就预期而言,在当前煤炭全面告急的背景下,资源税费的改革将可能会因此推后,政策性成本的短期压力已经减少。而煤炭企业的资产注入已拉开帷幕,大同煤业即为具体案例。我们相信,煤炭企业资产注入会加速。在排除全市场系统性风险背景下,超配煤炭股是合适的选择。 As far as is expected, under the current overall coal emergency situation, the reform of resources, taxes and fees will likely be delayed and the short-term pressure on policy costs has been reduced. The injection of assets into the coal business has kicked off, Datong Coal Industry is the specific case. We believe the injection of assets from coal enterprises will accelerate. In the context of excluding systemic risk in the market, overweight coal stocks is the right choice.