Group 1 - The core viewpoint indicates that since April, domestic coal production capacity in China has been continuously released, leading to sustained growth in output and a decline in imports, resulting in a sufficient market supply [1] - According to Zhongtai Securities, the impact of tariff policies is strengthening the logic of boosting domestic demand, which may further increase mining activities in coal and metals [1] - The development of coal, coal power, and coal chemical industries is accelerating, with a projected CAGR of approximately 17.85% for raw coal production from 2019 to 2024 [1] Group 2 - Infrastructure and key national industry strategies, such as the Western Development and coal chemical projects, are expected to receive policy support, stimulating demand for explosives [1] - The coal ETF (code: 515220) is the only coal ETF in the market, tracking the China Securities Coal Index (code: 399998), which reflects the overall performance of listed companies involved in coal mining, processing, and sales [1] - Investors without stock accounts can consider the Guotai China Securities Coal ETF Connect C (008280) and Guotai China Securities Coal ETF Connect A (008279) [1]