Abstract: The coal capacity replacement policy in China has played a pivotal role in regulating supply and demand, ensuring national energy security, promoting the transition to new and retiring old production capacities, and effectively managing workforce transitions. This study examines related policies, summarizes the characteristics of coal capacity replacement index trading, analyzes methods for obtaining capacity indicators, outlines constituent elements of ordinary transactions, conducts a preliminary study on situations not conforming to these elements in practice, and proposes improvement suggestions that can be used as a reference for other industries and types of index-based rights.