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新消费龙头Q1迎业绩催化 港股消费估值修复行情可期
3月23日晚间,中证港股通消费指数成份股**老铺黄金(06181.HK)**发布业绩预告,26Q1净利预增170%,大幅超出市场预期,带动板块走强。截至3月24日13时05分,中证港股通消费指数涨1.79%,老铺黄金涨9.49%领涨板块,蜜雪集团(02097.HK)、康师傅控股(00322.HK)、**华润啤酒(00291.HK)**涨超6%,泡泡玛特(09992.HK)、**古茗(01364.HK)**等涨超3%。**港股通消费ETF易方达(513070)**涨2.46%,财报季业绩亮眼标的有望率先开启估值修复。
目前,315消费领域利空催化已过,后续消费年报及一季报将陆续披露,既能验证企业盈利成色,也有望打破新消费龙头增速放缓的悲观预期,板块迎来基本面与情绪面双重修复窗口。当前港股消费资产处于低位,中证港股通消费指数PE约15.8倍,处于近10年0%分位,估值性价比突出;中长期来看,地产企稳叠加居民消费意愿回暖,板块估值修复空间充足。
把握港股消费估值修复机遇,可重点关注港股通消费ETF易方达(513070),该产品是港股通范围内规模最大(截至2026/3/23,规模达20亿元)、全市场唯一费率最低(15+5bp)的港股通消费ETF,精准布局港股消费核心资产。