Institutions say that consumer logic in the digital age is undergoing structural reshaping, with the Hong Kong Stock Connect Consumer ETF Huaxia (513230) currently slightly declining.

On May 11, the Hong Kong stock market’s consumer sector saw narrow-range fluctuations in the morning session. The Huaxia (513230) Hong Kong Stock Connect Consumer ETF was slightly down by nearly 0.5%. The underlying holdings showed mixed gains and losses. For the stocks that rose, top performers included Little Vegetable Garden, Midea Group, Uni-President China, Aucas Electric, and Lao Pu Gold. For stocks that fell, the top decliners included Samsonite, Guming, Conant Optical, and China Tobacco Hong Kong. As of May 8, the Huaxia (513230) Hong Kong Stock Connect Consumer ETF’s size reached 466 million yuan.

On the news front, according to data from the National Bureau of Statistics, in April 2026, the national consumer price index (CPI) rose by 1.2% year over year. Among them, urban areas increased by 1.2% and rural areas by 1.0%; food prices fell by 1.6% and non-food prices rose by 1.8%; consumer goods prices rose by 1.4% and service prices rose by 0.9%. In April, the national CPI rose by 0.3% month over month. Among them, urban areas rose by 0.3% and rural areas by 0.1%; food prices fell by 1.6% and non-food prices rose by 0.7%; consumer goods prices rose by 0.1% and service prices rose by 0.5%.

Huafu Securities said that in the digital age, the logic of consumption is undergoing structural reshaping, with “spiritual production” becoming the new core of value. Consumption has extended from commodity trading to the value reproduction process of time, attention, emotions, and meaning. Against this backdrop, the “scene” is being upgraded into a system that makes consumption relationship organization and distribution visibility tangible; “goods” are transforming into entry points for services and meaning; and “people” take on three roles at once—consumers, data producers, and content creators. This trend is driving intelligent consumption to accelerate its evolution toward continuously relationship-based brands, short-cycle low-commitment models, and an axis centered on spiritual needs. It also opens up long-term growth space for smart hardware and platform-based companies with ecosystem capabilities, software service strength, and membership systems.

The Huaxia (513230) Hong Kong Stock Connect Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index. This index covers leading traditional service industries such as wine, travel, and catering, and also includes high-elasticity assets such as trendy toys and gold jewelry, as well as high-dividend targets such as sportswear and white goods. The constituent stocks nearly cover all segments of Hong Kong’s consumer market, including Pop Mart, Yum China, Lao Pu Gold, Anta Sports, Nongfu Spring, and Mixue Bingcheng.