Everbright's Research Reports indicate that China Coal Energy (601898.SH), as a leading Thermal Coal enterprise, has characteristics of steady profitability and low valuation, initiating coverage with a "Shareholding" rating. The company holds proven reserves of 26.65 billion tons and recoverable reserves of 13.87 billion tons, ranking third among listed companies in terms of proven reserves and first in recoverable reserves. Based on recoverable reserves and 2023 production, the average recoverable lifespan of the company's coal is as high as 103 years. With guarantees in production and sales volume, prices, and dividend ratios, the company's profitability and dividends are assured for the next few years.