CITIC SEC's Research Reports pointed out that on December 17, 2024, the State-owned Assets Supervision and Administration Commission issued the "Several Opinions on Improving and Strengthening the Market Cap Management of Central Enterprises Controlling Listed Companies" (referred to as "Opinions"), clarifying the goals and directions of Market Cap management for central enterprises, and proposing improvements and enhancements in six areas, including mergers and acquisitions, and Share Buyback. CITIC SEC believes that the multifaceted measures in the "Opinions" will benefit the Coal Sector, with traditional central enterprise Coal leaders, Coal companies poised for stable growth in fundamentals, and underperforming Coal companies all expected to gain advantages.