The capital market has taken a positive step in the exploration of green finance.On June 28, the first batch of ETF products in China to track the CSI Shanghai Environmental Exchange Carbon Neutral Index (hereinafter referred to as the "Carbon Neutral Index") was officially approved.Eight fund companies, including E Fund, became the first batch of "crab eaters".It is understood that the E Fund Carbon Neutral 100 ETF (subscription code 562993) has been launched on July 4, and the fundraising period is only 3 days until July 6.
Looking at the carbon neutrality index from four dimensions
The carbon neutral index tracked by E Fund Carbon Neutral 100ETF selects 100 companies with large market value in deep low-carbon fields such as clean energy and energy storage, and 100 companies with high potential in high-carbon emission reduction fields such as thermal power and steel from the Shanghai and Shenzhen markets. The securities of listed companies are used as index samples to reflect the overall performance of the securities of listed companies that contribute more to carbon neutrality in the Shanghai and Shenzhen markets.
Dimension 1: From the perspective of Shenwan’s secondary industry standards (as of May 31), the carbon neutrality index fully covers the carbon neutrality beneficiary industries, of which the deep low-carbon field accounts for about 2/3, covering new energy vehicles , new energy power generation, energy storage and carbon reduction and carbon sequestration technologies; high carbon emission reduction accounts for about 1/3, covering steel, chemical, non-ferrous metals and thermal power; these are the two sectors that contribute the most to carbon neutrality , will also be the two most benefited sectors, of which the battery sector accounts for 21%, photovoltaic equipment accounts for 17%, and electricity accounts for 11%.
Dimension 2: From the perspective of constituent stocks (as of May 31), the top ten heavyweight stocks in the index together accounted for 43%, of which CATL ranked first, with a weight of more than 10%; followed by LONGi Green Energy and BYD have a weight of more than 5%; followed by Zijin Mining, Yangtze Power, Oriental Yuhong, Conch Cement, Tongwei, Enjie, and Tianqi Lithium, with a weight of more than 2% and a strong lineup.Among them, the leaders of the new energy industry chain such as CATL, LONGi Green Energy and BYD, which are deeply low-carbon stocks, have seen their stock prices increase by an average of over 300% since 2020.In addition to Conch Cement, the leaders of the chemical cycle industry such as Wanhua Chemical and Hengli Petrochemical in the direction of high carbon emission reduction, the stock prices of the heavyweights in this field have increased by an average of more than 60% since 2020.
Dimension 3: From the historical performance of the index, from the base period (2017-06-30) to 2022-6-17, the index has a cumulative return of 111% and an annualized return of about 17%, outperforming CSI Environmental Protection (10.03%) over the same period. ) and Environmental 50 (14.54%), which are advantageous tools for investing in carbon neutrality.
Dimension 4: From the perspective of sector distribution (as of May 31), the number of index constituent stocks of the carbon neutral index on the main board, ChiNext and Science and Technology Innovation Board are 85, 12 and 3 respectively.Among them, the shareholding of the main board components accounted for 82.75%, occupying a dominant position.From the perspective of the interconnection mechanism, the number of constituent stocks of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect is 41 and 47, respectively, accounting for over 90% of the total weight.Most constituents of the carbon neutral index are potential inflow options for northbound funds.
From the perspective of market value distribution (as of May 31), the total market value of the index constituent stocks is mainly in the range of 10-100 billion yuan, with a total of 62 stocks and an average market value of 89.141 billion yuan.Among them, the total weight of the constituent shares of more than 100 billion yuan accounted for 69.36%, and the total weight of the constituent shares of less than 10 billion yuan accounted for less than 1%.From the perspective of the broad-based constituent stocks, nearly half of the stocks belong to the CSI 300 constituent stocks, and the total weight accounts for about 80%.In general, the carbon neutral index is biased towards the large and mid-cap style, and the market liquidity is relatively good.
The scale of future investment may reach 140 trillion
Compared with active funds, ETF products have the advantages of low rate, high transaction efficiency, small tracking error, and transparent position.At the same time, ETF product positions can be fully allocated to fully enjoy the dividends brought by market rises and rebounds.
In addition, compared with holding individual stocks, E Fund Carbon Neutral 100 ETF is composed of 100 constituent stocks, with relatively dispersed positions and a more balanced structure.It can not only enjoy the dividends brought by the industry, but also effectively diversify the investment risks of individual stocks, optimize the income performance, and capture the medium and long-term opportunities under the background of carbon neutrality.
In fact, after my country set the "dual carbon" goal, the popularity of carbon peaking and carbon neutrality has remained high, and it has become the undisputed cornerstone of the capital market in the past two years. With the strong support of the multi-level industrial chain under the theme of carbon neutrality, investment opportunities are expected to continue to emerge.Wang Hanfeng, chief strategist and managing director of CICC, estimates that to achieve carbon neutrality by 2060, China's green investment may require 139 trillion yuan, which corresponds to about 2% of GDP per year.Looking at different time periods, Wang Hanfeng believes that from 2021 to 2030, the annualized demand for green investment in China to reach the "carbon peak" is about 2.2 trillion yuan per year.From 2031 to 2060, in order to achieve "carbon neutrality", the annual demand for green investment in China is about 3.9 trillion yuan per year.From the perspective of different industries, Wang Hanfeng pointed out that in order to achieve the goal of "carbon neutrality", the power industry has the largest demand for green investment, with a total demand of 67.4 trillion yuan; followed by the transportation and construction industries, with a total demand of 37.4 trillion yuan and 37.4 trillion yuan respectively. 22.3 trillion yuan.
Pang Yaping, general manager of the index research department of E Fund Fund, believes that there are two main investment lines under the carbon neutrality path, which deserve investors' high attention: First, from an incremental perspective, there is a lot of room for investment opportunities in deep low-carbon fields, including clean Energy and energy storage, new energy vehicles, carbon reduction and carbon sequestration technologies, etc.Second, from the perspective of stock, investment opportunities for traditional high-carbon transformation enterprises to gradually transform to green development through technological transformation, such as green power on the energy supply side, and carbon reduction transformation of upstream cycle manufacturing sectors.
(Editor in charge: Kang Bo)
