山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 六年三月三十日的「關於山東晨鳴紙業集團股份有限公司2025年度上期非標事項 在本期消除的專項說明」，僅供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 姜言山 主席 中國，山東 二零二六年三月三十日 於本公告日期，執行董事為姜言山先生、李偉先先生、劉培吉先生、孟峰先生和 朱艷麗女士；非執行董事為宋玉臣先生及王穎女士；及獨立非執行董事為張志元 先生、羅新華先生、萬剛先生及孔鵬志先生。 一、上期非标事项的具体内容 致同会计师事务所（特殊普通合伙） nt I hornton ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The night session of the previous day saw the main contracts of coking coal and coke strengthen, and the total position of coking coal increased compared to the previous period. This week, the output of the five major steel products increased month - on - month, mainly contributed by rebar. The overall inventory continued to increase month - on - month, but the increase rate narrowed significantly. The apparent demand increased significantly month - on - month, mainly from rebar. Affected by environmental protection restrictions, the hot metal output continued to decline month - on - month. It is expected that with the end of environmental protection restrictions and the promotion of resumption of work and production, the hot metal output will significantly rebound, driving the improvement of the rigid demand for coking coal and coke and providing support for coal prices. The repeated geopolitical situation can also push up the valuation of energy - related commodities. Future focus should be on the trend of hot metal output, mine operation, and geopolitical trends [1] Group 3: Summary by Related Catalogs Futures Price and Trading Volume - **Previous Day Closing Price**: For coking coal, the previous day's closing prices for January, May, and September contracts were 1466.0, 1153.0, and 1254.5 respectively; for coke, they were 1896.0, 1727.0, and 1801.5 respectively [1] - **Price Changes**: The price increases for coking coal contracts in January, May, and September were 4.5, 8.5, and 7.0 respectively, with price increase rates of 0.31%, 0.74%, and 0.56% respectively; for coke, the price increases were 8.5, 9.0, and 8.0 respectively, with price increase rates of 0.45%, 0.52%, and 0.45% respectively [1] - **Trading Volume**: The trading volumes of coking coal contracts in January, May, and September were 5060, 1002451, and 108346 respectively; for coke, they were 156, 166991, and 1679 respectively [1] - **Open Interest**: The open interests of coking coal contracts in January, May, and September were 15140, 393876, and 111895 respectively; for coke, they were 1614, 35867, and 4214 respectively. The changes in open interest were 239, - 13407, and 1126 for coking coal, and 96, 379, and 248 for coke [1] - **Price Spreads**: For coking coal, the current price spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively; for coke, the current price spreads were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [1] Spot Price - The spot prices of Mongolian 5 coking coal (port self - pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur fat coal (Taiyuan rail - side price), Tangshan Grade I coke (ex - factory price), Jinzhong quasi - Grade I coke (ex - factory price), and Rizhao Port quasi - Grade I coke (warehouse - out price) were 1175, 1450, 1373, 1800, 1280, and 1470 respectively, with no changes [1] Automobile Industry Data - In February, China's automobile sales were 1.04 million, a year - on - year decrease of 25.9%. Among them, the retail sales of new energy vehicles were 464,000, a year - on - year decrease of 32% and a month - on - month decrease of 22.1% [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Last night, the main contracts of coking coal and coke showed a volatile trend, and the total position of coking coal was basically flat compared with the previous period. Last week, coking coal production continued to increase, the supply of coking coal continued to increase, and the iron - water production decreased significantly due to environmental protection restrictions in many places, resulting in a weakening of the rigid demand for coking coal. The inventory of clean coal in mines increased, and the inventory of coking coal downstream decreased, and its fundamentals weakened. It is expected that with the advancement of resumption of work and production, the iron - water production will significantly increase, driving the improvement of the rigid demand for coking coal and coke and providing support for coal prices. The repeated geopolitical situation can also push up the valuation of energy - related commodities. The future market should focus on the trend of iron - water production, mine operation, and geopolitical situation [1] Group 3: Summary by Related Catalogs Futures Market Data - **Price and Change**: The previous day's closing prices of coking coal contracts in January, May, and September were 1461.5, 1144.5, and 1247.5 respectively, with increases of 1.70%, 2.05%, and 2.38% compared to the previous two days. The previous day's closing prices of coke contracts in January, May, and September were 1887.5, 1718.0, and 1793.5 respectively, with increases of 2.03%, 2.23%, and 2.11% [1] - **Trading Volume and Open Interest**: The trading volumes of coking coal contracts in January, May, and September were 2717, 679845, and 63196 respectively, and the open interests were 14901, 407283, and 110769 respectively. The trading volumes of coke contracts in January, May, and September were 54, 15503, and 1042 respectively, and the open interests were 1518, 32488, and 3966 respectively. The changes in open interests of coking coal contracts in January, May, and September were 28, - 17889, and 1977 respectively, and those of coke contracts were 26, - 510, and 46 respectively [1] - **Price Spreads**: The current price spreads of coking coal contracts (January - May, May - September, September - January) were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5. The current price spreads of coke contracts (January - May, May - September, September - January) were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 [1] Spot Market Data - **Prices and Changes**: The current prices of Mongolian 5 coking coal (port self - pickup price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur fat coal (Taiyuan rail - side price), Tangshan first - grade coke (ex - factory price), Jinzhong quasi - first - grade coke (ex - factory price), and Rizhao Port quasi - first - grade coke (warehouse - out price) were 1175, 1450, 1373, 1800, 1280, and 1470 respectively. The changes in spot prices were 0, - 10, 0, 0, 0, and 0 respectively [1] Automobile Industry Data - In February 2026, automobile production and sales were 1.672 million and 1.805 million respectively, with a month - on - month decrease of 31.7% and 23.1% and a year - on - year decrease of 20.5% and 15.2%. In February, automobile exports were 672,000, with a month - on - month decrease of 1.4% and a year - on - year increase of 52.4% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The main contracts of coking coal and coke showed a volatile trend last night, and the total position of coking coal was basically flat compared with the previous period. Last week, the coking coal production continued to rebound, and the coking coal supply continued to increase. Affected by environmental protection restrictions in many places, the molten iron production decreased significantly, and the rigid demand for coking coal weakened. The inventory of clean coal in mines increased, and the inventory of coking coal downstream decreased, and its fundamentals weakened. It is expected that with the advancement of resuming work and production, the molten iron production will increase significantly, driving the improvement of the rigid demand for coking coal and coke and supporting coal prices. The future market should focus on the trend of molten iron production, the start - up situation of mines, and the geopolitical situation [2]. 3. Summary by Relevant Catalogs Market Price and Volume Information - **Futures Price**: The previous day's closing prices of different contract months of coking coal and coke varied. For example, the previous day's closing price of a certain coking coal contract was 1468.0, and the price increase was 42.0 with a rise rate of 2.95%. The trading volume and open interest of each contract also had different values, and the open interest of some contracts decreased, while others increased [2]. - **Spot Price**: The current prices of different types of coking coal in the spot market are as follows: the port self - pick - up price of Meng 5 main coking coal is 1175, the Linfen market price of low - sulfur main coking coal is 1460, etc. Some spot prices had an increase of 10 [2]. Geopolitical Information - US President Trump made remarks on the Iranian situation, saying that the war might end soon and that it had basically ended, and the progress was much faster than his initial expectation of 4 to 5 weeks. He also said that he would make a final decision to end the military action against Iran at an "appropriate time". When asked about Iran's new supreme leader, he said he had nothing to say and claimed to have a candidate in mind to replace him but did not elaborate [2].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - In the first week of March, after the Lantern Festival, the resumption of work accelerated further. However, the low - temperature and snowy weather in the north affected the start - up and resumption of work. The labor attendance rate was still strong year - on - year, indicating that major project investments in March might be building up momentum [3][32]. - In terms of inflation, food prices continued to decline after the Spring Festival. In terms of exports, due to geopolitical factors, fuel prices rose significantly, shipping capacity was affected, and container shipping prices generally increased significantly. In terms of investment, the social inventory of rebar continued to accumulate, the price weakened slightly, the downstream procurement demand was released orderly, and the physical work volume indicators had not yet stabilized significantly. In the real estate sector, the transactions of new and second - hand houses continued to rise, but the year - on - year increase in the lunar calendar decreased [3][32]. - For the bond market, the peak season starts in March. Due to the concentrated impact of work resumption this month and the possible sprint effect of the economy at the end of the quarter, an improvement in high - frequency data can be expected. This week, under the influence of the escalation of the US - Iran situation, energy prices such as crude oil rose significantly, intensifying market concerns about inflation. The cost of export container shipping prices also began to rise, and attention should be paid to the short - term suppression and fluctuations of shipping price changes on export demand. Domestically, the economic targets and policy combinations of the Two Sessions basically met expectations, the target growth rate was adjusted to a more neutral and reasonable range, and the probability of marginal stimulus decreased relatively. In addition, the PMI in February announced this week further declined due to the Spring Festival holiday, but it should be noted that in years when the Spring Festival falls in the middle or late February, the PMI in March often rebounds significantly, and the price sub - item last month was not weak. Short - term attention should continue to be paid to the evolution of inflation expectations [3][32]. 3. Summary According to the Directory (1) Inflation - related: Food prices are accelerating downward - The average wholesale price of pork in the country decreased by 3.9% week - on - week, and the vegetable price decreased by 4.1% week - on - week. After the Spring Festival, food prices are accelerating downward. The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products decreased by 2.2% and 2.5% respectively week - on - week [8]. (2) Import and export - related: Geopolitical situation escalates, and freight rates are accelerating upward - The comprehensive container shipping index accelerated upward due to geopolitical factors. This week, the CCFI index increased by 0.9% week - on - week, and the SCFI increased by 11.7% week - on - week, showing an accelerating upward trend. The export container shipping market was affected by the sharp escalation of the geopolitical situation, and the freight rates of relevant routes fluctuated more severely, with the comprehensive index rising. Among them, the freight rate from Shanghai Port to the basic ports in the Mediterranean increased by 2.4% week - on - week, and the freight rates to the West and East coasts of the United States increased by 4.5% and 1.0% respectively [9]. - In terms of port transportation volume, from February 21st to March 1st, the container throughput and cargo throughput of ports increased by 6.4% and 25.2% respectively week - on - week, and the year - on - year increase for a single week was 6.3% and - 6.4% respectively. Overall, the resumption of work this year is relatively fast, and the year - on - year performance is still not weak under the influence of the Spring Festival misalignment [9]. - The BDI and CDFI indices accelerated upward. Affected by the US - Iran conflict, international fuel prices rose significantly, the ship operating cost increased, driving the daily rent and freight rates in the international dry bulk shipping market to rise significantly across the board. The BDI and CDFI indices increased by 1.8% and 8.1% respectively week - on - week [9]. (3) Industry - related: The resumption of work is accelerating further - Coal prices continued to rise. The price of thermal coal (Q5500) at Qinhuangdao Port increased by 1.9% week - on - week, with the same increase as the previous week. The low - temperature and snowy weather in the north led to a temporary rebound in the residential heating electricity load. After the Lantern Festival, the resumption of work and production in various places advanced, and the downstream replenishment and industrial electricity demand increased, supporting the continued rise of coal prices [15]. - The price of rebar weakened marginally. The spot price of rebar (HRB400 20mm) decreased by 0.1% week - on - week, and the social inventory of rebar increased by 12.4% week - on - week, continuing to accumulate at a relatively fast pace. This week, the resumption of work at construction sites accelerated, and terminal procurement gradually recovered [15]. - The asphalt production rate rebounded slightly. This week, the asphalt plant production rate increased by 1.9 percentage points week - on - week to 23.3%, but it was still at a seasonal low [15]. - The copper price decreased slightly. This week, the average price of copper in the Yangtze River Non - ferrous Metals market decreased by 0.4% week - on - week. The continued escalation of the US - Iran conflict led to a risk of energy supply disruption, suppressing market risk appetite and increasing risk - aversion sentiment, causing the copper price to decline week - on - week [18]. - The glass price remained stable, and downstream demand still needed to be repaired. This week, the glass market price was basically stable, the production and sales performance was average, the inventory in various places was still accumulating, the downstream procurement demand had not fully recovered, and the upward momentum of the spot price was limited. The South China glass futures price decreased by 0.3% week - on - week, also affected by risk sentiment [18]. (4) Investment - related: Real estate transactions continue to heat up - The cement price continued to decline. This week, the cement price index decreased by 0.2% compared with before the Spring Festival, continuing the downward trend. As of March 4th (the 16th day of the first lunar month), the resumption rate of construction sites across the country was 23.5%, the same as the year - on - year in the lunar calendar, and the labor attendance rate was 29.7%, 2.2 percentage points higher than the year - on - year in the lunar calendar. Among them, the year - on - year in the lunar calendar for real estate and non - real estate projects was 1.5 percentage points higher and 0.3 percentage points lower respectively. Overall, the resumption of work this week did not show a significant year - on - year improvement, which might be related to the suspension of some projects due to the snowy weather in the north. However, the labor attendance rate continued to improve, mainly supported by funds for projects such as guaranteed housing delivery, water conservancy, and high - speed railways [19][22]. - The transactions of new houses continued to recover seasonally, but the year - on - year increase in the lunar calendar narrowed. This week (as of Friday), the transaction area of new houses in 30 cities increased by 65.6% week - on - week. Aligned with the Spring Festival, as of March 6th, the transaction area of new houses in 30 cities (7 - day rolling sum) was 1.2896 million square meters, a year - on - year increase of 11.1%, and the year - on - year increase narrowed [27]. - The transactions of second - hand houses increased year - on - year at a relatively fast pace. This week (as of Friday), the transaction area of second - hand houses in 17 cities increased by 82% year - on - year. Aligned with the Spring Festival, as of March 6th, the transaction area of second - hand houses (7 - day rolling sum) was 115,000 square meters, a year - on - year increase of 23.3%, generally remaining strong [27]. (5) Consumption: The US - Iran conflict escalates, and oil prices are accelerating upward - The subway passenger volume in 25 cities accelerated its recovery. From last Saturday to this Friday, the average daily subway passenger volume in 25 cities was 3.163 million person - times, a week - on - week increase of 19.2%. The resumption of work accelerated further around the Lantern Festival. According to the Baidu Migration Scale Index, as of March 6th, the year - on - year travel decreased by 1.6%. The misalignment of the resumption of work rhythm after the holiday led to a high base, and the year - on - year performance began to weaken [30]. - Affected by the geopolitical situation, international oil prices continued to rise. As of March 6th, the prices of Brent crude oil and WTI crude oil increased by 27.9% and 35.6% respectively week - on - week compared with last Friday, showing an accelerating upward trend. The continued escalation of the US - Iran situation led to a decrease in the passage capacity of the Strait of Hormuz, increasing the uncertainty of global energy supply and pushing up oil prices to strengthen rapidly [30].

Group 1: Report Industry Investment Ratings - No information provided Group 2: Core Views of the Report - For steel, the spot market has a slow start with price stability, and the profit of steel mills exists, but the actual resumption of production may be slow. It is not recommended to take unilateral or trend opportunities, and a cash-and-carry position can be operated based on the basis [2]. - For ferrosilicon and silicomanganese, the price rebounds due to supply disturbances and cost increases, but the fundamentals are weak with high inventory and strong resistance to price increases. It is not recommended to chase long positions [3]. - For coking coal and coke, the first round of coke price cuts has begun, and the supply recovers faster than demand. It is recommended to wait and see for unilateral positions and establish cash-and-carry positions on the 05 contract [5]. - For iron ore, the impact of the geopolitical conflict is mainly on market sentiment. It is not recommended to short at low prices, and medium - and long - term investors can enter short positions at pressure levels [6]. Group 3: Summary by Related Catalogs Futures Market - On March 4, the closing prices of far - month contracts for RB2610, HC2610, 12609, J2609, JM2609 were 3100.00, 3232.00, 731.50, 1748.00, 1198.50 respectively, with corresponding changes of - 2.00, 0.00, 1.50, 11.00, 0.00 and changes in percentage of - 0.06%, 0.00%, 0.21%, 0.63%, 0.00% [1]. - The closing prices of near - month contracts for RB2605, HC2605, 12605, J2605, JM2605 on March 4 were 3071.00, 3212.00, 752.00, 1672.00, 1097.00 respectively, with corresponding changes of 4.00, 0.00, 3.00, 11.00, - 2.50 and changes in percentage of 0.13%, 0.00%, 0.40%, 0.66%, - 0.23% [1]. - The cross - month spreads on March 4 for RB2605 - 2610, HC2605 - 2610, 12605 - 2609, J2605 - 2609, JM2605 - 2609 were - 29.00, - 20.00, 20.50, - 76.00, - 101.50 respectively, with corresponding changes of 2.00, - 1.00, 0.00, 0.00, - 6.50 [1]. - The spreads, ratios and profits on March 4 for roll - screw spread, screw - ore ratio, coal - coke ratio, screw disk profit, coking disk profit were 141.00, 4.08, 1.52, - 63.55, 212.99 respectively, with corresponding changes of - 4.00, 0.00, 0.02, 10.48, 17.90 [1]. Spot Market - On March 4, the spot prices of Shanghai screw, Tianjin screw, Guangzhou screw, Tangshan billet, and Platts Index were 3170.00, 3110.00, 3390.00, 2910.00, 100.20 respectively, with corresponding changes of 0.00, 0.00, - 10.00, 0.00, - 0.35 [1]. - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, Guangzhou hot - rolled coil, billet - material spread, Rizhao Port: PB on March 4 were 3210.00, 3230.00, 3220.00, 260.00, 750.00 respectively, with corresponding changes of - 50.00, - 40.00, 0.00, 0.00, - 3.00 [1]. - The spot prices of Ganqimao coking coal, Qingdao Port quasi - first - grade coke, and Qingdao Port: PB on March 4 were 640.00, 1480.00, 750.00 respectively, with corresponding changes of 0.00, 0.00, - 5.00 [1]. - The basis on March 4 for HC main contract, RB main contract, main contract, J main contract, JM main contract were - 2.00, 99.00, 33.00, - 45.60, 113.00 respectively, with corresponding changes of - 43.00, 3.00, 0.00, 22.00, 10.00 [1]. Investment Strategies - For steel, take a wait - and - see approach for unilateral positions and wait for the basis to fall before establishing cash - and - carry positions [2][7]. - For ferrosilicon and silicomanganese, gradually take profits on previous long positions, and industrial customers should hedge at high prices [3][7]. - For coking coal and coke, take a wait - and - see approach for unilateral positions and establish cash - and - carry positions on the 05 contract when the price rebounds [5][7]. - For iron ore, enter short positions at pressure levels [6][7].

Report Overview - The report is the Shenwan Futures Variety Strategy Daily Report - Coking Coal and Coke (JI&J) on March 4, 2026, released by Shenwan Hongyuan Futures [1] Core View - The main contracts of coking coal and coke showed a weak trend in the night session yesterday, and the total position of coking coal remained basically flat compared with the previous period. The suspension of operations at Qatar Energy's facilities due to geopolitical conflicts led to a reduction in natural gas supply, prompting the power industry to switch fuels and causing the futures market to strengthen significantly. After the Spring Festival, with the resumption of work and production, there is an expectation of an increase in hot metal production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical instability can also push up the valuation of energy commodities. The future focus should be on the trend of hot metal production, mine operation, import - related policies, and geopolitical trends [2] Key Data Futures Market | Contract Month | 1st Month | 5th Month | 9th Month | 1st Month | 5th Month | | --- | --- | --- | --- | --- | --- | | Previous Day's Closing Price | 1420.0 | 1127.0 | 1222.0 | 1856.0 | 1694.0 | | Two Days Ago's Closing Price | 1392.5 | 1094.0 | 1194.5 | 1818.0 | 1652.0 | | Change | 27.5 | 33.0 | 27.5 | 38.0 | 42.0 | | Change Rate | 1.97% | 3.02% | 2.30% | 2.09% | 2.54% | | Trading Volume | 5280 | 1151632 | 99633 | 65 | 25286 | | Open Interest | 13462 | 506242 | 108527 | 1211 | 39194 | | Change in Open Interest | 662 | - 39301 | 1655 | 3 | - 1180 | | Spread (Current Value) | 240 | - 79.5 | - 160.5 | 160.5 | - 77.5 | | Spread Change | 306 | 2.5 | - 308.5 | 429.5 | 2 | [2] Spot Market | Coal Type | Mongolian No. 5 Main Coking Coal | Low - Sulfur Main Coking Coal | Low - Sulfur Main Coking Coal | Tangshan First - Grade Coke | Jinzhong Quasi - First - Grade Coke | Rizhao Port Quasi - Grade Coke | | --- | --- | --- | --- | --- | --- | --- | | Current Price | 1373 | 1180 | 1520 | 1855 | 1330 | 1470 | | Price Change | - 17 | - 50 | 32 | 0 | - 10 | 0 | [2]

Group 1: Report Information - The report is the Shenwan Futures Variety Strategy Daily - Coking Coal and Coke (JI&J) dated March 4, 2026, issued by Shenwan Futures [1] Group 2: Market Data Futures Market - For coking coal futures, the previous day's closing prices for different contract months were 1420.0, 1127.0, 1222.0, 1856.0, 1694.0, and 1770.0, with price increases of 27.5, 33.0, 27.5, 38.0, 42.0, and 39.0 respectively, and price increase rates of 1.97%, 3.02%, 2.30%, 2.09%, 2.54%, and 2.25% [2] - Trading volumes were 5280, 1151632, 99633, 65, 25286, and 1482, and open interests were 13462, 506242, 108527, 1211, 39194, and 2864, with open interest changes of 662, -39301, 1655, 3, -1180, and 53 [2] - Spreads and their changes for different contract month combinations are provided, such as 1 - 5 month spread with a current value of 240 and a change of 306 [2] Spot Market - Spot prices for different types of coking coal, including Mongolian 5 main coking coal, low - sulfur main coking coal, etc., are given. For example, the current prices are 1373, 1180, 1520, 1855, 1330, and 1470, with price changes of -17, -50, 32, 0, -10, and 0 [2] Group 3: Core Views - The night session of the main coking coal and coke contracts showed a weak trend, and the total open interest of coking coal was basically flat compared to the previous period [2] - Qatar Energy Company's facility shutdown due to geopolitical conflicts led to a reduction in natural gas supply, prompting fuel substitution in the power industry and a significant strengthening of the futures market [2] - After the holiday, with the progress of resuming work and production, there is an upward expectation for molten iron production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical instability can also push up the valuation of energy - related commodities [2] - Future focus should be on the trend of molten iron production, mine operation, import - end policy trends, and geopolitical trends [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Last Friday night, the main contracts of coking coal and coke showed a weak trend, and the total position of coking coal was basically flat compared with the previous period. Steel Union data showed that last week, both the iron - making output and the profit of steel mills increased slightly month - on - month, and the coking coal inventories of coking plants and steel mills decreased significantly month - on - month, indicating an improvement in coking coal demand. After the Spring Festival, with the progress of resuming work and production, there is an upward expectation for iron - making output, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. The escalation of the conflict between the US and Iran over the weekend and the geopolitical turmoil can also boost the valuation of energy - related commodities. In the future, attention should be paid to the trend of iron - making output, the start - up situation of mines, the policy trends of the import side, and the geopolitical situation [2] 3. Summary According to Relevant Catalogs Futures Market Data - **Closing Prices**: The closing prices of different contracts on the previous day and the day before were as follows: 1093.5, 1635.5, 1382.0, 1189.0, 1806.0, 1714.5 (previous day); 1368.0, 1090.0, 1183.5, 1803.5, 1644.0, 1721.0 (day before). The price changes were 5.5, 14.0, 3.5, 2.5, - 8.5, - 6.5, with changes of 1.02%, 0.32%, 0.46%, 0.14%, - 0.52%, - 0.38% respectively [2] - **Trading Volume**: The trading volumes of different contracts were 3418, 734084, 48212, 119, 13104, 903 respectively [2] - **Open Interest**: The open interests of different contracts were 11856, 549747, 103786, 40144, 2656, 1170 respectively, with changes of 1406, - 9360, 3989, 97, 1371, 313 respectively [2] - **Price Spreads**: The current price spreads (e.g., 9 - 1 month) were - 79.5, - 160.5, 160.5, - 77.5, - 83, with changes of 306, 2.5, - 308.5, 429.5, 2, - 431.5 respectively [2] Spot Market Data - **Prices**: The current prices of different types of coking coal (such as Mongolian No. 5 main coking coal) were 1855, 1330, 1570, 1391, 1470, and the price of Rizhao Port decreased by 10, while others remained unchanged [2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The real - estate market has shown seasonal recovery, and the resumption of work after the Spring Festival in 2026 is faster than the same period in the lunar calendar last year. The construction and chemical industries in the upstream of the black industry chain have relatively better start - up performance [2][14]. - During the Spring Festival holiday, residents' travel and consumption were good, but the movie - watching enthusiasm was lower than the same period last year. After the holiday, the sales of new and second - hand houses have rebounded. However, the latest land auction data is average [5][12][13]. 3. Summary by Relevant Catalogs 3.1 Financial Market - The interest - rate bond index weakened, and the precious metal index had a significant increase [15][17]. 3.2 Industrial Production 3.2.1 Power Generation - The daily coal consumption of power plants in eight southern provinces rebounded, and the thermal coal price increased [21][22]. 3.2.2 Coking - The start - up rate of coking enterprises increased rapidly, and the prices of coking coal and coke both decreased [23][24]. 3.2.3 Steel - The blast - furnace start - up rate increased, and the spot and futures prices of iron ore and rebar both decreased [26][28]. 3.2.4 Building Materials - The cement price fluctuated slightly, and the inventories of copper and aluminum increased significantly [32]. 3.2.5 Chemical Industry - The start - up rates of methanol and soda ash have recovered, and the crude oil price fluctuated upward [44][45]. 3.2.6 Automobile - The start - up rates of automobile semi - steel tires and all - steel tires both decreased significantly [48][49]. 3.3 Resumption of Work and Production - The resumption rate of 10,692 construction sites nationwide increased by 1.5 percentage points year - on - year in the lunar calendar. The fund availability and worker resumption conditions were better than last year [2][50]. 3.4 Logistics and Transportation 3.4.1 Freight - The highway logistics freight rate index, railway transportation volume, and postal parcel collection volume all fluctuated downward [52][53][55]. 3.4.2 Passenger Transport - The subway passenger volume rebounded, and the number of domestic flights increased significantly [58]. 3.5 Terminal Demand 3.5.1 Credit - The negative spread between bill rediscount and certificates of deposit narrowed, and the rediscount rate of six - month national stock bills increased [57][59][62]. 3.5.2 Real Estate - The transaction areas of new and second - hand houses seasonally rebounded, and the increase rate of the second - hand house listing price index widened [5][63]. 3.5.3 Construction - The apparent demand for rebar decreased significantly, and the proportion of profitable steel mills increased marginally [75][77]. 3.5.4 Consumption - During the Spring Festival, the number of tourists and tourism spending reached record highs, but the movie box office was lower than the same period last year [12][76]. 3.5.5 Export - The CCFI freight rate decreased, and the port cargo throughput decreased significantly [88]