煤炭行业具备"高盈利、高现金流、高壁垒、高分红、高安全边际"特征，叠加供需格局改善与周期性上涨红利，具备较强的抗风险能力和配置价值。感兴趣 的投资者可通过煤炭ETF（515220）一键布局。 没有股票账户的投资者可关注国泰中证煤炭ETF联接C（008280），国泰中证煤炭ETF联接A（008279）。 2016年～2017年供给侧改革期间，煤炭行业涨幅达31.55%。本轮"反内卷"政策若落地，有望通过淘汰落后产能、限制新增产能，推动煤价回升和企业利润修 复。 山西证券指出，2025年上半年，煤炭行业呈现供需边际改善趋势。供给端，1-6月原煤产量累计24.05亿吨，同比增长5.4%，增速边际放缓；进口煤持续收 缩，1-6月累计22170万吨，同比下降11.1%，6月单月降幅达25.93%。需求端，制造业与基建投资分别增长7.5%和4.6%，非电需求支撑明显，电力需求边际 改善。 华源证券指出，2025年夏季气温整体较去年有望显著升高，并带动电厂煤炭日耗持续提升保持较高水平，有望持续推动5月中旬以来的港口煤炭库存去化进 程，缓解煤炭高库存压力，若叠加潜在的降水偏少导致水电出力较弱，夏季煤炭库存去化效果有望超预期， ...

（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 光大证券指出，煤炭行业供需维持稳定，夏季用电高峰带动需求季节性上升，港口煤价延续上涨趋 势。当前铁水日均产量维持高位，显示下游需求韧性，秦皇岛港及环渤海港口煤炭库存处于同期高位水 平。海外能源价格回升对国内煤价形成支撑，叠加"反内卷"政策整治，行业中长期预期乐观。中国电力 企业联合会预计2025年全社会用电量同比增长5%-6%，电力供需总体平衡，煤炭作为基础能源的地位依 然稳固。当前动力煤价格呈现季节性上涨态势。 ...

光大证券指出，当前煤炭行业供需呈现结构性特征：铁水日均产量240.79万吨维持高位，显示下游 需求韧性。港口动力煤价环比上涨1.06%至628元/吨，海外能源价格同步回升，欧洲天然气期货环比上 涨3.35%。库存方面，秦皇岛港560万吨、环渤海港2689万吨煤炭库存处于同期高位。夏季全国煤炭交 易会强调电煤中长期合同履约，中电联预计2025年用电量增长5%-6%，行业供需将保持动态平衡。随着 夏季用电高峰来临，煤价具备季节性支撑，板块中长期预期趋于稳定。 煤炭ETF跟踪的是中证煤炭指数，该指数由中证指数有限公司编制，从A股市场中选取涉及煤炭开 采、煤化工等领域的上市公司证券作为指数样本，以反映煤炭行业内相关上市公司的整体表现。该指数 聚焦能源行业特别是煤炭板块的配置，成分股覆盖了煤炭产业链上从资源开采到加工应用等关键环节的 龙头企业，能够全面展现煤炭行业的市场走势。 没有股票账户的投资者可关注国泰中证煤炭ETF联接C（008280），国泰中证煤炭ETF联接A （008279）。 注：数据来源wind，截至2025.7.16，煤炭ETF跟踪指数中证煤炭指数股息率采用发布方股息率（近 12个月，调整）。如提及个股 ...

Group 1 - The core viewpoint is that there is an increase in coal demand, with high oil-coal price differentials, and domestic power plants are experiencing higher daily consumption, leading to rising coal prices [1] - The China Coal Association has initiated a proposal to control production and improve quality, while the Central Financial Committee emphasized the need to regulate low-price disorderly competition and promote the orderly exit of backward production capacity [1] - Domestic coal prices are rebounding, and Australian thermal coal prices are also rising, with overall social inventory levels remaining stable [1] Group 2 - The current daily consumption of coal is expected to significantly increase, and power plants still have a need for inventory replenishment [1] - Coking coal production capacity may see a decline in utilization rates due to environmental factors, which could lead to marginal improvements in the performance of the coking coal sector [1] - The coal ETF (code: 515220) is the only coal ETF in the market, tracking the CSI Coal Index (code: 399998), which reflects the overall performance of listed companies involved in coal mining, processing, and sales [1]

信达证券（601059）指出，新《矿产资源法》的实施标志着煤炭行业从"规模速度"向"质量效益"的历史 性跨越，短期阵痛将倒逼行业加速出清落后产能，长期看有利于构建"安全、绿色、高效"的现代煤炭工 业体系。短中期内，煤炭行业面临"三重挤压效应"：一是资源获取门槛陡升，竞争性出让推高矿业权成 本，中小企业获取资源难度增大；二是成本曲线整体上移，生态修复保证金、智能化改造等要求提升煤 矿运营成本，对煤价中枢底部形成支撑；三是市场格局加速重构，新法倡导资源合理开发，遏制无序竞 采，有望催化行业整合重组，提高集中度。长期来看，市场化、绿色化、集约化将驱动产业升级，竞争 性出让背景下或催生"资源+资本+技术"新型商业模式，生态修复强制要求推动企业推广"采前预防、采 中控制、采后修复"技术体系，行业集中度迈上新台阶，增强抗周期能力。（张舒琳） 消息面上，2025年6月30日全国启动迎峰度夏能源保供工作，煤炭企业加强"产供储销"体系建设以应对 夏季用能高峰；Mysteel统计显示，6月底全国462家矿山产能利用率环比下降1.6个百分点至92.9%，产 地供给小幅收紧。 中证网讯 7月4日，煤炭ETF（515220）盘中涨超1 ...

Group 1 - The coal market is experiencing a seasonal improvement in supply and demand, with port coal prices stabilizing at 609 yuan/ton as of June 20, maintaining stability since June 5 [1] - Production in major coal-producing regions is affected by safety and environmental inspections, leading to some coal mines reducing output or undergoing maintenance, but overall supply remains stable [1] - The capacity utilization rate of sample coal mines in the Sanxi region has increased by 0.09 percentage points, indicating a slight improvement in production efficiency [1] Group 2 - On the demand side, daily coal consumption at power plants has increased, with coastal and inland power plants seeing week-on-week rises of 60,000 tons and 292,000 tons respectively, while power plant inventories are at relatively low levels compared to last year [1] - Non-electric demand, particularly from the chemical sector, remains high, with a 1.41 percentage point increase in coal consumption, while metallurgical demand shows resilience despite being in the off-season [1] - In the coking coal sector, supply continues to contract, with a 1.03 percentage point decrease in capacity utilization due to environmental inspections in Shanxi and Inner Mongolia [1] Group 3 - The coking coal demand is supported by a rebound in average daily iron and steel production, leading to improved procurement activities by coking enterprises [1] - The supply side of coke is constrained by environmental inspections and voluntary production cuts by coking enterprises, resulting in a 0.36 percentage point decrease in capacity utilization to 75.41% [1] - Overall, the coal industry maintains a supply-side constraint logic, with leading companies exhibiting characteristics of high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [1]

Group 1 - The coal industry is experiencing "high profitability, high cash flow, and high dividends" with the coal ETF (515220) rising over 1% [1] - In May, coal supply and demand conditions gradually improved, with industrial raw coal production reaching 400 million tons, a year-on-year increase of 4.2% [1] - Daily average production remained low at 13.01 million tons, while coal imports decreased by 18% year-on-year, indicating ongoing import constraints [1] Group 2 - On the demand side, industrial thermal power generation increased by 1.2% in May, reversing the decline seen in April [1] - Hydropower generation saw a larger decline of 14.3%, while the growth rate of renewable energy generation slowed down, indicating improved coal power demand [1] - As of June 13, the port price of thermal coal stabilized at 609 yuan per ton, with expectations of a price rebound due to increased summer demand [1] Group 3 - The coal ETF (code: 515220) is the only coal ETF in the market, tracking the CSI Coal Index (code: 399998), which reflects the overall performance of listed companies involved in coal mining, processing, and sales [1] - The CSI Coal Index is designed to represent the operational status of the coal sector in the capital market, showcasing its distinct industry characteristics and cyclicality [1]

从中证煤炭指数持仓的市场板块来看，上海证券交易所占比86.49%、深圳证券交易所占比13.51%。 从中证煤炭指数持仓样本的行业来看，能源占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 金融界3月31日消息，上证指数下跌0.46%，中证煤炭指数 (中证煤炭，399998)下跌1.19%，报1939.04 点，成交额74.72亿元。 数据统计显示，中证煤炭指数近一个月上涨3.21%，近三个月下跌8.83%，年至今下跌9.20%。 据了解，中证煤炭指数选取涉及煤炭开采、煤炭加工等业务的上市公司证券作为指数样本，以反映煤炭 类相关上市公司证券的整体表现。该指数以2008年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证煤炭指数十大权重分别为：中国神华（10.63%）、陕西煤 ...