Core Viewpoint - The capacity replacement policy is a key tool for supply-side structural reform, aimed at controlling total capacity and optimizing existing capacity, ensuring that new advanced capacity is added while eliminating outdated capacity, leading to a reduction in total industry capacity without increase [1] Group 1: Policy and Industry Impact - The capacity replacement policy may lead to future production cuts due to strict limits on replacement indicators [1] - A coal capacity reserve system has been established to mitigate the impact of strict capacity replacement indicators [1] - The coal industry is expected to gradually achieve supply-demand balance, with coal prices projected to rise steadily [1] Group 2: Investment Opportunities - The coal ETF (515220) tracks the China Securities Coal Index (399998) and offers a high dividend yield, exceeding 5.3% over the past 12 months [1] - In the context of declining risk-free interest rates, the investment value of coal assets is highlighted [1] - Investors are encouraged to consider gradually accumulating positions in coal ETF (515220) and its connected funds (Connect A: 008279; Connect C: 008280; Connect E: 022501) to seize investment opportunities in the coal sector [1]
全市场唯一煤炭ETF（515220）涨超1%，近20日净流入超12亿元，资金积极布局煤炭“反内卷”机会
Sou Hu Cai Jing·2025-09-19 03:36