“反内卷”推进，煤炭基本面或边际改善，资金积极布局，煤炭ETF（515220）连续2日净流入超2.3亿元，关注全市场唯一煤炭ETF投资机会

Group 1 - The core viewpoint is that there is an increase in coal demand, with high oil-coal price differentials, and domestic power plants are experiencing higher daily consumption, leading to rising coal prices [1] - The China Coal Association has initiated a proposal to control production and improve quality, while the Central Financial Committee emphasized the need to regulate low-price disorderly competition and promote the orderly exit of backward production capacity [1] - Domestic coal prices are rebounding, and Australian thermal coal prices are also rising, with overall social inventory levels remaining stable [1] Group 2 - The current daily consumption of coal is expected to significantly increase, and power plants still have a need for inventory replenishment [1] - Coking coal production capacity may see a decline in utilization rates due to environmental factors, which could lead to marginal improvements in the performance of the coking coal sector [1] - The coal ETF (code: 515220) is the only coal ETF in the market, tracking the CSI Coal Index (code: 399998), which reflects the overall performance of listed companies involved in coal mining, processing, and sales [1]