Group 1 - Coking coal prices have reached historical lows, and with the capacity inspection policy combined with significant improvements in supply and demand in the downstream steel industry, coking coal prices are expected to continue rising. Mines in this price range have lower production costs for coking coal [1] - The overproduction of thermal coal is much more severe than that of coking coal, and there are difficulties in fulfilling long-term contracts for thermal coal. One of the core policy objectives may be to stabilize thermal coal prices, benefiting major domestic thermal coal producers as prices rebound [1] - The coal chemical industry is currently in a development window, with profitability significantly improving. There is a surge in investment enthusiasm for projects such as coal-to-oil and coal-based new materials [1]

Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - The market sentiment for coking coal has been ignited, with prices reaching the daily limit for the third time. The price increase is driven by tightened supply expectations due to production - inspection policies and various supply - side factors, as well as strong demand from steel mills and coking enterprises [3]. - The A - share market is expected to continue to oscillate upwards. Gold is likely to restart its upward trend. The iron ore market is in a positive feedback repair state, and its short - term trend cannot be determined. The glass market shows a continued uptrend, and the palm oil market's upside may be restricted by weak exports [7][11][15][18][22]. Summary by Related Catalogs Coking Coal - On July 23, coking coal hit the second daily limit, and on the current day, it hit the limit again with a 7.97% increase, closing at 1198.5 yuan. The National Energy Administration's production - overrun verification notice on July 22 and other factors have tightened supply expectations [3]. - On the supply side, production has been affected by safety inspections after mine accidents in Shanxi and rainfall in major production areas, and Mongolian coal imports have decreased. On the demand side, steel mills have good profits, high iron - water production, and coking enterprises are likely to raise prices for the second time, with strong downstream procurement [3]. A - share Market - The three major A - share indexes opened lower and closed higher, with the Shanghai Composite Index standing firm at 3600 points. Affected by factors such as Hainan's customs closure and anti - involution in various industries, the market is expected to continue to oscillate upwards [7][8]. Gold - The Fed's decision not to cut interest rates has led to an adjustment in gold prices, but the long - term bullish view remains unchanged. After sufficient weekly - line adjustments, it is likely to restart its upward trend [11][12]. Iron Ore - The macro - environment has improved, risk appetite has increased, and iron - water production remains high due to good steel - mill profits. The industrial chain is in a positive feedback repair state. Technically, it is in a high - level consolidation, and the trend cannot be determined to have ended [15]. Glass - The supply side has not seen significant cold - repair due to losses, factory inventories are gradually decreasing, and downstream deep - processing orders have weak restocking power. The market is mainly driven by news and sentiment, with a continued uptrend [18][19]. Palm Oil - The new US renewable fuel policy has boosted Chicago soybean oil prices, which is beneficial for the early - morning performance of Malaysian crude palm oil futures. However, weak exports in Malaysia may limit its upward momentum [22].