煤炭ETF（515220）翻红，近5日资金净流入超2亿元，煤价中枢有望稳步回升

Group 1 - The recent cold wave has led to increased daily coal consumption at power plants, resulting in a reduction of coal inventory, while spot prices for coal remain stable, with Qinhuangdao Shanxi Q5500 thermal coal prices stabilizing at 685 yuan/ton [1] - Supply constraints are expected as coal mines will begin to close for the upcoming Spring Festival, making it difficult to increase coal supply in the short term. However, medium-term improvements in coal supply are anticipated due to policy changes and capacity reductions [1] - The demand for coal is expected to improve due to rising electricity consumption for heating during winter, with predictions of multiple cold air processes in the coming month [1] Group 2 - The coal industry shows strong valuation and dividend potential, with the China Securities Coal Index having a price-to-book ratio of only 1.59 and a dividend yield of 5.82%, making it attractive in the current low-interest-rate environment [2] - The only coal ETF (515220) has a scale exceeding 8 billion yuan and tracks the China Securities Coal Index, which has a dividend yield exceeding 6% over the past 12 months, highlighting its investment value in a declining risk-free interest rate environment [2]