煤炭行业基金持仓分析：低配幅度收窄，红利价值凸显

Investment Rating - The report maintains an "Outperform" rating for the coal mining industry [2] Core Viewpoints - The coal mining sector is expected to see a rebound in demand, driven by policy support and a recovery in the economy, which will enhance the price outlook for coal [23][24] - The report highlights the significance of high-dividend coal stocks, suggesting that they will become a key focus for investors [26][27] - The overall market sentiment is improving, with expectations of increased liquidity in the capital markets due to the influx of long-term funds [24][25] Summary by Sections 1. Market Performance - In Q4 2024, the coal sector declined by 2.29%, underperforming the Shanghai Composite Index, which rose by 8.56%, resulting in a relative underperformance of 10.85 percentage points [6][12] - Among sub-sectors, coking coal outperformed, while thermal coal saw a decline of 4.08% [12] 2. Fund Holdings Overview - The coal sector's holdings in public funds increased to 0.99%, indicating a narrowing of the underweight position [16] - The total number of shares held in coal companies rose by 14.04 million shares in Q4 2024, with 15 companies experiencing increased holdings [20][21] 3. Long-term Returns - The average compound return for coal companies since their listing until Q4 2024 is 9.3%, with reinvested dividends yielding an average of 9.7% [29] - The report suggests that high-dividend coal stocks are likely to attract more investment due to favorable economic conditions and policy support [26][27] 4. Investment Recommendations - The report recommends focusing on three main areas: high-quality dividends, dual-coke elasticity, and long-term growth potential [31][35] - Specific companies highlighted for investment include Shaanxi Coal and Chemical Industry, China Coal Energy, and Yancoal Australia, among others [31][35]