机构：“反内卷”重塑煤炭核心价值

Core Viewpoint - The coal sector is undergoing a transformation characterized by a "de-involution" trend, which is reshaping its core value and presenting medium to long-term investment opportunities due to the recovery of profitability and high dividend yields [2][3]. Group 1: Policy and Regulatory Developments - The Inner Mongolia Autonomous Region government has issued a plan for the construction of a beautiful Inner Mongolia, emphasizing the clean, low-carbon, and efficient utilization of coal energy from 2025 to 2035 [2]. - The plan includes optimizing coal production capacities in regions such as Hulunbuir, Xilin Gol, and Ordos, while also promoting advanced capacity construction in Tongliao and managing rare coal types [2]. Group 2: Market Dynamics and Investment Outlook - According to Xinda Securities, the coal sector possesses "de-involution" characteristics and has not fully reflected the expected recovery in profitability, indicating a high dividend safety margin for quality coal companies [2]. - Open Source Securities highlights that coal has transitioned from being a traditional cyclical stock to embodying both cyclical and dividend attributes, making it a recognized value asset in a weak economic environment [3]. - The dual attributes of coal as both a cyclical and dividend stock are expected to position it as a priority asset for market capital allocation, especially in the context of supply-demand mismatches influenced by policy and market adjustments [3].