Group 1 - The core viewpoint of the article highlights the significant growth in electricity demand driven by advancements in AI technology and the expansion of AI infrastructure, positioning electricity as a key production factor in the digital economy [1] - The issuance of the Invesco Power ETF, which closely tracks the CSI All Share Power Utility Index, aims to provide investors with a convenient tool for exposure to the electricity sector [1] - The CSI All Share Power Utility Index includes 57 stocks from the power utility sector, covering various types of electricity generation such as thermal, hydro, wind, and nuclear power, which helps in diversifying investment risks [1] Group 2 - The electricity sector, as a public utility, is relatively insulated from economic cycles, exhibiting stable profitability and low valuations, with a dividend yield of 2.57% as of December 31, 2025, surpassing the overall A-share market yield of 1.96% [2] - Over the past five years, the CSI All Share Power Utility Index has shown a cumulative increase of 30.30%, indicating robust performance throughout a complete market cycle [2] - The ETF research team at Invesco Power Fund has an average industry experience of over 10 years, with the fund manager, Gong Lili, currently managing various ETF products, showcasing a blend of domestic and international ETF investment management experience [2]

Core Viewpoint - The rapid expansion of AI infrastructure and the increasing demand for electricity have made power a core production factor in the digital economy, supported by domestic policies favoring renewable energy [1][8]. Group 1: Demand and Policy Support - The growth in AI computing power is driving a long-term trend of increased electricity consumption, with significant examples such as GPT-4.5 consuming approximately 11 billion kilowatt-hours for a single training session, equivalent to the annual electricity usage of 1 million American households [3][10]. - Global electricity demand from data centers is projected to reach about 945 TWh by 2030, more than doubling from 415 TWh in 2024, with a compound annual growth rate of approximately 15% [3][10]. - The U.S. is expected to face a power shortfall of up to 49 GW for data centers between 2025 and 2028, creating export opportunities for domestic energy storage and grid equipment companies [3][10]. - Domestic policies are reinforcing the electrification process and energy structure transformation, as outlined in the "14th Five-Year Plan," which emphasizes the importance of building a new energy system and increasing the share of renewable energy [3][10]. Group 2: Investment Opportunities - The newly issued Invesco Electric Power ETF (code: 159158) tracks the CSI All Share Electric Power Index, covering various sectors within the electric power industry, providing investors with a convenient tool for exposure to the sector [1][5]. - The index includes 57 constituent stocks, achieving full coverage of thermal, hydro, wind, and nuclear power, which helps mitigate risks associated with policy or price fluctuations in individual power types [5][12]. - The current price-to-earnings ratio of the CSI All Share Electric Power Index is 17.35, positioned at the 33.02 percentile over the past decade, indicating a favorable long-term investment value [5][12]. - The index's dividend yield stands at 2.57%, higher than the overall A-share market average of 1.96%, suggesting good long-term allocation value [5][12]. - Over the past five years, the index has shown robust performance, with a cumulative increase of 30.30%, outperforming major broad-based indices [5][12]. Group 3: Management Expertise - The Invesco ETF research team has extensive experience, with an average tenure of over 10 years among members and over 7 years for investment personnel, integrating both domestic and international ETF management experience [6][13]. - The proposed fund manager, Gong Lili, has rich ETF management experience and currently manages various ETF products, enhancing the fund's credibility [6][13].