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Core Viewpoint - The article emphasizes that there is no such thing as a sunset industry; profitable companies are always good companies, regardless of the sector they operate in [2]. Group 1: Coal Industry Insights - The author observed that coal stocks had attractive dividend yields, with some Hong Kong-listed companies exceeding 10% [4]. - Key factors for analyzing coal companies include reserves, coal quality, coal prices, extraction costs, and transportation costs [9]. - There is a significant valuation disparity among coal stocks, primarily due to the perception of coal as a sunset industry, leading to substantial discounts in valuations [9]. Group 2: Market Perception and Valuation - The market is divided on the future of coal; some believe the transition to renewable energy will happen quickly, while others think it will take much longer, affecting their investment outlook [10][11]. - The author initially held a negative bias towards coal stocks, influenced by the perception of them as sunset industries, despite recognizing their solid performance metrics [12]. - The article draws a parallel between coal and other industries, such as liquor, suggesting that market skepticism can cloud judgment and lead to missed investment opportunities [14].