Dongxing Securities: "Anti-insular" in the coal industry catalyzes capacity contraction, high dividends highlight midterm investment value.

Dongxing Securities released a research report stating that the "anti-inner loop" policy will promote industry self-discipline and capacity verification. Under the constraints of the "anti-inner loop" on production and demand, coal prices are expected to steadily rise. Against the backdrop of the industry gradually moving towards high-quality development, it is expected that during the "15th Five-Year Plan" period, the resilience of thermal power demand will be sufficient, and AI computing power will drive rapid growth in new electricity demand. As a representative of stable high dividend stocks, the coal industry's asset dividend properties continue to strengthen, making it suitable as a solid investment income base.