Ge Long Hui A P P·2025-08-06 07:59Core Viewpoint - China Shenhua's acquisition plan aims to resolve industry competition, positioning the coal leader for stable long-term growth [1] Company Summary - The acquisition includes stakes in several subsidiaries of the State Energy Group, such as Guoyuan Power, coal-to-oil chemical companies, and various energy and mining companies, with total assets expected to be in the hundreds of billions [1] - The company's performance in the first half of the year shows strong resilience, and the dividend yield remains attractive [1] - Coal prices are stabilizing, and the initial phase of supply-demand rebalancing enhances the certainty and appeal of dividends from leading companies [1] Industry Summary - The valuation sensitivity of non-perpetual assets is high concerning duration length, indicating that the company has a robust ability to withstand overall demand fluctuations in the coal industry compared to the industry average [1] - The financial statements and fundamental aspects of the company reflect a strong resistance to demand volatility in the coal sector [1] - The company maintains a "buy" rating, suggesting confidence in its future performance and stability within the industry [1]