Investment Rating - The industry investment rating is "Outperform" and is maintained [2][10]. Core Insights - The report highlights the acceleration of the electricity spot market construction and the publication of top-level planning for auxiliary services, which is expected to rationalize pricing mechanisms and re-evaluate the value of green electricity [5][6]. - The establishment of a nationwide unified electricity market is anticipated to transform electricity pricing from a multi-track system to a multi-dimensional pricing approach based on different attributes of electricity [7]. Summary by Sections Industry Overview - The closing index level is 6449.5, with a 52-week high of 8068.94 and a low of 5403.16 [2]. Electricity Market Development - Official provinces for the electricity spot market include Hubei by the end of June 2025, Zhejiang by the end of 2025, and Anhui and Shaanxi aiming for June 2026 [6]. - Continuous settlement trial provinces are expected to include Fujian, Sichuan, and others by the end of 2025 [6]. Auxiliary Services Market - The market will involve entities with measurable and controllable capabilities, including thermal power, hydropower, and new operational entities like energy storage companies [7]. - The fee transmission mechanism will involve users sharing costs based on electricity consumption and untraded electricity generation [7]. Investment Recommendations - The report suggests focusing on "energy transition-friendly" comprehensive energy suppliers with high decision-making flexibility, such as Guoneng Rixin and Longxin Group, as well as companies like JinkoSolar, which may benefit from the re-evaluation of green electricity value [8].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][10] Core Insights - The report highlights the acceleration of the electricity spot market construction and the publication of top-level planning for auxiliary services, which is expected to rationalize the pricing mechanism and re-evaluate the value of green electricity [5][6] - The establishment of a nationwide unified electricity market is anticipated to help transition electricity pricing from a multi-track system to a multi-dimensional pricing approach based on different attributes of electricity [7] Summary by Sections Industry Overview - The closing index level is 6449.5, with a 52-week high of 8068.94 and a low of 5403.16 [2] Electricity Market Construction - Official provinces for the electricity spot market transition include Hubei by the end of June 2025, Zhejiang by the end of 2025, and Anhui and Shaanxi aiming for June 2026 [6] - Continuous settlement trial provinces are expected to include Fujian, Sichuan, and others by the end of 2025 [6] Auxiliary Services Market - The market will involve entities with measurable and controllable capabilities, including thermal power, hydropower, and new operational entities like energy storage companies [7] - The fee transmission mechanism will involve users sharing the costs of auxiliary services based on their electricity consumption [7] Investment Recommendations - The report suggests focusing on "energy transition-friendly" comprehensive energy suppliers with high decision-making flexibility, such as Guoneng Rixin and Longxin Group, as well as companies like JinkoSolar, which may benefit from the re-evaluation of green electricity value [8]

Core Viewpoint - The rumors regarding the "531 policy delay" are unfounded, as recent government communications emphasize the acceleration of the electricity spot market construction rather than any postponement [2][3]. Policy Clarification - The "National Unified Electricity Spot Market Development Blue Book" published in November 2024 states that a preliminary national electricity spot market should be established by 2025, indicating a clear direction towards market development [2]. - The recent notice from the National Energy Administration focuses on "promoting" the construction of the electricity spot market, which contradicts the notion of a policy delay [2]. Project Management - The core of the 136 document is to implement differentiated management for new and old projects, where new energy projects after May 31, 2023, must participate in market transactions, while existing projects will continue under previous policies [2][3]. - The mention of 16 provinces needing to initiate trial operations for the spot market by the end of the year does not significantly impact long-term solar projects, which typically have a 25-year cycle [3]. Industry Context - The year is marked as a transformative period for the renewable energy sector, with policies significantly influencing the industry's trajectory and the future of solar energy professionals [5].

Core Viewpoint - The article discusses the implementation timeline and requirements for the construction of the electricity spot market in China, as outlined in the recent notification from the National Development and Reform Commission and the National Energy Administration [2][3]. Group 1: Timeline for Electricity Spot Market - The Hubei electricity spot market is set to officially operate by the end of June 2025, while the Zhejiang market aims for the end of 2025 [2]. - Anhui and Shaanxi are targeting to transition to formal operation by the end of June 2026 [2]. - By the end of 2025, several provinces including Fujian, Sichuan, and others are expected to initiate trial operations for continuous settlement in the spot market [2]. Group 2: Requirements for Market Operation - A province's electricity spot market can transition to formal operation after running continuously for over a year and meeting the conditions set by the "Basic Rules for Electricity Spot Market (Trial)" [3]. - The evaluation for transitioning to formal operation must be conducted by an independent third-party organization that has not participated in the local market's rule-making or technical support [3]. - The formal operation of the spot market requires approval from the provincial government and must be reported to the National Development and Reform Commission and the National Energy Administration [3]. Group 3: Participation and Mechanisms - By the end of 2025, provinces with operational spot markets must enable user-side entities to participate in market applications, clearing, and settlement [3]. - New mechanisms for market entry, registration, pricing, and settlement assessments must be established to accommodate new business entities [3]. - The long-term contract fulfillment ratio for participants in the spot market must align with national energy security supply requirements [3].

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: April 30, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On April 29, the coke futures main contract 2509 saw its center of gravity decline for three consecutive trading days, giving back most of the gains since April 23. The coking coal futures main contract 2509 weakened again, approaching the previous low of 924 yuan/ton set on April 22 [7]. - It is expected that in the first half of May, the coke and coking coal markets will stabilize and rebound after a second bottom - testing. One can try to sell out - of - the - money put options at high prices during the above time period when the technical and fundamental aspects resonate, or try to buy the far - month 2509 contract for hedging or investment at low prices after the coal and coke prices stabilize [11]. 3. Summary by Directory 3.1 Market Review and Outlook 3.1.1 Spot Market Dynamics and Technical Analysis - On April 29, the KDJ indicators of the daily lines of both the coke and coking coal 2509 contracts showed a golden cross. The MACD red bar of the daily line of the coke 2509 contract narrowed for two consecutive trading days, and the MACD red bar of the daily line of the coking coal 2509 contract turned to a slight narrowing [10]. - The prices of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port remained unchanged at 1440 yuan/ton, and the price in Tangshan was 1370 yuan/ton with no change. The price of low - sulfur main coking coal in Lvliang decreased by 10 yuan/ton to 1300 yuan/ton, while the prices in other regions remained stable [10]. 3.1.2 Outlook - Coke: Downstream steel mills' production has further increased, and coking plants have significantly increased production for six consecutive weeks. After the inventories of steel mills and coking plants decreased significantly, they turned to a slight increase, while the port inventory declined from a high level. The coke price rebound requires the improvement of the finished steel market. It is expected that the coke market may improve following the finished steel in the first half of May [11]. - Coking Coal: In March, imports increased from the previous high, but the growth rate slowed down compared to January - February. The domestic coal industry still emphasizes the principle of ensuring supply. Although the output and operating rate of coal washing plants are significantly lower than those in the fourth quarter of last year, the supply remains loose. The significant decline in port inventory is positive, but the decline in steel mill inventory is not large. After coking plants actively replenish inventory, it will discount the subsequent price rebound. Whether the decline of coking coal can stop depends on whether the coke market can truly recover in the first half of May [11]. 3.2 Industry News - The National Development and Reform Commission and the National Energy Administration issued a notice on accelerating the construction of the power spot market, with specific requirements for different regions' power spot markets to enter formal operation or start continuous settlement trial operation [12]. - The National Development and Reform Commission and the National Energy Administration issued the "Basic Rules for the Power Auxiliary Service Market", requiring relevant departments to formulate and revise implementation rules for the auxiliary service market [12]. - As of the end of March 2025, the national local government debt balance was 5.0165 trillion yuan. In March 2025, the national issuance of local government bonds was 978.8 billion yuan [13]. - China Coal Industry Association conducted research in Zhejiang, emphasizing industry self - discipline, promoting coal supply - demand balance, and maintaining stable coal prices [13]. - Baoshan Iron & Steel Co., Ltd. held a performance briefing. In 2024, it achieved a total profit of 9.339 billion yuan, and in the first quarter of 2025, it achieved a total profit of 3.292 billion yuan. The impact of US tariff policies on its direct exports is minimal, and the impact of anti - dumping policies in South Korea and Vietnam is controllable [13]. - Gansu Energy Chemical Industry Co., Ltd. plans to invest 6.266 billion yuan in 2025 [14]. - Yongtai Energy Co., Ltd. achieved an operating income of 28.357 billion yuan in 2024, with a year - on - year decrease of 5.85%. The attributable net profit was 1.561 billion yuan, with a year - on - year decrease of 31.12%. The raw coal output in 2024 was 13.6801 million tons, with a year - on - year increase of 5.46% [14]. - Liugang Co., Ltd. had an operating income of 1.7119 billion yuan in the first quarter of 2025, with a year - on - year decrease of 14.36%. The attributable net profit was 260 million yuan, with a year - on - year increase of 594.67% [14]. - Pingdingshan Tianan Coal Mining Co., Ltd. had an operating income of 540 million yuan in the first quarter of 2025, with a year - on - year decrease of 34.69%. The net profit was 152 million yuan, with a year - on - year decrease of 79.50% [14]. - Zhejiang Energy Electric Power Co., Ltd. had an operating income of 1.76 billion yuan in the first quarter of 2025, with a year - on - year decrease of 12.09%. The attributable net profit was 1.074 billion yuan, with a year - on - year decrease of 40.81% [15]. - Jiangsu Guoxin Group Co., Ltd. achieved an operating income of 36.933 billion yuan in 2024, with a year - on - year increase of 6.83%. The attributable net profit was 3.238 billion yuan, with a year - on - year increase of 73.12% [15]. - Shaanxi Iron and Steel Group and Shaanxi Black Cat Coking signed a strategic cooperation agreement [15]. - The average daily power generation of coal - fired power plants of power - generating groups included in the power industry fuel statistics increased by 8.1% month - on - month and 1.3% year - on - year. The average daily coal consumption of power plants transported by sea increased by 8.0% month - on - month and 5.8% year - on - year [15]. - The 2025 spring centralized maintenance of the Datong - Qinhuangdao Railway was completed three days ahead of schedule [16]. - Kaiyuan Securities gave a "Buy" rating to Jincheng Anthracite Mining Group Co., Ltd. [16]. - As of April 21, the annual cumulative coal transportation volume of the Shuohuang Railway exceeded 100 million tons [16]. - In the first quarter, the raw coal output of Ordos above - scale enterprises was 223.417 million tons, and the natural gas output was 8.34 billion cubic meters [16]. - Russia proposed to sign a government - to - government agreement with India to support the supply of coking coal and determine the supply of thermal coal [16]. - Whitehaven Coal Ltd.'s raw coal output in the third quarter of this fiscal year was 9.2 million tons, a 5% decrease from the previous quarter [16]. - If India adds 50,000 MW of renewable energy installed capacity annually, it can completely stop importing thermal coal by 2029 and save at least $173 billion from 2025 to 2034 [16]. 3.3 Data Overview - The report provides multiple data charts, including the spot price index of metallurgical coke, the spot price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national average daily hot metal output, the inventory of coke and coking coal in ports, steel mills, and coking plants, the profit per ton of coke in independent coking plants, the output and operating rate of coal washing plants, and the basis between spot and futures contracts [18][19][24].

发改办体改〔2025〕394号 各省、自治区、直辖市、新疆生产建设兵团发展改革委、能源局，天津市工业和信息化局、内蒙古自治 区工业和信息化厅、辽宁省工业和信息化厅、广西壮族自治区工业和信息化厅、重庆市经济和信息化委 员会、四川省经济和信息化厅、甘肃省工业和信息化厅，北京市城市管理委员会，国家能源局各派出机 构，中国核工业集团有限公司、国家电网有限公司、中国南方电网有限责任公司、中国华能集团有限公 司、中国大唐集团有限公司、中国华电集团有限公司、国家电力投资集团有限公司、中国长江三峡集团 有限公司、国家能源投资集团有限责任公司、国家开发投资集团有限公司、华润（集团）有限公司、中 国广核集团有限责任公司、内蒙古电力（集团）有限责任公司，北京电力交易中心、广州电力交易中 心、中国电力企业联合会： 为贯彻落实党的二十大和二十届二中、三中全会精神，围绕构建全国统一大市场要求建设全国统一电力 市场，全面加快电力现货市场建设，2025年底前基本实现电力现货市场全覆盖，全面开展连续结算运 行，充分发挥现货市场发现价格、调节供需的关键作用，现就有关工作通知如下： 一、湖北电力现货市场要在2025年6月底前、浙江电力现货市场要在 ...

文 | 国家发展改革委 4月29日，国家发展改革委办公厅、国家能 源局综合司发布《关于全面加快电力现货市场建设工作的通知》 ，通知指出，全 面加快电力现货市场建设，2025年底前基本实现电力现货市场全覆盖，全面开展连续结算运行，充分发挥现货市场发现价 格、调节供需的关键作用。 通知要求，湖北电力现货市场要在2025年6月底前、浙江电力现货市场要在2025年底前转入正式运行，安徽、陕西力争在 2026年6月底前转入正式运行。2025年底前，福建、四川、辽宁、重庆、湖南、宁夏、江苏、河北南网、江西、河南、上 海、吉林、黑龙江、新疆、蒙东、青海要启动现货市场连续结算试运行。 2025年底前，南方区域电力现货市场要启动连续结算试运行，京津冀电力市场要创造条件启动模拟试运行，省间现货市场要 实现发电企业参与省间现货购电，并加紧研究售电公司、电力用户直接参与省间现货交易的机制。 各省、自治区、直辖市、新疆生产建设兵团发展改革委、能源局，天津市工业和信息化局、内蒙古自治区工业和信息化厅、 辽宁省工业和信息化厅、广西壮族自治区工业和信息化厅、重庆市经济和信息化委员会、四川省经济和信息化厅、甘肃省工 业和信息化厅，北京市城市管 ...

Group 1 - The core viewpoint of the article is that the National Development and Reform Commission and the National Energy Administration have issued a notice to accelerate the construction of the electricity spot market, emphasizing the need for compliance with national energy security supply requirements for long-term contract fulfillment by market participants [1] Group 2 - The notice states that provinces where the spot market is officially operational and undergoing continuous settlement trials must enable user-side entities to participate in market reporting, clearing, and settlement by the end of 2025 [1] - It also highlights the establishment of mechanisms that cater to the needs of new business entities, including access requirements, registration procedures, pricing methods, and settlement assessments [1] - The fulfillment ratio of long-term contracts for participants in the spot market must align with national energy security supply requirements [1]

Core Viewpoint - The notice issued by the National Development and Reform Commission and the National Energy Administration outlines the conditions under which electricity spot markets can transition to formal operation after running for over a year and passing third-party evaluations [1] Group 1: Market Transition Conditions - Electricity spot markets that have been operational for more than one year and meet the formal operation criteria as per the "Basic Rules for Electricity Spot Markets (Trial)" can proceed to formal operation [1] - The first responsible unit must select and commission a third-party organization with professional capability and experience, which has not participated in the local electricity market scheme development, to conduct the evaluation [1] - The evaluation report must be publicly disclosed in an appropriate manner [1] Group 2: Approval and Reporting Requirements - Provincial-level electricity spot markets must obtain approval from the provincial government and report to the National Development and Reform Commission and the National Energy Administration for record-keeping [1] - For regions planning to conduct continuous settlement trial operations, a third-party organization must be commissioned to verify the technical support system, and the verification report must be publicly disclosed [1] - Regions that do not pass the system verification are not allowed to transition to continuous settlement trial operations [1] Group 3: User Participation and Mechanisms - By the end of 2025, provinces with formal operation and continuous settlement trial operations must enable user-side entities to participate in the spot market for declaration, clearing, and settlement [1] - Mechanisms must be established to meet the needs of new business entities, including access requirements, registration procedures, pricing methods, and settlement assessments [1] - The long-term contract fulfillment ratio among market participants must comply with national energy security supply requirements [1]