煤炭ETF（515220）涨超2.4%，“反内卷”叠加高股息双重利好，煤炭ETF（515220）规模破120亿元

Core Viewpoint - The coal ETF (515220) has stabilized and rebounded, leading the market with an increase of over 2.4%. The fund has seen a significant inflow, with its share growing over 300% this year, reaching a scale of over 12 billion yuan [1]. Group 1: Market Dynamics - The current prices of thermal coal and coking coal are at historical lows, providing room for a rebound. The supply-side policy of "checking overproduction" is expected to reduce output, while the demand-side anticipates a recovery in non-electric coal demand during the "golden September and silver October" peak season, indicating an improvement in the coal supply-demand fundamentals [1]. - The coal sector is characterized by both cyclical elasticity and stable dividends. Despite an overall profit pressure expected in 2025, most coal companies maintain high dividend yields. Six listed coal companies have announced interim dividend plans, reflecting their commitment to shareholder returns despite significant year-on-year profit declines [1]. Group 2: Investment Opportunities - The capital market is experiencing emotional fluctuations due to global political and economic uncertainties, alongside domestic economic stabilization expectations. The coal sector, with its dual attributes of cyclical and dividend characteristics, is seen as an attractive investment opportunity as the fundamentals are at a turning point [1]. - Investors without stock accounts can access investment opportunities in the coal sector through the coal ETF's linked fund (008280) [1].