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煤炭板块也开始反应。回顾2025年的煤炭板块，上半年需求偏弱拖累煤价，供给坚韧则进一步加剧供需矛盾，煤炭成为中信一级中跌幅最大的行业，好在限制进口缓解了供给压力，同时进入夏季旺季后，全国各地陆续高温使得煤炭日耗迅速回升，给煤炭板块创造了反弹行情的基本面支撑。从2季度数据来看，当前煤炭板块基金持仓已经回落至2020年以来历史低位（存在预期差），随着“反内卷”政策落地对供给的优化，进口煤炭保持历史低位，叠加红利资产投资逻辑，煤炭板块具备较高的中期配置价值（或存在阶段性资金共识）。本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享煤炭行业的长期收益。","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联煤炭","pinyin":"glzzmtzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000399998,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联中证煤炭指数型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348217","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9027fea5b3eb059ac86","date":"2025-03-30T16:00:00.000Z","stockId":3000000168204,"sao":"2025年一季度，中证煤炭指数下跌10.28%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:18.311Z","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联煤炭","pinyin":"glzzmtzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000399998,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联中证煤炭指数型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276295","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9027fea5b3eb059ac85","date":"2024-12-30T16:00:00.000Z","stockId":3000000168204,"sao":"2024年全年，中证煤炭指数下跌2.96%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:18.308Z","mo":"回顾2024年，A股在全球经济滞胀与地缘政治扰动中走出独立行情，政策托底与经济弱复苏形成市场主线逻辑。全年经历四次关键政策发力窗口，进一步确定了逆周期调节框架，尽管宽基指数回升，但年内较大的波动反映了风险偏好的极致分层。AI产业链为代表的科技主线（主要呼应美股AI浪潮）、困境反转的周期/医药/先进制造都不同程度上获超额收益，而年底传统高股息红利资产超额收益收敛，显示资金从防御性配置转向对成长beta的捕捉。展望2025年，将是周期拐点与产业跃迁交织的一年，宏观经济层面，温和复苏下内需扩张和结构性改革是经济增长主驱动力。政策工具箱扩容：2025年将延续\"超常规逆周期调节\"思路，广义财政赤字率或突破4%，专项债扩容与特别国债续作形成组合拳，M2增速维持10%以上以对冲信用收缩。内外周期错位：美联储降息周期开启与中国政策宽松周期形成共振，但需警惕美国第二轮关税对中国出口依赖型行业的冲击（个人用品、汽车零部件），不过电子设备等国产替代领域有望形成对冲力量。 市场趋势从估值修复迈向盈利驱动：2024年市场辅助信号（包括成交量萎缩、市场估值低、融资端趋严，股票型基金发行遇冷等）和政策信号已经确立，基本面信号或在2025年看到，市场振幅收窄但结构性机会扩散，核心驱动从\"政策预期差\"转向\"利润周期验证\"。2025年A股将步入“慢变量改善+快变量催化” 的全新阶段。在这个阶段，投资者需要在政策的韧性和产业的裂变中挖掘结构红利。市场的核心矛盾将从预期博弈转向基本面验证，因此，我们需要以产业周期的视角来布局那些供给端深度重构的细分领域，这样才能在新的市场生态中捕获超额收益。投资机会上关注供给出清与新兴产业双轮动，但不是所有的成长都能买，不是所有的外需都要卖，不是所有的红利都要拿。科技成长和高端制造是未来中长期配置的主要方向，但在中观层面还需要考虑择时的机会。当市场预期较高时，要多思考其中的不确定性；而当市场预期较为谨慎时，我们不妨更积极些。2025年，煤炭行业的供需差预计将有所收窄。预计火电发电增速约为+3%，化工需求在煤化工资本开支增长和政策目标驱动下继续保持增长，建材需求在地产尚未有起色下保持小幅下降。在当前低利率、煤炭板块周期属性弱化的环境下，煤炭板块的红利属性凸显，仍具备较高的配置价值。本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享煤炭行业的长期收益。","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联煤炭","pinyin":"glzzmtzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000399998,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联中证煤炭指数型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1246923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9027fea5b3eb059ac84","date":"2024-09-29T16:00:00.000Z","stockId":3000000168204,"sao":"2024年三季度，中证煤炭指数上涨2.10%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:18.304Z","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联煤炭","pinyin":"glzzmtzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000399998,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联中证煤炭指数型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178625","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9027fea5b3eb059ac83","date":"2024-06-29T16:00:00.000Z","stockId":3000000168204,"sao":"2024年上半年，中证煤炭指数上涨4.54%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:18.301Z","mo":"宏观层面，世界经济格局步入“大分化”时代，国内与部分海外主要经济体宏观周期联动减弱，在增长、通胀、利率和私人部门杠杆率等维度持续分化。我国与欧美国家之间金融周期的不同步，以及持续大国竞争的贸易摩擦导致中美内部供需失衡，即中国需求不足，美国供给不足。年初至今国内经济有所恢复，但GDP同比增速环比减弱，整体呈现供给恢复好于需求，有效需求不足，微观主体盈利偏弱等问题。展望下半年，经济仍处于疫情后的恢复期，关注三方面问题：（1）地产的走势；（2）居民资产负债表的修复；（3）出口的不确定性。下半年我国物价同比增速有望小幅回升，预计生猪去产能支撑猪价周期上行，内需边际改善；地产由于政策调整带来预期变化，主要关注存量房收储落地力度及节奏。随着二季度业绩低于预期的股票逐渐出清，A股盈利同比增长有望稳步恢复。结构上，边际改善、高成长以及供给侧出清的行业存在投资机会。动力煤旺季不旺已成定局，但对非电煤淡季很淡的判断反而存在预期差，关注微观钢铁、水泥等下游产业开工和煤耗情况。我们仍然认为煤炭板块估值还在重塑，背后反应的不仅是煤炭行业深刻供需结构变化，逐步“公用事业化”，而且也反映了在资产荒背景下，无风险收益率下行趋势下的高股息资产更加受到市场青睐的投资策略问题。本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享煤炭行业的长期收益。","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联煤炭","pinyin":"glzzmtzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000399998,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联中证煤炭指数型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1146836","linkType":"PDF","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年最大的感受就是预期差以及通过预期差去盈利。年初大部分人都认为疫情结束了，中国经济能够实现快速恢复，预期美元利率会迎来快速的降息过程，全球资本或将从美股流向新兴市场，从国内经济GDP（决定企业盈利）和美国十年期国债利率（决定估值水平）来看，预期都是有利国内市场的，所以当时市场是看好中国资产，特别是权益类资产的。但是意料外出现了一些预期差，大家并没预料到美国经济很强韧，美元利率仍然处于加息过程。2023年上半年的预期差解释了市场的表现，而下半年则在不断下修经济复苏预期中度过。未来 3 至 5 年，各个经济论坛可能会热烈讨论人口问题，人口消费是经济增长的底层支撑。未来在国内整体经济恢复的过程中，不论是政府投资也好，还是企业投资也好，都会更加重视“质量”而不是“总量”和“数量”，精准投放将取代全面放水，接下来工作重点是防风险。因此，2024年或仍然是结构性行情，具体投资操作上建议寻找市场存在预期差的地方。虽然2023 年整体权益市场是不太尽如人意的，但中间仍有一些板块超出大众预期。比如说 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价”的政策陆续出台，我国的供给已经开始增加，但需求仍有下行压力，最明显的就是下半年政策管控下的煤炭。2021年结构性改革，加强反垄断、反对资本无序扩张、教育改革推进以及医保集采的力度，都让投资者印象深刻。反观A股，主要指数表现分化，沪深300跑输中证500和创业板等中小盘指数，板块轮动加快，上半年上市公司业绩整体表现较优，但下半年随着经济增长放缓，盈利压力显现，估值水平出现整体下滑，部分板块由于政策调控影响也有较大幅度的下跌。展望2022年，整体受地产下行压力、出口增速回落以及固定投资增速缺乏弹性的影响，预期宏观经济仍将维持略微下行趋势。当前的宏观环境，货币政策“稳中有松”，趋松的拐点从2021年7月下旬的降准开始，随着9月底能源商品的“保供稳价”和稳房地产信号的进一步明确，以及面临保经济增长的压力，2022年政策放松力度有望进一步加强。在流动性宽松的预期下，高景气度、高增长的行业仍将受到青睐。2022年，预计共同富裕政策框架的进一步完善将推进科技创新和产业升级、碳达峰和碳中和以及高质量、均衡的产业发展，也将促进相应的财政改革和金融资本市场的进一步开放。随着A股市场广度和深度不断进步，过去以某一宽基指数界定A股市场投资机会的时代已经结束，而基于行业、板块、个股的基本面变化的结构行情贯穿始终。在货币财政政策偏宽松的2022年，估值支撑存在压力，市场结构或许更加均衡。从供需格局考虑，全年供需平衡，很难再现2021年的动力煤价格历史新高。“运动式减碳”进行了纠偏，双碳政策的时间点也向后推迟，在当前仍以煤炭作为主要能源供给的格局下，要在确保能源供给的基础下逐步将能源结构的中心让位于新能源，而这是十几年的长线目标。未来煤矿一定会实现弹性产能制度，发电灵活改造，燃煤能源起到更多的是调峰作用。随着煤炭企业2022年3月份陆续披露年报，高长协、高盈利的企业分红方案值得期待，煤炭企业分红和转型方案的兑现将使得公司进一步受到市场关注。全年板块的投资主线关键词：高股息、绿电转型、成长性煤化工。本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享煤炭行业的长期收益。","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联煤炭","pinyin":"glzzmtzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000399998,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融中证煤炭指数型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9027fea5b3eb059ac78","date":"2021-09-29T16:00:00.000Z","stockId":3000000168204,"sao":"2021年三季度，中证煤炭指数上涨38.88%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:18.270Z","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联煤炭","pinyin":"glzzmtzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000399998,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融中证煤炭指数型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9027fea5b3eb059ac77","date":"2021-06-29T16:00:00.000Z","stockId":3000000168204,"sao":"2021年上半年，市场经历过春节后的大幅快速调整后缓慢修复上涨，中证煤炭指数上涨21.02%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:18.267Z","mo":"今年上半年，市场在经历春节后的快速大幅调整后，于二季度逐步恢复，包括沪深300、上证指数在内的大盘指数基本回到年初水平，其中成长风格大幅跑赢，周期板块整体表现较好。展望下半年，全球范围内，复苏向服务业转移，海外供应链虽仍未完全恢复，但各主要经济体的经济在持续修复中，中国有望率先进入\"疫后新常态\"。国内GDP增长放缓，消费增速修复缓慢，虽然2季度末社融增速止跌企稳，但偿债负担仍在上升。此外，本轮的供给不平衡超出预期，一方面资源再配置导致劳动市场短期出现供需错配，中低端劳动力市场求人倍率和失业率同时上升；另一方面供应链问题和企业经营思维的变化，导致补产能的不积极和弹性产能的超预期下降，短时间内将继续支撑物价，因此经济面临两大主要矛盾，即成本上升和偿债压力。即使如此，央行应不会因为供给约束导致的成本上升采取收紧货币的政策，反而会关注物价上涨对企业利润的挤压、债务风险的形成，\"紧信用、松货币、宽政策\"将仍然是未来一段时间央行的主基调。市场方面，已经采取的降准等措施，将有望维持下半年的流动性宽裕，在一些高景气行业，中国已具备竞争力或正在壮大产业链，形成国产替代，市场焦点将从此前的通货膨胀，转向更加关注企业盈利增长的可持续性。从供需格局考虑，政治局纠正\"运动式减碳\"的态度，预计煤炭的供给端会有边际上的放量，后续逐步转向供需平衡。9月份和10月份是传统补库的状态，11月份开始进入需求旺季。动力煤随需求变化略有波动，焦煤板块价格下跌空间有限，业绩会持续向上。本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享煤炭行业的长期收益。","fund":{"_id":3000000168204,"stockCode":"168204","stockType":"fund","areaCode":"cn","followedNum":32,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":211432000,"blackenedNum":0,"market":"a","tickerId":168204,"custody":"海通证券股份有限公司","name":"国联中证煤炭指数型证券投资基金","shortName":"国联煤炭A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:12.261Z","__csrcFundId":4125,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-24T16:00:00.000Z","fund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