A：Last week, industries that performed well included integrated finance, petroleum and petrochemicals, national defense and military industry, and media sectors. At the macro level in China, the manufacturing PMI index in December rose above the boom-bust line, indicating an improving economic trend; meanwhile, the simultaneous lowering of existing public accumulation fund and commercial loan interest rates played a catalytic role in the recovery of the real estate and related industries. Internationally, there was an escalation of global geopolitical tensions, such as the United States' sudden attack on Venezuela. In addition, the Eurozone's manufacturing PMI median value in December 2025 was 48.8, lower than the boom-bust line, expectations, and previous values, indicating that the manufacturing situation in the Eurozone is not as optimistic as expected.

A：The Central Economic Work Conference emphasized the need to face difficulties and challenges head on, achieve a good start, pointed out the prominent contradiction of strong demand and weak supply domestically, and proposed that macroeconomic policies will continue to be consistent and stable, promoting qualitative and effective improvement and reasonable growth in the economy. The conference emphasized the important role of consumption in stabilizing growth, proposed to enhance residents' consumption capacity through fiscal subsidies, tax incentives, and social security upgrades, and promote structural upgrading of consumption, such as developing areas such as service consumption, green consumption, digital consumption, and consumption of emerging business formats.

A：The new consumer trends are reflected in many aspects, such as the policy of trading in old products for new ones stimulating the consumption of electronics, with significant year-on-year growth in the retail industry of communication devices and household appliances; sports events driving tourism, airline tickets, hotels, and other related consumption; the silver economy meeting the needs of an aging society, with significant growth in industries such as sports equipment and exhibition services; the vitality of cultural tourism consumption being unleashed, with increased income from literary and artistic creations, performances, and film screenings; digital cultural services aligning with the emotional values and social needs of young people, leading to rapid growth in sales revenue.

A：The Fed's rate cut has released global liquidity. Although the rate cut was limited and expectations for future cuts are restrained, its announcement of a reserve management bond purchase plan (buying around $40 billion in short-term treasuries and maintaining high-level purchases in the coming months) exceeded market expectations. The decrease in the Fed's balance sheet size and the unstable state of the repo market have positively impacted the new consumer industry and the capital markets.

A：The Federal Reserve's decision to resume balance sheet expansion is mainly due to the possibility that market liquidity may have tightened to a degree that is affecting the transmission of monetary policy, and the rate cut in December as well as the pullback in consumer markets reflects expectations of liquidity tightening. In addition, the Fed's dot plot shows that the number of rate cuts next year is only 1 to 2 times, which is more hawkish compared to market expectations.

A：New consumption refers to the products and services that are innovatively launched around the diverse demands of consumers using new technologies, new concepts, and new models, against the background of the deepening trend of consumption upgrading and the upgrading of the operating concepts in the consumer industry. Compared to traditional consumption, new consumption pays more attention to the practical value, emotional value, and diverse, high-dimensional, and segmented demands. The reasons for the rise of new consumption are the increasingly perfect infrastructure, such as the development of mobile internet giving rise to live broadcast sales and instant retail channels; convenient and efficient logistics networks accelerating the circulation of goods; the application of new technologies such as 5G, AI, and mobile payment accelerating the digital transformation of consumption scenes; strengthened purchasing power of consumers willing to pay a premium for technological innovation, creative design, emotional value, and healthy living; at the same time, the younger generation of Generation Z and the post-90s generation have become the main force of consumption, more inclined to seek emotional boosts in consumption.

A：Examples of new consumption include but are not limited to IP toys (such as blind boxes), gold and silver jewelry (more emotional and decorative), outdoor sports products, milk tea and coffee drinks, pets, and cosmetics. These products have characteristics such as novel categories, a combination of online and offline consumption scenarios, scarcity, and popularity.

A：The new and old age group mainly refers to middle-aged people aged 50 to 60, who are approaching retirement age, gradually reducing their work intensity, and have sufficient savings and income. This group has formed a wealthy and leisurely consumer group, with the highest consumption ability and strong consumption willingness. They are a sector with great consumption potential in the current consumption structure statistics, and are easy to spawn new popular products in related fields.

A：Currently, the income structure of the country is optimizing, transitioning from a pyramid shape to an olive shape. The proportion of extremely high-income and low-income groups is decreasing, while the middle-income group is gradually increasing and growing. With the increase in leisure time and wealth accumulation of the middle-income group, their demands for the quality of consumer goods, emotional value in life, and healthy lifestyle are rising. They are no longer overly sensitive to prices and are willing to pay for high-quality products, which is an important trend in current consumption development. With the proportion of the population aged 65 and above exceeding 15%, the silver economy will become a key point, driving the demand for smart homes, elderly care robots, and possibly rapid development of the pet economy. In addition, the young elderly population approaching retirement or recently retired will drive the trend of off-peak travel such as elderly tourism, further promoting economic development.

A：The sinking market has great development potential. Third-tier cities and rural areas have a large population base with a higher marginal consumption tendency. In the past, large commercial facilities were mainly concentrated in first- and second-tier cities. However, with the popularization of e-commerce platforms and the construction of logistics networks, consumers in these areas can easily shop online, greatly unleashing the consumption potential of the sinking market.

A：Characteristics of new consumer products that are easily accepted include high cost performance, consumers becoming more rational, focusing on cost performance while pursuing quality; strong technological attributes, such as the application of AI intelligent technology, solving life pain points and enhancing the experience; enhanced health attributes, consumers increasingly focusing on health and healthy diet; emotional value highlighted, such as pet raising, blind box, IP authorized products and games that provide emotional companionship and joyful experiences.

A：The mainstream consumer scenes are divided into online and offline parts. Online scenes are reflected in multiple platforms, new media, and the form of traffic economy. Brands promote through live streams on social media, use short videos and live media for precise recommendations, reduce cognitive barriers, and form scenario-based seeding and interactive modes. Offline scenes present in multiple experiential forms, including on-site check-ins and offline experiences.

A：The change in online consumption scenes lies in the shift in consumer decision-making processes. In the past, consumers would search and filter products only after having a clear need, but now, they may not have the intention to purchase, but upon coming across a certain product, they are influenced and sparked with a desire to buy, significantly shortening the consumption cycle.

A：In offline consumer scenarios, the rise and support of high-quality business districts is mainstream. Nowadays, consumers pay more attention to consumption experience, and high-quality business districts and stores have stronger consumer interaction attributes due to their spatial characteristics. Commercial properties continue to upgrade by renovating designs, introducing high-performance brand combinations, hosting creative marketing activities, etc., providing diverse consumption modes such as second-dimensional check-in scenes, naked-eye 3D advertising, cinemas, games, etc., to attract consumers to stay longer and increase consumption frequency.

A：The characteristics of new consumption are continuous iteration and renewal. Current new consumer categories may be eliminated for reasons such as increased competition, imbalance in price/performance ratio, lack of differentiation, and lag in iterative upgrades. The key is to capture and adapt to current consumer demands. New consumer categories should have strong practical functionality, rich emotional value, and characteristics that match current trends. Manufacturers need to update product supply in a timely manner to meet changing consumer demands. They need to innovate through multiple dimensions such as products, IP, technology functions, and health functions, and optimize channels and brand design in order to attract new consumers and retain old ones.

A：Investors can choose to focus on secondary market ETFs related to the consumer sector, such as the Hong Kong Consumer ETF (code: F159735) that tracks the Hong Kong Stock Exchange Consumer Index. This product includes a series of leading consumer companies listed on the Hong Kong Stock Exchange, allowing investors to allocate to important targets in the new consumer sector all at once.

A：This index covers a comprehensive range of areas, including both essential consumption (such as dining, sportswear, hotels, travel, etc.) and optional consumption (such as trendy anime, pet peripherals, etc.). The index constituents include leading companies in various consumer industries, benefiting significantly from policy-driven consumption boosts. It also differs significantly from the A-share consumer sector and the Hong Kong technology consumer sector, providing a higher purity investment target for new consumer trends.

A：For industry-themed ETFs with medium to high elasticity, investors can choose to adopt a long-term investment strategy through regular investment to seize investment opportunities. By regularly investing fixed amounts, investors can achieve low-cost investment during market fluctuations and diversify market risks. The advantages of regular investment are: 1) Diversifying market volatility risks and spreading overall investment costs; 2) Lowering the investment threshold, allowing ordinary investors to participate with small amounts; 3) Overcoming human weaknesses, avoiding emotional decisions, and reducing irrational decisions through mechanized execution.

A：Choose investment strategies based on market conditions, such as using a core-satellite portfolio configuration when bullish trends are expected; during market volatility, employ an ETF grid trading strategy to capture short-term gains.

A：The core-satellite strategy divides the investment portfolio into core assets (aiming for stable returns, such as broad-based index or dividend index) and satellite assets (targeting opportunistic opportunities, such as industry themes), combining the two to balance risk and return flexibility.

A：Conservative investors may increase the proportion of core assets, while aggressive investors may lower the proportion of core assets appropriately and increase the proportion of satellite assets, such as allocating Hong Kong consumer ETFs at the satellite end, and also balancing with other products with greater growth potential.

A：You can consider using ETF grid trading strategy, which is based on setting buy and sell points based on market price fluctuations, buying in batches when the market price falls, and selling in batches when the price rises, thereby enhancing profits by taking advantage of market fluctuations.