从指数持仓来看，中证周期稳健成长50指数十大权重分别为：中国建筑（9.33%）、中国石油 （9.24%）、中远海控（9.14%）、陕西煤业（8.12%）、华友钴业（5.93%）、中国铝业（5.78%）、华 鲁恒升（3.5%）、卫星化学（3.14%）、神火股份（2.88%）、南山铝业（2.78%）。 从中证周期稳健成长50指数持仓的市场板块来看，上海证券交易所占比75.77%、深圳证券交易所占比 24.23%。 从中证周期稳健成长50指数持仓样本的行业来看，原材料占比40.34%、能源占比29.38%、工业占比 29.11%、房地产占比1.17%。 金融界8月11日消息，上证指数上涨0.34%，中证周期稳健成长50指数 (周期稳健成长50，931581)下跌 0.2%，报1705.34点，成交额205.43亿元。 数据统计显示，中证周期稳健成长50指数近一个月上涨6.05%，近三个月上涨10.01%，年至今上涨 1.81%。 据了解，中证周期稳健成长50指数选取50只市净率较低、营业收入增长较高和ROE较高的周期性行业上 市公司证券作为指数样本，以反映周期性行业中兼具估值优势和成长性的上市公司证券的整体表现。该 ...

21世纪经济报道记者 曹媛 深圳报道 保险资金长期投资改革试点又有新进展，险资入市加速。 近日，记者从太平资产了解到，中国太平旗下子公司太平资产获国家金融监督管理总局批复，同意其投 资设立太平（深圳）私募证券投资基金管理有限公司。 这一"险资系私募"的落地响应了保险资金长期投资改革试点，保险资金长期投资改革试点是指保险公司 出资设立私募证券投资基金，主要投向二级市场股票，并长期持有。 目前，保险资金长期投资改革试点正加速落地，至今已有三批试点，试点金额合计达2220亿元（含已批 复和拟批复试点规模），参与机构逐渐扩展至多家头部险企及中小险企，包括：中国人寿、新华保险、 太保寿险、泰康人寿、阳光人寿、人保寿险、太平人寿、平安人寿、中邮保险及相关保险资管公司等。 从数据看，险资入市步伐加快。今年一季度人身险公司股票持仓市值达2.65万亿元，长期股权投资规模 2.60万亿元，合计占比超16%，较2024年末显著提升。 试点规模超两千亿，参与险企扩容 对于此次投资设立太平（深圳）私募证券投资基金管理有限公司，太平资产表示，旨在积极响应保险资 金长期投资改革试点。截至2024年末，太平资产管理资产总规模超过1.5万亿元 ...

Market Overview - The Shanghai Composite Index rose by 0.34% on August 11, with 24 out of 28 sectors experiencing gains, led by the power equipment and communication sectors, which increased by 2.04% and 1.95% respectively [1] - The banking and oil & petrochemical sectors saw the largest declines, down by 1.01% and 0.41% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 10.02 billion yuan, with 16 sectors receiving net inflows [1] - The power equipment sector had the highest net inflow of 4.14 billion yuan, corresponding with its 2.04% increase [1] - The electronics sector also performed well, with a 1.76% increase and a net inflow of 3.33 billion yuan [1] Coal Industry Performance - The coal industry experienced a decline of 0.35%, with a net outflow of 43.74 million yuan [2] - Among the 37 stocks in the coal sector, 17 stocks rose while 14 fell [2] - The top net inflow stock was Anyuan Coal Industry, with an inflow of 43.69 million yuan, followed by Shaanxi Coal and Shanxi Coking Coal with inflows of 27.22 million yuan and 24.82 million yuan respectively [2] Individual Stock Analysis in Coal Sector - The following stocks had significant net outflows: Lu'an Mining (-50.37 million yuan), Huayang Co. (-36.61 million yuan), and Jinkong Coal Industry (-17.58 million yuan) [3] - The table provided details on various coal stocks, including their daily price changes, turnover rates, and main capital flows [3][4]

证券之星消息，8月11日煤炭开采板块较上一交易日下跌0.41%，陕西煤业领跌。当日上证指数报收于 3647.55，上涨0.34%。深证成指报收于11291.43，上涨1.46%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600397 | 安源煤业 | 6.45 | 5.05% | 73.33万 | 4.74亿 | | 603071 | 物产环能 | 13.87 | 2.21% | 4.05万 | 5523.28万 | | 600758 | 辽宁能源 | 4.04 | 1.25% | 15.75万 | 6333.43万 | | 000983 | 山西焦煤 | 7.38 | 1.10% | 52.71万 | 3.86亿 | | 600403 | 大有能源 | 3.88 | 1.04% | 14.03万 | 5420.99万 | | 600546 | 山煤国际 | 10.27 | 0.29% | 20.71万 | 2.13亿 | | 600121 | 郑州煤电 | ...

通过天眼查大数据分析，陕西煤业股份有限公司共对外投资了43家企业，参与招投标项目77次，知识产 权方面有商标信息21条，专利信息29条，此外企业还拥有行政许可3个。 来源：金融界 金融界消息 截至2025年8月11日收盘，陕西煤业（601225）报收于21.56元，下跌1.96%，换手率 0.44%，成交量42.35万手，成交金额9.16亿元。 资金流向方面，今日主力资金净流入1889.20万元，占比成交额2.06%。其中，超大单净流出1534.54万 元、占成交额1.67%，大单净流入3423.74万元、占成交额3.74%，中单净流出流出2931.76万元、占成交 额3.2%，小单净流入1042.56万元、占成交额1.14%。 陕西煤业最新一期业绩显示，截至2025一季报，公司营业总收入401.62亿元、同比减少7.30%，归属净 利润48.05亿元，同比减少1.23%，扣非净利润45.52亿元，同比减少14.98%，流动比率1.083、速动比率 0.993、资产负债率41.80%。 天眼查商业履历信息显示，陕西煤业股份有限公司，成立于2008年，位于西安市，是一家以从事煤炭开 采和洗选业为主的企业。企业注 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that the price of thermal coal is expected to recover to the second target of 700 yuan, with a steady layout in the coal sector [5][13] - The current price of thermal coal has rebounded to above the first target price of 670 yuan, which is the annual long-term contract price for central enterprises [5][13] - The report highlights that the fundamentals of thermal coal remain favorable, with supply constraints and high demand during the summer season [4][5] Summary by Relevant Sections Investment Logic - Thermal coal and coking coal prices have reached the right side of the turning point, with thermal coal being a policy-driven commodity [5][13] - The current price has surpassed the first target and is expected to reach the second target of around 700 yuan [5][13] - Future expectations include a potential recovery to a third target price of approximately 750 yuan and a fourth target price of around 860 yuan [5][13] Key Indicators Overview - The coal index increased by 3.65%, outperforming the CSI 300 index by 2.41 percentage points [8][26] - The average PE ratio for the coal sector is 12.12, and the PB ratio is 1.24, ranking low among all A-share industries [28] Thermal Coal Industry Chain - As of August 8, the price of Qinhuangdao Q5500 thermal coal is 682 yuan/ton, reflecting an increase of 11.99% from the lowest price of 609 yuan earlier this year [4][21] - The operating rate of coal mines in the main production areas is at 80.1%, indicating a relatively low level for the year [4][21] - Port inventories have decreased by 25.6% from the highest level of 33.16 million tons earlier this year [4][21] Coking Coal Industry Chain - The price of main coking coal at Jingtang Port is 1610 yuan/ton, rebounding from a low of 1230 yuan [4][22] - Coking coal futures have seen a significant rebound, increasing by 70.65% from 719 yuan in early June to the current price [4][22] - The report notes a strong expectation for coking coal prices, driven by supply tightening measures and demand from the steel industry [4][22]

Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [3][5]. Core Viewpoints - Global thermal coal exports decreased by 5.1% year-on-year in the first half of 2025, with total shipments dropping from 378.65 million tons in 2024 to 359.65 million tons [2]. - The report highlights the importance of major coal enterprises such as China Coal Energy and China Shenhua, as well as companies showing potential for turnaround like China Qinfa [3]. - The report notes that coal prices are stabilizing after a period of decline, with Newcastle coal prices at $116 per ton and South African Richards Bay coal at $92.4 per ton [6][34]. Summary by Sections Coal Mining Industry Overview - The report indicates a 5% decline in global thermal coal exports in the first half of 2025, with significant drops in major exporting countries like Indonesia and Australia [2][6]. - Indonesia's coal exports fell by 6% due to weather disruptions and regulatory changes, while Australia's exports decreased by 4% due to operational bottlenecks [6]. Key Investment Recommendations - The report recommends focusing on state-owned enterprises such as China Coal Energy and China Shenhua, as well as turnaround candidates like China Qinfa [3]. - Other recommended stocks include Shaanxi Coal and Electricity, Yancoal, and Jin Control Coal Industry, which are expected to perform well in the coming years [3][7]. Price Trends and Market Dynamics - Coal prices are showing signs of stabilization, with Newcastle coal prices at $116 per ton, unchanged from the previous week, while South African coal prices decreased slightly [6][34]. - The report notes that the demand for coal power is stabilizing, particularly during peak demand seasons [36].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing a supply-demand match, leading to a continuous increase in coal prices. As of August 8, 2025, the spot price of thermal coal at ports rose by 19 CNY/ton to 682 CNY/ton. The average daily inflow to the four ports in the Bohai Rim increased by 79,900 tons week-on-week, a growth of 5.19%. However, the average daily outflow decreased by 258,000 tons, a decline of 13.92%, indicating a stable supply with rising demand due to high temperatures [1][2][28] - The report suggests that the coal industry has entered a peak season due to sustained high temperatures, with continued growth in residential and industrial electricity consumption. It is anticipated that with stable supply and rising demand, coal prices may further increase [1][2] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 1.45% to 3635.13 points during the week of August 4 to August 8, 2025. The coal sector index increased by 3.02% to 2699.31 points, with a trading volume of 39.022 billion CNY, down 30.02% from the previous week [10][12] 2. Domestic Coal Prices - As of August 8, 2025, the price of thermal coal in major production areas showed a steady increase. For instance, the price of 5500 kcal thermal coal in Datong rose by 13 CNY/ton to 585 CNY/ton, while the price of 6000 kcal thermal coal in Yanzhou increased by 20 CNY/ton to 970 CNY/ton [17][22] 3. Inventory and Shipping - The average daily coal inflow to the Bohai Rim ports was 1.6194 million tons, up 5.19% week-on-week, while the outflow was 1.5951 million tons, down 13.92%. The total inventory at the ports decreased by 0.28% to 24.659 million tons [28][32] 4. Recommendations - The report emphasizes the importance of monitoring the influx of insurance funds and suggests focusing on resource stocks. It recommends specific coal companies such as Haohua Energy and Guanghui Energy as potential investment targets due to their low valuations and elasticity [2][37]

作为首批保险资金长期股票投资试点，鸿鹄志远（上海）私募投资基金有限公司的动态备受关注。 随着A股上市公司2025年一季报陆续披露，鸿鹄基金的最新持股情况浮出水面。Wind数据显示，截至一 季度末，鸿鹄基金重仓持有中国电信、伊利股份、陕西煤业三只个股，合计持股市值超125亿元。在鸿 鹄基金一期500亿元投资落地之后，鸿鹄基金二期获批200亿元，其投资方向为中证A500指数成分股中 符合条件的大型上市公司A股、H股。 中国证券报记者调研了解到，第二批获批保险资金长期股票投资试点的机构正加快推进相关工作落 地。国家金融监督管理总局局长李云泽5月7日在国新办新闻发布会上表示，近期拟再批复600亿元，进 一步扩大保险资金长期股票投资试点范围。以此来计算，已批复和拟批复的保险资金长期股票投资试点 规模达到2220亿元。 鸿鹄基金三大重仓股 Wind数据显示，2025年一季度末，鸿鹄基金重仓持有中国电信、伊利股份、陕西煤业三只个股， 合计持股数量超10亿股，合计持股市值超125亿元。 具体来看，一季度末，鸿鹄基金分别持有中国电信、伊利股份、陕西煤业7.62亿股、1.53亿股、 1.16亿股，持股市值分别为59.80亿元、4 ...

Group 1 - The core viewpoint of the news is the performance of the CSI All Share Free Cash Flow Index and its related ETF, highlighting significant increases in both the index and the ETF, indicating strong cash flow generation capabilities among the constituent companies [1][2] - As of August 8, 2025, the CSI All Share Free Cash Flow Index rose by 0.83%, with notable increases in constituent stocks such as Chuncheng Power (up 5.14%) and Luoyang Molybdenum (up 4.22%) [1] - The Free Cash Flow ETF (159233) has shown a cumulative increase of 2.31% over the past week, with a trading volume of 633.98 million yuan and a turnover rate of 4.07% [1] Group 2 - The Free Cash Flow ETF has a management fee of 0.50% and a custody fee of 0.10%, closely tracking the CSI All Share Free Cash Flow Index, which includes 100 high free cash flow rate companies [2] - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Free Cash Flow Index accounted for 57.53% of the index, including companies like China National Offshore Oil (600938) and Wuliangye (000858) [2] - The ETF has recorded a maximum monthly return of 4.04% since its inception, with an average monthly return of 2.20% and a monthly profit probability of 88.24% [1]