9月22日，恒生指数开盘跌0.32%，恒生科技指数开盘跌0.68%，国企指数开盘跌0.42%。消费股普遍低 迷，安踏体育跌超4%；科网股分化，快手低开6.3%，针对热搜榜单炒作不良信息问题，网信部门约谈 微博、快手平台。安踏体育低开4.6%，旗下品牌始祖鸟的喜马拉雅山脉烟花表演引发争议。医药股普 遍回升，诺诚健华涨超3%；鸿腾精密高开近7%逼近历史高点。港股消费板块盘中持续震荡，港股消费 ETF（513230）现跌至0.5%附近。 港股消费ETF（513230）一键网罗港股互联网消费龙头。 相关热门ETF： 旅游ETF（562510）或受中秋国庆双节假期催化； 食品饮料ETF（515170）一键配置"吃喝板块"核心资产； 消费30ETF（510630）涵盖白酒、食品、美容护理、生物科技等细分板块； 消息面上，前8个月上海离境退税商品金额逾20亿元，超去年全年总量。今年以来，上海口岸离境退税 政策红利持续释放，激发了境外旅客消费活力。9月19日，从上海海关获悉，今年前8个月，上海海关验 核离境退税申请单达9.66万票、商品金额20.7亿元，同比分别增长1.68倍、83%，均已超去年全年总 量，成为消费增长新亮点 ...

Core Viewpoint - The Hong Kong stock market is showing signs of recovery with the Hang Seng Index up by 0.12%, driven by a rise in consumer stocks as the National Day and Mid-Autumn Festival holidays approach, indicating a peak in domestic tourism consumption [1] Group 1: Market Performance - The three major indices in the Hong Kong stock market rebounded, with the Hang Seng Index increasing by 0.12%, the Hang Seng China Enterprises Index rising by 0.35%, and the Hang Seng Tech Index up by 0.62% [1] - The Hong Kong consumer sector is experiencing a notable increase, with the Hong Kong Consumer ETF (513230) rising nearly 1.5% [1] Group 2: Tourism Trends - The latest data from Mafengwo indicates a diversified demand for travel during the upcoming holidays, with a growing interest in autumn sightseeing, niche destinations, and a sustained trend in self-driving and outdoor activities [1] - The outbound long-distance travel market is showing significant recovery, and AI tools are becoming essential for trip planning, reflecting new trends in holiday tourism consumption [1] Group 3: Investment Opportunities - Longjiang Securities identifies three potential directions for the Hong Kong stock market to reach new highs: 1. AI technology and new consumption sectors have considerable growth potential, likely to drive market increases [1] 2. Continuous inflow of southbound capital into Hong Kong stocks, enhancing marginal pricing power, especially if domestic low-interest rates persist [1] 3. The transmission from broad monetary policy to broad credit, alongside potential US interest rate cuts improving global liquidity, could support further market growth [1] Group 4: Related ETFs - The Tourism ETF (562510) may benefit from the dual holiday effect of the Mid-Autumn Festival and National Day [2] - The Food and Beverage ETF (515170) offers a one-click investment in core assets of the "food and drink sector" [2] - The Consumption 30 ETF (510630) includes segments such as liquor, food, beauty care, and biotechnology [2] - The Hong Kong Consumer ETF (513230) aggregates leading internet consumption stocks in Hong Kong [2]

Group 1 - The central viewpoint of the news is the announcement of policies aimed at expanding service consumption, with a focus on enhancing service supply capabilities and stimulating new consumption growth through fiscal and financial measures [1] - Local policies in Shaoxing, Zhejiang, include subsidies for hosting banquets in hotels, with a maximum subsidy of 5,000 yuan for events with five tables or more and a total expenditure of at least 10,000 yuan [1] - The policies are expected to directly stimulate demand for white wine during the upcoming Mid-Autumn Festival and National Day holidays, benefiting both banquet consumption and suppliers in the industry [1] Group 2 - Relevant ETFs that may benefit from the upcoming holidays include the Tourism ETF (562510), Food and Beverage ETF (515170), Consumption 30 ETF (510630), and Hong Kong Stock Consumption ETF (513230) [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the new energy sector, particularly in battery, energy storage, and photovoltaic industries, with the electric equipment index rising over 4% [1] - The consumption sector is experiencing a downturn, with tourism and food and beverage stocks declining, as evidenced by the food and beverage ETF (515170) dropping over 1% [1] - The tourism ETF (562510) also saw a decline of over 1%, with notable drops in stocks such as Tibet Tourism, Nanjing Commercial Travel, and Changbai Mountain [1] Group 2 - Data from Hanglv Zongheng indicates that domestic flight ticket bookings for the upcoming Mid-Autumn and National Day holidays have exceeded 2.08 million, representing a 23% increase in daily bookings compared to the same period last year [1] - International flight ticket bookings have surpassed 1 million, with a 17% increase in daily bookings compared to last year [1] - The trading activity in the tourism sector is expected to remain high as the long holidays approach, with previous major holidays showing a trend of increased per capita spending [1]

Core Viewpoint - The food and beverage sector has entered a deep value zone, with current valuations at a bottom position, indicating that significant downside risks have been largely digested, awaiting recovery opportunities [1] Policy Impact - The implementation of the "Personal Consumption Loan Interest Subsidy Policy" on September 1 is expected to further support domestic demand and promote consumption, especially as the traditional consumption peak season approaches [1] Investment Opportunities - 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 [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 Food and Beverage ETF serves as an accessible investment tool for smaller capital [1]

Group 1 - Guangdong is launching the "Million Talents Gather in South Guangdong" autumn recruitment event, targeting over 100 universities across 21 provinces, with more than 10,000 employers participating [1][2] - The recruitment activities will take place from September to December 2025, focusing on key cities such as Beijing, Shanghai, and others, with a strong emphasis on high-paying positions exceeding 300,000 and 500,000 yuan annually [1][2] - The initiative aims to support 20 strategic industrial clusters in Guangdong, addressing talent needs in emerging industries like artificial intelligence, robotics, and quantum technology [2] Group 2 - Since the launch of the "Million Talents Gather in South Guangdong" action plan in February, over 1500 universities and more than 140,000 graduates have participated in recruitment events, with over 1 million graduates employed in Guangdong by mid-July [2] - A large-scale comprehensive recruitment fair will be held in Shenzhen by the end of the year, featuring over 1200 key employers and providing more than 50,000 quality job positions [3] - The recruitment efforts will also include public sector job opportunities, such as civil servant recruitment and special recruitment for selected students [3]

Core Viewpoint - Shede Liquor Industry reported a 25% year-on-year decline in total revenue for the first half of 2025, amounting to 2.701 billion yuan, with a corresponding net profit of 443 million yuan, also down 25% year-on-year. However, the second quarter showed a profit increase, indicating a recovery in profit margins, which has boosted market confidence in the liquor sector [1] Group 1: Financial Performance - Total revenue for Shede Liquor in the first half of 2025 was 2.701 billion yuan, a 25% decrease compared to the previous year [1] - The net profit attributable to shareholders was 443 million yuan, also reflecting a 25% year-on-year decline [1] - The second quarter net profit showed growth, suggesting a recovery in profit margins [1] Group 2: Market Sentiment and Trends - The market's confidence in the liquor sector has been restored due to the profit recovery in the second quarter and ongoing policy support for consumption [1] - Expectations for consumer recovery have significantly increased, driven by continuous mid-year report disclosures and signals of potential interest rate cuts from the Federal Reserve [1] - The Food and Beverage ETF (515170) has gained over 2.5% with significant net inflows, indicating strong market interest [1] Group 3: Stock Performance - Shede Liquor's stock hit the upper limit, with other stocks like Shui Jing Fang, Gu Jing Gong Jiu, and Luzhou Laojiao also rising over 6% [1] - Huaxin Securities noted that the negative expectations for the second quarter have been fully released, and there is a marginal recovery in sales for the third quarter, enhancing the cost-effectiveness of the sector [1] Group 4: Investment Tools - 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 fermented products [1] - The top ten constituent stocks include major brands, providing investors with a convenient way to access core assets in the "food and beverage" sector with lower investment thresholds compared to individual stocks [1]

Core Viewpoint - CITIC Securities indicates that July financial data shows signs of "deposit migration," likely due to declining deposit yields and the emergence of "profit effect" in capital markets [1] Group 1: Deposit Migration - The migration of funds includes investments in insurance, wealth management, and direct entry into the stock market, with an increasing emphasis on equity assets from insurance and wealth management [1] - CITIC Securities estimates that over 5 trillion yuan may flow out of deposits into "fixed income+" asset management products due to excess savings or maturing deposits [1] Group 2: Market Outlook - In the secondary market, the Shanghai Composite Index has continuously broken a 10-year high and may aim for 3,800 points [1] - Sectors that previously experienced significant adjustments, such as food and beverage and tourism, continue to attract capital [1] - The Tourism ETF (562510) has seen 16 consecutive days of fund subscriptions, while the Food and Beverage ETF (515170) has attracted nearly 500 million yuan in subscriptions over the past 20 days [1]

Core Viewpoint - The Shanghai Composite Index has continuously broken through nearly 10-year highs, with the market's margin financing and securities lending balance exceeding 2.1 trillion, indicating a sustained bullish sentiment in the market [1] Group 1: Market Trends - The bullish sentiment has led to increased capital exploration in low-performing sectors of A-shares, with previously lagging areas gradually becoming focal points for investment [1] - The Food and Beverage ETF (515170) has shown a continuous upward trend, with the stock of Jiu Gui Jiu experiencing a significant increase of nearly 7% after two consecutive trading limits, highlighting the market's enthusiasm for the liquor sector [1] Group 2: Sector Analysis - The liquor sector is expected to continue attracting capital attention due to its stable fundamentals and potential for valuation recovery [1] - As bullish expectations strengthen, the heat in low-valuation sectors is likely to rise, with the Food and Beverage ETF (515170), heavily invested in liquor and dairy products, poised to capitalize on the market's positive sentiment and become a driving force in the next round of rebound [1]

Group 1 - The Shanghai Composite Index has recently broken through significant resistance levels of 3674 and 3700, with trading volume exceeding 2 trillion yuan [1] - The traditional consumer sector has begun a rebound, with the Food and Beverage ETF (515170) rising over 1% in early trading, led by strong performance from stocks like Guizhou Moutai [1] - Guizhou Moutai's H1 2025 results showed revenue and net profit attributable to shareholders of 39.65 billion yuan and 18.56 billion yuan, reflecting increases of 7.3% and 5.3% respectively, indicating a solid foundation for achieving annual targets [1] Group 2 - The liquor industry is currently undergoing a destocking cycle, facing multiple pressures from pricing, demand, and policy, prompting companies to take proactive measures in channels, organization, and sales [1] - Moutai's pricing has stabilized, and Q2 performance expectations have been largely priced in, suggesting that the sector's cost-effectiveness continues to be attractive for investors [1] - The Food and Beverage ETF tracks the CSI sub-index for the food and beverage industry, focusing on high-barrier sectors like liquor and beverages, providing a convenient investment tool for smaller investors [2]