煤炭ETF（515220）涨超1.0%，行业景气周期或延续至2026年

Core Viewpoint - The coal industry is currently in a new round of prosperity cycle that began in 2021, with decreasing volatility and a gradual return to reasonable price ranges [1] Group 1: Industry Trends - Since July 2025, domestic policies aimed at "anti-involution" and "overproduction checks" have limited supply elasticity, leading to stabilization and recovery of coal prices [1] - The coal mining industry accounts for approximately 2.3% of the Producer Price Index (PPI), and fluctuations in coal prices have a significant transmission effect on PPI, with expectations of a positive PPI for coal by the second quarter of 2026 at the latest [1] - In the fourth quarter, coal prices are expected to continue rising due to low social inventory levels, supply constraints from safety and environmental inspections, increased railway freight rates, and the upcoming peak winter demand season [1] Group 2: Investment Products - The coal ETF (515220) tracks the China Securities Coal Index (399998), which selects listed companies focused on coal mining, processing, and related equipment manufacturing, ensuring high industry purity through a significant share of main business [1] - The index components cover core segments of the coal industry chain, exhibiting high industry concentration and cyclical characteristics, closely following coal price movements to reflect the overall performance of related listed companies [1]