煤炭行业基金持仓2025Q4季报总结：Q4基金持仓持续回升板块拐点确认

国泰海通证券股...01-30

本报告导读：当前煤炭板块基金重仓已经较历史低位有所回升，我们认为煤炭板块周期底部已经确认在 25Q2，供需格局已经显现了逆转拐点。投资要点：投资建议：2025Q4公募持仓较历史低位开始有所回升，我们认为煤炭板块周期底部已经确认在25Q2，供需格局已经显现了逆转拐点。从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、中煤能源；继续推荐兖矿能源、晋控煤业。公募持仓较历史低位开始有所回升，板块重仓...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2607014119?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-30 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2607014119","market":"hk","top_or_hot":-1,"title":"煤炭行业基金持仓2025Q4季报总结：Q4基金持仓持续回升 板块拐点确认","media":"国泰海通证券股...","content":"<div>\n<p>本报告导读：当前煤炭板块基金重仓已经较历史低位有所回升，我们认为煤炭板块周期底部已经确认在 25Q2，供需格局已经显现了逆转拐点。投资要点：投资建议：2025Q4公募持仓较历史低位开始有所回升，我们认为煤炭板块周期底部已经确认在25Q2，供需格局已经显现了逆转拐点。从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、中煤能源；继续推荐兖矿能源、晋控煤业。公募持仓较历史低位开始有所回升，板块重仓...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130172239a468831c&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>煤炭行业基金持仓2025Q4季报总结：Q4基金持仓持续回升 板块拐点确认</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n煤炭行业基金持仓2025Q4季报总结：Q4基金持仓持续回升 板块拐点确认\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-30 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130172239a468831c&s=b><strong>国泰海通证券股...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本报告导读：当前煤炭板块基金重仓已经较历史低位有所回升，我们认为煤炭板块周期底部已经确认在 25Q2，供需格局已经显现了逆转拐点。投资要点：投资建议：2025Q4公募持仓较历史低位开始有所回升，我们认为煤炭板块周期底部已经确认在25Q2，供需格局已经显现了逆转拐点。从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、中煤能源；继续推荐兖矿能源、晋控煤业。公募持仓较历史低位开始有所回升，板块重仓...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130172239a468831c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01898","symbol_name":"中煤能源","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130172239a468831c&s=b","article_id":"2607014119","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130172239a468831c&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2607014119","pubTimestamp":1769702400,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"投资要点：投资建议：2025Q4公募持仓较历史低位开始有所回升，我们认为煤炭板块周期底部已经确认在25Q2，供需格局已经显现了逆转拐点。煤炭进入基金前十大重仓股的数量由2025 年3 季度的26 支减少至2025 年4 季度的22 支，整体持仓针对盈利确定性强的行业龙头增配意愿更高。煤炭前5 大重仓持股分别为中国神华、陕西煤业、兖矿能源、潞安环能、中煤能源，持股基金持仓占流通股比分别为0.58%、1.70%、2.93%、5.86%、1.60%。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"01898":"中煤能源","BK1594":"碳中和概念股","BK1538":"煤炭股","BK1178":"煤与消费用燃料"},"translate_title":"Coal Industry Fund Positions 2025Q4 Quarterly Report Summary: Q4 Fund Positions Continue to Pick Up and Sector Turning Point Confirmed","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01898":0.9},"content_text":"本报告导读：当前煤炭板块基金重仓已经较历史低位有所回升，我们认为煤炭板块周期底部已经确认在 25Q2，供需格局已经显现了逆转拐点。投资要点：投资建议：2025Q4公募持仓较历史低位开始有所回升，我们认为煤炭板块周期底部已经确认在25Q2，供需格局已经显现了逆转拐点。从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、中煤能源；继续推荐兖矿能源、晋控煤业。公募持仓较历史低位开始有所回升，板块重仓环比回升0.03%至0.61%，煤炭十大重仓持股占基金市值比也从Q3 的0.49%回升至0.53%，整体呈现回升态势。煤炭进入基金前十大重仓股的数量由2025 年3 季度的26 支减少至2025 年4 季度的22 支，整体持仓针对盈利确定性强的行业龙头增配意愿更高。煤炭前5 大重仓持股分别为中国神华、陕西煤业、兖矿能源、潞安环能、中煤能源，持股基金持仓占流通股比分别为0.58%、1.70%、2.93%、5.86%、1.60%。以环比的变动衡量（2025Q4 末基金重仓的股数占流通股比例相对2025Q3 末）：冀中能源、中煤能源、美锦能源、电投能源、潞安环能、受到机构减持，分别减持占流通股-2.25%、-0.78%、-0.75%、-0.75%、-0.43%，增持为山煤国际、平煤股份、恒源煤电、兖矿能源、新集能源，增持基金持仓占流通股比分别为5%、4.82%、2.44%、0.8%、0.61%；25 年4 季度整体煤炭板块配置较上季度增长，龙头持仓保持稳定。沪深股通4 季度集中增持了江钨装备、郑州煤电、开滦股份、新集能源、盘江股份，分别占总股本比例变化为0.79%、0.81%、1.00%、0.93%、1.03%，减持集中在兰花科创、金能科技、宝泰隆、电投能源、永泰能源，分别占总股本比例变化0.57%、0.85%、0.76%、1.76%、1.00%。期末沪深股通持股集中在中国神华、陕西煤业、电投能源、兖矿能源、潞安环能，占总股本比例分别为0.52%、1.76%、1.76%、0.75%、1.64%；港股通4 季度资金集中中国神华、兖矿能源、中煤能源、中国旭阳集团、久泰邦达能源、兖煤澳大利亚、首钢资源，占总股本比例分别为11.29%、17.34%、12%、7.58%、12.13%、5%、12.03%。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2607014119","isCrawlerRequest":true}

煤炭行业基金持仓2025Q4季报总结：Q4基金持仓持续回升 板块拐点确认

精彩评论

煤炭行业基金持仓2025Q4季报总结：Q4基金持仓持续回升板块拐点确认