全市场唯一煤炭ETF（515220）：高股息高分红标的，关注6月旺季煤价企稳回升机会

Group 1 - The six major state-owned banks and some joint-stock banks have initiated the first RMB deposit rate cut of the year, with reductions ranging from 5 to 25 basis points, marking the first time the one-year deposit rate has fallen below 1% [1] - In the context of declining interest rates, the allocation value of high-dividend assets has gained renewed attention, with the coal sector experiencing a rebound, as evidenced by the coal ETF (515220) rising over 2% during trading [1] Group 2 - Under the "dual carbon" policy, coal companies are expected to increase dividend payouts due to limited new capacity approvals, resulting in a high cash flow environment and a projected dividend yield of over 6% for the China Securities Coal Index by May 20, 2025 [2] - The new "National Nine Articles" policy emphasizes restrictions on major shareholders reducing their stakes in companies with low or no dividends, thereby incentivizing high-dividend companies and promoting higher dividend rates [2] Group 3 - The pressure on the coal sector during the off-season may be nearing its end, with expectations for coal prices to stabilize and recover in June, following a significant decline in the first quarter of 2025 [3] - The coal industry is expected to see improved supply-demand balance due to initiatives aimed at controlling coal production and reducing irrational price fluctuations [3] Group 4 - In the context of carbon neutrality, the transition to new energy sources presents investment opportunities for the coal sector, as coal-fired power generation remains essential for stable energy system operations [4] - The increase in new coal-fired power generation units during the 14th Five-Year Plan period is expected to significantly drive coal demand [4] Group 5 - The coal ETF (515220) is the only coal ETF in the market, tracking the China Securities Coal Index and encompassing various segments such as thermal coal, coking coal, and coal chemicals, with a total scale of 3.597 billion yuan as of May 20 [5] - Investors interested in the coal sector can consider the coal ETF or its connecting fund (008280) for investment opportunities [5]