Abstract
This paper explores the impact of the Russia–Ukraine conflict on the risk transmission of energy subsector stocks in China. Risk spillovers are quantified by the Diebold and Yilmaz index model. Based on the minimum spanning tree analysis, we identify the systematically important energy stocks and the shortest transmission paths. The results show that the key energy stocks in terms of volatility correlations would certainly change during the Russia–Ukraine conflict. In normal times, the traditional stocks act as the hubs of risk contagion. However, during the conflict, several renewable energy stocks tend to influence other stocks in the system.
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