新疆、蒙西发布 136 号文承接方案，西气东输四线全线贯通 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 6 月 28 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.co ...

Report Industry Investment Rating The document does not provide information about the report industry investment rating. Core Viewpoints - The rally of ultra-long credit bonds has paused, with 3 - 5-year medium and low-grade bonds performing better. Interest rate bond yields have shown narrow fluctuations overall, while credit bond yields have also maintained a volatile pattern. Credit spreads have different changes across various maturities and ratings [2][5]. - Most urban investment bond spreads have increased, with varying trends among different regions and ratings [2][9]. - Industrial bond spreads are generally stable, but the spreads of mixed-ownership real estate bonds continue to rise [2][13]. - Most yields of secondary capital and perpetual bonds (Two-Permanent Bonds) have increased, and the spreads have slightly widened [2][26]. - The excess spreads of industrial perpetual bonds have decreased, while those of urban investment perpetual bonds have slightly increased [2][28]. Summary by Directory 1. The Rally of Ultra-long Credit Bonds Pauses, 3 - 5-year Medium and Low-grade Bonds Perform Better - Interest rate bond yields have narrow fluctuations: 1Y and 5Y Guokai bond yields have decreased by 1BP, 3Y yields remain flat, and 7Y and 10Y yields have increased by 1 - 2BP [5]. - Credit bond yields are volatile: The yields of 7-year and 3 - 5-year high-grade bonds have rebounded, while 3 - 5-year medium and low-grade bonds perform relatively strongly. Yield changes vary by maturity and rating [5]. - Credit spreads: 1Y spreads change between -1 and 1BP; 3Y AAA spreads increase by 3BP, others decrease by 2BP; 5Y AAA spreads increase by 3BP, others decrease by 3 - 4BP; 7Y spreads increase by 0 - 1BP; 10Y spreads of AAA, AA+, and AA change by 2BP, -2BP, and 1BP respectively [2][5]. - Rating and term spreads show obvious differentiation [5]. 2. Most Urban Investment Bond Spreads Increase - External ratings: AAA and AA+ platform spreads increase by 2BP, AA platform spreads increase by 3BP [2][9]. - Provincial platforms: Most AAA platform spreads increase by 1 - 3BP, with Guangxi decreasing by 4BP, Jilin and Liaoning increasing by 5BP; most AA+ platform spreads increase by 1 - 3BP, Jilin increasing by 7BP; most AA platform spreads increase by 1 - 3BP, Liaoning decreasing by 6BP, Xinjiang and Gansu increasing by 4BP [9][10][11]. - Administrative levels: Provincial, prefecture-level, and district-level platform spreads all increase by 2BP, with different trends in different regions [14][15]. 3. Industrial Bond Spreads are Generally Stable, Mixed-ownership Real Estate Bond Spreads Continue to Rise - Real estate bonds: Central and local state-owned enterprise real estate bond spreads are basically flat compared to last week, mixed-ownership real estate bond spreads increase by 8BP, and private enterprise real estate bond spreads increase by 40BP. Spreads of individual real estate companies vary [2][13]. - Other industrial bonds: AAA coal bond spreads increase by 1BP, AA+ remain flat, AA decrease by 1BP; AAA and AA+ steel bond spreads decrease by 1BP and 2BP respectively; spreads of various grades of chemical bonds increase by 0 - 1BP. Spreads of individual companies such as Shaanxi Coal and HBIS decrease by 1BP, while Jinkong Coal Industry increases by 7BP [13]. 4. Most Yields of Two-Permanent Bonds Increase, Spreads Slightly Widen - 1Y bonds: Secondary capital bond yields of all grades increase by 1 - 2BP, perpetual bond yields increase by 2 - 3BP, and spreads generally increase by 2 - 3BP [26]. - 3Y bonds: Secondary capital bond yields of all grades increase by 2 - 4BP, perpetual bond yields increase by 1BP, and spreads increase in line with yields [26]. - 5Y bonds: Yields and spreads of all grades of Two-Permanent Bonds increase by 0 - 1BP [26]. 5. The Excess Spreads of Industrial Perpetual Bonds Decrease, Urban Investment Bond Excess Spreads Slightly Increase - Industrial perpetual bonds: The excess spreads of industrial AAA 3Y perpetual bonds decrease by 2.38BP to 3.81BP, at the 0.07% percentile since 2015; the excess spreads of AAA 5Y perpetual bonds decrease by 2.60BP to 8.51BP, at the 5.80% percentile [2][28]. - Urban investment perpetual bonds: The excess spreads of urban investment AAA 3Y perpetual bonds increase by 0.15BP to 6.14BP, at the 2.86% percentile; the excess spreads of AAA 5Y perpetual bonds increase by 0.44BP to 9.81BP, at the 8.80% percentile [2][28]. 6. Credit Spread Database Compilation Instructions - Market credit spreads are calculated based on ChinaBond Medium and Short-term Notes and ChinaBond Perpetual Bonds data, with historical percentiles since early 2015 [36]. - Credit spreads of industrial and urban investment individual bonds are calculated by subtracting the yield of the same-term Guokai bond from the individual bond's ChinaBond valuation, and then averaged to get the industry or regional credit spreads [36]. - Excess spreads of bank secondary capital and perpetual bonds, as well as industrial and urban investment perpetual bonds, are calculated by subtracting the credit spreads of corresponding benchmark bonds [36]. - Samples of industrial and urban investment bonds are selected from medium notes and public corporate bonds, excluding guaranteed and perpetual bonds. Bonds with remaining maturities below 0.5 years or above 5 years are excluded [36]. - Industrial and urban investment bonds use external entity ratings, while commercial banks use ChinaBond implicit debt ratings [36].

[Table_ReportDate] 2025 年 06 月 28 日 GRI 发布符合全球气候目标的气候与能源报告标准 [Table_Industry] ESG 周报 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] GRI 发布符合全球气候目标的气候与能源报告标准 [Table_ReportDat ...

Quantitative Models and Construction Methods Model Name: Continuous Hedging Strategy - **Construction Idea**: The strategy is based on the analysis of basis convergence factors and optimization strategies[43] - **Construction Process**: - **Backtesting Parameters and Settings**: - **Backtesting Period**: July 22, 2022, to June 27, 2025[44] - **Spot End**: Hold the total return index of the corresponding underlying index[44] - **Futures End**: Use 70% of the funds for the spot end, short the corresponding nominal principal amount of CSI 500 (CSI 300, SSE 50, CSI 1000) stock index futures contracts, occupying the remaining 30% of the funds. After each rebalancing, recalculate the quantity of the spot and futures ends based on the product's net value[44] - **Rebalancing Rules**: Continuously hold quarterly/monthly contracts until the remaining days to expiration are less than 2 days. On that day, close the position at the closing price and simultaneously short the next quarterly/monthly contract at the closing price[44] - **Remarks**: Allocate equal principal to the spot and futures ends, without considering transaction fees, impact costs, and the non-infinite divisibility of futures contracts[44] - **Evaluation**: The strategy is designed to optimize hedging by continuously adjusting positions based on basis convergence factors[43] Model Name: Minimum Basis Strategy - **Construction Idea**: The strategy selects the contract with the smallest annualized basis discount for hedging[45] - **Construction Process**: - **Backtesting Parameters and Settings**: - **Backtesting Period**: July 22, 2022, to June 27, 2025[45] - **Spot End**: Hold the total return index of the corresponding underlying index[45] - **Futures End**: Use 70% of the funds for the spot end, short the corresponding nominal principal amount of CSI 500 (CSI 300, SSE 50, CSI 1000) stock index futures contracts, occupying the remaining 30% of the funds. After each rebalancing, recalculate the quantity of the spot and futures ends based on the product's net value[45] - **Rebalancing Rules**: When rebalancing, calculate the annualized basis of all tradable futures contracts on the day and select the contract with the smallest annualized basis discount for opening a position. Hold the same contract for 8 trading days or until the remaining days to expiration are less than 2 days, then select a new contract (excluding futures contracts with less than 8 days to expiration). Even if the selection result is to hold the original contract unchanged, continue to hold for 8 trading days[45] - **Remarks**: Allocate equal principal to the spot and futures ends, without considering transaction fees, impact costs, and the non-infinite divisibility of futures contracts[45] - **Evaluation**: The strategy aims to minimize basis discount by selecting the optimal contract for hedging[45] Model Backtesting Results Continuous Hedging Strategy - **CSI 500 Index Futures**: - **Annualized Return**: -2.77% (monthly), -2.08% (quarterly), -0.98% (minimum basis)[47] - **Volatility**: 3.88% (monthly), 4.77% (quarterly), 4.69% (minimum basis)[47] - **Maximum Drawdown**: -8.15% (monthly), -8.34% (quarterly), -7.97% (minimum basis)[47] - **Net Value**: 0.9215 (monthly), 0.9405 (quarterly), 0.9718 (minimum basis)[47] - **Annual Turnover**: 12 (monthly), 4 (quarterly), 17.53 (minimum basis)[47] - **2025 YTD Return**: -3.31% (monthly), -1.35% (quarterly), -0.69% (minimum basis)[47] - **CSI 300 Index Futures**: - **Annualized Return**: 0.58% (monthly), 0.77% (quarterly), 1.42% (minimum basis)[52] - **Volatility**: 3.02% (monthly), 3.37% (quarterly), 3.16% (minimum basis)[52] - **Maximum Drawdown**: -3.95% (monthly), -4.03% (quarterly), -4.06% (minimum basis)[52] - **Net Value**: 1.0171 (monthly), 1.0226 (quarterly), 1.0418 (minimum basis)[52] - **Annual Turnover**: 12 (monthly), 4 (quarterly), 15.46 (minimum basis)[52] - **2025 YTD Return**: -0.63% (monthly), 0.27% (quarterly), 0.82% (minimum basis)[52] - **SSE 50 Index Futures**: - **Annualized Return**: 1.07% (monthly), 2.04% (quarterly), 1.76% (minimum basis)[56] - **Volatility**: 3.14% (monthly), 3.57% (quarterly), 3.16% (minimum basis)[56] - **Maximum Drawdown**: -4.22% (monthly), -3.75% (quarterly), -3.91% (minimum basis)[56] - **Net Value**: 1.0315 (monthly), 1.0605 (quarterly), 1.0521 (minimum basis)[56] - **Annual Turnover**: 12 (monthly), 4 (quarterly), 15.81 (minimum basis)[56] - **2025 YTD Return**: 0.07% (monthly), 1.11% (quarterly), 1.09% (minimum basis)[56] - **CSI 1000 Index Futures**: - **Annualized Return**: -6.00% (monthly), -4.44% (quarterly), -3.79% (minimum basis)[58] - **Volatility**: 4.73% (monthly), 5.78% (quarterly), 5.60% (minimum basis)[58] - **Maximum Drawdown**: -14.00% (monthly), -12.63% (quarterly), -11.11% (minimum basis)[58] - **Net Value**: 0.8523 (monthly), 0.8843 (quarterly), 0.9009 (minimum basis)[58] - **Annual Turnover**: 12 (monthly), 4 (quarterly), 16.02 (minimum basis)[58] - **2025 YTD Return**: -8.76% (monthly), -4.36% (quarterly), -3.55% (minimum basis)[58] Quantitative Factors and Construction Methods Factor Name: Cinda-VIX - **Construction Idea**: Reflects the market's expectation of future volatility of the underlying asset[61] - **Construction Process**: - **Algorithm**: Based on the methodology in the report series "Exploring Market Sentiment Implied in the Options Market"[61] - **Data**: As of June 27, 2025, the 30-day VIX values for SSE 50, CSI 300, CSI 500, and CSI 1000 are 17.47, 16.92, 23.84, and 21.35, respectively[61] - **Evaluation**: The index accurately reflects the volatility expectations of the market for different time horizons[61] Factor Name: Cinda-SKEW - **Construction Idea**: Measures the skewness of implied volatility across different strike prices[69] - **Construction Process**: - **Algorithm**: Based on the methodology in the report series "Exploring Market Sentiment Implied in the Options Market"[69] - **Data**: As of June 27, 2025, the SKEW values for SSE 50, CSI 300, CSI 500, and CSI 1000 are 95.51, 97.95, 93.74, and 101.14, respectively[70] - **Evaluation**: The index provides valuable insights into market expectations of extreme events and tail risks[70] Factor Backtesting Results Cinda-VIX - **SSE 50**: 17.47[61] - **CSI 300**: 16.92[61] - **CSI 500**: 23.84[61] - **CSI 1000**: 21.35[61] Cinda-SKEW - **SSE 50**: 95.51[70] - **CSI 300**: 97.95[70] - **CSI 500**: 93.74[70] - **CSI 1000**: 101.14[70]

Group 1: Income Growth Discrepancy - There is a persistent income growth gap between first-tier cities and the national average, with first-tier cities' income growth lagging by approximately 0.8 percentage points in 2024[2] - In Q1 2024, the income growth rate for first-tier cities was 4.6%, nearly 1 percentage point lower than the national growth rate[7] - The income growth rate for first-tier cities has been consistently lower than the national average since 2020, indicating a widening gap[2] Group 2: Income Structure Differences - The primary source of disposable income for both first-tier cities and the national average is wage income, with growth rates for wage income being similar[10] - However, first-tier cities rely more on property income for growth, while the national average sees growth driven by net transfer income[10] - Property income accounts for 14% of disposable income in first-tier cities, compared to only 8.3% in the national average[18] Group 3: Dual Constraints on First-Tier Cities - First-tier cities face dual constraints on income growth: property income and net transfer income, with the latter being more significantly impacted by fiscal pressures[19] - The recovery of net transfer income in first-tier cities is expected to be slow due to high fiscal dependency, limiting the reduction of income disparity with the national average[26] - Positive changes in property income growth have been observed, particularly in Beijing, where property income growth reached 2.3% in Q1 2023, suggesting potential for narrowing the income gap[26] Group 4: Risks and Challenges - Consumer confidence recovery is slow, and policy implementation may not meet expectations, posing risks to income growth in first-tier cities[32]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to improve liquidity through the issuance of new H shares and convertible bonds, with a total expected fundraising net amount of approximately HKD 58.33 billion [2][3] - The company has successfully transformed into a comprehensive logistics leader, expanding into various emerging sectors such as express delivery, cold chain, and international logistics, which are expected to enhance profitability and revenue growth [4] - The projected net profit for the company from 2025 to 2027 is expected to grow by 17.1%, 19.7%, and 18.2% respectively, indicating a strong growth trajectory [4] Summary by Sections Fundraising and Liquidity Improvement - The company plans to issue 70 million new H shares at a price of HKD 42.15 per share, which is a discount of approximately 8.8% from the closing price on June 25 [2] - Additionally, the company intends to issue zero-coupon convertible bonds worth HKD 29.5 billion, with an initial conversion price of HKD 48.47 per share, representing a premium of about 5.3% [3] - The funds raised will be used to enhance international and cross-border logistics capabilities, develop advanced technologies, and optimize the company's capital structure [3] Financial Projections - The total revenue for the company is projected to reach HKD 315.54 billion in 2025, with a year-on-year growth rate of 10.9% [5] - The company's gross profit margin is expected to improve from 12.8% in 2023 to 14.8% in 2027 [5] - The earnings per share (EPS) is forecasted to increase from CNY 2.39 in 2025 to CNY 3.37 in 2027 [5] Profitability and Valuation - The company is expected to maintain a strong cash flow, with cash assets amounting to approximately CNY 427.71 billion as of the end of Q1 2025 [3] - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.1x, 17.6x, and 14.9x respectively, indicating a favorable valuation outlook [4]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of focusing on Hong Kong's dividend assets in the context of a low-interest environment, which benefits financing costs for Hong Kong stocks, particularly in the water and waste incineration sectors [3][16] - The report highlights a significant reduction in capital expenditure in the industry, indicating a shift towards positive free cash flow and stable dividend payouts [3][16] - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation, environmental protection, and resource recycling, which is expected to sustain high industry prosperity [34] Market Performance - As of June 20, the environmental sector declined by 2.51%, underperforming the broader market, with specific declines in various sub-sectors such as water governance and waste incineration [3][9][10] - The report notes that the green electricity trading volume in China reached 220.945 billion kWh from January to May 2025, a year-on-year increase of 49.2% [26] Company Announcements - The report provides detailed financial forecasts and dividend rates for several companies, including: - Yuehai Investment: 2024 dividend payout ratio of 65%, dividend yield of 4.66% [18] - Beikong Water: 2024 dividend payout ratio of 91%, dividend yield of 6.41% [20] - China Water: 2024 dividend payout ratio of 30%, dividend yield of 6.1% [21] - China Everbright Environment: 2024 dividend payout ratio of 41.84%, dividend yield of 5.94% [22] - Green Power Environmental: 2024 dividend payout ratio of 73.39%, dividend yield of 9% [24] - Tianjin Chuangye Environmental: 2024 dividend payout ratio of 34%, dividend yield of 5.58% [25] Investment Recommendations - The report recommends focusing on quality operational assets in the water and waste incineration sectors, which are expected to benefit from stable earnings and cash flow [34] - Key recommendations include companies such as Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies like Wangneng Environment and Junxin Co. [34]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices have been on the rise due to increased geopolitical tensions in the Middle East and a significant drop in U.S. crude oil inventories, with Brent and WTI prices reaching $75.48 and $73.84 per barrel respectively as of June 20, 2025 [7][29] - The oil and petrochemical sector has shown mixed performance, with the sector down 1.03% while the broader market (CSI 300) fell by 0.45% [8][11] - The report highlights the increase in global offshore drilling platforms, with a total of 378 self-elevating platforms and 134 floating platforms as of June 16, 2025 [35] Summary by Sections Oil Price Review - As of June 20, 2025, Brent crude futures settled at $75.48 per barrel, up $1.25 (+1.68%) from the previous week, while WTI crude futures rose to $73.84 per barrel, an increase of $0.86 (+1.18%) [29] Offshore Drilling Services - The number of global self-elevating drilling platforms increased by 1 to 378, while floating drilling platforms decreased by 2 to 134 as of June 16, 2025 [35] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.431 million barrels per day, an increase of 0.03 million barrels from the previous week [49] U.S. Crude Oil Demand - U.S. refinery crude oil processing averaged 16.862 million barrels per day, down 364,000 barrels from the previous week, with a refinery utilization rate of 93.20%, a decrease of 1.1 percentage points [59] U.S. Crude Oil Inventory - Total U.S. crude oil inventories stood at 823 million barrels, a decrease of 11.243 million barrels (-1.35%) from the previous week [68] U.S. Product Oil Inventory - As of June 13, 2025, U.S. gasoline, diesel, and jet fuel inventories were reported at 230.013 million, 109.398 million, and 44.428 million barrels respectively, with slight increases in gasoline and diesel inventories [59] Related Companies - Key companies mentioned include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]

Report Industry Investment Rating No relevant content provided. Report's Core View - In Q1 2025, the scale of US covered - call strategy ETFs exceeded $100 billion, with JPMorgan's products leading the industry in scale. The growth momentum of JPMorgan's covered - call strategy products is strong, and their income characteristics show strategic homology [3][7][106]. - JPMorgan Equity Premium Income ETF (JEPI) was established in May 2020. Its investment goal is to pursue current income while maintaining the expectation of capital appreciation. As of May 2025, it is the world's largest actively managed ETF [4][34][106]. - The fund's investment strategy is divided into the stock side and the options side. On the stock side, it selects S&P 500 component stocks to build a low - volatility portfolio; on the options side, it sells out - of - the - money call options through ELN [106]. - The fund's advantages such as income enhancement, stable dividends, low volatility, and low fees, as well as the rise of the investment advisory industry, jointly drive product demand [6][9][106]. Summary According to Related Catalogs 1. Overseas Covered - Call Strategy Funds Expand, and JPMorgan's Products Lead in Scale - **US Covered - Call Strategy ETF Scale Exceeds $100 Billion, and JPMorgan's Products Lead**: In 2024, the scale of US covered - call strategy products exceeded $100 billion. As of Q1 2025, the scale of US covered - call ETFs reached $101.807 billion. JPMorgan's covered - call strategy product scale accounted for 60.55% of the US covered - call strategy product scale, and its ETF scale accounted for 61.05% of the US covered - call strategy ETF scale [16][19][21]. - **JPMorgan's Covered - Call Strategy Products Have a Consistent Investment Framework and Strong Growth Momentum**: JPMorgan's covered - call strategy products have the same investment goal and similar investment strategies. From 2022 to 2024, the combined scale growth of 3 covered - call strategy products under JPMorgan exceeded $10 billion each year. Their income characteristics show strategic homology [7][26][27]. 2. JEPI: The Largest Actively Managed ETF - **Fund Basic Information**: JEPI was established in May 2020, with the S&P 500 Total Return Index as its performance benchmark. Its investment goal is to pursue current income while maintaining the expectation of capital appreciation, through creating an actively managed stock portfolio mainly composed of S&P 500 index component stocks and selling S&P 500 index call options through ELN [34][35]. - **Product Scale and Share Continuously Increase**: Starting from about $20 million at the initial listing, the product scale has been rising. As of May 20, 2025, the total asset management scale reached $40.024 billion, and the product share exceeded 700 million [35][36][39]. - **Product Positioning**: The product mainly invests in US stocks and ELN, with the investment area concentrated in the US. It has heavy positions in the information technology, finance, industry, and healthcare industries, and the stock investment is relatively dispersed [7][42][44]. 3. Product Strategy is Divided into Stock Portfolio and Covered - Call Strategy - **Main Strategy Composed of Defensive Stock Portfolio and Options Superposition Strategy**: The fund aims to reduce volatility and seek continuous premium income. Its investment portfolio is divided into a defensive stock portfolio constructed through fundamental research and an operation of selling out - of - the - money S&P 500 index options to generate monthly distributable income [50][53]. - **Stock Investment Strategy: Seeking to Create a Stock Portfolio with Lower Volatility than the S&P 500**: The fund invests at least 80% of its assets in stocks under normal circumstances, mainly in S&P 500 component stocks. It uses a systematic investment process to build a portfolio with lower volatility than the S&P 500 index [58]. - **The Product Invests in the Covered - Call Strategy through ELN and Continuously Obtains Option Premium Income**: ELN is an over - the - counter derivative. The fund's investment in ELN has a position limit, and it uses the covered - call strategy to embed a short position in call options. The option premium provided by ELN is an important source of the fund's income [63][64]. 4. Composite Advantages Jointly Drive Product Demand - **The Fund's Investment in ELN Has an Income Enhancement Advantage**: From 2023 to 2024, the fund's investment ratio in ELN was relatively stable, between 13% and 15%. The covered - call strategy embedded in ELN can enhance income, and the annualized interest rate of ELN is highly positively correlated with the VIX level [70][73]. - **The Fund's Continuous and Stable Dividend Mechanism Helps Enhance Investor Stickiness**: As of April 30, 2025, the fund's dividend rate was 8.93%. It creates income through dividend income and option premium and distributes dividends monthly in full [76][79]. - **The Fund Has the Advantage of Low Volatility**: Since its listing, the product's volatility and maximum drawdown performance have been better. As of Q1 2025, the annualized volatility was 12.71%, far lower than the 20.21% volatility of the S&P 500 index [88][90]. - **The Fund's Fee Creates a Low - Cost Strategic Advantage**: As an actively managed covered - call strategy ETF, JEPI has a fee of only 0.35%, lower than the passive equity ETFs in the US in 2024, meeting the low - fee preference of ETF investors [98]. - **Fund Investment Advisors and Institutional Investors Jointly Promote Product Demand**: The number of institutional investors has been continuously expanding, with the position - holding ratio stably above 30%. The position - holding ratio of investment advisors has increased significantly [99][103]. 5. Summary - The scale of US covered - call strategy ETFs exceeded $100 billion in Q1 2025, and JPMorgan led the industry with a market share of 60.55%. The growth momentum of JPMorgan's covered - call strategy products is strong [106]. - JEPI is the world's largest actively managed ETF. Its investment strategy is divided into the stock side and the options side, and its multiple advantages and the rise of the investment advisory industry jointly drive product demand [106].

上交所制定推动提升沪市公司 ESG 评级专项行动方案，创业板指剔除国证 ESG 评级 B 级以下公司 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 06 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_Author] [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 上交所制定推动提升沪市公司 ESG 评级专项行动方 案，创业板指剔除国证 ESG 评级 B 级以下公司 [Tab ...