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。 （文章来源：每日经济新闻） 国泰海通表示，7月份，煤炭供需格局显著改善，主要得益于需求端的强劲表现和供给端的收缩。全社 会用电量同比增长8.6%，火电发电量同比增长4.3%，增速较6月加快3.2个百分点，反映出电力需求的高 增长。与此同时，供给端因极端天气等因素导致原煤产量环比下降4000万吨，内蒙、陕西等主要产煤区 域的产销受阻进一步加剧了供给紧张。此外，国家能源局组织重点产煤省份开展煤矿生产核查，严禁超 能力生产，行业"反内卷"政策持续发酵，进一步限制了供给端的扩张。 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： ...

全市场唯一煤炭ETF（515220）规模破百亿！近10日净流入超21亿元！机构：煤价支撑仍存 招商证券指出，近日动力煤市场价格小幅回落，主产区受暴雨影响供应收紧，港口价格持稳但发运 倒挂问题未根本修复。7月火电发电量同比+4.3%，夏季用煤高峰接近尾声，电厂日耗预计见顶，但供 应收紧及港口去库支撑煤价短期高位运行。炼焦煤延续弱稳，高价资源小幅回落，煤矿生产受限导致供 应提升缓慢，下游观望情绪浓，焦企按需补库，但焦炭涨价改善焦企利润，刚需支撑煤价短期偏稳震 荡。整体来看，煤炭市场供需矛盾不大，价格高位支撑仍在。 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：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C（008280），国泰中证煤炭ETF联接A （008279）。 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 ...

2025年二季度就是煤炭基本面的拐点，煤炭行业下行风险充分释放，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。 没有股票账户的投资者可以通过煤炭ETF的联接基金（008280）把握煤炭板块的投资机会。 注：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 "反内卷"背景下，煤炭ETF（515220）持续吸金，近10日净流入额超20亿元，近20日净流入额超30 亿元，当前规模超104亿元，成为周期板块中规模最大的ETF。 国家能源局7月31日表示，组织晋、陕、蒙、新等重点产煤省（区）开展煤矿生产情况核查，督促 企业严格按公告能力组织生产，严禁超能力生产，行业反内卷值得继续重视。8月13日，国家矿山安全 监察局新闻发布会《煤矿安全规程（2026版）》发布，继续加重强调安全生产。 1）需求端：7月全社会用电量同比+8.6%，火电发电量同比+4.3%，增速比 6月份加快3.2个百分 点，供需格局大幅好转。 2）供给端：7 ...

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 revised Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to regulate low-price disorderly competition among enterprises [1] - The Central Financial Committee emphasized the need to govern low-price competition and promote the orderly exit of backward production capacity [1] - The Ministry of Industry and Information Technology announced plans to implement growth stabilization work for ten key industries, including steel and non-ferrous metals, to eliminate backward production capacity [1] Group 2 - The "anti-involution" policy is gaining momentum, leading to a renewed outlook for cyclical industries, with July's PPI showing a month-on-month decline of 0.2%, the smallest drop since March [2] - The current supply-demand imbalance is more complex, with traditional industries facing "demand insufficiency" and emerging industries experiencing "supply expansion" issues [2] - The stock market has reacted strongly to the "anti-involution" policy, with industry valuations undergoing fundamental changes, indicating potential buying opportunities [3] Group 3 - Coal ETF (515220) is the only coal ETF in the market with a scale exceeding 8.1 billion, tracking the China Securities Coal Index [4] - Steel ETF (515210) is the only steel ETF in the market with a scale exceeding 3.2 billion, tracking the China Securities Steel Index [4] - The photovoltaic 50 ETF (159864) has seen over 80% growth in share this year, tracking the China Securities Photovoltaic Industry Index [4]

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]

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]