【国泰海通煤炭|黄涛团队】公募基金三季度持仓总结:Q3基金持仓有所回升,板块拐点明确

煤炭涛声
Oct 30

正文报告导读: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。投资建议:○投资建议:2025Q3公募持仓较历史低位开始有所回升,整体持仓针对盈利确定性强的行业龙头增配意愿更高。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:6月以来,随着夏季用电高峰需求的旺季更旺,截至9月累计全社会用电量已经恢复4.6%...

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