Guotai Junan Securities believes that the core logic of "global supply" + "domestic demand" continues to deduce, the fundamentals of the coal industry are strong and difficult to change, plate profits are stable, valuations are extremely low, dividends are considerable, and there is room for a substantial increase in valuation under long-term high coal prices. Recommendation: 1) steady leader: China Shenhua Energy, Shaanxi Coal Industry; 2) both growth: Huayang shares, Jingyuan Coal Power; 3) High quality elasticity: Yanzhou Mining, China Coal Energy, Lu'an Huaneng, Orchid Kechuang, Shan Coal International, Haohua Energy; 4) steady growth: Pingping Coal, Shanxi Coking Coal, Huaibei Mining, Shanghai Energy, Panjiang, Shougang Resources, China Xuyang Group.