长协政策保持连贯，履约监管或加强

Investment Rating - The report maintains an "Overweight" rating for the coal industry [4][32]. Core Views - The long-term contract policy for coal remains consistent, with enhanced compliance supervision expected [4][6]. - The price mechanism has been slightly adjusted, with the inclusion of the China Electric Coal Procurement Price Index (CECI) in the floating price calculation, but the impact on long-term contract prices is expected to be limited [5][8]. - The reduction in task volume requirements for coal companies and the relaxation of compliance requirements may alleviate supply pressure and increase profitability for leading companies with high long-term contract ratios [8][17]. Summary by Sections Long-term Contract Policy - The National Development and Reform Commission has issued a notice for the signing and compliance of long-term coal contracts for 2025, maintaining consistency with 2024 policies [4]. - Key changes include a slight adjustment in the pricing mechanism and a reduction in the minimum task volume for coal companies from 80% to 75% of their own resources [4][6]. Price Mechanism - The floating price calculation now includes CECI alongside three other indices, with a minimal average difference of 0.6 RMB/ton observed over the past 12 months [5][8]. - The price range for port contracts remains between 570-770 RMB/ton [5]. Compliance Supervision - New compliance measures have been introduced, linking performance evaluations to various support policies, indicating a stronger commitment from the government to enforce long-term contract compliance [7][8]. - The minimum compliance requirement has been adjusted to 90% for the year, providing more flexibility for coal companies [6][7]. Company Recommendations - The report recommends buying shares of China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry, highlighting their strong performance and high long-term contract ratios [8][17]. - Specific target prices are set at 51.40 RMB for China Shenhua, 16.90 RMB for China Coal Energy, and 32.90 RMB for Shaanxi Coal [4][16].