消息面上，政策提出，要抢抓市场拓展发展空间，密切关注宏观形势，加强行业运行结构性、趋势性分 析，加大滚动监测力度，提升产供储销各环节的反应灵敏度。要探索运用各种大数据模型和行业模型， 精准捕捉潜在市场需求，创新提升商品和服务品质，培育壮大文旅、数字、健康等消费新场景，努力形 成新的增长点。 华源证券指出，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，在美护方面，建议关注 基于较高专业性与创新性的优质国货品牌；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；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；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。 截至2025年12月24日 09:52，中证沪港深线上消费主题指数(931481)下跌0.51%。成分股方面涨跌互现， 浙数文化(600633)领涨1.84%，万润科技(002654)上涨1.41%，中国电影(600977)上涨0.92%；巨人网络 (002558)领跌4.47%，恺英网络(002517)下跌 ...

Group 1 - JD's "Double 11" sales reached a new high with order volume increasing nearly 60% year-on-year, showcasing significant growth in core metrics such as order peak, logistics efficiency, and merchant revenue [1] - JD's AI has transitioned from being an "auxiliary tool" to a "productivity tool," with the JoyAI system deeply integrated into JD's super supply chain [1] Group 2 - 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 Alibaba, Tencent, Kuaishou, Meituan, and JD Health [2] - The index reflects the overall performance of companies involved in online shopping, digital entertainment, online education, and telemedicine in the Hong Kong and mainland markets [1][2] Group 3 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) saw a decline of 0.42%, with component stocks showing mixed performance; Ping An Good Doctor led with a 4.96% increase, while Miniso fell by 2.80% [1] - The Online Consumption ETF (159793) decreased by 0.19%, with a recent price of 1.06 yuan, but has seen a cumulative increase of 6.31% over the past three months [1] Group 4 - The performance of individual stocks within the top ten weighted stocks showed varied results, with Alibaba down 1.72%, Tencent down 0.91%, and JD Health up 0.54% [4] - The weightings of the top stocks indicate their influence on the index, with Alibaba holding the highest weight at 11.77% [4]

Group 1 - Tencent Video has established an AI Film Expression Studio to enhance productions such as "The Three-Body Problem" and "Strange Stories from a Chinese Studio" through AI technology [1] - The domestic AI ecosystem is rapidly evolving, with significant acceleration observed in large models, computing power, and applications [1] - The online consumption ETF fund (159793) is positioned to benefit from the explosion of AI applications [1] Group 2 - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) includes 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of these sectors in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shanghai Online Consumption Theme Index account for 55.76% of the index, with Alibaba-W (09988) and Tencent Holdings (00700) being the top two [2][4]

Group 1 - The domestic AI industry chain is accelerating, with significant developments in large models, computing power, and applications [1] - The online consumption ETF fund (159793) is positioned to benefit from the explosion of AI applications, having recently increased by 0.18% [1] - As of October 27, 2025, the online consumption ETF fund has seen a cumulative increase of 3.01% over the past week [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) account for 55.76% of the index [2] - The top ten stocks include Alibaba-W (09988), Tencent Holdings (00700), Kuaishou-W (01024), Meituan-W (03690), and JD Health (06618) [2] - The weightings of the top stocks are as follows: Alibaba-W (11.77%), Tencent Holdings (10.24%), and Kuaishou-W (6.37%) [4]

Core Insights - The China Securities Index for online consumption (931481) has shown a positive trend, increasing by 0.83% as of October 23, 2025, with notable gains in constituent stocks such as Meituan-W (up 6.04%) and Jiecheng Co. (up 3.90%) [1] - The online consumption ETF fund (159793) has also risen by 0.65%, reflecting a cumulative increase of 0.66% for the month [1] - The index comprises 50 companies from mainland China and Hong Kong, focusing on sectors like online shopping, digital entertainment, online education, and telemedicine [1] Company Performance - The top ten weighted stocks in the online consumption index account for 55.76% of the total index weight, with Alibaba-W and Tencent Holdings being the largest contributors [2] - The performance of key stocks includes Tencent Holdings (up 1.68%, weight 9.65%), Alibaba-W (up 1.73%, weight 9.25%), and Meituan-W (up 6.04%, weight 8.37%) [3]

Group 1 - OpenAI has tightened regulations on its AI video generation application Sora to prevent deepfake content, collaborating with actor Bryan Cranston and the SAG-AFTRA union [1] - As of October 20, 2025, the CSI Online Consumption Theme Index (931481) rose by 1.47%, with notable increases in stocks such as Bilibili-W (6.88%) and Kuaishou-W (3.04%) [1] - The CSI Online Consumption ETF (159793) increased by 1.60%, reaching a latest price of 1.08 yuan, and has seen a cumulative rise of 10.95% over the past three months [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Online Consumption Theme Index accounted for 55.76% of the index, including Alibaba-W, Tencent Holdings, and Kuaishou-W [2] - The weight and performance of key stocks in the index include Tencent Holdings (1.35%), Alibaba-W (3.03%), and Meituan-W (1.60%) [4]

Group 1 - The 2025 World VR Industry Conference will be held in Nanchang from October 19 to 20, focusing on major tech companies like Huawei, Apple, Alibaba, Xiaomi, and Lenovo, as well as leading AR glasses innovators such as XREAL and Rokid, showcasing the latest product technologies and innovative application scenarios [1] - As of October 17, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has decreased by 1.68%, with mixed performance among constituent stocks; Kid King (301078) led with a rise of 2.36%, while Donghua Software (002065) fell by 4.17% [1] - The Online Consumption ETF (159793) has dropped by 2.02%, with the latest price at 1.07 yuan, but has seen a cumulative increase of 2.54% since the beginning of October 2025 [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 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] - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index include Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024), with the top ten stocks accounting for 55.76% of the index [2] - The weight and performance of key stocks in the index show declines, with Tencent Holdings down by 1.05% and Alibaba-W down by 2.73%, indicating a challenging market environment for these major players [4]

Group 1 - The China Securities Index for online consumption (931481) decreased by 1.85% as of September 26, 2025, with mixed performance among constituent stocks [1] - Wanrun Technology (002654) led the gains with an increase of 3.46%, while Jibite (603444) experienced the largest decline at 6.81% [1] - The online consumption ETF (159793) fell by 1.71%, with the latest price at 1.15 yuan, but showed a 2.19% increase over the past week [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the online consumption index accounted for 51.84% of the total index weight [2] - Tencent Holdings (00700) holds the highest weight at 9.65%, followed by Alibaba-W (09988) at 9.25% and Meituan-W (03690) at 8.37% [4] - Other notable stocks include Kuaishou-W (01024) at 6.05% and JD Health (06618) at 3.98% [4]

Group 1 - The National Press and Publication Administration approved 145 domestic online games as of September 24, 2025, indicating a positive trend in the gaming industry [1] - The CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) rose by 0.51% as of September 25, 2025, with notable increases in stocks such as Perfect World (up 4.72%) and Kying Network (up 3.77%) [1] - The Online Consumption ETF Fund (159793) increased by 1.21%, reaching a latest price of 1.17 yuan, and has seen a cumulative rise of 4.81% over the past two weeks [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index accounted for 51.84% of the index, with Tencent Holdings and Alibaba-W being the top two [2] - The weightings of the top ten stocks include Tencent Holdings at 9.65%, Alibaba-W at 9.25%, and Meituan-W at 8.37%, reflecting their significant influence on the index [4]

Group 1 - The Ministry of Commerce and nine other departments released policies on September 16 to expand service consumption, focusing on orderly opening in internet, culture, telecommunications, healthcare, and education sectors [1] - The policies aim to promote digital service consumption and encourage e-commerce platforms to innovate in online and offline integration, supporting the digital transformation of life service enterprises [1] - As of September 17, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) rose by 0.46%, with notable increases in stocks such as Meituan-W (up 3.99%) and Alibaba-W (up 3.00%) [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index accounted for 51.84% of the index, including Tencent Holdings, Alibaba-W, and Kuaishou-W [2]