Core Viewpoint - The new "Coal Mine Safety Regulations" will significantly impact the coal mining industry, with constraints on capacity release and increased operational costs [1] Group 1: Regulatory Impact - The new regulations will impose constraints on the capacity release of coal mines affected by dynamic pressure, involving 138 mines and over 400 million tons of capacity [1] - The regulations include 56 new articles and substantial modifications to 353 articles, set to be implemented in February 2026 [1] Group 2: Cost and Operational Changes - Production and operational costs are expected to rise due to higher construction standards for gas-prone mines, requiring gas pressure to be reduced to below 2 MPa before operations [1] - Increased expenses for coalbed methane extraction and the requirement for dedicated deputy chief engineers and smart technology investments may lead to the consolidation or exit of small coal mines, potentially increasing industry concentration [1] Group 3: Resource Development - The regulations will enhance resource continuity capabilities by allowing mining depth limits to be extended to 1,200 meters, facilitating the development of deep resources [1] Group 4: Market Performance - The supply-side constraints remain unchanged, with recent continuous increases in thermal coal prices, indicating high dividend and allocation value in the sector [1] - The coal ETF (515220) tracks the CSI Coal Index (399998), which selects listed companies involved in coal mining, processing, and related industries, reflecting the overall performance of the coal sector [1]