CITIC Securities: If the subsequent coal prices stabilize and rebound, companies with long-term "low dividend volatility" attributes are still worth looking forward to.

CITIC Securities stated that in 2024, impacted by the decline in coal prices and regional safety supervision factors, the overall profits of the coal sector significantly decreased, and the operating cash flow and free cash flow of the sector also contracted to a certain extent. However, despite the decline in performance, coal enterprises overall increased their dividend payout ratio, demonstrating the leading companies' proactive attitude in rewarding investors. In Q1 2025, the continued decline in coal prices further dragged down the sector's performance. Looking ahead for the whole year, we believe that there is still support for the bottom of coal prices, and the pressure on the demand side has also been temporarily priced in. If coal prices stabilize and rebound in the future, companies with long-term "low volatility dividend" attributes are still worth favoring.