煤炭龙头股2024年二季度持仓分析：持仓聚焦红利龙头

Investment Rating - The report maintains an "Overweight" rating for the coal industry, consistent with the previous rating [1]. Core Viewpoints - The coal sector is undergoing a valuation reshaping, driven by profound supply-demand structural changes and a trend towards "utility-like" characteristics. This shift reflects a market preference for high-dividend assets amid a declining risk-free rate environment. Recommended stocks include high-profitability leaders such as Shaanxi Coal and China Shenhua, as well as integrated coal and power companies like Xinjie Energy, which benefits from Shaanxi Energy. Other recommendations include long-term contract coking coal companies such as Hengyuan Coal Power, Pingmei Shenma, Huaibei Mining, and Shanxi Coking Coal, along with state-owned enterprises leading in reform like China Coal Energy and Shanmei International, which is at a fundamental turning point [2]. Summary by Sections Fund Holdings Analysis - The report analyzes the changes in fund holdings based on the latest disclosures from Q2 2024, indicating that A-shares and Shanghai-Hong Kong Stock Connect have shown a continuous increase in coal allocation for five consecutive quarters. The number of coal stocks in the top ten holdings of funds decreased from 26 in Q1 2024 to 24 in Q2 2024, reflecting a higher willingness to increase holdings in industry leaders with strong profit certainty [2]. Major Holdings - The top five coal stocks held by funds are China Shenhua, Shaanxi Coal, China Coal Energy, Yanzhou Coal, and Xinjie Energy, with their respective holdings as a percentage of circulating shares being 1.46%, 3.06%, 2.30%, 2.10%, and 8.41% [2]. Changes in Holdings - The report notes that several companies experienced reductions in holdings, including Xinjie Energy, Pingmei Shenma, Shanmei International, Yanzhou Coal, and Shaanxi Coal, with reductions in circulating shares of 0.89%, 0.85%, 0.73%, 0.59%, and 0.56% respectively. Conversely, increases were noted for Jin控煤业, Haohua Energy, Shanxi Coking Coal, Huaibei Mining, and Electric Power Investment Energy, with increases in total share capital proportions of 3.14%, 1.81%, 1.18%, 1.16%, and 1.02% respectively [6][8]. Stock Valuation - The report provides a summary of key coal companies' valuation metrics, indicating that major coal stocks are rated "Overweight" with various price-to-earnings (PE) and price-to-book (PB) ratios. For instance, China Shenhua has a market capitalization of 833.88 billion with a PB of 2.19, while Shaanxi Coal has a market capitalization of 246.25 billion with a PB of 3.00 [12].