全市场唯一煤炭ETF（515220）涨超1.2%，煤价有望逐步企稳回升

Group 1 - The core viewpoint is that coal prices are expected to stabilize and gradually rise due to seasonal demand increases and reduced production from coal mines that have met their annual targets [1] - Domestic electricity consumption exceeded expectations in October, leading to a rebound in thermal power demand, while coal imports decreased month-on-month [1] - Internationally, coal trade volume decreased by 3.6% year-on-year in the first ten months of 2025, with exports from countries like Indonesia and Australia declining [1] Group 2 - The coal sector is supported by low inventory levels compared to the same period last year, indicating a need for replenishment that will support coal prices [1] - The implementation of long-term contract policies in 2026 and stricter safety regulations in the fourth quarter will continue to limit production [1] - The coal ETF (515220), which tracks the CSI Coal Index (399998), has a scale exceeding 10 billion yuan and offers a high dividend yield of over 5.3% in the past 12 months, highlighting its investment value in a declining risk-free interest rate environment [1]