良性供给助节后煤价乐观，煤炭板块大涨，煤炭ETF（515220）涨超3%

Core Viewpoint - The coal sector is experiencing a significant increase, with the coal ETF (515220) rising over 3% due to optimistic coal prices supported by healthy supply conditions following the holiday season [1]. Supply and Demand - The coal industry saw an unexpected reduction in inventory before the holiday, contributing to a positive outlook for coal prices post-holiday [1]. - Domestic supply has been low, with the average daily operating rate of coal mines being at its lowest in three years from New Year's Day to the Spring Festival [1]. - Import supply remains constrained, with coal shipping volumes maintaining a four-year low as of February 2026 [1]. - Demand was bolstered by a cold wave in January, leading to rare proactive inventory replenishment before the holiday [1]. Inventory and Pricing - Overall inventory levels have improved, with port inventories significantly declining and reaching their lowest levels in three years [1]. - International energy prices have risen, with Brent crude oil futures surpassing $70 per barrel during the Spring Festival, driven by geopolitical tensions that are pushing energy supply prices upward [1]. - The interconnectedness of global energy markets suggests that coal prices are likely to receive stronger support post-holiday [1]. Coal ETF and Index - The coal ETF (515220) tracks the CSI Coal Index (399998), which focuses on coal mining and processing sectors, selecting representative listed companies as index samples [1]. - The index employs an equal-weight distribution strategy to ensure balanced weight among constituent stocks, effectively diversifying risk [1]. - It dynamically reflects the overall performance of the coal industry, aiming to represent the comprehensive trends of related listed company securities [1].