Abstract: In view of the problem of downward challenges faced by the coal industry in the price cycle,the price of thermal coal in 2024 fell by 74% from its peak value,the net profit decrease of leading enterprises reaches 1.05%-22.92%.Small and medium-sized coal enterprises are generally facing losses.Based on the theory of industry finance synergy,the capital operation models of enterprises such as Yankuang Energy,China Shenhua and others are compared and analyzed.The demonstration shows that leading enterprises achieve risk hedging through new energy industry fund （Shenhua）,coal based new material extension （China Coal） and cross-border asset securitization （Yankuang’s debt ratio decreases by 12.7%）,and regional enterprises rely on supply chain finance （Shaanxi Coal） to stabilize cash flow.The research finds that the current strategy has limitations such as industry finance synergy shallow stratification,insufficient application of derivative tools,etc.It is suggested to construct a “three in one” risk control system of "futures hedging+renewable energy ABS+cyclical reserve fund",and revitalize stock assets by replacing REITs with coal production capacity.The research provides replicable capital operation paths for coal enterprises transformation,and has decision-making reference value for balancing industry cycle fluctuations.