---
title: "Adisseo surged over 7%, with consumer goods becoming a safe-haven sector! The consumer ETF recorded four consecutive days of gains against the market trend, with a net subscription of 18 million shares throughout the day! Institutions: 2026 will be a key year for establishing the turning point of consumer prosperity"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279020781.md"
description: "Today, the A-shares fluctuated lower, but the consumer sector rose against the trend, with the consumer ETF up 0.26%, marking four consecutive days of gains, and a net subscription of 18 million shares throughout the day. Adisseo surged over 7%, while YKA rose over 3%. Institutions generally believe that 2026 will be a key year for the turning point in the consumer industry, and consumer investment allocation will become a focus"
datetime: "2026-03-13T09:44:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279020781.md)
  - [en](https://longbridge.com/en/news/279020781.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279020781.md)
---

# Adisseo surged over 7%, with consumer goods becoming a safe-haven sector! The consumer ETF recorded four consecutive days of gains against the market trend, with a net subscription of 18 million shares throughout the day! Institutions: 2026 will be a key year for establishing the turning point of consumer prosperity

Today (March 13), the A-shares fluctuated lower, with technology stocks adjusting across the board, while the consumer sector rose against the trend. **The leading consumer ETF (159928) closed up 0.26%, marking four consecutive days of gains!** The total trading volume exceeded 360 million yuan! **In terms of capital, there was a net subscription of 18 million units throughout the day! The latest scale of the consumer ETF exceeds 21.9 billion yuan, continuing to lead its peers!** Among the popular constituent stocks, Adisseo surged over 7%, YKA rose over 3%, Luzhou Laojiao increased over 2%, Kweichow Moutai gained over 1%, and Wuliangye saw a slight increase. (Constituent stocks are for display purposes only and do not constitute stock recommendations)

In terms of international affairs, geopolitical disturbances continue, and international oil prices have risen again, with Brent crude oil surpassing 100 dollars. The U.S. plans to suspend the implementation of the Jones Act to stabilize oil prices, leading to a significant drop in U.S. stocks on Thursday. Additionally, the U.S. will initiate a new round of trade investigations against 16 trading partners.

Regarding market views, several institutions recently held strategy meetings for the spring of 2026. Institutions generally believe that the market will shift from liquidity-driven to profit-driven in 2026, with "technology growth + cyclical" as the core theme for the year. High dividends and **the consumer sector can serve as a stable foundation, with structural opportunities becoming the key to investment**.

In the Hong Kong stock market, focusing on pure new consumption, **the Hong Kong Stock Connect Consumer ETF China Universal (159268) closed down 0.44%, marking three consecutive days of weakness, with a total trading volume exceeding 47 million yuan, nearly 30% higher than yesterday! In terms of capital, there was a net subscription of 13 million units throughout the day, marking the second consecutive day of net inflow!** By the close, most popular constituent stocks were in the red, with Haidilao down over 4%, Laoputang down over 3%, Anta Sports down over 2%, and Pop Mart and Nongfu Spring slightly down. (Constituent stocks are for display purposes only and do not constitute stock recommendations)

**\[Institution: 2026 will be a key year for establishing the turning point of the consumer industry\]**

CITIC Securities believes that **the current consumer market is in a critical window period of weak recovery and policy expectation game.** Based on the marginal improvement of macro data and the verification of micro high-frequency data, it is judged that **2026 will be a key year for establishing the turning point of the consumer industry.** Due to the current macro environment still being relatively weak, the self-repair of consumer prosperity is expected to take time. In the short term, overall beta opportunities can focus on the possibility of fiscal stimulus policies. **Currently, consumer investment allocation should maintain a balance of stability and innovation—building a foundation with high dividends and the elastic breakthrough of growth consumption:** On one end, it leverages policy elasticity and wealth effect transmission through service consumption and other prosperous directions; on the other end, it constructs a defensive foundation with high dividend assets while closely monitoring the opportunities for simultaneous volume and price increases in the catering supply chain and dairy products brought about by CPI turning positive Long-term allocation continues to emphasize the importance of changes in consumption structure.

**CITIC Securities emphasizes the need to focus on the triple resonance of policy cost reduction, increased resident demand, and market investment attraction.** Policy cost reduction to boost domestic demand is a clear lever for driving economic growth. Since early 2026, China's consumer promotion policies have focused on continuing and optimizing the old-for-new subsidies for durable consumer goods such as automobiles and home appliances, while also coordinating with more proactive fiscal policies and moderately loose monetary environments to stabilize employment and resident income. **Marginally, the policy focus is gradually shifting towards service consumption areas such as culture and tourism, leisure, and elderly care, indicating a policy orientation to enhance domestic demand momentum through structural and medium-to-long-term means.** After nearly three years of adjustment, **the demand side of China's consumer market has gradually shown characteristics of bottom recovery.** Although overall demand remains weak, **structural directions such as service consumption, high-end consumption, and spiritual consumption have begun to show growth,** and the low base under the alcohol restriction background in 2025 provides a good context for the recovery of consumption data in the second quarter of 2026. At the same time, consumer holdings continue to decline and are currently at historical lows, **any marginal change in prosperity is expected to drive a rebound in consumption.** It is recommended to increase allocation to consumption, "on the eve of recovery" to attack prosperity and defend dividends, with a barbell allocation awaiting the recovery of prosperity.

Specifically focusing on the following four main lines:

**1\. Main Line One: Service consumption is expected to take over durable goods as the new focus of policy.**

The old-for-new policy will continue in 2026, but given the diminishing marginal effects of durable goods subsidies, fiscal support is likely to shift towards service consumption. With appropriate policy guidance, China is fully capable of expanding service consumption. On the demand side, improving social security to activate savings, implementing the right to rest to avoid encroaching on leisure, and increasing the income share to stabilize expectations; on the supply side, expanding capacity and improving quality while developing characteristic industries to cultivate new growth points, and building a strong market economic system to release industrial vitality. Under the expected "expansion of service consumption re-loans" and the stimulus of cultural tourism consumption vouchers, experiential consumption is expected to receive support, and offline scenarios such as hotels, catering, cultural tourism, and transportation will welcome a resonance recovery in customer flow and performance.

**2\. Main Line Two: High-end consumption—wealth effect transmission shows initial signs, seeking certainty in differentiation.**

In Q3 2025, some core high-end consumption sectors—luxury goods, high-end beauty, air travel, and the high-end residential market in core cities—generally performed better than the market's previous consensus expectations. Currently, the Chinese consumer market exhibits significant "K-shaped recovery" characteristics, with a clear differentiation between the rebound of consumption sectors and the moderate recovery of mass consumption. This pattern is mainly driven by rigid constraints on the supply side, the wealth effect of high-net-worth groups, and marginal improvements on the policy side. It is recommended to focus on operational turning point opportunities driven by wealth effect transmission and supply-side optimization, including high-end consumption potentially benefiting from the wealth effect transmission in the capital market, such as luxury goods & high-end beauty care, high-end real estate properties, outbound tourism, gambling, and duty-free shopping.

**3\. Main Line Three: Closely monitor opportunities in price transmission mechanisms.**

In 2026, China may face significant input inflation pressure, primarily driven by non-ferrous metals (copper, aluminum) and crude oil, stemming from the physical allocation demand under the global "de-dollarization" backdrop, AI computing infrastructure construction, and the stockpiling effect caused by tariff concerns Under optimistic expectations, the PPI year-on-year may turn positive in May 2026. Focusing on the details, **input inflation will drive up the costs of fertilizers and feed, which will be passed on to agricultural product prices (CPI). The restaurant supply chain sector is expected to experience a "Davis double play" due to "inventory revaluation" and "substitution effects":** on one hand, leading companies can enjoy short-term gross margin expansion by utilizing previously low-priced inventory; on the other hand, inflation forces downstream restaurants to cut labor costs and accelerate the procurement of standardized semi-finished products, thereby enhancing supply chain penetration.

**4\. Main Line Four: Deposit rates continue to decline, embracing certainty and free cash flow in an "asset shortage."**

In the macro environment of low interest rates and "asset shortage" in 2026, most sub-sectors of the current consumer industry are still in a "waiting for the wind" state. The core logic for recommending high-dividend targets in the consumer sector lies in **shifting from pursuing high growth to embracing "certainty premium" and "free cash flow,"** combined with the continuous allocation of long-term funds and policy catalysts from the valuation management assessments of central state-owned enterprises, making such assets a rare configuration that combines defensiveness and yield elasticity.

(Source: CITIC Securities 20260313 "Staying True and Innovating, Progress Will Come: The Strategy of Offense and Defense on the 'Eve' of Consumer Recovery")

**The Consumer ETF (159928) index, as a necessity and domestic demand attribute sector within the consumer sector, exhibits significant profit resilience across economic cycles.** The top ten constituent stocks account for over 67.57% of the weight, with four leading liquor stocks accounting for 31%, major pig farming companies accounting for 16%, and other weighted stocks including: Yili Group (9%), Haitian Flavoring and Food (4%), Dongpeng Beverage (4%), and Haida Group (3%). (Data as of: 2025/3/6) **Focus on the large consumer sector, related product Consumer ETF (159928), and off-market connections (Class A: 000248; Class C: 012857).**

**One-click layout for new consumption, recognize the more "pure" Hong Kong Stock Connect Consumer ETF from Huatai-PineBridge (159268)!** Trendy toys, jewelry, beauty, emotional consumption with a "base" in hand, layout for the next LABUBU windfall! **Hong Kong Stock Connect Consumer ETF from Huatai-PineBridge (159268)** also supports T+0 trading and does not occupy QDII quotas, making it a more efficient and convenient choice for investing in the Hong Kong Stock Connect consumer track, sketching a new consumption blueprint for Generation Z!

Data: As of 2026/1/30 Risk Warning: Funds carry risks, and investment should be approached with caution. Investors should read legal documents such as the "Fund Contract," "Prospectus," and "Product Information Summary" to understand the risk-return characteristics of the fund, especially unique risks, and assess whether they align with their own risk tolerance based on their investment objectives, experience, and asset status. The fund manager commits to managing and utilizing fund assets with principles of honesty, integrity, and diligence, but does not guarantee profits or that the principal will not incur losses. The products mentioned above are all classified as high-risk level (R4) products, suitable for investors whose risk level assessment results are aggressive (C4) or above. The individual stocks mentioned in the text are only an objective display of index components; the information provided in this article is for reference only, and investors must take responsibility for any investment decisions made independently. Any opinions, analyses, and forecasts in this article do not constitute any form of investment advice to the reader. The investment scope of the Hong Kong Stock Connect Consumer ETF Huatai-PineBridge (159268) includes Hong Kong stocks and may face unique risks arising from differences in the investment environment, investment targets, market systems, and trading rules. When subscribing/redeeming ETF fund shares, the subscription and redemption agent broker may charge a commission not exceeding 0.50%, which includes relevant fees charged by the stock exchange, registration agency, etc. For the sales fees of other funds, please refer to the corresponding fund's prospectus, product information summary, and other legal documents. When subscribing/redeeming ETF fund shares, the subscription and redemption agent broker may charge a commission not exceeding 0.50%, which includes relevant fees charged by the stock exchange, registration agency, etc. For the sales fees of other funds, please refer to the corresponding fund's prospectus, product information summary, and other legal documents

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