On November 13th, an open-source security research report stated that reviewing the coal industry over the past twenty years, coal stocks mostly exhibit cyclical characteristics, with the stock prices of coal companies showing a basic correlation between rising and falling along with coal prices; in the past three years, coal stocks have begun to show dividend characteristics, especially starting from the fourth quarter of 2023, as the domestic economy slows down and interest rates decline, coal stocks have evolved to possess characteristics of ample cash flow and high dividends, making them the preferred defensive investment allocation strategy. Up to now, the dividend characteristics of coal stocks have deeply rooted in people's minds, but in reality, as traditional cyclical stocks, the cyclical characteristics of coal stocks still exist, and currently, coal stocks have both cyclical and dividend attributes. Although coal prices have been continuously falling since 2021, a more accurate statement would be "returning to rational levels", as the current coal prices are at a near-four-year low, presenting reasonable and sustainable high profitability, which forms the basis for future investment in coal stocks.