全市场唯一煤炭ETF（515220）涨超1%，煤炭反内卷初心未变

Core Viewpoint - The primary goal of the anti-involution initiative is to reverse the deflation trend, with the transmission chain being "deflation → anti-involution → profit improvement → inflation" [1] Group 1: Economic Context - The anti-involution approach aims to restore confidence and break the deflation cycle by ensuring reasonable profits across various sectors [1] - In the coal industry, short-term focus is on supply control, while medium to long-term focus is on demand recovery [1] Group 2: Market Analysis - Recent accelerated decline in coal prices has raised market concerns; however, the anti-involution remains a key economic agenda for the coming year [1] - If coal prices fall to excessively low levels, policies aimed at stabilizing expectations are anticipated [1] Group 3: Investment Instruments - The coal ETF (515220) tracks the CSI Coal Index (399998), which selects listed companies involved in coal mining, processing, and related services to reflect the overall performance of the coal industry [1] - The index is considered highly representative of the industry and focuses on coal-related investments [1]