（原标题：消费行业"含科量"扩围 部分消费基金曲线"救基"） 证券时报记者 安仲文 为了顶住基金净值下滑的压力，消费主题基金在扩大和更新消费行业定义范围后，业绩开始变得不同。 近期，公募抱团重仓的消费股走势低迷、调整压力颇大，但不少主动权益消费基金乃至被动投资的消费ETF却走出不俗的净值曲线，其背后逻辑 正是基金合同对消费指数的定义范围更新，部分消费ETF所跟踪的指数权重几乎清一色为科技股，一些消费基金则将军工股、半导体、创新药列 入消费行业，使得消费主题基金从投资范围上高度接近科技基金，也反映出科技正成为市场的硬核逻辑与共识。 消费指数挂钩科技 今年8月11日，北京一公募推出的港股消费ETF正式成立，截至9月28日，该产品在运作约50天的时间内仍有1.3%的亏损。与此同时，另一只港股 通消费ETF期间的收益率却达到7.3%。两只港股消费ETF在同一时间内出现近9个百分点的业绩差异。 "这种差异主要取决于基金经理以及指数如何认定消费。"北京一位公募人士告诉证券时报记者，消费的定义是相关基金产品发生业绩差异的核心 原因，今年以来市场的主线逻辑是以人工智能为代表的硬核科技，若将科技股涵盖在消费赛道定义，这会提高消 ...

Core Viewpoint - The performance of consumer-themed funds has improved significantly after expanding and updating the definition of the consumer industry, despite the recent underperformance of heavily weighted consumer stocks in the public market [1][3]. Group 1: Performance of Consumer Funds - Consumer funds have shown a notable divergence in performance, with some actively managed consumer funds and passive consumer ETFs performing well, while traditional consumer stocks face significant adjustment pressure [1][3]. - The performance difference among consumer ETFs is largely attributed to how fund managers define "consumption," with some including technology stocks, which aligns with the current market consensus on technology as a core investment theme [3][4]. Group 2: Fund Manager Strategies - Fund managers have adopted strategies to expand the definition of consumption to include sectors like technology and pharmaceuticals, which has positively impacted fund performance [5][6]. - For instance, the Guorong Huagang Shen Consumer Fund achieved a return of 58.56% this year, largely due to its focus on technology-related stocks, reflecting a shift in the definition of "big consumption" [5]. Group 3: Market Trends and Insights - The current market consensus indicates a shift towards technology and artificial intelligence, with consumer spending showing signs of weakness, as evidenced by a 3.4% year-on-year growth in retail sales, slightly down from July [8]. - Long-term market dynamics are expected to be driven by the decline in risk-free interest rates and the transition of economic drivers, suggesting a potential for asset revaluation [9].

Core Viewpoint - The article emphasizes that new consumption, new technology, and new finance are leading a structural bull market in China, with significant opportunities arising from these sectors as the market evolves [1][3]. Group 1: Market Performance - On August 26, the Shanghai Composite Index reached 3888 points, a ten-year high, with trading volumes in the Shanghai and Shenzhen markets exceeding 2 trillion yuan for several consecutive days, peaking at 3 trillion yuan [3]. - Overall, most major asset classes have seen increases, except for REITs and crude oil, which have experienced notable declines [4]. Group 2: Market Structure and Trends - By mid-2025, the A-share market structure has undergone significant changes, transitioning from a "bank-micro盘" strategy to a clearer investment focus on new consumption and new technology [6]. - The current market structure mirrors that of 2019, characterized by a dual rotation of consumption and technology, but with upgraded components reflecting new trends in consumer behavior and technological advancements [6][10]. Group 3: Investment Opportunities - The new consumption sector includes emerging fields such as the national trend economy, silver-haired economy, and emotional consumption, indicating a shift in consumer preferences and demographics [10]. - The new technology sector focuses on cutting-edge fields like artificial intelligence, autonomous driving, and robotics, supported by increasing policy backing [10]. - Key ETFs to consider in the new consumption space include Hong Kong Stock Connect Consumption ETF (159245.SZ), Hong Kong Consumption 50 ETF (159265.SZ), and Hong Kong Stock Connect Consumption 50 ETF (159268.SZ), which target younger consumer preferences [11][10]. Group 4: Financial Technology and Consumer Electronics - Financial technology ETFs have shown strong performance, with an average increase of over 40% this year, making them a primary choice for investors looking to capitalize on market growth [18][19]. - The consumer electronics sector is entering a new innovation cycle, with major product launches expected in September and October, which could enhance the performance of related supply chain companies [23][25].

Group 1 - The Hang Seng Consumption Index increased by 0.16%, with notable gains from stocks such as Xtep International (+5.12%) and Weilang Delicious (+4.92%) [1] - The Hong Kong Stock Connect Consumption ETF (520620) rose by 0.39%, marking a three-day consecutive increase [1] - The ETF has a trading turnover of 34.93 million yuan, indicating active market participation, with an average daily turnover of 102 million yuan over the past month [3] Group 2 - Pop Mart reported a significant increase in revenue for the first half of the year, achieving 13.876 billion yuan, a year-on-year growth of 204.4%, and a net profit of 4.574 billion yuan, up 396.5% [3] - The top ten weighted stocks in the Hang Seng Consumption Index account for 61.26% of the index, with Pop Mart, Techtronic Industries, and Yum China among the leading companies [4] Group 3 - Recent policies from the Ministry of Finance, the Central Bank, and the Financial Regulatory Bureau support consumer loans, covering key sectors such as automotive, education, and healthcare [3] - Analysts from Zhongtai Securities suggest that the Hong Kong stock market is likely to benefit from the accelerated commercialization of AI and continued inflow of southbound funds, with a positive outlook on technology and consumption sectors [3]

Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a ten-year high since August 2015, while the North Star 50 hit a historical peak. The Shenzhen Composite Index and ChiNext Index also surpassed their previous highs from October 2022. The Shanghai Composite Index rose by 0.85%, the Shenzhen Composite Index increased by 1.73%, and the ChiNext Index gained 2.84%. The total trading volume in the Shanghai and Shenzhen markets reached 27,642 billion, a significant increase of 5,196 billion compared to the previous trading day [1]. ETF Performance - The top-performing ETFs included rare earth and artificial intelligence-related funds, with the rare earth ETF from E Fund (159715) leading with a 6.31% increase, followed closely by another rare earth ETF (159713) at 6.22%. The ChiNext artificial intelligence ETF from Southern Fund (159382) rose by 5.87% [2][3]. Industry Insights - The global liquidity easing expectations have provided support for metal prices, with many metal varieties facing supply rigidity due to capital expenditures. The overall valuation remains low, indicating potential for price increases in the future. The non-ferrous metals sector, particularly rare earths, tungsten, cobalt, and antimony, is expected to see upward momentum due to improved supply-demand dynamics and policy support [3]. - The demand for rare earths is anticipated to improve further due to the development of emerging industries such as new energy and humanoid robots, leading to a more favorable supply-demand balance and long-term price increases [3]. Artificial Intelligence Sector - The AI sector is expected to continue its innovation trajectory in the second half of 2025, accelerating growth across the industry chain. Analysts recommend focusing on the "AI mainline" and see opportunities in AI applications and computing power sectors. The AI sector has not yet reached overheating levels, suggesting further expansion into more AI-related fields [4]. ETF Trading Activity - The Hong Kong Securities ETF (513090) recorded the highest trading volume at 33 billion. Other notable ETFs included the Short-term Bond ETF (211360) and Silver Hua Li ETF (211880) [7][8]. The turnover rate for the Sci-Tech Growth ETF (588070) was the highest at 337% [8]. New ETF Launches - A new AI-focused ETF from Huatai-PineBridge (589560) will begin fundraising, closely tracking the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which includes 30 companies in the AI sector. This index emphasizes semiconductor companies and high R&D investment [9][10].

Group 1 - The S&P Consumer ETF (159529) led the gains with an increase of 10.03% [1] - The S&P 500 ETF (159612) rose by 5.37% [1] - The Oil and Gas Resources ETF (563150) saw an increase of 1.24% [1] Group 2 - The Hong Kong Securities ETF (513090) was the biggest loser, declining by 4.13% [1] - The Hang Seng Consumer ETF (159699) fell by 3.51% [1] - The Hong Kong Stock Connect Consumer ETF (159245) decreased by 3.43% [1]

Core Viewpoint - The Hong Kong stock market's new consumption sector is experiencing significant growth, driven by the emotional spending trends of the younger generation, particularly the Z generation, leading to high performance in stocks like Pop Mart and Lao Pu Gold [1][2]. Group 1: Market Performance - The new consumption sector in the Hong Kong stock market has seen leading stocks like Pop Mart and Lao Pu Gold achieving year-to-date increases of over 160% and 300%, respectively [1]. - The emotional consumption trend among the younger demographic is reshaping the market, with over 40% of their purchasing behavior driven by emotional satisfaction [2]. Group 2: Investment Opportunities - The Hong Kong Stock Connect Consumption ETF (fund code: 159245) is currently being issued, providing investors with a convenient tool to invest in the new consumption sector [1][4]. - The ETF tracks the National Index for Hong Kong Stock Connect Consumption Theme, which captures high-growth trends in the new consumption sector [4]. Group 3: Policy and Capital Flow - Strong underlying consumer demand is complemented by policy incentives and inflows of southbound capital, which are driving the consumption sector's strength [3]. - The "old-for-new" policy has significantly boosted sales, with over 1.1 trillion yuan in sales generated from five major categories by May 31 [3]. - Southbound capital has accelerated its inflow into Hong Kong stocks, with net purchases exceeding 610 billion yuan by June 3, focusing on non-essential consumption and technology sectors [3]. Group 4: Future Outlook - The current period is seen as an optimal time to invest in the Hong Kong new consumption sector, with clear signs of consumption recovery and improving liquidity in the market [4]. - The leading new consumption companies are still in the early stages of overseas expansion, indicating substantial growth potential [4].

Group 1 - The core theme of the article is the significant structural opportunities in the Hong Kong stock market, particularly in five key sectors: internet, innovative pharmaceuticals, smart vehicles, new consumption, and dividend assets [2][5] - The penetration rate of autonomous driving has just surpassed 10%, which is a critical point that is expected to accelerate the adoption of electric vehicles and drive growth in the automotive sector [9][8] - The Hong Kong stock market is seeing a continuous inflow of southbound funds, which, along with the deepening of scarce industry layouts, is expected to make related ETF products strategic tools for capturing market dividends [2][3] Group 2 - The performance of various ETFs in the Hong Kong market shows strong returns, with the Hong Kong Internet ETF achieving a net return of 62.28% over the past year, and the Hong Kong Medical ETF returning 40.60% [3][4] - The innovative pharmaceutical sector is experiencing a significant growth rate, with spending on innovative drugs expected to increase by 26%, driven by a supply-demand imbalance [7][6] - The automotive sector is benefiting from the rise of domestic brands, with electric vehicle sales continuing to grow and the market share of domestic brands increasing at the expense of joint venture brands [9][8] Group 3 - The upcoming Hong Kong Consumption ETF aims to fill a gap in the market by focusing on pure consumption stocks, addressing the changing consumer habits that are not reflected in existing indices [11] - The Hong Kong Dividend ETF is designed to effectively eliminate value trap stocks, providing a more stable investment option compared to traditional high-dividend indices [12] - The index for the Hong Kong Automotive ETF is structured to prioritize core automotive companies, reflecting the growth logic of domestic brands in the electric vehicle market [10][9]

从沉浸式IP主题展览到商场限时盲盒快闪店，从传统黄金工艺展示坊到新式茶饮概念门店，这些新兴消 费场景的涌现，无不彰显着当代消费者，特别是年轻群体对创新消费体验的热切追捧。在此背景下，港 股新消费板块异军突起，以泡泡玛特、老铺黄金、蜜雪集团为代表的港股新消费代表公司表现尤为抢 眼。这些企业不仅在业绩端实现突破性增长，其股价走势更是亮眼。 今年以来，港股消费板块表现抢眼。国务院"以旧换新"资金加码至3000亿元，叠加今年以来南向资金净 流入超6100亿元，为港股注入强劲流动性。市场端，以"港股新消费"代表 老铺黄金、泡泡玛特、蜜雪 集团的新消费龙头股价屡创新高印证港股新消费的稀缺性与高成长性。在此背景下，港股通消费ETF （基金代码：159245）于5月26日正式发行，为投资者提供一键布局港股新消费核心资产的便捷工具。 新消费赛道崛起 南向资金持续加码 在经济转型的浪潮中，新消费领域正在迎来全新的投资机遇。Z时代主导的"悦己经济"正在催生出一条 以"精神刚需"为核心的新消费赛道。 第三，估值与资金共振，为投资者提供较高安全边际与弹性空间。近年来，港股通消费指数业绩表现亮 眼，具备较强的反弹势能。Wind数据显示， ...