煤炭ETF（515220）盘中涨超1%，煤炭板块高分红特点引关注

Group 1 - The coal ETF (515220) rose over 1% during trading, drawing attention to the high dividend characteristics of the coal sector [1] - According to Tianfeng Securities, the coal industry is positioned within the first layer of the "anti-involution" policy framework, which focuses on "public finance logic" [1] - The policy aims to maintain reasonable profit margins through direct capacity control and price intervention, stabilizing the coal sector as a stabilizer for the fiscal and financial system [1] Group 2 - Under the management of "supply guarantee" and "price limit," the supply elasticity of the coal industry has decreased, leading to narrowed price fluctuations and sustained high industry profit margins [1] - Leading companies in the coal sector are capable of maintaining high dividends, with their assets exhibiting "debt-like" characteristics [1] - In an environment of declining interest rates and growth uncertainty, such assets become a core defensive allocation due to their stable cash flow and high dividends [1] Group 3 - The coal ETF (515220) has a scale exceeding 8 billion yuan, tracking the CSI Coal Index (399998) [1] - The dividend yield of the coal sector is relatively high, with the tracked index expected to have a dividend yield exceeding 6% over the next 12 months by the end of 2025 [1] - The value of allocation becomes prominent against the backdrop of declining risk-free interest rates [1]