Huatai Securities Research Report pointed out that it is optimistic about the dividend logic of the coal sector under the expectation of interest rate cuts. Although the average daily consumption of 25 provinces from December 1 to 17 increased by 13.6% compared with November, the average daily inventory still increased slightly by 0.2%. Under the loose supply and demand, coal prices may still face downward pressure in the short term, but it is expected that the total electricity consumption in the society will maintain a high growth rate of 6.1% in 2025, driving the growth of power coal demand by 2.1% and the growth of total coal demand by 1.1%. Coal demand may still be resilient. Under the condition that the central price of coal moves downward but is still expected to remain above the long-term contract price range, the leading thermal coal companies with high long-term contract ratios are still expected to maintain stable profits and high dividend ratios. Under the expectation of reserve requirement ratio and interest rate cuts, it is still optimistic to configure the coal sector based on the dividend spread logic.