煤炭ETF（515220）大涨3%！规模近140亿元，资金为何青睐煤炭板块？

Group 1 - The coal sector is experiencing a rebound with significant capital inflow, as evidenced by over 1.1 billion yuan net inflow into coal ETFs (515220) in the past five days and a year-to-date share growth of over 360%, reaching nearly 14 billion yuan in size [1] - The rebound in coal prices is driven by a combination of supply contraction and the onset of the heating season, creating a seasonal opportunity for investment in the coal sector, with expectations for a price rebound in the fourth quarter [2] Group 2 - On the supply side, the government is implementing policies to curb excessive competition in the coal industry, with measures such as production checks leading to a year-on-year decline of over 3% in monthly raw coal output since July 2025 [3] - On the demand side, early heating season initiation in northern regions is expected to shift the supply-demand balance, with the fourth quarter likely to see increased demand, reversing the current oversupply situation [4] - With expectations of rising coal prices and improved industry performance, funds are strategically positioning themselves in the coal sector, which also offers attractive dividend yields, as indicated by a 4.99% dividend yield for the CSI Coal Index as of October 15 [4] Group 3 - Looking ahead, both fundamental and capital market factors are expected to align, with forecasts suggesting coal prices may exceed 900 yuan per ton by year-end, and the current low institutional holdings indicating a healthy market structure for trading [5] - Investors are encouraged to consider coal ETFs (515220) as a means to capitalize on opportunities within the coal sector [6]