On November 20, Gelonghui reported that Everbright's research report indicated that China Shenhua Energy (601088.SH) is an energy giant with a full industry chain layout in the coal upstream and downstream, with a significant competitive advantage in the coal business. In 2024, the supply and demand for coal will remain basically balanced, and port prices (5500 kcal) will continue to stay above 800 yuan/ton supported by marginal factors (coal transportation from Xinjiang and long-term contract prices). Under the assurance of production and sales volume, prices, and dividend ratios, the company's profitability and dividends are guaranteed in the coming years. The bank believes that China Shenhua, as a comprehensive energy leader, features stable profitability, significant scale advantages, and integrated operation, and has been given an initial coverage rating of 'shareholding'.