作者|深鹏 数据支持 | 勾股大数据（www.gogudata.com） 虽然受到海外问题频发，海外股指期货普跌的影响，今早港股三大指数集体低开。 但港股的消费板块，却出现逆势上涨。 其中，港股通消费ETF易方达(513070)涨1.75%。 究竟什么原因？ 01 消费板块上涨 盘面上，科网股普跌，石油股、内房股也普遍低开，但泡泡玛特这类消费股，却逆势高开逾5%，并全 天维持强势，股价盘中一度涨超10%。 消息面上，1月19日，泡泡玛特发布公告，公司斥资约2.51亿港元在二级市场回购140万股公司股份。 摩根士丹利评论了此事，认为这是泡泡玛特自2024年初以来首次回购股份，此举预计能吸引更多投资者 关注，尤其是那些等待股价催化剂的投资者。 其实，这并非泡泡玛特首次与手机商合作。 2025年8月，旗下人气IP ZSIGA与vivo在东南亚合作推出系列周边； 2024年8月，旗下人气IP SKULLPANDA与华为合作推出联名款蓝牙耳机。 此外，1月19日荣耀还与保时捷设计联合发布了荣耀Magic 8 RSR保时捷设计款手机，不过这与泡泡玛特 股价上涨并无直接关联，却从侧面反映出荣耀在跨界合作上的积极布局。 摩根 ...

Core Insights - The Hong Kong stock market experienced a collective pullback, with various indices showing declines, including a 0.9% drop in the Consumer Theme Index and a 2.6% drop in the Internet Index [1][5] - The Hang Seng Technology ETF and the Hong Kong Internet ETF have seen significant capital inflows, reaching historical highs of 22.47 billion and 5.35 billion respectively [1] - Huatai Securities suggests 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 improve further [1] Index Performance - The Hang Seng New Economy Index, which tracks the largest 50 stocks in the "new economy" sector, fell by 2.5% and has a rolling P/E ratio of 26.8 times [2] - The Hang Seng Technology Index, consisting of the largest 30 technology-related stocks, also dropped by 2.5% with a rolling P/E ratio of 24.6 times [3] - The Hong Kong Internet Index, tracking 30 leading internet companies, decreased by 2.6% and has a rolling P/E ratio of 26.5 times [5] - The Consumer Theme Index, which includes 50 major consumer stocks, fell by 0.9% with a rolling P/E ratio of 22.8 times [6]