Group 1 - The coal sector in Hong Kong experienced a rally, with notable increases in stock prices for companies such as Yida Zong (up 2.20%), Yanzhou Coal (up 1.11%), and Mongolia Energy (up 1.28%) [1][2] - The National Development and Reform Commission, along with five other departments, released the "Key Areas for Clean and Efficient Utilization of Coal Benchmark Levels and Baseline Levels (2025 Edition)" [1] - According to Cinda Securities, the coal sector is characterized by "anti-involution" properties and has not fully reflected profit recovery expectations, indicating a strategic investment opportunity in high-quality coal companies [1] Group 2 - The coal sector is supported by high dividend safety margins and potential for price increases and valuation recovery, suggesting medium to long-term investment opportunities [1] - Open Source Securities believes that the "anti-involution" trend is reshaping the core value of coal, balancing both cyclical and dividend advantages [1]