On July 7th, gtja's research report pointed out that the reshaping of the valuation of the coal sector is underway, reflecting not only the profound supply and demand structural changes in the coal industry, gradually becoming a public utility, but also reflecting the investment strategy issue that high dividend assets with high profitability stability and predictable profitability are more favored by the market under the background of asset shortage and the trend of decreasing risk-free interest rates. The report recommends high-quality, leading companies with stable profits and foreseeable profitability; recommends the integration of coal and electricity; recommends long-term coking coal contracts; recommends leading central enterprises in national reform; recommends leading coal spraying companies; recommends turning points in fundamental targets.