In the context of a deep adjustment in the global energy landscape and the accelerated advancement of energy security strategies, oil and gas assets are at the intersection of multiple logics, with international oil prices once breaking through the $100 mark, reaching a multi-year high. On April 2, 2026, the China Merchants CNI Oil &amp; Gas ETF (159197) officially listed on the Shanghai Stock Exchange.
Unlike single-segment sub-indices, the China Merchants CNI Oil &amp; Gas ETF (159197) tracks the CNI Oil &amp; Gas Index, which covers the entire chain of oil and gas exploration and development, equipment services, refining and sales, and gas transmission and distribution, achieving comprehensive allocation across the upstream and downstream oil and gas industry chain. As of March 31, the combined weight of the &#34;three major oil companies&#34; reached 39.82%, with the top ten weights totaling 69.48%.
Currently, the global geopolitical uncertainty is intensifying, and energy security has risen to a core position in national strategy. In China's 14th Five-Year Plan outline, energy security is listed as a key task, and domestic upstream oil and gas capital expenditure continues to gain momentum. According to statistics, by 2025, the oil and gas equivalent of China National Petroleum, Sinopec, and China National Offshore Oil Corporation is expected to grow by 2.5%, 1.9%, and 6.9% year-on-year, respectively, while maintaining high capital expenditure, focusing on domestic oil and gas exploration and development, shale oil and gas, and deep-sea oil and gas sectors, directly driving demand for oil service equipment, and has become the undisputed &#34;main force in supply assurance,&#34; expected to fully benefit from the current round of domestic energy development acceleration dividends.
From a medium to long-term perspective, the CNI Oil &amp; Gas Index has shown outstanding historical performance. Wind data shows that as of March 31, 2026, the CNI Oil &amp; Gas Index has accumulated a growth rate of 103.60% over the past five years, with an annualized Sharpe ratio of 0.8, and a risk-return ratio superior to similar oil and gas indices.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwA5JlMvU30IaCjzCE9jvnElbDRNOYvmJTFAUP8Jj-69QAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OwA5JlMvU30IaCjzCE9jvnElbDRNOYvmJTFAUP8Jj-69QAA/641"/>
Data source: Wind, as of March 31, 2026. The index's rise and fall are for reference only, do not indicate future performance, nor represent specific fund performance. Annualized volatility: the calculation period is selected as weekly frequency, and the return algorithm is selected as ordinary return, annualized volatility = volatility * 52^0.5. Annualized Sharpe ratio: the calculation period is selected as weekly frequency, the return algorithm is selected as ordinary return, and the risk-free return rate is selected as the one-year fixed deposit rate (pre-tax). Sharpe (annualized) = (annualized average return - risk-free return) / annualized volatility. The Sharpe ratio is a return indicator adjusted for total risk; generally, the larger the Sharpe ratio, the higher the excess return per unit of total risk. Past performance of the index does not guarantee future performance, nor does it constitute a guarantee of fund investment returns or any investment advice. The index has a relatively short operating time and cannot reflect all stages of market development.
From a natural annual perspective, in the five complete years from 2021 to 2025, it increased by 33.93%, 0.05%, 7.01%, 10.90%, and 10.13%, fully demonstrating the allocation value and cyclical resilience of core energy assets
Mainstream oil index performance over the past five calendar years:
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O-QUeZBPqCV8D-JCB369fIQmOPrJWQtTRZe7LtIpmsHbkAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O-QUeZBPqCV8D-JCB369fIQmOPrJWQtTRZe7LtIpmsHbkAA/641"/>
Data source: Wind, as of December 31, 2025. The index's rise and fall are for reference only, do not predict future performance, and do not represent the performance of specific funds. Past performance of the index does not guarantee future performance and does not constitute a guarantee of fund investment returns or any investment advice. The index has a short operating history and cannot reflect all stages of market development.
From a medium to long-term perspective, as the central price of global commodities rises, physical assets are expected to undergo a value reassessment. According to CITIC Construction Investment, with the economic growth rate declining and geopolitical tensions intensifying, oil, gas, and coal, as irreplaceable strategic physical assets, not only exhibit inflation-resistant characteristics but also show significant wide fluctuations or central price increases compared to general financial assets in a stagflation environment. The investment logic of energy companies has transformed into dividend assets characterized by &#34;free cash flow + high dividends + continuous buybacks.&#34;
As of the latest data, the price-to-earnings ratio (TTM) of the CNI Oil &amp; Gas Index is approximately 16.79 times, with a dividend yield of about 3.32%, showing a clear advantage among similar indices. Institutional analysis suggests that behind the high dividends are the stable cash flows and high dividend traditions of leading central state-owned enterprises such as the &#34;Big Three Oil Companies.&#34; Against the backdrop of comprehensive promotion of central enterprise market value management assessments, the dividend rate of central state-owned enterprises is expected to continue to rise, and the high dividend advantage of leading oil companies may be further strengthened.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O7RvZ6Q4Ds86ztrhEZPlDqzFhCfER1yueOl_-acr8-vYoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O7RvZ6Q4Ds86ztrhEZPlDqzFhCfER1yueOl_-acr8-vYoAA/641"/>
Data source: Wind, as of March 31, 2026. Past performance of the index does not guarantee future performance and does not constitute a guarantee of fund investment returns or any investment advice. The index has a short operating history and cannot reflect all stages of market development.
Risk warning: Funds carry risks, and investments should be made cautiously

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Against the backdrop of adjustments in the global energy landscape and the advancement of energy security strategies, the China Merchants CNI Oil&Gas ETF (159197) was officially listed on April 2, 2026, tracking the CNI Oil&Gas Index and covering the entire oil and gas industry chain. Currently, the global geopolitical uncertainty is intensifying, making energy security a core national strategy. According to statistics, capital expenditures of major oil and gas companies in China are expected to continue to grow in 2025, driving demand for oil service equipment. The CNI Oil&Gas Index has accumulated a growth rate of 103.60% over the past five years, outperforming similar indices

Core physical assets welcome value reassessment, Oil ETF China Merchants (159197) listed today