Group 1 - The coal ETF (515220) has stabilized and rebounded, with an intraday increase of nearly 1% [1] - The coal ETF has attracted over 400 million yuan in inflows recently, with a year-to-date share growth of nearly 300%, bringing its current scale to over 10.9 billion yuan [1] - According to Kaiyuan Securities, the current prices of thermal coal and coking coal are still at historical lows, providing room for a rebound [1] Group 2 - The supply-side "overproduction checks" policy is expected to lead to production cuts, while the demand-side anticipates a recovery in non-electric coal demand during the "golden September and silver October" peak season [1] - The fundamental supply-demand situation for coal is expected to continue improving, with both types of coal showing upward price elasticity [1] - Thermal coal benefits from long-term contract mechanisms and the logic of profit-sharing between coal and power companies, while coking coal, being more market-sensitive, may exhibit greater price elasticity [1]

Group 1 - The coal ETF (515220) has seen significant inflows, with over 1.9 billion yuan net inflow for 10 consecutive days and over 2.8 billion yuan for the last 20 days, bringing its current scale to over 9.3 billion yuan [1] - The National Energy Administration's recent notice regarding the inspection of coal mines' overproduction is the first measure targeting the supply side since coal prices peaked and declined from 2021 to 2022, indicating necessary conditions for a price bottom reversal [1] - There are long-term supply risks in the coal market, which opens up potential for upward price movement [1] Group 2 - Investors without stock accounts can access investment opportunities in the coal sector through the coal ETF's linked fund (008280) [2]