煤炭ETF（515220）规模破104亿元，10日吸金超20亿元，机构表示煤炭行业下行风险或已充分释放

Group 1 - The coal ETF (515220) has seen significant inflows, with over 2 billion yuan in net inflows in the past 10 days and over 3 billion yuan in the past 20 days, bringing its total size to over 10.4 billion yuan, making it the largest ETF in the cyclical sector [1] - The National Energy Administration has organized inspections in key coal-producing provinces to ensure production adheres to announced capacities, emphasizing the importance of addressing "involution" in the industry [1] - In July, the total electricity consumption increased by 8.6% year-on-year, and thermal power generation rose by 4.3%, indicating a significant improvement in the supply-demand balance [1] Group 2 - In July, raw coal production was 380 million tons, a decrease of 40 million tons month-on-month, primarily due to extreme weather conditions in Inner Mongolia and Shaanxi affecting production and sales [1] - Looking ahead, it is expected that national coal production will slightly decline in the second half of the year due to "overproduction checks," with an annual production forecast of 4.75 to 4.8 billion tons, remaining stable year-on-year [1] - The coal industry is anticipated to reach a turning point in the second quarter of 2025, with downwards risks being fully released, making it a favorable time for long-term capital allocation [2]