民生证券给予中国神华推荐评级，事件点评：大规模资产收购启动，黑金龙头再启航

Group 1 - The core viewpoint of the report is a recommendation for China Shenhua (601088.SH) with a latest price of 37.56 yuan [2] - The asset coverage includes "coal, electricity, chemical, transportation, and sales," which addresses industry competition issues and enhances integrated operational capabilities [2] - Post-restructuring, the coal resource volume and production capacity have significantly increased [2] - The company is expected to maintain a high dividend payout ratio [2] - The company has ample cash on hand, which is likely to improve its cash utilization and enhance overall ROE [2]