1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On November 12, the closing price of the coking coal 2601 contract was 1219.0, down 1.85%. The spot price of Tangshan Meng 5 clean coal was reported at 1540, equivalent to 1320 on the futures market. Macroscopically, the National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. Fundamentally, the mine's operating rate has declined for three consecutive weeks due to safety inspections, with neutral inventory and mid - and downstream restocking, and the total inventory shows a seasonal upward trend. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. - On November 12, the closing price of the coke 2601 contract was 1689.5, down 1.89%. The third round of coke price increase has been implemented on the spot side. Macroscopically, the National Development and Reform Commission organized a video conference on energy supply guarantee for the heating season from 2025 - 2026. Fundamentally, on the demand side, the pig iron output continued its seasonal decline, with a pig iron output of 234.22 (-2.14) million tons, and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants nationwide was -22 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1219.00 yuan/ton, up 6.00; J main contract closing price was 1689.50 yuan/ton, up 4.50. JM futures contract open interest was 929535.00 lots, down 39049.00; J futures contract open interest was 48913.00 lots, down 675.00. The net open interest of the top 20 coking coal contracts was -102322.00 lots, up 6426.00; the net open interest of the top 20 coke contracts was -4058.00 lots, up 225.00. JM 5 - 1 month contract spread was 60.50 yuan/ton, up 1.50; J 5 - 1 month contract spread was 146.00 yuan/ton, unchanged. Coking coal warehouse receipts were 200.00, unchanged; coke warehouse receipts were 2070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Du Meng 5 raw coal was 1111.00 yuan/ton, down 34.00; the price of Tangshan Grade 1 metallurgical coke was 1830.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot (CFR) was 161.30 US dollars/wet ton, up 1.30; the price of Rizhao Port quasi - Grade 1 metallurgical coke was 1620.00 yuan/ton, unchanged. The price of imported prime coking coal from Australia at Jingtang Port was 1600.00 yuan/ton, down 40.00; the price of Grade 1 metallurgical coke at Tianjin Port was 1720.00 yuan/ton, unchanged. The price of prime coking coal produced in Shanxi at Jingtang Port was 1860.00, unchanged; the price of quasi - Grade 1 metallurgical coke at Tianjin Port was 1620.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1330.00, unchanged. JM main contract basis was 391.00 yuan/ton, down 6.00; J main contract basis was 140.50 yuan/ton, down 4.50 [2]. 3.3 Upstream Situation - The refined coal output of 314 independent coal washing plants was 27.40 million tons, down 0.10; the refined coal inventory of 314 independent coal washing plants was 300.80 million tons, up 5.80. The capacity utilization rate of 314 independent coal washing plants was 0.37%, down 0.00; the raw coal output was 41150.50 million tons, up 2100.80. The import volume of coal and lignite was 4173.70 million tons, down 426.30; the daily average raw coal output of 523 coking coal mines was 186.30, down 4.00. The inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the inventory of coke at 18 ports was 262.51 million tons, down 7.39. The total inventory of coking coal of all - sample independent coking enterprises was 1070.02 million tons, up 17.32; the inventory of coke of all - sample independent coking enterprises was 58.30 million tons, down 1.57. The inventory of coking coal of 247 steel mills nationwide was 787.30 million tons, down 9.02; the inventory of coke of 247 sample steel mills was 626.64 million tons, down 2.41. The available days of coking coal of all - sample independent coking enterprises were 12.84 days, down 0.12; the available days of coke of 247 sample steel mills were 11.07 days, down 0.50 [2]. 3.4 Industry Situation - The import volume of coking coal was 1092.36 million tons, up 76.14; the export volume of coke and semi - coke was 54.00 million tons, down 1.00. The coking coal output was 3975.92 million tons, up 279.06; the capacity utilization rate of independent coking enterprises was 72.31%, down 1.13. The profit per ton of coke of independent coking plants was -22.00 yuan/ton, up 10.00. The coke output was 4255.60 million tons, down 4.10 [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 83.15%, up 1.42; the blast furnace iron - making capacity utilization rate of 247 steel mills was 87.79%, down 0.80. The crude steel output was 7349.01 million tons, down 387.84. Steel mills in Xinjiang are gradually implementing winter maintenance and production cuts. It is estimated that the cumulative reduction of construction steel output in Xinjiang during the winter maintenance and production cut period will be about 2 million tons, accounting for about 25% of the estimated total construction steel output in Xinjiang in 2025 [2]. 3.6 Industry News - The current RMB loan balance in China has reached 270 trillion yuan, and the stock of social financing scale has reached 437 trillion yuan. As the base increases, it is natural for the growth rate of financial aggregates to decline in the future, which is consistent with China's economic transformation from high - speed growth to high - quality development. The central bank will continue to optimize the intermediate variables of monetary policy and gradually淡化 its focus on quantitative targets. The People's Bank of China issued the third - quarter monetary policy implementation report on Tuesday. Compared with the second quarter, it specifically proposed to carry out counter - cyclical and cross - cyclical adjustments according to changes in the economic and financial situation, and said that it would closely monitor the monetary policy changes of major overseas central banks and continuously strengthen the analysis and monitoring of the supply and demand of bank system liquidity and changes in the financial market [2].

Core Viewpoint - The article emphasizes the importance of promoting the consumption and regulation of renewable energy to support high-quality development and address challenges in China's energy sector [3][12]. Group 1: Significance of Enhancing Renewable Energy Consumption and Regulation - Promoting renewable energy consumption and regulation is crucial for advancing the green and low-carbon transformation of energy [4]. - It is essential for the high-quality development of the renewable energy industry, as it stabilizes utilization levels and boosts investor confidence [5]. - It serves as a key driver for cultivating new productive forces, leveraging technological innovation to address the inherent challenges of renewable energy [6]. Group 2: Systematic Promotion of Renewable Energy Consumption and Regulation - The guidance proposes multi-dimensional strategies to enhance renewable energy consumption and regulation, focusing on differentiated development and consumption solutions [8]. - It advocates for a market-driven approach to shift from a resource-oriented to an efficiency-oriented model, addressing issues like market rule adaptability and price signal transmission [9]. - Innovation is emphasized as a cornerstone for high-quality development, targeting key technological breakthroughs in efficient utilization, flexible regulation, and smart control [10]. Group 3: Strengthening Mechanism Construction - The guidance outlines a framework for effective implementation, emphasizing problem-oriented and goal-oriented strategies [11]. - It includes optimizing management mechanisms, clarifying responsibilities, and enhancing monitoring and regulatory measures to ensure policy effectiveness [11]. - The overall approach aims to create a comprehensive policy framework that integrates various aspects of the renewable energy sector, enhancing operational effectiveness [12].

Group 1: U.S. Employment Situation - The U.S. non-farm data may be overestimated, with concerns about the credibility of employment data rising since Q3 2025 [6][7] - The labor market is experiencing a "local replacement" effect, with a net increase of 1.861 million local workers since March 2025, but this trend may not be sustainable due to demographic challenges [7] - Cyclical industries like leisure, construction, and manufacturing are showing signs of slowdown, while non-cyclical sectors like education and healthcare are facing ongoing employment pressures [8][9] Group 2: Pharmaceutical and Biotech Industry - The pharmaceutical and biotech sector is under pressure, with a slight improvement in Q3 2025; total revenue for 452 listed companies was 1.85 trillion yuan, down 1.9% year-on-year [11][12] - Sub-sectors such as innovative drugs and CXO services are performing well, with revenue growth rates of 23.34% and 12.36% respectively, while overall profitability remains low [12] - Investment opportunities are suggested in innovative drug chains, medical devices, and healthcare services as the industry slowly recovers [12][13] Group 3: Yifeng Pharmacy (603939) - Yifeng Pharmacy reported a revenue of 17.286 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.39%, with a net profit of 1.225 billion yuan, up 10.27% [14][15] - The company is focusing on optimizing its store operations and has seen significant growth in its new retail business, particularly in B2C sales [16][17] - The company plans to continue its cautious expansion strategy, emphasizing mergers and acquisitions to enhance market presence [17] Group 4: Anjieshi (688581) - Anjieshi's revenue for the first three quarters of 2025 was 459 million yuan, a year-on-year increase of 7.51%, but net profit decreased by 10.35% [18][19] - The company is facing challenges from domestic procurement policies and geopolitical factors, but is actively expanding its overseas market presence [20][21] - R&D investment is increasing, focusing on innovative products like surgical robots and energy platforms, indicating a commitment to long-term growth [21] Group 5: Non-Insurance Financial Sector - The non-insurance financial index fell by 0.2%, with a notable divergence in performance between brokerage and insurance indices [23][24] - Recent regulatory changes in non-insurance sectors are expected to create investment opportunities, particularly in health and non-auto insurance [26][27] - The market is anticipated to shift towards blue-chip stocks as investor sentiment stabilizes [25][27] Group 6: Home Appliance Industry - Sales of robotic vacuum cleaners showed a year-on-year increase of 14% in the first 44 weeks of 2025, but a significant decline in October due to high base effects from previous subsidies [28][29] - Innovations in cleaning technology, such as active water washing, are leading to competitive advantages for companies like Ecovacs [29][30] - Southeast Asia is emerging as a new growth market for robotic vacuums, with significant sales growth reported [31]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The stock index futures are in a volatile trend and still have support after a correction [2]. 3. Summary by Relevant Catalogs [期指期现数据跟踪] - On November 11, all the current-month contracts of the four major stock index futures declined. IF dropped 0.88%, IH dropped 0.62%, IC dropped 0.72%, and IM dropped 0.3% [3]. - On this trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 3,615 lots, IH increased by 4,232 lots, IC decreased by 10,252 lots, and IM decreased by 8,391 lots. In terms of positions, the total positions of IF decreased by 5,129 lots, IH decreased by 1,967 lots, IC decreased by 8,077 lots, and IM decreased by 582 lots [3][4]. [趋势强度] - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [8]. [重要驱动] - NDRC Director Zheng Shanjie chaired a symposium for private enterprises to solicit opinions on accelerating the development of the service industry for the 14th Five-Year Plan. The participating enterprises included those in industrial automation control, software and information services, industrial internet, comprehensive production services, and catering [8]. - Weak ADP employment data suggested a cooling US labor market, boosting expectations of a Fed rate cut. Coupled with the expected end of the US government shutdown, the Dow Jones Industrial Average rose more than 1%, while the Nasdaq closed down due to the drag of technology stocks [8]. - The People's Bank of China's Q3 monetary policy report stated that it is natural for the growth rate of financial aggregates to decline in the future. It aims to maintain a reasonable interest rate ratio, develop the "technology board" of the bond market, use risk - sharing tools for science and technology innovation bonds, and formulate a development plan for financial technology during the 14th Five - Year Plan and promote the application of AI large models in the financial sector in an orderly manner [8]. - The market was in a weak consolidation, with slower sector rotation. The Shanghai Composite Index fell 0.39% to 4,002.76 points, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.4%. The total A - share trading volume was 2.01 trillion yuan, down from 2.19 trillion yuan the previous day. The computing power hardware industry chain corrected again, with servers and CPO leading the decline. Military, AI applications, and consumer electronics also had significant declines. Photovoltaic and energy storage concepts were active, and the NDRC and NEA issued guidelines on promoting new energy consumption and regulation. The super - hard materials concept continued to be strong, and the Ministry of Commerce and the General Administration of Customs issued an announcement related to super - hard materials. Influenza concept stocks continued to strengthen as China's influenza monitoring system showed that the overall influenza activity is in an upward stage [8].

Core Viewpoint - The "Guiding Opinions" issued by the National Development and Reform Commission and the National Energy Administration aim to improve the policies and measures for the consumption and regulation of renewable energy, supporting the construction of a new energy system and a new power system [1][2]. Group 1: Objectives and Goals - By 2030, a multi-level renewable energy consumption and regulation system will be established to ensure smooth grid connection, diversified utilization, and efficient operation of renewable energy, meeting the annual demand for 200 million kilowatts of new renewable energy [1][2]. - By 2035, a new power system capable of accommodating a high proportion of renewable energy will be basically established, with a unified national electricity market playing a foundational role in the allocation of renewable resources [1][2]. Group 2: Key Tasks and Measures - The "Guiding Opinions" outline five key tasks with 19 specific measures, focusing on guiding renewable energy development and consumption, promoting innovative new models and business formats for renewable energy consumption, enhancing the adaptability of the new power system to renewable energy, improving the national unified electricity market system, and strengthening technological innovation support for renewable energy consumption [2]. - To balance the external delivery and local consumption of renewable energy from "desert, Gobi, and wasteland" bases, the opinions propose reasonable layout of external delivery bases in arid regions to improve economic viability [2]. - The opinions emphasize optimizing the integrated development and consumption of hydropower, wind, and solar energy, leveraging large hydropower bases in the southwest, and enhancing the utilization of existing hydropower delivery channels by reasonably increasing renewable energy allocation [2]. - To improve the grid's capacity to accept renewable energy, the opinions call for optimizing national electricity flow, expanding the range of renewable resource allocation, and steadily increasing the scale of inter-provincial and inter-regional transmission channels [2].

Core Insights - The release of the "Guiding Opinions" by the National Development and Reform Commission and the National Energy Administration emphasizes the importance of integrating renewable energy with strategic emerging industries, such as information technology and high-end equipment manufacturing [1][2] - The rapid growth in computing power demand has raised energy consumption concerns, necessitating a shift towards greener infrastructure [1][2] - The new guidelines aim to enhance the synergy between renewable energy and computing facilities, promoting green development in the computing sector [1][2] Industry Developments - The storage system is identified as a key solution to address the mismatch between intermittent renewable energy and the continuous high-load operation of computing facilities, with a goal of achieving high proportions of green electricity usage [2] - As of September 2023, China's new energy storage installed capacity exceeded 100 million kilowatts, accounting for over 40% of the global total, positioning the country as a leader in this sector [2] - The diversification of storage technology, including advancements in solid-state batteries and hydrogen storage, is progressing from demonstration applications to large-scale development [2] Infrastructure Enhancements - The capacity of the power grid to accept renewable energy directly impacts the scale and quality of green computing development [2][3] - The "Guiding Opinions" propose accelerating the construction of a new type of power grid platform to enhance grid capacity and optimize national electricity flow [2] - The transition to a high proportion of renewable energy is entering a critical phase, with the total installed capacity of wind and solar power surpassing that of thermal power for the first time in Q1 2023 [3] Company Initiatives - Beijing Qinhuai Data Co., Ltd. is focusing on large-scale development and zero-carbon strategies, aligning its business with the national "East Data West Computing" initiative [3] - Qinhuai Data aims to explore new paths for "computing and electricity collaboration," emphasizing integrated solutions for energy sources, networks, loads, and storage [3] - Unisplendour Corporation Limited is accelerating the development of emerging liquid cooling technologies to meet the energy efficiency demands of high-density computing clusters and high-power chips [4]

Core Viewpoint - The "Guiding Opinions" issued by the National Development and Reform Commission and the National Energy Administration aim to enhance the consumption and regulation of renewable energy, supporting the construction of a new energy system and a new power system in China [1][2]. Group 1: Objectives and Goals - By 2030, a multi-level renewable energy consumption and regulation system will be established to ensure smooth grid connection, diversified utilization, and efficient operation of renewable energy, meeting the annual demand for 200 million kilowatts of new renewable energy [1]. - By 2035, a new power system capable of accommodating a high proportion of renewable energy will be fundamentally established, optimizing the nationwide allocation and efficient consumption of renewable energy resources [1]. Group 2: Key Tasks and Measures - The "Guiding Opinions" outline five key tasks with 19 specific measures, focusing on guiding renewable energy development and consumption, promoting new consumption models, enhancing the adaptability of the new power system, improving the unified national electricity market, and strengthening technological innovation for renewable energy consumption [2]. - To balance the external delivery and local consumption of renewable energy from "desert, Gobi, and wasteland" bases, the Opinions propose reasonable layout and economic enhancement of these bases, promoting large-scale local consumption through integrated development and industrial transfer [2]. - The Opinions emphasize optimizing the integrated development and consumption of hydropower, wind, and solar energy, particularly leveraging large hydropower bases in the southwest and enhancing the utilization of existing hydropower transmission channels [2]. - To improve the grid's capacity to accept renewable energy, the Opinions call for optimizing national electricity flow, expanding the range of renewable resource allocation, and enhancing the construction of the main grid to accommodate large-scale distributed renewable energy [2]. Group 3: Implementation and Follow-up - The National Development and Reform Commission and the National Energy Administration will coordinate the promotion of renewable energy consumption and regulation, further detailing and improving supporting policies to ensure the implementation of the proposed measures [3].

Market Overview - The market experienced fluctuations with the three major indices opening high but closing lower, while the Shanghai Composite Index remained above 4000 points [1] - The trading volume in the Shanghai and Shenzhen markets was below 2 trillion yuan, a decrease of 180.9 billion yuan compared to the previous trading day [1] - By the close, the Shanghai Composite Index fell by 0.39%, the Shenzhen Component Index by 1.03%, the ChiNext Index by 1.4%, and the CSI 500 Index by 0.84% [1] Future Outlook - Liquidity for equity assets is expected to remain ample both domestically and internationally, with ongoing investment and industrial opportunities driven by AI [1] - The market is likely to experience normal fluctuations or adjustments following a phase of upward movement, suggesting that investors should consider positioning in high-growth or policy-supported sectors during pullbacks [1] Gold Market Insights - After a recent rapid adjustment, gold prices have stabilized and are expected to rise in the medium to long term due to factors such as (a) unsustainable high debt models in major global economies, (b) strategic allocations by central banks and long-term investors, (c) declining real interest rates, and (d) increasing global risk events [1] - UBS has projected that gold prices may reach a historical high of $5000 per ounce at some point next year or the year after [1] - It is suggested that gold should be viewed as a fundamental currency, with investors advised to hold a portion of it, indicating that the recent pullback may present a good opportunity to invest in the gold sector [1] Renewable Energy Sector Developments - The renewable energy sector has received positive news, with the National Development and Reform Commission and the National Energy Administration releasing guidelines to promote the integration of renewable energy with industry and optimize the operation of energy and computing facilities [2] - The lithium battery sector is benefiting from the ongoing expansion of energy storage and new energy vehicles, with the China Association of Automobile Manufacturers reporting that in October, new energy vehicle sales exceeded 50% of total new car sales for the first time [2] - In the photovoltaic sector, efforts to reduce internal competition are ongoing, with expected implementation of silicon material mergers and acquisitions, as well as production limits and sales policies [2]

Core Viewpoint - The article discusses the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy," emphasizing the need for a multi-dimensional approach to support the high-quality development of new energy in China, addressing challenges such as consumption difficulties and regulatory pressures [3][9]. Group 1: Multi-faceted Development System - The article highlights the historical context of new energy development in China, noting that during the early "13th Five-Year Plan," regions like Gansu and Jilin faced wind abandonment rates exceeding 30%, and solar abandonment rates over 20% in the northwest [4]. - The "Guiding Opinions" propose a comprehensive set of solutions to enhance new energy consumption, including promoting industrial transfer, improving channel efficiency, and setting consumption targets [4][5]. - Specific measures include optimizing local development structures, enhancing self-regulation capabilities of distributed energy, and transitioning from a rough development model to a refined one [4][5]. Group 2: New Consumption Models and Industries - The article emphasizes the importance of integrating new energy with industrial development, proposing new consumption models that bind the new energy equipment manufacturing industry with green electricity applications [5]. - It suggests exploring green fuel industries such as green hydrogen and ammonia to extend the low-carbon system into transportation and industry, addressing the challenges of intermittent energy [5]. - Various consumption pathways are identified, including industrial transfer, non-electric utilization, and integrated energy systems, guiding the efficient use of new energy during the "14th Five-Year Plan" [5]. Group 3: New Power System Construction - The article notes the transition of China's power system from traditional sources to a high-proportion new energy and dual-direction supply model, necessitating the establishment of new scheduling mechanisms [6]. - The "Guiding Opinions" advocate for a dual approach to regulation, combining traditional and new methods, and emphasize the need for technological innovation in energy storage and virtual power plants [6][7]. - It calls for the development of a new grid consumption platform to enhance the grid's capacity to accept and regulate various scales of new energy [6][7]. Group 4: Optimizing the New Energy Market System - Starting in 2026, new energy will fully participate in the market, with installed capacity and generation volume exceeding 80% [8]. - The article outlines the challenges posed by the randomness and volatility of new energy, proposing the establishment of a multi-layered electricity market to accommodate these characteristics [8]. - It emphasizes the need for improved market rules and pricing mechanisms to ensure fair competition for new energy enterprises and to address the issues of "increased generation without increased revenue" [8][9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On November 11, the JM2601 contract closed at 1213.0, down 3.81%. The spot price of Tangshan Mongolian No.5 coking coal was 1460, equivalent to 1240 on the futures market. The macro - level saw the release of a guidance on promoting new energy consumption and regulation. The mine's operating rate has declined for 3 consecutive weeks due to safety inspections. The inventory is at a moderate level, and the mid - and downstream are replenishing stocks, with the total inventory showing a seasonal upward trend. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. - On November 11, the J2601 contract closed at 1685.0, down 3.60%. The third round of coke price increase has been implemented in the spot market. The macro - level involved a video conference on energy supply during the 2025 - 2026 heating season. The demand side saw a seasonal decline in molten iron production, with the molten iron output at 234.22 (-2.14) million tons. The total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants was -22 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. Group 3: Summary by Relevant Catalogs Futures Market - JM main contract closing price was 1213.00 yuan/ton, down 52.50; J main contract closing price was 1685.00 yuan/ton, down 58.50 [2]. - JM futures contract open interest was 968584.00 lots, up 11825.00; J futures contract open interest was 49588.00 lots, up 1247.00 [2]. - Net position of the top 20 JM contracts was -108748.00 lots, down 30174.00; net position of the top 20 J contracts was -4283.00 lots, up 789.00 [2]. - JM 5 - 1 month contract spread was 59.00 yuan/ton, up 21.50; J 5 - 1 month contract spread was 146.00 yuan/ton, up 13.00 [2]. - JM warehouse receipts were 200.00 sheets, unchanged; J warehouse receipts were 2070.00 sheets, unchanged [2]. Spot Market - Dry Qimantage Mongolian No.5 raw coal price was 1145.00 yuan/ton, down 16.00; Tangshan first - grade metallurgical coke price was 1830.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot price (CFR) was 160.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke price was 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal price was 1640.00 yuan/ton, down 70.00; Tianjin Port first - grade metallurgical coke price was 1720.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal price was 1860.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke price was 1620.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal price was 1610.00 yuan/ton, unchanged; J main contract basis was 145.00 yuan/ton, up 58.50 [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price was 1330.00 yuan/ton, unchanged; JM main contract basis was 397.00 yuan/ton, up 52.50 [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.50 million tons, up 1.00; the weekly inventory of clean coal from 314 independent coal washing plants was 295.00 million tons, up 10.60 [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.01; the monthly raw coal output was 41150.50 million tons, up 2100.80 [2]. - The monthly import volume of coal and lignite was 4173.70 million tons, down 426.30; the daily average output of raw coal from 523 coking coal mines was 186.30, down 4.00 [2]. - The weekly inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the weekly inventory of coking coal at all - sample independent coking enterprises was 1070.02 million tons, up 17.32 [2]. - The weekly inventory of coke at 18 ports was 262.51 million tons, down 7.39; the weekly inventory of coke at all - sample independent coking enterprises was 58.30 million tons, down 1.57 [2]. - The weekly inventory of coking coal at 247 steel mills nationwide was 787.30 million tons, down 9.02; the weekly inventory of coke at 247 sample steel mills was 626.64 million tons, down 2.41 [2]. - The weekly available days of coking coal at all - sample independent coking enterprises was 12.84 days, down 0.12; the weekly available days of coke at 247 sample steel mills was 11.07 days, down 0.50 [2]. Industry Situation - The monthly import volume of coking coal was 1092.36 million tons, up 76.14; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 [2]. - The monthly output of coking coal was 3975.92 million tons, up 279.06; the weekly capacity utilization rate of independent coking enterprises was 72.31%, down 1.13 [2]. - The weekly profit per ton of coke at independent coking plants was -22.00 yuan/ton, up 10.00; the monthly output of coke was 4255.60 million tons, down 4.10 [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.15%, up 1.42; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.79%, down 0.80 [2]. - The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. Industry News - There is a surge in low - price "bank - direct - supply houses", with some property prices 25% lower than the market price. Banks are accelerating property disposal to improve debt recovery rates [2]. - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. By 2030, new electricity demand will be mainly met by new new - energy power generation [2]. - The National Development and Reform Commission held a video conference on energy supply during the 2025 - 2026 heating season, requiring stable energy production and supply, strengthened coal production organization and transportation support [2].