On September 14, the SEEE Carbon Neutrality Index (931755) edged up 0.34%, with Sinocera leading gainers at 4.83%. Among the index constituents, 58 stocks advanced while 40 declined. Against this backdrop of diverging performance in the carbon neutrality sector, the Carbon Neutrality ETF Fud (561190) failed to sustain the previous session's rebound momentum.

By the close, all four major benchmarks ended lower. The Shanghai Composite Index settled at 3,864.28 points, down 0.54%; the Shenzhen Component Index fell 0.72% to 13,287.97 points; the CSI 300 dropped 0.67% to 4,450.04 points; and the ChiNext Index declined 1.15% to 3,247.92 points. Overnight, U.S. markets also closed in the red, with the Dow down 0.29%, the Nasdaq off 0.56%, and the S&P 500 slipping 0.48%.

The Carbon Neutrality ETF Fud fell 1.30% today, posting a turnover of 2.51 million yuan by 15:00, with a turnover rate of 1.42% and total assets under management of 178 million yuan. Over the previous five trading days (September 8-14), the ETF accumulated a decline of 1.71% relative to the September 7 close. Average daily turnover stood at 2.68 million yuan over five days and 2.75 million yuan over twenty days, indicating today's trading volume was lighter than recent averages.

According to the Q2 2026 fund report, the top ten holdings of the Carbon Neutrality ETF Fud account for a combined 42.92% of the portfolio. Among today's heavyweights, Xiamen Tungsten (600549) rose 3.56% and Juhua Co (600160) advanced 1.54%, representing rare bright spots. However, Contemporary Amperex Technology Co., Limited (300750) tumbled 6.16%, Inovance Technology (300124) dropped 3.93%, and TBEA (600089) fell 1.95%, creating significant downward pressure on the fund's net asset value.

On the capital flow front (as of September 14), main funds recorded a net inflow of 300,000 yuan into the Carbon Neutrality ETF Fud on the previous trading day, marking a second consecutive session of inflows, with cumulative net inflows reaching 400,000 yuan over that stretch. Over the latest five trading days (September 8-14), main funds brought in a cumulative net inflow of 390,000 yuan.

From a product perspective, the Carbon Neutrality ETF Fud charges a total fee rate of 0.6% per annum (0.5% management fee plus 0.1% custodian fee), ranking second lowest among eight ETFs tracking the same index. Its annualized excess return over the benchmark stood at 3.08% in the past year (as of September 15), also placing second among peers. By fund size, it ranks third among the same index-linked ETFs. The fund offers off-exchange feeder funds (Class A: 016887; Class C: 016888).

Comparing similar products, the Carbon Neutrality ETF China Merchants (159641) declined 1.27% today, with a trailing error of 0.038% over the past month, the lowest among eight same-index ETFs. Meanwhile, the Carbon Neutrality ETF Southern (159639) slipped 1.20%, posting a one-year annualized excess return of 2.56%, ranking fourth, while its fund size secured the second position among the group.

On valuations, data from the China Securities Index official website shows the SEEE Carbon Neutrality Index currently trades at a price-to-earnings ratio of 21.28 times with a dividend yield of 1.93%. The CSI Shanghai Environment and Energy Exchange Carbon Neutrality Index selects 100 listed companies—those with larger market capitalizations in deep low-carbon sectors like clean energy and energy storage, alongside those with strong carbon reduction potential in high-carbon industries such as thermal power and steel—to reflect the overall performance of securities making significant contributions to carbon neutrality.

CSC Financial noted that Shanghai has released the "15th Five-Year Plan for Building a Beautiful Shanghai," which outlines building a clean and low-carbon energy system, advancing pilot projects for photovoltaics, offshore wind, and hydrogen-based fuels, and deepening carbon market reforms by gradually increasing the proportion of paid allowance allocations and expanding coverage in phases. The firm recommends focusing on Yutong Heavy Industries for electric sanitation equipment and full industry chain layout, Grandblue Environment and Zhejiang Weiming Environment Protection in the waste-to-energy segment, China Science and Industry and Zhongshan Public Utilities Group for steady growth in heating and environmental protection, as well as high-dividend gas companies like Shanxi Lu'an Environmental Energy.

CICC believes that Contemporary Amperex Technology Co., Limited, a top-ten holding of the ETF, initiated its first A-share buyback, signaling management confidence. Q3 2026 production plans are up 65-70% year-on-year, with full-year output expected to exceed 1.1 TWh. Demand expectations for 2027 remain optimistic, driven by robust growth in overseas and domestic commercial vehicles. The company holds first-mover advantages in global expansion, new applications, and emerging technologies, maintaining steady global market share. The firm maintains a target price of 500 yuan for A-shares, implying approximately 51% upside, with expectations of valuation recovery ahead.