Group 1 - The coal industry maintains stable supply and demand, with seasonal demand increase driven by summer electricity peak, leading to a continued rise in port coal prices [1] - Current average daily iron and steel production remains high, indicating resilient downstream demand, while coal inventories at Qinhuangdao and Bohai Rim ports are at high levels compared to the same period [1] - Recovery in overseas energy prices supports domestic coal prices, combined with "anti-involution" policy rectifications, leading to optimistic medium to long-term industry expectations [1] Group 2 - The China Electricity Council forecasts a 5%-6% year-on-year growth in total electricity consumption by 2025, with overall power supply and demand expected to be balanced, solidifying coal's position as a fundamental energy source [1] - Current thermal coal prices are showing a seasonal upward trend [1] - The coal ETF tracks the China Securities Coal Index, which reflects the overall performance of listed companies in the coal industry, covering both upstream and downstream enterprises with high industry concentration and representativeness [1]