Group 1 - The core viewpoint of the news highlights the performance of the Central State-owned Modern Energy ETF, which has shown a recent increase in value and trading activity, reflecting a positive market sentiment towards energy stocks amid rising electricity demand due to high temperatures [3][4]. - As of July 4, the National Energy Administration reported that the maximum national power load reached 1.465 billion kilowatts, an increase of approximately 200 million kilowatts compared to the end of June, marking a historical high and a year-on-year growth of nearly 150 million kilowatts [3]. - The Central State-owned Modern Energy ETF has seen a 0.80% increase in net value over the past six months, with a maximum single-month return of 10.03% since its inception [4]. Group 2 - The electricity price is expected to rise more than coal prices, with the current electricity market focusing on high dividends, indicating long-term investment value in thermal power [4]. - The Ningxia-Hunan ±800 kV UHVDC project has commenced operation, expected to deliver over 36 billion kilowatt-hours of electricity annually, with 50% from renewable sources, alleviating power shortages in Hunan and supporting the development of integrated wind-solar-storage systems [4]. - The management fee for the Central State-owned Modern Energy ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5].

Core Viewpoint - The China Securities Index for Modern Energy of State-Owned Enterprises has shown mixed performance, with a slight increase recently but a year-to-date decline, reflecting the overall trends in the modern energy sector [1][2]. Group 1: Index Performance - The index closed at 1284.8 points, with a trading volume of 20.648 billion yuan [1]. - Over the past month, the index has increased by 1.23%, and over the last three months, it has risen by 1.36%, while it has decreased by 4.08% year-to-date [1]. Group 2: Index Composition - The index is composed of 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the performance of modern energy theme companies [1]. - The top ten weighted companies in the index include: - Changjiang Electric Power (10.02%) - Guodian NARI Technology (7.44%) - China Nuclear Power (6.4%) - Three Gorges Energy (5.1%) - Aluminum Corporation of China (4.68%) - Guodian Power (3.71%) - China Power Construction (3.49%) - China Shenhua Energy (3.08%) - State Power Investment Corporation (3.01%) - China National Petroleum Corporation (2.97%) [1]. Group 3: Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 81.96% of the index's holdings, while the Shenzhen Stock Exchange represents 18.04% [1]. - In terms of industry distribution, the index's sample shows: - Utilities: 44.88% - Industrials: 22.59% - Energy: 17.31% - Materials: 14.35% - Communication Services: 0.88% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the index include: - Harvest CSI National New State-Owned Enterprises Modern Energy Link A - Harvest CSI National New State-Owned Enterprises Modern Energy Link C - ICBC CSI National New State-Owned Enterprises Modern Energy ETF - Bosera CSI National New State-Owned Enterprises Modern Energy ETF - Harvest CSI National New State-Owned Enterprises Modern Energy ETF [2].

Core Viewpoint - The Central State-Owned Enterprises Modern Energy Index (932037) has shown mixed performance among its constituent stocks, with a slight overall decline of 0.11% as of June 16, 2025, while specific companies like China Rare Earth (000831) and China Aluminum (601600) experienced gains [1] Group 1: Index Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) increased by 0.09%, with a latest price of 1.07 yuan and a turnover rate of 8.11%, amounting to 3.99 million yuan in trading volume [1] - The ETF's average daily trading volume over the past week was 6.88 million yuan, ranking it first among comparable funds [1] Group 2: Investment Recommendations - Xiangcai Securities suggests focusing on upstream rare earth resource companies due to improved supply-demand dynamics, driven by expectations of supply contraction and relaxed export controls [1] - The Ministry of Commerce has approved a certain quantity of rare earth-related export applications, indicating potential short-term benefits for companies in the magnetic materials sector [1] Group 3: ETF Performance Metrics - The latest size of the Central State-Owned Enterprises Modern Energy ETF reached 49.28 million yuan, marking a one-month high [2] - Since its inception, the ETF has achieved a maximum monthly return of 10.03% and a longest consecutive monthly gain of 7 months, with an overall annualized return of 100% [2] - The ETF's maximum drawdown this year was 7.91%, with a management fee of 0.50% and a custody fee of 0.10%, the lowest among comparable funds [2] Group 4: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index accounted for 51.1% of the index, with Longjiang Power (600900) being the largest at 10.48% [3][5]

Core Viewpoint - The modern energy sector in China is experiencing a strategic revaluation due to export controls on medium and heavy rare earths, leading to increased overseas prices and a widening domestic-international price gap, which is expected to drive domestic prices upward [3][5]. Group 1: Market Performance - As of May 14, 2025, the China Modern Energy Index (932037) rose by 0.15%, with notable increases in component stocks such as China Rare Earth (000831) up 3.27% and Yunnan Aluminum (000807) up 2.39% [3]. - The China Modern Energy ETF (561790) has achieved a 0.19% increase, marking its seventh consecutive rise, with the latest price at 1.06 yuan [3]. Group 2: Liquidity and Trading Activity - The China Modern Energy ETF recorded a turnover rate of 6.87% during the trading session, with a transaction volume of 3.334 million yuan [4]. - Over the past week, the ETF's average daily trading volume was 6.4563 million yuan, ranking it first among comparable funds [4]. Group 3: Fund Growth and Performance - The ETF has seen a significant growth of 6.8009 million yuan in scale over the past six months, placing it in the top third of comparable funds [4]. - The ETF's share count increased by 9 million shares in the same period, also ranking in the top third among comparable funds [4]. - Since its inception, the ETF has achieved a maximum monthly return of 10.03% and a longest consecutive monthly gain of 7 months, with an overall annual profit rate of 100% [4]. Group 4: Valuation Metrics - The China Modern Energy Index is currently valued at a historical low with a price-to-book (PB) ratio of 1.41, which is below 95.4% of the time over the past year, indicating strong valuation attractiveness [5]. - The top ten weighted stocks in the index account for 51.18% of the total index weight, with significant contributors including Changjiang Electric (600900) and China Nuclear Power (601985) [5][7].