Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint The report predicts that in December 2025, the supply and demand of thermal coal will be generally balanced, with a year-on-year decline in production, stable imports, and a seasonal increase in demand. The price of 5500K thermal coal is expected to fluctuate strongly above 800 yuan, supported by the replenishment demand of downstream terminals during the peak season [4]. 3. Summary by Related Catalog Price and Market Analysis - **Intraday and Medium - term View**: The intraday and medium - term view of thermal coal spot is "oscillation". The core logic is that in late November, as the replenishment demand of terminal enterprises was fulfilled, domestic coal prices began to stabilize and decline. The supply is expected to maintain a negative growth pattern at the end of the year, while the demand will be boosted by the peak winter heating season in southern China, which is expected to support coal prices [4]. - **Supply**: The production bases in November and December 2024 were relatively high, and the weekly production data of thermal coal from the Steel Union in the first two weeks of November did not improve significantly compared with October. It is expected that the year - end thermal coal production will maintain a negative growth pattern [4]. - **Demand**: As December approaches, southern China will enter the peak winter heating season, driving up the coal consumption of coastal power plants, which is expected to support coal prices [4].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货铁矿石早报（2025 年 12 月 5 日） ◼ 品种观点参考 铁矿石供需格局走弱，年末钢厂检修增多，矿石终端消耗持续下行，且盈利状况未好转，矿石需 求延续弱势局面，继续拖累矿价。与此同时，国内港口到货虽有所回落，但海外矿商发运环比增加， 且两者仍处年内高位，海外矿石供应表现积极，而内矿供应相对平稳，铁矿石供应维持高位。总之， 铁矿石需求持续走弱，而供应维持高位，矿市基本面表现偏弱，高估值矿价易承压，相对利好则是市 场情绪偏暖，多空因素博弈下矿价将偏弱震荡运行，关注钢材表现情况。 （仅供参考，不构成任何投资建议） 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡偏弱 | 需求持续走弱，矿价震荡回落 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday trends of rebar 2605 are all expected to be volatile, with an overall view of being weakly volatile. The core logic is the game between expectations and reality, and steel prices will continue to fluctuate [2]. - The supply and demand of rebar are both weak. The production of rebar has dropped significantly, and the supply has reached a low level, supporting steel prices, but the improvement of short - process steel mill profits needs to be tracked. The demand for rebar continues to weaken, and the downstream industry has not improved. Although the market sentiment is warm due to the approaching major meeting, the fundamentals of rebar have not been substantially improved, and the subsequent trend will continue to be volatile [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2605, the short - term, medium - term, and intraday trends are respectively volatile, volatile, and weakly volatile, with an overall view of being weakly volatile. The core logic is the game between expectations and reality, and steel prices will continue to fluctuate. The calculation of the rise - fall range is based on the closing price of the night session (for varieties with night sessions) or the previous day's closing price (for varieties without night sessions) as the starting price and the day - session closing price as the ending price. The definitions of weak, weakly volatile, strongly volatile, and strong are based on the rise - fall percentage [2]. 3.2 Market Driving Logic - The supply and demand of rebar are both weak. The production of rebar has dropped significantly, and the supply has reached a low level, which supports steel prices. However, the improvement of short - process steel mill profits needs to be tracked. The demand for rebar continues to weaken, high - frequency indicators are running weakly at a low level, and the downstream industry has not improved, so the weak demand pattern remains unchanged, continuing to put pressure on steel prices. Due to the approaching major meeting, the market sentiment is warm, and steel prices have stabilized in a volatile manner. But the fundamentals of rebar have not been substantially improved, and the upward driving force is questionable. The subsequent trend will continue to be volatile, and the production situation of steel mills should be monitored [3]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 12 月 5 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2602 | 偏弱 | 震荡 | 震荡 偏弱 | 观望 | 降息预期升温，俄乌趋于缓和 | | 铜 | 2601 | 强势 | 强势 | 强势 | 长线看强 | 宏观宽松，矿端减产 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 期货研究报告 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：观望 核心逻辑：本周以来黄金冲高回落，沪金在 960 关口遭遇一定阻力。11 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report presents the arbitrage data of various futures varieties on December 5, 2025, including basis, inter - month spreads, and inter - commodity spreads of different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][5][7][9][10][19][20][26][29][34][40][50][51] 3. Summary of Each Section Thermal Coal - The table shows the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from November 28 to December 4, 2025. For example, on December 4, 2025, the basis was - 10 yuan/ton [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of INE crude oil was 5.07 yuan/ton, and the ratio of crude oil to asphalt was 0.1538 [7] - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 28 to December 4, 2025 are presented. For example, on December 4, 2025, the basis of rubber was - 390 yuan/ton [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, for rubber, the 5 - 1 spread was - 60 yuan/ton [10] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the LLDPE - PVC spread was 2280 yuan/ton [10] Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of rebar was 145.0 yuan/ton [20] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, for rebar, the 5 - 1 spread was 24 yuan/ton [19] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the rebar/iron ore ratio was 3.98 [19] Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of copper was - 10 yuan/ton [29] - **London Market**: On December 4, 2025, data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are presented. For example, the LME spread of copper was 50.44, and the import loss of copper was 1669.73 yuan [34] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of soybeans No.1 was - 85 yuan/ton [40] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, for soybeans No.1, the 5 - 1 spread was 48 yuan/ton [40] - **Inter - commodity Spreads**: The report mentions inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch, but specific data is not fully presented [40] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of CSI 300 was 15.97 [51] - **Inter - month Spreads**: The inter - month spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, for CSI 300, the next - month - current - month spread was - 178 [51]

1. Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - Multiple foreign institutions have raised their GDP growth forecasts for China. Goldman Sachs has adjusted its 2025 forecast from 4.9% to 5.0%, and its 2026 and 2027 forecasts to 4.8% and 4.7% respectively. The OECD has raised its 2025 forecast for China to 5.0%, and Deutsche Bank has raised its Q4 2025 GDP growth forecast to 4.6% and the full - year forecast to 5.0% [2][17]. - The Chinese economy shows signs of recovery. The real estate market in first - tier cities has improved, with the number of second - hand housing transactions in November reaching a 7 - month high. The new housing market is expected to have a pulse - like recovery in December [18]. - The global commodity market is volatile. Copper prices have reached record highs, and the price of gold is expected to rise by 15% - 30% in 2026 [5][6]. 3. Summary by Directory 3.1 Macro Data Quick View - In Q3 2025, China's GDP grew by 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. - In November 2025, the manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% in the same period last year; the non - manufacturing PMI was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Experts expect that the CPI in November will rise by 0.9% year - on - year, up 0.7 percentage points from October [2]. - The reduction of some US tariffs is an admission that tariffs push up domestic prices. The business community hopes that China and the US will focus on more cooperation [3]. - Many major projects in China are accelerating, and policy support for "two major" projects is expected to increase [3]. 3.2.2 Metals - The price of lithium iron phosphate is expected to rise, with some leading companies planning to increase the processing fee by 3000 yuan/ton in 2026 [5]. - Copper prices have reached record highs, driven by the Fed's interest - rate cut expectations and regional shortages of global copper inventories [5]. - Gold prices are expected to rise by 15% - 30% in 2026, affected by geopolitical and economic uncertainties [6]. 3.2.3 Coal, Coke, Steel and Minerals - The waterway transportation of key materials such as coal in northern Jiangsu is ensured, with 669,000 tons of coal and key materials handled by November [8]. - JFE Steel plans to acquire a 50% stake in the steel business of Bhushan Power & Steel for 157.5 billion rupees [8]. 3.2.4 Energy and Chemicals - The annual output of the Daqing Gulong continental shale oil demonstration area has exceeded 1 million tons for the first time, and the proven reserves are 158 million tons, with a planned output of 3 million tons by the end of the 15th Five - Year Plan [9]. - Chevron's capital expenditure in 2026 will be between $18 - 19 billion, mainly for US production and investments related to its Guyanese oil shares [9]. - The EU will ban the import of Russian natural gas starting from the fall of 2027 [10]. 3.2.5 Agricultural Products - Australia's beef exports have reached a record high this year, with exports in the first 11 months reaching 14 million tons, a 15% increase year - on - year [13]. - Brazil's exports of corn, soybeans and other agricultural products in December are expected to increase compared with the same period last year [13][14]. 3.3 Financial News Compilation 3.3.1 Open Market - On December 4, the central bank conducted 180.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 175.6 billion yuan on the same day [15]. - On December 5, the central bank will conduct 1 trillion yuan of 3 - month (91 - day) outright reverse repurchase operations to achieve equal - amount hedging [15]. 3.3.2 Key News - China and the US have carried out in - depth exchanges on trade and cooperation in various fields [16]. - The EU has terminated the WTO lawsuit against China's trade restrictions [17]. - The real estate market in first - tier cities has improved, and new housing sales in December are expected to have a pulse - like recovery [18]. 3.3.3 Bond Market Review - The Chinese bond market is weak, with the yields of interest - rate bonds generally rising, and the yields of 30 - year treasury bonds rising by more than 4bp [22]. - The prices of Vanke bonds have continued to adjust, with some bonds falling by more than 15% [22]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.069 on December 4, down 29 basis points from the previous trading day [27]. - The US dollar index rose 0.20% in late New York trading, and most non - US currencies fell [28]. 3.3.5 Research Report Highlights - If the Bank of Japan raises interest rates in December, Japanese government bond yields may rise, which may affect exchange rates and equity asset pricing [29]. - In December, investors are advised to actively allocate convertible bonds in the price range of 128 - 136 yuan, and pay attention to low - price large - cap bonds and low - premium equity - like bonds [29]. 3.4 Stock Market Key News - The A - share market shows a divergence between large and small indexes. The Shanghai Composite Index fell 0.06%, while the Shenzhen Component Index and the ChiNext Index rose 0.4% and 1.01% respectively [32]. - The Hong Kong Hang Seng Index rose 0.68%, and the Hang Seng Technology Index rose 1.45% [32]. - The Shenzhen - Hong Kong Stock Connect has reached its 9th anniversary, with a cumulative transaction volume of 131 trillion yuan [32].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - Short - term stock index will continue to fluctuate within a range. Today, all stock indices rebounded slightly in a volatile manner. The full - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1561.7 billion yuan, a decrease of 121.9 billion yuan from the previous day. Currently, the stock index is still in a shock - consolidation phase, lacking a market mainline and with a decline in capital trading enthusiasm. On one hand, there is a short - term lack of a mainline of policy benefits, and as the year - end approaches, the capital trading enthusiasm has declined, and the willingness of funds to liquidate and temporarily leave the market is relatively strong, limiting the short - term upward space of the stock index. On the other hand, the expectation of future policy - side benefits and the trend of long - term funds entering the market remain unchanged, providing strong support for the stock index. Moreover, the expectation of policy benefits from the Central Economic Work Conference is gradually fermenting, and investors' risk appetite is not pessimistic. In terms of options, considering the medium - to - long - term upward trend of the stock index, a bullish spread or ratio spread strategy with a mild bullish view can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - **ETF Index Performance**: On December 4, 2025, the 50ETF rose 0.26% to 3.116; the 300ETF (Shanghai Stock Exchange) rose 0.26% to 4.657; the 300ETF (Shenzhen Stock Exchange) rose 0.19% to 4.802; the CSI 300 Index rose 0.34% to 4546.57; the CSI 1000 Index rose 0.01% to 7248.66; the 500ETF (Shanghai Stock Exchange) rose 0.31% to 7.125; the 500ETF (Shenzhen Stock Exchange) rose 0.35% to 2.845; the GEM ETF rose 1.06% to 3.051; the Shenzhen 100ETF rose 0.53% to 3.399; the SSE 50 Index rose 0.38% to 2974.34; the STAR 50ETF rose 1.38% to 1.39; and the E Fund STAR 50ETF rose 1.20% to 1.35 [5]. - **Volume PCR and Open Interest PCR**: The volume PCR and open interest PCR of various options showed different changes compared to the previous trading day. For example, the 50ETF option volume PCR was 93.00 (previous day: 124.75), and the open interest PCR was 98.14 (previous day: 96.82) [6]. - **Implied Volatility and Historical Volatility**: The implied volatility and 30 - trading - day historical volatility of 2025 - December at - the - money options of various options were provided, such as the 50ETF option's implied volatility of 10.98% and historical volatility of 11.12% [7]. 3.2 Related Charts - **SSE 50ETF Options**: The report includes charts of the SSE 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [9][11][13][15][17]. - **SSE 300ETF Options**: There are charts of the SSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [20][22][24][26][32]. - **SZSE 300ETF Options**: Charts of the SZSE 300ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors are presented [33]. - **CSI 300 Index Options**: The report contains charts of the CSI 300 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [36][40][42][46]. - **CSI 1000 Index Options**: There are charts of the CSI 1000 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [49]. - **SSE 500ETF Options**: Charts of the SSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors are included [63]. - **SZSE 500ETF Options**: The report shows charts of the SZSE 500ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [76]. - **GEM ETF Options**: There are charts of the GEM ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [89]. - **Shenzhen 100ETF Options**: The report includes charts of the Shenzhen 100ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [102]. - **SSE 50 Index Options**: Charts of the SSE 50 Index's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors are presented [115]. - **STAR 50ETF Options**: There are charts of the STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [128]. - **E Fund STAR 50ETF Options**: The report shows charts of the E Fund STAR 50ETF's trend, option volatility, volume PCR, open interest PCR, implied volatility curve, and at - the - money implied volatility of various tenors [135].

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 国债期货 | 日报 2025 年 12 月 4 日 国债期货 专业研究·创造价值 国债期货震荡调整 核心观点 今日国债期货均震荡回调，其中 30 年期国债期货跌幅明显。近期国债 期货表现偏弱，主要是因为短期内降息的可能性较低，加上市场不确定性风 险因素有所缓和，国债期货上行动能有所不足。与此同时市场对明年一季度 的长债供应存在一定担忧，政策面存在利用长债置换短债以减少地方政府 偿付压力的可能性，抑制了国债期货的做多氛围。另外，临近年末，机构资 金存在止盈需求，也抑制了国债的需求。不过，货币政策环境中长期偏宽松， 长期来看国债期货仍具有较强支撑。总的来说，短期内国债期货震荡整理为 主。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。本 报告清晰准 ...

Group 1: Report Summary - The main contract LC2605.GFE of the lithium carbonate futures market closed at 93,700 yuan/ton, up 40 yuan/ton (+0.04%) from the previous day, showing a downward trend in the past 10 trading days [4]. - The spot price of lithium carbonate was 93,960 yuan/ton, down 0.35% from the previous day, showing an upward trend in the past 10 trading days [4]. - The current basis is 640 points, a positive basis (spot premium), 1,250 points stronger than the previous day, and the basis has been strengthening overall in the past 10 trading days [4]. - The registered warehouse receipt volume of lithium carbonate was 10,422 lots, an increase of 770 lots (+7.98%) from the previous day, and the warehouse receipts have been decreasing overall in the past 10 trading days [4]. - The expectation of partial mine end resumption suppresses prices [4]. Group 2: Industry Dynamics - The main contract closing price of lithium carbonate futures was 93,700 yuan/ton, up 40 yuan from the previous day and down 2,120 yuan from the previous week; the settlement price was 93,320 yuan/ton, down 1,580 yuan from the previous day and down 3,700 yuan from the previous week [6]. - The price range of Australian CIF6 Chinese spodumene concentrate was 1,150 - 1,190 US dollars/ton, down 40 US dollars from the previous day and down 30 US dollars from the previous week [6]. - The price of Chinese domestic lithium carbonate (99.5% electric) was 93,960 yuan/ton, down 330 yuan from the previous day and up 620 yuan from the previous week [6]. Group 3: Related Charts - The report includes charts on ore and lithium prices, such as lithium mica price changes, lithium carbonate futures main price, and lithium hydroxide price [7][8]. - There are also charts on cathode and ternary materials, including manganese - acid lithium price, phosphoric acid iron - lithium price, and ternary material price [10][11]. - Additionally, there are charts on lithium carbonate main contract trading volume, open interest, and registered warehouse receipt volume [16][18].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - On December 4, the coke主力合约 closed at 1,651.5 yuan/ton, up 1.69% intraday. The position of the主力 contract was 27,065 lots at the close, a decrease of 2,216 lots from the previous trading day. The spot price of Rizhao Port's quasi - first - class wet - quenched coke decreased by 2.99% week - on - week, while that of Qingdao Port remained flat. Coke daily output increased, but the daily output of molten iron from 247 steel mills decreased, and the steel mill profitability rate dropped to 35.06%. In December, there is still uncertainty in coking coal supply, and the Politburo meeting may bring macro - level benefits, which creates resistance to further decline of coke futures. The main contract rebounded slightly at the lower edge of the trading range [6][37]. - On December 4, the coking coal主力合约 closed at 1,091.5 points, up 1.11% intraday. The position of the main contract was 350,729 lots at the close, a decrease of 41,446 lots from the previous trading day. The spot price of Mongolian coal at the Ganqimaodu Port decreased by 6.3% week - on - week. In November, coking coal production increased, and imports accelerated, resulting in insufficient supply - side support and a weakening market sentiment. However, considering the December Politburo economic meeting and the end - of - year coal mine production reduction expectation, there is resistance to further decline of coking coal futures. The focus remains on coal mine production [7][38]. 3. Summary by Relevant Catalogs 3.1 Industry News - From January to October this year, global new ship order volume was 1,632 vessels and 94.87 million deadweight tons, a year - on - year decline of 44.5%. It is expected that the average annual demand in the global shipbuilding market during the 15th Five - Year Plan period will be about 110 million deadweight tons and 42 million compensated gross tons, a decrease of about 20% compared with the average of the 14th Five - Year Plan period but still about 50% higher than that of the 13th Five - Year Plan period [9]. - On December 4, the price of coking coal in Linfen Anze market remained stable, with the ex - factory price of low - sulfur primary coking coal (A9, S0.5, V20, G85) being 1,500 yuan/ton (cash and tax included) [10]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - first - class Coke (Flat - price) | 1,620 yuan/ton | - 2.99% | - 2.99% | - 4.14% | - 9.50% | | Qingdao Port Quasi - first - class Coke (Out - of - warehouse) | 1,450 yuan/ton | 0.00% | 0.00% | - 10.49% | - 13.17% | | Ganqimaodu Port Mongolian Coking Coal | 1,200 yuan/ton | - 6.25% | - 6.25% | 1.69% | - 9.77% | | Jingtang Port Australian - produced Coking Coal | 1,570 yuan/ton | 0.00% | 0.00% | 5.37% | - 1.26% | | Jingtang Port Shanxi - produced Coking Coal | 1,650 yuan/ton | - 3.51% | - 3.51% | 7.84% | - 2.37% | [11] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | High | Low | Volume | Volume Difference | Position | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,651.5 | 1.69% | 1,667.5 | 1,615.0 | 196,462 | 2,295 | 27,065 | - 2,216 | | Coking Coal | | 1,091.5 | 1.11% | 1,096.5 | 1,059.5 | 337,231 | - 85,112 | 350,729 | - 41,446 | [14] 3.4 Relevant Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, port coke, 247 steel mill coking plants, and total coke inventory from 2019 - 2025 [15][16][17]. - **Coking Coal Inventory**: Charts display the inventory of coking coal at mine mouths, ports, 247 sample steel mills, and full - sample independent coking plants from 2019 - 2025 [22][24][25]. - **Other Charts**: Include domestic steel mill production, Shanghai terminal wire and screw procurement volume, coal washing plant production, and coking plant operation [29][30][32]. 3.5 Market Outlook - The outlook for coke is similar to the core view, with the main contract rebounding slightly due to supply uncertainty and potential macro - level benefits, and attention should be paid to coal mine production [37]. - The outlook for coking coal is also in line with the core view, with resistance to further decline due to the Politburo meeting and end - of - year production reduction expectation, and the key lies in coal mine production [38].