【国泰海通煤炭|黄涛团队】周观点:Q2基金持仓继续下滑,供需拐点明确

煤炭涛声
23 Jul

正文报告导读:当前煤炭板块基金重仓已经回落至2020年以来的历史低位,我们认为此轮周期拐点或已出现在2025Q2,叠加红利资产投资逻辑,2025H2或步入新一轮上行周期。投资建议:○公募持仓回落至历史低位,板块重仓环比回落0.02%至0.19%:煤炭板块基金重仓占比从Q1的0.21%下降至0.19%,煤炭十大重仓持股占基金市值比也从Q1的0.19%下降至0.16%,整体呈现继续慢速回落。煤炭进入...

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