从中证国企ESG 50指数持仓的市场板块来看，上海证券交易所占比83.61%、深圳证券交易所占比 16.39%。 从中证国企ESG 50指数持仓样本的行业来看，金融占比23.28%、主要消费占比19.57%、工业占比 16.24%、公用事业占比16.15%、信息技术占比9.71%、通信服务占比5.82%、可选消费占比4.96%、原材 料占比2.53%、房地产占比0.88%、能源占比0.85%。 金融界5月19日消息，A股三大指数收盘涨跌不一，中证国企ESG 50指数 (国企ESG 50，931987)报 1316.50点。 数据统计显示，中证国企ESG 50指数近一个月上涨0.99%，近三个月上涨0.77%，年至今下跌0.77%。 据了解，中证国企ESG 50指数从国有企业或国有资本参股且无实际控制人的上市公司证券中，选取中 证ESG评价得分较高的50只上市公司证券作为指数样本，以反映国企ESG领域表现较好的上市公司证券 的整体表现。该指数以2017年06月30日为基日，以1000.0点为基点。 从指数持仓来看，中证国企ESG 50指数十大权重分别为：招商银行（11.71%）、贵州茅台 （10.59%）、长江 ...

金十图示：2025年05月19日（周一）富时中国A50指数成分股今日收盘行情一览：白酒、汽车、消费电子等板块跌势明显，半导 体、航运港口等板块小幅收高 0.00(0.00%) -0.02(-0.38%) -0.02(-0.27%) 保险 中国太保 中国平安 中国人保 01 3635.21亿市值 3228.59亿市值 9706.06亿市值 8.31亿成交额 17.30亿成交额 10.74亿成交额 53.30 8.22 33.56 +0.13(+0.39%) -0.09(-0.17%) +0.01(+0.12%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19835.11亿市值 5018.92亿市值 2441.15亿市值 60.22亿成交额 11.38亿成交额 30.63亿成交额 1578.98 129.30 200.10 -4.90(-2.39%) -35.15(-2.18%) -1.78(-1.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2323.66亿市值 2805.06亿市值 3251.75亿市值 16.89亿成交额 22.26亿成交额 11.15亿成交额 139.90 435.00 671 ...

Market Overview - The FTSE China A50 index components showed mixed performance in the banking and insurance sectors, while the semiconductor sector experienced gains [1] - The liquor and automotive sectors faced declines, with notable drops in companies like Kweichow Moutai and BYD [1] Sector Performance Banking and Insurance - China Pacific Insurance had a market capitalization of 363.96 billion, with a trading volume of 4.60 billion, showing a slight decrease of 0.03 (-0.06%) [3] - Ping An Insurance reported a market cap of 321.32 billion and a trading volume of 11.02 billion, also down by 0.03 (-0.09%) [3] - China Life Insurance had a market cap of 971.70 billion, with a trading volume of 6.91 billion, increasing by 0.02 (+0.24%) [3] Liquor Industry - Kweichow Moutai led with a market cap of 1,979.70 billion, experiencing a decline of 38.18 (-2.37%) [3] - Shanxi Fenjiu and Wuliangye Yibin also saw decreases of 4.09 (-2.00%) and 1.97 (-1.50%) respectively [3] Semiconductor Sector - Northern Huachuang had a market cap of 232.15 billion, with a trading volume of 12.09 billion, increasing by 6.00 (+1.40%) [3] - Cambrian and Haiguang Information reported market caps of 278.94 billion and 324.71 billion, with slight increases [3] Automotive Sector - Great Wall Motors had a market cap of 295.13 billion, down by 5.64 (-1.45%) [3] - BYD reported a market cap of 1,165.57 billion, decreasing by 0.36 (-1.52%) [3] Energy Sector - China Petroleum & Chemical Corporation had a market cap of 1,500.77 billion, with a trading volume of 3.59 billion, increasing by 0.03 (+0.53%) [3] - China National Offshore Oil Corporation reported a market cap of 690.09 billion, with a slight increase of 0.10 (+0.62%) [3] Other Sectors - The electric power sector saw China Yangtze Power with a market cap of 743.34 billion, increasing by 0.05 (+0.53%) [4] - In the food and beverage sector, Haitian Flavoring & Food had a market cap of 238.77 billion, increasing by 0.36 (+0.85%) [4] - The logistics sector featured SF Holding with a market cap of 273.56 billion, decreasing by 0.35 (-0.62%) [4]

Group 1 - The central enterprise energy ETF has a turnover rate of 2.38% and a transaction volume of 3.0688 million yuan, with an average daily transaction volume of 5.4144 million yuan over the past week as of May 16 [2] - The index tracked by the ETF, the China Securities National New Central Enterprise Modern Energy Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 1.41, which is below 95.4% of the time over the past year, indicating a strong valuation cost-effectiveness [2] - The top ten weighted stocks in the index, including Changjiang Electric Power and China Nuclear Power, account for a total of 51.18% of the index as of April 30, 2025 [2] Group 2 - The A-share market has historically undervalued low-covariance assets due to insufficient risk awareness, but there is a growing recognition of the importance of the "return-risk ratio" amid increased market volatility, leading to a valuation uplift for utility and other low-covariance assets [2] - Huayuan Securities recommends selecting hydropower with strong risk resistance and undervalued quality thermal power benefiting from declining coal prices, while also suggesting a preference for undervalued quality wind power operators despite uncertainties in the new energy market under Document No. 136 [2]

Summary of Key Points Core Viewpoint - As of May 16, the total market financing balance decreased to 1.79 trillion yuan, indicating a slight reduction in investor activity in the market [1]. Company and Industry Analysis - The financing balance in the Shanghai market was 907.43 billion yuan, down by 0.92 billion yuan, while the Shenzhen market's balance was 882.06 billion yuan, also down by 0.92 billion yuan. The North Exchange's financing balance decreased to 5.38 billion yuan, down by 0.038 billion yuan [1]. - On May 16, a total of 1,712 stocks received net financing purchases, with 257 stocks having net purchases exceeding 10 million yuan. Notably, 22 stocks had net purchases over 50 million yuan [1]. - The top three stocks by net financing purchases on May 16 were: - China Merchants Bank: 170.42 million yuan - Tonghua Golden Horse: 167.08 million yuan - China Ping An: 136.61 million yuan [2]. - The industries with the highest concentration of stocks receiving net financing purchases over 50 million yuan included automotive, basic chemicals, and food and beverage, each with three stocks listed [1]. - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.01%, with Dongtu Technology having the highest ratio at 9.79% [2]. - The financing net purchase rankings on May 16 highlighted several stocks, including: - Dongtu Technology: 8.04 million yuan, 7.58% increase - Tonghua Golden Horse: 16.71 million yuan, 2.45% increase - BYD: 9.85 million yuan, 3.28% increase [2][3].

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

-0.03(-0.56%) -0.09(-1.18%) -0.04(-1.00%) 保险 中国太保 7.0 中国人保 中国平安 ■ 3630.79亿市值 3216.08亿市值 9722.44亿市值 12.09亿成交额 24.99亿成交额 11.96亿成交额 53.39 8.21 33.43 -0.61(-1.79%) -0.86(-1.59%) -0.07(-0.85%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20276.67亿市值 2500.93亿市值 5088.01亿市值 22.89亿成交额 37.15亿成交额 6.49亿成交额 131.08 205.00 1614.13 -17.88(-1.10%) -4.50(-2.15%) -2.59(-1.94%) 半导体 XD海光信 北方华创 寒武纪-U HYGON 3218.98亿市值 2289.48亿市值 2788.61亿市值 10.79亿成交额 24.03亿成交额 18.85亿成交额 428.60 668.00 138.49 -0.30(-0.07%) -9.00(-1.33%) -3.45(-2.43%) 汽车整车 铁路公路 比亚进 长城汽车 京沪高铁 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

Core Viewpoint - The A500 index and its corresponding ETF are experiencing fluctuations, with a notable focus on market style rebalancing and the impact of policy changes on market stability [3][4]. Group 1: A500 Index Performance - As of May 16, 2025, the A500 index (000510) decreased by 0.37%, with mixed performance among constituent stocks [3]. - Leading gainers included Jingsheng Electronics (600699) up 10.00%, and Yingfeng Environment (000967) up 5.61%, while Shanghai Jahwa (600315) led the declines at 4.25% [3]. - The A500 ETF (512050) fell by 0.53%, with the latest price at 0.94 yuan [3]. Group 2: Trading Activity and Liquidity - The A500 ETF recorded a turnover rate of 9.95% during the trading session, with a total transaction volume of 1.71 billion yuan, ranking first among similar funds [3]. - Over the past year, the A500 ETF has achieved an average daily trading volume of 3.728 billion yuan, also leading among comparable funds [3]. Group 3: Fund Growth and Inflows - The A500 ETF saw a significant increase in scale, growing by 579 million yuan over the past week, ranking first among comparable funds [3]. - The fund's share count increased by 4.05 million shares in the last week, also placing it first among similar funds [4]. - In the last five trading days, the A500 ETF attracted a total inflow of 269 million yuan [4]. Group 4: Top Holdings in A500 Index - As of April 30, 2025, the top ten weighted stocks in the A500 index included Kweichow Moutai (600519), CATL (300750), and Ping An Insurance (601318), collectively accounting for 20.8% of the index [4].

保险 中国太保 队 中国人保 中国平安 ■《》 3608.68亿市值 3198.76亿市值 9747.94亿市值 7.70亿成交额 15.63亿成交额 8.21亿成交额 53.53 33.25 8.16 -0.79(-2.32%) -0.72(-1.33%) -0.12(-1.45%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20338.97亿市值 2513.98亿市值 5121.78亿市值 19.61亿成交额 11.13亿成交额 3.58亿成交额 1619.09 131.95 206.07 -12.92(-0.79%) -3.43(-1.64%) -1.72(-1.29%) 半导体 北方华创 寒武纪-U XD海光信 HYGON 2297.76亿市值 2790.28亿市值 3201.78亿市值 14.68亿成交额 12.73亿成交额 6.45亿成交额 430.15 668.40 137.75 +1.25(+0.29%) -8.60(-1.27%) -4.19(-2.95%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 11783.98亿市值 2020.91亿市值 2916.93亿市值 2.23亿成交额 52 ...