Wind数据显示，二季度末，国丰兴华鸿鹄志远二期私募证券投资基金首次现身2家上市公司前十大股东 之列。其中，该基金新进成为中国石油A股第6大流通股东，持股超2.17亿股，按照二季度末股价计算， 持仓市值约18.57亿元。另外，该基金新进成为中国神华A股第9大流通股东，持股超5200万股，按照二 季度末股价计算，持仓市值约21.16亿元。 中国石化8月26日晚披露的《关于回购股份事项前十大股东和前十大无限售条件股东持股情况的公告》 显示，截至8月21日，国丰兴华鸿鹄志远三期私募证券投资基金1号位列公司第8大股东，持股3.05亿 股，对应市值超过17亿元。大秦铁路9月2日晚披露的相关回购公告显示，截至8月28日，鸿鹄志远三期1 号新进成为公司第4大股东，持股2.98亿股，对应市值超19亿元。 此外，鸿鹄志远（上海）私募投资基金有限公司（即鸿鹄志远基金一期）二季度末继续出现在伊利股 份、陕西煤业和中国电信的股东之列，持股数量较上一季度保持不变。 截至二季度末，泰康稳行一期基金和太保致远1号的持股暂未曝光。 随着上市公司半年报披露，长线资金——险资系证券私募的持仓路径逐渐清晰。记者梳理发现，中国石 油、中国神华、大秦 ...

Core Viewpoint - The article highlights the emergence of Honghu Fund's second and third phases as significant shareholders in several listed companies, indicating a strategic investment approach by insurance capital in the market [1][3]. Group 1: Shareholding Information - Honghu Fund's second phase has entered the top ten shareholders of China National Petroleum and China Shenhua, with respective holdings valued at over 18 billion and 21 billion yuan [3]. - Honghu Fund's third phase, specifically the No. 1 product, has been listed as the eighth largest shareholder of Sinopec, holding approximately 305 million shares valued at 17.63 billion yuan [5]. - As of June 30, 2025, Honghu Fund's first phase maintained its positions in Shaanxi Coal and Yili Group, with no change in shareholding quantity compared to the previous quarter [6]. Group 2: Fund Structure and Management - Honghu Fund comprises three phases with a total scale of 110 billion yuan, managed by Guofeng Xinghua, a joint venture of China Life Asset and Xinhua Asset [6][8]. - The first phase of the fund has a scale of 50 billion yuan, fully invested by China Life and other contributors, achieving good returns by March of this year [6]. - The second phase has a scale of 20 billion yuan, with equal contributions from China Life and Xinhua Insurance, and has completed its main investment allocation by the end of the second quarter [6][11]. Group 3: Investment Strategy and Performance - The fund adheres to a long-term, value-oriented investment philosophy, focusing on companies with good governance and stable cash flows, particularly during market downturns [9][11]. - The average dividend yield of the six listed companies in which the fund has invested is relatively high, with four energy and coal stocks exceeding 5% [10]. - As of June 30, the first phase of Honghu Fund reported total assets of 57.11 billion yuan and a net profit of 9.68 billion yuan for the first half of the year [11][12].

上市公司半年报披露收官，险资私募基金持股曝光。 成立最早、规模最大的鸿鹄基金已跻身至少6家上市公司前十大股东名单。其中，鸿鹄基金二期二季度末现身 于中国石油、中国神华前十大股东，鸿鹄基金三期1号位列中国石化前十大股东。鸿鹄基金一期跻身伊利股 份、陕西煤业、中国电信的前十大股东。 鸿鹄基金投资范围包括中证A500指数成份股中符合条件的大型上市公司，标的选取的标准是治理良好、经营 运作稳健、股息相对稳定、流动性较好，且具备良好回报的大盘蓝筹公司。 从上述6家上市公司来看，呈现出股息率较高、市值较大的特征。股息率方面，陕西煤业、中国神华、中国石 油股息率超过5%，伊利股份、中国石化在4%左右，中国电信超过3%。从市值来看，最小的伊利股份市值也 超千亿元，陕西煤业市值接近2000亿元，中国石化、中国电信、中国神华市值在6000亿元—8000亿元之间， 中国石油市值超过1.6万亿元。 鸿鹄基金是保险资金长期投资改革试点基金，已设立一期、二期、三期1号和三期2号等4只基金，合计规模 1100亿元，由国丰兴华担任基金管理人，国丰兴华由国寿资产和新华资产联合设立。 鸿鹄基金一期规模500亿元，2024年3月开始投资，至今年3 ...

证券时报记者 刘敬元 上市公司半年报披露收官，险资私募基金持股曝光。 成立最早、规模最大的鸿鹄基金已跻身至少6家上市公司前十大股东名单。其中，鸿鹄基金二期二季度末现身于中 国石油、中国神华前十大股东，鸿鹄基金三期1号位列中国石化前十大股东。鸿鹄基金一期跻身伊利股份、陕西煤 业、中国电信的前十大股东。 鸿鹄基金投资范围包括中证A500指数成份股中符合条件的大型上市公司，标的选取的标准是治理良好、经营运作 稳健、股息相对稳定、流动性较好，且具备良好回报的大盘蓝筹公司。 从上述6家上市公司来看，呈现出股息率较高、市值较大的特征。股息率方面，陕西煤业、中国神华、中国石油股 息率超过5%，伊利股份、中国石化在4%左右，中国电信超过3%。从市值来看，最小的伊利股份市值也超千亿 元，陕西煤业市值接近2000亿元，中国石化、中国电信、中国神华市值在6000亿元—8000亿元之间，中国石油市 值超过1.6万亿元。 鸿鹄基金是保险资金长期投资改革试点基金，已设立一期、二期、三期1号和三期2号等4只基金，合计规模1100亿 元，由国丰兴华担任基金管理人，国丰兴华由国寿资产和新华资产联合设立。 鸿鹄基金一期规模500亿元，2024年 ...

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

华福证券 动力煤 2025 年 09 月 02 日 公 司 研 究 陕西煤业（601225.SH） 煤价下跌业绩承压，2025 中期分红 5% 投资要点： 产销小幅增长，煤价下滑背景下业绩承压 25H1 煤炭业务实现营收 683.8 亿元，同比-11.7%；营业成本 489.3 亿元，同比+0.3%；毛利润 194.5 亿元，同比-32.0%。 1）产销量小幅增长：25H1 原煤产量 8740 万吨，同比+1.1%；煤 炭销量 1.26 亿吨，同比+0.9%，其中自产煤销售量 8016 万吨，同比 +2.9%。25Q2 原煤产销量 4346/4062 万吨，同比-3.3%/+0.2%。 2）煤价下滑：25H1 公司煤炭售价为 439.7 元/吨，同比-133.4 元/ 吨，降幅 23.8%。其中：外购煤售价 473.4 元/吨，同比-168.0 元/吨， 降幅 26.2%；自产煤售价 420.4 元/吨，同比-117.9 元/吨，降幅 21.9%。 25H1 原选煤单位完全成本 280 元/吨，同比-1.4 元/吨，降幅 0.5%。 电价维稳，25Q2 发售电量同环比增长盈利改善 公司披露 2025H1 业绩 ...

Core Viewpoint - The article highlights the recent emergence of Honghu Fund in the top ten shareholders of several listed companies, indicating a strategic investment approach by insurance capital in the market [1][3]. Group 1: Shareholding Situation - Honghu Fund Phase II has entered the top ten shareholders of China Petroleum and China Shenhua, marking its first appearance in these lists with a market value exceeding 18 billion and 21 billion respectively [1][3]. - Honghu Fund Phase III has been listed as the eighth largest shareholder of Sinopec, holding approximately 3.05 billion shares valued at 17.63 billion [5][6]. - As of June 30, 2025, Honghu Fund has appeared in the top ten shareholders of six listed companies, including Shaanxi Coal, Yili, and China Telecom, with stable holdings compared to the previous quarter [3][6]. Group 2: Fund Structure and Management - Honghu Fund consists of three phases with a total scale of 110 billion, managed by Guofeng Xinghua, a joint venture of China Life Asset and Xinhua Asset [6][8]. - Phase I has a scale of 50 billion, fully invested by China Life and Xinhua Insurance, achieving good returns as of March this year [6][8]. - Phase II, with a scale of 20 billion, has completed its main investment positions by the end of Q2 [6][8]. - Phase III, initiated in early July, has a scale of 40 billion, divided into two products, with significant contributions from various insurance companies [6][8]. Group 3: Investment Strategy and Performance - The investment philosophy of Honghu Fund emphasizes long-term, value, and stable investments, focusing on companies with competitive advantages and good governance [8][11]. - The fund targets large-cap A+H shares that exhibit stable dividends and good liquidity, with a preference for blue-chip companies [8][9]. - The average dividend yield of the six listed companies in which Honghu Fund has invested is relatively high, with four energy and coal stocks exceeding 5% [9][10]. - As of June 30, the total assets of Honghu Fund Phase I reached 57.11 billion, with a net profit of 9.68 billion for the first half of the year, indicating strong performance [11][12].

Macro and Strategy - The report discusses the internal tension between investment and consumption in China's economy, highlighting that the concentration of capital income among high-income groups leads to a low marginal propensity to consume, which is a primary source of investment [10][11] - It emphasizes that the imbalance between capital income and consumption demand has resulted in a continuous rise in China's capital-output ratio and a decline in capital return rates, making investment-driven growth unsustainable [10][11] Industry and Company - The automotive industry saw a 12% year-on-year increase in wholesale sales of passenger vehicles from August 1 to 24, 2025, with the collaboration between Huawei and SAIC for the H5 model opening for pre-orders [14][15] - The media and internet sector reported a 2.99% increase in industry performance, with OpenAI launching the GPT-Realtime voice model and the summer box office surpassing 11.8 billion yuan [18][21] - The public utility and environmental protection sector is focusing on the ongoing construction of a national carbon market, which is expected to drive urban green and low-carbon transformation [22][23] - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with R32 and R134a expected to see stable price growth due to limited supply and strong demand [25][29] - Yili Group reported a 5.9% year-on-year increase in revenue for Q2 2025, with improvements in profitability driven by a decrease in raw milk prices and better cost management [31][33] - Huadian International's revenue decreased by 8.98% in H1 2025 due to lower electricity prices and generation, but net profit increased by 13.15% due to reduced fuel costs [34]

截至2025年9月2日 09:42，中证全指自由现金流指数(932365)上涨0.86%，成分股白银有色(601212)上涨10.08%，捷佳伟创(300724)上涨8.93%，国药现代 (600420)上涨3.91%，健康元(600380)上涨3.66%，洛阳钼业(603993)上涨3.40%。自由现金流ETF基金(159233)上涨1.24%， 冲击4连涨。最新价报1.14元。拉 长时间看，截至2025年9月1日，自由现金流ETF基金近2周累计上涨3.58%。 自由现金流ETF基金紧密跟踪中证全指自由现金流指数，中证全指自由现金流指数选取100只自由现金流率较高的上市公司证券作为指数样本，以反映现金 流创造能力较强的上市公司证券的整体表现。 数据显示，截至2025年8月29日，中证全指自由现金流指数(932365)前十大权重股分别为中国海油(600938)、五粮液(000858)、中远海控(601919)、洛阳钼业 (603993)、格力电器(000651)、牧原股份(002714)、中国铝业(601600)、陕西煤业(601225)、正泰电器(601877)、泸州老窖(000568)，前十大权重股合计占 ...

Core Viewpoint - The article highlights the performance and investment strategies of the Honghu Fund, particularly focusing on its long-term investment approach and the significant role of insurance capital in the A-share market. Group 1: Fund Performance - As of June 30, 2025, the total assets of Honghu Fund I reached 57.112 billion yuan, with net assets of 55.684 billion yuan and a total comprehensive income of 5.684 billion yuan [1][3] - The fund has fully invested its initial capital of 50 billion yuan, achieving a performance that is lower in risk and higher in returns than the benchmark [3] - The fund's operating income for the period was 1.203 billion yuan, with a net profit of 968 million yuan [3] Group 2: Investment Holdings - Honghu Fund I is among the top ten shareholders of Yili Group, Shaanxi Coal, and China Telecom, with a total market value of holdings amounting to 12.04 billion yuan as of the end of Q2 2025 [1][5] - The fund increased its holdings in Yili Group to 153 million shares, raising its ownership percentage from 1.88% to 2.42%, ranking it as the 7th largest shareholder [5] - In Shaanxi Coal, the fund's holdings increased to 116 million shares, with a shareholding percentage rising from 1.04% to 1.2%, making it the 5th largest shareholder [5] Group 3: Investment Strategy - The investment strategy of Honghu Fund II focuses on long-term investments in large listed companies that meet specific criteria, particularly those in the CSI A500 index [1][10] - The fund aims to achieve stable dividend income through low-frequency trading and long-term holding [10] - The emphasis on high-dividend and strong cash flow assets is seen as a core logic for insurance capital allocation, particularly in energy sector leading stocks [11] Group 4: Market Trends - The proportion of long-term capital entering the market is increasing, positioning insurance capital private equity as one of the largest private equity institutions holding A-shares [2][12] - The total scale of the Honghu Fund series has reached 92.5 billion yuan, nearing the target of 100 billion yuan, with ongoing operations of the 222 billion yuan long-term investment reform pilot [13][14] - Analysts predict that as long-term capital increases, the A-share market may enter a more sustainable slow bull phase [12]