Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The new "Mineral Resources Law" marks a historic transition for the coal industry from "scale and speed" to "quality and efficiency," which will accelerate the elimination of outdated production capacity in the short term and promote a "safe, green, and efficient" modern coal industry system in the long term [1][4] Summary by Sections New "Mineral Resources Law" Key Points - The law introduces a market-oriented mechanism for mineral rights allocation, emphasizing competitive bidding and auctioning, which aims to eliminate administrative barriers and promote fair market access [2][4] - It establishes a clear property rights system for mineral resources, ensuring legal protection for mining rights and separating property rights from administrative permits [3][4] - The law enhances ecological restoration responsibilities, requiring mining companies to undertake full lifecycle restoration obligations and establishing a funding mechanism for ecological repair [3][4] Impact on the Coal Industry - In the short to medium term, the coal industry faces increased resource acquisition costs and market segmentation, potentially accelerating the exit of smaller coal mines [4] - The overall cost curve for coal production is expected to rise due to higher ecological restoration and safety requirements, which may support coal prices [4] - Long-term trends indicate a shift towards market-driven, green, and intensive development, with potential for new business models integrating resources, capital, and technology [4][5]