Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report suggests that the domestic thermal coal price is stabilizing, and the coastal terminal restocking demand is driving the port thermal coal market to operate strongly. The market is expected to continue to be influenced by the safety inspection situation in the main production areas [5]. 3. Summary by Relevant Catalog 3.1 Price and Market Conditions - The domestic thermal coal price is stabilizing, but the optimistic atmosphere in the coal market has not been reversed. There are still many coal mines raising prices, and traders' purchasing enthusiasm is good [5]. 3.2 Supply Side - Although the import volume of foreign trade coal is stable, more coal mines will stop production after completing their production targets at the end of the month. In addition, the Central Safety Production Inspection and Inspection Team will enter the main production areas in November, leading to market expectations of supply contraction at the end of the year, which supports the coal price to operate strongly [5]. 3.3 Demand Side - Recently, many places in the north have continued to cool down and have entered the winter mode ahead of schedule. The demand in southern coastal cities has declined in the off - season after the cooling in October. However, the coal inventory level of coastal power plants is low, and there is still restocking demand, which will support the coal market atmosphere [5]. 3.4 Inventory - As of October 31, the total coal inventory of 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 800,000 tons and 2.729 million tons lower than the same period last year. The potential restocking demand of downstream users supports the port coal price [5].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report expects the price increase of thermal coal to slow down and may remain in a high - level shock in the future, with an overall view of "shock" [5]. Group 3: Summary by Core Logics Supply Side - Although the import volume of foreign coal is stable, more coal mines will stop production after completing their production targets at the end of the month. In addition, the Central Safety Production Assessment and Inspection Team will be stationed in the main production areas in November. The market anticipates a supply contraction at the end of the year, which supports the coal price to run strongly [5]. Demand Side - Recently, many places in the north have continued to cool down and entered the winter mode ahead of schedule. After the temperature drop in southern coastal cities in October, the demand in the off - season declined. However, the coal inventory level of coastal city power plants is low, and there is still a need for replenishment later, which will support the coal market atmosphere [5]. Inventory - As of October 31, the total coal inventory of 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 80,000 tons and 2.729 million tons lower than the same period last year. The potential replenishment demand of downstream users supports the port coal price [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The price of domestic thermal coal has stabilized recently, but the optimistic atmosphere in the coal market has not reversed. The price of thermal coal is expected to slow down its upward trend and may maintain a high - level volatile operation [4] Group 3: Summary According to the Directory 1. Main Variety Price Market Driving Logic - Commodity Futures Black Sector (Thermal Coal Spot) 1.1 Core Logic - **Supply**: Although the import volume of foreign - trade coal is stable, more coal mines stop production after completing their production targets at the end of the month. With the central safety production inspection team to be stationed in the main production areas in November, there is an expectation of supply contraction at the end of the year, which supports the coal price [4] - **Demand**: In the north, many places have entered winter due to continuous cooling. In southern coastal cities, the demand declined in the off - season after the cooling in October, but the coal inventory of coastal power plants is low, and there is still restocking demand, which supports the coal market [4] - **Inventory**: As of October 31, the total coal inventory of 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 80,000 tons and 2.729 million tons lower than the same period last year. The potential restocking demand of downstream users supports the port coal price [4]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The price of thermal coal is expected to maintain a high - level oscillation. Although the domestic thermal coal price has stabilized, the coal market's optimistic atmosphere has not reversed. With the increase in coal price, market competition intensifies, and the upward trend of coal price will slow down [1][5]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - The short - term, medium - term, and intraday views on thermal coal spot are all "oscillation". The core logic is that the multi - empty game intensifies, and port coal prices oscillate at a high level [1]. 3.2 Price Market Driving Logic of Main Varieties - Commodity Futures Black Sector - **Supply Side**: Although the import volume of foreign trade coal is stable, more coal mines stop production after completing production targets at the end of the month. The market expects a supply contraction at the end of the year because the central safety production inspection team will enter the main production areas in November, which supports the coal price [5]. - **Demand Side**: In the north, many places have entered winter due to continuous cooling. In southern coastal cities, the demand decreased in the off - season after cooling in October, but the coal inventory level of coastal power plants is low, and there is still restocking demand, which supports the coal market [5]. - **Inventory**: As of October 31, the total coal inventory of 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 800,000 tons and 2.729 million tons lower than the same period last year. The potential restocking demand of downstream users supports port coal prices [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of thermal coal spot is that short - term bullish factors resonate, and port coal prices are operating strongly. The short - term, medium - term, and intraday views are all "oscillation". In October, domestic coal prices ran strongly, but in the second half of the month, coastal electricity coal demand declined rapidly, and the upward trend of coal prices is expected to slow down in November. The relative bullish factors are "policy disturbances on the supply side" and "restocking demand of coastal power plants" [1][4] Group 3: Summary by Related Catalog Variety Viewpoint Reference - For thermal coal spot, the short - term, medium - term, and intraday views are all "oscillation". The core logic is that short - term bullish factors resonate, and port coal prices are operating strongly [1] Main Variety Price Market Driving Logic - Commodity Futures Black Sector - The reference view of thermal coal spot is "oscillation". In October, domestic coal prices ran strongly. As of October 21, the quotation of 5500K thermal coal at Qinhuangdao Port was 755 yuan/ton, a rise of 54 yuan/ton compared with the end - of - September price. In October, multiple bullish factors in the coal market resonated. Some weather and policy factors drove coal prices to rise beyond expectations. However, in the second half of the month, the temperature in coastal areas dropped sharply, electricity coal demand declined rapidly, and with the recovery of coal logistics and transportation, the upward trend of coal prices is expected to slow down in November. The relative bullish factors are "policy disturbances on the supply side" and "restocking demand of coastal power plants" [4]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The report predicts that the short - term price of domestic thermal coal will maintain a relatively strong trend. This is because the supply of domestic thermal coal has gradually stabilized after the "anti - involution" capacity verification, and the supply - side pressure has been significantly alleviated compared to the previous two years. Additionally, the fundamental outlook for thermal coal before the National Day is favorable [4]. 3) Summary by Related Content Price and Market Conditions - As of September 17, 2025, the quoted price of 5500K thermal coal at Qinhuangdao Port was 689 yuan/ton, showing a week - on - week increase [4]. Viewpoint on Thermal Coal - **Intraday and Medium - term View**: The reference view for thermal coal is "oscillation". The core logic is that the supply of domestic thermal coal has become stable after the capacity verification, and the supply - side pressure has eased. Coupled with the good fundamental expectations before the National Day, the short - term coal price is expected to be strong [4].

Report Overview - The report is the Baocheng Futures' morning report on thermal coal dated September 19, 2025 [1] Industry Investment Rating - Not provided Core View - The domestic thermal coal price maintained a weak and stable trend this week. The market is in a bearish sentiment, and the opportunity for the coal price to stop falling and stabilize may lie in the winter storage replenishment of terminal power plants [4] Summary by Relevant Catalog Price and Market Conditions - As of September 11, the quotation of 5500K thermal coal at Qinhuangdao Port was 676 yuan/ton, a week-on-week decrease of 6 yuan/ton [4] Supply Side - The impact of the September 3 parade on coal mine production has basically faded. After entering the new natural month, the thermal coal output has gradually returned to the pre - parade level, and the main producing area coal mines maintained normal production [4] Demand Side - As of the week of September 4, the daily coal consumption of power plants in 8 coastal provinces was 245.5 million tons, a week - on - week increase of 8.7 million tons; the daily coal consumption of power plants in 17 inland provinces was 355.6 million tons, a week - on - week decrease of 10.3 million tons. The domestic thermal coal demand has significantly declined from the summer peak [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The reference view for power coal is "oscillation" in the short - term and medium - term. The price of domestic power coal has been weakly stable this week. As of September 11, the quotation of 5500K at Qinhuangdao Port was 676 yuan/ton, a week - on - week decrease of 6 yuan/ton. The coal price is driven by weak operation due to the seasonal decline in power plant coal consumption and the lack of obvious improvement in non - power coal demand. The fundamentals of power coal are weakening in the off - season, and the market bearish sentiment still exists. The opportunity for the coal price to stop falling and stabilize may lie in the winter storage replenishment of terminal power plants [4] Group 3: Summary by Related Catalog Price and Market Condition - As of September 11, the quotation of 5500K power coal at Qinhuangdao Port was 676 yuan/ton, a week - on - week decrease of 6 yuan/ton [4] Supply - side Situation - The impact of the September 3 parade on coal mine production has basically faded. After entering the new natural month, the power coal output has gradually returned to the pre - parade level, and the main producing area coal mines maintain normal production. The impact of "anti - involution" has not been further released [4] Demand - side Situation - As of the week of September 4, the daily coal consumption of power plants in 8 coastal provinces was 245.5 million tons, a week - on - week increase of 8.7 million tons; the daily coal consumption of power plants in 17 inland provinces was 355.6 million tons, a week - on - week decrease of 10.3 million tons. The domestic power coal demand has significantly declined compared with the summer peak [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The domestic thermal coal price maintained a strong performance this week. It is expected that the coal price will remain strong in the mid - term due to high temperature in late August and early September, good electricity demand, slow supply growth, and significant inventory reduction [5]. 3. Summary by Related Content Price and Market Performance - As of August 14, the price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, up 18 yuan/ton week - on - week, approaching the 700 - yuan mark. The coal price has been rising due to high electricity demand and strong hauling enthusiasm [5]. Supply Aspect - In July, the national raw coal output was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 12.29 million tons; from January to July, the cumulative national raw coal output was 2.78 billion tons, a year - on - year increase of 3.8%. Since August, affected by rainfall, over - production inspections, and coal mine maintenance in major producing areas, the thermal coal output has not recovered significantly, and the growth of origin supply is slow [5]. Demand Aspect - As of August 7, the daily coal consumption of 17 inland provinces was 4.092 million tons, a week - on - week increase of 247,000 tons; the daily coal consumption of 8 coastal provinces was 2.518 million tons, a week - on - week increase of 285,000 tons. The National Climate Center predicts that from late August to early September, the temperature in most of East China, Central China, and the northeast of Southwest China will be significantly higher, while the hydropower substitution effect may still be limited [5]. Inventory Aspect - As of August 14, the total coal inventory of 9 ports in the Bohai Rim was 23.636 million tons, with a significant reduction of 1.183 million tons within the week, and 1.182 million tons lower than the same period last year [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report predicts that the price of thermal coal will remain strong. The domestic thermal coal price has been running strongly this week, and it is expected to continue this trend due to factors such as high - temperature - driven demand, limited supply growth, and inventory reduction [5]. 3) Summary by Related Content Price and Market Performance - As of August 14, the price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, up 18 yuan/ton week - on - week, approaching the 700 - yuan mark [5]. - The overall atmosphere in the coal market is still optimistic, and coal prices are expected to remain strong in the middle and late August due to high temperatures [5]. Supply Side - In July, the national raw coal output was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 1.229 million tons; from January to July, the cumulative national raw coal output was 2.78 billion tons, a year - on - year increase of 3.8% [5]. - Since August, affected by rainfall in major production areas, over - production inspections, and coal mine maintenance, thermal coal production has not recovered significantly, and supply growth in production areas is slow [5]. Demand Side - As of August 7, the daily coal consumption of 17 inland provinces was 409,200 tons, an increase of 24,700 tons week - on - week; the daily coal consumption of 8 coastal provinces was 251,800 tons, an increase of 28,500 tons week - on - week [5]. - The National Climate Center predicts that from late August to early September, temperatures in most parts of East China, Central China, and the northeast of Southwest China will be significantly higher, and the hydropower substitution effect may still be limited [5]. Inventory - As of August 14, the total coal inventory of 9 ports in the Bohai Rim was 2.3636 million tons, with a significant inventory reduction of 118,300 tons during the week, and the inventory was 118,200 tons lower than the same period last year [5].