Minsheng Securities released a research report on April 23 stating that it gave Orchid Science Innovation (600123.SH) a recommended rating. The main reasons for the rating include: 1) the sharp reduction in the four fees in 2023, which dragged down performance; 2) 24Q1 coal price decline, reduced investment income, and sharp increase in income tax rates caused loss of profits; 3) cash dividends of 53.10% in the first three quarters, with a dividend rate of 7.0%; 4) coal business profits were damaged, and there was plenty of room for future expansion; 5) 24Q1 was affected by the shutdown of production and emission reductions, and the gross margin increased sharply. (Mainichi Keizai Shimbun)