截至2025年12月31日 09:58，中证沪港深线上消费主题指数(931481)上涨0.15%，成分股蓝色光标 (300058)上涨13.96%，易点天下(301171)上涨5.53%，中公教育(002607)上涨3.42%，汤姆猫(300459)上涨 3.13%，科大讯飞(002230)上涨2.76%。线上消费ETF基金(159793)上涨0.10%，最新价报1.02元。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港 市场中选取50只主营业务涉及线上购物、数字娱乐、在线教育以及远程医疗等领域上市公司证券作为指 数样本，以反映内地与香港市场线上消费主题上市公司证券的整体表现。 数据显示，截至2025年11月28日，中证沪港深线上消费主题指数(931481)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、美团-W(03690)、快手-W(01024)、京东健康(06618)、巨人网络(002558)、 哔哩哔哩-W(09626)、科大讯飞(002230)、昆仑万维（维权）(300418)、恺英网络(002517)，前十大权重 股合计占比5 ...

Core Insights - The concept of "reward economy" is gaining traction, defined as consumers purchasing non-essential goods or experience services to cope with work-life stress and fulfill psychological needs, leading to immediate gratification and self-affirmation [1] Group 1: Market Performance - As of December 23, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) shows mixed performance among its constituent stocks, with Perfect World (002624) leading at a 2.74% increase, followed by Kaiying Network (002517) at 1.79%, and Gome Retail (06808) at 1.69% [1] - The Online Consumption ETF (159793) is currently priced at 1.01 yuan [1] Group 2: Index Composition - The CSI Hong Kong-Shenzhen Online Consumption Theme Index comprises 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - The top ten weighted stocks in the index include Alibaba-W (09988), Tencent Holdings (00700), Meituan-W (03690), Kuaishou-W (01024), JD Health (06618), Giant Network (002558), Bilibili-W (09626), iFLYTEK (002230), Kunlun Wanwei (300418), and Kaiying Network (002517), collectively accounting for 55.21% of the index [2]

Core Insights - The online consumption theme index (931481) has shown a positive trend, with significant increases in key component stocks such as Yonghui Supermarket (up 4.55%) and Kid King (up 4.34%) [1] - AI tools have become integral to the e-commerce landscape, enhancing user experience and operational efficiency during the 2025 Double 11 shopping festival [1] - The online retail sector in China has seen a year-on-year growth of 5.7%, with the online retail sales of physical goods reaching 11.82 trillion yuan, indicating a strong consumer demand [2] Group 1: Market Performance - The online consumption ETF fund (159793) has risen by 0.30%, marking its third consecutive increase, with the latest price at 1.01 yuan [1] - The top ten weighted stocks in the online consumption theme index account for 55.21% of the index, with major players including Alibaba-W, Tencent Holdings, and Meituan-W [3] Group 2: E-commerce Trends - AI tools launched by Alibaba have significantly improved click-through rates and return on investment for merchants, with a 10% increase in total clicks and a 12% rise in ROI [1] - The e-commerce platforms are focusing on enhancing user experience and operational efficiency rather than just scaling, which is beneficial for the long-term health of the industry [2]

Core Viewpoint - The online consumption theme index has shown strong performance, driven by the rise of AI applications and supportive macroeconomic policies, indicating potential growth in the sector [1][2]. Group 1: Market Performance - As of November 24, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) surged by 3.93%, with notable gains in constituent stocks such as BlueFocus (300058) up 20.02%, and Kuaishou-W (01024) [1]. - The Online Consumption ETF (159793) increased by 3.04%, closing at 1.05 yuan [1]. Group 2: AI Application Impact - The rapid growth of the Qianwen App, which surpassed 10 million downloads in just one week, has positioned it as the fastest-growing AI application, outpacing competitors like ChatGPT and Sora [1]. - Google's release of the new image generation model, Nano Banana Pro, further emphasizes the momentum in AI applications, contributing to the rise in online consumption [1]. Group 3: Future Outlook - Looking ahead to 2026, there is an expectation of macroeconomic improvement, with potential regulatory easing and the implementation of consumer stimulus policies, which may sustain consumption growth [2]. - The development of AI technology is anticipated to enhance digital transformation for businesses, improving consumer experiences [2]. - The online consumption ETF closely tracks the CSI Hong Kong-Shenzhen Online Consumption Theme Index, which includes 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [2]. Group 4: Index Composition - As of October 31, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index accounted for 55.69% of the index, including major players like Alibaba-W (09988) and Tencent Holdings (00700) [3].

Core Insights - Tmall achieved its best growth in four years during the Double 11 shopping festival, with nearly 600 brands surpassing 100 million in sales and significant year-over-year growth for many brands [1] - The China Securities Index for online consumption shows mixed performance among its constituent stocks, with BlueFocus leading the gains [1][2] - Structural opportunities in the consumption chain are emerging due to ongoing growth policies, with service consumption and online shopping showing resilience [1] Group 1: Tmall Double 11 Performance - Tmall's Double 11 event saw 34,091 brands doubling their sales compared to last year, with 18,048 brands growing over three times and 13,081 brands growing over five times [1] - Major brands like Apple, Haier, and Xiaomi each surpassed 1 billion in sales during the event [1] - Tmall's president attributed the growth to support for quality brands and significant consumer investment [1] Group 2: Online Consumption Index - The CSI Online Consumption Theme Index includes 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [2] - As of October 31, 2025, the top ten weighted stocks in the index accounted for 55.69% of the total index weight [2] - The top stocks include Alibaba, Tencent, and Kuaishou, with Alibaba holding an 11.77% weight despite a slight decline [4]

Core Insights - The domestic AI ecosystem is rapidly improving, with significant acceleration in the AI industry chain, including large models, computing power, and applications [1] - The online consumption ETF fund (159793) is positioned as an AI application ETF and is expected to benefit from the explosion of AI applications [1] Group 1: ETF Performance - As of November 11, 2025, the online consumption ETF fund has seen a cumulative increase of 6.09% over the past three months [1] - The fund's management fee is 0.50%, and the custody fee is 0.10% [1] - The tracking error for the fund over the past month is 0.050% [1] Group 2: Index Composition - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) includes 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [2] - The top ten weighted stocks in the index account for 55.69% of the total index weight, with Alibaba-W (09988) and Tencent Holdings (00700) being the top two [2] Group 3: Stock Performance - The performance of the top ten stocks in the index shows mixed results, with Alibaba-W down 1.68% and Tencent Holdings up 0.92% [3] - JD Health (06618) has increased by 4.15%, while Kuaishou-W (01024) has risen by 1.44% [3]

Group 1 - Short dramas are emerging as a new battleground for e-commerce during the "Double 11" shopping festival, with e-commerce and content platforms competing in this new arena [1] - The integration of short dramas with e-commerce is gaining momentum, serving as a comprehensive medium for brand marketing, user retention, and consumer conversion [1] - As of November 4, 2025, the China Securities Index for online consumption (931481) shows mixed performance among its constituent stocks, with China Film leading at a 5.19% increase [1] Group 2 - The online consumption ETF fund closely tracks the China Securities Index for online consumption, which includes 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 55.69% of the total, with Alibaba-W and Tencent Holdings being the largest contributors [2] - The latest data shows that the online consumption ETF fund has reached a new high in scale at 29.46 million yuan [1]

Core Insights - The China Securities Index for online consumption (931481) has shown a 0.70% increase as of October 31, 2025, with notable gains in constituent stocks such as Kunlun Wanwei (300418) up by 4.27% and Yidian Tianxia (301171) up by 4.13% [1][2] - The online consumption ETF fund (159793) has risen by 1.48%, with a latest price of 1.1 yuan, and has accumulated a 1.60% increase for the month as of October 30, 2025 [1] - The index comprises 50 listed companies from mainland China and Hong Kong, focusing on sectors like online shopping, digital entertainment, online education, and telemedicine [1] Index Composition - As of September 30, 2025, the top ten weighted stocks in the online consumption index account for 55.76% of the total index, with Alibaba-W (09988) and Tencent Holdings (00700) being the largest contributors [2] - The weightings of the top ten stocks are as follows: Alibaba-W (11.77%), Tencent Holdings (10.24%), Kuaishou-W (6.37%), Meituan-W (5.50%), JD Health (4.86%), Giant Network (3.82%), Bilibili-W (3.74%), iFLYTEK (3.52%), Kaiying Network (2.98%), and Kunlun Wanwei (2.69%) [4]

Core Insights - The usage of Doubao large model has surged from 120 billion tokens in May 2024 to over 30 trillion tokens in September 2025, marking a 253-fold increase, indicating rapid growth in the domestic AI ecosystem [1] - The online consumption ETF fund is positioned to benefit from the explosion of AI applications, reflecting the acceleration in the AI industry chain, including large models, computing power, and applications [1] - As of October 20, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index has risen by 2.12%, with notable increases in constituent stocks such as Guomai Culture (up 7.19%) and Bilibili (up 4.11%) [1] Index Performance - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index account for 55.76% of the index, including Alibaba, Tencent, Kuaishou, and Meituan [2] - The online consumption ETF fund closely tracks the CSI Hong Kong-Shenzhen Online Consumption Theme Index, which includes 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine [1] Stock Performance - Notable stock performances include Tencent Holdings (up 2.71% with a weight of 9.65%), Alibaba (up 4.02% with a weight of 9.25%), and Meituan (up 1.75% with a weight of 8.37%) [4] - The online consumption ETF fund has seen a cumulative increase of 9.28% over the past three months, reflecting strong market interest [1]

Market Performance - The A-share market has regained upward momentum, with the Shanghai Composite Index closing above the 3900-point mark, increasing by 1.22% [1] - The Shenzhen Component Index rose by 1.73%, and the ChiNext Index increased by 2.36%, with total trading volume in the Shanghai and Shenzhen markets reaching 2,072.9 billion [1] ETF Performance - The CSI A100 Index ETF (561770) saw a significant increase of 4.34%, leading the top-performing ETFs [2] - Other notable ETFs include the Automotive Parts ETF (562700) and Online Consumption ETF (159793), which also rose over 4% [2] Automotive Industry Insights - In September, China's automotive production and sales reached 3.276 million and 3.226 million units, respectively, marking year-on-year growth of 17.1% and 14.9% [3] - New energy vehicle production and sales hit record highs of 1.617 million and 1.604 million units, with year-on-year growth of 23.7% and 24.6% [3] - Market sentiment is cautious due to rising trade tensions with the U.S., but the traditional automotive sector remains less affected compared to robotics and AIDC sectors [3] Sector Performance - The rare metals sector experienced a collective pullback, with several ETFs in this category showing declines [4][5] - Despite this, the overall global asset market is trending upwards, particularly in the renewable energy-related sectors, driven by increased demand for new energy vehicles and storage solutions [6] Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume, amounting to 45.686 billion [7] - The turnover rate for the China-Korea Semiconductor ETF (513310) was notably high at 249%, indicating strong trading activity [8]