煤炭供需向好，全市场唯一煤炭ETF（515220）涨超2%，规模近130亿元

Core Viewpoint - The coal market has shown overall improvement since the third quarter, with strong performance post-National Day due to better-than-expected demand and a general decline in supply [1] Group 1: Coal Market Dynamics - Demand for thermal coal has exceeded expectations despite entering the off-season in October, while supply has decreased, leading to a strong performance in coal prices [1] - As winter approaches, heating demand in northern regions is gradually increasing, and inventory levels remain low, which is expected to provide strong support for coal prices [1] - Stringent safety regulations towards the end of the year are likely to limit supply growth, suggesting that coal prices may continue to remain stable to strong [1] Group 2: Coking Coal Outlook - Although November marks the beginning of the off-season for coking coal, inventory levels are low and supply may decline, coupled with increased winter storage demand, which could lead to a slight increase in spot prices [1] - The overall coal production is expected to face challenges in significant growth due to strict safety and overproduction management in the fourth quarter [1] Group 3: Investment Opportunities - The coal ETF (515220), which tracks the CSI Coal Index (399998), has a scale of nearly 13 billion, and the coal sector offers a high dividend yield, exceeding 5.3% over the past 12 months as of September 30 [1] - In the context of declining risk-free interest rates, the investment value of the coal ETF (515220) is highlighted, suggesting a strategy of gradually accumulating positions to capture investment opportunities in the coal sector [1]