电力ETF华宝（159146），12月22日起跨年发“电”！一文读懂核心看点

Group 1 - The core logic for investing in the power industry is driven by demand, with AI catalyzing new opportunities as data centers experience explosive growth in electricity consumption, becoming a key growth engine for power demand [3][10] - The policy dividend from ongoing electricity market reforms in China is creating a transformation opportunity, with new energy sources participating in market transactions and price mechanisms being established [3][10] Group 2 - "Electricity ETF Huabao" passively tracks the CSI All Share Power Utility Index (H30199), which was established on December 31, 2004, and published on July 15, 2013, with its first issuance on December 22 [1][16] - The index comprises 55 constituent stocks as of November 30, 2025, with a maximum weight limit of 10% for any single sample [1][16] Group 3 - The CSI All Share Power Utility Index features a balanced allocation among thermal power, green energy (wind and solar), hydropower, and nuclear power, with respective weights of 43%, 21%, 24%, and 12%, combining both dividend and growth attributes [20][22] - The top ten weighted stocks in the index include leading companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 21% of the index weight [5][19] Group 4 - The current valuation of the CSI All Share Power Utility Index is at a historically low level, with a price-to-earnings ratio (PE-TTM) of approximately 17 times as of November 30, 2025, indicating a certain safety margin [7][22] - The index has achieved an annualized return of 4.79% since 2023, outperforming similar power indices [10][24] Group 5 - The manager of "Electricity ETF Huabao" is Huabao Fund Management Co., Ltd., which is one of the earliest public fund companies to focus on industry ETFs, with a total equity ETF scale exceeding 120 billion yuan as of the end of Q3 2025 [26][28]