HDPI(600027) 新浪财经·2025-03-31 03:04Core Viewpoint - The recent policy push for renewable energy and green power certificates in China is expected to enhance the market for green electricity, stimulating demand while ensuring a competitive supply side [1][2]. Group 1: Market Performance - The China Securities National New State-Owned Enterprises Modern Energy Index (932037) increased by 0.45%, with notable gains from companies such as Longyuan Power (up 7.90%) and Huadian International (up 5.27%) [1]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.28%, with a trading volume of 1.1757 million yuan and a turnover rate of 2.31% [1]. Group 2: Policy Developments - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the high-quality development of the renewable energy green power certificate market, aiming for a gradual increase in green electricity consumption by 2027 [1]. - In February, the National Energy Administration issued 256 million green certificates, a year-on-year increase of 544%, with 63.32% being tradable [1]. Group 3: Investment Opportunities - Guosheng Securities highlights the rapid growth of new energy, predicting that by 2024, new energy installed capacity will exceed 42%, contributing over 60% to the total national power generation growth [2]. - The firm recommends focusing on the power sector, particularly on undervalued green electricity stocks and leading companies in thermal power equipment [2]. Group 4: ETF Performance Metrics - The Central State-Owned Enterprises Modern Energy ETF has seen a significant growth of 1.6704 million yuan in size over the past six months, ranking in the top third among comparable funds [3]. - The ETF's share count increased by 7 million shares in the same period, also placing it in the top third among peers [4]. - As of March 28, 2025, the ETF has achieved a maximum monthly return of 10.03% since inception, with a historical one-year profit probability of 96.27% [4]. Group 5: Financial Metrics - The ETF has outperformed its benchmark with an annualized excess return of 1.29% over the past year [5]. - The maximum drawdown for the ETF this year is 4.36%, with a management fee of 0.50% and a custody fee of 0.10%, the lowest among comparable funds [6]. - The ETF's tracking error over the past two months is 0.008%, indicating high tracking precision [6]. Group 6: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 11.91, which is below 91.34% of the time over the past year, indicating a historically low valuation [6]. - The top ten weighted stocks in the index account for 51.63% of the total, including major players like China Yangtze Power and China Nuclear Power [6].