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]

Core Viewpoint - The long-term price inversion of annual coal contracts has been resolved, boosting market confidence as the Qinhuangdao port's 5500 kcal thermal coal spot price rose to 667 RMB/ton on August 4, 2025, exceeding the annual contract price for the same grade coal [1][2][3]. Group 1: Market Dynamics - The recent price inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates during this period [3]. - The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [3]. Group 2: Price Expectations - The bottom for coal prices has been established, with expectations for price increases potentially exceeding market forecasts [3]. - The rise in coal prices began with thermal coal, but the increase in coking coal has outpaced expectations, indicating a stronger market than anticipated [3]. Group 3: Stock Market Implications - Coal stocks are responding positively to favorable market conditions, with significant upward potential remaining [3]. - The market is increasingly focused on policy implementation and supply-demand dynamics, with several short-term supply constraints expected to benefit coal prices [3]. Group 4: Investment Recommendations - Companies to watch include Huayang Co., Jinkong Coal, Shanmei International, Lu'an Environmental Energy, Shanxi Coal, Pingmei Shares, and Huaibei Mining, which are considered elastic stocks [4]. - Leading coal enterprises such as Shaanxi Coal, China Coal Energy, and China Shenhua are still viewed as having high allocation value [4].

Investment Rating - The coal industry is rated as "Leading the Market - A" with an upward adjustment [4] Core Viewpoints - The long-term price inversion of annual contracts has been resolved, boosting market confidence. The previous inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates. The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [1][2] - The bottom of coal prices has been reached, with expectations for price increases potentially exceeding market forecasts. The current rise in coal prices began with thermal coal, and the upward momentum for coking coal has outpaced that of thermal coal. The low point of the year has passed, and it is expected that prices will not decline again in the second half of the year [2] - The resolution of the long-term price inversion is likely to trigger positive feedback, enhancing contract fulfillment rates, improving spot demand, and further increasing spot prices. Coal stocks have shown a strong response to positive news, with significant upward potential remaining [2] Summary by Sections - **Market Dynamics**: The recent increase in the price of thermal coal at Qinhuangdao Port has surpassed the annual contract price, indicating a shift in market dynamics. The market is currently experiencing a recovery in confidence due to the resolution of the long-term price inversion [1][2] - **Investment Recommendations**: With the acceleration of coal price increases, coal stocks are expected to perform well. Key stocks to watch include Huayang Co., Jinkong Coal Industry, Shanmei International, Lu'an Environmental Energy, Shanxi Coking Coal, Pingmei Shenma, and Huaibei Mining. Leading coal companies such as Shaanxi Coal and China Shenhua also present high allocation value [2]

证券之星消息，8月7日煤炭开采板块较上一交易日上涨0.36%，陕西煤业领涨。当日上证指数报收于 3639.67，上涨0.16%。深证成指报收于11157.94，下跌0.18%。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) | | --- | --- | --- | --- | --- | --- | | 601225 | 陕西煤业 | 21.95 | 2.43% | 96.58万 | 20.92亿 | | 600188 | 突矿能源 | 13.59 | 2.10% | 71.90万 | 9.71亿 | | 600546 | 山煤国际 | 10.40 | 1.36% | 49.90万 | 5.14亿 | | 600397 | 安源煤业 | 6.23 | 1.14% | 32.17万 | 2666" I | | 600395 | 盘江股份 | 5.21 | 0.58% | 16.93万 | 8805.31万 | | 600971 | 恒源煤电 | 7.07 | 0.28% | 15.47万 | 2660'T | | 002128 | 电投能源 | 2 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [7] Core Viewpoints - The report suggests that the market does not have significant differences in expectations for short-term coal price increases, but the divergence lies in the price trends during the off-season, which will influence next year's long-term contract negotiations [12][15] - The report identifies three key conditions that will determine whether the off-season will be "not off-season" for coal prices: 1. Production cuts could reduce supply in the second half of 2025 by between 32 million tons and 110 million tons [2][13] 2. If the import pace from the first half of 2024 is maintained, imports in the second half of 2025 could decrease by 72 million tons [3][34] 3. If peak load continues to exceed expectations, coal consumption for thermal power generation could increase by 6.5 million tons year-on-year in the second half of 2025 [4][48] Summary by Sections Section 1: Current Market Conditions - In July, extreme high temperatures combined with reduced water inflow led to a rebound in coal prices, which increased by 51 yuan/ton (8.3%) to 666 yuan/ton as of August 4 [1][22] - The overall electricity demand has significantly increased due to high temperatures, with the highest national electricity load reaching 1.508 billion kilowatts, an increase of 5.7 million kilowatts compared to last year [16] Section 2: Supply and Demand Analysis - The report emphasizes that even without the impact of the current "production cuts," the supply-demand balance for coal will tighten by 11 million tons in the third quarter of 2025 due to increased coal consumption [12][56] - The report outlines three scenarios for potential production cuts, estimating a reduction in supply ranging from 32 million tons to 110 million tons in the second half of 2025 [2][31] Section 3: Import Trends - The report anticipates that if the import levels from the first half of 2025 are maintained, there will be a total reduction of approximately 100 million tons in imports for the year [3][44] - The average monthly import in the first half of 2025 is projected to be 28.13 million tons, down from 35 million tons in 2024 [3][44] Section 4: Thermal Power Consumption - The report maintains an assumption of a 5.5% increase in overall electricity consumption for the year, with thermal power generation expected to increase by 6.1% in the second half of 2025 [4][48] - If peak load continues to exceed expectations, thermal power generation could consume an additional 6.5 million tons of coal year-on-year in the second half of 2025 [4][48] Section 5: Recommendations - The report recommends investing in leading coal companies such as China Shenhua and Shaanxi Coal, predicting that these companies will benefit from the expected increase in coal prices [5][14] - The report estimates that as coal prices rise from 600 yuan/ton to 700 yuan/ton, the profitability of major companies will increase by approximately 4% to 15% [5][65]

本文源自：金融界 作者：金股通 截至8月7日午后一小时，主力资金流出前20的股票分别为：中国重工（-10.74亿元）、中际旭创（-7.83 亿元）、中国船舶（-7.49亿元）、新易盛（-7.11亿元）、长城军工（-6.45亿元）、药明康德（-6.39亿 元）、山河智能（-6.30亿元）、胜宏科技（-5.29亿元）、内蒙一机（-5.22亿元）、东方国信（-4.60亿 元）、北方稀土（-4.59亿元）、恒瑞医药（-3.88亿元）、机器人（-3.77亿元）、陕西煤业（-3.47亿 元）、沪电股份（-3.44亿元）、华工科技（-3.27亿元）、湖南天雁（-3.25亿元）、英维克（-3.09亿 元）、麦格米特（-2.97亿元）、倍加洁（-2.74亿元）。 ...

本文源自：金融界 截至8月7日午间收盘，主力资金流出前20的股票分别为：中国重工（-10.01亿元）、中际旭创（-7.22亿 元）、新易盛（-6.61亿元）、中国船舶（-6.14亿元）、药明康德（-5.93亿元）、长城军工（-5.10亿 元）、胜宏科技（-5.06亿元）、北方稀土（-4.76亿元）、内蒙一机（-4.61亿元）、山河智能（-4.41亿 元）、东方精工（-4.39亿元）、东方国信（-4.12亿元）、机器人（-3.58亿元）、华工科技（-3.12亿 元）、宁德时代（-2.82亿元）、陕西煤业（-2.68亿元）、东方财富（-2.60亿元）、恒瑞医药（-2.58亿 元）、沪电股份（-2.57亿元）、湖南天雁（-2.54亿元）。 作者：金股通 ...

中诚信国际肯定了陕西煤业化工集团有限责任公司（以下简称"陕煤集团"、"公司"或"发行人"）丰富的 煤炭资源储量、突出的生产规模、有力的政府支持、较强的盈利及获现能力、畅通的融资渠道等方面的 优势。同时中诚信国际也关注到煤炭价格波动、部分非煤板块存在一定经营压力以及债务规模大等因素 对公司经营及整体信用状况的影响。 2025年7月16日，中诚信国际公布评级报告，陕西煤业化工集团有限责任公司2025年度第四期中期票据 获"AAA"评级。 资料显示，陕煤集团前身为陕西煤业集团有限责任公司，是2006年6月经陕西省人民政府批准，由原陕 西煤业集团有限责任公司、陕西渭河煤化工集团有限责任公司、陕西华山化工集团有限公司、陕西陕焦 化工有限责任公司等四家国有企业合并组建而成的国有独资公司。公司主业为煤炭、钢材及化工产品的 生产和销售，其他业务涉及物流贸易、电力和机械加工等。公司为陕西省内最大的煤炭企业，在"2024 年世界500强企业"中名列第170位。2024年，公司营业总收入为5,301.65亿元。 来源：金融界 ...

从中证煤炭指数持仓样本的行业来看，能源占比100.00%。 数据统计显示，中证煤炭指数近一个月上涨6.07%，近三个月上涨8.85%，年至今下跌7.58%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证煤炭指数十大权重分别为：陕西煤业（9.8%）、中国神华（8.74%）、兖矿能源 （8.01%）、中煤能源（7.66%）、山西焦煤（7.07%）、潞安环能（5.75%）、美锦能源（4.81%）、淮 北矿业（4.67%）、华阳股份（4.51%）、平煤股份（4.22%）。 金融界8月6日消息，上证指数低开高走，中证煤炭指数 (中证煤炭，399998)上涨2.24%，报2042.16点， 成交额103.82亿元。 从中证煤炭指数持仓的市场板块来看，上海证券交易所占比83.88%、深圳证券交易所 ...