全市场唯一煤炭ETF（515220）规模破80亿元！连续5日净流入超5.7亿元！反内卷或助推煤炭“旺季更旺”

Core Viewpoint - The coal supply in China is expected to experience a decline due to internal competition, with total domestic production projected to be 2.4 billion tons by mid-2025, and a slight decrease in production anticipated in the second half of the year. The overall supply is expected to be flat or slightly down compared to last year, alongside a significant drop in import volumes, which reached a three-year low in June, down 25.93% year-on-year, and continued to decline by 22.9% in July, marking five consecutive months of year-on-year decreases. The coal industry is expected to face downward risks, but these risks are considered manageable in the medium to long term, making it a potential area for long-term investment [1]. Group 1 - The largest change in supply is attributed to internal competition, with domestic production expected to be 2.4 billion tons by mid-2025 [1] - The total coal import volume in June hit a three-year low, decreasing by 25.93% year-on-year, with July also showing a 22.9% decline [1] - The coal industry is anticipated to reach a turning point in Q2 2025, with downward risks being fully released and manageable in the medium to long term [1] Group 2 - The coal ETF (515220), which tracks the CSI Coal Index (399998), has a dividend yield exceeding 5% as of August 8, making it an attractive investment option in the context of declining risk-free interest rates [1] - Investors are encouraged to consider gradually accumulating positions in the coal ETF (515220) and its related funds (Link A: 008279; Link C: 008280; Link E: 022501) to capitalize on investment opportunities in the coal sector [1] - For investors without stock accounts, the Guotai CSI Coal ETF Link C (008280) and Link A (008279) are recommended for consideration [1]