Core Insights - China Petroleum & Chemical Corporation (Sinopec) successfully completed the simultaneous unloading of two LNG carriers, "Zhongneng Fushi" and "Wulande," at the Tianjin LNG receiving station, marking the first dual LNG vessel operation during this heating season [1] - A total of 166,000 tons of LNG were unloaded, sufficient to meet the heating needs of over 16 million households in the Beijing-Tianjin-Hebei region for one month [1] - Since November, the Tianjin LNG receiving station has exported over 100 million cubic meters of natural gas and transported approximately 1,500 truckloads of LNG, establishing a dual supply guarantee through pipeline and liquid transportation [1] - As energy supply enters a critical phase, relevant units in Tianjin are enhancing coordination to ensure the safe and stable transportation of LNG for heating supply in the Beijing-Tianjin-Hebei region [1]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Views - **螺纹钢**: The main contract price of rebar showed a weak and volatile trend, with a daily decline of 0.33%, and both trading volume and open interest remained stable. In the current situation, the fundamentals of rebar have not improved under the situation of weak supply and demand. The pressure of inventory reduction is relatively large, and steel prices continue to be under pressure. The relatively positive factor is that the cost still provides support. In the short - term, the price will continue to oscillate and seek the bottom. Attention should be paid to the production situation of steel mills [5]. - **热轧卷板**: The main contract price of hot - rolled coil oscillated, with a daily increase of 0.03%, and both trading volume and open interest decreased. At present, the industrial contradictions of hot - rolled coil remain unresolved, inventory has increased again, and prices continue to be under pressure. However, the cost side still provides support. In the short - term, the price will continue to show a weak and volatile trend. Attention should be paid to the production situation of steel mills [5]. - **铁矿石**: The main contract price of iron ore oscillated, with a daily increase of 0.20%, and both trading volume and open interest decreased. Currently, the demand for iron ore is weakening, while the supply remains at a high level. Under the situation of strong supply and weak demand, the fundamentals of the iron ore market are weak. Under the dominance of the real - world logic, the iron ore price will continue to be under pressure and show a weak operation trend. Attention should be paid to the performance of the steel market [5]. 3. Summary by Directory 3.1 Industry Dynamics - **Energy Supply for Heating Season**: The National Development and Reform Commission organized a video conference on energy supply for the 2025 - 2026 heating season, requiring all regions and relevant enterprises to ensure stable energy production and supply, and improve the performance of medium - and long - term energy contracts, especially focusing on coal supply for northern heating areas [7]. - **New Energy Vehicle Sales**: From January to October 2025, China's automobile production and sales reached 27.692 million and 27.687 million vehicles respectively, with a year - on - year increase of over 10%. Among them, the production and sales of new energy vehicles reached 13.015 million and 12.943 million vehicles respectively, with a year - on - year increase of 33.1% and 32.7% respectively. In October, the sales of new energy vehicles accounted for 51.6% of the total vehicle sales for the first time [8]. - **Anti - Dumping Ruling**: On November 10, 2025, Thailand's anti - dumping and counter - subsidy sub - committee decided to continue to impose a 5 - year anti - dumping duty on cold - rolled stainless steel products from China. The anti - dumping duty for Ningbo Baoxin Stainless Steel Co., Ltd. is 8.5%, and for other Chinese producers/ exporters is 33.32%. Some producers/ exporters are exempted from the duty [9]. 3.2 Spot Market - **Steel Products**: The national average price of rebar (HRB400E, 20mm) was 3,228 yuan/ton, up 5 yuan/ton; the national average price of hot - rolled coil (4.75mm) was 3,308 yuan/ton, up 1 yuan/ton; the price of Tangshan billet (Q235) was 2,940 yuan/ton, unchanged; and the price of Zhangjiagang heavy scrap (≥6mm) was 2,140 yuan/ton, unchanged [10]. - **Iron Ore**: The price of 61.5% PB powder at Shandong ports was 773 yuan/ton, down 2 yuan/ton; the price of Tangshan iron concentrate (wet basis) was 798 yuan/ton, unchanged. The sea freight from Australia was 10.36 yuan/ton, down 0.09 yuan/ton, and from Brazil was 23.41 yuan/ton, down 0.12 yuan/ton. The SGX swap (current month) was 103.29, up 0.70, and the Platts index (CFR, 62%) was 103.00, up 0.95 [10]. 3.3 Futures Market | Variety | Closing Price | Change (%) | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | | Rebar | 3,025 | - 0.33 | 753,110 | - 296,403 | 1,923,701 | - 32 | | Hot - Rolled Coil | 3,242 | 0.03 | 324,368 | - 50,997 | 1,326,892 | - 19,179 | | Iron Ore | 763.0 | 0.20 | 262,391 | - 65,052 | 530,352 | - 11,250 | 3.4 Related Charts - **Steel Inventory**: The report provides charts on the weekly changes and total inventory (including steel mills and social inventory) of rebar and hot - rolled coil, which can be used to analyze the inventory trends of steel products [16][17][19]. - **Iron Ore Inventory**: Charts on the inventory of 45 ports in China, 247 steel mills, and domestic mines are provided, which are helpful for analyzing the supply and demand situation of iron ore [21][22][27]. - **Steel Mill Production**: Charts on the blast furnace operating rate, capacity utilization rate, profitability ratio of 247 steel mills, and the operating rate of independent electric furnaces are provided, which can be used to understand the production and operation status of steel mills [29][30][31]. 3.5后市研判 - **Rebar**: Both supply and demand are weakening. The weekly output of rebar decreased by 4.05 tons, and demand decreased by 13.66 tons. The fundamentals have not improved, and inventory reduction pressure is large. Although the cost provides support, the price will continue to oscillate and seek the bottom in the short - term. Attention should be paid to the production of steel mills [38]. - **Hot - Rolled Coil**: Both supply and demand are weakening. The weekly output decreased by 5.40 tons, and demand decreased by 17.59 tons. Industrial contradictions remain unresolved, inventory has increased again, and prices are under pressure. The cost provides support, and the price will continue to oscillate in the short - term. Attention should be paid to the implementation of steel mill production restrictions [38]. - **Iron Ore**: The supply - demand pattern remains weak, and inventory has increased significantly. Ore demand continues to decline, while supply remains at a high level. The price will continue to be under pressure and show a weak trend. Attention should be paid to the performance of the steel market [39].

姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 焦炭：11 月 11 日，焦炭主力合约报收于 1685 元/吨，日内录得 3.60%的 跌幅。截至收盘，主力合约持仓量为 3.85 万手，较前一交易日仓差为 +1280 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1620 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1530 元/吨，周 环比下跌 2.55%。本周产业博弈加剧，焦炭现货第四轮提涨存有一定阻 力。整体来看，焦炭原材料供应端分歧仍存，焦煤在震荡区间上沿再迎回 调，拖累焦炭期货走势，后续重点关注年底焦煤实际供应情况。 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 ...

一是稳定能源生产供应。加强煤炭生产组织和运输保障。确保各类电源应开尽开、稳发满发，充分发挥 风电、光伏的电力电量支撑作用。做好天然气资源生产供应安排。 二是抓好能源中长期合同履约。进一步提高电煤中长期合同履约水平，重点保障好北方集中供暖地区特 别是东北地区的用煤需求。坚持电力中长期合同高比例签约、高质量履约。督促各类企业严格执行已签 订的供用气合同。 三是全力做好高峰期能源保供。保持对存煤15天以下的电厂动态清零。确保煤电高峰出力，充分发挥气 电、水电、抽水蓄能和电化学储能装机的顶峰保供作用。发挥好储气库、LNG储罐等调峰资源作用。 加强能源需求侧管理。 四是重点保障民生采暖用能。保障热电厂、供热企业燃料储备充足，供热机组等热源运行稳定。做好遭 受洪涝等灾害地区的供煤供电供气，确保受灾群众温暖过冬。 中新网11月11日电 据国家发改委微信公众号消息，近日，国家发展改革委组织召开2025—2026年供暖 季能源保供视频会议。 会议指出，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。截至9月 底，全国发电装机容量达到37.2亿千瓦，较去年同期增加5.6亿千瓦。统调电厂存煤保持在2.2亿吨以 ...

新华财经北京11月11日电近日，国家发展改革委组织召开2025—2026年供暖季能源保供视频会议，会议 指出，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。截至9月底，全 国发电装机容量达到37.2亿千瓦，较去年同期增加5.6亿千瓦。统调电厂存煤保持在2.2亿吨以上的较高 水平，可用天数约35天。天然气资源准备较为充足，调峰储气能力持续增强，储气库已提前完成注气任 务，实现满库入冬。预计供暖季期间能源供需总体平衡，民生用能保供稳价和群众温暖过冬有保障，但 受极端天气多发、国际形势复杂等影响，仍面临一些风险挑战。 会议要求，各地区、有关企业要充分认识做好今年供暖季能源保供工作的重要意义，准确把握供暖季能 源保供面临的形势和困难挑战，坚持以人民为中心，切实把供暖季能源保供工作做实做细做到位。一是 稳定能源生产供应。加强煤炭生产组织和运输保障。确保各类电源应开尽开、稳发满发，充分发挥风 电、光伏的电力电量支撑作用。做好天然气资源生产供应安排。二是抓好能源中长期合同履约。进一步 提高电煤中长期合同履约水平，重点保障好北方集中供暖地区特别是东北地区的用煤需求。坚持电力中 长期合同高比例签约、高质 ...

Core Insights - The energy supply in Ordos City is under significant pressure as demand for electricity and heating rises with the dropping temperatures, leading to a critical test for energy supply [1] - Ordos City is responsible for a substantial portion of the national coal supply, with a commitment to deliver 420 million tons of electricity coal by 2025, accounting for 77.8% of Inner Mongolia's total task [1] - The city has a total of 320 registered coal mines with an annual production capacity of 1.024 billion tons, representing 68.5% of Inner Mongolia's and 18.5% of the national coal production capacity [1] Production and Supply - As of October, coal mines in Ordos have entered the winter supply phase, with a daily production of 24,000 tons and stable dispatch of three trains of electricity coal per day [1] - The city has produced 647 million tons of coal by the end of September, achieving 75% of its annual target and contributing 18.2% to the national total [2] - New coal mining projects have been approved, including the Nalinhiri and Suburga mines, and the Longtan open-pit mine has been completed, further enhancing production capacity [2]

Core Insights - Shandong Province has successfully managed record-high electricity loads during the summer, with the grid load exceeding 100 million kilowatts, demonstrating strong energy supply capabilities [1][2] Group 1: Energy Supply and Infrastructure - The province has focused on enhancing energy self-sufficiency by increasing coal and renewable energy generation, with over 12.37 million kilowatts of new coal power projects completed [1] - Renewable energy sources, particularly wind and solar, contributed significantly, with their output exceeding 60% during peak hours and accounting for over 60% of the increase in electricity generation [1] - Shandong has developed a robust external electricity supply framework, with a capacity to receive 38 million kilowatts from outside the province, contributing to nearly 20% of the total electricity consumption [2] Group 2: Emergency Preparedness and Resource Management - The province has established substantial coal reserves, exceeding 4 million tons before the summer peak, and maintained an average coal inventory of over 10 million tons during the peak period [2] - Natural gas supply has been bolstered through the construction of LNG receiving stations, with a current capacity of 16 million tons, expected to reach 28 million tons by year-end [2] - The Shandong Energy Bureau has implemented a comprehensive winter energy supply plan for 2025-2026, focusing on large-scale power projects and optimizing energy resource management [3]

Group 1 - The energy supply in Ordos City is facing a significant test as demand for electricity and heating rises with decreasing temperatures [1] - In the first nine months of this year, Ordos City fulfilled approximately 184 million tons of coal contracts, achieving a compliance rate of 83%, which is nearly a 5% increase compared to the same period last year [1] - By 2025, Ordos City is responsible for a national coal supply task of 420 million tons, accounting for 77.8% of Inner Mongolia's total task, playing a crucial role in the national energy supply [1] Group 2 - Ordos City has 320 registered coal mines with a total production capacity of 1.024 billion tons per year, representing 68.5% of Inner Mongolia's and 18.5% of the national coal production capacity [1] - The coal mining companies in Ordos are operating at full capacity to ensure supply, with the Nalinhe No. 2 coal mine efficiently loading coal at a rate of 64 to 70 tons per car, completing the loading of a 3600-ton train in under one hour [1] - In October, coal mines entered the winter supply phase, with a four-shift system implemented to ensure coal dispatch [2] - Ordos City has approved new coal mining projects and is steadily constructing nine additional coal mines, contributing to a total coal production of 647 million tons by the end of September, which is 75% of the annual target and 18.2% of the national total [2]

Group 1 - The core viewpoint of the articles emphasizes the efforts of major Chinese oil companies to ensure energy supply during the winter heating season, particularly focusing on natural gas and low-temperature oil products [1][2] Group 2 - China Petroleum Group is leveraging its integrated natural gas supply chain to increase reserves and production, with a projected 4.4% increase in natural gas supply compared to the previous winter heating season [1] - The company is implementing key projects in various regions to enhance production capacity and has completed maintenance on major gas fields to ensure full production during the heating season [1] - Jilin Oilfield, a significant natural gas production base, plans to extract 1.064 billion cubic meters of gas this winter, an increase of 157 million cubic meters from last year, with a maximum daily extraction capacity exceeding 8.2 million cubic meters [1] Group 3 - In Liaoning, the company has activated an emergency supply plan in response to significant temperature drops, focusing on resource reserves, equipment protection, and public service [2] - The company has completed the replacement of low-temperature diesel at 67 storage tanks across 65 stations, establishing a reserve system that ensures coordinated supply [2] - Utilizing big data analysis, the company has accurately predicted oil demand in key sectors and established a tailored supply mechanism for individual customers [2]

Group 1 - The core viewpoint is that China is implementing multiple measures to ensure energy security and stable supply during the winter season [1] Group 2 - In coal production, the country is accelerating the construction of capacity reserve coal mine projects and continuously monitoring coal supply and price dynamics. Since October, the average daily coal dispatch has remained above 12 million tons, with a total coal inventory of 220 million tons at power plants, sufficient for 35 days, indicating a solid and reliable coal supply foundation [3] Group 3 - For natural gas supply, the national underground gas storage has exceeded the annual injection target, achieving full storage for winter. With the timely completion of the middle section of the West-to-East Gas Pipeline and the fourth line, the overall supply and demand for natural gas remain stable. Domestic gas production is expected to exceed 10 billion cubic meters for the ninth consecutive year, enhancing the gas production, supply, storage, and sales system [5] Group 4 - During the peak winter season, China will also promote the upgrade and transformation of the "coal-to-electricity" supporting power grid, strengthening the inter-regional power supply and demand coordination capabilities to provide robust power support for the winter peak [7]