According to the CITIC Securities Research Report, on August 10, the National Development and Reform Commission and the National Energy Administration jointly issued the “15th Five-Year Plan for the Development of the Coal Industry”, which proposes to increase the share of large-scale modern coal mine production capacity to 87% and the production capacity ratio of intelligent coal mines to 75% by 2030. The five major coal supply guarantee bases account for more than 80% of the country's output, and push coal consumption to peak. We believe that the “Plan” may push the coal supply side to a further shift from increased production and supply assurance to standardized and orderly release by raising entry standards, optimizing the production capacity structure, and strengthening supervision of overproduction. Against the backdrop of simultaneous increases in supply quality and industry concentration, coal consumption will steadily peak. The long-term supply and demand pattern of the coal industry is expected to stabilize, moderate and improve, and the resource value and profit stability of high-quality leaders may continue to strengthen.

According to the CITIC Securities Research Report, on August 10, the National Development and Reform Commission and the National Energy Administration jointly issued the “15th Five-Year Plan for the Development of the Coal Industry”, which proposes to increase the share of large-scale modern coal mine production capacity to 87% and the production capacity ratio of intelligent coal mines to 75% by 2030. The five major coal supply guarantee bases account for more than 80% of the country's output, and push coal consumption to peak. We believe that the “Plan” may push the coal supply side to a further shift from increased production and supply assurance to standardized and orderly release by raising entry standards, optimizing the production capacity structure, and strengthening supervision of overproduction. Against the backdrop of simultaneous increases in supply quality and industry concentration, coal consumption will steadily peak. The long-term supply and demand pattern of the coal industry is expected to stabilize, moderate and improve, and the resource value and profit stability of high-quality leaders may continue to strengthen.