GTJA points out that the dividend investment strategy is still at the core of the sector. In 2025, the center of coal prices remains stable, and the clarity and predictability of profits for leading enterprises continue to increase. The coal sector is core with expectations of further emphasis on policy and under the backdrop of marginal weakening in supply and demand. Looking ahead to 2025, 'stability' remains the industry's keyword, with coal prices having a solid foundation and marginal weakening in supply and demand. With gradual policy implementation expectations, seeking 'certainty' is also an investment strategy. The normalization of coal under holdings by institutions is likely to have higher certainty. 1) Institutional positions have been relatively low over the past 5 years, with continued downward risks not significant. In the context of synchronous domestic and foreign interest rate cycles trending down, the logic of high dividend allocations for long-term funds remains unchanged; 2) With progressive policy implementation expectations, the likelihood of demand realization after the March 'spring start' is low, and investment certainty may still be an investment strategy; 3) In 2025, without considering policy stimulus, the fundamental certainty of coal may still lead among all industries.