GTJA believes that the reshaping of the valuation of the coal sector is underway, reflecting not only profound changes in supply and demand in the coal industry, gradually becoming more like a public utility, but also reflecting the investment strategy of high dividend assets becoming increasingly favored by the market under a background of scarcity of assets and a downward trend in risk-free interest rates. We recommend leading companies with high profitability, stability, and predictability of earnings; recommend China Coal Xinji Energy, which integrates coal and electricity; recommend state-owned enterprises leading the reform and development of the country.