Core Viewpoint - The Central State-Owned Modern Energy ETF (561790) has shown positive performance, with a recent increase of 0.56% and notable gains in constituent stocks, indicating a favorable market environment for energy sector investments [3][4]. Group 1: ETF Performance - As of June 30, 2025, the Central State-Owned Modern Energy ETF has achieved a maximum monthly return of 10.03% since its inception, with a longest consecutive monthly gain of 7 months and a total increase of 23.43% [4]. - The ETF has a year-to-date maximum drawdown of 7.91%, which is relatively low compared to its benchmark [4]. Group 2: Market Activity - The ETF has an active trading environment, with an intraday turnover rate of 13.58% and a transaction volume of 6.2884 million yuan [3]. - Over the past month, the ETF has maintained an average daily transaction volume of 6.6820 million yuan, ranking first among comparable funds [3]. Group 3: Fee Structure and Tracking Accuracy - The management fee for the Central State-Owned Modern Energy ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.040% over the past two months, the best among its peers [5]. Group 4: Index Composition and Valuation - The underlying index, the Central State-Owned Modern Energy Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.37, indicating strong valuation attractiveness [5]. - The top ten weighted stocks in the index account for 49.93% of the total, including major players like Changjiang Electric Power and China Nuclear Power [5].

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration emphasizes the acceleration of the electricity spot market construction in China, aiming for full coverage by 2025, which is expected to enhance the flexibility of coal power generation and improve resource allocation in peak regulation and frequency modulation [3][4]. Group 1: Market Performance - As of May 8, 2025, the China Securities National New State-Owned Enterprises Modern Energy Index (932037) increased by 0.15%, with notable gains from Huadian Heavy Industries (2.07%), Dingsheng Technology (1.77%), and Guodian NARI Technology (1.42%) [3]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.38%, marking its third consecutive increase, with the latest price at 1.05 yuan [3]. Group 2: ETF Growth and Performance - The Central State-Owned Enterprises Modern Energy ETF has seen a significant growth of 515.49 million yuan in scale over the past six months, ranking in the top third among comparable funds [4]. - The ETF's share count increased by 9 million shares in the same period, also placing it in the top third of comparable funds [4]. - As of May 7, 2025, the ETF achieved a maximum monthly return of 10.03% since its inception, with a historical one-year profit probability of 84.32% [4]. Group 3: Fee Structure and Valuation - The management fee for the Central State-Owned Enterprises Modern Energy ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The index tracked by the ETF is currently valued at a historical low, with a price-to-book ratio (PB) of 1.4, below 98.08% of the time over the past year, indicating strong valuation attractiveness [5]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Yangtze Power (10.48%), Guodian NARI Technology (7.31%), and China Nuclear Power (6.30%), collectively accounting for 51.18% of the index [5].