Core Viewpoint - The meeting emphasized the importance of energy supply security for national economy, social stability, and people's livelihood, urging all relevant parties to enhance their political awareness and ensure energy supply for the upcoming winter and spring [1] Group 1: Energy Supply Security - The meeting highlighted the critical role of energy supply in national economic development and social stability, calling for concerted efforts to ensure energy supply during the winter and spring [1] - It was stressed that coal market stability is essential, and measures should be taken to strengthen coal operation regulation [1] Group 2: Coal Industry Development - Continuous efforts are needed to advance the construction of the coal production, supply, storage, and sales system to solidify the foundation for energy supply security [1] - The meeting called for urgent actions to promote clean and efficient coal utilization, facilitating the transformation and high-quality development of the coal industry [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In December 2025, macro - factors will disrupt the market. Domestic political meetings and the Central Economic Work Conference are expected to boost domestic macro - expectations, and the Fed's December interest - rate cut situation will affect the domestic export - end expectations [37]. - With the change of the main contract, the delivery pressure of the near - month contract is prominent, and there are opportunities for the spread to widen [37]. - The supply of coking coal has rebounded but the increase is limited. The downstream replenishment has slowed down but there is still room for replenishment. The overall inventory pressure is not large, so the upward and downward driving spaces are both limited. The near - month 01 contract has limited game space, and the far - month 05 contract has limited opportunities for a phased rebound [37]. - The coke production of steel mills and independent coking enterprises shows a weak and stable trend. The iron - water output may decline seasonally, limiting the incremental space for coke demand. After the fourth price increase and the decline of coking coal prices, coking enterprise profits have improved, but steel mill profits are under pressure, which may intensify the game between steel and coking enterprises and reduce the possibility of further price increases [39]. 3. Summary by Directory 3.1 Market Review - Since November, the double - coking futures market has gradually weakened. As of November 26, the main coking coal contract fell 15.67% monthly with a decrease of 197,000 lots in open interest; the main coke contract fell 9.2% monthly with a decrease of 4,301 lots in open interest [7]. - On November 11, affected by the NDRC's winter supply - guarantee meeting, the market's tight - supply expectation loosened, with a large decline on that day, reversing the previous strong - oscillation trend. Later, due to the lack of policy - expectation drive, the spot market was affected by the futures market sentiment, and the transaction price weakened. With the approaching contract change, the near - month contract faced delivery pressure, and the downward pressure on the market increased [7]. 3.2 Data Analysis 3.2.1 Impact of NDRC Meeting on Coal Supply - Side Contraction Expectation - On November 11, 2025, the NDRC organized a video conference on energy supply - guarantee for the 2025 - 2026 heating season, arranging work in aspects such as stabilizing energy production and supply, ensuring contract performance, peak - period supply - guarantee, and key protection of people's livelihood energy use [9]. 3.2.2 Domestic Coking Coal Supply - As of the week of November 21, the coking - coal开工率 of 523 sample mines was 86.94%, 3.99% lower than the same period last year, and the daily output of clean coal was 758,000 tons, a decrease of 37,800 tons compared to last year. The开工 rate of 314 sample coal - washing plants was 37.56%, 2.91% lower than last year, and the daily output of clean coal was 276,300 tons, a decrease of 10,600 tons compared to last year. However, the supply has rebounded compared to October [12]. - As of the weekly statistics on November 22, the weekly customs clearance volume at Ganqimao Port was 914,490 tons. Although it declined compared to the beginning of the month, the overall customs clearance volume in November was significantly higher than that in October [12]. 3.2.3 Coking Coal Imports - In October 2025, China imported 10.5932 million tons of coking coal, a month - on - month decrease of 3.02% and a year - on - year increase of 6.39%. The imports from Australia and Indonesia increased month - on - month. The imports from Mongolia decreased due to the National Day holiday but were still 36.4% higher than last year. The imports from Russia decreased slightly, and the imports from the US were still zero [13][15]. 3.2.4 Coking Coal Upstream Inventory - As of the week of November 21, the clean - coal inventory of 523 sample mines was 1.8592 million tons, a decrease of 1.4167 million tons compared to the same period last year; the clean - coal inventory of sample coal - washing plants was 3.0283 million tons, a decrease of 480,400 tons compared to last year; the port coking - coal inventory was 2.915 million tons, a decrease of 1.7726 million tons compared to last year. Since November, the inventory - depletion rate of upstream enterprises has slowed down, with a slight inventory build - up, but the overall inventory pressure is not large [20]. 3.2.5 Coking Coal Downstream Inventory - As of November 21, the coking - coal inventory of all - sample independent coking enterprises was 10.3819 million tons, an increase of 1.2162 million tons compared to last year, and the inventory - available days were 12.45 days, an increase of 2.11 days compared to last year; the coking - coal inventory of 247 steel enterprises was 7.9708 million tons, an increase of 532,100 tons compared to last year, and the inventory - available days were 12.97 days, an increase of 1.01 days compared to last year. Since November, the replenishment willingness of independent coking enterprises has weakened, mainly focusing on inventory depletion, while steel mills have slightly replenished coking - coal inventory. Overall, the downstream inventory - replenishment enthusiasm is not high [23]. 3.2.6 Coke Production Capacity Utilization - As of the week of November 21, the production - capacity utilization rate of all - sample independent coking enterprises was 71.71%, 0.07% higher than the same period last year, and the daily output of metallurgical coke was 626,700 tons, a decrease of 3,300 tons compared to last year; the coke production - capacity utilization rate of 247 steel enterprises was 85.23%, 0.09% higher than last year, and the daily coke output was 462,200 tons, an increase of 500 tons compared to last year. Since November, the coke production - capacity utilization rates of independent coking enterprises and steel mills have shown a weak and stable trend, and the coke supply pressure is not large [25]. 3.2.7 Iron - Water Output and Coke Demand - As of the week of November 21, the blast - furnace production - capacity utilization rate of 247 steel enterprises was 88.58%, 0.05% higher than the same period last year, and the daily iron - water output was 2.3628 million tons, an increase of 4,800 tons compared to last year; the weekly domestic coke consumption was 1.0633 million tons, an increase of 22,000 tons compared to last year. Since November, the daily iron - water output has remained stable at around 2.36 million tons, supporting coke consumption. However, from a seasonal perspective, there is room for a decline in iron - water output, limiting the incremental space for coke demand [28]. 3.2.8 Coke Inventory - As of the week of November 21, the coke inventory of all - sample independent coking enterprises was 652,900 tons, a decrease of 141,800 tons compared to the same period last year; the coke inventory of 247 steel enterprises was 6.2234 million tons, an increase of 267,000 tons compared to last year; the port coke inventory was 1.93 million tons, an increase of 158,200 tons compared to last year. Since November, the production and sales of independent coking enterprises have been relatively balanced, with no obvious inventory build - up. Steel mills have mainly reduced coke inventory, and the enthusiasm for port cargo collection is weak. Overall, the coke inventory pressure is not large [30]. 3.2.9 Coke Price Increase - In November 2025, the third and fourth rounds of coke price increases were implemented, with a cumulative increase of 200 - 220 yuan/ton. As of November 21, the average profit per ton of coke for independent coking enterprises was 19 yuan/ton, and the profitability has improved. The high price of coking coal has increased the production cost of coke, and coking enterprises have transferred the pressure through price increases. As of November 21, the profitability rate of 247 steel enterprises was 37.66%, and their profits have been eroded due to the high - price fluctuation of raw materials and the low price of finished products [33]. 3.3 Future Market Outlook - In December, macro - factors such as domestic political meetings and the Fed's interest - rate decision will affect the market [37]. - For coking coal, due to limited supply increase and downstream replenishment, the near - month 01 contract has limited game space, and the far - month 05 contract has limited rebound space. Attention should be paid to the impact of cold weather and policy expectations on supply and demand [37]. - For coke, the production shows a weak and stable trend, and the demand growth is limited. After the price increase, coking enterprise profits have improved, but steel mill profits are under pressure, which may intensify the game between the two and reduce the possibility of further price increases [39].

Core Insights - Anhui Province has made significant progress in energy development since the 14th Five-Year Plan, with the share of non-fossil energy power generation capacity increasing from 31.6% to 52% [1][2] - The installed capacity of renewable energy has reached 73.8 million kilowatts, nearly three times that of the end of the 13th Five-Year Plan, optimizing the energy structure and providing solid energy support for the construction of "three regions and one area" in Anhui [1][2] Energy Development Achievements - The coal production capacity remains stable at 130 million tons per year [1] - The share of non-fossil energy power generation capacity has increased by approximately 21 percentage points, while the share of non-fossil energy consumption has risen by about 7.4 percentage points [1] - The average annual growth rates for total electricity and gas consumption are 10.3% and 15.9%, respectively, leading the Yangtze River Delta region [1] - The consumption of refined oil has decreased by an average of about 5.9% over the past two years [1] Future Projections - By 2024, the total electricity consumption in Anhui is expected to reach 359.8 billion kilowatt-hours, ranking 10th nationwide [1] - By the end of 2025, the installed capacity of thermal power in Anhui is projected to be approximately 62 million kilowatts, with a cumulative installed capacity of supportive power projects reaching about 25 million kilowatts, nearly 2.5 times that of the 13th Five-Year Plan [1] - The construction of the power grid is accelerating, with a 500 kV grid structure forming a "four vertical and four horizontal" network, achieving near-complete coverage of 500 kV substations in urban areas [1] Innovation in Energy Industry - Over the past five years, Anhui has had 13 key technologies and equipment included in the national list of first (sets) major technological equipment in the energy sector [2] - The revenue from the photovoltaic industry in Anhui is expected to exceed 300 billion yuan in 2024, with the production of photovoltaic cells reaching 97.8 GW, accounting for approximately 19% of the national total [2] - The new energy storage industry is projected to generate over 80 billion yuan in revenue, with installed capacity reaching 3.6 million kilowatts, about 20 times that of the end of the 13th Five-Year Plan [2] Market Reforms - The scale of market-oriented energy trading in Anhui continues to expand, with the proportion of market-oriented trading electricity expected to increase to 57.5% by 2025, up 17 percentage points from 2020 [2] - The scale of green electricity trading is anticipated to reach 10.9 billion kilowatt-hours in 2024, ranking 5th nationwide [2] - By the end of October 2025, the installed capacity of renewable energy power generation in Anhui is expected to be approximately 73.8 million kilowatts, accounting for 81% of the newly added power generation capacity since the 14th Five-Year Plan [2]

Group 1: Two Major Construction Projects - The National Development and Reform Commission (NDRC) has allocated 700 billion yuan and 800 billion yuan in special bonds for the years 2022 and 2023 respectively to support 1,465 and 1,459 "hard investment" projects [1] - Progress in new urbanization includes the construction and renovation of urban underground pipelines for gas, water supply, and heating, significantly enhancing urban safety resilience [1] - In social welfare, support has been provided for the construction and expansion of 664 high schools in key cities, adding over 1 million new ordinary high school seats [1] Group 2: Energy Supply and Demand - The energy supply and demand for the heating season in northern China is reported to be generally balanced, with sufficient resource supply [1] - The heating season is expected to have a longer duration and higher peak energy demand this year [1] - As of November 26, the national coordinated power plants have over 230 million tons of coal available, which can last approximately 35 days [1] Group 3: Credit Repair Management - The newly published "Credit Repair Management Measures" will take effect on April 1, 2026, aiming to establish a unified and efficient credit repair system [2] - The measures categorize dishonest information into "minor, general, and serious" types, with minor dishonesty no longer being publicly disclosed [2] - The "Credit China" website will serve as the unified platform for receiving repair applications, simplifying application materials and shortening processing times [2]

Group 1 - The National Development and Reform Commission (NDRC) has allocated 700 billion yuan and 800 billion yuan in special bonds for "hard investment" projects in the last two years, supporting 1,465 and 1,459 projects respectively, leading to significant progress in "two重" construction [1] - In urbanization, the construction and renovation of urban underground pipelines for gas, water supply, and heating have been promoted, significantly enhancing urban safety resilience [1] - Over 1 million new ordinary high school seats have been added through the construction and expansion of 664 high schools in key cities experiencing population inflow [1] Group 2 - The energy supply during the heating season is balanced, with sufficient resources available, as indicated by a 1.5% increase in raw coal and a 6.3% increase in natural gas production in the first ten months of the year [1] - As of November 26, the national coordinated power plants have over 230 million tons of coal, which is sufficient for approximately 35 days of use [1] Group 3 - The newly published "Credit Repair Management Measures" will take effect on April 1, 2026, aiming to establish a unified and efficient credit repair system [2] - The measures categorize dishonest information into "minor, general, and serious" types, with minor dishonesty no longer being publicly disclosed [2] - The "Credit China" website will serve as the unified platform for receiving repair applications, simplifying the application process and shortening the processing time [2]

新华财经北京11月23日电（记者钟奕高畅）近日，一股强冷空气自西向东影响我国。从北到南大部分百姓套 上了羽绒服，寒风之中能源保供大考拉开帷幕。 暖气热不热、用电稳不稳、生产会不会受影响，成为对能源保供一线的"冰与火"之问。 电力保供：高负荷迎峰度冬 "气温每下降1摄氏度，负荷就会增加30万千瓦。"在国网北京电力调度控制中心，调控中心系统运行处董楠紧 盯着跳动的数字。自北京正式供暖以来，电网负荷持续攀升，今冬最大负荷预计将达到2900万千瓦，较历史 峰值增长超8%。 11月3日，荆门市沙洋县，国网湖北荆门供电公司变电运维人员检查新港储能电站关键设备，确保设备安全稳 定运行。新华网发黄林摄 一边是电网高负荷，一边是今冬更加复杂的天气形势。根据预测，近年来我国雨带和覆冰逐年北抬，华北、 东北等地冬季出现大面积输电线路覆冰灾害情况可能性增大。 塞北寒风中，呼和浩特铁路局姑家堡站灯火通明。调车长刘志刚在列车间穿梭，"车流密集时，必须争分夺 秒，完成列车重新编组。"他呼出的白气在零下气温中瞬间凝结。 "得像下棋，提前想好后面三五步。"友谊水库站长王学惠说。精密计划与灵活指挥相结合，确保每一列电煤 列车"快进快出"。 煤炭 ...

Group 1 - The core message emphasizes the need to implement the spirit of the 20th Central Committee's Fourth Plenary Session and ensure the achievement of economic and social development goals for the year [1] - The focus is on optimizing traditional industries and nurturing emerging industries through deep integration of technological and industrial innovation [1] - There is a strong emphasis on enhancing the resilience and quality of industrial and supply chains, as well as promoting collaboration among enterprises, academia, and research institutions [1] Group 2 - The importance of leveraging government investment to stimulate effective investment and promote high-quality development of private investment is highlighted [2] - Ensuring stable energy production and supply during the winter heating season is critical, with a focus on coal, electricity, oil, and gas regulation [2] - The success of local ecological restoration efforts is acknowledged, with a call to share and promote effective practices for environmental protection [2]

Group 1: Energy Supply Challenges - A strong cold air mass is impacting energy supply across China, raising concerns about heating and electricity stability during winter [1] - The maximum electricity load in Beijing is expected to reach 29 million kilowatts, an increase of over 8% compared to historical peaks [2] - The National Energy Administration is implementing a "one province, one policy" approach to guide key regions in energy supply management [4] Group 2: Coal Supply Management - Coal is identified as a critical component for energy supply stability, with daily coal dispatch maintaining above 12.3 million tons since October [7] - The National Energy Administration emphasizes the importance of monitoring coal and gas supply and ensuring quality and quantity in coal supply [7] - The logistics for coal transportation are being optimized to ensure timely delivery to power plants [5][7] Group 3: Natural Gas Supply Enhancements - The capacity of the largest gas storage facility in central and eastern China has been expanded to 65 million cubic meters per day, sufficient for 30 million households [8] - Key natural gas pipeline projects have been completed, enhancing the distribution network and ensuring adequate supply for winter heating [8][10] - The daily peak capacity of the gas network has increased by 23% compared to last winter, ensuring a robust supply for the heating season [10]

"进入冬季，各单位要严查劳动纪律和标准化作业，确保安全是做好能源保供的关键。"6日产业生产晨 会上，该产业党委委员、副总经理李颂东说。该产业深刻认识到，极端天气下，人员的技能水平和安全 意识直接关系到保供大局。为此，在狠抓设备管理的同时，重点强化对运行、检修人员的标准化操作监 督与考核，尤其针对冬季低温天气下可能出现的操作难点、风险点，如设备启停、事故处理等环节，通 过现场考问、模拟演练等方式，检验和巩固人员对冬季操作要点的掌握情况，确保每一位一线员工都能 熟练掌握应急预案，操作精准、无误，从源头上杜绝因人为操作失误导致的运行风险。 "做好今冬首场降雪降温天气是我们能否做好整个冬季能源保供工作的关键，基础打好了，后续的工作 才能平稳有序的开展。"该产业党委书记徐海军在月度生产例会上做出动员。该产业将继续严阵以待， 密切关注天气变化，持续做好后续低温雨雪天气的应对工作，用实际行动践行保障能源供应的社会责 任，守护千家万户的温暖与光明。（王龙 张竹梅） 近日，气温持续降低，最低温度达到冰点以下，加速进入"速冻"模式。面对首轮低温雨雪考验，中新建 电力集团天富能源发电产业以"寒"为令，闻讯而动，全力确保电能、热能安 ...

1. Report Industry Investment Rating No investment ratings are provided in the report. 2. Core Viewpoints of the Report - For both the short - term and medium - term, the views on both coking coal and coke are "sideways trading". The intraday view is "sideways trading with a weak bias", and the overall reference view is a "sideways trading approach" [1]. 3. Summary by Variety Coking Coal (JM) - **Price Trend**: Since November, coking coal has been in a continuous correction [5]. - **Core Logic**: The divergence on the supply side has increased. On one hand, the National Development and Reform Commission emphasized energy supply guarantee, and the output of 523 coking coal mines improved week - on - week last week. On the other hand, there is a lack of new policy incentives for the coal industry after the production capacity verification in July. The strong supply - side expectations have slowed down, and the upward breakthrough drive is insufficient. However, the expectations of the Politburo meeting in December and the reduction of coal mine output at the end of the year remain to be fulfilled [5]. Coke (J) - **Price Trend**: The fourth round of price increases for coke has been difficult to implement [6]. - **Core Logic**: In the spot market, the atmosphere of coking coal spot has cooled down. In terms of supply and demand, as of the week of November 14, the total daily output of coke from independent coking plants and steel - mill coking plants decreased week - on - week, while the daily molten iron output of 247 steel mills increased week - on - week. The short - term fundamentals have improved, but the sustainability is limited, and there are still concerns about demand [6].