煤炭开采行业专题研究：2024Q3主动型基金在煤炭行业持仓比例环比下降0.36pct，延续低配状态

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - In Q3 2024, the proportion of active funds holding coal industry stocks decreased to 1.18%, down 0.36 percentage points from the previous quarter, indicating a continued underweight status [1][10] - The report highlights that while the coal industry has faced short-term demand pressure, the upcoming winter season is expected to gradually boost demand [1][16] - The coal industry is projected to maintain a tight balance in the coming years, characterized by high asset quality, abundant cash flow, and strong profitability [1][16] Summary by Sections Recent Trends - In Q3 2024, the market value of coal stocks held by active funds decreased to 1.18%, marking the first decline after reaching a peak of 1.54% in Q2 2024 [10] - The top five companies held by funds include China Shenhua, Shaanxi Coal, and China Coal Energy, with China Shenhua having the highest number of funds at 177 [11] Fund Position Changes - The companies with the most significant increases in holdings include Yongtai Energy, Pingmei Shenma, and Huainan Mining, while the largest reductions were seen in Gansu Energy, Shanxi Coking Coal, and China Shenhua [12] - In terms of coal types, the report notes that the main companies with increased holdings in thermal coal are Xinji Energy and Huahua Energy, while Gansu Energy and China Shenhua saw the most significant reductions [12] Performance Comparison - The coal mining sector has shown a performance of -8.0% over the last month, 6.8% over the last three months, and 18.1% over the last year, compared to the CSI 300 index which performed at -3.2%, 15.4%, and 8.5% respectively [1] Key Recommendations - The report suggests focusing on the value attributes of the coal sector, maintaining a "Recommended" rating for the coal mining industry, and highlights key stocks to watch: - Thermal coal: Yanzhou Coal, Guanghui Energy, and Jinkong Coal - Coking coal: Huainan Mining, Pingmei Shenma, and Shanxi Coking Coal - Defensive stocks: China Coal Energy, Shaanxi Coal, and China Shenhua [1][16]