“反内卷”行情持续发酵，煤炭ETF（515220）四连阳，7月22日大涨8.25%

Group 1 - The core viewpoint of the news is that the coal sector is experiencing a surge in trading enthusiasm due to market rumors of "coal production restrictions," although this news has not yet been officially confirmed, necessitating a rational perspective [2] - On the demand side, high temperatures have led to a record high in national electricity load, with 36 instances of load exceeding historical highs across 16 provincial power grids by 2025. The daily coal consumption of power plants has significantly increased, reaching 6.33 million tons as of July 17, 2025, which is a year-on-year increase of 9.42% and a week-on-week increase of 11.07% [2] - On the supply side, coal production capacity may recover in the short term due to reduced rainfall and improved weather, but coal imports have continued to decline, with June imports at 33.04 million tons, the lowest in nearly two years, and the decline is gradually expanding [2] - In the medium to long term, the "anti-involution" policy is expected to further control and optimize the coal production capacity structure [2] - Overall, there is a marginal tightening expectation in coal supply, while demand is supported by peak summer usage and non-electric coal consumption, indicating strong potential for coal price rebound. Investors are advised to consider gradually accumulating coal ETFs (515220) and their linked funds to seize investment opportunities in the coal sector [2]