Core Viewpoint - The China Securities Index for Modern Energy, tailored by Guoxin Investment Co., reflects the performance of 50 listed companies in the modern energy sector, including green and fossil energy, with a slight decline in recent trading sessions [1][2]. Group 1: Index Performance - The Shanghai Composite Index rose by 0.34%, while the China Securities Index for Modern Energy fell by 0.53%, closing at 1315.23 points with a trading volume of 27.692 billion [1]. - Over the past month, the China Securities Index for Modern Energy has increased by 1.65%, and by 4.96% over the last three months, but has decreased by 1.19% year-to-date [1]. Group 2: Index Composition - The top ten holdings of the China Securities Index for Modern Energy include: - Changjiang Electric Power (8.91%) - Guodian NARI Technology (7.2%) - China National Nuclear Power (6.13%) - Three Gorges Energy (5.02%) - Aluminum Corporation of China (4.85%) - China Power Construction (4.48%) - Guodian Power (3.31%) - State Power Investment Corporation (2.92%) - China Petroleum (2.88%) - China Petrochemical (2.86%) [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (81.25%) and the Shenzhen Stock Exchange (18.75%) [1]. Group 3: Industry Breakdown - The industry composition of the index shows that utilities account for 42.85%, industrials for 24.19%, energy for 16.91%, materials for 15.17%, and communication services for 0.88% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Core Insights - The China Securities National New State-Owned Enterprise Modern Energy Index (932037) has seen a decline of 0.79% as of July 28, 2025, with mixed performance among constituent stocks [2] - The recent approval of the first cross-province green electricity direct connection project marks a significant step in promoting the "point-to-point" supply model for renewable energy [3] - The establishment of the China Fusion Energy Company, with a registered capital of 15 billion yuan, aims to advance the stable and economic utilization of fusion energy [3] - The rare earth prices, particularly praseodymium and neodymium oxide, have increased by 7.23% week-on-week, driven by supply constraints and potential recovery in exports [3] - The Central State-Owned Enterprise Modern Energy ETF (561790) has experienced a significant increase in scale and shares, with a growth of 397.92 million yuan and 3 million shares respectively over the past week [4] Performance Metrics - The Central State-Owned Enterprise Modern Energy ETF has achieved a net value increase of 7.84% over the past six months, with a maximum monthly return of 10.03% since inception [4] - The ETF's average monthly return is 3.05%, with a historical one-year profit probability of 66.39% [4] - The maximum drawdown for the ETF in the last six months is 7.04%, with a recovery time of 71 days, the fastest among comparable funds [4] Fund Structure - The Central State-Owned Enterprise Modern Energy Index is designed to reflect the performance of 50 listed companies involved in green energy, fossil energy, and energy transmission [5] - The top ten weighted stocks in the index account for 49.93% of the total, including major players like China Yangtze Power and China Nuclear Power [5]

Core Insights - The China Securities National New Central Enterprise Modern Energy Index (932037) has seen a strong increase of 2.20%, with constituent stocks such as China Power Construction (601669) rising by 10.04% and Dongfang Electric (600875) by 9.98% [3] - The Yarlung Tsangpo River downstream hydropower project has officially commenced in Tibet, with a total investment of approximately 1.2 trillion yuan, which is expected to boost the local economy and energy structure [3] Group 1: ETF Performance - The Central Enterprise Modern Energy ETF (561790) has increased by 2.55%, marking its third consecutive rise, with the latest price at 1.13 yuan [3] - Over the past two weeks, the ETF has accumulated a rise of 1.20%, ranking in the top third among comparable funds [3] - The ETF's trading volume showed a turnover rate of 8.27% with a transaction value of 3.9067 million yuan, and it ranked first in average daily trading volume over the past week at 746.33 million yuan [3][4] Group 2: Market Outlook - CITIC Securities anticipates that the ongoing construction of the Yarlung Tsangpo River hydropower project will benefit long-term suppliers of hydropower equipment and core components for power grid transmission [4] - The report highlights a shift in the central government's approach to managing "involution" competition, which is expected to facilitate the exit of outdated production capacity and improve profitability in the solar and lithium battery sectors [4] Group 3: Index Composition - The China Securities National New Central Enterprise Modern Energy Index is designed to reflect the overall performance of 50 listed companies involved in modern energy industries, including green energy and fossil energy [5] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 49.93% of the total, with notable companies including China Yangtze Power (600900) and China Nuclear Power (601985) [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].