全市场唯一煤炭ETF（515220）规模破百亿！近10日净流入超20亿元，盘中涨超1.5%！机构："反内 卷"政策指引，煤炭或迎上行新周期 中泰证券表示，"反内卷"政策指引下"超产核查"或持续推动行业自律，驱动煤炭供应收缩。鉴于政策从 预期到落地存在时间差，短期建议弱化对报表盈利的过分关注，强化对"反内卷"政策推进力度与广度的 评估，重点关注流动性及风险偏好持续改善带动下的估值提升确定性，把握煤炭投资机会，迎接煤炭上 行新周期。 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 作为市场唯一一只煤炭ETF，煤炭ETF（515220）跟踪中证煤炭指数（399998），截至8月22日，股息 率达4.97%，在无风险利率下行的背景下配置价值凸显。可考虑逢低分批布局煤炭ETF（515220）及其 联接基金（联接A：008279；联接C：0082 ...

Group 1 - The core viewpoint indicates that port coal prices have increased by 16 CNY/ton week-on-week, with coal prices in Shanxi and Inner Mongolia rising by 16 CNY/ton and 15 CNY/ton respectively, driven by good shipment from coal mines and low inventory levels [1] - The demand side shows a slight increase in iron and steel production by 0.46 million tons, providing some support for the essential demand [1] - Overall, the supply constraints in the coal mining industry remain unchanged, indicating a stable market environment [1] Group 2 - The coal ETF (515220) tracks the China Securities Coal Index (399998), which selects listed companies involved in coal mining, washing, and coking to reflect the overall performance of the coal industry [1] - The constituent stocks cover major segments of the coal industry chain, exhibiting significant industry concentration and cyclical characteristics [1] - Investors without stock accounts can consider the Guotai CSI Coal ETF Connect C (008280) and Guotai CSI Coal ETF Connect A (008279) for investment opportunities [1]

Group 1 - The core viewpoint is that coal prices are expected to continue rising due to various factors including weather conditions and regulatory measures [1] - In the thermal coal sector, despite the alleviation of typhoons and heavy rainfall, recovery of production capacity will take time, leading to increased daily consumption by power plants [1] - For coking coal, supply contraction continues due to inspections in Shanxi and Inner Mongolia, while downstream steel mills maintain high operating rates and iron output, supporting profitability [1] Group 2 - The coal ETF (515220), which tracks the CSI Coal Index (399998), has a dividend yield exceeding 5% as of August 12, highlighting its investment value in a declining risk-free interest rate environment [1] - Investors are encouraged to consider gradually accumulating positions in the coal ETF (515220) and its linked funds (Link A: 008279; Link C: 008280; Link E: 022501) to capitalize on investment opportunities in the coal sector [1] - For investors without stock accounts, attention is drawn to the Guotai CSI Coal ETF Link C (008280) and Link A (008279) [1]

中泰证券表示，"反内卷"政策指引下"超产核查"或持续推动行业自律，驱动煤炭供应收缩。鉴于政策从 预期到落地存在时间差，短期建议弱化对报表盈利的过分关注，强化对"反内卷"政策推进力度与广度的 评估，重点关注流动性及风险偏好持续改善带动下的估值提升确定性，把握煤炭投资机会，迎接煤炭上 行新周期。 注：数据来源：wind，截至2025.8.12，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 作为市场唯一一只煤炭ETF，煤炭ETF（515220）跟踪中证煤炭指数（399998），截至8月12日，股息 率超5%，在无风险利率下行的背景下配置价值凸显。可考虑逢低分批布局煤炭ETF（515220）及其联 接基金（联接A：008279；联接C：008280；联接E：022501），把握煤炭板块投资机会。 没有股票账户的投资者可关注国泰中证煤炭ETF联接 ...

Group 1 - The coal market is currently operating steadily with a slight upward trend in prices for thermal coal and coking coal, driven by stable end-user demand and recent price increases by major groups [1] - The coal ETF (515220) saw a net inflow of over 150 million, indicating strong investor interest in coal-related investments [1] - The China Securities Coal Index (399998), which the coal ETF tracks, reflects the overall performance of listed companies involved in coal mining and processing, highlighting the cyclical and resource-oriented characteristics of the energy sector [1] Group 2 - High shipping costs and concentrated supply in the port market are contributing to a price environment that is more prone to increases than decreases [1] - The daily consumption of electricity by power plants remains high, suggesting that short-term coal prices are likely to continue to rise moderately [1] - Long-term supply checks may disrupt coal supply, which could help stabilize prices and optimize market order [1]

每日经济新闻 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2025.8.8，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。 国泰海通证券表示，供给最大变化来自于反内卷，截至2025年上半年国内总产量24亿吨，预计下半 年产量有所下滑，预计全年产量同比去年持平微降，叠加全年进口量确定性下滑（6月中国进口煤炭总 量创三年来新低，同比下降25.93%，7月继续同比下滑22.9%，也是今年连续五个月同比下降），预计 全年供给端同比2024年有所下滑。2025Q2或为基本面的拐点，煤炭行业充分的下行风险释放，对于中 长期看下行风险可控并已经清晰的背景下，值得更多的长线资金配置。 作为市场唯一一只煤炭ETF，煤炭ETF(515220)跟踪中证煤炭指数（399998）， ...

Group 1 - The coal market is currently operating with a stable to strong trend, with both thermal coal and coking coal prices showing an upward trajectory [1] - Production limitations due to rainfall and some coal mines completing monthly tasks leading to production halts or reductions have tightened overall supply in the production areas [1] - The port's incoming coal volume is running at a low level, resulting in a continuous decline in inventory, making high-quality resources scarce in the market [1] Group 2 - Stable demand from end-users, recent price increases by large groups, and the continuous decline in inventory at northern ports have boosted market confidence, leading to increased purchasing enthusiasm among traders [1] - Current high shipping costs at ports and concentrated supply sources create a situation where prices are more likely to rise than fall, indicating a challenging environment for price declines [1] - The coal ETF (515220) tracks the CSI Coal Index (399998), which reflects the overall performance of listed companies involved in coal mining, processing, and sales, highlighting the industry's cyclical nature and sensitivity to macroeconomic conditions [1]

Group 1 - The core viewpoint is that with the gradual recovery of coal prices, supply-side policy expectations are once again catalyzing sector sentiment, potentially leading to a new round of opportunities in the coal sector [1] - It is anticipated that under the resonance of supply and demand expectations, the sector may experience significant upward movement, especially if supply-side policies and growth stabilization policies further overlap [1] - The coal ETF (515220) tracks the China Securities Coal Index (399998), which selects representative companies from the coal industry to reflect market performance and development trends [1] Group 2 - The China Securities Coal Index emphasizes the scale and liquidity of companies, providing insights into the overall supply and demand situation and market dynamics of the coal industry [1] - Investors without stock accounts can consider the Guotai China Securities Coal ETF Link C (008280) and Guotai China Securities Coal ETF Link A (008279) [1]

Group 1 - The coal ETF (515220) saw a net inflow of over 120 million yesterday, indicating strong investor interest in the coal sector [1] - Since late June, coking coal prices have shown strong performance, with the price of Liulin No. 4 coking coal rising 35% from the early July low [1] - The price ratio of Liulin No. 4 coking coal to raw coal is currently 2.35, above the five-year average of 1.97, suggesting potential for raw coal price increases if coking coal prices remain strong [1] Group 2 - Historical data shows that strong increases in coking coal prices since the end of 2021 typically last over three months, impacting thermal coal prices through a transmission mechanism [1] - The price ratio of Datong South Suburb weak coking coal to Liulin No. 4 raw coking coal is 0.82, higher than the historical average of 0.75, indicating potential for thermal coal price increases if raw coking coal prices rise [1] - Recent production cuts in Shanxi coal mines due to accidents and environmental factors, combined with increased downstream inventory demand, support the coal price fundamentals [1] Group 3 - The coal ETF (515220) tracks the CSI Coal Index (399998), which selects listed companies involved in coal mining, washing, and sales to reflect the overall performance of the coal industry [1] - The index constituents are representative of the industry and focus on the energy sector, reflecting market dynamics and economic value of the coal industry [1] - Investors without stock accounts can consider the Guotai CSI Coal ETF Connect C (008280) and Guotai CSI Coal ETF Connect A (008279) for exposure to the coal sector [1]

Group 1 - The only coal ETF in the market (515220) has exceeded 7 billion yuan in scale, with a net inflow of over 570 million yuan yesterday [1] - During the last round of supply-side reform in the coal industry, the sector saw a growth of 31.55% by the end of 2017. The current round of reform policies is expected to benefit related industries [1] - Since the supply-side reform began in 2016, outdated production capacity in the coal industry has been continuously eliminated, leading to significant optimization of the production capacity structure [1] Group 2 - The coal industry policy in China is shifting from scale expansion to quality prioritization, with the "anti-involution" policy expected to further control the increase in coal supply [1] - In June, coal imports reached a two-year low, indicating a strong certainty of decline in import volumes [1] - From the demand side, the growth rate of thermal power generation turned positive since late May, with a year-on-year increase of 4.83% in early July [1] Group 3 - The national power load has repeatedly set historical highs, surpassing 1.5 billion kilowatts for the first time on July 16, indicating a potential marginal improvement in electricity demand [1] - The third quarter is expected to maintain high levels of iron and steel production, providing strong support for coking coal demand [1] - The supply-demand dynamics are showing marginal improvement, coupled with the acceleration of the "anti-involution" policy, leading to strong expectations for coal price recovery [1]