Group 1 - The stock markets in Shanghai, Shenzhen, and Hong Kong experienced fluctuations with significant gains in precious metals and energy equipment sectors, with the Hong Kong Stock Connect Central Enterprise Dividend ETF Southern (520660.SH) rising by 3.45% and China National Offshore Oil Corporation increasing by 4.93% [1] - The index-weighted and cyclical resource sectors are benefiting from multiple favorable factors, leading to a sustained increase in sector prosperity. Major telecom operators are expected to see improved profitability in their cloud services due to the ongoing price hikes in the North American cloud service industry [1] - The cyclical resource sector is experiencing a concentrated release of multiple favorable factors, with international oil prices slightly rising due to various supply and demand factors, including Kazakhstan oil field production halts and improved global economic growth expectations, which directly benefits oil extraction and service-related companies [1] Group 2 - The cloud computing industry's price increase trend is a significant focus, with Google Cloud announcing a price hike for data transmission services in North America, Europe, and Asia starting May 1, 2026, which reflects the industry's transition from a phase of scale expansion to value recovery [2] - Domestic telecom operators are expected to benefit from their cost advantages in cloud services, supported by strong government and enterprise customer resources and ongoing investments in computing power, which may enhance their profitability in line with the industry's price increase trend [2]

1月28日，平煤股份涨5.05%，截至发稿，报8.53元/股，成交3.30亿元，换手率1.60%，总市值210.64亿 元。 资料显示，平顶山天安煤业股份有限公司位于河南省平顶山市矿工路21号，成立日期1998年3月17日， 上市日期2006年11月23日，公司主营业务涉及煤炭开采、煤炭洗选加工和煤炭销售。主营业务收入构成 为：洗煤分部66.88%，混煤分部35.49%，其他分部28.19%，勘探工程分部1.18%。 从平煤股份十大流通股东角度 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年285天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 192.55%， 任职期间最差基金回报-47.6%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 ...

1月28日，大有能源涨5.42%，截至发稿，报7.39元/股，成交4.33亿元，换手率2.54%，总市值176.68亿 元。 资料显示，河南大有能源股份有限公司位于河南省义马市千秋路6号，成立日期1998年1月15日，上市日 期2003年10月9日，公司主营业务涉及原煤开采、煤炭批发经营、煤炭洗选加工。主营业务收入构成 为：煤炭90.75%，其他收入3.21%，资产出租1.92%，材料销售1.56%，运输服务1.31%，地质服务 1.26%。 从大有能源十大流通股东角度 数据显示，国泰基金旗下1只基金位居大有能源十大流通股东。国泰中证煤炭ETF（515220）三季度增 持1165.26万股，持有股数1906.58万股，占流通股的比例为0.8%。根据测算，今日浮盈赚取约724.5万 元。 国泰中证煤炭ETF（515220）成立日期2020年1月20日，最新规模86.4亿。今年以来收益4.38%，同类排 名3385/5549；近一年收益5.58%，同类排名4066/4285；成立以来收益150.72%。 国泰中证煤炭ETF（515220）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间4年2天，现任基金资产总规模 ...

截至发稿，赵宗庭累计任职时间8年289天，现任基金资产总规模3569.66亿元，任职期间最佳基金回报 122.37%， 任职期间最差基金回报-32.63%。 1月28日，兖矿能源涨5.03%，截至发稿，报14.61元/股，成交9.27亿元，换手率1.10%，总市值1466.48 亿元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，兖矿能源集团股份有限公司位于山东省邹城市凫山南路949号，成立日期1997年9月25日，上 市日期1998年7月1日，公司主营业务涉及煤炭开采、洗选加工、销售和煤炭铁路运输,煤化工及电力业 务等。主营业务收入构成为：煤炭业务58.09%，煤化工及电力22.48%，非煤炭贸易及物流12.29%，未 分配项目5.47%，矿 ...

Group 1 - The core point of the news is that Shanmei International's stock price increased by 5.1%, reaching 11.13 yuan per share, with a trading volume of 419 million yuan and a turnover rate of 1.94%, resulting in a total market capitalization of 22.065 billion yuan [1] - Shanmei International Energy Group Co., Ltd. is located in Taiyuan, Shanxi Province, and was established on November 20, 2000, with its listing date on July 31, 2003. The company's main business includes new energy development, coal and coke industry investment, and logistics information consulting services [1] - The revenue composition of Shanmei International includes self-produced coal (36.87%), traded coal (24.93%), metallurgical coal (18.62%), thermal coal (18.25%), transportation (1.16%), and others (0.17%) [1] Group 2 - From the perspective of the top ten holdings of funds, one fund under Galaxy Fund has a significant position in Shanmei International. The Galaxy SSE State-Owned Enterprises Dividend ETF (530880) reduced its holdings by 20,000 shares in the fourth quarter, holding a total of 217,000 shares, which accounts for 3.94% of the fund's net value, making it the second-largest holding [2] - The Galaxy SSE State-Owned Enterprises Dividend ETF (530880) was established on October 30, 2024, with a latest scale of 55.5754 million. Year-to-date return is 0.18%, ranking 5016 out of 5549 in its category; the one-year return is 2.66%, ranking 4150 out of 4285; and the return since inception is 3.02% [2] Group 3 - The fund manager of the Galaxy SSE State-Owned Enterprises Dividend ETF (530880) is Huang Dong, who has a cumulative tenure of 13 years and 129 days. The total asset size of the fund is 1.579 billion yuan, with the best fund return during his tenure being 110.16% and the worst being -21.5% [3]

Core Viewpoint - The performance of dividend stocks is expected to outperform in 2026 compared to 2025, based on three main dimensions: valuation attractiveness, earnings recovery, and increased capital allocation towards high-dividend assets [1] Valuation Dimension - The relative valuation of dividends versus growth stocks is at a low level, specifically at the 28.2 percentile since 2016, indicating an attractive entry point for investors [1] Earnings Dimension - A-share earnings are projected to reach a bottom by the end of 2025 or early 2026, with the pressure on cyclical stock earnings expected to ease [1] Capital Dimension - Incremental capital from sources such as insurance, fixed income, and bank wealth management is anticipated to increase its allocation to equities, favoring high-dividend assets with strong absolute return characteristics [1] ETF Overview - The Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects high-dividend capable and stable dividend-paying companies across sectors like banking, coal, and transportation, focusing on traditional high-dividend areas [1] Investment Strategy - The index employs a rigorous assessment of constituent stocks based on dividend yield and sustainability, utilizing a cross-industry diversification strategy to effectively control investment risks and reflect the overall market performance of high-dividend companies [1] Dividend Performance - According to the fund announcement, the Dividend State-Owned Enterprise ETF has been able to assess dividends monthly and has successfully distributed dividends every month since its listing, achieving a continuous dividend distribution for 21 months [1]

亚洲货币和大宗商品两大市场齐飞！ 美国总统特朗普表示，并不担心近期美元走贬，美元因此崩跌。相对应地，新兴亚洲货币指数上涨至自去年9 月以来的最高水平，MSCI新兴货币指数创历史新高。 与此同时，包括贵金属在内的大宗商品集体走强。黄金突破5200美元/盎司，布油突破66美元/桶，有色金属亦 是多数走强。A股有色板块全线走强，有色ETF一度涨超5%。煤炭ETF亦因此大涨近2.7%。那么，后续将如 何演绎？ 特朗普引爆 当地时间周二（1月27日），特朗普表示，并不担心近期美元走贬。特朗普表示，美元的价值——看看我们现 在的生意就知道了。美元表现非常棒。此话一出，立马引爆美元卖盘。 追踪美元对六种主要货币走势的美元指数，周三亚洲盘最低跌到95.566，触及2022年2月以来最低水平。随着 美元贬值贸易势头增强，新兴亚洲货币指数上涨至自去年9月以来的最高水平，MSCI新兴货币指数创历史新 高。与此同时，大宗商品价格飞涨。国际金价突破5200美元/盎司。国际油价突破66美元/桶。 策略师普遍认为，特朗普表态引发美元卖压之后，亚洲货币有望再度受益，原因在于特朗普高度关注亚洲出 口，低流动性更能放大影响力。Bank of N ...

Group 1 - Hong Kong coal stocks strengthened in the afternoon trading session [1] - China Qinfa (00866.HK) increased by 11.68%, reaching HKD 4.11 [1] - Power Development (01277.HK) rose by 8.18%, reaching HKD 1.72 [1] - Yanzhou Coal Mining (01171.HK) gained 4.25%, trading at HKD 11.52 [1] - China Shenhua (01088.HK) saw an increase of 3.62%, priced at HKD 43.54 [1] - China Coal Energy (01898.HK) rose by 3.27%, with a price of HKD 11.38 [1]

Core Viewpoint - The coal sector is experiencing a fundamental shift in investment logic, transitioning from a focus on cyclical price fluctuations to a dual-driven model of "dividend + growth," supported by long-term supply constraints, high dividend yields, and resilient macro demand [3][4]. Group 1: Market Performance - On January 28, the A-share market saw a rebound, with the coal sector performing strongly; the coal ETF (515220) rose over 3%, currently holding nearly 8 billion yuan in assets, with net inflows exceeding 450 million yuan over the past five days [1][5]. - The top ten constituent stocks of the coal ETF all experienced gains, indicating a broad-based rally within the sector [5]. Group 2: Supply-Side Dynamics - The coal supply side is under strict control due to policies aimed at limiting excessive production capacity, leading to a long-term tightening of the supply-demand balance [6][7]. - The current supply rigidity is a key pricing foundation for the coal industry, with policies aimed at eliminating ineffective capacity and ensuring stable production levels [7]. - Capital expenditure in the coal sector has peaked, with investments primarily focused on maintaining existing capacity rather than expanding, indicating limited future supply growth [7]. Group 3: Demand-Side Factors - Despite long-term pressures from energy transition, short-term demand for coal is supported by economic recovery expectations, seasonal heating needs, and downstream inventory replenishment [8]. - The macroeconomic outlook for 2026 suggests stable growth, which is expected to support industrial electricity demand and, consequently, coal consumption [8]. - Seasonal demand for heating during winter has been highlighted, with recent cold weather increasing electricity loads and boosting demand for thermal coal [8]. Group 4: Investment Characteristics - The coal sector has a dividend yield exceeding 6% over the past 12 months, making it an attractive "bond-like" asset in a declining risk-free interest rate environment [9][10]. - State-owned enterprises in the coal sector are motivated to enhance shareholder returns through increased dividends and improved investor communication, potentially catalyzing valuation recovery [10]. Group 5: Market Opportunities - The coal sector is seen as a "scarce asset" with significant defensive value, particularly in the context of low interest rates and a scarcity of stable income-generating assets [10]. - The coal sector is gaining attractiveness as funds rotate from other commodity sectors that have seen substantial price increases, positioning coal as a value opportunity [11]. Group 6: Investment Tools - The coal ETF (515220) is the only coal-themed ETF in the market, covering leading companies across the coal industry chain, with a scale of nearly 8 billion yuan and good liquidity, making it an ideal tool for investors looking to capitalize on the sector's growth [12][13][15]. - Investors are encouraged to consider systematic investment or gradual accumulation of the ETF to leverage the long-term investment opportunities presented by the coal sector's "dividend + growth" dynamics [16].

浙商证券（601878）指出，展望"十五五"，全球焦煤供弱需强，供需格局逆转，产量下降，需求向上， 价格有望抬升，叠加成本下行，预计业绩显著改善；焦煤产能刚性，若价格上涨供给难增，价格弹性较 大。年初至今，焦煤价格较2025年一季度均价高269元/吨，焦煤企业成本逐步下行至低位，预计一季度 业绩显著改善。优质主焦煤公司单位产品净利润远低于动力煤公司，未体现焦煤资源的稀缺性。 煤炭股午后走强，截至发稿，中国秦发(00866)涨11.68%，报4.11港元；力量发展(01277)涨8.18%，报 1.72港元；兖矿能源（600188）(01171)涨4.25%，报11.52港元；中国神华（601088）(01088)涨3.62%， 报43.54港元；中煤能源（601898）(01898)涨3.27%，报11.38港元。 华源证券发布研报称，2023年以来，煤价呈现季度阶梯性中枢下行走势，2025Q3是除2023Q4之外，少 有的煤炭均价环比回升(基于秦港5500大卡动力煤平仓价)财报季，在煤价中枢上行背景下，预计2025Q4 板块有望实现业绩延续环比回升，2026Q1煤炭板块有望走出春季行情。供需上，2026年1 ...