Group 1 - The overall market is rising, with traditional manufacturing sectors like coal, non-ferrous metals, and steel leading the gains, each with an increase of over 1% [1] - The coal ETF has seen a net inflow of over 1.8 billion in the past 10 days, with a current increase of over 1%, and its constituent stock, Yunmei Energy, has hit the daily limit [1] - The "anti-involution" policy is expected to eliminate outdated production capacity and restrict new capacity, potentially driving up coal prices and restoring corporate profits [3] Group 2 - From January to June, the cumulative raw coal output reached 2.405 billion tons, a year-on-year increase of 5.4%, with a slowing growth rate; coal imports decreased by 11.1% year-on-year [3] - Manufacturing and infrastructure investments have grown by 7.5% and 4.6% respectively, indicating strong non-electric demand and marginal improvement in electricity demand [3] - The summer of 2025 is expected to be significantly warmer than last year, which may lead to increased daily coal consumption at power plants, further reducing high coal inventory levels [3] Group 3 - The coal ETF tracks the China Securities Coal Index, which is the only ETF product focused on the coal industry, with a dividend yield exceeding 6% [4] - The coal industry is characterized by high profitability, strong cash flow, high barriers to entry, high dividends, and a strong margin of safety, making it resilient and valuable for investment [4] - Investors interested in the coal sector can consider the coal ETF (515220) for exposure [4]