Group 1 - Gas stocks experienced a strong surge, with companies like Guo New Energy, Changchun Gas, and Victory Co. hitting the daily limit, driven by a significant cold wave expected to lower temperatures by over 12°C in some areas [2] - The cold wave is anticipated to create a seasonal peak in energy demand, likely increasing prices for natural gas and coal, with Qinhuangdao port's coal price exceeding 800 yuan per ton, marking a yearly high [3] - The National Energy Administration is reinforcing fuel supply measures to ensure energy availability during the heating season, with industrial coal production and natural gas output showing steady growth [3][4] Group 2 - The National Energy Administration has confirmed that natural gas supply and peak demand will be adequately met this heating season, with domestic gas production expected to exceed 10 billion cubic meters for nine consecutive years [4] - Major oil companies, Sinopec and PetroChina, are actively increasing their gas reserves and production, with Sinopec projecting a 4.4% increase in gas supply compared to the previous heating season [5]

Core Viewpoint - The article highlights the impact of a significant cold wave on energy demand, particularly for natural gas and coal, leading to a surge in stock prices for gas companies and an increase in fuel prices due to heightened heating needs [2][3]. Group 1: Market Reaction - Gas stocks experienced a strong rally, with several companies such as Guo Xin Energy and Changchun Gas hitting the daily limit up [2]. - The cold wave is expected to push temperatures down significantly, with some areas experiencing drops exceeding 12°C, leading to increased demand for heating [2]. Group 2: Fuel Price Trends - The price of coal at Qinhuangdao Port has surpassed 800 yuan per ton, reaching a yearly high, driven by early heating demand [3]. - The average daily coal consumption at coastal power plants has increased by over 15% year-on-year due to the early onset of winter [3]. Group 3: Energy Supply Assurance - The National Energy Administration has confirmed that natural gas supply will be sufficient for the heating season, with domestic production expected to exceed 100 billion cubic meters for the ninth consecutive year [4]. - Major oil companies are actively increasing their gas reserves and production, with China Petroleum's gas storage capacity reaching a historical high [4].

Group 1 - Gas stocks experienced a strong surge, with several companies hitting the daily limit, including Guo Xin Energy, Changchun Gas, and Victory Co., as a cold wave is expected to bring significant temperature drops across northern China [1] - The cold wave is projected to lower temperatures by over 12°C in some areas, with the highest temperature line dropping to 0°C in northern Shaanxi, Shanxi, Hebei, and Liaoning by November 17 [1] Group 2 - The winter season in the Northern Hemisphere is expected to drive up demand for natural gas and coal, leading to increased fuel prices, with Qinhuangdao port's coal price surpassing 800 yuan per ton, reaching a yearly high [2] - The early heating demand due to sudden temperature drops in northern provinces has been a significant factor in the rise of coal prices, with a reported increase in coal consumption by over 15% year-on-year in coastal power plants [2] - The National Energy Administration is taking measures to ensure energy supply during the heating season, with industrial coal production and natural gas output remaining robust, reporting a 5.9% year-on-year increase in natural gas production in October [2] Group 3 - The National Energy Administration has confirmed that natural gas supply and peak demand will be adequately met this heating season, with domestic gas production expected to exceed 10 billion cubic meters for the ninth consecutive year [3] - Major oil companies, including Sinopec and PetroChina, are actively increasing their gas reserves and production to ensure supply, with Sinopec expected to supply 4.4% more natural gas this heating season compared to the previous one [3] - PetroChina's Longqing Oilfield has completed its gas injection tasks for 2025, achieving a record high injection volume, further enhancing the gas supply capacity [3]

Core Viewpoint - China Huaneng is taking significant measures to ensure energy supply during the winter heating season, emphasizing safety, service, and intelligent management to deliver warmth to households in northeastern China [1] Group 1: Early Heating Initiatives - Huaneng Jilin branch started heating on October 17, ahead of schedule, with Huaneng Songyuan Thermal Power Company beginning supply 10 days early, making it the earliest in Jilin province [2] - Huaneng Jitai Power Plant completed 126 maintenance projects and serviced 328 units to ensure early heating in Jitai District and eastern Changchun [3] Group 2: Safety and Maintenance Measures - Huaneng Daqing Thermal Power Company utilized infrared thermometers to inspect over 20 kilometers of underground pipelines and 150 cable layers, identifying risks of pipeline freezing and cable insulation aging [4] - Huaneng Hegang Power Plant implemented a management mechanism for hazard identification and rectification, completing the first round of hazard clearance within three days [4] Group 3: Intelligent Supply Chain Management - Huaneng is leveraging intelligent technology to enhance traditional heating methods, with the Huaneng Iming Coal Power Company using a 5G-A network for efficient coal transportation, achieving over 230 million tons of coal transport in October [5] - Huaneng Zhaodong Thermal Power Company implemented smart scheduling to monitor and control heating systems across 143 heat exchange stations, transitioning from experience-based to data-driven decision-making [5] Group 4: Expansion of Heating Services - Huaneng Northeast branch increased total heating area by 1.6% compared to the previous season, serving over 720,000 households while prioritizing heating quality and user comfort [7] - Huaneng Dalian Power Plant developed a temperature monitoring router to provide real-time indoor temperature data, enhancing the heating system's responsiveness and efficiency [7]

北方地区已陆续进入供暖季，季节性用能高峰即将到来。今年迎峰度冬期间，能源安全稳定供应是否有 保障？ 近年来我国能源安全保供能力不断增强，为供暖季能源稳定供应打下坚实基础。 ——供应能力持续提升。国家能源局数据显示，前三季度，煤炭先进产能建设持续推进，原煤、油气生 产平稳增长，规上工业原煤、原油、天然气产量分别同比增长2%、1.7%、6.4%。 煤炭供应方面，当前市场总体平衡偏宽松。10月以来，全国煤炭日均调度产量持续处于1200万吨以上的 较高水平。此外，10月以来，国家铁路电煤装车保持在日均5.6万车的较高水平。 天然气供应方面，我国最大的储气库——中国石油新疆油田呼图壁储气库11月10日正式启动第十三周期 采气工作，全力保障今冬明春天然气供应。 在"双碳"目标引领下，我国可再生能源发展势头强劲，共同助力供暖季。截至9月底，全国累计发电装 机容量37.2亿千瓦，同比增长18%。其中，可再生能源装机接近22亿千瓦，风电、太阳能发电合计装机 突破17亿千瓦。 "迎峰度冬期间，我们将持续跟踪煤炭生产、进口、需求等重点指标变化趋势，会同有关方面全力做好 迎峰度冬煤炭保供相关工作。"国家能源局市场监管司副司长张燕秦介 ...

Core Viewpoint - The coking coal market is experiencing fluctuations with a recent decline in futures prices, while some price increases from major coking enterprises are being implemented amidst high costs from coking coal [6] Supply - As of November 13, the average daily production of coking coal from independent coking plants is 630,000 tons, a decrease of 6,000 tons week-on-week. The average daily production from 247 steel mills is 462,000 tons, an increase of 1,000 tons week-on-week, leading to a total production of 1,092,000 tons, which is a decrease of 5,000 tons week-on-week [3] Demand - As of November 13, the average daily pig iron production is 2.3688 million tons, an increase of 26,600 tons week-on-week. The blast furnace operating rate is 82.81%, a decrease of 0.32% week-on-week, while the capacity utilization rate for ironmaking is 88.80%, an increase of 1.00% week-on-week. The profit margin for steel mills is 38.96%, a decrease of 0.87% week-on-week [4] Inventory - As of November 13, the total inventory of coking coal is 9.4 million tons, a decrease of 74,000 tons week-on-week. The inventory at independent coking enterprises is 582,000 tons, a decrease of 2,000 tons week-on-week. The inventory at 247 steel mills is 6.224 million tons, a decrease of 42,000 tons week-on-week, and the port inventory is 2.595 million tons, a decrease of 30,000 tons week-on-week [5] Price Trends - As of November 13, the main coking coal futures contract 2601 has decreased by 3.5 (-0.21%) to 1,686.0, while the far-month contract 2605 has decreased by 15.5 (-0.84%) to 1,820.0. The price difference between contracts 1-5 has strengthened to -134.0. The price for first-grade wet quenching metallurgical coke in Lüliang is reported at 1,390 yuan/ton, remaining stable day-on-day, while the trade price for first-grade metallurgical coke in Rizhao is reported at 1,530 yuan/ton, a decrease of 10 yuan/ton week-on-week [1][2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - For the 2601 contract of coking coal, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively, suggesting an oscillation approach. The core logic is that the market's wait - and - see sentiment is increasing, leading to an oscillatory adjustment of coking coal [1]. - For the 2601 contract of coke, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight downward bias" respectively, also suggesting an oscillation approach. The core logic is that the support from the raw material end has eased, causing coke to oscillate within a range [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Movement and View**: The intraday view is "oscillation with a slight upward bias", and the medium - term view is "oscillation", with a reference view of an "oscillation approach" [5]. - **Driving Logic**: The National Development and Reform Commission recently held a video conference on energy supply guarantee for the 2025 - 2026 heating season, mainly focused on ensuring the supply of thermal coal for power generation and winter heating, which has limited impact on coking coal. There are still differences in the market regarding the coking coal supply at the end of the year, and the futures main contract has retraced at the upper edge of the previous oscillation range. The key lies in the actual supply of coking coal [5]. Coke (J) - **Price Movement and View**: The intraday view is "oscillation with a slight downward bias", and the medium - term view is "oscillation", with a reference view of an "oscillation approach" [6]. - **Driving Logic**: In the spot market, the latest quoted price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, remaining flat week - on - week, while the ex - warehouse price at Qingdao Port is 1540 yuan/ton, down 1.91% week - on - week. This week, the industrial game has intensified, and the fourth round of spot price increase for coke has been blocked. There are still differences in the supply of coke raw materials, and the retracement of coking coal at the upper edge of the oscillation range has dragged down the coke futures trend. The focus is on the actual supply of coking coal at the end of the year [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For the 2601 contract of coking coal, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively, with an overall oscillation approach. The core logic is that there is a stalemate between bulls and bears, leading to range - bound oscillation of coking coal [1]. - For the 2601 contract of coke, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight downward bias" respectively, with an overall oscillation approach. The core logic is that industrial game intensifies, causing coke to move in an oscillatory manner [1]. 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - **Price Movement Logic** - The National Development and Reform Commission held a video conference on energy supply guarantee for the 2025 - 2026 heating season, focusing on ensuring the supply of thermal coal for power generation and winter heating, which has limited impact on coking coal. There are still differences in the market regarding the coking coal supply at the end of the year. The futures main contract has pulled back at the upper edge of the previous oscillation range, and the subsequent focus lies on the actual supply of coking coal [5]. 3.2 Coke (J) - **Price Movement Logic** - The latest quoted price of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, remaining flat week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1530 yuan/ton, a week - on - week decline of 2.55%. This week, industrial game has intensified, and there is some resistance to the fourth round of spot price increases for coke. The divergence in the supply of coke raw materials still exists. The pull - back of coking coal at the upper edge of the oscillation range has dragged down the coke futures trend. The subsequent focus is on the actual supply of coking coal at the end of the year [6].

Report Date - The report is dated November 12, 2025 [1] Industry Investment Ratings - Not provided in the report Core Views - Overall, finished steel products are supported by raw material costs but constrained by inventory on the upside, expected to trade in a range. The operating range for rebar may be between 2900-3200, and for hot-rolled coil between 3100-3400. Attention should be paid to the de-stocking speed of steel and downstream consumption [3] - Iron ore prices are expected to continue their weak trend in the short term due to macroeconomic and fundamental pressures [22] - Coal and coke futures and spot prices may face adjustment pressure in the short term, but the downside for coking coal spot prices may be limited in the medium to long term [32] - Ferroalloys are expected to trade in a range, supported by cost but facing high inventory and weak demand [47] - Soda ash prices are restricted by high inventory but supported by cost, with limited upside and downside space [57] - Glass prices are under pressure due to weak sales and high inventory, but there is cost support and policy expectations in the long term [82] Steel Section Futures Prices - On November 12, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3038, 3096, and 3138 respectively; the closing prices of hot-rolled coil 01, 05, and 10 contracts were 3255, 3267, and 3288 respectively [4] Spot Prices - On November 12, 2025, the aggregated rebar price in China was 3231 yuan/ton; the aggregated hot-rolled coil price in Shanghai was 3270 yuan/ton [10][12] Price Ratios and Spreads - On November 12, 2025, the 01 roll-to-rebar spread was 217 yuan/ton; the 01 rebar/01 iron ore ratio was 4; the 01 rebar/01 coke ratio was 2 [16][19] Iron Ore Section Futures Prices - On November 12, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 774, 747.5, and 724.5 respectively [23] Spot Prices - On November 12, 2025, the price of Rizhao PB powder was 775 yuan/ton; the price of Rizhao Karara fines was 876 yuan/ton; the price of Rizhao Super Special was 670 yuan/ton [23] Fundamental Data - As of November 7, 2025, the daily average pig iron output was 234.22 million tons; the 45-port inventory was 14898.83 million tons [26] Coal and Coke Section Futures Prices - On November 11, 2025, the coking coal 09-01 spread was 128; the coke 09-01 spread was 228.5 [35] Spot Prices - On November 11, 2025, the ex-factory price of Anze low-sulfur coking coal was 1660 yuan/ton; the ex-factory price of Linfen quasi-first-grade wet coke was 1430 yuan/ton [36] Profit and Ratios - On November 11, 2025, the on-site coking profit was -121 yuan/ton; the main ore-to-coke ratio was 0.453 [35] Ferroalloy Section Silicon Iron - On November 11, 2025, the silicon iron basis in Ningxia was 42; the silicon iron 01-05 spread was -38 [47] Silicon Manganese - On November 11, 2025, the silicon manganese basis in Inner Mongolia was 206; the silicon manganese 01-05 spread was -58 [49] Soda Ash Section Futures Prices - On November 12, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1287, 1354, and 1214 respectively [58] Spot Prices - On November 12, 2025, the market price of heavy soda ash in North China was 1300 yuan/ton; the market price of light soda ash in North China was 1250 yuan/ton [61] Glass Section Futures Prices - On November 12, 2025, the closing prices of glass 05, 09, and 01 contracts were 1169, 1240, and 1049 respectively [83] Spot Sales - From November 1 to 7, 2025, the sales rate in Shahe area ranged from 100% to 166% [84]

Group 1 - The core viewpoint of the articles indicates that the coal market in the Bohai Rim region is experiencing a continuous upward trend in prices, with the index reaching 698 yuan/ton, a 4 yuan/ton increase from the previous period, marking the seventh consecutive rise [1] - The coastal coal market remains active, with high trading enthusiasm among ship merchants, leading to sustained high prices for spot coal and coal transportation [1] - Despite an increase in coal inventory at ports, there is still a significant year-on-year shortfall of approximately 3 million tons, indicating ongoing structural issues in the supply of certain coal types [1] Group 2 - The rising coal prices and transportation costs are increasing the landed cost of coal, leading to a gradual decline in buyers' price acceptance, while the main coal-producing areas are experiencing stable price adjustments [2] - In October, China's coal imports saw a negative growth both month-on-month and year-on-year, ending a three-month streak of increases, which may support domestic market procurement due to a widening gap in foreign trade supply [2] - The expectation of a cold winter suggests a high probability of severe weather conditions, which could bolster demand for coal for heating, alongside a positive outlook for industrial electricity consumption due to improving economic conditions [2]