1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The recent collective decline in domestic and international markets is mainly due to the repeated conflicts between the US and Iran, which significantly increased market risk appetite. Meanwhile, the sharp rise in oil prices pushed up inflation expectations, significantly reducing the market's expectation of the Fed's interest rate cut in 2026, and increasing the pricing interest rate in the capital market, which is not conducive to maintaining the current valuation level. The accelerated decline in the global capital market also started after the Fed's March interest rate meeting. With the release of the easing signal, a short - term rebound is expected, and the medium - and long - term performance of stock indices will still return to the fundamentals and policy aspects [2] 3. Summary by Directory 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and alternate quarter) were 4596.80, 4540.00, 4486.40, and 4406.60 respectively, and the previous day's closing prices were 4398.00, 4385.20, 4344.40, and 4258.80 respectively. The price drops were - 199.49, - 173.20, - 160.40, and - 161.80 respectively, with corresponding price decline rates of - 4.34, - 3.80, - 3.56, and - 3.66. The trading volumes were 44997.00, 2185.00, 89178.00, and 20558.00 respectively, and the positions were 58028.00, 2034.00, 150376.00, and 66485.00 respectively. The changes in positions were 58028.00, - 52089.00, 8101.00, and 1781.00 respectively [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (current month, next month, next quarter, and alternate quarter) were 2898.40, 2881.40, 2865.80, and 2832.60 respectively, and the previous day's closing prices were 2793.60, 2791.60, 2776.00, and 2741.20 respectively. The price drops were - 105.42, - 97.20, - 98.60, and - 99.40 respectively, with corresponding price decline rates of - 3.64, - 3.36, - 3.43, and - 3.50. The trading volumes were 22157.00, 1295.00, 44549.00, and 10379.00 respectively, and the positions were 26166.00, 1218.00, 64551.00, and 23534.00 respectively. The changes in positions were 26166.00, - 19473.00, 7029.00, and 2172.00 respectively [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (current month, next month, next quarter, and alternate quarter) were 7844.40, 7696.60, 7559.40, and 7382.80 respectively, and the previous day's closing prices were 7387.60, 7337.60, 7235.00, and 7049.00 respectively. The price drops were - 457.78, - 406.60, - 371.20, and - 381.20 respectively, with corresponding price decline rates of - 5.84, - 5.25, - 4.88, and - 5.13. The trading volumes were 55894.00, 3920.00, 130671.00, and 27238.00 respectively, and the positions were 64963.00, 3573.00, 162386.00, and 67933.00 respectively. The changes in positions were 64963.00, - 61876.00, 7706.00, and 1275.00 respectively [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (current month, next month, next quarter, and alternate quarter) were 7876.20, 7727.80, 7560.00, and 7344.00 respectively, and the previous day's closing prices were 7364.00, 7298.00, 7190.00, and 6970.00 respectively. The price drops were - 513.11, - 476.80, - 422.60, and - 426.00 respectively, with corresponding price decline rates of - 6.51, - 6.13, - 5.55, and - 5.76. The trading volumes were 79788.00, 6017.00, 197317.00, and 42044.00 respectively, and the positions were 91166.00, 5446.00, 213893.00, and 98423.00 respectively. The changes in positions were 91166.00, - 86530.00, 14165.00, and 3611.00 respectively [1] - **Inter - month Spreads**: The current values of the inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 12.80, - 2.00, - 50.00, and - 66.00 respectively, and the previous values were - 56.80, - 17.00, - 147.80, and - 148.40 respectively [1] 3.2 Stock Index Spot Market - **Index Performance**: The previous values of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 indices were 4567.02, 2792.33, 7440.75, and 7783.43 respectively, with price decline rates of - 0.35, - 3.17, - 4.11, and - 1.59 respectively. Their trading volumes (in billions of lots) were 257.87, 86.98, 271.56, and 299.02 respectively, and the total trading amounts (in billions of yuan) were 6154.63, 1739.93, 4519.39, and 4861.14 respectively [1] - **Industry Performance**: In terms of industries, the price change rates of energy, raw materials, industry, optional consumption, main consumption, medical and health, real - estate finance, information technology, telecommunications services, and public utilities were 0.28%, - 3.24%, - 2.80%, - 1.50%, - 3.26%, - 3.51%, - 3.51%, - 5.10%, - 3.20%, and - 1.24% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts**: The previous values of the basis between IF contracts (current month, next month, next quarter, and alternate quarter) and the Shanghai - Shenzhen 300 index were - 20.00, - 32.80, - 73.60, and - 159.20 respectively, and the previous two - day values were 29.78, - 27.02, - 80.62, and - 160.42 respectively [1] - **IH Contracts**: The previous values of the basis between IH contracts (current month, next month, next quarter, and alternate quarter) and the Shanghai 50 index were 1.27, - 0.73, - 16.33, and - 51.13 respectively, and the previous two - day values were 14.54, - 2.46, - 18.06, and - 51.26 respectively [1] - **IC Contracts**: The previous values of the basis between IC contracts (current month, next month, next quarter, and alternate quarter) and the CSI 500 index were - 53.15, - 103.15, - 205.75, and - 391.75 respectively, and the previous two - day values were 84.36, - 63.44, - 200.64, and - 377.24 respectively [1] - **IM Contracts**: The previous values of the basis between IM contracts (current month, next month, next quarter, and alternate quarter) and the CSI 1000 index were 92.77, - 55.63, - 223.43, and - 439.43 respectively, and the previous two - day values were 14.57, - 45.83, - 228.23, and - 460.23 respectively [1] 3.4 Other Domestic and Overseas Indices - **Domestic Indices**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3813.28, 13345.51, 8098.25, and 3235.22 respectively, with price decline rates of - 3.63%, - 3.76%, - 3.73%, and - 3.49% respectively [1] - **Overseas Indices**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 24382.47, 51515.49, 6581.00, and 22653.86 respectively, with price change rates of - 3.54%, - 3.48%, 1.15%, and 1.22% respectively [1] 3.5 Macro Information - **US - Iran Negotiations**: US President Trump stated that the US and Iran had "strong" dialogues and formed the main points of an agreement, and would suspend attacks on Iran's energy facilities for 5 days. He also said that the two sides were negotiating a broader agreement and might reach an agreement within 5 days or even less. However, Iran repeatedly denied having dialogues with the US. An Iranian senior official said that Trump had no right to set conditions or deadlines for the negotiations, and the US had not accepted Iran's two core conditions: compensation for losses and recognition of aggression against Iran [2] - **Military Tension**: US senior officials informed Israel and other countries that the US "might have no choice" but to launch a ground operation on Iran's Kharg Island. The US military is accelerating the deployment of thousands of marines and naval personnel to the Middle East. Iran's Defense Committee stated that if the enemy attacks Iran's coast or islands, Iran will cut off the shipping and communication lines in the Gulf region and lay various mines in all channels of the Persian Gulf [2] - **Domestic Oil Price Regulation**: The state implemented temporary regulation measures on refined oil prices for the first time in 13 years. On March 23, the domestic refined oil price adjustment window opened. According to the current price mechanism, domestic gasoline and diesel prices should have been increased by 2205 yuan and 2120 yuan per ton respectively, but after regulation, they were actually increased by 1160 yuan and 1115 yuan per ton respectively, equivalent to an increase of about 0.87 yuan and 0.95 yuan per liter respectively. Experts said that if international oil prices continue to rise significantly in the later period, the state may take some fiscal and tax support policies [2] 3.6 Industry Information - **Platform Enterprise Regulation**: Three departments in Beijing summoned twelve platform enterprises including Ctrip, Qunar, Gaode, JD, Taobao Flash Sale, Meituan, Fliggy, Tongcheng Travel, Tujia, Xiaozhu, Douyin, and Kuaishou, reported the first batch of problems found in the comprehensive rectification of "involution - style" competition on platforms, and put forward rectification requirements [2] - **Data and Computing Power**: The director of the National Data Bureau, Liu Liehong, said that relevant departments will vigorously promote the computing - power and electricity coordination project to ensure that the proportion of green electricity used in newly - built computing - power facilities at hub nodes reaches more than 80%. They will also accelerate the construction of national hub computing - power facility clusters and support qualified regions to moderately develop computing power according to the needs of low - latency scenarios [2] - **National Electric Power Investment**: National Electric Power Investment plans to invest 200 billion yuan in 2026, a year - on - year increase of 17%. In the first quarter, it aims to complete an investment of 23 billion yuan, a year - on - year increase of 35% [2] 3.7 Stock Index Views - The previous trading day, stock indices fell sharply again, with the coal sector leading the rise and the social service sector leading the decline. The market trading volume was 2.45 trillion yuan. On March 20, the margin trading balance decreased by 17.408 billion yuan to 2.614843 trillion yuan. Currently, the market is in the stage of emotion release and bottom - seeking in shock, with a generally weak market and intensified structural differentiation [2]

Core Viewpoint - The article outlines the "2026 Energy Industry Standard Project Initiation Guidelines," emphasizing the need for a structured approach to standardization in the energy sector to support energy security and green low-carbon transformation [4][6]. Group 1: Project Initiation Focus - The guidelines focus on building a new energy system, ensuring energy security, and promoting the development of new technologies, industries, and business models [6][7]. - It encourages participation from various entities, including private and foreign enterprises, in the standard formulation and revision process [7][8]. - The guidelines aim to align with international standards and enhance the compatibility of China's energy standards with global practices [7][9]. Group 2: Industry Standard Formulation and Revision Plan - The plan includes standards that support energy security and the achievement of carbon peak and carbon neutrality goals [8][9]. - It addresses the need for standards that facilitate the development of the energy industry and ensure safety in electricity production [9][10]. - The guidelines promote the enhancement of the overall technical level and quality of products and services in the energy sector [9][10]. Group 3: Internationalization of Standards - The guidelines aim to improve the international credibility and influence of Chinese standards by aligning with advanced international standards [9][10]. - It supports the simultaneous application for international standard projects alongside domestic standards [9][10]. Group 4: Application Materials - The application materials for standard formulation should include a project plan summary, project task book, draft standards, and meeting minutes with expert signatures [10][11]. - The project plan must be comprehensive and indicate the key direction code, while the task book should detail the project's support role for industry work [11][12]. Group 5: Submission and Management - The submission process involves centralized applications, categorized evaluations, and unified issuance of projects [12][13]. - The guidelines stipulate a standard project lifecycle management approach to enhance the quality of standards [13][14].

Market Overview - The Asia-Pacific stock markets opened higher but retreated, with the Nikkei 225 index initially rising by 1000 points, now up by 0.57%, and the Korean Composite Index opening up 4% but narrowing to 0.52% [1] - In the A-share market, all three major indices opened higher, but the ChiNext index turned negative after briefly rising nearly 1%, with sectors like oil and gas, chemicals, precious metals, and coal showing significant declines [1] Sector Performance - The green electricity concept continues to show strength, with the collaborative direction of computing and electricity leading the gains. Companies like Shaoneng Co. and Hunan Development reached their daily limit, while Huadian Liaoning and others approached their limits. The National Bureau of Statistics announced plans to ensure that 80% of new computing power facilities utilize green electricity [3] - Oil and gas stocks experienced a sharp decline, with companies like Heshun Petroleum and Intercontinental Oil falling over 7%, and major players like China Petroleum and China Petrochemical dropping more than 2% [3] Investment Insights - Market bottom formation requires two signals: stabilization in the Middle East and a reduction in panic selling, leading to decreased trading volume [6] - Short-term recommendations suggest avoiding impulsive trading until indicators such as volume stabilization, recovery in the number of advancing and declining stocks, and continuous northbound capital inflow are observed [7] - The fundamental outlook for A-shares remains stable, with short-term market movements expected to be volatile but gradually improving sentiment leading to structural opportunities in undervalued defensive assets and quality growth assets [7] - Mid-term investment focus should be on "defensive + certainty + adjusted growth," with high dividend and energy stocks serving as a stable foundation, while AI and resource sectors are seen as growth drivers [7] - The new logic for AI investments extends from computing power to include "storage + computing power + electricity," driven by the significant electricity demand from AI data centers, which will boost the demand for power grids and electrical equipment [7]

Group 1 - The core viewpoint emphasizes the importance of the Xiong'an New Area as a key area for the relocation of non-capital functions from Beijing, aiming to build a high-quality development model and an innovation hub for the new era [6][10] - Xi Jinping highlighted the need for strategic patience and innovative thinking to enhance the internal development momentum of the Xiong'an New Area, focusing on resource allocation and coordination [6][9] - The construction progress of the Xiong'an New Area has been acknowledged as orderly and vibrant, indicating significant achievements in its development [6][8] Group 2 - China Huaneng Group will relocate over 1,000 employees to the Xiong'an New Area by October 2025, which is seen as an opportunity to stimulate innovation and entrepreneurship among its staff [7][8] - The Beijing Fourth Middle School in Xiong'an is set to open in August 2023, currently serving over 380 students, with an emphasis on ensuring the well-being and comprehensive development of children [7][8] - Xi Jinping's visit included discussions on enhancing the comprehensive carrying capacity of the Xiong'an New Area, focusing on high-quality construction and efficient governance [9][10] Group 3 - The meeting emphasized the need for a systematic approach to improve the quality of life and public services in the Xiong'an New Area, aiming for a beautiful environment with blue skies, green land, and clear water [9][10] - There is a strong focus on integrating technological and industrial innovation to develop a modern industrial system suitable for the Xiong'an New Area [9][10] - The leadership underlined the importance of a clean political environment and the need for all parties to actively support the high-quality construction and development of the Xiong'an New Area [9][10]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant policy initiatives aimed at reducing workplace injury rates and promoting green energy transitions, indicating a shift towards preventive measures and sustainable practices in various sectors [5][8][10] Policy Developments - Nine departments jointly issued the "Five-Year Action Plan for Occupational Injury Prevention (2026-2030)", aiming to reduce occupational injury rates by approximately 10% in key industries over five years [5][6] - Seven departments released guidelines to accelerate the green transformation of small hydropower, targeting smart, intensive, and standardized development by 2035 [8][9] Industry Trends - China has successfully integrated 26 green logistics cases into international standards, showcasing advancements in resource utilization, low carbon emissions, and occupational health [10][11] - China joined the "Triple Nuclear Energy Declaration", committing to tripling global nuclear energy capacity by 2050, which supports the dual goals of energy security and climate change mitigation [13][14] International Events - A UN report indicates that gender inequality exacerbates the global water crisis, highlighting the disproportionate impact on women and girls [15][16] - Multiple U.S. states have filed a lawsuit against the Trump administration for revoking climate hazard recognition, emphasizing ongoing legal battles over environmental policies [18][19] Corporate Developments - China Huaneng Group has led the establishment of the first international standard for carbon capture monitoring and management, marking a significant step in CCUS standardization [20] - Shentong Express launched the first AI "Firefly" protection monitoring plan, focusing on ecological conservation and leveraging technology for environmental monitoring [21]

Core Viewpoint - The article discusses the volatile situation in Iran, highlighting recent attacks on Iranian energy infrastructure by the US and Israel, which have led to significant fluctuations in global oil prices and stock indices [1][2]. Group 1: Iranian Energy Infrastructure Attacks - The US and Israel have attacked two energy facilities in Iran, specifically in Isfahan and Khorramshahr, causing damage to a natural gas company building and a gas pipeline [2]. - Iranian officials have warned that any attacks on their energy infrastructure will result in retaliatory strikes against US and allied facilities in the region [2][3]. - Iran's Energy Minister stated that power plants are prepared to ensure electricity and water supply remain unaffected despite the attacks [2]. Group 2: Market Reactions - Following the news of the attacks, WTI crude oil futures surged past $91 per barrel, with a daily increase of nearly 3.8%, while Brent crude oil futures rose by 4% to $99.75 per barrel [1]. - US stock index futures experienced declines, with the S&P 500 down 0.53%, Nasdaq 100 down 0.58%, and Dow Jones down 0.52% [1][6]. - The ongoing conflict between the US, Israel, and Iran raises concerns about a potential global energy crisis and inflation, with US crude oil futures having increased over 30% this month [6]. Group 3: Broader Implications - The situation has led to significant disruptions in commercial shipping through the Strait of Hormuz, with oil-producing countries in the Persian Gulf forced to reduce output by millions of barrels per day [6]. - Analysts express uncertainty regarding the progress of negotiations behind the scenes and the potential for a resolution, emphasizing that actual shipping activities will be more decisive than verbal agreements [6].

Core Viewpoint - Liaoning Province has introduced a nuclear power pricing mechanism policy, which significantly stabilizes the returns for nuclear power within the province, and other coastal provinces may follow suit [1] Group 1: Policy Impact - The policy is expected to stabilize returns, indicating a shift in government attitude from reducing electricity prices to ensuring reasonable returns for power generation [1] - The trend of stabilizing returns through policy intervention is likely to spread to other regions and energy sources [1] Group 2: Market Outlook - Although the market supply and demand equilibrium is projected to occur around 2028, the policy support is anticipated to help the industry reach a price bottom earlier [1] - This development is expected to improve the fundamental outlook for the power industry and lead to an overall expansion in valuations [1]

Group 1 - The electric power sector has seen an increase, with the concept of computing and electricity synergy expanding from small-cap green power companies to small-cap thermal power companies, and now to some large-cap thermal power companies. There are potential investment opportunities in national and local thermal power company leaders [1] - OpenClaw, a model with high energy consumption, may provide new growth points for electricity. It has two deployment types: cloud and local, with the former consuming 0.15 kWh per hour and the latter consuming 12 kWh if operating at full power for the same duration [1] - The Southern Power Grid has a carbon-electricity-computing synergy capacity of 6000 racks, with a total computing scale of 33,000 nodes and an intelligent computing scale exceeding 3000 PFLOPS, achieving 100% cloud system rate [1] Group 2 - The Anhui province has set strict requirements for green electricity direct connection projects, mandating that self-generated renewable energy must account for at least 60% of total available power and at least 30% of total electricity consumption, with a target of 35% by 2030 [2] - In the first two months of the year, the total electricity consumption in society reached 1654.6 billion kWh, a year-on-year increase of 6.1%. Industrial electricity consumption increased by 6.4%, while high-tech and equipment manufacturing saw an increase of 10.6% [3] - The National Energy Administration plans to select cities for hydrogen energy application trials, aiming for a reduction in hydrogen prices to below 25 yuan per kilogram by 2030, with a target of doubling the number of fuel cell vehicles by 2025 [3] Group 3 - In Shandong, the 2026 renewable energy mechanism electricity price results were announced, with wind power priced at 0.31 yuan/kWh, solar power at 0.261 yuan/kWh, and deep-sea wind at 0.38 yuan/kWh, showing an increase from the previous year's prices [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The core variable in the current market lies in the Middle East. Until the geopolitical uncertainty decreases or the commodity price volatility declines, the market will continue to be affected by event narratives and liquidity, and may even fall into a game of long - term expectations. A - shares will maintain a volatile market, with more structural opportunities than overall opportunities [3][13]. - In the equity market, it is recommended to focus on energy sectors related to the Middle East situation, "three - low" sectors with low valuation, low volatility, and low consensus, and sectors that can maintain high - growth independently regardless of geopolitics and oil prices [3][13]. - In the bond market, short - term yields are down while long - term yields are up, and the yield curve is moving towards a bearish steepening. In the short term, it is recommended to maintain a neutral or slightly lower duration, and credit bonds may offer better value [4][14]. Summary by Directory 1. Weekly Market Observation 1.1 Equity Market Review and Observation - Last week, the A - share market showed a volatile downward trend, with significant fluctuations in market sentiment. The average daily trading volume of the entire A - share market was 2209.1 billion yuan, a decrease compared to the previous week [12]. - Due to the ongoing blockage of shipping in the Strait of Hormuz and the unresolved Middle East situation, global risk assets accelerated their decline. Funds shifted from cyclical sectors sensitive to macro - fluctuations to technology and manufacturing sectors with independent industrial logic and long - term growth potential [12]. - AI hardware industry chains such as memory chips, CPO, PCB, and computing power leasing attracted market attention, driven by multiple industry benefits. In contrast, resource - related cyclical sectors such as non - ferrous metals and chemicals faced pressure and declined [12]. 1.2 Pan - Fixed - Income Market Review and Observation - Last week, the bond market showed a significant differentiation between short - and long - term yields. The 1 - year Treasury yield decreased by 2.00BP to 1.26%, the 10 - year Treasury yield increased by 1.56BP to 1.83%, and the 30 - year Treasury yield increased by 2.16BP to 2.39% [4][14]. - The bond market is currently in a volatile pattern. Short - term yields have been declining due to extreme risk - aversion, while long - term yields are rising due to concerns about intensifying geopolitical conflicts and increased imported inflation expectations. The yield curve is moving towards a bearish steepening [4][14]. - The US Treasury yields increased across the board last week. The 1 - year US Treasury yield increased by 14BP to 3.80%, the 2 - year US Treasury yield increased by 15BP to 3.88%, and the 10 - year US Treasury yield increased by 11BP to 4.39% [15]. - The performance of REITs was differentiated. The CSI REITs Total Return Index fell 0.13% to 1021.78 points. Affordable housing and expressways had the highest gains, while warehousing and logistics, environmental protection, etc. had the highest losses [15]. 2. Fund Index Performance Tracking 2.1 Equity Strategy Theme - Based Index - **Active Equity Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and balance the style distribution according to the CSI Equity - Oriented Fund Index [19]. 2.2 Investment Style - Based Index - **Value Equity Fund Selection**: The index selects 10 funds with deep - value, quality - value, and balanced - value styles, with the CSI 800 Value Index as the benchmark [19]. - **Balanced Equity Fund Selection**: The index selects 10 relatively balanced and value - growth style funds, with the CSI 800 as the benchmark [22]. - **Growth Equity Fund Selection**: The index selects 10 funds with active - growth, quality - growth, and balanced - growth styles, with the 800 Growth Index as the benchmark [26]. 2.3 Industry Theme - Based Index - **Pharmaceutical Equity Fund Selection**: The index selects 15 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the CSI All - Index Pharmaceutical and Healthcare Index as the benchmark [28]. - **Consumer Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the consumer - theme fund index as the benchmark [32]. - **Technology Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the technology - theme fund index as the benchmark [35]. - **High - End Manufacturing Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the high - end manufacturing - theme fund index as the benchmark [38]. - **Cyclical Equity Fund Selection**: The index selects 5 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the CS Cyclical Index as the benchmark [40]. 2.4 Money - Market Enhancement Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management, targeting a curve that outperforms money - market funds. It mainly invests in money - market funds and inter - bank certificate of deposit index funds, with the CSI Money - Market Fund Index as the benchmark [45]. 2.5 Pure - Bond Index - **Short - Term Bond Fund Selection**: The index aims for liquidity management, selecting 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities, with a benchmark of 50% Short - Term Pure - Bond Fund Index + 50% Ordinary Money - Market Fund Index [47]. - **Medium - and Long - Term Bond Fund Selection**: The index invests in medium - and long - term pure - bond funds, aiming for stable returns while controlling drawdowns. It selects 5 funds, balancing coupon strategies and band - trading operations, and adjusting the ratio of credit - bond funds and interest - rate - bond funds according to market conditions [50]. 2.6 Fixed - Income Plus Index - **Low - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 10%, selects 10 funds with an equity central position within 15% in the past three years and recently, with a benchmark of 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [53]. - **Medium - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently, with a benchmark of 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index [55]. - **High - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently, with a benchmark of 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index [56]. 2.7 Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection**: The index selects 5 funds from a sample space of bond - type funds with a convertible - bond investment ratio meeting certain criteria, based on multiple evaluation indicators [60]. - **QDII Bond Fund Selection**: The index selects 6 funds with stable returns and good risk control based on credit and duration conditions, with underlying assets being overseas bonds [64]. - **REITs Fund Selection**: The index selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types of REITs [65].

- The report primarily focuses on ESG market dynamics, including domestic and international ESG index performance, carbon pricing trends, and green transition sector fund flows[2][17][18] - Domestic ESG indices showed mixed performance, with the SEEE Carbon Neutral Index experiencing short-term volatility (-5.16% weekly) but maintaining strong long-term growth (+31.07% over the past year)[17][19] - International ESG indices demonstrated relative resilience, with the S&P 500 ESG Index declining less (-1.77% weekly) compared to the benchmark S&P 500 Index (-1.89% weekly)[18][19] - Carbon pricing trends indicate a slight decrease in both domestic CEA prices (80 RMB/ton, -2 RMB weekly) and EU EUA prices (67 EUR/ton), with the price gap narrowing to 452 RMB/ton[24][25] - Green transition sectors faced increased net fund outflows, totaling 1794 billion RMB, with the "low-carbon core" and "transition subject" categories experiencing the most pressure[29][30][33]