According to the GF Securities Research Report, the prices of thermal coal and coking coal have continued to rise recently. Recently, the focus has been on (1) domestic policy: safety in the mining sector is still a key target of supervision. June will usher in production safety month, and the coal industry output in the second quarter of the previous year was not high; (2) quarterly annual report summary: steady operation in 2023, volume and price decline in the first quarter of 2024, profit or stabilization later; (3) domestic supply and demand: domestic supply continues to be low and demand expectations improve; (4) international supply and demand side: demand in emerging markets is improving in 2024, with supply increases mainly from India, Indonesia and Mongolia.