量化分析报告：立足能源安全，重视板块投资价值——工银中证国新央企现代能源ETF投资价值分析

• The Central Enterprise Modern Energy Index (932037.CSI) was officially released on November 16, 2022, and it selects 50 listed company securities involved in modern energy industries such as green energy, fossil energy, and energy transmission and distribution to reflect the overall performance of central enterprise modern energy-themed listed company securities[3][31] - The index's sample space includes A-shares and depositary receipts issued by red-chip enterprises that meet specific criteria, such as not being ST or *ST securities and having been listed for a certain period[31] - The selection method involves choosing securities from the sample space that belong to the central enterprise directory of the State-owned Assets Supervision and Administration Commission (SASAC) and are involved in green energy, fossil energy, and energy transmission and distribution industries[32] - The index's top ten constituent stocks are highly concentrated, focusing on leading stocks related to central enterprise modern energy, with the top ten weights accounting for 53% as of November 18, 2024[34] - The index's constituent stocks are evenly distributed across various market value ranges, with weights of 12.99% for stocks with a market value above 100 billion, 34.45% for stocks between 500 billion and 1000 billion, and 22.22% for stocks between 200 billion and 500 billion[35] - The index's constituent stocks are mainly concentrated in industries such as electric power and public utilities, electric power equipment and new energy, petroleum and petrochemicals, and non-ferrous metals, with respective proportions of 44.69%, 13.03%, 12.14%, and 12.08%[36] - The index's constituent stocks have high exposure to concepts such as comprehensive state-owned enterprises, large central enterprises, and industry leaders, with exposure rates of 100.00%, 84.02%, and 79.25%, respectively[40] - The index's style factor exposure shows that it has a high momentum, large market value, and high profitability compared to the Wind All A Index, with significant positive exposure in factors such as momentum, market value, and profitability as of October 31, 2024[41] - The index's profitability is outstanding, with expected future high growth in earnings. The Wind consensus forecast shows that the index's expected operating income for 2024, 2025, and 2026 is 109080, 112795, and 116719 billion yuan, respectively, with year-on-year growth rates of 4.87%, 3.41%, and 3.48%[45] - The expected net profit attributable to the parent company for 2024, 2025, and 2026 is 6784, 7285, and 7753 billion yuan, respectively, with year-on-year growth rates of 13.39%, 7.37%, and 6.43%[45]