China Great Wall Securities' research report points out that against the backdrop of emphasizing safe production on the policy side, there is an expectation of supply contraction in the coal sector, resulting in stable performance and robust profitability. It is recommended to focus on: 1) leading state-owned enterprises in the industry with strong performance resilience, paying attention to China Shenhua Energy, Shaanxi Coal Industry, etc. 2) With downstream demand gradually recovering, bullish on the future price increase space of coking coal, focusing on Pingdingshan Tianan Coal Mining, etc. 3) Integrated operation of upstream and downstream, strong performance stability to withstand cyclical fluctuations, focusing on Anhui Hengyuan Coal Industry and Electricity Power, etc.