《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）》。 ...

Market Overview - The Hong Kong stock market showed resilience with a slight increase of 0.12% after a stable influx of funds [1] - The U.S. is increasing pressure on Venezuela, which may tighten oil supply, benefiting companies like Sinopec and Shanghai Petrochemical with stock increases of over 3% and 2% respectively [1] - The U.S. announced a historic $11 billion arms sale to Taiwan, which China strongly opposes, potentially impacting market sentiment [1] Industry Insights - The Hainan Free Trade Port initiative aims to enhance China's openness, benefiting companies like Meilan Airport and Junda Co., with stock increases of around 4% [2] - The aviation sector is experiencing a surge, with Eastern Airlines reporting a passenger load factor of 87.37%, leading to stock increases of over 8% for the company [3] - Kingston's SSD business anticipates a significant shortage of NAND flash memory, which is expected to drive up SSD prices, positively impacting Shanghai Fudan's non-volatile memory business [4] Corporate Developments - MicroPort Medical's merger with CRM Cayman is set to enhance synergies in structural heart disease and arrhythmia management, with stock rising over 7% [5][6] - Sany International reported a 13.9% year-on-year increase in excavator sales, with significant growth in both domestic and export markets, indicating strong performance in the construction machinery sector [9] - The coal industry is encouraged to upgrade to cleaner technologies, benefiting leading companies like China Shenhua and Yanzhou Coal [7][8]

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]

Core Viewpoint - The main focus of the article is the significant increase in coking coal prices, driven by the release of the "Benchmark Levels and Baseline Levels for Key Areas of Clean and Efficient Utilization of Coal (2025 Edition)" and the anticipation of policy changes that may elevate dual-coke prices in the short term [3][7]. Group 1: Policy and Market Impact - On December 18, the main coking coal contract rose over 4%, positively impacting the coal chemical and black products sectors [3][7]. - The newly published benchmark levels include coal consumption for coal-fired power generation and coal-to-natural gas processes, aiming to align with advanced efficiency indicators and strict pollutant emission requirements [3][7]. - Recent policies have emphasized "anti-involution," which is expected to raise dual-coke prices, leading to a short-term rebound in the market [3][7]. Group 2: Market Conditions - In the spot market, prices for various coal types have seen adjustments, with Shanxi Linfen region's肥原煤 (S4, G95, recovery 35-40) decreasing by 21-49 yuan to a factory price of 719-760 yuan/ton [3][7]. - Prices for coal at Ganqimaodu port showed a decline, with Mongolian 5 raw coal priced at 919 yuan/ton (down 51 yuan) and Mongolian 3 premium coal at 1035 yuan/ton (down 15 yuan) [3][7]. - Supply remains tight due to frequent safety inspections and the completion of annual production tasks, with many companies focusing on depleting existing inventories [3][7]. Group 3: Demand Dynamics - Demand for coking coal has weakened as steel mills undergo maintenance, leading to a continuous decline in molten iron production [3][7]. - Although coking steel inventories are at low levels, limited profits have resulted in a lack of substantial replenishment plans from downstream sectors [3][7].

Group 1 - Coal stocks saw significant gains, with Yanzhou Coal Mining Company (01171) up 2.23% to HKD 10.09, China Shenhua Energy (01088) up 1.98% to HKD 39.22, China Coal Energy (01898) up 1.56% to HKD 10.4, and Yidao Commodity (01733) up 1.1% to HKD 0.92 [1] - On December 18, the main contracts for coking coal and coke rose over 6% during trading [1] - The National Development and Reform Commission and five other departments issued the "Benchmark Levels for Key Areas of Clean and Efficient Utilization of Coal (2025 Edition)", tightening coal consumption standards for coal-fired power generation compared to the 2022 version, which is expected to increase demand for high-quality coal [1] Group 2 - Shanxi Securities released a report highlighting the recovery of profitability in the coal sector, supported by seasonal demand due to cold weather [1] - There are expectations for improved performance in Q4, and if prices remain high, there is significant potential for earnings recovery in 2026 [1] - The decline in stock prices has reinforced dividend value, suggesting opportunities for low-cost acquisitions [1]

Core Viewpoint - The coal stocks have seen an increase in their closing prices, driven by rising demand for high-quality coal and regulatory changes aimed at improving coal efficiency and reducing consumption [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (兖矿能源) increased by 2.23%, reaching HKD 10.09 [1] - China Shenhua Energy (中国神华) rose by 1.98%, reaching HKD 39.22 [1] - China Coal Energy (中煤能源) gained 1.56%, reaching HKD 10.4 [1] - Yida Zong (易大宗) increased by 1.1%, reaching HKD 0.92 [1] Group 2: Market Drivers - On December 18, coking coal and coke futures contracts rose over 6% [1] - The National Development and Reform Commission, along with five other departments, issued the "Benchmark Levels for Key Areas of Clean and Efficient Utilization of Coal (2025 Edition)" on December 17 [1] - Compared to the 2022 version, the new benchmarks indicate tighter coal consumption standards for coal-fired power generation, leading to increased demand for high-quality coal [1] Group 3: Industry Outlook - Shanxi Securities released a report highlighting the recovery of profitability in the coal sector, supported by seasonal demand due to cold weather [1] - There are expectations for improved performance in Q4, with potential for significant recovery in 2026 if prices remain high [1] - The decline in stock prices has enhanced dividend value, suggesting opportunities for low-cost acquisitions [1]

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。 ...

Core Viewpoint - The Chinese government has issued a notification to enhance the clean and efficient utilization of coal, setting benchmark and baseline levels for key areas by 2025, which includes coal consumption in power generation and coal-to-natural gas processes [1][2]. Group 1: Benchmark and Baseline Levels - The notification expands the scope of benchmark levels to include coal consumption in coal-fired power generation and coal-to-natural gas production [1]. - It emphasizes aligning with advanced domestic and international standards, as well as the strictest pollutant emission requirements [1]. - The benchmark and baseline levels will be dynamically adjusted based on industry development and standard revisions, reinforcing the guiding role of benchmarks and the constraining role of baselines [1]. Group 2: Policy Support and Financial Mechanisms - The notification calls for increased policy support to accelerate the transformation and upgrading of the coal industry [2]. - It encourages the use of existing policy tools and mechanisms to enhance market regulation and implementation of clean and efficient coal utilization [2]. - Financial policies will be improved to attract social capital into clean and efficient coal utilization projects, with banks encouraged to provide credit support for eligible green and low-carbon transition projects [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For steel, cost support is strengthening. With the potential for winter storage and restocking, and positive steel mill profits, there may be a drive for production resumption. It is advisable to consider short - term long positions with stop - loss settings [2]. - For silicon iron and manganese silicon, the fundamentals are under pressure, and upward resistance remains strong. Despite policy - driven price sentiment, the direct demand is weak, and there is a mid - term supply surplus [3][5]. - For coking coal and coke, the night - session prices strengthened. Although the steel market is weak, there is a possibility of winter storage and restocking, and the rebound is expected to continue [6]. - For iron ore, the molten iron output has declined, and the price is under pressure due to rising inventory. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7]. 3. Summary by Related Content Futures Market - **Prices and Changes**: On December 17, the closing prices of far - month contracts for various products such as RB2610, HC2610, etc., showed different changes. For example, RB2610 closed at 3113.00 yuan/ton with a 0.03% increase, and HC2610 closed at 3258.00 yuan/ton with a 0.03% increase. Near - month contracts also had their respective price movements [1]. - **Spreads and Ratios**: The cross - month spreads, spreads/ratios/profits of different contracts changed. For instance, the RB2605 - 2610 spread was - 29.00 yuan/ton with a change of - 130, and the volume - to - screw spread was 161.00 yuan/ton with a - 4.00 change [1]. Spot Market - **Steel**: On December 17, the spot prices of Shanghai, Tianjin, and Guangzhou螺纹 were 3290.00 yuan/ton, 3170.00 yuan/ton, and 3480.00 yuan/ton respectively. The prices of Shanghai, Hangzhou, and Guangzhou热卷 were 3280.00 yuan/ton, 3270.00 yuan/ton, and 3280.00 yuan/ton respectively [1]. - **Others**: The prices of other products such as唐山普方坯,普氏指数, and various ores also had their respective values and changes on December 17 [1]. Market Analysis by Product - **Steel**: The cost support is strengthening. The steel price is in a low - level shock. The hot - rolled coil can be operated by rolling cash - and - carry arbitrage or supplemented with option strategies [2][7]. - **Silicon Iron and Manganese Silicon**: The fundamentals are under pressure. The demand is weak, and the supply is in a mid - term surplus. The supply of silicon iron is more likely to be affected by policies [3][5]. - **Coking Coal and Coke**: The night - session prices strengthened. The market is affected by policies and the possibility of winter storage and restocking. The rebound is expected to continue [6]. - **Iron Ore**: The molten iron output has declined, and the price is under pressure. Once the molten iron output stabilizes and steel mills resume production, there will be a demand for restocking [7].

Industry Overview - The report focuses on the upstream, midstream, and downstream industries, analyzing price fluctuations, production, and sales trends [1][3] Upstream Industry - In the non - ferrous metals sector, nickel and lead prices have declined; in the agricultural sector, pork prices have slightly decreased; in the energy sector, international crude oil and liquefied natural gas prices continue to fall [3] - As of December 17, the prices of some agricultural products such as eggs, palm oil, and pork have decreased, while the prices of corn and cotton have increased; among non - ferrous metals, the prices of zinc and some aluminum products have decreased, while the prices of copper, nickel, and some other aluminum products have increased; in the energy sector, the prices of WTI crude oil, Brent crude oil, liquefied natural gas, and coal have decreased [36] Midstream Industry - In the chemical industry, the operating rates of PX and PTA have declined; in the energy sector, the coal consumption of power plants has increased; in the infrastructure sector, the operating rate of road asphalt has decreased [3] Downstream Industry - In the real estate sector, the sales of commercial housing in first, second, and third - tier cities have continued to pick up at the end of the year; in the service sector, the number of domestic and international flights has continued to decline [3] Policy and Data - The National Development and Reform Commission and other departments have issued the "Benchmark Levels and Baseline Levels for the Clean and Efficient Utilization of Coal in Key Areas (2025 Edition)", aiming to promote the clean and efficient utilization of coal and eliminate backward production capacity [1] - From January to November 2025, the stamp duty was 404.4 billion yuan, a year - on - year increase of 27%. Among them, the securities trading stamp duty was 185.5 billion yuan, a year - on - year increase of 70.7%. In November 2025, the securities trading stamp duty was 22.6 billion yuan, a month - on - month increase of 24.86% compared with October and a year - on - year increase of 2.26% compared with November 2024 [1]