Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **energy storage industry** in China, focusing on the rapid growth of new energy storage installations, particularly lithium battery storage, which has become the mainstream technology route. [1][2] Core Insights and Arguments - **Installation Growth**: In July 2025, approximately **12 GWh** of new installations were added, with expectations for similar monthly additions from August to November. The total new installations for lithium battery storage are projected to exceed **130 GWh** for the year. [1][4] - **Market Dynamics**: The energy storage market is experiencing a diversification of profit models, with over **7 provinces** implementing capacity compensation policies. In Inner Mongolia, independent storage projects can achieve internal rates of return (IRR) exceeding **12%** due to these policies. [1][5] - **Technological Standards**: The release of the national standard draft for grid-connected energy storage has raised technical requirements, benefiting leading companies like **NARI, Sungrow, and Huawei**. [1][6] - **Market Concentration**: Major system integrators, including **Sungrow, BYD, and Envision**, hold over **60%** of the market share, indicating increased concentration and a recovery in system prices due to rising upstream cell prices. [1][8][9] - **Cell Price Trends**: Cell prices have increased by approximately **15%** compared to the low point at the end of 2024, with second-tier companies' prices rising to **0.28-0.29 CNY/Wh** and leading companies maintaining prices above **0.32 CNY/Wh**. [3][10][11] Additional Important Insights - **Urgent Demand**: Projects in **Hebei and Inner Mongolia** are under pressure to connect to the grid by the end of the year to qualify for capacity compensation, indicating a strong demand for energy storage solutions. [3][12] - **Future Projections**: The expected new installation capacity for 2026 is projected to increase by **15-20%** from 2025, reaching **150-160 GWh**, supported by large-scale projects in Inner Mongolia and Xinjiang. [3][13] - **Profitability Concerns**: While policies are driving energy storage development, there are concerns about long-term profitability due to potential changes in compensation policies. [3][20][44] - **Regional Variations**: Different provinces exhibit varying performance in the energy storage market, with Inner Mongolia and Xinjiang showing particularly strong project initiation due to favorable capacity price subsidies. [31][35] - **Investment Sentiment**: Investors are wary of policy changes affecting project returns, with private enterprises often seeking short-term profits while state-owned enterprises focus on long-term strategies. [44] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the energy storage industry in China.

Group 1: Report Investment Ratings - The investment strategy for both soybeans and peanuts is neutral [3][4] Group 2: Core Views - The sales pressure in the soybean spot market is gradually increasing, with some traders' price - holding mentality weakening, and soybean quotes in Northeast China moderately decreasing. The market conditions in other main producing areas remain stable overall, and attention should be paid to the impact of new soybean production, quality, and terminal procurement dynamics on prices. For peanuts, the inventory in the circulation link is continuously low, some traders are replenishing at low prices, and the market is concerned about the stocking demand during the Mid - Autumn Festival and National Day and the new peanut listing progress [2][3] Group 3: Market Analysis of Soybeans Futures - The closing price of the soybeans 2511 contract yesterday was 3970.00 yuan/ton, a change of +5.00 yuan/ton from the previous day, with a change rate of +0.13% [1] Spot - The basis of edible soybean spot is A11 + 250, a change of - 5 from the previous day, with a change rate of 32.14%. The soybean market prices in Northeast China are stable with a slight decline, and the prices of low - protein sources are under pressure from state - reserve auctions. Some areas are expected to have new grain on the market around September 20 [1] Specific Quotes - In Heilongjiang Harbin, the loading price of standard - grade No. 1 medium - sized tower grain with 39% protein is 2.11 yuan/jin, down 0.01 yuan/jin from the previous day; in Heilongjiang Shuangyashan Baoqing, it is 2.10 yuan/jin, down 0.01 yuan/jin; in Heilongjiang Jiamusi Fujin, it is 2.07 yuan/jin, down 0.03 yuan/jin; in Heilongjiang Qiqihar Nehe, the loading price of standard - grade No. 1 medium - sized tower grain with 41% protein is 2.22 yuan/jin, unchanged from the previous day; in Heilongjiang Heihe Nenjiang, it is 2.19 yuan/jin, unchanged; in Heilongjiang Suihua Hailun, it is 2.20 yuan/jin, unchanged [1] Group 4: Market Analysis of Peanuts Futures - The closing price of the peanuts 2510 contract yesterday was 7790.00 yuan/ton, a change of - 40.00 yuan/ton from the previous day, with a change rate of - 0.51% [3] Spot - The average spot price of peanuts is 8440.00 yuan/ton, a change of - 10.00 yuan/ton from the previous day, with a change rate of - 0.12%. The spot basis is PK10 + 310.00, a change of +40.00 from the previous day, with a change rate of +14.81%. The average price of common peanuts in the national peanut market is 4.23 yuan/jin, up 0.02 yuan/jin. The prices of new - season Baisha common peanuts in Henan are around 4.4 - 4.5 yuan/jin, and the prices for 8 - sieve peanuts are 4.9 - 5 yuan/jin. The prices of old peanuts in the Northeast are stable with a slight decline, and the sales are slow. The delivery of peanut fruits in some producing areas is basically finished, the current operating rate of oil mills is low, and the demand for pressing is small [3] Oil Mill Quotes - A Shandong oil mill's contract price for common peanuts is 8350 yuan/ton, and the procurement contract price for oil - used peanuts is 7700 - 7800 yuan/ton. A Henan oil mill's procurement contract price for oil - used peanuts is about 7300 yuan/ton [3]

工业硅日报 工业硅&多晶硅日报（2025 年 9 月 3 日） 一、研究观点 点评 2 日工业硅震荡偏强，主力 2511 收于 8470 元/吨，日内涨幅 1.13%，持 仓减仓 3969 手至 28.1 万手。百川工业硅现货参考价 9369 元/吨，较上 一交易上调 5 元/吨。最低交割品#421 价格回调至 8600 元/吨，现货升 水收至 105 元/吨。多晶硅震荡偏强，主力 2511 收于 51875 元/吨，日 内涨幅 3.97%，持仓减仓 4554 手至 14.6 万手；多晶硅 N 型复投硅料价 格涨至 49000 元/吨，最低交割品硅料价格跌至 49000 元/吨，现货贴水 扩至 3000 元/吨。工业硅南北复产和晶硅增量成为边际驱动，整体运行 重心有望小幅抬升。前期反内卷消息充分计价后，多晶硅交易重心逐 步偏移至基本面逻辑。因终端电站收益率限制，组件环节对涨价的接 受度见顶，硅料跟随下游市场情绪降温。在具体政策举措出台之前， 市场仍位于政策提振和基本面拖累的博弈之间，多晶硅进入顶底明显 的区间模式，政策动态对盘面有阶段性扰动效应。重点关注 930 工信部 节能专项监察结果以及产业链库存去化情况 ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 玻 璃 | | | 研究中心能化团队 | | | 2025/9/3 | | 2025/8/26 | | 2025/9/1 | | 2025/9/2 周度变化 日度变化 | | | 2025/8/26 | 2025/9/1 | | 2025/9/2 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1130.0 | 1130.0 | 1130.0 | 0.0 | 0.0 | FG09合约 | 984.0 | 943.0 | 955.0 | -29.0 | 12.0 | | 沙河长城 5mm大板 | 1113.0 | 1104.0 | 1104.0 | -9.0 | 0.0 | FG01合约 | 1173.0 | 1137.0 | 1134.0 | -39.0 | -3.0 | | 沙河5mm大 板低价 | 1113.0 | 1104.0 | 1104.0 | -9.0 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For PTA, the device maintenance effect is less than expected, the spot market liquidity is okay, the spot basis is weakening, and the price fluctuates following the cost side. Although the processing margin has slightly improved from the low point, it is still at a relatively low level. Attention should be paid to the maintenance situation of Hengli Huizhou's device and subsequent upstream and downstream device changes [5]. - For MEG, the arrivals in early September are still moderately low, and there is still room for a moderate decline in port inventories in the short term. In terms of demand, the average load in September is expected to reach 91.5%, and the rigid demand support is gradually improving. Recently, the commodity market has corrected, and the ethylene glycol market has been under pressure. It is expected that the price center of ethylene glycol will be range - bound in the short term, with strong support below. Attention should be paid to device and polyester load changes [7]. 3. Summary by Relevant Catalogs 3.1. Previous Day's Review - No relevant information provided 3.2. Daily Tips - **PTA**: Yesterday, PTA futures closed slightly lower, the spot market negotiation atmosphere was average, the spot basis was weak, mainly traded among traders, with sporadic purchases from polyester factories. The goods for this week and next week were traded at a discount of 48 - 50 to the 01 contract, with the price negotiation range around 4710 - 4750. The goods for mid - to - late September were traded at a discount of 45 - 50 to the 01 contract. Today's mainstream spot basis is at a discount of 49 to the 01 contract. The PTA factory inventory is 3.81 days, a 0.1 - day increase from the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main position is net short, and short positions are increasing [5][6]. - **MEG**: On Tuesday, the price center of ethylene glycol declined, and the market trading was active. In the night session, ethylene glycol adjusted slightly. The spot negotiation and transaction were carried out at a premium of 82 - 85 yuan/ton to the 01 contract. There was a market rumor that a cracking device in Shandong might start earlier, and the ethylene glycol market dropped significantly during the day. In the afternoon, the spot was traded at a low of around 4420 yuan/ton, and polyester factories and traders replenished their stocks actively. In the US dollar market, the center of the ethylene glycol outer market continued to decline. In the morning, the recent shipments were negotiated at around 527 - 530 US dollars/ton, and in the afternoon, the negotiation center dropped to around 520 - 525 US dollars/ton. During the day, the recent shipments were traded at around 519 - 525 US dollars/ton, and individual suppliers participated in replenishing stocks. The inventory in East China is 40.63 tons, a decrease of 9.42 tons from the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main position is net short, and short positions are increasing [7][8]. 3.3. Today's Focus - No relevant information provided 3.4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the supply and demand data of PTA from January 2024 to December 2025, including PTA production capacity, production, import, total supply, polyester production, polyester demand for PTA, total demand, and inventory changes [12]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the supply and demand data of ethylene glycol from January 2024 to December 2025, including ethylene glycol production, import, total supply, polyester production, polyester demand for ethylene glycol, total demand, and port inventory changes [13]. 3.5. Price - Multiple price - related charts are provided, including bottle - chip spot price, bottle - chip production profit, bottle - chip capacity utilization rate, bottle - chip inventory, PTA basis, MEG inter - month spread, MEG basis, spot spread, etc. [15][18][22] 3.6. Inventory Analysis - Multiple inventory - related charts are provided, including PTA factory inventory, MEG port inventory, PET chip factory inventory, and various polyester fiber inventories [41][42][44] 3.7. Polyester Upstream Start - up - Charts of the start - up rates of PTA, p - xylene, and ethylene glycol in the polyester industry chain are provided [52][53][55] 3.8. Polyester Downstream Start - up - Charts of the start - up rates of polyester factories and Jiangsu and Zhejiang looms in the PTA industry chain are provided [56][57][59] 3.9. PTA Processing Fee - A chart of the PTA processing fee in China is provided [61] 3.10. MEG Profit - Charts of the production profits of different production methods of ethylene glycol (methanol - based, coal - based syngas, naphtha - integrated, and ethylene - based) are provided [62][63] 3.11. Polyester Fiber Profit - Charts of the production profits of polyester fiber short - fiber, polyester fiber long - fiber DTY, POY, and FDY are provided [65][67][68]

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Fats and Oils Industry - Palm oil futures are expected to return to 4500 ringgit, and the domestic palm oil futures may gradually rise after the adjustment, with a view of near - term weakness and long - term strength. US soybean oil has a downward space in the short term, while domestic soybean oil may see a decrease in inventory and a rise in the spot basis in the future [1]. Corn Industry - The short - term corn futures are in a rebound and consolidation stage, and the medium - term situation remains weak. It is advisable to consider shorting on rallies [2]. Sugar Industry - The international raw sugar is expected to consolidate in the 15 - 17 cents/pound range. The domestic sugar price will maintain a wide - range oscillation, and the 01 contract is expected to oscillate narrowly around 5500 - 5700 [7]. Cotton Industry - The cotton price center has risen, but there is no obvious upward driving force. It is expected to maintain a high - level oscillation in the range of 13500 - 14500 yuan/ton [8]. Pig Industry - The spot price of pigs is stabilizing with slight fluctuations. It is recommended to wait and see, and pay attention to the support levels of the 11 and 01 contracts [9]. Meal Industry - The domestic meal prices have limited downward space. It is advisable to wait for the market to stabilize and then go long at low levels in the 3000 - 3050 range [11]. Egg Industry - Egg prices may rebound in early September, but the overall increase is limited, maintaining a bearish view [15]. Summary by Related Catalogs Fats and Oils Industry - **Price Changes**: On August 29, Y2601 decreased by 0.52%, and the palm oil futures price also showed certain fluctuations. The price of soybean oil and palm oil in the spot market also changed to different degrees [1]. - **Fundamentals**: Malaysian palm oil production growth is lower than export growth, and the market expects limited inventory growth at the end of August. The US biodiesel policy for soybean oil is unclear, and the domestic demand for soybean oil is improving [1]. Corn Industry - **Price Changes**: On September 1, 2025, the price of corn 2511 increased by 0.27%, and the price of corn starch 2511 increased by 0.32%. The spot prices and spreads also changed [2]. - **Fundamentals**: Northeast corn traders have insufficient inventory, but there is supplementary auction grain. Spring corn in North China is gradually on the market, and the new - season corn has a large expected increase in production. The demand side has relatively sufficient inventory and weak purchasing enthusiasm [2]. Sugar Industry - **Price Changes**: On September 1, 2025, the price of sugar 2601 increased by 0.04%, and the price of ICE raw sugar decreased by 0.97%. The spot prices and spreads also changed [7]. - **Fundamentals**: The supply of raw sugar is expected to increase, but the Brazilian sugar production may be revised down. The 09 contract is affected by beet warehouse receipts, and the demand side is relatively stable during the double festivals [7]. Cotton Industry - **Price Changes**: On September 1, 2025, the price of cotton 2509 increased by 0.73%, and the price of cotton 2601 increased by 1.21%. The spot prices and spreads also changed [8]. - **Fundamentals**: The supply of new cotton is yet to be verified, the inventory is relatively tight before the new cotton is on the market, the demand has improved marginally since August, but the downstream improvement is not obvious [8]. Pig Industry - **Price Changes**: On September 1, 2025, the price of live pigs 2511 decreased by 0.26%, and the price of live pigs 2601 decreased by 0.50%. The spot prices and spreads also changed [9]. - **Fundamentals**: The spot price of pigs is stabilizing, the slaughter volume has increased, and the market demand is expected to improve with the approach of the school season and cooler weather, but there may be a wave of concentrated slaughter before the double festivals [9]. Meal Industry - **Price Changes**: On September 1, 2025, the price of soybean meal M2601 increased by 0.53%, and the price of rapeseed meal RM2601 increased by 1.21%. The spot prices, spreads, and crushing margins also changed [11]. - **Fundamentals**: The expected high yield of US soybeans suppresses the market, the Sino - US negotiation has no substantial progress, and the domestic supply concern has eased [11]. Egg Industry - **Price Changes**: On September 1, 2025, the price of egg 09 contract increased by 0.28%, and the price of egg 10 contract increased by 0.31%. The spot prices, spreads, and related indicators also changed [14]. - **Fundamentals**: The number of newly - opened laying hens in September may decrease, and the demand will weaken after the Mid - Autumn Festival [15].

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年9月2日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 5、主力持仓：净空 空减 偏空 1、基本面：昨日PTA期货跌后反弹，现货市场商谈氛围尚可，月下成交较为集中，现货基差走弱。贸易商商谈为主，零星聚酯 工厂递盘。本周及下周主流在01贴水40商谈成交，少量在01贴水45~48附近成交，价格商谈区间在4710~4735附近。9月下在01贴 水35~40附近有成交。今日主流现货基差在01-42。中性 2、基差：现货4727，01合约基差-45，盘面升水 中性 3、库存：PTA工厂库存3.81天，环比增加0.1天 偏空 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 MEG ...

Report Industry Investment Rating - Aluminum: Range-bound trading [1] - Alumina: Obvious supply surplus [1] - Cast aluminum alloy: Range-bound trading [1] Core Viewpoints - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, and provides price, volume, spread, cost, and other data for different reference time points [1]. - The EU is promoting the implementation of the EU - US agreement, with legislative proposals to cancel some tariffs on US products and potentially reduce automobile tariffs to 15% [3]. - The trend intensities of aluminum, alumina, and aluminum alloy are 0, -1, and 0 respectively [3]. Summary by Related Content Futures Market - For aluminum futures, the closing price of the Shanghai aluminum main contract is 20,750, with changes of 475, -60, 160, -150 compared to T - 1, T - 5, T - 22, T - 66 respectively; the LME aluminum 3M closing price is 2,607, with corresponding changes of 3, 14, -45, 85 [1]. - For alumina futures, the closing price of the Shanghai alumina main contract is 3,063, with changes of 17, -450, 118, -61 compared to T - 1, T - 5, T - 22, T - 66 respectively [1]. - For aluminum alloy futures, the closing price of the main contract is 20,350 (previous data), with a change of -15 compared to a certain reference point [1]. Spot Market - The spot premium and discount of aluminum is -20, with changes of 0, -40, -90, -40 compared to T - 1, T - 5, T - 22, T - 66 respectively; the Shanghai bonded area Premium is 8, with corresponding changes of 0, 0, -15, -73 [1]. - The average domestic alumina price is 3,229, with changes of -8, -34, -6, 278 compared to T - 1, T - 5, T - 22, T - 66 respectively [1]. - The price of ADC12 in Baotai is 20,300, with changes of 0, 500, 500 compared to some reference points [1]. Other Information - The EU Commission has proposed two legislative proposals to cancel some US industrial product tariffs, give preferential market access to some seafood and non - sensitive agricultural products, and extend the duty - free treatment of lobsters. The US will reduce automobile tariffs to 15% when the EU "formally submits the required legislation" [3]. - The trend intensities of aluminum, alumina, and aluminum alloy are 0, -1, and 0 respectively, with the range of trend intensity being integers in the [-2, 2] interval [3].

1. Report Information - Report Title: Polyolefin Daily Report [1] - Date: August 29, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Quotes Futures Market | Futures Contract | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Change (yuan/ton) | Change Rate (%) | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7399 | 7364 | 7414 | 7360 | -63 | -0.85 | 412274 | 4664 | | Plastic 2605 | 7407 | 7365 | 7421 | 7365 | -68 | -0.91 | 26767 | 576 | | Plastic 2509 | 7344 | 7310 | 7360 | 7309 | -63 | -0.85 | 34910 | -7171 | | PP2601 | 7041 | 7021 | 7056 | 7014 | -51 | -0.72 | 481684 | 7338 | | PP2605 | 7060 | 7035 | 7075 | 7031 | -54 | -0.76 | 39064 | 980 | | PP2509 | 6987 | 6963 | 7006 | 6961 | -51 | -0.73 | 20395 | -6062 | [5] Spot Market - LLDPE: Prices in North China are 7200 - 7450 yuan/ton, in East China are 7300 - 7750 yuan/ton, and in South China are 7400 - 7750 yuan/ton [7] - PP: North China's mainstream drawbench prices are 6860 - 7000 yuan/ton, East China's are 6850 - 7000 yuan/ton, and South China's are 6840 - 7060 yuan/ton [7] - Propylene: The mainstream price in Shandong market is 6550 - 6600 yuan/ton, up 25 yuan/ton from the previous workday [7] 3. Market Review and Outlook - L2601 opened lower, fluctuated during the session, and closed at 7358 yuan/ton, down 31 yuan/ton (-0.42%), with a trading volume of 220,000 lots and an increase in open interest by 1293 lots to 413,567 lots. PP2601 closed at 7020 yuan/ton, down 16 yuan (-0.23%), with an increase in open interest by 14,800 lots to 496,500 lots [6] - The weak futures market has affected the spot market sentiment. Traders are actively destocking at the end of the month, and the offers are slightly weaker. The impact of maintenance is decreasing, and new production capacities are being released steadily, which suppresses the market from the supply side. The demand side is gradually transitioning to the peak season, and the overall downstream operating rate is expected to increase, but the short - term raw material procurement is still cautious. The market sentiment has weakened, and the decline in crude oil prices has reduced the cost support, so polyolefins are oscillating weakly [6] 4. Industry News - On August 28, 2025, the inventory level of major producers was 670,000 tons, a decrease of 35,000 tons (-4.96%) from the previous workday, compared with 695,000 tons in the same period last year [7] - Propylene producers' shipments are smooth, and they still have some willingness to support prices. However, downstream factories mainly purchase at lower prices, and their acceptance of propylene prices has slightly decreased [7] - The PP market has slightly loosened, with some prices falling by 10 - 30 yuan/ton. Before noon, downstream factories were cautiously waiting and watching, with limited active inquiries, and the pre - noon trading was weak [7]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On August 27, the coking coal 2601 contract closed at 1154.0, down 3.87%. The spot price of Tangshan Meng 5 clean coal was reported at 1350, equivalent to 1130 on the futures market. The macro - situation shows that China's single - month electricity consumption exceeded 1 trillion kWh in July. Fundamentally, the mine - end inventory has changed from decreasing to increasing, and the cumulative import growth rate has declined for three consecutive months. Technically, the daily K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On August 27, the coke 2601 contract closed at 1669.5, down 2.82%. The mainstream coke enterprises proposed an eighth - round price increase for coke. The macro - situation indicates that during the "14th Five - Year Plan", China's energy supply was sufficient, stable in price, resilient, and high in "green content". Fundamentally, the demand side shows high iron - water production, and the coking coal inventory has shifted downstream with an overall increase in total inventory. The average profit per ton of coke for 30 independent coking plants was 23 yuan/ton. Technically, the daily K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1154.00 yuan/ton, down 6.50 yuan; J main contract closing price: 1669.50 yuan/ton, down 11.50 yuan [2]. - JM futures contract open interest: 912715.00 lots, up 4544.00 lots; J futures contract open interest: 47368.00 lots, down 270.00 lots [2]. - Net open interest of the top 20 coking coal contracts: - 128949.00 lots, up 4501.00 lots; net open interest of the top 20 coke contracts: - 5217.00 lots, up 154.00 lots [2]. - JM 1 - 9 month contract spread: 142.50 yuan/ton, up 13.00 yuan; J 1 - 9 month contract spread: 69.00 yuan/ton, down 2.00 yuan [2]. - Coking coal warehouse receipts: 0.00; coke warehouse receipts: 820.00 [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 985.00 yuan/ton, up 37.00 yuan; Tangshan first - grade metallurgical coke: 1775.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 150.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1570.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1570.00 yuan/ton, down 50.00 yuan; Tianjin Port first - grade metallurgical coke: 1670.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1610.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1570.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1300.00 yuan/ton, unchanged; J main contract basis: 105.50 yuan/ton, up 11.50 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1100.00 yuan/ton, unchanged; JM main contract basis: 146.00 yuan/ton, up 6.50 yuan [2]. 3.3 Upstream Situation - 314 independent coal washing plants' clean coal output: 26.00 million tons, up 0.30 million tons; 314 independent coal washing plants' clean coal inventory: 289.50 million tons, down 5.30 million tons [2]. - 314 independent coal washing plants' capacity utilization rate: 0.37%, up 0.00%; raw coal output: 38098.70 million tons, down 4008.70 million tons [2]. - Coal and lignite imports: 3561.00 million tons, up 257.00 million tons; 523 coking coal mines' daily average raw coal output: 191.20 million tons, up 3.30 million tons [2]. - 16 ports' imported coking coal inventory: 450.45 million tons, up 2.67 million tons; 18 ports' coke inventory: 268.62 million tons, down 1.09 million tons [2]. - Independent coking enterprises' total coking coal inventory: 966.41 million tons, down 10.47 million tons; independent coking enterprises' total coke inventory: 64.37 million tons, up 1.86 million tons [2]. - 247 steel mills' coking coal inventory: 812.31 million tons, up 6.51 million tons; 247 steel mills' coke inventory: 609.59 million tons, down 0.21 million tons [2]. - Independent coking enterprises' available days of coking coal: 13.07 days, up 0.10 days; 247 steel mills' available days of coke: 10.76 days, down 0.07 days [2]. - Coking coal imports: 962.30 million tons, up 53.11 million tons; coke and semi - coke exports: 89.00 million tons, up 38.00 million tons [2]. - Coking coal output: 4064.38 million tons, down 5.89 million tons; independent coking enterprises' capacity utilization rate: 74.42%, up 0.08% [2]. - Independent coking plants' profit per ton of coke: 23.00 yuan/ton, up 3.00 yuan; coke output: 4185.50 million tons, up 15.20 million tons [2]. 3.4 Downstream Situation - 247 steel mills' blast furnace operating rate: 83.34%, down 0.23%; 247 steel mills' blast furnace iron - making capacity utilization rate: 90.27%, up 0.03% [2]. - Crude steel output: 7965.82 million tons, down 352.58 million tons [2]. 3.5 Industry News - Trump announced to "fire" the current Federal Reserve governor, and the Fed's independence is facing an "unprecedented" impact [2]. - The US plans to impose a 50% tariff on India starting Wednesday, and Modi implemented tax cuts and administrative reforms [2]. - By the end of 2024, China's overseas investment stock exceeded 3 trillion US dollars, accounting for 7.2% of global foreign investment [2]. - In July, China's single - month electricity consumption exceeded 1 trillion kWh, and the power supply is stable after the peak - summer period [2]. 3.6 Viewpoint Summary - For coking coal, on August 27, the 2601 contract closed lower. The macro situation shows stable power supply, and fundamentally, the mine - end inventory has changed, with imports' cumulative growth rate declining. Technically, it should be treated as a volatile operation [2]. - For coke, on August 27, the 2601 contract closed lower. The macro situation indicates stable energy supply, and fundamentally, the demand is high, and the inventory has shifted downstream. Technically, it should be treated as a volatile operation [2].