Sou Hu Cai Jing·2025-06-25 03:37Core Viewpoint - The recent announcement by the Ministry of Finance regarding the budget for renewable energy subsidies is expected to promote healthy and orderly development in the wind power sector, maintaining high growth momentum in the industry [1][2]. Group 1: Market Performance - As of June 25, 2025, the China Securities National New State-Owned Enterprises Modern Energy Index (932037) decreased by 0.07%, with mixed performance among constituent stocks [1]. - Notable gainers included China National Materials Technology (002080) up 2.23%, State Grid Yingda (600517) up 2.19%, and Guodian Power (600795) up 1.91% [1]. - Conversely, major decliners included Sinopec Oilfield Service (600871) down 2.04%, Yun Aluminum (000807) down 1.28%, and China Coal Energy (601898) down 1.08% [1]. Group 2: Policy Impact - The Ministry of Finance has allocated a budget of CNY 4.19 billion for local renewable energy subsidies, which is anticipated to further stimulate the wind power industry [1][2]. - The China Wind Energy Association forecasts that new wind power installations in 2025 will range from 105 to 115 GW, marking a significant increase in capacity [2]. Group 3: Financial Performance of ETFs - The Central State-Owned Enterprises Modern Energy ETF (561790) has shown a maximum monthly return of 10.03% since its inception, with a historical annual profit percentage of 100.00% [2]. - As of June 24, 2025, the ETF has outperformed its benchmark with an annualized excess return of 1.11% [2]. - The ETF's maximum drawdown this year was 7.91%, compared to a relative benchmark drawdown of 0.37% [2]. Group 4: Fee Structure and Tracking Accuracy - The management fee for the Central State-Owned Enterprises Modern Energy ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [3]. - As of June 24, 2025, the ETF's tracking error over the past month was 0.035%, indicating the highest tracking precision among similar funds [3]. Group 5: Index Composition - The index consists of 50 listed companies involved in green energy, fossil energy, and energy transmission, reflecting the overall performance of state-owned enterprises in the modern energy sector [3]. - As of May 30, 2025, the top ten weighted stocks in the index accounted for 51.1% of the total weight, with Changjiang Electric (600900) holding the highest weight at 10.48% [3][5].