近日，宁夏回族自治区大武口热电公司在燃煤保供工作中取得显著成绩，疆煤拉运量持续攀升，再创历 史新高。截至12月4日，公司年度疆煤拉运计划任务为45万吨，实际累计进煤量已突破53.75万吨，超额 完成8.75万吨，年度计划完成率达到119.4%，为完成全年生产经营目标奠定了坚实的燃料基础。 下一步，大武口热电公司将继续紧盯保供目标，持续优化燃料采购与调运策略，巩固扩大疆煤拉运成 果，全力保障燃料供应安全、稳定、经济，为圆满完成全年各项任务目标、服务地方经济社会发展贡献 更大力量。（安乐宏 国能大武口热电有限公司） 来源：中国发展网 面对煤炭市场波动、运力协调等多重挑战，大武口热电公司积极研判形势，科学统筹、精准施策，强化 与煤矿、铁路等各方的沟通协调，不断优化拉运方案与接卸流程，全力保障疆煤拉运通道顺畅高效。公 司上下凝心聚力，以高度的责任感和使命感，克服困难，确保了燃煤的稳定供应。 充足的燃煤储备是火力发电企业安全稳定运行的"口粮"保障。疆煤拉运量的超额完成，不仅显著提升了 公司的电煤库存安全水平，增强了抵御市场风险和应对极端天气的能力，也为机组迎峰度冬、满发稳供 提供了有力支撑，进一步彰显了公司在能源保供中 ...

投资咨询业务资格：证监许可【2011】1778 号 观点参考 期货研究报告 宝城期货煤焦早报（2025 年 12 月 4 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2601 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 焦煤低位运行 | | 焦炭 | 2601 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 成本支撑不足，焦炭震荡整理 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 观点参考 品种：焦炭（J） 参考观点：震荡思路 核心逻辑：现货市场 ...

11月30日，榆林靖边北330千伏输变电工程顺利合闸送电。该工程于2024年10月开工，新建变电站 与750千伏榆横变电站、330千伏统万变电站互联互通，形成区域电网骨干节点。该工程将为榆林经济社 会发展和能源转型提供坚实电力支撑。国网陕西电力榆林供电公司创新采用"网格化"施工组织模式，运 用"基建e安全"数字化管控手段，实现安全、质量、进度"三统一"，确保工程顺利完成。 "两项工程投运进一步完善了陕西北部电网骨干网架，将有效提升区域电力输送效率和应急保障能 力，为全省能源保供和经济社会高质量发展注入新活力。"国网陕西电力相关负责人说。（记者：肖倩 见习记者：柯雁清） 12月3日，记者从国网陕西电力获悉：咸阳长武（昭仁）330千伏输变电工程、榆林靖边北330千伏 输变电工程近日相继投运。作为陕西电网建设重点项目，两项工程将显著优化区域电网结构，大幅提升 供电能力与可靠性，为全省迎峰度冬提供电力保障，为能源化工产业升级、乡村振兴等提供强劲动能。 11月28日，历时8个月建设的咸阳长武（昭仁）330千伏输变电工程竣工投运。该工程新建变电站占 地面积41亩，线路总长81.5千米，将重点保障彬州、长武、旬邑等地能源化 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On December 3rd, the coke main contract closed at 1,624.5 yuan/ton, with an intraday increase of 0.40%. The spot price of Rizhao Port's quasi - first - grade wet - quenched coke decreased week - on - week, while that of Qingdao Port remained flat. Coke production increased, but steel mill demand was under pressure due to reduced iron water output and low profitability. In December, there is still uncertainty in coking coal supply, and there is resistance to further decline in coke futures [6][38]. - On December 3rd, the coking coal main contract closed at 1,070.5 points, with an intraday decline of 2.19%. The spot price of Mongolian coal at Ganqimaodu Port decreased week - on - week. The supply side is the core factor affecting the market. Recent policies and stable production have weakened the supply - side support for coal prices, but considering the December Politburo economic meeting and year - end coal mine production reduction expectations, there is resistance to further decline in coking coal futures [7][39]. 3. Summary by Directory 3.1 Industry News - The China Logistics and Purchasing Federation released that the China Logistics Prosperity Index in November was 50.9%, up 0.2 percentage points month - on - month. The central and western regions had higher business volume indices than the national average, and the fixed - asset investment completion index remained in a high - prosperity range [9]. - On December 3rd, the price of coking coal in Linfen Anze market dropped by 80 yuan/ton, with the ex - factory price of low - sulfur main coking coal being 1,500 yuan/ton [10]. 3.2 Spot Market - The table shows the price changes of coke and coking coal in different markets (Rizhao Port, Qingdao Port, Ganqimaodu Port, Jingtang Port, etc.) on a weekly, monthly, annual, and year - on - year basis. For example, the quasi - first - grade coke price at Rizhao Port decreased by 2.99% week - on - week, and the Mongolian coal price at Ganqimaodu Port decreased by 6.25% week - on - week [11]. 3.3 Futures Market - The table presents the trading information of coke and coking coal main contracts, including closing price, price change, highest price, lowest price, trading volume, volume difference, open interest, and open interest difference. The coke main contract had an intraday increase of 0.40%, while the coking coal main contract had an intraday decline of 2.19% [14]. 3.4 Related Charts - There are multiple charts showing the inventory of coke (230 independent coking plants, 247 steel mill coking plants, ports, etc.) and coking coal (mine mouth, ports, 247 sample steel mills, etc.), as well as other related production and market data such as steel mill production, Shanghai terminal wire and screw procurement, coal washing plant production, and coking plant operation [15][20][21]. 3.5后市研判 - The analysis of coke and coking coal is consistent with the core views, emphasizing the current market situation, price trends, supply - demand relationships, and future focus on coal mine production [38][39].

Core Viewpoint - The article emphasizes the importance of ensuring stable energy supply during winter, as increased energy demand due to lower temperatures affects both household heating and economic stability [1]. Group 1: Energy Supply and Demand - The demand for energy has surged due to colder temperatures, necessitating enhanced energy supply measures to ensure warmth for households and support economic growth [1]. - The National Energy Administration has called for improved communication between various departments and energy companies to monitor weather conditions and optimize resource allocation for energy supply [1]. Group 2: Coal and Natural Gas Supply - Coal and natural gas are identified as foundational elements for ensuring energy supply during the winter peak demand period [1]. - Automation and smart technologies are being utilized in coal production and transportation to enhance efficiency, such as remote control systems in coal mines and optimized logistics at ports [2]. Group 3: Renewable Energy Contribution - The share of renewable energy sources like wind, solar, and hydropower in China's energy mix is increasing, providing additional support for winter energy supply [2]. - As of the end of October, the total installed power generation capacity in China reached 3.75 billion kilowatts, a year-on-year increase of 17.3%, with solar power capacity growing by 43.8% and wind power capacity by 21.4% [2]. Group 4: Challenges and Solutions - The variability of renewable energy sources poses challenges for maintaining a balanced power supply, especially during extreme weather conditions [3]. - Various regions are implementing advanced monitoring and maintenance strategies for power infrastructure to ensure reliable electricity supply during winter [3]. Group 5: Digital Technology Integration - The integration of digital technologies such as AI, big data, and IoT is playing a crucial role in supporting winter energy supply efforts [4]. - Recommendations include using AI for demand forecasting and risk assessment, creating intelligent dispatch platforms, and employing digital tools for load management and emergency response [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For both coking coal and coke, the short - term and medium - term views are “oscillation”, and the intraday view is “oscillation on the strong side”. The overall reference view is an “oscillation mindset” [1][5][6]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Trend and View**: The short - term, medium - term, and intraday views are “oscillation”, “oscillation”, and “oscillation on the strong side” respectively, with an overall “oscillation mindset” [1][5]. - **Driving Logic**: The supply side is the core factor driving the market. The National Development and Reform Commission's emphasis on energy supply during the heating season and stable domestic production and increased imports have weakened the supply - side support for coal prices. However, due to the December Politburo economic meeting and the expected year - end coal mine production cuts, there is resistance to further price drops, and the main contract has rebounded at the lower edge of the previous oscillation range [5]. Coke (J) - **Price Trend and View**: The short - term, medium - term, and intraday views are “oscillation”, “oscillation”, and “oscillation on the strong side” respectively, with an overall “oscillation mindset” [1][6]. - **Driving Logic**: On December 1st, the first round of price cuts for coke was implemented. The supply is increasing, with the daily coke output increasing by 1.19 million tons to 110.08 million tons. The demand is under pressure, as the daily hot metal output of 247 steel mills decreased by 1.6 million tons to 234.68 million tons, and the steel mill profitability rate dropped to 35.06%. Due to the uncertainty in coking coal supply in December, there is resistance to further price drops for coke futures, and the main contract has rebounded at the lower edge of the oscillation range [6].

Core Viewpoint - The operation of the steam system at the first heating station of Zhengzhou Yuzhong Energy Co., Ltd. marks the beginning of the winter heating season in Zhengzhou and surrounding areas, with the company entering a "wartime state" to ensure stable heating supply for residents [1][3] Group 1: Heating Supply Operations - Yuzhong Company is one of the largest combined heat and power enterprises in Henan Province, responsible for heating 40% of Zhengzhou's urban area and all residential heating in the Aviation Port District and Xinmi City [1] - The company views the heating work as a primary political task and a significant livelihood project, initiating a "winter disease summer treatment" program to lay a solid foundation for the winter heating season [1] Group 2: Equipment and Safety Measures - To ensure heating quality, Yuzhong Company conducted a comprehensive "check-up" of the heating system equipment, implementing detailed repair plans and quality acceptance standards [1][2] - The company is advancing the C-level maintenance of four units according to annual plans, ensuring all standard and non-standard projects are completed [2] Group 3: Fuel Supply Management - Fuel supply is critical for heating operations, and Yuzhong Company has proactively managed coal supply, achieving a record daily coal unloading of 34,400 tons on November 17 [2] - As of late November, coal inventory reached over 200,000 tons, ensuring stable fuel supply for the units [2] Group 4: Social Responsibility - Yuzhong Company emphasizes its social responsibility and mission to ensure stable and reliable heat sources, contributing to the warmth of the community during winter [3]

Core Viewpoint - The coal and coke market is experiencing fluctuations, with significant price movements and adjustments in production and demand dynamics, influenced by regulatory measures and market conditions [1][2][3]. Group 1: Market Performance - As of December 1, coke futures are trading at 1620.0 CNY/ton, reflecting a substantial increase of 2.89% [1]. - Indonesia's coal exports from January to October reached 320.47 million tons, indicating strong supply levels [2]. Group 2: Regulatory and Industry Actions - The National Development and Reform Commission held a meeting in Yulin, Shaanxi, emphasizing the importance of energy supply security for national stability and economic development, urging stakeholders to enhance coal market stability [2]. - Major steel mills in Tangshan and Xingtai plan to reduce prices for wet and dry coke by 50-55 CNY/ton, effective December 1, 2025, indicating a response to market conditions [2]. Group 3: Institutional Insights - Zhonghui Futures reports that while coking coal prices are declining, the profitability of coking enterprises has improved, leading to normal production levels despite some steel mills planning maintenance [3]. - Guoxin Futures notes that the recent drop in raw material prices has led to a slight recovery in the coking industry, with increased operating rates among coking enterprises, although steel mill production remains under pressure due to seasonal demand declines [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The report provides short - term, medium - term, and intraday views on the futures of coking coal and coke, suggesting an overall oscillatory approach for both [1] - For coking coal, the supply side is the core factor driving the market, with supply improving marginally and limited further downside expected [5] - For coke, the weakening cost support and inventory increase lead to a weakening trend, and attention should be paid to coal mine production cuts in December [6] 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For coking coal 2601, the short - term, medium - term views are oscillatory, the intraday view is oscillatory and bullish, and the reference view is an oscillatory approach. The core logic is supply improvement and continuous decline [1] - For coke 2601, the short - term, medium - term views are oscillatory, the intraday view is oscillatory and bearish, and the reference view is an oscillatory approach. The core logic is weakening cost support and weak operation [1] 3.2 Main Variety Price Market Driving Logic - Commodity Futures Black Sector 3.2.1 Coking Coal (JM) - The intraday view is oscillatory and bullish, the medium - term view is oscillatory, and the reference view is an oscillatory approach [5] - The core logic is that the supply side dominates the market. Energy supply guarantee reduces the expectation of anti - involution measures, production is not affected by inspections, and imports are accelerating, leading to a supply improvement since November. However, considering the Politburo economic meeting and year - end production cut expectations, the further decline space is limited [5] 3.2.2 Coke (J) - The intraday view is oscillatory and bearish, the medium - term view is oscillatory, and the reference view is an oscillatory approach [6] - As of November 28, the combined daily production of coking plants and steel mills increased by 1.19 million tons week - on - week, the daily molten iron production of 247 steel mills decreased by 1.6 million tons week - on - week, and the steel mill profitability decreased by 2.6 percentage points to 35.06%. The overall inventory increased by 4.05 million tons week - on - week. The weakening of coking coal market drags down the coke futures, and attention should be paid to coal mine production cuts in December [6]

1. Industry Investment Rating - No relevant information provided. 2. Core Views - **Coke**: As of the week ending November 28, the combined daily average coke output of all - sample coking plants and steel mills was 1.1008 million tons, a week - on - week increase of 11,900 tons. The daily average hot metal output of 247 steel mills was 2.3468 million tons, a week - on - week decrease of 16,000 tons, and the steel mill profitability rate continued to decline by 2.6 percentage points to 35.06%, with steel mills facing widespread losses. Coke inventory increased overall this week, with accumulations in both independent coking plants and steel mills, and the total industrial chain inventory reached 8.8468 million tons, a week - on - week increase of 40,500 tons. Cost support was the main driver for the previous coke price increase, but recently, with the marginal increase in the actual supply of coking coal, the coking coal market atmosphere has weakened, dragging down the continuous correction of coke futures. Future focus should be on the actual production cuts of coal mines in December [6][35]. - **Coking Coal**: There is no significant difference in the demand side of coking coal, and the supply side is the core factor guiding the current market trend. Recently, the National Development and Reform Commission emphasized energy supply during the heating season, reducing the market's expectation of a new round of anti - involution measures in the coal industry during the peak winter period. In addition, the recent coking coal production has not been affected by the central safety production annual assessment and inspection, and the import volume has accelerated, weakening the supply - side logic that previously supported the coal price increase. The market atmosphere has gradually faded, and coking coal futures have been continuously correcting since November. Overall, the coking coal supply improved marginally in November, and the strong supply - side expectation slowed down. However, considering the Politburo economic meeting in December and the expected year - end coal mine production cuts, it is expected that the further downward space for coking coal futures is limited. Follow - up attention should be paid to the production situation in the producing areas [7][36]. 3. Summary by Directory 3.1 Industry News - **Baltic Dry Bulk Freight Index**: The Baltic Dry Bulk Freight Index extended its gains to a two - year high, rising for the 11th consecutive trading day, supported by the increase in the capesize vessel freight index. It rose 79 points or 3.3% to 2480 points, the highest level since December 2023. The capesize vessel freight index rose 238 points or 6% to 4236 points, the highest since March 2024, and the daily earnings of capesize vessels increased by $1973 to $35,133. The panamax vessel freight index fell 2 points or 0.2% to 1962 points, and the daily earnings of panamax vessels decreased by $31 to $17,655. The supramax bulk carrier freight index rose 2 points or 0.1% to 1437 points [9]. - **Mongolian Coking Coal Auction**: On November 28, Mongolia's small TT company held an online auction for coking coal. The 1/3 coking raw coal with A14.3, V29.6, S0.8, G79.1, and Mt3.4 had a starting price of $75 per ton, and all 102,400 tons of the listed quantity were sold at a transaction price of $101.5 per ton (excluding tax). The supply location is the customs supervision area of Ganqimaodu Port, and the supply time is within 90 days after payment, with the final supply date being February 25, 2026 [10]. 3.2 Spot Market - **Coke Prices**: The ex - warehouse price of quasi - first - grade coke at Rizhao Port remained unchanged at 1,670 yuan/ton compared to the previous weekend, with a monthly increase of 6.37% compared to the end of last month, a year - on - year decrease of 1.18% compared to the end of last year, and a year - on - year decrease of 6.70% compared to the same period. The ex - warehouse price of quasi - first - grade coke at Qingdao Port decreased by 2.03% to 1,450 yuan/ton compared to the previous weekend, with a monthly decrease of 6.45% compared to the end of last month, a year - on - year decrease of 10.49% compared to the end of last year, and a year - on - year decrease of 13.17% compared to the same period [14]. - **Coking Coal Prices**: The price of Mongolian coal at Ganqimaodu Port remained unchanged at 1,280 yuan/ton compared to the previous weekend, with a monthly decrease of 7.91% compared to the end of last month, a year - on - year increase of 8.47% compared to the end of last year, and a year - on - year decrease of 3.76% compared to the same period. The price of Australian - produced coking coal at Jingtang Port decreased by 1.26% to 1,570 yuan/ton compared to the previous weekend, with a monthly decrease of 5.42% compared to the end of last month, a year - on - year increase of 5.37% compared to the end of last year, and a year - on - year decrease of 3.68% compared to the same period. The price of Shanxi - produced coking coal at Jingtang Port decreased by 4.47% to 1,710 yuan/ton compared to the previous weekend, with a monthly decrease of 1.72% compared to the end of last month, a year - on - year increase of 11.76% compared to the end of last year, and a year - on - year increase of 0.59% compared to the same period [14]. 3.3 Futures Market - **Coke Futures**: The closing price of the active coke futures contract was 1,574.5 yuan/ton, a decrease of 1.99%. The highest price was 1,599.0 yuan/ton, the lowest price was 1,562.0 yuan/ton, the trading volume was 20,980 lots, an increase of 5,174 lots compared to the previous period, the open interest was 35,266 lots, and the position change was an increase of 1,953 lots [15]. - **Coking Coal Futures**: The closing price of the active coking coal futures contract was 1,067.0 yuan/ton, a decrease of 0.79%. The highest price was 1,074.0 yuan/ton, the lowest price was 1,053.0 yuan/ton, the trading volume was 505,376 lots, an increase of 47,555 lots compared to the previous period, the open interest was 449,323 lots, and the position change was a decrease of 3,013 lots [15]. 3.4 Related Charts - **Coke Inventory Charts**: There are charts showing the coke inventory of 230 independent coking plants, 247 steel mill coking plants, port coke inventory, and total coke inventory over different time periods [16][17][18]. - **Coking Coal Inventory Charts**: There are charts showing the coking coal inventory at mine mouths, ports, 247 sample steel mills, and all - sample independent coking plants over different time periods [22][25][27]. - **Other Charts**: There are charts showing domestic steel mill production (including blast furnace开工率 and steel mill profitability rate), Shanghai terminal wire rod procurement volume, coal washing plant production (including coal washing plant clean coal inventory and开工率), and coking plant开工率 and ton - coke profit [29][30][34]. 3.5后市研判 (Outlook and Judgment) - **Coke**: The situation is the same as the core view on coke, with attention on the actual production cuts of coal mines in December [35]. - **Coking Coal**: The situation is the same as the core view on coking coal, with expectations that the further downward space for coking coal futures is limited and focus on the production situation in the producing areas [36].