煤炭行业基金持仓分析：Q3持仓量环比下降，低配幅度扩大

Investment Rating - The report maintains an "Outperform" rating for the coal mining industry [2] Core Viewpoints - The coal sector's performance in Q3 2024 was under pressure, with a 1.24% increase compared to a 12.44% rise in the Shanghai Composite Index, resulting in an underperformance of 11.2 percentage points [3][10] - The report suggests that the coal price bottom support is significant at 850 CNY/ton, and concerns regarding EPS are expected to gradually dissipate [7][24] - The average compound return for sample companies since their listing until Q3 2024 is 9.5%, with reinvested dividends yielding an average compound return of 10.2% [22] Summary by Sections 1. Fund Holdings Overview - The coal sector's holdings accounted for 1.13% of public fund holdings, with a decrease of 0.49 percentage points from the previous quarter [4][14] - The total number of coal shares held by public funds decreased by 33.8 million shares in Q3 2024, with 12 coal companies experiencing increased holdings [5][17] - Major coal companies like China Shenhua and Shaanxi Coal & Chemical Industry saw a reduction in holdings, while others like Huainan Mining and Pingdingshan Tianan Coal & Electricity increased their holdings [17][18] 2. Long-term Returns and High Dividend Coal Recommendations - The report indicates that the coal price pressure test has passed, confirming the bottom of the industry's fundamentals [19] - The average dividend yield for companies in the sector is projected at 4.7%, with several companies announcing share buyback policies, enhancing investment value [20][21] - High dividend coal stocks are recommended for increased allocation, particularly companies like China Shenhua, Shaanxi Coal, and Yancoal [6][20] 3. Investment Recommendations - The report emphasizes three key investment directions: 1. High-quality dividends, recommending Shaanxi Coal, China Shenhua, and Yancoal [7][24] 2. Dual-coke elasticity, recommending companies like Lu'an Environmental Energy and Pingdingshan Tianan Coal & Electricity [7][24] 3. Long-term growth, recommending companies such as Guanghui Energy and New Hope Liuhe [7][24]