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]

消息面上，7月19日，雅鲁藏布江下游水电工程在西藏林芝正式开工。据了解，该工程采用截弯取直、隧洞引水模式，规划建设5座梯级电站，总投资约1.2 万亿元，电力以对外输送为主、兼顾西藏本地需求。作为国家级超级工程，其开工将推动西藏经济发展与能源结构优化，同时带动民爆、掘进等细分行业需 求增长。 中信证券认为，随着雅鲁藏布江下游水电工程的持续建设，将长期利好水电配套设备、电网外送工程核心设备等头部供应商。中信建投证券称，去年下半年 以来，中央层面多次强调整治"内卷式"竞争，治理企业低价无序竞争，推动落后产能有序退出。而目前光伏、锂电均处于盈利底部，其中光伏亏损更为明 显，"反内卷"有望成为推动新能源行业中长期盈利修复的关键推动力。 截至7月18日，央企现代能源ETF近6月净值上涨2.16%。从收益能力看，截至2025年7月18日，央企现代能源ETF自成立以来，最高单月回报为10.03%，最长 连涨月数为7个月，最长连涨涨幅为23.43%，涨跌月数比为13/10，上涨月份平均收益率为3.05%，年盈利百分比为100.00%，历史持有1年盈利概率为 66.10%。截至2025年7月18日，央企现代能源ETF近3个月超越 ...

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].