GF SECURITIES(SZ:000776) Mei Ri Jing Ji Xin Wen·2026-01-22 06:21Group 1 - The core viewpoint indicates that the coal industry is expected to experience a gradual decrease in inventory due to high daily consumption levels, leading to a tight supply-demand balance in the medium to long term, with potential price increases compared to 2025 [1] - According to the National Bureau of Statistics, the total profit of the coal mining industry from January to November 2025 was 297 billion yuan, a year-on-year decrease of 47% [1] - The industry is anticipated to see improved profit expectations in 2026, with notable advantages in valuation and dividend yield, as the coal sector's price-to-book ratio is 1.44 times and the price-to-earnings ratio is 15.0 times, with leading companies generally offering dividend yields of 4-5% [1] Group 2 - The coal ETF (515220) tracks the CSI Coal Index (399998), which selects listed companies involved in coal mining, processing, and related equipment manufacturing to reflect the overall performance of the coal industry [1]