The "anti-involution" trend is expected to promote the healthy development of the coking coal industry, with the coal ETF Guotai (515220) rising over 1.2% during the trading session

The trend of "anti-involution" is expected to promote the healthy development of the coking coal industry, with the coal ETF Cathay (515220) rising over 1.2% during intraday trading on March 26. Zheshang Securities pointed out that global coking coal supply is contracting, with an expected CAGR of -0.7% for global coking coal production from 2025 to 2030. The increase in domestic pig iron production and the recovery in demand for building materials may help to rectify the supply-demand mismatch in coking coal. Overseas factors, such as Russia's suspension of coal exports, will also impact supply. The coking coal/crude oil price ratio is at a ten-year low, indicating that coal prices are undervalued, and it is expected that companies will actively replenish their inventories. This ETF tracks the China Securities Coal Index, reflecting the overall performance of the coal industry