中泰证券：把握煤炭估值修复与业绩弹性双重催化下的投资机会

Group 1 - The core viewpoint of the article is that the coal sector is expected to enter a new upward cycle due to a combination of "loose monetary policy, low interest rates, and improved risk appetite" in the market [1] - The report highlights that the coal industry is gradually moving towards high-quality development, driven by policies aimed at reducing overcapacity, which will further strengthen the expectations for production cuts [1] - It suggests that there is a time lag between policy implementation and market reality, indicating that sector rotation may occur imminently, thus advising investors to focus less on short-term earnings reports and more on liquidity and risk appetite improvements [1] Group 2 - The report emphasizes the importance of valuation recovery and earnings elasticity in the coal sector, suggesting that these factors will create investment opportunities as the industry enters a new upward cycle [1] - It encourages investors to adopt a broader perspective rather than fixating on short-term financial performance, as the ongoing improvements in liquidity and risk appetite are expected to drive valuation increases [1]