Core Insights - The State Council Information Office held a press conference on the theme of "High-Quality Completion of the 14th Five-Year Plan" [1] - The Director of the National Energy Administration, Wang Hongzhi, highlighted the challenges posed by extreme weather events such as high temperatures, heavy rainfall, and typhoons during the summer months, which increased the demand for energy supply [1] - In July, China's monthly electricity consumption exceeded 1 trillion kilowatt-hours for the first time, equivalent to Japan's total annual electricity consumption, drawing significant attention from both domestic and international media [1] - The peak summer electricity demand period has ended, and the country's power supply remains stable and orderly, indicating that energy security has effectively managed peak demand and ensured a baseline supply [1] Industry Summary - The extreme weather conditions experienced in July have raised the bar for energy supply requirements in China [1] - The record-breaking electricity consumption reflects the ongoing economic recovery and increasing energy demands [1] - The National Energy Administration's efforts have successfully maintained a stable power supply during peak demand periods, showcasing the resilience of the energy sector [1]

Core Insights - The meeting between the Mayor of Suzhou and the Chairman of Sinopec Jiangsu Petroleum highlighted the importance of clean, low-carbon, and efficient energy systems for high-quality economic development [1] - Sinopec is recognized as a national leader in the energy sector, providing solid support for Suzhou's green and low-carbon transformation and energy supply [1] - Both parties aim to deepen cooperation in areas such as natural gas supply and storage, hydrogen and gas station construction, new energy storage installations, and photovoltaic charging [1] Group 1 - The Mayor expressed gratitude for Sinopec's support in Suzhou's economic and social development [1] - The focus is on enhancing green energy supply and building resilient urban infrastructure through collaborative projects [1] - Sinopec plans to actively engage with Suzhou's development needs and expand its local market presence [1] Group 2 - Sinopec aims to explore transformation scenarios around "oil, gas, hydrogen, electricity, and services" to better contribute to the well-being of the local population [1] - The company acknowledges Suzhou's favorable business environment and innovation atmosphere as key factors in its strategic planning [1]

Group 1: Energy Supply Challenges - Shandong province is facing high temperatures and record electricity loads, prompting the energy sector to mobilize for summer peak demand [1] - Power generation companies are focusing on stable and full power generation to meet supply responsibilities, with strategies including optimizing unit operation modes and enhancing scheduling [2][3] Group 2: Power Generation Companies' Initiatives - Huaneng Shandong Company is implementing precise measures to enhance peak power generation capacity and conducting regular emergency drills to improve operational response [2] - Huadian Shandong Company is strengthening production scheduling management and ensuring efficient execution of operational directives [2] - Datang Shandong Company is enhancing equipment management and conducting emergency drills to improve response capabilities to unexpected events [3] Group 3: Renewable Energy Efforts - National Energy (Shandong) New Energy Company is conducting comprehensive inspections of wind and solar power equipment to ensure reliable operation [4] - Shandong Energy Group is advancing intelligent operations to improve wind power efficiency and conducting thorough maintenance of electrical equipment [4] Group 4: Coal Supply Stability - Yanzhou Coal Mining Company is ensuring stable coal production through intelligent scheduling and reducing downtime by 15% year-on-year [5] - Jining Energy Group's Liangshan Port is enhancing coal supply logistics and has increased coal market reserves to 40 million tons, improving operational efficiency by 25% compared to last year [5] Group 5: Overall Commitment to Energy Supply - The energy sector in Shandong is committed to ensuring reliable energy supply during the summer peak, with a strong sense of responsibility among companies and workers [5]

Core Viewpoint - In July, Shanxi Province's coal production reached 106.99 million tons, with a cumulative production of 756.44 million tons from January to July, marking a year-on-year increase of 7.2%, accounting for 27.2% of the national output during the same period [1] Group 1: Coal Production Data - Shanxi Province's coal production in July was 106.99 million tons [1] - From January to July, the cumulative coal production was 756.44 million tons, reflecting a 7.2% year-on-year increase [1] - Shanxi's coal output accounted for 27.2% of the national total during the same period [1] Group 2: Energy Supply Measures - Shanxi has implemented special work plans to ensure energy supply during the summer peak and flood season [1] - Multiple measures have been taken to ensure the continuous and stable supply of coal [1] Group 3: Transportation Infrastructure - The Daqin Railway, a key coal transportation route, carries about one-fifth of the national railway coal transport volume [1] - The railway spans 653 kilometers, with trains carrying 20,000 tons of coal, providing essential support for summer cooling across various regions [1]

Group 1 - In July 2023, Shanxi Province's coal production reached 10,699.1 million tons, with a cumulative production of 75,644.0 million tons from January to July, reflecting a year-on-year increase of 7.2%, accounting for approximately 27.2% of the national output during the same period [1] - To address the peak summer electricity demand, Shanxi has implemented a series of measures to ensure stable coal supply, including the development of special work plans for energy supply during the summer peak and flood season [1] Group 2 - The Daqin Railway, a key transportation route for coal in China, carries about one-fifth of the national railway coal transport volume, facilitating the movement of heavy coal trains from Shanxi to Hebei [3] - The Daqin Railway spans 653 kilometers and operates trains that can carry 20,000 tons of coal, providing essential support for cooling needs across various regions during the summer [3]

Core Viewpoint - The company has successfully met its mid-year production targets, contributing significantly to national energy security and economic development through effective coal supply management and operational efficiency [1][9][10]. Group 1: Production Performance - In the first half of the year, the company achieved a cumulative stripping volume of 167 million cubic meters, completing 53.9% of its annual plan, and produced 31.49 million tons of commercial coal, reaching 50.8% of its annual target [1]. - The company’s coal loading volume reached a historical high of 5.5 million tons in May, reversing a previously passive situation due to various operational challenges [2][3]. Group 2: Operational Strategies - The company implemented precise scheduling strategies to adapt to market fluctuations and adverse weather conditions, ensuring stable production and supply [2][3]. - A "list-based" supervision mechanism was established to address seasonal production challenges, ensuring stable water supply and optimizing production processes [3][4]. Group 3: Efficiency Improvements - The company enhanced production efficiency through coordinated mining operations and strict quality control measures, resulting in a 10.9% increase in the average operational rate of main stripping shovels [4][5]. - The establishment of a "mining-washing-transportation" collaborative mechanism improved coal quality management, ensuring stable thermal values in commercial coal [5]. Group 4: Safety and Risk Management - The company emphasized safety as a foundational element of energy supply, implementing comprehensive safety management systems and conducting regular safety inspections [6][8]. - A risk identification and assessment program was launched to address potential safety hazards, particularly in high-risk operations [7]. Group 5: Future Outlook - The company aims to maintain its commitment to energy supply security while optimizing production organization and enhancing safety measures to meet ongoing challenges [9][10].

Group 1: Coal Production and Supply - In the first half of the year, the industrial raw coal output reached 2.4 billion tons, a year-on-year increase of 5.4% [1] - In June, the industrial raw coal output was 420 million tons, with a year-on-year growth of 3.0%, averaging 14.04 million tons per day [1] - National coal imports totaled 222 million tons in the first half of the year, a decrease of 11.1% year-on-year [1] - The coal supply remains stable, with high inventory levels ensuring adequate supply during peak summer demand [1] Group 2: Intelligent Mining Developments - The proportion of intelligent mining capacity in the country has historically surpassed 50%, with over 16,000 high-risk positions replaced by automation [2][3] - In Inner Mongolia, advanced intelligent mining technologies are being implemented, including autonomous trucks and precision loading systems [2] - The use of waste oil regeneration technology converts over 8,000 tons of hazardous waste into high-performance explosives annually, enhancing blasting power by 15% [2] - In Heilongjiang, the mechanization rate of coal mining has reached 99.5%, significantly reducing personnel in high-risk positions by 90% [2] Group 3: Transportation and Logistics - A new coal transportation route from Xinjiang to Jiangsu has been established to support energy supply [4] - A train carrying 3,500 tons of high-quality coal from Xinjiang successfully reached Jiangsu, contributing to energy security in East China [5] - As of July 24, Xinjiang's railway department has been transporting an average of 410,000 tons of coal daily, with total coal transportation reaching 50.774 million tons, a year-on-year increase of 12.3% [5] - The Daqin Railway, known for its heavy load capacity, has been transporting an average of 1.05 million tons of coal daily since July [5] - A comprehensive coal transportation network has been established, including major rail lines and ports, facilitating efficient coal distribution [5]

1. Report Type and Date - The report is a daily review of coke and coking coal, dated August 14, 2025 [1][2] 2. Research Team - The black metal research team includes researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 3. Market Performance 3.1 Futures Market - On August 13, the main contracts 2601 of coke and coking coal futures significantly declined, giving back most of the gains from the previous two trading days. The J2601 contract closed at 1737 yuan/ton, down 2.83%, with a trading volume of 35,677 lots and an open interest of 38,707 lots, an increase of 1,917 lots, and a capital inflow of 0.11 billion yuan. The JM2601 contract closed at 1245 yuan/ton, down 3.00%, with a trading volume of 2,684,599 lots and an open interest of 685,537 lots, a decrease of 33,409 lots, and a capital outflow of 10.86 billion yuan [5] 3.2 Spot Market - On August 13, the spot prices of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port were 1470 yuan/ton, with no change. The price in Tangshan was 1400 yuan/ton, also unchanged. The prices of low - sulfur main coking coal in different regions remained stable [8] 3.3 Technical Indicators - On August 13, the daily KDJ indicators of the coke and coking coal 2601 contracts showed divergent trends. The J and K values turned down, while the D value continued to rise. The daily MACD indicator of the coke 2601 contract changed from a golden cross the previous day to a death cross, and the daily MACD indicator of the coking coal 2601 contract showed a significant narrowing of the red column after a golden cross the previous day, nearly a death cross [8] 4. News and Policy 4.1 Coking Industry - On August 12, some coking enterprises in Shandong received oral notices of environmental production restrictions, requiring a 30% - 50% production cut from August 16 to early September. Specifically, from August 16 - 25, a 30% cut is required, from August 26 to September 3, a 50% cut, and production will resume on September 4 [10] 4.2 Coal Industry - On August 13, the National Mine Safety Administration held a press conference on the new version of the "Coal Mine Safety Regulations". The revision mainly includes significantly reducing the requirements for underground gas inspectors and inspection frequencies based on the actual coal mine operations, and relaxing some detailed requirements regarding the number of working faces to enterprise decision - making [10] 5. Fundamental Analysis 5.1 Coke - The coke production of independent coking plants has slowly recovered to a new high since mid - June, but the overall increase is still small. The coke production of steel mills has continued to decline, reaching a new low since early February. Port coke inventories have reached a new high since the end of May and tend to continue accumulating, while steel mills and coking plants have further reduced their inventories, reaching new lows since mid - December and early December last year respectively. The profit per ton of coke has been in the red for 12 consecutive weeks. The 5th round of spot price increase for coke was implemented on August 4, and the 6th round of price increase proposed on August 13 may be implemented the next day [10] 5.2 Coking Coal - From January to July, the year - on - year import volume of coal and lignite in China increased by 1.9 percentage points to - 13.0%. From January to June, the year - on - year import volume of coking coal in China still showed a large decline of - 7.4%. The inventories of refined coal and raw coal in mines have significantly decreased in the past 7 weeks, with declines of 50.8% and 32.1% respectively. The inventories of independent coking plants are hovering near a new high since early February, and the inventories of steel mills have continued to rise, reaching a new high since early February, while port inventories have reached a new low since early August last year. With the continuous increase in steel mill inventories and the cooling of coking plant replenishment, the spot price of coking coal is relatively strong [11] 6. Market Outlook - Affected by the production restrictions of steel enterprises in Tangshan, which boosted the profits of downstream finished products, and the superimposed production restrictions of coking enterprises in Shandong, although the recent increase in the spot prices of coke and coking coal has been relatively lagging, the futures market, especially the main 2601 contract, has risen significantly again. However, it failed to break through on August 13, and the market may shift to a mid - to - high - level oscillation in the future. Attention should be paid to changes in the stock market and risk appetite [11] 7. Industry News - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration issued the "Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans", providing interest subsidies for personal consumption loans from September 1, 2025, to August 31, 2026 [12] - The National Energy Administration reported that in the first half of this year, the investment in key energy projects under construction and planned to start construction reached over 1.5 trillion yuan, a year - on - year increase of 21.6% [12] - Ningxia Coal Industry Company of the National Energy Group achieved good results from June to July, with commodity coal production of 10.567 million tons, sales of 11.1551 million tons, chemical product sales of 1.139 million tons, and railway transportation volume of 12.939 million tons, breaking the historical record for the same period [13] - China has basically formed a three - dimensional coal transportation pattern, with "seven vertical and five horizontal" coal railway trunk lines, coal - handling ports in the north and receiving ports in the south, and 33 UHV transmission lines [13] - In Xinjiang, the railway department's daily coal shipment reached 410,000 tons as of July 24, with a cumulative external shipment of 50.774 million tons, a year - on - year increase of 12.3% [13] - Jizhong Energy adjusted its coal prices due to factors such as over - production inspections and the peak season of thermal coal demand [13] - Yunnan Coal Group's raw coal production in the first half of the year reached 5.4001 million tons, a year - on - year increase of 36.18%, and the stripping volume increased by 65.98% year - on - year [13] - The Indian rupee has been weak against the US dollar, and the Indian central bank has sold at least $5 billion to support the rupee. The US dollar index has been oscillating above the 98 mark, and the RMB has shown resilience [13] - The EIA expects US coal production to be 473 million tons in 2025, a year - on - year increase of 1.8%, and to decrease to 445 million tons in 2026 [13] - In July 2025, Russia's coal exports to China by rail were 8.355 million tons, a month - on - month increase of 2.96% and a year - on - year increase of 5.28%. From January to July, the total was 58.15 million tons, a year - on - year increase of 9.88% [13] - Russia's trade surplus from January to June 2025 decreased by 18.39% year - on - year to $63.9 billion. Exports decreased by $13.3 billion to $195.5 billion, and imports increased slightly by $1.1 billion to $131.6 billion [13] - OPEC's monthly report shows that in July, OPEC +'s average crude oil production was 41.94 million barrels per day, an increase of 335,000 barrels per day from June. The global crude oil demand growth forecast for 2025 remains at 1.29 million barrels per day, and the forecast for 2026 is adjusted from 1.28 million barrels per day to 1.38 million barrels per day [14] - Australia's coal export value in June 2025 was 6.252 billion Australian dollars, a month - on - month increase of 35.91% and a year - on - year decrease of 16.51%. From January to June, the cumulative export value was 31.006 billion Australian dollars, a year - on - year decrease of 30.26% [14] - Canada's coal export volume in May 2025 was 3.4116 million tons, a year - on - year increase of 186.79% and a month - on - month increase of 5.97%. The export value was $645 million, a year - on - year increase of 203.24% [14] - In June, India's oil imports from Russia accounted for 45% of its total imports, up from 44% in May. India's total oil imports in June fell below 5 million barrels per day for the first time in five months, to 4.86 million barrels per day, a 2% month - on - month decrease [14] 8. Data Overview - The report provides data on metallurgical coke and coking coal spot prices, production and inventory of coking plants and steel mills, and related basis data [15][16][17]

Core Insights - The coal production in China has shown stable growth in the first half of the year, with a total output of 2.4 billion tons, marking a year-on-year increase of 5.4% [1] - The import of coal has decreased by 11.1% year-on-year, totaling 22.2 million tons in the same period [1] - The coal supply for electricity generation remains stable, with high inventory levels ensuring supply during peak summer demand [3] Group 1: Production and Supply - The industrial raw coal production in June reached 420 million tons, reflecting a 3.0% year-on-year increase, with an average daily output of 14.04 million tons [1] - The coal mining industry continues to maintain a stable growth trend, with the ability to meet electricity supply demands during peak periods [3] Group 2: Technological Advancements - The proportion of intelligent mining capacity in China has surpassed 50%, with over 16,000 high-risk positions replaced by automation, indicating a significant advancement in safety and efficiency [4][9] - The implementation of intelligent blasting solutions has reduced blasting frequency by 40%, minimizing geological disturbances [7] Group 3: Transportation Infrastructure - A comprehensive coal transportation network has been established, with new coal trains connecting Xinjiang to Jiangsu, enhancing energy security in Eastern China [10] - As of July 24, the average daily coal transportation from Xinjiang reached 410,000 tons, with a total of 50.77 million tons transported, reflecting a 12.3% year-on-year increase [12] - The Daqin Railway, known for its heavy load capacity, has been operating at full capacity, transporting an average of 1.05 million tons of coal daily since July [12]

受降雨影响，11日，重庆等地高温消退，重庆连续20天的高温有所缓解。但在江南、华南等地，高温天 气持续，浙江、江西等地部分地区最高气温超过了37℃。预计未来几天，江南、华南等地高温日数多、 湿度大，体感闷热。城市中，杭州、南昌本周高温持续，最低气温或将达到27℃，闷热感贯穿全天。 14日起，随着副热带高压北抬，湿热空气将再次向北输送，闷热天气也将随之向北扩展，北方的华北、 黄淮甚至东北南部等地部分地区又会迎来桑拿天，虽然不少地方最高气温可能达不到35℃高温线，但体 感较为闷热，仍需做好防暑降温工作。 "水火风光储"形成合力全力保障电力供应 高温下，全国用电负荷持续增长。今年以来，全国最高用电负荷已经连续四次创历史新高。面对激增的 电力需求，相关部门动态调度，推动"水火风光储"等各类电源形成合力，全力以赴保障电力供应。 长江干流乌东德、白鹤滩、溪洛渡、向家坝、三峡和葛洲坝六座水电站组成的世界最大清洁能源走廊， 高峰运行机组达108台，可同时点亮6.5亿盏100瓦的灯。 在云南，当地电力企业全方位保障设备安全稳定运行，将风电和光伏可利用率分别提升至99.54%和 99.97%，最大限度把光能、风能转化为电能。 中 ...