煤焦：基本面表现仍弱，盘面震荡运行

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoint - The recent market sentiment has slightly improved, and prices have seen a phased rebound. However, the fundamentals are still weak, lacking support for price rebounds, and are expected to remain volatile before the holiday [3]. Group 3: Summary by Relevant Content Market Performance - Last week, the coking coal and coke futures prices fluctuated widely and closed slightly higher on a weekly basis. Spot prices of coking coal in various regions showed weak stability. Steel mills completed the third round of price cuts for coke. After the price drop, downstream may replenish raw materials, but there is still an expectation of further price cuts in the market [3]. Fundamental Analysis - Supply: Last week, coal mines reduced production at the end of the year. Coking enterprises started to replenish inventory moderately, but overall market transactions remained weak, and mine - end inventories continued to accumulate. The raw coal output of coking coal mines decreased by 5.4 tons week - on - week, and the daily output of clean coal decreased by 1.8 tons week - on - week. Raw coal and clean coal inventories increased by 4.2 tons and 10.1 tons respectively. The average daily customs clearance volume at Ganqimaodu Port last week was 19.44 tons, a decrease of 1.26 tons from the previous week and an increase of 13.78 tons year - on - year. The customs clearance volume declined significantly in the second half of the week. The current inventory in the port supervision area is at a relatively high level. According to the bilateral agreement between China and Mongolia, the three major ports will be closed on December 29 for the Mongolian National Liberation and Independence Day and resume on December 30; they will be closed again on January 1 for New Year's Day and resume on January 2 [3]. - Demand: Demand remained stable. The average daily hot metal output of steel mill blast furnaces stopped falling at 226.58 tons, a slight increase of 0.03 tons week - on - week and a decrease of 1.29 tons year - on - year, and is expected to remain at this level in the short term [3].