On November 12, Hong Kong stocks' new consumption concept shares remained active, with the Hong Kong Consumption ETF (513230) maintaining strength during the session and currently rising nearly 1.5%. Among the holdings, Mixue Group led the gains with over 5%, while Smoore International, Shenzhou International, Midea Group, Giant Biogene, Nongfu Spring, etc., all rose more than 3%. Overall sector sentiment was strong.

On the news front, the Ministry of Finance recently released the "Report on the Implementation of China's Fiscal Policy in the First Half of 2025." The report summarized that since 2025, fiscal policy has become more proactive and sustained, focusing on stabilizing employment, enterprises, markets, and expectations, strengthening coordination with other policies, and promoting a continuous economic recovery and improvement. Looking ahead, the report proposed six key tasks for subsequent fiscal policy, including fully utilizing a more proactive fiscal policy. It emphasized continuing to implement special actions to boost consumption, providing fiscal discounts on personal consumption loans in key areas and loans to business entities in related industries, and stimulating the consumption potential in services such as elderly care and child care.

Huayuan Securities stated that the vigorous development of emerging consumer goods reflects the new consumption concepts nurtured by the younger generation in the current social environment. Correctly interpreting such new consumption narratives is key to capturing the growth of new consumption companies. Therefore, in gold and jewelry, it is recommended to focus on leading brands in the ancient-method gold segment that are more popular among young consumers, such as Lao Pu Gold. In trendy toys, companies with IP creation capabilities and extensive successful experience in IP operation, such as Pop Mart, are worth attention. In freshly made tea beverages, leading tea drink brands with strong brand power and extensive business coverage, such as Mixue Group and Gu Ming, are suggested focuses.

The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, bundling leading internet e-commerce companies and new consumption concepts in one click. Its constituent stocks nearly cover all sectors of Hong Kong consumption, including new consumption leaders like Pop Mart, Lao Pu Gold, and Miniso, as well as internet e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting its tech + consumption attributes.