双焦：市场情绪偏弱，等待新的驱动

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Viewpoint of the Report - The market sentiment of coking coal and coke is weak, waiting for new drivers [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Situation - Price Charts: There are multiple price charts including those for coking coal主力合约, coke主力合约, coking coal price index, medium - sulfur primary coking coal price, Mongolian 5 clean coal, Mongolian 5 raw coal, coking coal basis, high - quality low - volatile Australian coal CFR price and import profit, coke price index, quasi - first - grade coke ex - factory price, coke export FOB price, and quasi - first - grade coke arrival price [10][13][22][26]. - Production Charts: Charts show national and Shanxi's raw coal production, national and Shanxi's coking clean coal production, coking coal mine capacity utilization, and coking coal mine raw coal inventory [40][42][46]. - Import Data: In October 2025, the total monthly import of coking coal was 1059000 tons, a month - on - month decrease of 3.0%, but a year - on - year increase of 6.4%. The cumulative import from January to October 2025 was 94.12 million tons, a year - on - year decrease of 4.8%. Different countries had different import trends. For example, Mongolia's monthly import decreased by 10.6% month - on - month but increased by 36.4% year - on - year, while the US had no imports in October 2025 compared to 134000 tons in October 2024. There are also charts for import volume from various countries and the proportion of imported coking coal [49][53][65]. - Import Clearance: There are charts showing the import clearance of Mongolian coal at Gants Mod, Ceke, Mandula ports, and the total of three ports [67][68][72][74]. - Export Data: There are charts for the total export volume of coke and export volume to Indonesia, India, Malaysia [80][82][84][86]. - Capacity Utilization and Production: Charts display the capacity utilization and daily output of independent coking enterprises and steel - mill coking plants, as well as the blast furnace capacity utilization, iron water daily output, blast furnace start - up rate, and steel - mill profitability rate [89][94][95][97][99]. - Inventory Data: As of November 28, 2025, the total coking coal inventory (converted to clean coal) was 35.537 million tons, a month - on - month increase of 61620 tons and a year - on - year decrease of 289800 tons. The total coke inventory was 9.445 million tons, a month - on - month decrease of 14340 tons and a year - on - year increase of 52600 tons. There are also charts for various types of coking coal and coke inventories [100][104][107][111][113][117][119]. 3.2 Market Outlook and Strategy Recommendation - No information provided regarding market outlook and strategy recommendation other than the section title.