关注煤炭ETF（515220）高股息价值

Core Viewpoint - The coal sector is experiencing a short-term rebound, supported by stable prices for thermal and coking coal, and an approaching peak electricity demand in summer, which is expected to bolster near-term performance in the coal industry [1][3]. Short-term Outlook - Recent prices for thermal coal and coking coal have shown signs of stabilization, with the Qinhuangdao port's 5500 kcal thermal coal price gradually recovering from previous lows [3]. - The National Development and Reform Commission (NDRC) anticipates a peak electricity load increase of approximately 10 million kilowatts year-on-year during the summer peak, which is likely to enhance coal procurement demand from power plants [3]. Medium-term Outlook - Recent policy measures in cities like Guangzhou and Xi'an aimed at stabilizing the real estate market are expected to improve macroeconomic expectations, providing demand-side support for coal prices [3]. - The easing of trade tensions between China and the U.S. may enhance export demand and resilience, alleviating previous concerns over tariffs and supporting coal prices and the performance of listed companies [3]. Investment Appeal - The coal sector has seen a recent price decline, leading to an increase in dividend yields, with the China Securities Coal Index currently yielding 6%, placing it in the 70th percentile historically, making it attractive for dividend-seeking investors [1][4]. - The coal ETF (515220) is highlighted as a potential investment opportunity due to the sector's improved valuation and dividend yield attractiveness following recent corrections [5].