On December 17, the State-owned Assets Supervision and Administration Commission of the State Council issued "Several Opinions on Improving and Strengthening the Market Cap Management Work of Central Enterprises Holding Listed Companies" (hereinafter referred to as the "Opinions"). It clarified the market cap management goals and directions of central enterprises and proposed improvements and enhancements in six areas, including mergers and acquisitions and Share Buyback. In response, CITIC SEC's Research Reports analysis stated that the multi-faceted policy of the "Opinions" will benefit the Coal Sector. Traditional central enterprise coal leaders, coal companies with stable growth fundamentals, and those with low PB are expected to benefit. A reporter called China Coal Energy (601898.SH) as an investor; it is a leading central enterprise in coal with a low PB. A representative of China Coal Energy responded that the requirements proposed in the "Opinions" are clearer and are Bullish for the company. The company will study and reference the policy requirements to further optimize its market cap management work.