ETF日报：在煤价悲观预期有所扭转后，煤炭板块的估值弹性有望显现，关注煤炭ETF

Market Overview - The A-share market experienced fluctuations today, with the Shanghai Composite Index rising by 0.05% to 4085.77 points, marking a 14-day consecutive increase [1][13] - The Shenzhen Component Index increased by 0.06%, the ChiNext Index rose by 0.31%, and the Sci-Tech Innovation Index climbed by 1.53% [1][13] - The total trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan, an increase of 47.6 billion yuan compared to the previous trading day [1][13] - The market sentiment was neutral, with nearly 3200 stocks declining [1][13] Sector Performance - The semiconductor equipment sector led the market, with the Semiconductor Equipment ETF (159516) achieving a significant increase of 7.50% [1][13] - Other strong performers included coal, innovative pharmaceuticals, and technology-related sectors, while software, securities, and Hong Kong stocks saw the largest declines [1][13] - The coal sector surged in the afternoon, with the Coal ETF (515220) rising by 3.80% [19][21] Semiconductor Equipment Sector - The Semiconductor Equipment ETF (159516) continued its strong performance, marking three consecutive days of gains and reaching a new high [1][16] - The Ministry of Commerce announced export controls on dual-use items to Japan, which may strengthen the logic of domestic substitution amid increasing Sino-Japanese tensions [1][16] - The ETF's underlying index PE TTM was reported at 94.81x, placing it in the 78.06% percentile since its inception, indicating a relatively low valuation compared to other semiconductor indices [4][16] Innovative Pharmaceuticals Sector - The innovative pharmaceutical sector showed strong performance, with the Sci-Tech Innovation Pharmaceutical ETF (589720) rising by 4.06% and the Guotai Innovative Pharmaceutical ETF (517110) increasing by 2.80% [4][16] - Arrowhead Pharmaceuticals reported promising mid-stage clinical trial data for two RNAi-based weight loss drugs, indicating potential for addressing unmet needs in obesity treatment [5][17] - The sector is expected to benefit from upcoming key conferences and the potential for breakthroughs in GLP-1 indications and small nucleic acid drugs [6][18] Coal Sector Insights - Recent reports indicated that 26 coal mines were removed from the supply guarantee list, reducing capacity by 19 million tons, which may have limited immediate impact but boosted market sentiment [21] - The coal sector is anticipated to enter a new cycle in 2026, with potential for a slight increase in coal prices and continued dividend advantages for leading companies [21]