规模方面，截止2月13日，港股通央企红利ETF天弘（159281）最新份额为3.45亿份，最新规模为3.52亿 元。回顾2025年12月31日，港股通央企红利ETF天弘（159281）份额为3.54亿份，规模为3.50亿元。即 该基金今年以来份额减少2.54%，规模增加0.57%。 来源：新浪基金∞工作室 2月24日，天弘中证港股通央企红利ETF（159281）收盘涨2.85%，成交额1.19亿元。 港股通央企红利ETF天弘（159281）成立于2025年8月20日，基金全称为天弘中证港股通央企红利交易 型开放式指数证券投资基金，基金简称为天弘中证港股通央企红利ETF。该基金管理费率每年0.50%， 托管费率每年0.10%。港股通央企红利ETF天弘（159281）业绩比较基准为中证港股通央企红利指数收 益率(经估值汇率调整)。 最新定期报告显示，港股通央企红利ETF天弘（159281）重仓股包括中远海控、中国神华、中国海洋石 油、中石化炼化工程、中国外运、中国船舶租赁、中国石油股份、中煤能源、中信国际电讯、建设银 行，持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控4.1 ...

港股通红利低波ETF基金（159118）现任基金经理为严筱娴。严筱娴自2025年11月17日管理（或拟管 理）该基金，任职期内收益3.06%。 最新定期报告显示，港股通红利低波ETF基金（159118）重仓股包括远东宏信、中国神华、中国石油股 份、中国海洋石油、江西铜业股份、恒隆地产、恒安国际、信和置业、电讯盈科、中国石油化工股份， 持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）03360远东宏信1.07%70.30万498.70万01088 中国神华1.06%13.40万493.23万00857中国石油股份1.05%59.40万486.83万00883中国海洋石油1.05%24.40 万487.94万00358江西铜业股份1.05%17.60万487.23万00101恒隆地产1.04%58.30万483.12万01044恒安国 际0.91%16.65万423.93万00083信和置业0.91%46.40万425.49万00008电讯盈科0.85%72.50万393.49万 00386中国石油化工股份0.84%94.60万392.83万 来源：新浪基金∞工作室 2月24日，华夏标普港股通 ...

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed up 3.17% on February 24, with a trading volume of 248 million yuan [1] - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2025, the fund's latest share count was 5.775 billion shares, with a total size of 6.032 billion yuan, reflecting a 1.65% increase in shares and a 6.18% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.16% and 9.85% respectively during their management periods [2] - The fund's top holdings include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, with respective holding percentages [2][3] - The top holdings by percentage are as follows: CNOOC (10.04%), China Shenhua (9.99%), China Petroleum (9.82%), and China Mobile (9.65%) [3]

Group 1: Coal Market Overview - The thermal coal prices are experiencing a slight decline, with Qinhuangdao port Q5500 thermal coal price slightly increasing while some production areas see price drops. Newcastle thermal coal prices are also down, indicating a weak supply-demand situation before the Spring Festival, but limited downside for coal prices is expected due to supply contraction and demand support [1] - Coking coal prices show mixed trends across different segments, with some areas experiencing price declines while others remain stable. The overall market is expected to see price fluctuations due to marginal supply-demand changes and reduced trading activity before the Spring Festival, but prices may stabilize in the medium to long term as overseas supply contracts and downstream demand recovers [2][3] Group 2: Stock Market Performance - The A-share market is generally experiencing a downward trend, with the coal sector outperforming the index. The market is seeing a shift in investment style, with funds moving from high-valuation technology and precious metals sectors to lower-valuation, high-growth sectors like consumer goods and aviation services. The average daily trading volume across the market is 2.41 trillion yuan, indicating high market activity but increased volatility [5] - The aviation sector is highlighted as the strongest segment, benefiting from increased travel demand before the Spring Festival, full recovery of international routes, and accelerated commercial operations of domestic aircraft like the C919. This has led to improved profitability for airlines [5] Group 3: Company Insights - China Shenhua (601088) is the leading player in the coal industry, recognized as the largest coal-listed company globally, with a market capitalization of approximately 804.7 billion yuan by the end of 2025. The company has a stable profit model with a dividend yield consistently above 7%, making it a core holding for high-dividend strategies [6] - Shaanxi Coal and Chemical Industry (601225) is a leading producer of high-quality thermal coal in the western region, with a projected market capitalization of about 207.3 billion yuan by 2025. The company has a low cost per ton of coal and a dividend payout ratio exceeding 60%, combining growth potential with high dividend attributes [6] - Yanzhou Coal Mining Company (600188) is the first coal company listed in four locations, implementing a dual-base strategy in East China and Australia. The company is expected to have a market capitalization exceeding 140 billion yuan by 2025, focusing on high-end coal chemical and green energy transitions, with a dividend yield around 7% and a low valuation [7]

盘面上，港股市场低开低走，港股红利板块下跌。相关ETF方面，港股通央企红利ETF天弘（159281） 标的指数盘中跌0.33%，净申购达2000万份，为深市同类基金第一；成交额达6789.57万元；换手率达 18.95%，为同类基金第一。 港股通央企红利ETF天弘（159281）最近十个交易日累计获资金净流入998.72万元。截至2026年02月13 日，该基金最新规模为3.52亿元。 兴业证券指出，红利指数创新高反映市场对央企板块信心的增强，未来得益于政策支持和稳健基本面， 港股通央企有望持续吸引长期资金流入。 （文章来源：每日经济新闻） 主打"低估值+高股息"投资逻辑，港股通央企红利ETF天弘（159281）重点覆盖金融、能源、公用事 业、交运等现金流稳健板块，在利率下行周期中配置吸引力突出，具备强防御性特征。该ETF还配备了 2只场外联接基金（A类：024371；C类：024372）。 消息面上，据招商证券及中国证券报消息，国资委近期明确央企高质量发展年度目标，①鼓励央企善用 资本市场并推进市值管理考核。同时，②中国神华千亿级重组项目快速获批，反映央企资本运作效率提 升。此外，据兴业证券统计，恒生港股通 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal market is expected to perform well post-holiday, driven by domestic price increases as demand shifts towards domestic coal procurement due to rising overseas prices [1][7] - The focus for the coal market this year is on overseas developments rather than domestic factors, with potential "black swan" events in the overseas market, particularly related to U.S. demand and Indonesian production cuts, being crucial for price movements [2] - The report emphasizes the importance of Indonesian coal supply and its impact on global coal prices, suggesting that significant production cuts could lead to a tight global coal market and higher prices [2] Summary by Sections Market Review - The CITIC Coal Index reached 3940.86 points, up 1.86%, outperforming the CSI 300 Index by 1.5 percentage points during the week of February 9 to February 13, 2026 [77] - Domestic coal production was largely halted during the holiday, but overseas coal prices continued to rise, leading to an expectation of increased domestic prices as demand shifts [1][7] Key Areas of Analysis - **Thermal Coal**: Supply constraints have led to stable price increases before the holiday, with port inventories declining and daily consumption at power plants decreasing [11][27][30] - **Coking Coal**: Prices remained stable as downstream inventory replenishment ended, with a focus on the impact of Mongolian coal imports [35][42] - **Coke**: The market is expected to remain stable post-holiday, with attention on downstream demand recovery [53][75] Key Companies - The report highlights several companies as key investment targets, including: - China Shenhua (601088.SH) with a "Buy" rating and projected EPS growth [9] - Shaanxi Coal and Chemical Industry (601225.SH) also rated "Buy" [9] - New Energy (601918.SH) and Jinneng Holding (601001.SH) with "Buy" ratings [9] - Companies with overseas operations such as China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia are noted for their potential benefits from overseas market dynamics [10]

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced significant net redemptions recently, indicating a potential shift in investor sentiment towards this fund [1][2]. Group 1: Fund Performance - As of February 13, 2024, the fund's latest size is 472 million yuan, down from 484 million yuan the previous day, reflecting a net outflow of 4.25 million yuan, which is 0.88% of the previous day's size [1]. - Over the past five days, the fund faced net redemptions totaling 8.56 million yuan, ranking 46th out of 215 in cross-border ETF net outflows [1]. - Year-to-date, the fund's shares have decreased by 5.16%, while its size has increased by 1.14% compared to December 31, 2025 [2]. Group 2: Trading Activity - The fund recorded a cumulative trading amount of 1.103 billion yuan over the last 20 trading days, with an average daily trading amount of 55.17 million yuan [2]. - In the year-to-date period, the cumulative trading amount reached 1.426 billion yuan, with an average daily trading amount of 47.53 million yuan [2]. Group 3: Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong Lili managing the fund since August 29, 2024, achieving a return of 47.76%, while Wang Yang has been managing it since August 13, 2025, with a return of 5.46% [2]. Group 4: Top Holdings - The fund's top holdings include COSCO Shipping Holdings (8.86%), Orient Overseas International (7.48%), Yanzhou Coal Mining (5.65%), and several others, with their respective holding percentages and market values detailed [2].

%% %% research.95579.com 1 丨证券研究报告丨 联合研究丨行业深度 [Table_Title] 电裕求新变，煤紧风正帆 %% %% 分析师及联系人 [Table_Author] 张韦华 肖勇 赵超 SAC：S0490517080003 SAC：S0490516080003 SAC：S0490519030001 SFC：BQT627 SFC：BUT918 SFC：BUY139 叶如祯 司旗 宋尚骞 SAC：S0490517070008 SAC：S0490520120001 SAC：S0490520110001 庄越 刘亚辉 韦思宇 SAC：S0490522090003 SAC：S0490523080003 SAC：S0490524120007 请阅读最后评级说明和重要声明 2 / 25 报告要点 [Table_Summary] 2025 年用电需求增速放缓，火电电量近 10 年首次负增长，风电、光伏、火电新增装机创新高 的同时利用小时加速恶化。展望 2026 年，虽然绿电建设降速，但电量过剩问题依然较为严峻， 火电利用小时压力较大，看好价格机制改革的推进落实。结合电力供需平衡表对煤电的预 ...

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

Group 1 - The core viewpoint of the article highlights the performance of the Energy ETF Guangfa (159945), which opened with a gain of 1.15% at 1.321 yuan on February 24 [1] - The major holdings of the Energy ETF include China Shenhua, which rose by 0.68%, China Petroleum by 3.42%, China Petrochemical by 1.57%, Shaanxi Coal and Chemical by 1.14%, China National Offshore Oil by 4.10%, Jereh Group which fell by 0.41%, Yanzhou Coal Mining by 2.02%, China Coal Energy by 1.04%, Guanghui Energy by 2.22%, and Shanxi Coking Coal by 0.57% [1] - The performance benchmark for the Energy ETF Guangfa is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., with a return of 30.72% since its establishment on June 25, 2015, and a return of 7.72% over the past month [1]