全市场唯一煤炭ETF（515220）连续3日净流入超2.5亿元，政策托底+需求旺季支撑

Core Viewpoint - Shanxi Securities indicates that the price of thermal coal has seen a significant decline this week, with both port and production prices falling, although previous pessimism has eased. Future winter demand, year-end supply contraction, and inventory reduction are expected to support price stabilization [1] Group 1: Thermal Coal Market - The price of thermal coal has experienced a broader decline this week, with both port and production prices decreasing [1] - Previous pessimistic sentiments in the market have started to ease, suggesting a potential for recovery [1] - Anticipated increases in winter consumption, along with a reduction in supply and inventory, are expected to support price stabilization [1] Group 2: Coking Coal Market - The price of coking coal has remained stable to slightly increased, with the main coking coal stock at the Jing Tang port seeing a month-on-month price increase [1] - Production prices have remained relatively stable despite being in a low-demand season [1] - Low inventory levels, limited year-end supply increases, and downstream winter storage demand are expected to lead to narrow price fluctuations and stabilization [1] Group 3: Coal ETF and Index - The coal ETF (515220) tracks the China Securities 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 noted for its strong industry representation and focuses on coal industry allocations [1]