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 ...

浙能嘉电三、四期集控室。王侃/摄 8月8日，浙能集团单日发电量达7.57亿千瓦时，创下历史新高，较以往单日纪录增幅达1.17%。 进入8月，三伏天的"热辣滚烫"还在持续进行中，浙江多地登上全国"高温榜"，用电用能需求随之攀升。热浪之中，浙能人迎"峰"而 上 ，战高温斗酷暑、保供能优服务，保障居民清凉用电，支撑企业生产用能，以 "满格状态" 做好高质量能源保供，以高度的责任感、 使命感全力打赢迎峰度夏攻坚战。 在这场与高温的较量中，浙能电力省内机组"顶格保供"，省外机组"千里驰援"，"云上机组"持续调节，管理运行78台发电机组火力全 开。旗下各发电厂持续开展"降非停行动""发电设备可靠性提升"专项工作，加大主要设备、重点部位的巡检、点检频次和力度；进一步 优化运行方式及参数控制，避免设备故障对保供的影响；严格执行"两票三制"，及时了解和掌握设备的运行状况，保障机组运行平稳。 浙能长电仪控专业人员在狭小空间内检修点火枪推进电磁阀。郑慧瑗/摄 在华东地区重要火力发电基地——浙能嘉兴电厂，一场关乎千家万户清凉的"硬仗"正火力全开——9台机组共630万千瓦机组全速运 转。其中，今年6月刚投产的"迎峰重器"9号机组是今年 ...

当好保供"顶梁柱" 8月7日至8日，在迎峰度夏能源保供的关键时期，大唐陕西发电有限公司在宝鸡开展"卓越大唐·绿动未来"媒体联合采访活动，16 家主流媒体先后走进大唐宝二发电有限公司、大唐宝鸡热电厂，零距离探访保供最前线，见证央企在能源保供中的硬核担当。 "2号机组紧急启动！"橙色预警下的宝鸡市，用电需求激增，指令传来，宝鸡热电厂迅速行动，一场硬仗就此打响：子夜，锅炉 上水；辰时，机组点火；巳时，汽轮机转子苏醒；末时，并网……汗水一次又一次浸透工装，后背盐霜成了专属勋章，大唐人 用二十四小时不间断的坚守，稳稳托住"满发负荷"红线，保障了人民群众清凉度夏。 "未来24小时风场区域将出现强降雨！"大唐新能源公司营盘风电场运维班组工作群内，一条紧急通知打破了清晨的宁静。当时 仅有4人在岗值守，力量薄弱。消息一出，休假人员的回复迅速刷屏："我可以返回！""我也可以返回！"运维人员纷纷中止假 期，从四面八方紧急奔赴风场。 在"七下八上"防汛关键期，陕北地区遭遇持续强降雨，给迎峰度夏能源保供带来挑战。面对严峻汛情，大唐陕西发电公司陕北 区域各单位迅速响应，上演了一场防汛攻坚战。随着强降雨倾盆而至，真正的考验来临。运维班组全 ...

新疆吐鲁番地区，位于火焰山下的吐哈油田是世界海拔最低超深稠油油田。 在四川盆地，西南油气田公司日高峰供气量达到2000万立方米，为川渝两地天然气发电项目顶峰兜底助力。在宁夏海原，烈 日炙烤着戈壁，国家骨干天然气管道西气东输三线中段工程正加速推进。 央视网消息：今天是立秋节气，不过，现在仍然处于三伏天的中伏，暑热并没有立即结束。高温天气下，能源需求也持续保 持高位。从内陆的油田到深海中的气田、从戈壁管道到沿海枢纽，高温中的能源保供是如何进行的？跟着记者去看看。 中国石油吐哈油田鲁克沁采油管理区执行董事 邹成林：这里的极热天气在为油田生产带来挑战的同时，也为稠油生产节能降 耗带来了机遇。我们巧妙利用地热替代原有的地面加热流程， 在有效提原油脱水效率的同时，年减少用电1700万度以上。 国家管网集团西北公司银川分公司海原作业区主任 王刚： 我们动态调整高温时段施工计划，确保新建设备调试工作正常进 行，全力以赴保障西气东输三线中段工程如期建成投产。 在大庆油田， 面对高温烤验，油田采用无人机和鹰眼雷达24小时轮班巡检，确保安全生产。 大庆油田采油三厂第三作业区注采302班副班长 李德好：我们提前清理高压注水电机，帮冷 ...

Core Viewpoint - The Zhoushan LNG receiving station's Phase III project has been completed and put into operation ahead of schedule, significantly enhancing gas supply capabilities for the Yangtze River Delta region [1] Group 1: Project Completion - The Phase III project of the Zhoushan LNG receiving station officially commenced operations on August 6, 2025, with the first LNG ship unloading into tank 7 [1] - The project was completed in 29 months, which is 4 months ahead of the planned schedule [1] Group 2: Capacity and Demand - The annual unloading capacity of the new facilities is expected to reach 10 million tons [1] - The project will meet the annual gas demand for over 30 million households in the Yangtze River Delta region [1]

炎夏的烈日炙烤着内蒙古鄂尔多斯高原腹地，黑岱沟与哈尔乌素两座露天煤矿（以下简称两矿）轰鸣不 息，奏响能源保供的进行曲。上半年，准能集团在国家能源集团能源保供部署下，聚焦主责主业、绿色 转型、资源获取"三篇文章"，剥离量累计完成1.67亿立方米，完成年计划的53.9%；商品煤产量完成 3149万吨，完成年计划的50.8%，圆满完成任务目标"硬过半"，交出一份能源保供的硬核"期中答卷"。 科学调度：精准施策稳住保供"基本盘" 能源保供，调度先行。准能集团在今年上半年的复杂市场环境中，展现出强劲的应变力和统筹力。 年初，为应对市场波动，准能集团抢占开局先机，精准调整调度策略。1月，全力协调国家能源集团总 调度室增加请车计划，争取月度增量22万吨，守稳开局基本盘。2月，恶劣天气席卷北方，作业条件不 良。准能集团稳扎稳打做好生产组织，通过优化日班计划、动态调配设备、做好防冻车管理，顺利实现 首季"开门红"目标，夯实全年任务的"第一块基石"。 进入二季度，挑战接踵而至——铁路集中整修导致运输能力受限，春检停电和连日降雨影响生产节奏， 商品煤月度欠量缺口逐渐显现。准能集团立即启动"补欠预案"，生产指挥中心一方面倒排补欠计划 ...

Core Viewpoint - The successful delivery of 3,500 tons of high-quality coal from Xinjiang Energy Group to Jiangsu's Xinhai Power Plant marks the official opening of the "Xin Coal into Su" railway direct channel, enhancing energy security in East China during peak summer demand [1] Group 1: Transportation and Supply Chain - The new direct transportation method eliminates the previous reliance on "road-rail combined transport" or "rail-water combined transport," which involved time-consuming and costly transfers at nodes like Zhongwei and Xuzhou [1] - In the first half of 2025, Xinjiang Energy Group has already shipped over 300,000 tons of coal to Jiangsu and other East China provinces, with 90% of this being thermal coal [1] - The first dedicated train not only meets the peak electricity demand in Jiangsu this summer but also validates the economic viability and feasibility of ultra-long-distance railway direct transport, laying a solid foundation for achieving a normalized supply of 3 million tons annually [1] Group 2: Cost and Efficiency Improvements - The establishment of the new channel is attributed to collaborative efforts, including favorable freight policies from the National Railway Group, efficient support from the Lanzhou Bureau, and a rapid loading system at the mining area [1] - After the new channel's completion, the comprehensive cost to the plant has decreased by 20% compared to the beginning of the year, significantly improving transportation efficiency and providing a more economical and reliable energy supply solution for East China [1] Group 3: Future Plans - Xinjiang Energy Group plans to deepen cooperation with coal and power enterprises in East China and actively explore new multimodal transport models combining "railway + maritime transport" to enhance cross-regional energy allocation capabilities [1]