A股煤炭开采加工板块持续走弱，中煤能源跌超3%，安源煤业、电投能源、陕西煤业、冀中能源跟 跌。 ...

Market Overview - A-shares showed a significant change in style, with large-cap stocks strengthening while small-cap stocks mostly declined. The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index increased by 0.44%, and the ChiNext Index gained 0.83%. The total trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, an increase of 37.8 billion yuan compared to the previous trading day [1] Resource Sector Performance - The gold and coal sectors continued to perform strongly. International gold prices surged, with spot gold breaking through the $3,300 per ounce mark for the first time since May 9, driven by rising geopolitical risks and a weakening US dollar. The gold concept sector in A-shares rose by 2.06%, ranking third among industry sectors for the day, with a weekly increase of 4.38% [2][3] - The coal mining and processing sector also saw significant gains, with the sector rising by 2.14%. Major stocks like Dayou Energy and Shanxi Coal International experienced notable increases [4] Solid-State Battery Sector - The solid-state battery concept sector exhibited strong performance, with stocks like Ningxin New Materials and Lingpai Technology hitting their daily limit up. The sector rose by 1.86% overall, ranking fifth among industry sectors. The Shenzhen International Battery Technology Exchange held on May 15-17, 2025, showcased various solid-state battery products, indicating a growing interest and investment in this technology [5][6]

Core Viewpoint - The article discusses the recent market trends, highlighting the decline in major indices and the contrasting performance of dividend stocks, particularly in the coal, electricity, and banking sectors, while also addressing the implications of free cash flow strategies in investment. Market Performance - The three major indices collectively weakened, with the Shanghai Composite Index down 0.44%, the Shenzhen Component down 1.02%, and the ChiNext Index down 0.99% [1] - Technology sectors such as robotics and AI saw significant declines, while dividend stocks in coal, electricity, and banking rose against the trend [1][13] Free Cash Flow Strategy - Several companies reported to the National Securities Free Cash Flow Index Fund, emphasizing that free cash flow is foundational for dividend distribution and focuses on a company's internal growth capabilities [1] - The first batch of free cash flow ETFs (159201) has seen its scale double since its launch, with the tracking index showing positive returns for six consecutive years from 2019 to 2024 [1] Sector Analysis - The coal mining and processing sector rose by 3.37%, with notable stocks like Dayou Energy and Meijin Energy hitting the daily limit up [13][16] - The electricity sector increased by 1.00%, while the banking sector saw a modest rise of 0.41% [13] - The article notes that coal stocks are expected to experience upward trends in demand and prices post-2025, driven by policy implementations and seasonal construction activities [16] Investment Sentiment - The article reflects on the current market sentiment towards dividend stocks, suggesting that despite recent declines, they may still offer value due to their relatively high dividend yields compared to low bond rates [20] - The article mentions that the dividend index offers a yield of 4%-6%, making it an attractive option for risk-averse investors in the current market environment [20]