煤炭ETF（515220）涨超1.3%，动力煤供需改善支撑价格企稳

Group 1 - The coal market is experiencing a seasonal improvement in supply and demand, with port coal prices stabilizing at 609 yuan/ton as of June 20, maintaining stability since June 5 [1] - Production in major coal-producing regions is affected by safety and environmental inspections, leading to some coal mines reducing output or undergoing maintenance, but overall supply remains stable [1] - The capacity utilization rate of sample coal mines in the Sanxi region has increased by 0.09 percentage points, indicating a slight improvement in production efficiency [1] Group 2 - On the demand side, daily coal consumption at power plants has increased, with coastal and inland power plants seeing week-on-week rises of 60,000 tons and 292,000 tons respectively, while power plant inventories are at relatively low levels compared to last year [1] - Non-electric demand, particularly from the chemical sector, remains high, with a 1.41 percentage point increase in coal consumption, while metallurgical demand shows resilience despite being in the off-season [1] - In the coking coal sector, supply continues to contract, with a 1.03 percentage point decrease in capacity utilization due to environmental inspections in Shanxi and Inner Mongolia [1] Group 3 - The coking coal demand is supported by a rebound in average daily iron and steel production, leading to improved procurement activities by coking enterprises [1] - The supply side of coke is constrained by environmental inspections and voluntary production cuts by coking enterprises, resulting in a 0.36 percentage point decrease in capacity utilization to 75.41% [1] - Overall, the coal industry maintains a supply-side constraint logic, with leading companies exhibiting characteristics of high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [1]