煤炭ETF（515220）涨超0.9%，新一轮冷空气有望带动日耗改善

Group 1 - The core viewpoint indicates that the coal market is experiencing ongoing supply-demand dynamics, leading to fluctuating coal prices [1] - On the supply side, coal production remains stable, with some mines resuming operations post-holiday, resulting in a slight increase in supply [1] - On the demand side, warmer temperatures in most regions have led to weaker residential electricity loads, causing a decline in daily consumption at inland power plants, with terminal purchases primarily driven by essential needs [1] Group 2 - A new cold air mass is expected to improve daily consumption in the near future [1] - For coking coal, disruptions in overseas supply are anticipated to keep coking coal prices strong, supported by downstream enterprises beginning pre-holiday stockpiling and an initial price increase for coke [1] - Notably, some coal mines in Australia, a major supplier of coking coal, have halted production and faced transportation disruptions due to flooding, tightening sea coal supply and likely supporting domestic coking coal prices [1] Group 3 - The coal ETF (515220) has exceeded 8 billion yuan in scale, tracking the CSI Coal Index (399998), with the coal sector offering high dividend yields [1] - As of the end of 2025, the tracked index is expected to have a dividend yield exceeding 6% over the past 12 months, highlighting its value in a declining risk-free interest rate environment [1]