煤炭行业基金持仓分析：2024Q1配置小幅提升，低配幅度扩大

Investment Rating - The coal industry is rated as "Outperforming the Market" [2][21]. Core Viewpoints - In Q1 2024, the coal sector showed significant excess returns, outperforming the Shanghai Composite Index with a rise of 10.46% compared to the index's 2.23%, resulting in an excess return of 8.24 percentage points [8][10]. - The coal sector's holdings in public funds remain low at 1.44%, with a slight increase in the allocation but an expanded underweight position [10][21]. - Long-term holding of coal stocks has proven to be significantly rewarding, with an average compound return of 9.4% since listing, and an expected average dividend yield of 6.5% as of April 24, 2024 [5][18][20]. Summary by Sections 1. Fund Holdings Overview - The coal industry demonstrated notable excess returns in Q1 2024, ranking third among Shenwan's primary industries with a 10.46% increase [8]. - The coal sector's holdings accounted for 1.44% of public fund assets, with a slight increase of 0.08 percentage points from the previous quarter [10]. - Shaanxi Coal and New Hope Energy saw the most significant increases in public fund holdings, with New Hope Energy experiencing a substantial increase of 2.35 million shares [15]. 2. Dividend Yield and Long-term Returns - The coal sector maintains a high dividend yield, with many companies reducing capital expenditures while still providing substantial cash dividends, leading to a decrease in overall debt [18]. - The average compound return for coal stocks, including capital gains and dividends, is 9.4%, with reinvested dividends yielding an average of 10.1% [20]. 3. Investment Recommendations - The report suggests three investment directions: 1. High-quality dividend stocks, such as Shaanxi Coal and Shanxi Coal International, which have strong long-term dividend capabilities [21]. 2. Dual-coke elasticity stocks, with recommendations for companies like Lu'an Energy and Pingmei Shenma Group, expected to rebound [21]. 3. Companies with production capacity releases, such as Huahua Energy and Guanghui Energy, which are anticipated to have stronger performance in the next cycle [21].