（文章来源：人民日报） 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，对供暖季能源保供工作进行安 排。会议要求，各地区、有关企业要准确把握供暖季能源保供面临的形势和困难挑战，切实把工作做实 做细做到位。 会议要求，稳定能源生产供应，抓好能源中长期合同履约，全力做好高峰期能源保供，重点保障民生采 暖用能，提升低温雨雪冰冻等灾害应对水平，做好安全生产工作。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。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（液化天然气）储罐等调峰资源作用。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On November 12, the closing price of the coking coal 2601 contract was 1219.0, down 1.85%. The spot price of Tangshan Meng 5 clean coal was reported at 1540, equivalent to 1320 on the futures market. Macroscopically, the National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. Fundamentally, the mine's operating rate has declined for three consecutive weeks due to safety inspections, with neutral inventory and mid - and downstream restocking, and the total inventory shows a seasonal upward trend. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. - On November 12, the closing price of the coke 2601 contract was 1689.5, down 1.89%. The third round of coke price increase has been implemented on the spot side. Macroscopically, the National Development and Reform Commission organized a video conference on energy supply guarantee for the heating season from 2025 - 2026. Fundamentally, on the demand side, the pig iron output continued its seasonal decline, with a pig iron output of 234.22 (-2.14) million tons, and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants nationwide was -22 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages. It should be treated as a wide - range oscillation, and investors should control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price was 1219.00 yuan/ton, up 6.00; J main contract closing price was 1689.50 yuan/ton, up 4.50. JM futures contract open interest was 929535.00 lots, down 39049.00; J futures contract open interest was 48913.00 lots, down 675.00. The net open interest of the top 20 coking coal contracts was -102322.00 lots, up 6426.00; the net open interest of the top 20 coke contracts was -4058.00 lots, up 225.00. JM 5 - 1 month contract spread was 60.50 yuan/ton, up 1.50; J 5 - 1 month contract spread was 146.00 yuan/ton, unchanged. Coking coal warehouse receipts were 200.00, unchanged; coke warehouse receipts were 2070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Du Meng 5 raw coal was 1111.00 yuan/ton, down 34.00; the price of Tangshan Grade 1 metallurgical coke was 1830.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot (CFR) was 161.30 US dollars/wet ton, up 1.30; the price of Rizhao Port quasi - Grade 1 metallurgical coke was 1620.00 yuan/ton, unchanged. The price of imported prime coking coal from Australia at Jingtang Port was 1600.00 yuan/ton, down 40.00; the price of Grade 1 metallurgical coke at Tianjin Port was 1720.00 yuan/ton, unchanged. The price of prime coking coal produced in Shanxi at Jingtang Port was 1860.00, unchanged; the price of quasi - Grade 1 metallurgical coke at Tianjin Port was 1620.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1330.00, unchanged. JM main contract basis was 391.00 yuan/ton, down 6.00; J main contract basis was 140.50 yuan/ton, down 4.50 [2]. 3.3 Upstream Situation - The refined coal output of 314 independent coal washing plants was 27.40 million tons, down 0.10; the refined coal inventory of 314 independent coal washing plants was 300.80 million tons, up 5.80. The capacity utilization rate of 314 independent coal washing plants was 0.37%, down 0.00; the raw coal output was 41150.50 million tons, up 2100.80. The import volume of coal and lignite was 4173.70 million tons, down 426.30; the daily average raw coal output of 523 coking coal mines was 186.30, down 4.00. The inventory of imported coking coal at 16 ports was 527.38 million tons, up 13.49; the inventory of coke at 18 ports was 262.51 million tons, down 7.39. The total inventory of coking coal of all - sample independent coking enterprises was 1070.02 million tons, up 17.32; the inventory of coke of all - sample independent coking enterprises was 58.30 million tons, down 1.57. The inventory of coking coal of 247 steel mills nationwide was 787.30 million tons, down 9.02; the inventory of coke of 247 sample steel mills was 626.64 million tons, down 2.41. The available days of coking coal of all - sample independent coking enterprises were 12.84 days, down 0.12; the available days of coke of 247 sample steel mills were 11.07 days, down 0.50 [2]. 3.4 Industry Situation - The import volume of coking coal was 1092.36 million tons, up 76.14; the export volume of coke and semi - coke was 54.00 million tons, down 1.00. The coking coal output was 3975.92 million tons, up 279.06; the capacity utilization rate of independent coking enterprises was 72.31%, down 1.13. The profit per ton of coke of independent coking plants was -22.00 yuan/ton, up 10.00. The coke output was 4255.60 million tons, down 4.10 [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 83.15%, up 1.42; the blast furnace iron - making capacity utilization rate of 247 steel mills was 87.79%, down 0.80. The crude steel output was 7349.01 million tons, down 387.84. Steel mills in Xinjiang are gradually implementing winter maintenance and production cuts. It is estimated that the cumulative reduction of construction steel output in Xinjiang during the winter maintenance and production cut period will be about 2 million tons, accounting for about 25% of the estimated total construction steel output in Xinjiang in 2025 [2]. 3.6 Industry News - The current RMB loan balance in China has reached 270 trillion yuan, and the stock of social financing scale has reached 437 trillion yuan. As the base increases, it is natural for the growth rate of financial aggregates to decline in the future, which is consistent with China's economic transformation from high - speed growth to high - quality development. The central bank will continue to optimize the intermediate variables of monetary policy and gradually淡化 its focus on quantitative targets. The People's Bank of China issued the third - quarter monetary policy implementation report on Tuesday. Compared with the second quarter, it specifically proposed to carry out counter - cyclical and cross - cyclical adjustments according to changes in the economic and financial situation, and said that it would closely monitor the monetary policy changes of major overseas central banks and continuously strengthen the analysis and monitoring of the supply and demand of bank system liquidity and changes in the financial market [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On November 11, the manganese - silicon 2601 contract was reported at 5764, down 0.41%, and the Inner Mongolia silicon - manganese spot was reported at 5600. With a surge in low - price "bank direct - supply houses", some properties were sold at a price 25% lower than the market price. Fundamentally, inventory rebounded rapidly, production continued to decline slightly from a high level, and inventory rose for 6 consecutive weeks. On the cost side, the port inventory of imported manganese ore increased by 83,000 tons, and on the demand side, hot metal declined seasonally. The Inner Mongolia spot profit was - 190 yuan/ton, and the Ningxia spot profit was - 280 yuan/ton. The mainstream steel tender price in October was 5820 yuan/ton, a month - on - month decrease of 180 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the market was expected to move in a volatile manner [2]. - On November 11, the ferrosilicon 2601 contract was reported at 5488, down 1.05%, and the Ningxia ferrosilicon spot was reported at 5270. Trump stated that if the Supreme Court ruled against the imposition of comprehensive tariffs, the US would face an "economic disaster". In terms of supply and demand, demand declined, and inventory rebounded significantly this period. The Inner Mongolia spot profit was - 390 yuan/ton, and the Ningxia spot profit was - 580 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the market was expected to move in a volatile manner [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price was 5764 yuan/ton, down 56 yuan; SF (ferrosilicon) main contract closing price was 5488 yuan/ton, down 100 yuan [2]. - SM futures contract holdings were 580,581 hands, up 11,630 hands; SF futures contract holdings were 358,909 hands, up 8355 hands [2]. - Manganese - silicon's top 20 net positions were - 49,221 hands, up 7970 hands; ferrosilicon's top 20 net positions were - 30,065 hands, up 6367 hands [2]. - SM 5 - 1 month contract spread was 58 yuan/ton, unchanged; SF 5 - 1 month contract spread was 38 yuan/ton, down 28 yuan [2]. - SM warehouse receipts were 18,113, up 1756; SF warehouse receipts were 7302, up 105 [2]. 3.2 Spot Market - Inner Mongolia, Guizhou, and Yunnan manganese - silicon FeMn68Si18 prices were 5600 yuan/ton, 5600 yuan/ton, and 5580 yuan/ton respectively, all unchanged [2]. - Inner Mongolia, Qinghai, and Ningxia ferrosilicon FeSi75 - B prices were 5300 yuan/ton, 5200 yuan/ton, and 5270 yuan/ton respectively, all unchanged [2]. - Manganese - silicon index average was 5595 yuan/ton, down 51 yuan; SF main contract basis was - 218 yuan/ton, up 100 yuan; SM main contract basis was - 164 yuan/ton, up 56 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 32 yuan/ton - degree, unchanged; silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1250 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 880 yuan/ton, unchanged [2]. - Manganese ore port inventory was 4.397 million tons, up 83,000 tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 40.24%, down 2.75 percentage points; ferrosilicon enterprise operating rate was 36.26%, up 0.18 percentage points [2]. - Manganese - silicon supply was 201,880 tons, down 5845 tons; ferrosilicon supply was 114,100 tons, up 900 tons [2]. - Manganese - silicon manufacturers' inventory was 319,500 tons, up 5000 tons; ferrosilicon manufacturers' inventory was 78,690 tons, up 6700 tons [2]. - Manganese - silicon national steel mill inventory was 15.7 days, down 0.23 days; ferrosilicon national steel mill inventory was 15.67 days, up 0.15 days [2]. 3.5 Downstream Situation - Five major steel types' manganese - silicon demand was 121,113 tons, down 3379 tons; five major steel types' ferrosilicon demand was 19,813.7 tons, down 461.6 tons [2]. - 247 steel mills' blast furnace operating rate was 83.15%, up 1.42 percentage points; 247 steel mills' blast furnace capacity utilization rate was 87.79%, down 0.80 percentage points [2]. - Crude steel output was 73.4901 million tons, down 3.8784 million tons [2]. 3.6 Industry News - Deputy Premier Liu Guozhong will visit Guinea and Sierra Leone from November 10 - 16 and attend the commissioning ceremony of the Simandou Iron Ore Project on November 11 [2]. - There is a surge in low - price "bank direct - supply houses", with some properties sold 25% below the market price. Banks are accelerating property disposal to improve debt recovery rates [2]. - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. By 2030, new electricity demand will be mainly met by new new - energy power generation [2]. - The National Development and Reform Commission held a video conference on energy supply during the 2025 - 2026 heating season, requiring stable energy production and supply [2].

Group 1 - The National Development and Reform Commission (NDRC) has accelerated the implementation of policies to expand effective investment, with a focus on new policy financial tools [3] - A total of 500 billion yuan has been fully allocated to support over 2,300 projects, which are aimed at supplementing project capital and involve a total investment of approximately 7 trillion yuan [3] - Key investment areas include digital economy, artificial intelligence, consumer infrastructure, as well as transportation, energy, and water conservancy [3] Group 2 - The NDRC is actively working on the preparation of the 14th Five-Year Plan, ensuring alignment between provincial and national planning [6] - For the upcoming heating season, the NDRC is focusing on energy supply, resource reserves, and emergency adjustments to ensure a balanced energy supply [7]