Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Coking Coal**: The supply of coking coal is limited due to national macro - regulation. The positive coke price and increasing downstream demand have led to a good market sentiment. The overall inventory is decreasing. However, considering the thin profit of coke and steel enterprises, the short - term price of coking coal is expected to remain stable [3]. - **Coke**: The high price of coking coal squeezes the profit of coke enterprises, and the production enthusiasm is restricted. With the production reduction and maintenance policies of steel mills in Tangshan, the supply and demand of the coke market have declined slightly. But due to the replenishment demand of steel mills, the coke inventory is low, and the short - term price is expected to remain stable [8]. 3. Summary by Relevant Catalogs Daily Views - **Coking Coal**: The fundamentals are positive as supply is limited and demand is picking up. The basis shows that the spot price is higher than the futures price. The inventory is decreasing. The 20 - day line is upward, and the price is above it. The main position is net long but with a decrease in long positions. The short - term price is expected to be stable [3][4]. - **Coke**: The fundamentals show a supply contraction trend due to cost pressure. The basis indicates that the spot price is lower than the futures price. The inventory is decreasing. The 20 - day line is upward, and the price is above it. The main position is net short with an increase in short positions. The short - term price is expected to be stable [8][9]. Price - On October 30th (17:30), most of the port metallurgical coke prices from Shanxi showed an upward trend, with an increase of 10 yuan for some varieties [12]. Inventory - **Port Inventory**: Coking coal port inventory is 295 million tons, a decrease of 0.1 million tons from last week; coke port inventory is 195.1 million tons, an increase of 1 million tons from last week [21]. - **Independent Coke Enterprise Inventory**: Coking coal inventory of independent coke enterprises is 819.3 million tons, a decrease of 69.2 million tons from last week; coke inventory is 42.5 million tons, an increase of 3.5 million tons from last week [25]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 803.8 million tons, an increase of 4.3 million tons from last week; coke inventory is 626.7 million tons, a decrease of 13.3 million tons from last week [30]. Other Indicators - **Coke Oven Capacity Utilization**: The capacity utilization rate of 230 independent coke enterprises nationwide is 74.48% [43]. - **Average Profit per Ton of Coke**: The average profit per ton of coke of 30 independent coking plants nationwide is 25 yuan [47].

Core Viewpoint - The recent appreciation of the Chinese yuan against the US dollar indicates a strengthening of the Chinese economy and positive foreign sentiment towards the yuan [1][3][5]. Group 1: Currency Performance - The offshore yuan reached a high of 7.1780 against the US dollar, while the onshore yuan peaked at 7.1855, both marking the highest levels of the year [3]. - The recent surge in the yuan's value is compared to a significant recovery, reflecting a reversal from previous declines [5]. Group 2: Economic Implications - The appreciation of the yuan is seen as beneficial for Chinese citizens, making overseas travel and purchases more affordable [5]. - The stability of the Chinese economic fundamentals and effective macroeconomic policies are credited for the yuan's recovery [5][7]. Group 3: Public Sentiment - There is a general sense of optimism among the public regarding the yuan's performance, with some humorously suggesting its dominance in the global market [5]. - The public is encouraged to maintain a rational perspective on currency fluctuations, emphasizing the importance of steady economic practices [7].