The coal and oil sectors remained firm amid sluggish market sentiment, with the CSI 800 Energy Index rising sharply. The energy ETF (159930) also closed higher against the market, receiving net inflows for four consecutive days. Guosheng believes that there are optimistic factors in the coal industry, such as the improvement of the quality of listed companies controlled by central enterprises, and the steady improvement of the efficiency of central enterprises. The coal industry has changed from the logic of demand to the logic of supply, and the profitability of the industry has reversed. Coal enterprises are less willing to reinvest in traditional main business capital, and coal will be more rigid in the future, and the high profits of coal enterprises are expected to continue for a long time. China Shenhua released its 2023 performance forecast, saying that its performance was in line with expectations and actively implemented the market value management assessment requirements.
According to Guosheng**'s analysis, the main reasons for the change in China Shenhua's 2023 annual performance are: profit increase factors include the increase in electricity sales, the decline in the average purchase of coal**, the year-on-year increase in profit from power generation business, and the year-on-year increase in the group's investment income from associates; The profit reduction factors included a year-on-year increase in income tax expense due to a decrease in average coal sales**, a year-on-year decrease in profit in the coal segment, a year-on-year decrease in profit due to a year-on-year increase in the cost of the railway segment, an increase in non-operating expenses, and an increase in income tax expense due to the overpayment of tax in the same period last year. In addition, China Shenhua said that it will actively implement the market value management assessment requirements, which may have an impact on the company's performance and business strategy.
Guosheng believes that the layout of the traditional energy sector is a big opportunity, and the energy ETF (159930) is an investment variety worth paying attention to. The ETF tracks a small number of CSI 800 Energy Index constituents, with only 24, including oil and coal stocks. Against the backdrop of strong performance in high-dividend sectors, energy ETFs have also been eye-catching. Heavyweights such as China Shenhua and Sinopec occupy the ETF's main position. However, investors should be aware that there are risks associated with investing and need to be treated with caution. Investors should carefully read the relevant legal documents to understand the risk-return characteristics of **, and judge whether it is suitable for investment based on their own investment objectives, experience and asset status.
In addition, the ** mentioned in the article is only a constituent stock of the index, and investors need to do further research and judgment. Indexed investing is an investment strategy that builds a portfolio based on a specific index. Although indexed investing can offer the advantages of diversification and broad market participation, there are also some risks. First of all, the risks of indexed investment include market risk and industry risk. Market risk refers to the impact that fluctuations in the market as a whole may have on a portfolio. Sector risk refers to the impact that volatility in a particular industry or sector may have on a portfolio. Secondly, there is a risk of constituent investments in the CSI 800 Energy Index.
The constituent stocks of the CSI 800 Energy Index may be affected by factors such as changes in supply and demand in the energy market and energy policy adjustments, resulting in large fluctuations in stock prices. In addition, concentration of investments in certain index constituents may result in the risk of excessive concentration. If a portfolio is too reliant on a few**, the value of the portfolio may be greatly affected when these fluctuate. In addition, ETF operational risks also need to be paid attention to. ETFs are exchange-traded** and typically match the performance of their underlying index. However, if an ETF's market is illiquid, it can lead to a gap between the ETF's** and the net asset value of its underlying index. There are also unique risks associated with investing in specific varieties.
For example, the energy sector can be affected by factors such as global energy demand, energy, and policies. Finally, if you participate in the refinancing** lending business, you also need to pay attention to the associated risks. Refinancing lending business refers to investors lending tradable loans to brokerages to obtain certain interest income. However, the business is subject to debt default risks and market liquidity risks. Therefore, investors should fully understand the relevant risks and do a good job in risk management and asset allocation when making indexed investments.