分流、复游率走低等现实压力。这一态势推动行业告别规模扩张的粗放阶段，转向以IP深 耕、体验升级、精准运营为核心的高质量发 ...

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the Hong Kong Consumer ETF (513230) opening high but declining nearly 0.5% [1] - Among the holdings, companies like Chuangke Industrial, Samsonite, Li Ning, and Midea Group saw significant gains, while Xpeng Motors, Miniso, Xiaomi Group, and Bilibili faced notable declines [1] - The implementation of the "National Subsidy" policy for personal consumption loans starting September 1, 2025, aims to reduce consumer credit costs through fiscal funds, reflecting the policy's inclusiveness and addressing diverse consumer needs [1] Group 2 - Shanghai Securities noted that October's consumption data showed internal structural highlights, revealing strong endogenous momentum despite an overall stable trend [1] - When excluding the short-term drag from automobiles, the actual growth rate of social consumption rebounded significantly to 4.0%, indicating that the resilience of the consumption market exceeds surface data [1] - The driving forces behind this momentum include ongoing consumption upgrade trends, particularly strong demand for gold and jewelry, and the revitalization of service consumption driven by the Mid-Autumn Festival and National Day holidays [1] Group 3 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including leading new consumption companies like Pop Mart, Lao Pu Gold, and Miniso, as well as internet e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting its strong tech and consumer attributes [2]

Core Insights - The Hong Kong consumer sector showed slight fluctuations, with the Hong Kong Consumer ETF (513230) experiencing a drop of over 0.8% at one point, but the decline narrowed to around 0.2% [1] - The State Council's executive meeting emphasized enhancing the adaptability of supply and demand in consumer goods to further promote consumption, indicating a strategic focus on consumption upgrades leading to industrial upgrades [1] - China International Capital Corporation (CICC) noted that the previously leading technology sector has entered a consolidation phase, and with the end of Q3 earnings reports, the market is transitioning into a performance vacuum period, suggesting a potential rotation and rebound opportunity for the consumer sector [1] Industry Summary - The consumer sector is expected to benefit from multiple catalysts, including a warming CPI trend, which has a high correlation with essential consumer market performance [1] - Related popular ETFs include the Tourism ETF (562510) driven by holiday catalysts and the Ice and Snow Economy, the Food and Beverage ETF (515170) aimed at boosting domestic demand, and the Hong Kong Consumer ETF (513230) focusing on e-commerce leaders and new consumption trends [2]

11月17日早盘，港股消费板块早盘低开后窄幅震荡，港股消费ETF（513230）现小幅微跌近0.5%。 持仓股中，统一企业中国、新秀丽、康师傅控股、波司登、万洲国际等涨幅居前，巨子生物、零跑汽 车、蜜雪集团、思摩尔国际、百威亚太等跌幅居前。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华泰证券估算，2025年电商"双十一"大促季行业层面增长温和，GMV或同比增长中高个位数至 10%之间，平稳增长得益于各平台的积极补贴及大促时间线的进一步拉长，但亦部分被去年同期国补行 动带来的较高家电品类销售额基数所抵消。平台角度，主要电商平台或延续分化表现。展望2026年，预 计电商平台围绕流量入口、核心用户权益等维度的竞争将延续激烈态势。消费者终端商品价格的企稳则 是电商平台及上游供货商业绩表现企稳的重要驱动，潜在的政策刺激及消费者情绪的边际变化值得持续 关注。 港股消费ETF ...

Core Viewpoint - The Hong Kong consumer sector is experiencing volatility, with the Hong Kong Consumer ETF (513230) declining over 1% amid mixed performances from various holdings. The introduction of AI strategies in the sports goods industry and new tax policies on gold are expected to influence market dynamics positively in the long term [1]. Group 1: Market Performance - The Hong Kong Consumer ETF (513230) is tracking the CSI Hong Kong Stock Connect Consumer Theme Index, which includes leading companies in both internet e-commerce and new consumption sectors [2]. - Notable declines were observed in stocks such as XPeng Motors-W, MGM China, Alibaba-W, Kuaishou-W, and Samsonite, while stocks like Bosideng, Guming, Wanzhou International, and Yum China showed gains [1]. Group 2: Strategic Developments - Anta Group has launched the "AI365 strategy" and introduced the first AI design model in the sports goods industry, establishing AI as a key direction for innovation and development [1]. - The Ministry of Finance and the State Taxation Administration announced new tax policies regarding gold, effective from November 1, 2025, to December 31, 2027, which may impact investment strategies in the gold sector [1]. Group 3: Industry Outlook - Shanghai Securities anticipates rapid growth in AI toys due to supportive policies and economic recovery, while the long-term investment appeal of gold is expected to strengthen amid ongoing Federal Reserve rate cuts and trade tensions [1]. - The demand for gold jewelry is projected to continue rising, with traditional gold and IP gold accessories leading new trends [1]. - The government is promoting reforms and innovations to enhance the quality of development in the sports sector, with sustained consumer activity in sports apparel expected [1].

Group 1 - The Hong Kong consumer sector is experiencing slight fluctuations, with the Hong Kong Consumer ETF (513230) down nearly 0.5% as of the report [1] - Notable performers include Samsonite, which surged over 18%, and other companies like Lao Pu Gold and Techtronic Industries, which rose over 2% [1] - The total transaction value for Tmall's Double 11 reached 540.3 billion yuan, showing steady growth compared to last year, while JD's 11.11 sales exceeded 349.1 billion yuan, marking a historical high [1] Group 2 - The recent policies from the Ministry of Finance and the National Bureau of Statistics indicate a focus on boosting consumption, with the CPI rising by 0.2% year-on-year, reversing the previous month's decline [1] - The new tax exemption policy effective from November 1 includes popular categories like mobile phones and sports goods, benefiting related companies in the Hong Kong consumer chain [1] - The digital economy is being emphasized in the "14th Five-Year Plan," promoting the integration of digital and real economies, which is expected to enhance AI applications [2]

Group 1 - The Hong Kong stock market's new consumption concept stocks are actively performing, with the Hong Kong Consumption ETF (513230) rising nearly 1.5% during trading [1] - Among the holdings, Mixue Group leads with a gain of over 5%, while other companies like Smoore International, Shenzhou International, Midea Group, Giant Bio, and Nongfu Spring also see increases of over 3% [1] - The Ministry of Finance's report highlights a more proactive fiscal policy since 2025, focusing on stabilizing employment, businesses, markets, and expectations, with plans for six key areas of work to boost consumption [1] Group 2 - The growth of emerging consumer goods reflects the new consumption concepts of the younger generation in the current social environment, which is crucial for identifying growth opportunities in new consumption companies [2] - In the gold jewelry sector, it is recommended to focus on head brands in the ancient gold segment that are favored by younger consumers, such as Laopu Gold [2] - For trendy toys, companies with strong IP creation and operational experience, like Pop Mart, are suggested for attention [2] - In the ready-to-drink tea segment, it is advised to focus on leading tea brands with strong brand power and wide business coverage, such as Mixue Group and Guming [2] - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing a wide range of sectors including leading new consumption companies and major internet e-commerce players like Tencent, Kuaishou, Alibaba, and Xiaomi [2]

Group 1 - The Hong Kong stock market opened high on November 12, with the consumer sector showing strong initial gains, particularly the Hong Kong Consumer ETF (513230) which rose nearly 1.5% [1] - Notable stocks within the consumer sector included Mixue Group, which led with over a 4% increase, while Shenzhou International, Zhongsheng Holdings, Nongfu Spring, and Xiaomi Group all rose over 3% [1] - The 8th China International Import Expo concluded on November 10, featuring over 36.7 million square meters of exhibition space and 4,108 participating companies, marking a historical high [1] Group 2 - The expo attracted 290 Fortune 500 and industry-leading companies, with 180 of them participating for the eighth consecutive year, highlighting China's market appeal [1] - The event registered over 460,000 attendees, a 7% increase year-on-year, and facilitated over 300 cooperation intentions through trade investment matchmaking [1] - The expo achieved a record intended transaction value of $83.49 billion, a 4.4% increase from the previous edition, demonstrating China's commitment to high-level openness amid global trade challenges [1] Group 3 - CITIC Securities suggests that short-term consumer trends may indicate a turning point, while long-term focus should be on structural changes within the industry [2] - The report emphasizes the importance of wealth effect transmission, supply-side optimization, and highlights four key long-term investment directions: new products/categories, new technologies, new channels, and new markets [2] Group 4 - Relevant 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 Hong Kong Consumer ETF (513230) focusing on e-commerce leaders and new consumption trends [3]

Core Viewpoint - The Hong Kong consumer sector is experiencing narrow fluctuations, with the Hong Kong Consumer ETF (513230) declining by approximately 0.5%. Key stocks such as Alibaba-W, Bilibili, and Meituan-W are among the top decliners, while companies like Xpeng Motors and Samsonite show gains. The government continues to implement consumption stimulus policies, which are expected to boost consumer potential and drive economic recovery in the fourth quarter of 2025 [1][1][1]. Group 1: Market Performance - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing major players in both internet e-commerce and new consumption sectors [1][1]. - Key stocks in the ETF include Pop Mart, Laoputang, Miniso, Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting a strong presence in both technology and consumer attributes [1][1]. Group 2: Government Policies - Since last year, various consumption stimulus policies have been introduced, including lowering existing housing loan rates to release consumer potential [1][1]. - On November 7, the Ministry of Finance released a report indicating continued implementation of special actions to boost consumption, providing financial subsidies for personal consumption loans and related industry loans, particularly in sectors like elderly care and childcare [1][1]. Group 3: Economic Outlook - According to Yingda Securities, the stabilization and recovery of price levels in October have stimulated demand, leading to a rise in the large consumption sector, particularly in the liquor and food and beverage industries [1][1]. - Looking ahead to the fourth quarter, domestic demand is expected to be a significant driving force for economic recovery in 2025, especially in consumer-oriented sectors [1][1].