公用事业行业深度报告：万家中证全指公用事业ETF投资价值分析

Investment Rating - The report maintains an "Overweight" rating for the Wanjiacn CSI All Share Utilities ETF as of August 27, 2024 [1]. Core Insights - The public utilities sector is experiencing steady growth and is poised for transformation opportunities driven by various factors such as population growth, urbanization, and rising living standards [6][21]. - The sector's competitive landscape is concentrated, with stable returns due to the monopolistic and regional characteristics of public utilities [21]. - A new growth cycle is anticipated as price reforms in public utilities are initiated, addressing the current contradictions between pricing mechanisms and sustainable development [24]. Summary by Sections 1. Steady Growth and Transformation Opportunities in Public Utilities - The public utilities sector, including electricity, gas, water, and transportation, is a crucial pillar of national economic development and public welfare [6]. - Electricity consumption in China reached 9.22 trillion kWh in 2023, a year-on-year increase of 6.7%, with industrial and commercial sectors being the primary consumers [8]. - Water supply and sewage treatment capacity growth is slowing, with urban public water supply reaching 53.7 billion cubic meters in 2022, a 1% increase year-on-year [12]. - Natural gas consumption in 2023 was 390 billion cubic meters, up 7.2% year-on-year, indicating a recovery in demand [18]. 2. Concentrated Landscape and Stable Returns - The public utilities sector exhibits monopolistic and regional characteristics, with government and state-owned enterprises dominating early-stage investments and operations [21]. - The revenue model is primarily based on user payments and government subsidies, ensuring strong revenue certainty [21]. 3. CSI All Share Utilities Index - The CSI All Share Utilities Index includes 50 representative companies in the public utilities sector, with an average free float market capitalization of 20.34 billion yuan as of August 16, 2024 [26]. - The index has shown a cumulative return of 171.28% since its inception, with an annualized return of 6.21%, outperforming major broad-based indices [27]. - The index's price-to-earnings (PE) ratio is 18.30, which is below its historical median, indicating potential investment value [27]. 4. Wanjiacn CSI All Share Utilities ETF - The ETF closely tracks the CSI All Share Utilities Index, aiming to minimize tracking deviation and error [1]. - The fund management fee is set at 0.50%, with a custody fee of 0.10% [1]. 5. Fund Manager Information - The fund manager is He Fangzhou, responsible for managing the ETF [1].