Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For both coking coal and coke, the short - term and medium - term views are “oscillation”, and the intraday view is “oscillation on the strong side”. The overall reference view is an “oscillation mindset” [1][5][6]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Trend and View**: The short - term, medium - term, and intraday views are “oscillation”, “oscillation”, and “oscillation on the strong side” respectively, with an overall “oscillation mindset” [1][5]. - **Driving Logic**: The supply side is the core factor driving the market. The National Development and Reform Commission's emphasis on energy supply during the heating season and stable domestic production and increased imports have weakened the supply - side support for coal prices. However, due to the December Politburo economic meeting and the expected year - end coal mine production cuts, there is resistance to further price drops, and the main contract has rebounded at the lower edge of the previous oscillation range [5]. Coke (J) - **Price Trend and View**: The short - term, medium - term, and intraday views are “oscillation”, “oscillation”, and “oscillation on the strong side” respectively, with an overall “oscillation mindset” [1][6]. - **Driving Logic**: On December 1st, the first round of price cuts for coke was implemented. The supply is increasing, with the daily coke output increasing by 1.19 million tons to 110.08 million tons. The demand is under pressure, as the daily hot metal output of 247 steel mills decreased by 1.6 million tons to 234.68 million tons, and the steel mill profitability rate dropped to 35.06%. Due to the uncertainty in coking coal supply in December, there is resistance to further price drops for coke futures, and the main contract has rebounded at the lower edge of the oscillation range [6].

Core Viewpoint - The operation of the steam system at the first heating station of Zhengzhou Yuzhong Energy Co., Ltd. marks the beginning of the winter heating season in Zhengzhou and surrounding areas, with the company entering a "wartime state" to ensure stable heating supply for residents [1][3] Group 1: Heating Supply Operations - Yuzhong Company is one of the largest combined heat and power enterprises in Henan Province, responsible for heating 40% of Zhengzhou's urban area and all residential heating in the Aviation Port District and Xinmi City [1] - The company views the heating work as a primary political task and a significant livelihood project, initiating a "winter disease summer treatment" program to lay a solid foundation for the winter heating season [1] Group 2: Equipment and Safety Measures - To ensure heating quality, Yuzhong Company conducted a comprehensive "check-up" of the heating system equipment, implementing detailed repair plans and quality acceptance standards [1][2] - The company is advancing the C-level maintenance of four units according to annual plans, ensuring all standard and non-standard projects are completed [2] Group 3: Fuel Supply Management - Fuel supply is critical for heating operations, and Yuzhong Company has proactively managed coal supply, achieving a record daily coal unloading of 34,400 tons on November 17 [2] - As of late November, coal inventory reached over 200,000 tons, ensuring stable fuel supply for the units [2] Group 4: Social Responsibility - Yuzhong Company emphasizes its social responsibility and mission to ensure stable and reliable heat sources, contributing to the warmth of the community during winter [3]

Core Viewpoint - The coal and coke market is experiencing fluctuations, with significant price movements and adjustments in production and demand dynamics, influenced by regulatory measures and market conditions [1][2][3]. Group 1: Market Performance - As of December 1, coke futures are trading at 1620.0 CNY/ton, reflecting a substantial increase of 2.89% [1]. - Indonesia's coal exports from January to October reached 320.47 million tons, indicating strong supply levels [2]. Group 2: Regulatory and Industry Actions - The National Development and Reform Commission held a meeting in Yulin, Shaanxi, emphasizing the importance of energy supply security for national stability and economic development, urging stakeholders to enhance coal market stability [2]. - Major steel mills in Tangshan and Xingtai plan to reduce prices for wet and dry coke by 50-55 CNY/ton, effective December 1, 2025, indicating a response to market conditions [2]. Group 3: Institutional Insights - Zhonghui Futures reports that while coking coal prices are declining, the profitability of coking enterprises has improved, leading to normal production levels despite some steel mills planning maintenance [3]. - Guoxin Futures notes that the recent drop in raw material prices has led to a slight recovery in the coking industry, with increased operating rates among coking enterprises, although steel mill production remains under pressure due to seasonal demand declines [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides short - term, medium - term, and intraday views on the futures of coking coal and coke, suggesting an overall oscillatory approach for both [1] - For coking coal, the supply side is the core factor driving the market, with supply improving marginally and limited further downside expected [5] - For coke, the weakening cost support and inventory increase lead to a weakening trend, and attention should be paid to coal mine production cuts in December [6] 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For coking coal 2601, the short - term, medium - term views are oscillatory, the intraday view is oscillatory and bullish, and the reference view is an oscillatory approach. The core logic is supply improvement and continuous decline [1] - For coke 2601, the short - term, medium - term views are oscillatory, the intraday view is oscillatory and bearish, and the reference view is an oscillatory approach. The core logic is weakening cost support and weak operation [1] 3.2 Main Variety Price Market Driving Logic - Commodity Futures Black Sector 3.2.1 Coking Coal (JM) - The intraday view is oscillatory and bullish, the medium - term view is oscillatory, and the reference view is an oscillatory approach [5] - The core logic is that the supply side dominates the market. Energy supply guarantee reduces the expectation of anti - involution measures, production is not affected by inspections, and imports are accelerating, leading to a supply improvement since November. However, considering the Politburo economic meeting and year - end production cut expectations, the further decline space is limited [5] 3.2.2 Coke (J) - The intraday view is oscillatory and bearish, the medium - term view is oscillatory, and the reference view is an oscillatory approach [6] - As of November 28, the combined daily production of coking plants and steel mills increased by 1.19 million tons week - on - week, the daily molten iron production of 247 steel mills decreased by 1.6 million tons week - on - week, and the steel mill profitability decreased by 2.6 percentage points to 35.06%. The overall inventory increased by 4.05 million tons week - on - week. The weakening of coking coal market drags down the coke futures, and attention should be paid to coal mine production cuts in December [6]

1. Industry Investment Rating - No relevant information provided. 2. Core Views - **Coke**: As of the week ending November 28, the combined daily average coke output of all - sample coking plants and steel mills was 1.1008 million tons, a week - on - week increase of 11,900 tons. The daily average hot metal output of 247 steel mills was 2.3468 million tons, a week - on - week decrease of 16,000 tons, and the steel mill profitability rate continued to decline by 2.6 percentage points to 35.06%, with steel mills facing widespread losses. Coke inventory increased overall this week, with accumulations in both independent coking plants and steel mills, and the total industrial chain inventory reached 8.8468 million tons, a week - on - week increase of 40,500 tons. Cost support was the main driver for the previous coke price increase, but recently, with the marginal increase in the actual supply of coking coal, the coking coal market atmosphere has weakened, dragging down the continuous correction of coke futures. Future focus should be on the actual production cuts of coal mines in December [6][35]. - **Coking Coal**: There is no significant difference in the demand side of coking coal, and the supply side is the core factor guiding the current market trend. Recently, the National Development and Reform Commission emphasized energy supply during the heating season, reducing the market's expectation of a new round of anti - involution measures in the coal industry during the peak winter period. In addition, the recent coking coal production has not been affected by the central safety production annual assessment and inspection, and the import volume has accelerated, weakening the supply - side logic that previously supported the coal price increase. The market atmosphere has gradually faded, and coking coal futures have been continuously correcting since November. Overall, the coking coal supply improved marginally in November, and the strong supply - side expectation slowed down. However, considering the Politburo economic meeting in December and the expected year - end coal mine production cuts, it is expected that the further downward space for coking coal futures is limited. Follow - up attention should be paid to the production situation in the producing areas [7][36]. 3. Summary by Directory 3.1 Industry News - **Baltic Dry Bulk Freight Index**: The Baltic Dry Bulk Freight Index extended its gains to a two - year high, rising for the 11th consecutive trading day, supported by the increase in the capesize vessel freight index. It rose 79 points or 3.3% to 2480 points, the highest level since December 2023. The capesize vessel freight index rose 238 points or 6% to 4236 points, the highest since March 2024, and the daily earnings of capesize vessels increased by $1973 to $35,133. The panamax vessel freight index fell 2 points or 0.2% to 1962 points, and the daily earnings of panamax vessels decreased by $31 to $17,655. The supramax bulk carrier freight index rose 2 points or 0.1% to 1437 points [9]. - **Mongolian Coking Coal Auction**: On November 28, Mongolia's small TT company held an online auction for coking coal. The 1/3 coking raw coal with A14.3, V29.6, S0.8, G79.1, and Mt3.4 had a starting price of $75 per ton, and all 102,400 tons of the listed quantity were sold at a transaction price of $101.5 per ton (excluding tax). The supply location is the customs supervision area of Ganqimaodu Port, and the supply time is within 90 days after payment, with the final supply date being February 25, 2026 [10]. 3.2 Spot Market - **Coke Prices**: The ex - warehouse price of quasi - first - grade coke at Rizhao Port remained unchanged at 1,670 yuan/ton compared to the previous weekend, with a monthly increase of 6.37% compared to the end of last month, a year - on - year decrease of 1.18% compared to the end of last year, and a year - on - year decrease of 6.70% compared to the same period. The ex - warehouse price of quasi - first - grade coke at Qingdao Port decreased by 2.03% to 1,450 yuan/ton compared to the previous weekend, with a monthly decrease of 6.45% compared to the end of last month, a year - on - year decrease of 10.49% compared to the end of last year, and a year - on - year decrease of 13.17% compared to the same period [14]. - **Coking Coal Prices**: The price of Mongolian coal at Ganqimaodu Port remained unchanged at 1,280 yuan/ton compared to the previous weekend, with a monthly decrease of 7.91% compared to the end of last month, a year - on - year increase of 8.47% compared to the end of last year, and a year - on - year decrease of 3.76% compared to the same period. The price of Australian - produced coking coal at Jingtang Port decreased by 1.26% to 1,570 yuan/ton compared to the previous weekend, with a monthly decrease of 5.42% compared to the end of last month, a year - on - year increase of 5.37% compared to the end of last year, and a year - on - year decrease of 3.68% compared to the same period. The price of Shanxi - produced coking coal at Jingtang Port decreased by 4.47% to 1,710 yuan/ton compared to the previous weekend, with a monthly decrease of 1.72% compared to the end of last month, a year - on - year increase of 11.76% compared to the end of last year, and a year - on - year increase of 0.59% compared to the same period [14]. 3.3 Futures Market - **Coke Futures**: The closing price of the active coke futures contract was 1,574.5 yuan/ton, a decrease of 1.99%. The highest price was 1,599.0 yuan/ton, the lowest price was 1,562.0 yuan/ton, the trading volume was 20,980 lots, an increase of 5,174 lots compared to the previous period, the open interest was 35,266 lots, and the position change was an increase of 1,953 lots [15]. - **Coking Coal Futures**: The closing price of the active coking coal futures contract was 1,067.0 yuan/ton, a decrease of 0.79%. The highest price was 1,074.0 yuan/ton, the lowest price was 1,053.0 yuan/ton, the trading volume was 505,376 lots, an increase of 47,555 lots compared to the previous period, the open interest was 449,323 lots, and the position change was a decrease of 3,013 lots [15]. 3.4 Related Charts - **Coke Inventory Charts**: There are charts showing the coke inventory of 230 independent coking plants, 247 steel mill coking plants, port coke inventory, and total coke inventory over different time periods [16][17][18]. - **Coking Coal Inventory Charts**: There are charts showing the coking coal inventory at mine mouths, ports, 247 sample steel mills, and all - sample independent coking plants over different time periods [22][25][27]. - **Other Charts**: There are charts showing domestic steel mill production (including blast furnace开工率 and steel mill profitability rate), Shanghai terminal wire rod procurement volume, coal washing plant production (including coal washing plant clean coal inventory and开工率), and coking plant开工率 and ton - coke profit [29][30][34]. 3.5后市研判 (Outlook and Judgment) - **Coke**: The situation is the same as the core view on coke, with attention on the actual production cuts of coal mines in December [35]. - **Coking Coal**: The situation is the same as the core view on coking coal, with expectations that the further downward space for coking coal futures is limited and focus on the production situation in the producing areas [36].

Core Viewpoint - The meeting emphasized the importance of energy supply security for national economy, social stability, and people's livelihood, urging all relevant parties to enhance their political awareness and ensure energy supply for the upcoming winter and spring [1] Group 1: Energy Supply Security - The meeting highlighted the critical role of energy supply in national economic development and social stability, calling for concerted efforts to ensure energy supply during the winter and spring [1] - It was stressed that coal market stability is essential, and measures should be taken to strengthen coal operation regulation [1] Group 2: Coal Industry Development - Continuous efforts are needed to advance the construction of the coal production, supply, storage, and sales system to solidify the foundation for energy supply security [1] - The meeting called for urgent actions to promote clean and efficient coal utilization, facilitating the transformation and high-quality development of the coal industry [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In December 2025, macro - factors will disrupt the market. Domestic political meetings and the Central Economic Work Conference are expected to boost domestic macro - expectations, and the Fed's December interest - rate cut situation will affect the domestic export - end expectations [37]. - With the change of the main contract, the delivery pressure of the near - month contract is prominent, and there are opportunities for the spread to widen [37]. - The supply of coking coal has rebounded but the increase is limited. The downstream replenishment has slowed down but there is still room for replenishment. The overall inventory pressure is not large, so the upward and downward driving spaces are both limited. The near - month 01 contract has limited game space, and the far - month 05 contract has limited opportunities for a phased rebound [37]. - The coke production of steel mills and independent coking enterprises shows a weak and stable trend. The iron - water output may decline seasonally, limiting the incremental space for coke demand. After the fourth price increase and the decline of coking coal prices, coking enterprise profits have improved, but steel mill profits are under pressure, which may intensify the game between steel and coking enterprises and reduce the possibility of further price increases [39]. 3. Summary by Directory 3.1 Market Review - Since November, the double - coking futures market has gradually weakened. As of November 26, the main coking coal contract fell 15.67% monthly with a decrease of 197,000 lots in open interest; the main coke contract fell 9.2% monthly with a decrease of 4,301 lots in open interest [7]. - On November 11, affected by the NDRC's winter supply - guarantee meeting, the market's tight - supply expectation loosened, with a large decline on that day, reversing the previous strong - oscillation trend. Later, due to the lack of policy - expectation drive, the spot market was affected by the futures market sentiment, and the transaction price weakened. With the approaching contract change, the near - month contract faced delivery pressure, and the downward pressure on the market increased [7]. 3.2 Data Analysis 3.2.1 Impact of NDRC Meeting on Coal Supply - Side Contraction Expectation - On November 11, 2025, the NDRC organized a video conference on energy supply - guarantee for the 2025 - 2026 heating season, arranging work in aspects such as stabilizing energy production and supply, ensuring contract performance, peak - period supply - guarantee, and key protection of people's livelihood energy use [9]. 3.2.2 Domestic Coking Coal Supply - As of the week of November 21, the coking - coal开工率 of 523 sample mines was 86.94%, 3.99% lower than the same period last year, and the daily output of clean coal was 758,000 tons, a decrease of 37,800 tons compared to last year. The开工 rate of 314 sample coal - washing plants was 37.56%, 2.91% lower than last year, and the daily output of clean coal was 276,300 tons, a decrease of 10,600 tons compared to last year. However, the supply has rebounded compared to October [12]. - As of the weekly statistics on November 22, the weekly customs clearance volume at Ganqimao Port was 914,490 tons. Although it declined compared to the beginning of the month, the overall customs clearance volume in November was significantly higher than that in October [12]. 3.2.3 Coking Coal Imports - In October 2025, China imported 10.5932 million tons of coking coal, a month - on - month decrease of 3.02% and a year - on - year increase of 6.39%. The imports from Australia and Indonesia increased month - on - month. The imports from Mongolia decreased due to the National Day holiday but were still 36.4% higher than last year. The imports from Russia decreased slightly, and the imports from the US were still zero [13][15]. 3.2.4 Coking Coal Upstream Inventory - As of the week of November 21, the clean - coal inventory of 523 sample mines was 1.8592 million tons, a decrease of 1.4167 million tons compared to the same period last year; the clean - coal inventory of sample coal - washing plants was 3.0283 million tons, a decrease of 480,400 tons compared to last year; the port coking - coal inventory was 2.915 million tons, a decrease of 1.7726 million tons compared to last year. Since November, the inventory - depletion rate of upstream enterprises has slowed down, with a slight inventory build - up, but the overall inventory pressure is not large [20]. 3.2.5 Coking Coal Downstream Inventory - As of November 21, the coking - coal inventory of all - sample independent coking enterprises was 10.3819 million tons, an increase of 1.2162 million tons compared to last year, and the inventory - available days were 12.45 days, an increase of 2.11 days compared to last year; the coking - coal inventory of 247 steel enterprises was 7.9708 million tons, an increase of 532,100 tons compared to last year, and the inventory - available days were 12.97 days, an increase of 1.01 days compared to last year. Since November, the replenishment willingness of independent coking enterprises has weakened, mainly focusing on inventory depletion, while steel mills have slightly replenished coking - coal inventory. Overall, the downstream inventory - replenishment enthusiasm is not high [23]. 3.2.6 Coke Production Capacity Utilization - As of the week of November 21, the production - capacity utilization rate of all - sample independent coking enterprises was 71.71%, 0.07% higher than the same period last year, and the daily output of metallurgical coke was 626,700 tons, a decrease of 3,300 tons compared to last year; the coke production - capacity utilization rate of 247 steel enterprises was 85.23%, 0.09% higher than last year, and the daily coke output was 462,200 tons, an increase of 500 tons compared to last year. Since November, the coke production - capacity utilization rates of independent coking enterprises and steel mills have shown a weak and stable trend, and the coke supply pressure is not large [25]. 3.2.7 Iron - Water Output and Coke Demand - As of the week of November 21, the blast - furnace production - capacity utilization rate of 247 steel enterprises was 88.58%, 0.05% higher than the same period last year, and the daily iron - water output was 2.3628 million tons, an increase of 4,800 tons compared to last year; the weekly domestic coke consumption was 1.0633 million tons, an increase of 22,000 tons compared to last year. Since November, the daily iron - water output has remained stable at around 2.36 million tons, supporting coke consumption. However, from a seasonal perspective, there is room for a decline in iron - water output, limiting the incremental space for coke demand [28]. 3.2.8 Coke Inventory - As of the week of November 21, the coke inventory of all - sample independent coking enterprises was 652,900 tons, a decrease of 141,800 tons compared to the same period last year; the coke inventory of 247 steel enterprises was 6.2234 million tons, an increase of 267,000 tons compared to last year; the port coke inventory was 1.93 million tons, an increase of 158,200 tons compared to last year. Since November, the production and sales of independent coking enterprises have been relatively balanced, with no obvious inventory build - up. Steel mills have mainly reduced coke inventory, and the enthusiasm for port cargo collection is weak. Overall, the coke inventory pressure is not large [30]. 3.2.9 Coke Price Increase - In November 2025, the third and fourth rounds of coke price increases were implemented, with a cumulative increase of 200 - 220 yuan/ton. As of November 21, the average profit per ton of coke for independent coking enterprises was 19 yuan/ton, and the profitability has improved. The high price of coking coal has increased the production cost of coke, and coking enterprises have transferred the pressure through price increases. As of November 21, the profitability rate of 247 steel enterprises was 37.66%, and their profits have been eroded due to the high - price fluctuation of raw materials and the low price of finished products [33]. 3.3 Future Market Outlook - In December, macro - factors such as domestic political meetings and the Fed's interest - rate decision will affect the market [37]. - For coking coal, due to limited supply increase and downstream replenishment, the near - month 01 contract has limited game space, and the far - month 05 contract has limited rebound space. Attention should be paid to the impact of cold weather and policy expectations on supply and demand [37]. - For coke, the production shows a weak and stable trend, and the demand growth is limited. After the price increase, coking enterprise profits have improved, but steel mill profits are under pressure, which may intensify the game between the two and reduce the possibility of further price increases [39].

Core Insights - Anhui Province has made significant progress in energy development since the 14th Five-Year Plan, with the share of non-fossil energy power generation capacity increasing from 31.6% to 52% [1][2] - The installed capacity of renewable energy has reached 73.8 million kilowatts, nearly three times that of the end of the 13th Five-Year Plan, optimizing the energy structure and providing solid energy support for the construction of "three regions and one area" in Anhui [1][2] Energy Development Achievements - The coal production capacity remains stable at 130 million tons per year [1] - The share of non-fossil energy power generation capacity has increased by approximately 21 percentage points, while the share of non-fossil energy consumption has risen by about 7.4 percentage points [1] - The average annual growth rates for total electricity and gas consumption are 10.3% and 15.9%, respectively, leading the Yangtze River Delta region [1] - The consumption of refined oil has decreased by an average of about 5.9% over the past two years [1] Future Projections - By 2024, the total electricity consumption in Anhui is expected to reach 359.8 billion kilowatt-hours, ranking 10th nationwide [1] - By the end of 2025, the installed capacity of thermal power in Anhui is projected to be approximately 62 million kilowatts, with a cumulative installed capacity of supportive power projects reaching about 25 million kilowatts, nearly 2.5 times that of the 13th Five-Year Plan [1] - The construction of the power grid is accelerating, with a 500 kV grid structure forming a "four vertical and four horizontal" network, achieving near-complete coverage of 500 kV substations in urban areas [1] Innovation in Energy Industry - Over the past five years, Anhui has had 13 key technologies and equipment included in the national list of first (sets) major technological equipment in the energy sector [2] - The revenue from the photovoltaic industry in Anhui is expected to exceed 300 billion yuan in 2024, with the production of photovoltaic cells reaching 97.8 GW, accounting for approximately 19% of the national total [2] - The new energy storage industry is projected to generate over 80 billion yuan in revenue, with installed capacity reaching 3.6 million kilowatts, about 20 times that of the end of the 13th Five-Year Plan [2] Market Reforms - The scale of market-oriented energy trading in Anhui continues to expand, with the proportion of market-oriented trading electricity expected to increase to 57.5% by 2025, up 17 percentage points from 2020 [2] - The scale of green electricity trading is anticipated to reach 10.9 billion kilowatt-hours in 2024, ranking 5th nationwide [2] - By the end of October 2025, the installed capacity of renewable energy power generation in Anhui is expected to be approximately 73.8 million kilowatts, accounting for 81% of the newly added power generation capacity since the 14th Five-Year Plan [2]

Group 1: Two Major Construction Projects - The National Development and Reform Commission (NDRC) has allocated 700 billion yuan and 800 billion yuan in special bonds for the years 2022 and 2023 respectively to support 1,465 and 1,459 "hard investment" projects [1] - Progress in new urbanization includes the construction and renovation of urban underground pipelines for gas, water supply, and heating, significantly enhancing urban safety resilience [1] - In social welfare, support has been provided for the construction and expansion of 664 high schools in key cities, adding over 1 million new ordinary high school seats [1] Group 2: Energy Supply and Demand - The energy supply and demand for the heating season in northern China is reported to be generally balanced, with sufficient resource supply [1] - The heating season is expected to have a longer duration and higher peak energy demand this year [1] - As of November 26, the national coordinated power plants have over 230 million tons of coal available, which can last approximately 35 days [1] Group 3: Credit Repair Management - The newly published "Credit Repair Management Measures" will take effect on April 1, 2026, aiming to establish a unified and efficient credit repair system [2] - The measures categorize dishonest information into "minor, general, and serious" types, with minor dishonesty no longer being publicly disclosed [2] - The "Credit China" website will serve as the unified platform for receiving repair applications, simplifying application materials and shortening processing times [2]

Group 1 - The National Development and Reform Commission (NDRC) has allocated 700 billion yuan and 800 billion yuan in special bonds for "hard investment" projects in the last two years, supporting 1,465 and 1,459 projects respectively, leading to significant progress in "two重" construction [1] - In urbanization, the construction and renovation of urban underground pipelines for gas, water supply, and heating have been promoted, significantly enhancing urban safety resilience [1] - Over 1 million new ordinary high school seats have been added through the construction and expansion of 664 high schools in key cities experiencing population inflow [1] Group 2 - The energy supply during the heating season is balanced, with sufficient resources available, as indicated by a 1.5% increase in raw coal and a 6.3% increase in natural gas production in the first ten months of the year [1] - As of November 26, the national coordinated power plants have over 230 million tons of coal, which is sufficient for approximately 35 days of use [1] Group 3 - The newly published "Credit Repair Management Measures" will take effect on April 1, 2026, aiming to establish a unified and efficient credit repair system [2] - The measures categorize dishonest information into "minor, general, and serious" types, with minor dishonesty no longer being publicly disclosed [2] - The "Credit China" website will serve as the unified platform for receiving repair applications, simplifying the application process and shortening the processing time [2]