该指数聚焦储能领域,由 50只业务涉及电池制造、 储能电池逆变器、储能电池 系统集成、电池温控消防等 领域的公司股票组成,有望 受益于未来能源发展机遇。 截至午间收盘 该指数涨跌 市场早盘震荡调整，新能源板块局部活跃。截至午间收盘，中证新能源指数上涨1.1%，中证光伏产业指数上涨0.9%，中证上海环交所碳中和指数上涨 0.7%，国证新能源电池指数下跌0.3%，储能电池ETF（159566）早盘获约1000万份净申购。Wind数据显示，该ETF此前连续6个交易日获资金净流入，合计 近5亿元。 光伏ETF易方达 跟踪中证光伏产业指数 该指数聚焦的光伏是代表 性较强的未来能源之一, 由50只产业链上、中、下 游具有代表性的公司股票 组成。 -0.3% 截至午间收盘 该指数涨跌 0.9% 碳中和ETF易方达 (19) 跟踪中证上海环交所碳中和指数 每日经济新闻 ...

将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 投中网 当潮水方向改变，真正的价值开始显现。过去一年，中国创新经济的叙事已彻底转向："硬科技"不再是口号，而是生存与竞争的基 石。 ♦ 参评企业估值在 10 亿人民币以上，融资轮次在 A 轮及以上，且近三年内（ 2023-2025 年）有融资记录； 我们正亲身经历一个范式转移的周期——全球科技竞争的逻辑， 正从单一技术的突破，转向复杂系统生态的构建与主导。 在这一背景 下，中国的产业升级路径清晰呈现：从模式创新走向硬核驱动，从应用集成走向底层攻坚。 这一年来，硬科技的纵深发展成为主旋律：生成式 AI 加速从技术探索走向产业融合，通过垂域应用重构从研发到服务的全链条；碳中 和领域持续拓宽技术边界，绿色氢能、新型储能等路线并行发展，推动能源革命进入深水区；生物科技在 AI for Science 的驱动下经 历研发范式革新，催生更精准、高效的解决方案；先进制造在"自主可控"与"全球竞争力"的双重目标下，于半导体设备、高端材料等 关键环节持续突破。 这是一个回归本质的时代，也是一个属于长期主义者与产业重构者的时代。 由此， " 2025 投中榜·锐公司 100 ...

- The report introduces a "Three-dimensional Timing Framework" model, which is based on liquidity, divergence, and prosperity indicators. The model suggests that the market is in a consolidation phase, with liquidity trending downward, divergence trending upward, and prosperity remaining stable. The framework indicates a continued oscillating downward trend[7][12][14] - The "ETF Hotspot Trend Strategy" is constructed by selecting ETFs with both the highest and lowest price trends in an upward direction. The strategy further incorporates a support-resistance factor based on the steepness of the regression coefficients of the highest and lowest prices over the past 20 days. The top 10 ETFs with the highest turnover rate in the last 5 days relative to the last 20 days are selected to form a risk parity portfolio[28][31] - The "Capital Flow Resonance Strategy" is built using two factors: the financing margin factor and the active large-order capital factor. The financing margin factor is defined as the two-week rate of change of the 50-day average of the market-neutralized financing net buy minus the margin net buy (aggregated by individual stocks). The active large-order capital factor is defined as the net inflow ranking of the time-neutralized industry transaction volume over the past year, taking the 10-day average. The strategy excludes extreme head industries from the active large-order factor and applies a negative exclusion for the top industries in the financing margin factor. This adjustment improves the strategy's stability. Since 2018, the strategy has achieved an annualized excess return of 13.5% after fees, with an IR of 1.7. Last week, the strategy recorded a positive excess return of 4.96% relative to industry equal weight, with an absolute return of 2.37%[37][40] Model Backtesting Results - Three-dimensional Timing Framework: Historical performance indicates oscillating downward trends during periods of low liquidity and high divergence[14] - ETF Hotspot Trend Strategy: The strategy has achieved cumulative excess returns over the CSI 300 index this year[29][30] - Capital Flow Resonance Strategy: Since 2018, the strategy has achieved an annualized excess return of 13.5% after fees, with an IR of 1.7. Last week, it recorded a positive excess return of 4.96% relative to industry equal weight, with an absolute return of 2.37%[37][40] Factor Construction and Evaluation - **Beta Factor**: Constructed to measure the sensitivity of a stock's returns to market returns. It recorded a positive return of 2.63% last week, indicating that high-beta portfolios outperformed low-beta portfolios[41][42] - **Growth Factor**: Reflects high-growth stocks favored by the market. It achieved a return of 1.51% last week[41][42] - **Size Factor**: Measures the performance of large-cap versus small-cap stocks. It recorded a positive return of 1.39% last week, with large-cap stocks outperforming small-cap stocks[41][42] - **Alpha Factors**: Includes institutional holdings and momentum factors. Notable factors include "Fund Holdings to Float Share Ratio" (1.33% weekly excess return), "Top Ten Mean Stock Value to NAV" (1.00% weekly excess return), and "1-Year-1-Month Momentum" (0.94% weekly excess return)[44][46] - **Growth and R&D Factors**: Factors such as "R&D Total Assets Ratio" (22.36% weekly excess return in CSI 300), "R&D Sales Revenue Ratio" (19.32% weekly excess return in CSI 300), and "Quarterly ROE YoY Difference" (19.43% weekly excess return in CSI 300) performed well across different indices, with stronger results in small-cap indices like CSI 1000[47][48] Factor Backtesting Results - **Beta Factor**: Annual return of 27.16%, monthly return of 2.83%, weekly return of 2.63%[42] - **Growth Factor**: Annual return of -0.45%, monthly return of 4.73%, weekly return of 1.51%[42] - **Size Factor**: Annual return of -23.40%, monthly return of 4.72%, weekly return of 1.39%[42] - **Alpha Factors**: Weekly excess returns range from 0.56% to 1.33%, with monthly excess returns ranging from 1.79% to 3.68%[44][46] - **Growth and R&D Factors**: Weekly excess returns in CSI 300 range from 13.71% to 22.36%, with higher returns observed in smaller-cap indices like CSI 1000[47][48]

Group 1: Key Focus Areas - The "14th Five-Year Plan" emphasizes four major sectors: Technology/Manufacturing, Consumption/Services, Infrastructure, and Others[3] - Key indices in the Technology/Manufacturing sector have shown significant growth, with Fusion Energy at 66%, Semiconductors at 65%, and Humanoid Robots at 60% since the beginning of 2025[5] - The report indicates that the current valuation levels for Humanoid Robots and Deep Sea Technology are relatively low, with PE ratios at 9% and 32% respectively[5] Group 2: Performance Metrics - The cumulative return for the Computing Power index is 73%, while Cloud Computing/Big Data has returned 47%[13] - In the Consumption/Services sector, the leading performers include Animation Games at 47%, New Consumption at 39%, and Medical Services at 37%[9] - The report highlights that the Carbon Neutrality index has increased by 40%, and the Belt and Road Initiative by 33% since the start of 2025[19] Group 3: Valuation Insights - The report notes that the current PE ratios for sectors like New Consumption and Professional Services are at 21% and 30% respectively, indicating potential for growth[9] - The Infrastructure sector shows low valuation levels for Transportation Infrastructure at 21% and Nuclear Power at 68%[13] - The report emphasizes the importance of monitoring macroeconomic conditions, as deviations from expected monetary policy could impact market performance[23]

Group 1 - The core viewpoint of the news highlights a significant rise in the new energy industry chain, particularly in the energy storage and battery sectors, with various indices showing notable increases [1][5][8] - The Guozheng New Energy Battery Index increased by 3.2%, the Zhongzheng Photovoltaic Industry Index rose by 2.7%, the Zhongzheng Shanghai Environmental Exchange Carbon Neutrality Index went up by 2.1%, and the Zhongzheng New Energy Index saw a rise of 1.8% [1][5][8] - According to Wind data, the Energy Storage Battery ETF (159566) attracted over 400 million yuan in the last five trading days [1] Group 2 - The indices mentioned focus on the energy storage sector, comprising 50 companies involved in battery manufacturing, energy storage battery inverters, energy storage battery system integration, and battery temperature control and fire protection [3] - The Zhongzheng Photovoltaic Industry Index tracks 50 representative companies across the upstream, midstream, and downstream of the photovoltaic industry chain, which is considered a strong representative of future energy [5]

展望"十五五"时期，我国将进入碳达峰目标实现的关键攻坚阶段。研究团队表示，未来将继续秉持"五 力"发展导向，通过迭代优化指标体系、强化多维数据耦合、提升趋势预测精度等方式，推动"中国碳中 和发展力指数"在评估地方实践成效、引领未来转型方向中发挥更大作用。 作为全国首个以系统化、长期化方式持续跟踪各省市碳中和战略推进情况的权威指数，"中国碳中和发 展力指数"自2021年首次发布以来，已连续五年对外公布成果，完整见证了我国在"双碳"战略引领下经 济社会领域广泛而深刻的系统性变革。2025年度指数延续采用"5+N"评估体系，在"成长力、转型力、 竞争力、协调力、持续力"五力模型基础上，进一步优化评价指标设置，重点强化环境治理、绿色金 融、农业绿色保障等领域的指标权重——这一调整充分反映出我国"双碳"工作正从单一减排导向，逐步 转向系统集成与协同推进的新阶段。 中证报中证网讯(记者刘丽靓)中国证券报记者9月22日获悉，近日，厦门大学"碳中和发展力"研究团队 联合江苏大学碳中和发展研究院共同发布"2025中国碳中和发展力指数"。今年既是"双碳"目标提出五周 年，也是"十四五"规划收官之年，更是该指数连续发布的第五个年度 ...

Core Viewpoint - Under the guidance of the "dual carbon" goals, China is undergoing a profound green transformation, optimizing industrial structure, transitioning to a low-carbon energy system, and driving green development through technological innovation [2] Group 1: Summit Overview - The 2025 Zero Carbon Summit will be themed "Intelligent Green Energy, Achieving Carbon Neutrality," gathering wisdom and practices from government, universities, research institutions, leading enterprises, and professional organizations to address challenges in zero-carbon transition [2][4] - The summit will officially launch the "COP30 China Corner Communication Action Plan," providing a platform for showcasing advanced green innovation technologies and replicable enterprise zero-carbon transition experiences to the world [6] Group 2: Innovation and Recognition - The "Yangtze River Delta Enterprise Green Low-Carbon Innovation Case Project Collection" will be released at the summit, highlighting benchmark practices in green transformation, from technological innovation to model breakthroughs [4] - The "Zero Carbon Earth Series Awards" will be announced to recognize outstanding pioneers in green transformation, with winning cases recommended to international partners and platforms [8] Group 3: Event Details - The summit is scheduled for August 29, 2025, in Shanghai [9] - The agenda includes keynote speeches, the release of the innovation case project collection, the launch of the communication action plan, and roundtable discussions on zero-carbon practices [46][48]

Group 1 - The Shanghai Book Fair is set to begin, showcasing a selection of books that address current hot topics and classic works, organized into eight series for readers' reference [2] - The event aims to provide a unique reading experience, inviting participants to immerse themselves in the world of literature [2] Group 2 - The book "Effective Leadership" by Lü Feng explores the essence, components, and practical methods of leadership [6] - "Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future" by Ashlee Vance details the life and innovative journey of Elon Musk [8] - "A Journey of a Lifetime: The CEO of Disney's Memoir" by Robert Iger and Joel Lovell reflects on Iger's 45-year career, particularly his 20 years at Disney, sharing leadership philosophies and management wisdom [10] - "The Right Path: Insights from 26 Years at Yum China" by Su Jingzhi offers reflections on management in the restaurant industry based on the author's extensive experience [12] Group 3 - The book "The Self-Media Marketing Bible" by Gary Vaynerchuk emphasizes the importance of personalized IP and high engagement rates in navigating the self-media landscape [15] - "Understanding Carbon Neutrality" by the Ernst & Young Carbon Neutrality Task Force discusses the need for companies to establish a "carbon ledger" to remain competitive in future trade [32] - "Understanding ESG" by the Ernst & Young Carbon Neutrality Task Force presents ESG as a risk pricing tool, predicting a convergence of global regulations in the next five years [34] Group 4 - The automotive industry is undergoing significant changes due to the electric vehicle revolution, which is impacting traditional automotive companies and altering design, production, and marketing models [42] - The book "The Great Reshuffle: Life and Death in the Automotive Industry" discusses the need for companies to build competitive advantages in technology, supply chains, and globalization to survive [40] - The narrative of the Chinese automotive market is evolving, with competition becoming more pronounced as the industry matures [46][49]

Group 1 - The Hang Seng Index opened up by 0.17% and the Hang Seng Tech Index opened up by 0.28% [1] - China Carbon Neutrality opened up by 3.66% following the signing of a strategic cooperation agreement with Beijing Zhonghong Blue Ocean [1] - The cooperation will focus on carbon peak, carbon neutrality, and the new energy industry, with a total investment of approximately 10 billion RMB [1]

Group 1 - The company has signed a settlement and offset agreement with subscribers, agreeing to issue convertible bonds worth HKD 57.66 million to offset debts [1] - The convertible bonds can be converted at an adjusted price of HKD 0.28 per share, potentially resulting in the issuance of up to 206 million shares, which would represent approximately 32.03% of the current issued share capital [1] - The issuance of convertible bonds is intended solely to offset debt, meaning the company will not receive any proceeds from this issuance [1] Group 2 - The company has considered various fundraising options, including debt financing, placing new shares, and rights issues, but found them increasingly difficult due to limited borrowing capacity and tightening credit policies [2] - The board believes that issuing convertible bonds is a more feasible and cost-effective method for debt repayment, given the current market conditions and uncertainties surrounding other financing options [2]