Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for the sector compared to the overall market performance [1]. Core Insights - The report highlights a slow recovery in domestic coal supply and an expected reduction in imports, which is anticipated to support continued increases in coal prices [1]. - As of February 13, 2026, the spot prices for thermal coal at Qinhuangdao port showed increases, with Q4500, Q5000, and Q5500 grades rising by 23, 25, and 23 RMB/ton respectively [1]. - The report notes that the average daily coal inflow to the four ports in the Bohai Rim increased by 4.54% week-on-week, while the outflow rose by 14.42% [1]. - The report suggests that the current tight supply conditions, coupled with increased demand from downstream sectors, will likely sustain coal prices in the near term [1]. Summary by Sections Recent Industry Policies and Dynamics - The State Council issued guidelines on improving the national unified electricity market system, aiming for significant market participation by 2030 and full establishment by 2035 [8]. - Safety production measures in coal mines are being emphasized, with a focus on intelligent operations and strict enforcement of safety regulations [8]. Price Trends - Domestic thermal coal prices remained stable, with specific grades reporting no change in price [9][11]. - International thermal coal prices showed slight increases, with Indonesian coal prices rising by 1.2% [10]. Inventory and Supply - The Bohai Rim ports reported a decrease in coal inventory, with a total of 24.15 million tons as of February 14, 2026, down 1.96% from the previous week [21]. - The report indicates that the number of vessels anchored at the Bohai Rim ports decreased, reflecting tighter supply conditions [21]. Freight Rates - Domestic coastal freight rates decreased by 2.90%, while international freight rates showed mixed trends [28]. Company Valuation - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [33].

Core Viewpoint - The Invesco Great Wall Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown a positive performance with a closing increase of 2.41% on February 24, 2024, and a trading volume of 74.30 million yuan [1]. Group 1: Fund Overview - The fund was established on August 14, 2024, and has an annual management fee of 0.50% and a custody fee of 0.08% [1]. - As of February 13, 2024, the fund's total shares stood at 331 million, with a total size of 472 million yuan, reflecting a 5.16% decrease in shares and a 1.14% increase in size since December 31, 2025 [1]. Group 2: Liquidity and Trading Activity - The cumulative trading amount over the last 20 trading days reached 1.159 billion yuan, with an average daily trading amount of 57.97 million yuan [1]. - Year-to-date, the cumulative trading amount for 31 trading days is 1.500 billion yuan, with an average daily trading amount of 48.40 million yuan [1]. Group 3: Fund Management and Performance - The current fund managers are Gong Lili and Wang Yang, with Gong Lili managing the fund since August 29, 2024, achieving a return of 48.54%, while Wang Yang has managed it since August 13, 2025, with a return of 5.74% [2]. - The fund's top holdings include COSCO Shipping Holdings, Orient Overseas International, Yanzhou Coal Mining, and others, with significant weightings in the portfolio [2][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]

2月24日，三大股指午后持续拉升，其中国企红利板块同样持续上行。截至下午13:30，国企红利 ETF(159515)涨1.54%。相关成分股中，山煤国际涨5.15%、潞安环能涨3.97%、陕西煤业涨3.69%，兖矿 能源、中远海控、西部矿业等大幅跟涨。(所列示的行业仅为展示指数权重板块构成，不构成对具体行 业的投资建议，所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的 投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化，投资需谨慎) 消息面上，美国与伊朗关系的持续紧张。两国在中东产油区的军事活动显著增强，市场担忧谈判破裂可 能导致供应中断。此外，美国将在中东地区部署航母战斗群的消息进一步加剧了市场波动。后市来看， 卓创资讯分析师许磊指出，预计原油市场将继续关注中东地缘局势的进一步指引。虽然原油价格处于阶 段性高位，但地缘不确定性以及石油库存下滑，对油价仍有支撑。 风险提示：中证国有企业红利指数(000824)由中证指数有限公司("中证")编制和计算，其所有权归属中 证及/或其指定的第三方。中证对于标的指数的实时性、准确性、完整性和特殊目的的适用性不作任何 明示或暗 ...

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]

来源：新浪基金∞工作室 数据显示，2月13日，景顺长城国证港股通红利低波动率ETF(159569)遭净赎回425万元，位居当日跨境 ETF净流出排名9/215。最新规模4.72亿元，前一日规模4.84亿元，当日资金净流出额占前一日规模的比 例为0.88%。 近5日，景顺长城国证港股通红利低波动率ETF(159569)遭净赎回856.02万元，位居跨境ETF净流出排名 第46/215。近10日，景顺长城国证港股通红利低波动率ETF(159569)遭净赎回1687.62万元，位居跨境 ETF净流出排名第42/215。近20日，景顺长城国证港股通红利低波动率ETF(159569)遭净赎回2515.38万 元，位居跨境ETF净流出排名第61/215。 景顺长城国证港股通红利低波动率ETF（159569）成立于2024年8月14日，基金全称为景顺长城国证港 股通红利低波动率交易型开放式指数证券投资基金，基金简称为景顺长城国证港股通红利低波动率 ETF。该基金管理费率每年0.50%，托管费率每年0.08%。景顺长城国证港股通红利低波动率ETF （159569）跟踪标的指数为港股通红利低波（987016）。 规模方面，截止 ...

%% %% 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 ...

| 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 厦门信达 | 000701 | 股权激励限售流通 | 12.9万 | | 兖矿能源 | 600188 | 股权激励限售流通 | 2960.32万 | | 海正药业 | 600267 | 股权激励限售流通 | 73.13万 | | 苏泊尔 | 002032 | 股权激励限售流通 | 3.95万 | | 航天彩虹 | 002389 | 股权激励限售流通 | 270.57万 | | 晓鸣股份 | 300967 | 股权激励限售流通 | 59.53万 | | 蕾奥规划 | 300989 | 股权激励限售流通 | 35.64万 | | 丛麟科技 | 688370 | | 9335.88万 | 今日具体限售解禁股情况如下： 智通财经APP获悉，2月24日共有8家上市公司的限售股解禁，解禁总市值约25.23亿元。 ...

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]