1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The supply side of ferrosilicon is expected to see a decline in production from November to December due to losses of manufacturers and postponed new - capacity launches. The demand side will continue the downward trend of crude steel production, and the alloy is likely to remain in a loss state. It is expected that ferrosilicon will fluctuate in the range of 5400 - 5700 [7]. 3. Summary According to the Directory 3.1 Week - ly Key Points Summary - Macro: The "anti - involution" policy has led to the first monthly increase in PPI since last November, and the year - on - year decline has reached the smallest in over a year. Policies for new energy consumption and regulation have been released, and an energy supply guarantee meeting has been held [7]. - Overseas: Trump warned of an "economic disaster" if the Supreme Court rules against imposing comprehensive tariffs [7]. - Supply and demand: Market transactions are mainly for end - user rigid demand restocking, and inventory has increased for two consecutive weeks. The spot profit in Inner Mongolia is - 250 yuan/ton, and in Ningxia is - 480 yuan/ton. The November tender price of Hegang 75B ferrosilicon is 5680 yuan/ton, up 20 yuan/ton from the previous round [7]. - Technology: The weekly K - line of the ferrosilicon main contract is below the 60 - day moving average, showing a bearish trend [7]. - Strategy: Considering the macro - situation, supply, and demand, it is expected that ferrosilicon will fluctuate between 5400 - 5700 [7]. 3.2 Futures and Spot Market 3.2.1 Overall Futures and Spot Market - As of November 14, the ferrosilicon futures contract open interest was 382,000 lots, a net increase of 25,000 lots. The 5 - 1 contract spread was 12, a decrease of 54 points [13]. 3.2.2 Futures Market - As of November 14, the ferrosilicon warehouse receipt quantity was 8450, an increase of 2751. The Ningxia ferrosilicon price was 5240 yuan/ton, a decrease of 30 yuan/ton [17]. 3.2.3 Spot Market - As of November 14, the ferrosilicon basis was - 330 yuan/ton, an increase of 6 points [22]. 3.3 Industrial Chain Situation 3.3.1 Industry - This week (November 13), the national average capacity utilization rate of 136 independent ferrosilicon enterprises was 34.84%, a decrease of 1.42% from last week. The daily average output was 15,590 tons, a decrease of 4.36% (710 tons). The weekly demand for ferrosilicon from five major steel products was 19,073.8 tons, a decrease of 3.73%. The national weekly ferrosilicon output was 109,100 tons [28]. - This week (November 13), the national inventory of 60 independent ferrosilicon enterprises was 81,360 tons, an increase of 3.39% (2670 tons). Inventory in Inner Mongolia, Ningxia, and Gansu increased, while that in Shaanxi and Qinghai decreased [32]. 3.3.2 Upstream - As of November 10, the electricity price for ferrosilicon in Ningxia remained unchanged at 0.395 yuan/kWh, while that in Inner Mongolia decreased by 0.025 yuan/kWh to 0.405 yuan/kWh. As of November 13, the price of semi - coke remained unchanged [37]. - As of November 13, the spot production cost of ferrosilicon in Inner Mongolia was 5450 yuan/ton, a decrease of 1.91%, and in Ningxia was 5631 yuan/ton, a decrease of 0.49%. The spot profit in Ningxia was - 481 yuan/ton, an increase of 5.50% [41]. 3.3.3 Downstream - This week, the average daily hot metal output of 247 steel mills was 2.3688 million tons, an increase of 26,600 tons from last week and 9400 tons from last year. From January to September 2025, China's cumulative exports of ferrosilicon with a silicon content greater than 55% were 292,900 tons, a decrease of 22,900 tons (7.25%) from the same period last year [46].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - On November 13, the main contracts 2601 of coke and coking coal futures declined slightly compared to the previous day's closing prices, hitting new lows since October 23 during intraday trading. The futures of coke and coking coal dropped significantly due to coal supply - guarantee policies. Although the spot market still has support, considering the large increase in Mongolian coal customs clearance and the significant growth in coking coal inventories of independent coking plants and ports, there may be downward pressure on prices due to oversupply. It is expected that the futures of coke and coking coal still need to digest the strong negative factors from the news, and it is advisable to try high - selling hedging or investment strategies. Attention should be paid to the implementation of supply - guarantee policies and the rhythm of spot price declines [5][11]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Futures Market**: On November 13, the main contracts 2601 of coke and coking coal futures, J2601 and JM2601, first declined and then rebounded. J2601 closed at 1686 yuan/ton, down 0.30% from the previous day, with a trading volume of 13,768 lots and an open interest of 37,775 lots, a decrease of 164 lots. JM2601 closed at 1214 yuan/ton, down 0.29%, with a trading volume of 572,483 lots and an open interest of 592,106 lots, a decrease of 991 lots. In the black - series futures, the long - short positions of the top 20 in RB2601, HC2601, SS2601, J2601, JM2601, and I2601 contracts also changed [5][6]. - **Spot Market**: On November 13, the ex - warehouse price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port remained unchanged at 1620 yuan/ton. The aggregated price of low - sulfur main coking coal in some regions was stable, with a 40 - yuan increase in Linfen [8]. 3.2 Outlook for the Future - **Policy**: The National Development and Reform Commission organized a video conference on energy supply guarantee for the 2025 - 2026 heating season, requiring all regions and relevant enterprises to ensure stable energy production and supply, improve the performance of medium - and long - term coal contracts, and focus on ensuring coal demand in northern heating areas [10]. - **Supply and Demand**: Due to continuous losses for four weeks, the coke output of independent coking enterprises dropped to a new low since late March. Although coking plants and steel mills continued to reduce coke inventories, port coke inventories have increased in the past five weeks. Since October 25, the customs clearance volume of Mongolian coal has increased significantly, and the coking coal inventories of 230 independent coking plants and ports have also increased [10]. 3.3 Industry News - **Water Conservancy Construction**: From January to October this year, China completed 1.00947 trillion yuan in water conservancy construction investment, implemented 46,000 water conservancy projects, and started 28,000 new projects, creating 2.484 million jobs and paying 47.06 billion yuan in wages [12]. - **Energy in Yunnan**: From January to September, Yunnan's energy department promoted the integrated development of "source - network - load - storage", driving a 11.3% increase in coal production, a 7.4% increase in crude oil processing volume, a 6.2% increase in refined oil production, and a 17% increase in natural gas consumption [12]. - **Anhui Kuangneng**: From November 10 - 12, Anhui Kuangneng held a production and operation work symposium for the coal sector, summarizing this year's work and planning next year's key tasks [12][13]. - **Concrete Industry**: Affected by the real - estate market adjustment and infrastructure investment slowdown, the demand in the cement industry is weak, and prices are low. However, prices are expected to recover to some extent under the anti - involution trend [13]. - **Shanxi Coking Coal**: The company's main products are high - quality coking coals, and it has established long - term strategic partnerships with many large steel enterprises. It also has a power generation business with a power - generation capacity of 4.32 million kilowatts per year [13]. - **Other News**: There were coal mine accidents in Henan; Lu'an Huaneng announced its coal production and sales in October; Fangda Special Steel is cooperating with CATL; Handan launched a level - II emergency response for heavy pollution; Shaanxi's industrial production and consumption of coal, natural gas, and oil showed different trends; Inner Mongolia's coal production was stable, and its new - energy installed capacity increased; Newcastle Port and Indian coal production and exports had certain changes; OPEC predicted an oversupply in the oil market in 2026; India imposed anti - dumping duties on Vietnamese steel [11][12][13][14][15]. 3.4 Data Overview The report provides various data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization of coking plants and steel mills, iron - water production, coke and coking coal inventories, and the basis of futures contracts [18][20][25][27][28][29].

Group 1 - Gas stocks experienced a strong surge, with companies like Guo New Energy, Changchun Gas, and Victory Co. hitting the daily limit, driven by a significant cold wave expected to lower temperatures by over 12°C in some areas [2] - The cold wave is anticipated to create a seasonal peak in energy demand, likely increasing prices for natural gas and coal, with Qinhuangdao port's coal price exceeding 800 yuan per ton, marking a yearly high [3] - The National Energy Administration is reinforcing fuel supply measures to ensure energy availability during the heating season, with industrial coal production and natural gas output showing steady growth [3][4] Group 2 - The National Energy Administration has confirmed that natural gas supply and peak demand will be adequately met this heating season, with domestic gas production expected to exceed 10 billion cubic meters for nine consecutive years [4] - Major oil companies, Sinopec and PetroChina, are actively increasing their gas reserves and production, with Sinopec projecting a 4.4% increase in gas supply compared to the previous heating season [5]

Core Viewpoint - The article highlights the impact of a significant cold wave on energy demand, particularly for natural gas and coal, leading to a surge in stock prices for gas companies and an increase in fuel prices due to heightened heating needs [2][3]. Group 1: Market Reaction - Gas stocks experienced a strong rally, with several companies such as Guo Xin Energy and Changchun Gas hitting the daily limit up [2]. - The cold wave is expected to push temperatures down significantly, with some areas experiencing drops exceeding 12°C, leading to increased demand for heating [2]. Group 2: Fuel Price Trends - The price of coal at Qinhuangdao Port has surpassed 800 yuan per ton, reaching a yearly high, driven by early heating demand [3]. - The average daily coal consumption at coastal power plants has increased by over 15% year-on-year due to the early onset of winter [3]. Group 3: Energy Supply Assurance - The National Energy Administration has confirmed that natural gas supply will be sufficient for the heating season, with domestic production expected to exceed 100 billion cubic meters for the ninth consecutive year [4]. - Major oil companies are actively increasing their gas reserves and production, with China Petroleum's gas storage capacity reaching a historical high [4].

11月14日，燃气股开盘后强势拉升，截至午间收盘，国新能源（600617.SH）、长春燃气 （600333.SH）、胜利股份（000407.SZ）多股涨停，首华燃气（300483.SZ）、凯添燃气 （920010.BJ）、大众公用（600635.SH）等跟涨。 消息面上，据央视报道，即日起至11月17日，下半年首场寒潮来袭，局地降温将超12℃。降温后，气温 将大范围创今年下半年来新低，17日最高气温0℃线将南压到陕西北部、山西北部、河北北部、辽宁北 部一带，18日早晨最低温度0℃线将南压至苏皖南部和鄂北部一带，西北地区、内蒙古、东北地区多地 最低气温将低于-10℃。 国金证券认为，冬季北半球气温骤降，季节性用能高峰来临，预计将推升天然气、煤炭等燃料价格。 记者关注到，近日秦皇岛港5500大卡动力煤价重回800元/吨上方，创年内新高。我的钢铁网认为，供暖 需求提前释放是煤价上涨重要原因之一。该机构称，10月下旬北方多地遭遇"断崖式"降温，北方12省份 因气温骤降提前启动供暖，北京、内蒙古等地最低气温较常年提前两周跌破冰点，沿海电厂日耗煤量同 比增幅超15%。 关于今年迎峰度冬能源供应情况，国家能源局市场监管司副 ...

随着北方气温走低，今冬明春供暖季拉开序幕。作为全国最大的民生供热企业——中国华能切实扛起能源保供的政治责任，以安全为基、服务为本、智 慧为核，在黑龙江、吉林、辽宁等地第一时间开栓供热，织密覆盖热源保障、管网调控、民生服务的"保供网"，将"华能温度"准时送达千家万户。 在黑龙江，华能伊春热电公司热网营销党支部党员白天化身"热网管家"，深入社区排查供热管网、检修换热站设备，向居民讲解冬季用热常识，夜晚值 守服务热线，确保用户诉求"件件有回应、事事有着落"。 原标题：织密"保供网" "华能温度"准时送达 提前开栓 护民生暖意 在吉林，华能吉林分公司所属供热企业10月17日已全部提前开栓供热，下属华能松原热电公司提前10天供热，成为吉林省内供热最早的企业。根据去年 采暖期出现的问题及设备运行实际情况，松原热电公司制定了详细的夏季检修计划，以"严、实、细、准、效"的要求对供热系统进行全面"体检"，针对易发 管道断裂、设备漏风漏灰等隐患点进行专项整治，有效消除设备缺陷，为今冬明春的稳定供热奠定坚实基础；与此同时，松原热电公司还积极打造"一站 式"服务大厅，设立24小时客服热线，建立健全群众诉求"接报即办"机制，优化供热服 ...

北方地区已陆续进入供暖季，季节性用能高峰即将到来。今年迎峰度冬期间，能源安全稳定供应是否有 保障？ 近年来我国能源安全保供能力不断增强，为供暖季能源稳定供应打下坚实基础。 ——供应能力持续提升。国家能源局数据显示，前三季度，煤炭先进产能建设持续推进，原煤、油气生 产平稳增长，规上工业原煤、原油、天然气产量分别同比增长2%、1.7%、6.4%。 煤炭供应方面，当前市场总体平衡偏宽松。10月以来，全国煤炭日均调度产量持续处于1200万吨以上的 较高水平。此外，10月以来，国家铁路电煤装车保持在日均5.6万车的较高水平。 天然气供应方面，我国最大的储气库——中国石油新疆油田呼图壁储气库11月10日正式启动第十三周期 采气工作，全力保障今冬明春天然气供应。 在"双碳"目标引领下，我国可再生能源发展势头强劲，共同助力供暖季。截至9月底，全国累计发电装 机容量37.2亿千瓦，同比增长18%。其中，可再生能源装机接近22亿千瓦，风电、太阳能发电合计装机 突破17亿千瓦。 "迎峰度冬期间，我们将持续跟踪煤炭生产、进口、需求等重点指标变化趋势，会同有关方面全力做好 迎峰度冬煤炭保供相关工作。"国家能源局市场监管司副司长张燕秦介 ...

【供给】 截至11月13日，全样本独立焦化厂焦炭日均产量63.0万吨/日，周环比-0.6万吨/日，247家钢厂焦炭日均 产量46.2万吨/日，周环比+0.1万吨/日，总产量为109.2万吨/日，周环比-0.5万吨/日。 【需求】 【期现】 截至11月13日收盘，焦炭期货低位震荡走势，焦炭主力2601合约下跌3.5（-0.21%）至1686.0，远月2605 合约下跌15.5（-0.84%）至1820.0，1-5价差走强至-134.0。11月13日主流焦企提涨第四轮部分落地，焦 煤高位提供成本支撑。目前吕梁准一级湿熄冶金焦出厂价格报1390元/吨（第3轮提涨价格），日环比持 平，对应厂库仓单1662元/吨，基差-24.0；日照准一级冶金焦贸易价格报1530元/吨，环比-10元/吨，对 应港口仓单1689元/吨（对标），基差+3.0。 【利润】 全国30家独立焦化厂全国平均吨焦盈利-34元/吨；山西准一级焦平均盈利-37元/吨，山东准一级焦平均 盈利26元/吨，内蒙二级焦平均盈利-90元/吨，河北准一级焦平均盈利16元/吨。 截至11月13日，日均铁水产量236.88万吨/日，环比+2.66万吨/日；高炉开工率8 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - For the 2601 contract of coking coal, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively, suggesting an oscillation approach. The core logic is that the market's wait - and - see sentiment is increasing, leading to an oscillatory adjustment of coking coal [1]. - For the 2601 contract of coke, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight downward bias" respectively, also suggesting an oscillation approach. The core logic is that the support from the raw material end has eased, causing coke to oscillate within a range [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Movement and View**: The intraday view is "oscillation with a slight upward bias", and the medium - term view is "oscillation", with a reference view of an "oscillation approach" [5]. - **Driving Logic**: The National Development and Reform Commission recently held a video conference on energy supply guarantee for the 2025 - 2026 heating season, mainly focused on ensuring the supply of thermal coal for power generation and winter heating, which has limited impact on coking coal. There are still differences in the market regarding the coking coal supply at the end of the year, and the futures main contract has retraced at the upper edge of the previous oscillation range. The key lies in the actual supply of coking coal [5]. Coke (J) - **Price Movement and View**: The intraday view is "oscillation with a slight downward bias", and the medium - term view is "oscillation", with a reference view of an "oscillation approach" [6]. - **Driving Logic**: In the spot market, the latest quoted price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, remaining flat week - on - week, while the ex - warehouse price at Qingdao Port is 1540 yuan/ton, down 1.91% week - on - week. This week, the industrial game has intensified, and the fourth round of spot price increase for coke has been blocked. There are still differences in the supply of coke raw materials, and the retracement of coking coal at the upper edge of the oscillation range has dragged down the coke futures trend. The focus is on the actual supply of coking coal at the end of the year [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For the 2601 contract of coking coal, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively, with an overall oscillation approach. The core logic is that there is a stalemate between bulls and bears, leading to range - bound oscillation of coking coal [1]. - For the 2601 contract of coke, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight downward bias" respectively, with an overall oscillation approach. The core logic is that industrial game intensifies, causing coke to move in an oscillatory manner [1]. 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - **Price Movement Logic** - The National Development and Reform Commission held a video conference on energy supply guarantee for the 2025 - 2026 heating season, focusing on ensuring the supply of thermal coal for power generation and winter heating, which has limited impact on coking coal. There are still differences in the market regarding the coking coal supply at the end of the year. The futures main contract has pulled back at the upper edge of the previous oscillation range, and the subsequent focus lies on the actual supply of coking coal [5]. 3.2 Coke (J) - **Price Movement Logic** - The latest quoted price of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, remaining flat week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1530 yuan/ton, a week - on - week decline of 2.55%. This week, industrial game has intensified, and there is some resistance to the fourth round of spot price increases for coke. The divergence in the supply of coke raw materials still exists. The pull - back of coking coal at the upper edge of the oscillation range has dragged down the coke futures trend. The subsequent focus is on the actual supply of coking coal at the end of the year [6].