8月原煤产量同比再度下滑，煤价有望企稳提升，煤炭ETF涨超2%

Group 1 - The coal sector is experiencing a counter-trend rise, with the only coal ETF (515220) increasing by over 2%, and net inflows exceeding 1.2 billion in the past 20 trading days, bringing the total scale to over 10.8 billion [1] - In August, the output of raw coal declined for two consecutive months, with a production of 390 million tons, a year-on-year decrease of 3.2%, while the average daily output was 12.6 million tons [3] - Coal imports in August were 42.73 million tons, a year-on-year decrease of 6.8%, while the cumulative imports from January to August were 299.94 million tons, down 12.2% year-on-year [6] Group 2 - Electricity demand in August grew by 1.7%, with industrial power generation reaching 936.3 billion kWh, a year-on-year increase of 1.6% [8] - The coal supply-demand situation indicates that inventory reconstruction demand is ongoing, with strong resilience in actual demand for coking coal despite supply disruptions [9] - The coal sector has seen significant declines this year, but the healthy chip structure and low institutional holdings present new investment opportunities, particularly in coal ETF (515220) [9]