中信证券：2025年关注煤炭行业三条投资主线

Coal Industry Overview - Coal prices have initial cost line support, and the decline may be limited [1] - The coal industry is expected to see both supply and demand growth by 2025, but supply growth may slightly outpace demand under current macroeconomic expectations, leading to a continued downward shift in coal price trends [3] - The industry maintains a "neutral" rating due to the ongoing decline in industry prosperity [3] Investment Opportunities - Once the bottom of coal prices is confirmed and dividend expectations stabilize, leading companies in the sector are expected to attract incremental funds from dividend-focused investors [2] - If economic growth exceeds expectations, the sector may see trading opportunities driven by improved expectations [2] - Three investment themes for 2025 are highlighted: 1) Leading companies with historically high dividend levels and low volatility, 2) Companies with high long-term coal contract ratios and stable performance, and 3) State-owned enterprises that are "undervalued" or may benefit from market value management efforts [2]