(原标题：荣旗科技新设子公司，含AI软件开发业务) 市盈率： 20.71倍 资金流向: 最新份额为108.8亿份,减 少了1.0亿份,净申 赎-5890.6万元。 估值分位:21.11% 游戏ETF (产品代码：159869) 企查查APP显示，近日，荣旗工业科技（北京）有限公司成立，经营范围包含：人工智能区用软件开发；人工智能行业应用系统集成服务；信息 系统集成服务；工业机器人销售等。企查查股权穿透显示，该公司由荣旗科技（301360）全资持股。 相关ETF 食品饮料ETF (产品代码: 515170) ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: -2.22% ★ 跟踪：上证科创板50成份指数 近五日涨跌: -4.36% 市盈率:145.83倍 资金流向: 最新份额为532.6亿份, 增 加了17.6亿份，净申赎24.0 亿元。 ★ 跟踪：中证动漫游戏指数 近五日涨跌: -2.82% 市盈率：34.34倍 资金流向: 最新份额为81.1亿份,减少 了8000.0万份,净申赎-1.0 亿元。 估值分位: 47.96% 科创50ETF (产品代码: 588000) 估值分位: 94.44% 云计算50 ...

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 ...

Core Viewpoint - The A-share bull market is experiencing distinct sector rotation characteristics, with previously popular sectors like AI and new energy undergoing adjustments, while the food and beverage sector, which has underperformed, is becoming a key target for capital seeking safe havens and rebound opportunities [1] Sector Analysis - The AI hardware sector is currently in a sideways consolidation phase due to concentrated profit-taking [1] - The new energy sector leaders have also shown signs of profit-taking, prompting some funds to seek new value opportunities [1] - The food and beverage sector has seen a nearly 5% decline this year, significantly underperforming the broader market, establishing itself as a low-valuation sector with high safety margins [1] Investment Trends - The food and beverage sector, characterized by essential consumption attributes, is expected to continue benefiting from capital inflows as a core asset for risk-averse investors [1] - On November 17, the food and beverage ETF (515170) recorded a net inflow of over 360 million yuan, marking three consecutive days of net inflows [1] ETF Insights - The food and beverage ETF (515170) tracks the CSI segmented food and beverage industry index, focusing on high-barrier and resilient sectors such as liquor, beverages, and seasoning products [1] - The top ten constituent stocks include major brands like "Moutai, Wuliangye, Luzhou Laojiao, and Yanghe," providing investors with a convenient way to access core assets in the food and beverage sector [1] - Compared to the high minimum investment thresholds of individual constituent stocks, the ETF serves as an accessible investment tool for smaller capital [1]

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]

Core Viewpoint - The A-share market is experiencing an overall adjustment with all three major indices declining, while the consumer sector shows strength driven by improved domestic demand and the upcoming consumption peak season [1] Market Performance - From November 10 to 14, the A-share market saw a decline in all three major indices, with the ChiNext Index leading the drop [1] - The consumer sector, particularly retail and food and beverage industries, is expected to see significant performance growth due to the positive impact of the October CPI turning positive and the arrival of the year-end consumption peak [1] Investment Trends - Market funds are shifting focus towards more cost-effective and certain investment directions amid overseas market volatility and high differentiation within the technology sector [1] - The consumer sector has been under adjustment for a long time, leading to relatively low valuations that are attracting institutional fund inflows [1] Future Outlook - As a core representative of domestic demand, the food and beverage sector is expected to benefit directly from improvements in the economic fundamentals and the recovery of consumer confidence [1] - In the medium to long term, the consumer sector's investment value is becoming increasingly prominent, with the current timing seen as a potential window for long-term positioning [1] Related ETFs - Food and Beverage ETF (515170) [1] - Consumer 30 ETF (510630) [1]

Core Viewpoint - The Federal Reserve's hawkish signals amid weakening U.S. employment data and manageable inflation have significantly reduced the probability of a rate cut in December, leading to a global stock market adjustment [1] Market Reaction - Major indices in the Asia-Pacific region, including Nikkei 225, Seoul Composite Index, Shanghai Composite Index, Shenzhen Component Index, and Hang Seng Index, experienced collective adjustments [1] - Concerns over valuation bubbles in the technology sector have emerged, while relatively undervalued sectors such as consumer goods and finance show resilience [1] Sector Performance - Concepts like winter tourism and duty-free shops have become active, with food and beverage ETFs (515170) and tourism ETFs (562510) briefly turning positive during trading [1] - According to Zhongyin International, the previously leading technology sector has entered a consolidation phase, and with the end of Q3 earnings disclosures, the market is entering an earnings vacuum period [1] Consumer Sector Outlook - The trend of CPI recovery is beginning to show, with a high correlation between essential consumer market performance and CPI year-on-year [1] - The profitability-valuation ratio comparison indicates a clear advantage for consumer styles, suggesting that under multiple catalysts, the consumer sector may experience a rotation and rebound opportunity [1]

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 Insights - The food and beverage sector is experiencing significant capital inflow, with a notable rise on November 10, leading the market. The food and beverage ETF (515170) has surpassed 6 billion, indicating a strong demand from institutions to replenish low-priced consumer stocks [1] - This trend is driven by institutions' rational reallocation of assets after being cautious about high-valuation technology stocks. Amidst capital outflows from previously popular sectors, the food and beverage sector has attracted new funds due to its valuation advantages, providing strong support for the sector's valuation recovery [1] - The current food and beverage sector offers a rare "high cost-performance" option in the market, making it highly attractive for investors seeking stable returns. This valuation gap presents significant allocation appeal [1] Sector Overview - The food and beverage ETF (515170) tracks the CSI segmented food and beverage industry theme index, focusing on high-barrier and resilient segments such as liquor, beverages, dairy products, and seasoning. The top ten constituent stocks include major brands like "Moutai, Wuliangye, Luzhou Laojiao, and Yanghe," allowing investors to easily access core assets in the "food and beverage sector" [1] - Compared to the high minimum investment thresholds of its constituent stocks, which can reach tens of thousands or even hundreds of thousands, the ETF serves as a convenient tool for small capital investors to participate in sector investments [1]

Core Insights - Moutai's Q3 2025 performance meeting conveyed positive signals for the industry, with the series liquor segment successfully breaking through via a "control quantity and maintain price + deepening scenarios" strategy, providing a new paradigm for long-term growth in the food and beverage sector [1] - Data shows that from September to October, Moutai 1935's terminal sales significantly increased year-on-year, while the inventory-to-sales ratio of other series liquor channels declined, confirming the effectiveness of the company's strategies in addressing industry challenges [1] - Instead of relying on price wars, Moutai focused on transforming consumption scenarios by innovating around "business + life" contexts, activating consumer demand and complementing its series liquor business with Feitian Moutai, injecting sustained growth momentum [1] - The company's strategic breakthrough not only highlights the operational wisdom of leading enterprises but also reflects an upgrade in investment logic within the food and beverage sector [1] - With the dual drivers of consumption structure upgrades and scenario recovery, companies that can adapt to market changes through product innovation and deepening scenarios will continue to unlock growth potential [1] - As terminal sales gradually recover and the industry ecosystem continues to optimize, the growth certainty of the food and beverage sector is increasing, making it a field with strong allocation value in the current market [1] Industry Insights - The food and beverage ETF (515170) tracks the CSI segmented food and beverage industry theme index, focusing on high-barrier and resilient sectors such as liquor, beverages, dairy products, and seasoning fermentation products [2] - The top ten constituent stocks include major brands like Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, providing investors with a convenient tool to access core assets in the "food and beverage" sector [2] - Compared to the high minimum investment thresholds of its constituent stocks, the ETF offers a more accessible option for small capital investors to participate in sector investments [2]

Group 1 - The current demand for liquor is at a historical low, with limited downside risks, supported by a relatively loose policy environment that lays the foundation for consumption recovery [1] - More supportive policies are expected to be introduced, aiding in the gradual stabilization and recovery of liquor demand, which may see a slow upward trend in the future [1] - Short-term demand is expected to be rigid, particularly in banquet scenarios, due to a low base in the same period, while mid-term policy stimuli may stabilize high-end liquor demand [1] Group 2 - The liquor industry's performance is anticipated to show a pattern of initial decline followed by recovery in the second and third quarters, supported by a low base [1] - In the current industry cycle bottom, smaller enterprises are accelerating their exit, while leading companies are expected to enhance their market share due to superior organizational management and strong risk resistance capabilities [1] - The industry currently exhibits significant valuation advantages, with leading liquor companies possessing medium to long-term investment value [1] Group 3 - The policy framework is increasingly focused on reinforcing the "domestic circulation" strategy, utilizing targeted measures such as consumption subsidies and tax incentives to promote domestic demand structure upgrades [1] - Current policies emphasize the connection between the "external demand easing period" and the "internal demand cultivation period," allowing for rapid policy activation to counter external impacts if U.S. tariff policies fluctuate [1] - This combination of "short-term relief and mid-term transformation" policies signifies that the country is accelerating the construction of a more resilient economic development system [1]