Core Viewpoint - Current prices of thermal coal and coking coal are at historical lows, providing room for a rebound due to supply-side policies and seasonal demand recovery [1] Group 1: Market Conditions - Supply-side "overproduction checks" are leading to reduced output, while demand is expected to improve during the "golden September and silver October" peak season for non-electric coal [1] - The fundamental supply-demand dynamics for both types of coal are expected to continue improving, indicating potential upward price elasticity [1] Group 2: Price Elasticity - Thermal coal benefits from long-term contract mechanisms and the logic of profit-sharing between coal and power companies [1] - Coking coal, being more market-driven, is more sensitive to supply-demand changes and may exhibit greater price elasticity [1] Group 3: Investment Opportunities - The only coal ETF in the market, Coal ETF (515220), tracks the CSI Coal Index (399998) and has a scale exceeding 13.5 billion yuan [1] - The coal sector offers a high dividend yield, with over 5.3% yield in the past 12 months as of September 30, making it attractive in a declining risk-free interest rate environment [1] - Investors are encouraged to consider gradual accumulation of Coal ETF (515220) to seize investment opportunities in the coal sector [1]
煤炭大涨！全市场唯一煤炭ETF（515220）领涨两市超2.6%，规模超135亿元
Mei Ri Jing Ji Xin Wen·2025-10-23 07:39