2026-01-12 09:20:50

Speaking of investments in the A-share consumer sector, there are actually many options. Indices like the CSI Consumer, Consumer Leaders, and Consumer 50 are common tools for positioning in the consumer sector.

But there's a particularly obvious phenomenon in this track: mainstream indices tend to cluster in major consumer fields, which is what people often refer to as essential goods. Food and beverages, agriculture and animal husbandry, condiments, dairy products, and daily necessities all have high proportions, and the liquor category is especially unavoidable.

Over the past decade or so, these essential consumer goods have delivered impressive results thanks to sustained demand growth, high growth rates, and increasing profits year after year. Many investors developed strong confidence in consumer stocks during that golden period.

However, after economic growth slowed and industrial structure adjustments took place, subtle changes began to occur. Consumers' purchasing logic is also being reshaped. In recent years, the A-share framework based on "necessity old consumption" has become somewhat strained; instead, those driven by emotional value, brand recognition, and online-offline integration—what's called "new emotional consumption"—have been thriving in Hong Kong stocks and overseas markets, gradually becoming a new choice for consumers to "treat themselves better."

Previously, I mentioned the Consumer 50 index, which essentially aims for internal balance within the A-share market. The problem is that a single market is ultimately limited—local economic cycles, industrial structures, and investment preferences all leave deep imprints.

So, from another perspective: can we diversify across multiple markets to make the consumption line more dispersed and balanced? By comparing consumer indices like CSI, Hang Seng, and S&P on the same dimension, we can build a more comprehensive global consumer allocation strategy.

**Current Status of A-share Consumer Sector**: supported by essential needs, valuations are being digested, and we are waiting for a turning point.

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Fren_Not_Food

· 3h ago

Baijiu is really unavoidable, but it seems like not many people are drinking it now haha --- The essential consumption has been fully understood, now everyone is leaning towards emotional consumption. The Hong Kong stocks are indeed playing wildly --- Wait, the point about being limited to a single market is spot on. Stuck in A-shares all along, the ceiling has long been reached --- Multi-market layout sounds good, but how do ordinary retail investors operate? It still depends on index products --- The Consumer 50 track is really waiting for a turning point now. Has the valuation been mostly digested? --- New emotional consumption vs. traditional essential consumption, this is probably an intergenerational update. The logic of consumption has really changed --- The idea of global consumption allocation is good, but can the consumption logic of Hang Seng and S&P be the same as A-shares? --- The more than ten-year golden period is over. Those entering now need to adjust their mindset; return expectations are completely different

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OnlyUpOnly

· 4h ago

Baijiu really can't compete anymore; the sentiment and consumption in Hong Kong stocks have already taken off, while we're still stuck on essentials.

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FrogInTheWell

· 4h ago

The combination of Baijiu and food is indeed a bit tired. The sentiment-driven consumption play on the Hong Kong stock market is quite attractive, but the problem is, can we retail investors really grasp the rhythm?

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