煤炭行业点评：政策支持力度提升，红利价值持续显现

Investment Rating - The report maintains an "Outperform" rating for the coal mining industry, indicating a positive outlook compared to the market [2]. Core Insights - The coal industry is experiencing increased policy support, which is expected to enhance its value proposition and dividend potential [2][4]. - Recent regulatory changes, including a reduction in dividend handling fees, are anticipated to boost cash dividends for coal companies, thereby enhancing investor returns [4][5]. - The central bank's introduction of a repurchase and refinancing tool is likely to favor high-dividend coal stocks, making them attractive for future investment [5][6]. Summary by Sections Market Performance - The coal mining sector has shown a market performance decline of 12% compared to the Shanghai and Shenzhen 300 index [2]. Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) has issued guidelines to improve the market value management of state-owned enterprises, which is expected to positively impact coal companies currently trading below their net asset value [4]. Dividend Policies - The new dividend handling fee policy will reduce costs for coal companies, potentially saving around 55.77 million yuan based on 2023 dividend distributions, which could lead to increased dividend payouts [4]. Investment Recommendations - The report highlights three key investment directions: 1. High-quality dividend stocks, recommending companies like Shaanxi Coal and China Shenhua [6]. 2. Stocks with dual-coke elasticity, recommending companies such as Lu'an Environmental Energy and Pingdingshan Coal [6]. 3. Long-term growth stocks, recommending companies like Guanghui Energy and Gansu Energy Chemical [6].