Group 1: Market Overview - The A-share market experienced a significant surge on July 21, with over 4,000 stocks rising and a trading volume increase of 133.8 billion yuan, leading to a new high for the Shanghai Composite Index this year [1] - Key sectors such as building materials, coal, and oil saw substantial gains, with Energy ETFs (159930) rising over 1% for three consecutive days, and Oil and Gas Resource ETFs (159309) also increasing over 1% for four consecutive days [1] Group 2: Coal and Oil Sector Performance - Major coal and oil stocks saw significant increases, with companies like Yanzhou Coal Mining and Shanxi Coking Coal rising over 3%, while Meijin Energy and China United Coalbed Methane increased over 2% [3] - The top ten components of the Energy ETF (159930) included major players like China Petroleum and China Shenhua, with respective trading volumes of 757 million yuan and 968 million yuan [4] - The top ten components of the Oil and Gas Resource ETF (159309) also featured significant players, with China Petroleum and China Petrochemical leading in trading volumes [4] Group 3: Policy and Market Dynamics - On July 18, government officials announced a new round of growth stabilization plans for key industries, including steel, non-ferrous metals, petrochemicals, and building materials, aimed at optimizing supply and eliminating outdated production capacity [5] - The China Coal Transportation and Marketing Association emphasized the need for coal companies to understand market changes and ensure compliance with long-term contracts to maintain market balance [5] - The "anti-involution" policy is expected to resonate with the coal sector, potentially leading to valuation increases as the market stabilizes [6] Group 4: Price Trends and Future Outlook - Short-term coal prices are expected to remain bullish due to seasonal demand, with supply constraints from safety regulations and stricter import controls [6] - In the medium to long term, coal prices are projected to gradually return to a "reasonable center," which would stabilize profitability for coal companies and reshape market perceptions of the coal sector [7] - The oil sector may face challenges related to overcapacity, necessitating a focus on controlling operating rates and project approvals [8]

5月15日，沪指水下震荡，能源板块走强，截至午盘，能源ETF（159930）放量微涨0.16%，冲击四连阳！ 能源ETF（159930）标的指数成分股涨跌不一，陕西煤业、中国神华、晋控煤业涨超1%。，冀中能源、中煤能源等微涨，石油股多数回调，三桶油集体走 弱，杰瑞股份、中国海油等跌幅居前。 个股消息面上，2025年5月14日，中国石化表示，中国石化集团通过其全资附属公司在港交所首次增持了本公司3.02亿股H股股份，约占已发行总股份的 0.25%，增持金额为港币12.32亿元，增持后持有本公司13.45亿股H股股份。 有关部门于近日公开印发了《推动公募基金高质量发展行动方案》。在此背景下，公募基金配置方向或转向长期均衡配置策略，高股息属性突出、基本面稳 健、相对低配的能源板块有望成为长线资金增配方向。 《方案》提出推行与基金业绩表现挂钩的浮动管理费率收取模式，业绩明显低于比较基准的，须少收管理费。 随着管理费率与业绩深度绑定，或驱动机构资金向长期均衡投资策略倾斜，以降低产品波动，部分低配行业，如煤炭、石油化工有望获得增配。据浙商证券 统计，2025Q1公募基金低配石油石化（-0.9%）和煤炭（-0.1%），其中 ...