The ultimate destination for AI computing power is electricity. With the rapid expansion of the large language model industry, electricity demand from data centers is climbing sharply, while the recovery of domestic industrial production adds a second growth driver. This positions power demand at the intersection of both traditional industry and the digital economy. Meanwhile, favorable policy tailwinds continue to accumulate. The implementation of capacity tariff reforms, increased investment in ultra-high-voltage transmission infrastructure, and the inclusion of computing-power-electricity coordination in new infrastructure projects all form a policy package that builds solid long-term support for the power sector's development.
Seizing this opportunity, China Asset Management (China AMC) is launching the China AMC CSI All-Share Power Utilities ETF Feeder Fund (product abbreviation: 华夏中证全指电力公用事业ETF联接基金, codes: Class A 029037, Class C 029038), which will be open for public subscription from September 17 to 18. The fund aims to provide off-exchange investors with a convenient index-based tool to capture the long-term revaluation benefits of the power industry.
Anchoring Long-Term Value in the Power Sector with One-Stop Exposure to the Full Industry Chain
Choosing the right underlying index is critical for investors looking to seize opportunities in the power sector. The CSI All-Share Power Utilities Index, built on the CSI All-Share sample pool, covers large and mid-cap listed companies in China's power and utilities sectors. It reflects the overall industry trend while also accounting for the impact of policy and market environment changes.
In terms of sector distribution, as of September 15, 2026, the index comprises 59 constituent stocks, with utilities accounting for 100% of the weight under the Shenwan primary industry classification. This highly focused exposure to power operations minimizes interference from unrelated sectors. The breakdown of power sources is well-balanced, with thermal power at 32.6%, hydropower at 23.8%, nuclear power at 13.4%, wind power at 13.4%, and solar power at 4.1%, covering thermal, hydro, nuclear, wind, and solar new energy generation comprehensively. This diversified power mix creates natural risk hedging, reducing the impact of volatility in any single segment. (Source: Wind, as of September 15, 2026, classified by Shenwan tertiary industry.)
Looking at the constituent structure, the dominance of leading companies is pronounced. As of September 15, 2026, the top ten weighted stocks account for 50.86% of the index, with most being central state-owned enterprises. There are 9 constituents with market capitalizations above 100 billion yuan and 35 stocks in the 10 billion to 50 billion yuan range, creating a structure of "leaders as a foundation, with a tiered distribution." This approach combines the operational stability offered by industry leaders with the growth potential of small and mid-cap power companies, maintaining a relatively balanced allocation between large and small caps.
In terms of performance, the index has demonstrated solid long-term historical returns. Wind data shows that from 2021 to September 15, 2026, the index achieved a cumulative gain of 34.73%, outperforming the CSI 300 (-14.61%) and the CSI 500 (18.76%), while also posting relatively lower maximum drawdowns. This reflects strong risk control capabilities and investment value, with an impressive risk-reward profile. After the recent market correction, the power sector's valuation has entered a historically low range. As of September 15, 2026, the index's price-to-earnings ratio stood at 19.05 times and price-to-book at 1.71 times, respectively at the low percentile levels of 45.1% and 23.92% over the past five years. At the same time, signals of a profit bottom are becoming clearer. The weakest earnings period in the first half of 2026 is being confirmed and absorbed in interim reports, with multiple institutions suggesting that 2026 represents the trough for power company earnings, and that electricity prices may begin an upward cycle in 2027. The combination of low valuations and expectations for earnings recovery provides support for the index's future performance.
The Era of Tool-Based Allocation: Manager Capability Becomes the Decisive Factor
In the first half of 2026, structural market conditions were prominent in A-shares, with the technology sector taking center stage, further highlighting the value of ETFs as allocation tools. For ordinary investors, the core value of ETFs lies in simplifying complexity—through a one-basket index allocation approach, investors can share in the industry's overall growth and revaluation dividends without needing to research individual stocks one by one. As index investing becomes increasingly popular, retail investors continue to enter the market, and the proportion of individual holdings in ETFs keeps rising. However, with a multitude of similar products available, the comprehensive operational capability of fund managers directly determines the tracking precision and the actual investment experience of index tools.
Through years of dedicated development, China AMC has built a comprehensive ETF product ecosystem, developing a rich "Lego-style" index tool matrix. The product lineup includes numerous market-first and exclusive tools covering hard technology, strategic resources, central enterprise reform, and dividend cash flow themes, helping ordinary investors conveniently share in industrial development dividends. As of June 30, 2026, China AMC's total ETF assets under management reached 596.556 billion yuan, ranking first in the industry. Its equity ETF average annual scale has maintained the industry top spot for 21 consecutive years (2005–2025), and it is also the only fund company in China to win the Passive Investment Golden Bull Award for eight consecutive years, earning authoritative industry recognition for its passive investment strength.
Fees and tracking error are the core competitiveness of index products. Wind data shows that as of August 31, 2026, China AMC has 50 ETFs with management fees at the lowest tier in the market, charging 0.15% per annum for management and 0.05% per annum for custody, effectively reducing investors' holding costs. Additionally, 64 ETFs have the smallest tracking errors in their respective categories over the past year, and 23 are exclusive products in their segments, demonstrating outstanding advantages in tracking precision and product innovation. In terms of client base, interim report data for 2026 shows that China AMC's ETF holding clients have exceeded 4.96 million, with this vast number of holders reflecting broad investor recognition of its index investment capabilities.
The newly launched China AMC CSI All-Share Power Utilities ETF Feeder Fund (codes: Class A 029037, Class C 029038) will be managed by Liu Wei. For investors without stock accounts, this feeder fund provides a convenient off-exchange participation path, allowing subscriptions and redemptions through banks and third-party internet distribution channels with significantly lower barriers to entry. Fund manager Liu Wei brings a solid quantitative research background, with deep expertise in ETF index research, asset allocation, and sector style rotation, backed by substantial experience in index product management, ensuring the stable operation of the feeder fund.
Since June 2026, the power sector has experienced a notable pullback. However, multiple positive signals have been accumulating during the market correction, and power assets are approaching a revaluation window. For investors who are optimistic about the medium-to-long-term development opportunities in the power sector but prefer not to select individual stocks directly, the China AMC CSI All-Share Power Utilities ETF Feeder Fund (codes: Class A 029037, Class C 029038) offers a compelling index-based approach to position for the growth and revaluation benefits of the power utilities industry.
Risk Disclosure: This fund is a feeder fund targeting an ETF, which is an equity index fund. Therefore, the fund's risk and return profile is higher than that of hybrid funds, bond funds, and money market funds. This fund is classified as a medium-to-high risk (R4) product, with specific risk ratings subject to the ratings provided by the fund manager and distribution institutions. The subscription fee for Class A shares does not exceed 0.3%; Class C shares have a sales service fee of 0.2% per annum with no subscription fee. The fund management fee is 0.15%, and the custody fee is 0.05%. Past performance of other funds managed by the fund manager does not guarantee the performance of this fund. Historical index performance does not indicate future performance of the fund product. The fund manager commits to managing fund assets with honesty, diligence, and responsibility, but does not guarantee profitability or minimum returns. This material is not a legal document and is for reference only. All information or opinions expressed do not constitute final investment, legal, accounting, or tax advice, and the company makes no warranty regarding final operational recommendations based on the content herein. Under no circumstances shall the company be liable for any losses arising from any person's use of any content in this material. The fund manager reminds investors of the "buyer beware" principle in fund investing. After making investment decisions, investors bear full responsibility for risks arising from fund operations, share price fluctuations on exchanges, and changes in net asset value. Before investing in this fund, investors should carefully read the fund's Fund Contract, Prospectus, and Product Summary and other legal documents, fully understand the fund's risk-return characteristics and product features, carefully consider various risk factors, and make rational and cautious investment decisions based on their own investment objectives, time horizon, experience, and financial condition. The products promoted in this material are issued and managed by China AMC Fund Management Co., Ltd., and distribution institutions do not bear responsibility for investment, redemption, or risk management of the products. Market risk exists, and investors should proceed with caution.