Report Industry Investment Rating No relevant content provided. Core Viewpoints - On December 18, equity index futures declined while TL rose; metals and energy sectors advanced, with platinum, palladium, coking coal and coke leading the gains [12][14]. - The rally of coking coal and coke may be a valuation recovery driven by fund flows amid news catalysts, following an oversold period. With the intensification of winter stockpiling, their fundamentals will continue to improve marginally, but potential pressure from high coking coal imports and unstable thermal coal prices should be noted [18][25]. - For iron ore, overseas mine shipments increased month - on - month, demand weakened, and port stocks edged up while steel mill stocks fell, with weak restocking willingness [34][35]. - MOFCOM strongly opposes the European Commission's intensive investigations against Chinese enterprises and indicates that China and the EU are conducting consultations on the electric vehicle case [39][40]. - The Guangzhou Futures Exchange was approved as a Qualified Central Counterparty, which helps enhance its international influence and promote the high - level opening - up of China's futures market [42]. Summary by Directory 1. China Futures 1.1 Overview - Financial futures: IC dropped by 0.7%, IM dropped by 0.3%, TL rose by 0.2% [12]. - Commodity futures: The top three gainers were palladium (up 7.0% with a 39.8% month - on - month surge in open interest), coking coal (up 6.1% with a 0.9% month - on - month increase in open interest), and coke (up 5.4% with a 23.4% month - on - month drop in open interest). The top three decliners were SCFIS (Europe) (down 3.1% with a 1.0% month - on - month decrease in open interest), poly - silicon (down 2.6% with an 8.9% month - on - month slide in open interest), and No.2 soybean (down 1.4% with a 35.9% month - on - month shrinkage in open interest) [13][14][15]. 1.2 Daily Raise 1.2.1 Coking Coal & Coke - On December 18th, coking coal rose by 6.1% to 1,126.5 yuan/tonne; coke climbed by 5.4% to 1,603.5 yuan/tonne. The rally may be due to news catalysts and fund flows after an oversold period [18]. - Two factors raised market expectations of tighter coal supply: the release of the "Benchmark Levels and Baseline Levels for Key Areas of Clean and Efficient Coal Utilization (2025 Edition)" and safety interviews with major coal - producing regions. However, the short - term impact on production and supply is limited. - Winter stockpiling has started. For coking coal, some coal varieties' cost - performance has become attractive, and mid - and downstream procurement enthusiasm has increased. For coke, steel mills' procurement intensity has slightly increased [22][23][24]. 1.2.2 Iron Ore - On December 18, iron ore rose 1.6% to 777.5 yuan/ton. Overseas mine shipments increased month - on - month, with Australian shipments slightly growing, Brazilian shipments increasing significantly, and non - mainstream shipments weakening. Demand weakened as iron water output dropped, and steel mills' profitability and sinter powder consumption and inventory declined. Port stocks edged up, and steel mill stocks fell with weak restocking willingness [33][34][35]. 2. China News 2.1 Macro News - MOFCOM strongly opposes the European Commission's intensive launch of FSR investigations against Chinese enterprises, which are targeted and discriminatory. China urges the EU to stop the unreasonable suppression and create a fair business environment. - China and the EU are conducting consultations on the electric vehicle case, and China is willing to resolve differences through dialogue [39][40]. 2.2 Industry News - The China Securities Regulatory Commission approved the Guangzhou Futures Exchange as a Qualified Central Counterparty, which helps enhance its international influence and promotes the high - level opening - up of China's futures market [42].

Group 1: Report Overview - Report Date: December 19, 2025 [1] - Report Issuer: Jinxin Futures Research Institute [1] Group 2: Coking Coal Analysis Core View - Coking coal price increase is a short - term rebound driven by sentiment and winter storage expectations [2] Driving Factors - Since December, environmental protection warnings in the north have led to coking enterprises' production restrictions of 20% - 35% [3] - Year - end coal mine maintenance, policy support, and winter storage replenishment expectations have boosted sentiment [3] - Relevant departments have released standards for the clean and efficient use of coal [3] Supply and Demand - Mongolian coal imports are at a high level, and domestic high - quality production capacity is steadily increasing, with a loose supply pattern [4] - Real estate has dragged down steel demand, and the blast furnace hot metal output of steel mills is low, making it difficult for the rigid demand for coking coal to significantly recover [4] Market Rhythm - Winter storage may bring short - term pulses but is difficult to sustain; rapid price increases may trigger an increase in imported coal, suppressing the increase [4] Operation Suggestions - In the medium and long term, gradually lay out long positions on dips; in the short term, strictly control positions [4] Key Price Levels - On December 18, the highest price of the main contract was 1,136.5 yuan; 1,200 yuan is a strong resistance level, 1,050 yuan is a short - term support level, and 1,000 yuan has cost support [3] Group 3: A - share Market Analysis Market Performance - The A - share market showed a differentiated trend. The technology sector adjusted, and the banking sector supported the market. The Shanghai Composite Index closed slightly up, while other indices generally rose and then fell [6] Technical Analysis - The 15 - minute cycle can be regarded as a consolidation of the previous day's afternoon rally. If the consolidation ends, there may be another rally [6] Operation Suggestions - High - sell on rallies tomorrow, but do not chase the rise [6] Group 4: Gold Market Analysis Market Trend - After a period of sideways consolidation, gold shows signs of upward movement [8] Operation Suggestions - Try to go long [8] Group 5: Iron Ore Market Analysis Supply and Demand - With the commissioning of the Simandou project, the expectation of a loose supply has further fermented. On the demand side, except for exports, the real estate and infrastructure sectors are still in the process of bottom - seeking, and domestic demand support is weak [10][11] Technical Analysis - Adopt a wide - range oscillation strategy, selling high and buying low [10] Group 6: Glass Market Analysis Market Drivers - The daily melting volume has declined, and the inventory has decreased this week. The main drivers are policy - side stimulus and supply - side clearance [15] Technical Analysis - In the short term, regard it as an oscillating market [14][15] Group 7: Palm Oil Market Analysis Market Situation - As the palm oil - producing areas gradually enter the production - reduction season, if Malaysian palm oil exports remain weak, there may be inventory accumulation in December [16] Operation Suggestions - Seize short - selling opportunities [16] Group 8: Pulp Market Analysis Market Outlook - With domestic policies boosting domestic demand, overseas pulp mills reducing production, and the elimination of backward papermaking production capacity, the demand for commercial pulp is expected to improve [19] Market Judgment - An oscillating market is expected [19]

Core Viewpoint - The article discusses the issuance of the "Key Areas Benchmark and Baseline Levels for Clean and Efficient Utilization of Coal (2025 Edition)" by the National Development and Reform Commission and other governmental bodies, aimed at upgrading the coal industry from low-end to high-end and transitioning coal products from primary fuels to high-value products [1]. Group 1: Policy Implementation - The policy encourages industry enterprises to upgrade projects based on actual conditions and long-term development [1]. - It implements classified management for new coal development projects and existing projects with conditions, aiming to achieve benchmark levels for clean and efficient utilization [1]. - Existing projects below the baseline level are guided to orderly conduct upgrades, with a focus on reducing pollution and carbon emissions, while eliminating backward production capacity and processes [1]. Group 2: Timelines and Requirements - The policy sets clear deadlines for projects requiring upgrades, generally not exceeding three years, ensuring that upgrades do not affect electricity and heat supply [1]. - Annual plans are to be established to achieve baseline levels or higher within the specified timeframe, with projects failing to meet deadlines subject to elimination [1]. Group 3: Technology Promotion - There is an emphasis on strengthening the research and application of clean and efficient coal utilization technologies [1]. - The policy promotes the evaluation of clean and efficient coal utilization projects and actively supports the construction of technology upgrade projects [1].

《水平2025版》鼓励和引导行业企业结合实际和长远发展，对项目实施改造升级。一是实施分类管理。 对新建煤炭开发利用项目和有条件的存量项目，推动清洁高效利用水平应提尽提，力争达到标杆水平。 对清洁高效利用水平低于现有基准水平的存量项目，引导企业有序开展煤炭清洁高效利用改造，加快推 动企业减污降碳，坚决依法依规淘汰落后产能、落后工艺。二是明确时限要求。对需开展煤炭清洁高效 利用改造的项目，各地应在不影响电力、热力供应的情况下明确改造升级和淘汰时限（一般不超过3 年）以及年度计划，在规定时限内升级到基准水平以上，力争达到标杆水平；对不能按期改造完成的项 目予以淘汰。三是加强技术推广应用。加强煤炭清洁高效利用工艺技术装备研发和推广应用，开展煤炭 清洁高效利用项目评价，积极推动技术改造升级项目建设。 （文章来源：人民日报） 为推动煤炭产业由低端向高端、煤炭产品由初级燃料向高价值产品攀升，国家发展改革委联合工业和信 息化部、生态环境部、住房城乡建设部、市场监管总局、国家能源局近日印发《煤炭清洁高效利用重点 领域标杆水平和基准水平（2025年版）》。 ...

【解剖大盘】 记者提问称，美国已经宣布了向中国台湾出售价值 110 亿美元的军品，为历史上金额最高。外交部：中 方坚决反对，强烈谴责。还有泰柬持续发生交火等等。黄金、白银这些都可持续关注。上海市市场监督 管理局公示了山东招金集团收购山东金都国投股权案。若收购完成，招金矿业(01818)有望在营收规模 上超越中国黄金集团。另外公司公布海外骨干矿山—科特迪瓦阿布贾金矿 33.28MWp/37.50MWh 光储项 目顺利建成，实现并网发电。今天涨超 6%。 美股这边也不乐观，特朗普又在救场，称新的美联储主席将很快被任命，他是一个认同低利率的人选。 另外，特朗普计划搞一个全民炒股计划，"特朗普账户 "计划拟为新生儿提供 1000 美元，投资美股以积 累财富。贝森特指出，目前仍有38%的美国人不持有任何股票，而该计划的目标是将这一比例降至零。 直接发钱入场股市，推高市场赚钱来刺激消费。 海南自由贸易港全岛封关启动活动 18 日在海口举行。中共中央政治局委员、国务院副总理何立峰出席 活动并讲话。指出：把海南自由贸易港打造成为引领我国新时代对外开放的重要门户。受益品种有美兰 空港(00357)盘中拉高 4 个点；钧达股份( ...

Market Trends - On December 18, coking coal and coke prices rebounded significantly, with the near-month contract JM2601 rising by 4.69%, the main contract JM2605 increasing by 6.07%, and the main coke contract J2601 up by 5.39% [2] Fundamental Data Supply Side - This week, the output of premium coal and raw coal from sample mines was 757,500 tons and 1,927,000 tons, respectively, showing a slight increase. The operating rate of premium coal mines rose by 1.31% to 86.62% [5] - The average daily output of premium coal from sample washing plants was 272,900 tons, a slight decrease of 630 tons [6] - The average daily output of coke from independent coking plants was 639,800 tons, with a capacity utilization rate of 73.16%, both showing a slight decline [6] Demand Side - The average daily output of molten iron from sample steel mills decreased by 31,000 tons to 2,292,000 tons, with a slight decline in blast furnace capacity utilization [6] - The profitability of sample steel mills was reported at 35.93%, which has decreased again [6] Inventory - The inventory of premium coal at sample mines was 2,727,700 tons, showing a slight increase of 174,600 tons [6] - The inventory of coking coal at independent coking plants was 10,373,000 tons, with an available days inventory of 12.19 days, both showing a slight increase [6] Market Sentiment - The recent rebound in coking coal prices is attributed more to market sentiment and short-sellers taking profits rather than fundamental improvements [7] - The expectation of high-quality coking coal supply tightening is driven by the new standards for clean and efficient coal utilization issued by the National Development and Reform Commission [8] - Despite the rebound, the overall market sentiment remains cautious due to the potential for weak demand and the impact of imported coal [9][10]

交易咨询资格：Z0016145 免责声明：本报告的信息均来源于公开资料，我公司对这些信息的准确性、可靠性和完整性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们已力求报告内容的客观、公正，但文中的观 点、结论和建议仅供参考，并不构成任何具体产品、业务的推介以及相关品种的操作依据和建议，投资 者据此作出的任何投资决策自负盈亏，与本公司和作者无关。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 12月18日，焦煤主力合约盘中涨超4%，带动煤化工、黑色品种共振走高。昨日《煤炭清洁高效利用重 点领域标杆水平和基准水平（2025年版）》公布，其中提到在此前重点领域能效标杆水平和基准水平的 基础上，将燃煤发电供热煤耗、煤制天然气等纳入范围。对标国内外煤炭清洁高效领域先进水平，以及 国家、地方现行政策、标准中先进能效指标值和最严格污染物排放要求，完善煤炭清洁高效利用标杆水 平。另外近期政策反复提及"反内卷"，政策预期抬升双焦价格，短期出现反弹。 现货方面，山西临汾地区肥原煤（S4、G95、回收35-40）下调21-49元至出厂价719-760元/吨，甘其毛 都口岸蒙5#原煤919元/吨， ...

山西证券发布研报称，关注煤炭板块盈利修复。寒潮来袭，旺季需求有所支撑。4季度业绩仍有改善预 期，若价格长期高位运行，26年业绩仍具备较大修复空间。股价下跌强化红利价值，可逢低配置。 消息面上，12月18日，焦煤、焦炭主力合约盘中均涨超6%。据悉，12月17日，国家发改委等六部门联 合印发《煤炭清洁高效利用重点领域标杆水平和基准水平（2025年版）》。与2022年版的标杆水平和基 准水平相比，其中燃煤发电供电煤耗均有不同程度的收紧，催生高品质煤炭需求增加，可能导致高品质 炼焦煤供应边际紧张的预期。 煤炭股尾盘涨幅扩大，截至发稿，兖矿能源(01171)涨2.23%，报10.09港元；中国神华(01088)涨1.98%， 报39.22港元；中煤能源(01898)涨1.56%，报10.4港元；易大宗(01733)涨1.1%，报0.92港元。 ...

山西证券发布研报称，关注煤炭板块盈利修复。寒潮来袭，旺季需求有所支撑。4季度业绩仍有改善预 期，若价格长期高位运行，26年业绩仍具备较大修复空间。股价下跌强化红利价值，可逢低配置。 消息面上，12月18日，焦煤、焦炭主力合约盘中均涨超6%。据悉，12月17日，国家发改委等六部门联 合印发《煤炭清洁高效利用重点领域标杆水平和基准水平(2025年版)》。与2022年版的标杆水平和基准 水平相比，其中燃煤发电供电煤耗均有不同程度的收紧，催生高品质煤炭需求增加，可能导致高品质炼 焦煤供应边际紧张的预期。 煤炭股尾盘涨幅扩大，截至发稿，兖矿能源（600188）(01171)涨2.23%，报10.09港元；中国神华 （601088）(01088)涨1.98%，报39.22港元；中煤能源（601898）(01898)涨1.56%，报10.4港元；易大宗 (01733)涨1.1%，报0.92港元。 ...

晨报 煤焦 成文时间： 2025 年 12 月 18 日 逻辑：昨日煤焦期货价格窄幅震荡，夜盘受市场消息配合价格再度反 弹，国家发改委等部门发布《煤炭清洁高效利用重点领域标杆水平和基准 水平(2025 年版)》，将燃煤发电供热煤耗，煤制天然气等纳入范围，完 善煤炭清洁高效利用标杆水平，有待跟进政策的实际影响。 证监许可【2011】1452 号 煤焦：政策提振市场情绪 盘面震荡运行 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 短期基本面变化不大，本周主产地个别煤矿倒面结束以及为追赶年度 产能任务增产，产量小幅回升。 ...