ETF日报：随着煤价下跌，煤炭板块有所回调，煤炭股息率进一步提升，具有较大的股息吸引力，可关注煤炭ETF

Market Performance - The Shanghai Composite Index closed up 16.39 points, a 0.45% increase, reaching 3633.99 points, with a trading volume of 707.22 billion yuan, marking a new three-year closing high [1] - The Shenzhen Component Index rose by 70.82 points, a 0.64% increase, closing at 11177.78 points, with a trading volume of 1026.847 billion yuan [1] - The ChiNext Index increased by 15.57 points, a 0.66% rise, closing at 2358.95 points, with a trading volume of 525.173 billion yuan [1] Sector Performance - Strong performances were noted in sectors such as military, gaming, coal, and robotics, while previously popular sectors like biomedicine and innovative drugs experienced corrections [1] - The coal sector showed significant gains, with prices for coking coal futures returning to an upward trend and port inventory decreasing [5][6] Investment Opportunities - The coal sector's dividend yield has increased, with the China Coal Index currently yielding over 5%, making it attractive for long-term investors [7][9] - The recommendation includes investing in coal ETFs (515220) and steel ETFs (515210) to capture potential rebound opportunities under the "anti-involution" policy [5][9] Economic Outlook - Policies aimed at improving macroeconomic expectations are expected to support coal prices from both supply and demand sides [9] - The market sentiment is gradually forming a consensus on the medium to long-term confidence in the Chinese economy, driven by a shift in policy focus from quantity to price [1][4] Technical Analysis - The A-share market has shown a strong upward trend, with significant participation from external funds, and the potential for further gains as the market approaches previous high points [2][4] - The likelihood of a significant correction is considered low, with various support levels in place [2][4] Gold Market Insights - The gold ETF (518800) has seen net inflows exceeding 300 million yuan in the past five days, driven by geopolitical risks and concerns over the U.S. economy [10][12] - The weakening of the dollar's credit system and the ongoing geopolitical tensions are expected to provide long-term support for gold prices [13]