: Seize the investment opportunities under the dual catalysis of coal valuation repair and performance elasticity, and usher in a new upward cycle in the coal industry.

Zhongtai Securities released a research report stating that in the bull market background of "loose monetary policy, low interest rates, and improving risk appetite", market styles will fluctuate significantly, and sector rotation will reappear; coupled with the catalytic effect of the "anti-insulation" policy on expected capacity contraction, and the gradual shift of the coal industry towards high-quality development, the coal sector is expected to usher in a new upswing cycle. There is still a time gap between policy expectations and implementation, sector rotation may happen soon, so it is recommended to "discard the magnifying glass" to weaken excessive focus on short-term financial performance, focus instead on the certainty of valuation enhancement driven by continuous improvement in liquidity and risk appetite, grasp the investment opportunities arising from coal valuation repair and performance resilience under the dual catalyst, and welcome the new upswing cycle of coal.