- The report analyzes various thematic indices, including AI, Internet, Mainland Consumption, and Mainland Low Carbon, which are constructed by selecting top 50 stocks in terms of market cap and liquidity within each theme, and are adjusted semi-annually[1][4][5] - The indices are market-cap weighted and focus on specific sectors, such as AI and Internet indices focusing on technology-related fields, Mainland Consumption covering consumer themes, and Mainland Low Carbon emphasizing low-carbon economy-related businesses[1][4][5] - The indices show concentrated industry distribution, with Mainland Low Carbon heavily weighted in the electric power equipment sector, and the Internet index concentrated in communication and computer industries[6][7][8] - The indices exhibit high concentration in terms of weight, with the top 10 stocks accounting for a significant portion of the index weight, and a high proportion of private ownership among the top indices[11][13][14] - The indices tend to include large-cap stocks, with a significant portion of the index constituents having a market cap over 100 billion[14][19][20] - The AI and Internet indices have higher PB/PE ratios, reflecting market pricing for high growth, while Mainland Consumption and Mainland Low Carbon have lower valuations, indicating a thicker valuation cushion[21][22][23] - The indices have shown strong performance, with AI, Internet, and Mainland Low Carbon indices outperforming in recent years, driven by policy and technology cycles[24][27][28] - The indices' dividend rates have been increasing annually, with Mainland Consumption showing the most significant growth, and Mainland Consumption and Mainland Low Carbon having higher dividend yields compared to AI and Internet[38][39][40] - AI and Internet indices demonstrate stronger profitability with higher revenue and net profit growth rates, while Mainland Consumption has a higher ROE[40][42][43] Index Performance Metrics - **CS Artificial Intelligence Index**: Annualized return: 12.5%, Annualized volatility: 18.3%, Sharpe ratio: 0.68, Maximum drawdown: -25.4%[27][28][36] - **Internet Index**: Annualized return: 11.8%, Annualized volatility: 17.9%, Sharpe ratio: 0.65, Maximum drawdown: -24.7%[27][28][36] - **Mainland Consumption Index**: Annualized return: 9.2%, Annualized volatility: 15.4%, Sharpe ratio: 0.60, Maximum drawdown: -22.1%[27][28][36] - **Mainland Low Carbon Index**: Annualized return: 10.3%, Annualized volatility: 16.7%, Sharpe ratio: 0.63, Maximum drawdown: -23.5%[27][28][36]

截至2025年8月8日 13:24，中证内地低碳经济主题指数(000977)强势上涨1.14%，成分股阳光电源 (300274)上涨12.95%，三一重能(688349)上涨9.13%，锦浪科技(300763)上涨4.32%，金风科技(002202)， 捷佳伟创(300724)等个股跟涨。碳中和ETF基金(159885)上涨1.17%，最新价报0.61元。 在塔克拉玛干沙漠北缘，塔里木油田建成的上库高新区低碳转型130万千瓦光伏项目正在探索"绿电直 连"。实施后，这也将成为我国西北地区首个百万千瓦级"绿电直连"项目。 中信建投证券指出，锂电：碳酸锂停产信息敏感度降低，本周美国政策等博弈依然较重，展望下半年需 求仍超预期。电力设备：本周AIDC配套及出口板块情绪回暖，关注公司业绩兑现情况，预计出口&高 压设备&网外(抢装)会带来积极影响。光储：多晶硅价格受成本端支撑明确，产能整合之后的控产是盈 利能否进一步向上的核心矛盾。风电：市场目前显著低估了风机价格改善给风机企业带来的盈利弹性， 重点推荐主机、海风环节。 碳中和ETF基金紧密跟踪中证内地低碳经济主题指数，中证内地低碳经济主题指数由清洁能源发电、能 源转换及 ...

Core Viewpoint - The China Securities Low Carbon Economy Theme Index has shown mixed performance, with a recent decline but positive growth over the past month and three months, indicating a volatile but potentially promising investment area in the low-carbon sector [1][2] Group 1: Index Performance - The China Securities Low Carbon Economy Theme Index closed down 0.9% at 1583.71 points, with a trading volume of 36.979 billion yuan [1] - Over the past month, the index has increased by 7.35%, and by 10.32% over the last three months, while it has decreased by 1.71% year-to-date [1] Group 2: Index Composition - The index comprises companies involved in clean energy generation, energy conversion and storage, clean production and consumption, and waste treatment [1] - The top ten weighted companies in the index are: CATL (15.42%), Yangtze Power (14.38%), Sungrow Power (6.18%), LONGi Green Energy (5.51%), China National Nuclear Power (4.37%), Three Gorges Energy (3.5%), TBEA (3.49%), EVE Energy (3.1%), Tongwei Co. (3.09%), and Guotou Power (2.01%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.54%), followed by the Shenzhen Stock Exchange (48.04%), and a small portion on the Beijing Stock Exchange (0.43%) [1] - In terms of industry distribution, the index's sample shows that 69.10% is in the industrial sector, while 30.90% is in public utilities [2] Group 4: Fund Tracking - Several public funds track the China Securities Low Carbon Economy Theme Index, including: Huaxia CSI Low Carbon Economy Theme ETF, Penghua CSI Low Carbon Economy Theme ETF, Yinhua CSI Low Carbon Economy Theme ETF, and others [2]

Group 1 - The China Securities Low-Carbon Economy Theme Index (000977) has shown a slight increase of 0.07% as of June 26, 2025, with notable gains in constituent stocks such as Enjie Co., Ltd. (002812) up 4.47%, Daqo New Energy (688303) up 4.23%, and Tongwei Co., Ltd. (600438) up 2.30% [1] - The carbon neutrality ETF fund (159885) has also increased by 0.35%, marking its fourth consecutive rise, with the latest price reported at 0.58 yuan [1] - The approval of the 400MW Phase II wind power project by China Energy Construction in Jixi, Heilongjiang Province, is expected to provide approximately 1 billion kWh of clean electricity annually, saving about 330,000 tons of standard coal and reducing carbon dioxide emissions by approximately 760,000 tons [1] Group 2 - Guojin Securities is optimistic about the global wind power installation maintaining a high level in 2026, supported by strong domestic demand, with an increase of 19% year-on-year in domestic wind power installations from January to April 2025, totaling about 20GW [2] - The offshore wind project scale has exceeded 9GW, with expectations of 100GW for onshore wind installations and 10GW for offshore wind installations in 2025 [2] - The carbon neutrality ETF fund closely tracks the China Securities Low-Carbon Economy Theme Index, which includes companies involved in clean energy generation, energy conversion and storage, clean production and consumption, and waste treatment [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the China Securities Low-Carbon Economy Theme Index include Yangtze Power (600900), CATL (300750), Longi Green Energy (601012), and others, collectively accounting for 62.79% of the index [3]