焦煤价格持续上涨，煤炭ETF（515220）盘中涨超2%

Group 1 - The coal market is currently operating steadily with a slight upward trend, influenced by rainfall that has limited production in some open-pit coal mines, alongside some mines halting or reducing production after meeting monthly targets, leading to a tightening of overall supply in production areas [1] - Rainfall has also caused transportation disruptions, resulting in low port inflow and a continuous decline in inventory, making high-quality resources scarce in the market [1] - Stable demand from end-users, recent price increases by large groups, and the ongoing decline in inventory at northern ports have boosted market confidence, leading to increased purchasing activity among traders and a slight rise in coal prices [1] Group 2 - The supply-demand dynamics in the coal industry are improving, with strong expectations for coal price recovery. Since the supply-side reform in 2016, outdated production capacity has been continuously eliminated, optimizing the capacity structure [3] - The "anti-involution" policy is expected to further control the increase in coal supply, while coal imports hit a two-year low in June, indicating a strong certainty of declining import volumes [3] - From the demand side, electricity generation from thermal power has shown positive year-on-year growth since late May, with a notable increase in national power load, which is expected to support strong demand for coking coal [3] Group 3 - The coal ETF (515220), which tracks the CSI Coal Index (399998), has a dividend yield of 5.45% as of July 22, highlighting its investment value in a declining risk-free interest rate environment [3] - Investors are encouraged to consider gradually accumulating positions in the coal ETF (515220) and its related funds to capitalize on investment opportunities in the coal sector [3]