Group 1 - The core viewpoint indicates a significant decline in coking coal futures, with the main contract dropping to 832.5 yuan/ton, a decrease of 2.06% as of July 7 [1] - A coal mine in Guxian, Linfen, Shanxi Province resumed production on July 5 after a 15-day shutdown, with a certified capacity of 900,000 tons, impacting total raw coal output by over 40,000 tons [2] - In May, China's raw coal production reached 400 million tons, a year-on-year increase of 4.2%, with a daily average production of 13.01 million tons, marking a historical high for the same period [2] Group 2 - Institutions report that coking coal production is beginning to recover, with the end of the safety production month leading to the resumption of previously halted mines [3] - The auction market for spot transactions has shown slight improvement, with transaction prices increasing marginally and terminal inventories rising [3] - Despite the recovery in production, the overall supply of carbon elements remains ample, and the impact of "anti-involution" on the coking coal industry is currently limited [3]

Report Summary 1. Investment Rating The provided content does not mention any industry investment ratings. 2. Core Views - On July 1, 2025, A-share market showed mixed performance with the Shanghai Composite Index up 0.39%, Shenzhen Component Index up 0.11%, and ChiNext Index down 0.24%. The trading volume reached 1.466 trillion yuan, slightly down by 20.8 billion yuan from the previous day [1]. - The prices of various commodities showed different trends. For example, the CSI 300 index rose slightly, while the coke and coking coal weighted indexes declined. The prices of Zhengzhou sugar, rubber, palm oil, etc., were affected by different factors such as supply - demand relationships, weather conditions, and international trade situations [1][2][3]. 3. Summary by Variety Stock Index Futures - On July 1, the Shanghai Composite Index closed at 3457.75, up 0.39%; the Shenzhen Component Index closed at 10476.29, up 0.11%; the ChiNext Index closed at 2147.92, down 0.24%. The trading volume was 1.466 trillion yuan, a slight decrease of 20.8 billion yuan [1]. - The CSI 300 index closed at 3942.76, up 6.68 [2]. Coke and Coking Coal - On July 1, the coke weighted index closed at 1393.2, down 34.8; the coking coal weighted index closed at 823.9 yuan, down 27.8 [3][4]. - For coke, the cost of coking enterprises with long - term contracts may decrease, while those with market - based procurement may face higher costs. The probability of price increases after four rounds of price cuts is low [5]. - For coking coal, supply has tightened recently, and the inventory structure has improved. However, there is a strong expectation of coal mine resumption, and the terminal demand is under pressure [5]. Zhengzhou Sugar - Affected by the expected good harvest in Thailand and India, and the 22.1% decrease in Brazil's sugar production in the first half of June, the US sugar price fell on Monday, and the Zhengzhou sugar 2509 contract declined on Tuesday [5]. Rubber - Due to excessive rainfall in Thailand affecting rubber tapping, the spot price in Southeast Asia has been firm. The Shanghai rubber futures rose on Tuesday and fluctuated slightly at night. The inventory in Qingdao Port continued to increase [6][7]. Palm Oil - On July 1, palm oil was in a volatile state, closing at 8336, up 0.07%. As of June 27, the commercial inventory of palm oil in key regions increased by 23.57% week - on - week and 25.67% year - on - year [7]. Soybean Meal - Internationally, on July 1, CBOT soybeans fluctuated. The good condition of US soybeans was offset by the rise in soybean oil prices. Domestically, the soybean meal M2509 contract closed at 2961 yuan/ton on July 1. With sufficient soybean imports and high oil mill operating rates, soybean meal inventory will gradually increase, and it will run weakly [8]. Live Pigs - On July 1, the live pig futures contract LH2509 closed at 13865 yuan/ton, down 0.04%. The market is in a state of loose supply and demand, and the futures will run weakly [9]. Copper - Macroscopically, copper prices are supported by tight mines and low inventory, but the slowdown of Fed rate cuts and US tariff policies limit the upside. Fundamentally, overseas premiums drive LME copper inventory reduction, and domestic social inventory is lower than last year, so copper prices will continue to be strong [9]. Iron Ore - On July 1, the iron ore 2509 contract fell 1.32% to close at 708.5 yuan. Overseas shipments and domestic arrivals have decreased, while steel mills' blast furnace profits are good, and iron ore will fluctuate in the short term [9]. Asphalt - On July 1, the asphalt 2509 contract rose 0.17% to close at 3562 yuan. The processing profit has improved slightly, but demand is still weak, and the price will fluctuate in the short term [10]. Logs - On July 1, the log 2509 contract opened at 784, with a low of 778, a high of 789, and closed at 787, with an increase of 48 lots. The inventory in ports has increased slightly, and demand is weak [11]. Cotton - On the night of July 1, the Zhengzhou cotton main contract closed at 13775 yuan/ton. The cotton inventory in Xinjiang's designated delivery warehouses decreased by 62 lots [11]. Steel - On July 1, rb2510 closed at 3003 yuan/ton, and hc2510 closed at 3136 yuan/ton. The black - series rebound has paused, and although there are rumors of production cuts, terminal demand is still weak [11]. Alumina - Under the situation of supply surplus in the third quarter, alumina prices will be mainly determined by cost. The price is under pressure due to the expected large - scale new production capacity in the future [12]. Aluminum - The supply of electrolytic aluminum is close to the industry limit. Although terminal demand is in the off - season, the processing link has maintained a certain level of demand. Low inventory is currently supporting aluminum prices, but there is a risk of demand weakening in the future [12].

Group 1 - The coal futures market in China is experiencing a downward trend, with coking coal futures showing a decline of 3.92% as of midday trading on July 1 [1] - Supply-side factors indicate that environmental inspections are nearing completion, leading to the gradual resumption of coal production in Shanxi, which may create a more relaxed market expectation for coking coal production [1] - Demand-side factors show that downstream industries are gradually restocking, with some premium coal types experiencing slight rebounds, while overall procurement remains demand-driven [1] Group 2 - Longjiang Futures notes that the supply-demand imbalance in the coking coal market has eased somewhat, but uncertainties remain due to policy disruptions on the supply side [2] - The market is expected to continue fluctuating in the short term, with a focus on monitoring the execution of environmental and safety regulations, the pace of imported coal arrivals, and the impact of steel mill profits on coking coal production [2]

Core Viewpoint - The end of the "Safety Production Month" indicates that major coal mines in Shanxi are set to resume production, which may accelerate the decline in coking coal prices [1] Group 1: Industry Impact - The resumption of production in Shanxi's large coal mines is expected to increase supply in the market [1] - Coking coal prices have been experiencing a downward trend, and the resumption of production may further exacerbate this decline [1] Group 2: Market Dynamics - The potential increase in coal supply from Shanxi could lead to a more competitive market environment, impacting pricing strategies for coal producers [1] - The overall market sentiment may shift as production levels normalize following the safety initiative [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On June 30, the JM2509 contract of coking coal closed at 825.0, down 1.08%, and the J2509 contract of coke closed at 1404.0, down 0.46% [2]. - For coking coal, the supply of raw materials is gradually improving, the coking coal mine capacity utilization rate is generally decreasing, the clean coal inventory starts to be destocked, the cumulative import growth rate is decreasing, and the total inventory is decreasing. After the safety production month in June, the market expects the coal mine supply in Shanxi to recover [2]. - For coke, the supply of raw materials is gradually improving, the molten iron output is running at a high level, and the profit of independent coking plants is in a loss state. The average loss per ton of coke of 30 independent coking plants in the country this period is 46 yuan/ton [2]. - Technically, the 4 - hour cycle K - lines of both coking coal and coke are above the 20 - day and 60 - day moving averages, and both should be treated with a volatile operation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM main contract closing price: 825.00 yuan/ton, down 22.50 yuan; J main contract closing price: 1404.00 yuan/ton, down 17.50 yuan [2]. - JM futures contract open interest: 742353.00 lots, down 13482.00 lots; J futures contract open interest: 57138.00 lots, down 2054.00 lots [2]. - Net position of the top 20 coking coal contracts: - 29434.00 lots, up 676.00 lots; Net position of the top 20 coke contracts: - 3038.00 lots, down 274.00 lots [2]. - JM1 - 9 month contract spread: 36.00 yuan/ton, down 6.50 yuan; J1 - 9 month contract spread: 38.50 yuan/ton, down 1.50 yuan [2]. - Coking coal warehouse receipts: 0.00; Coke warehouse receipts: 90.00 [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 740.00 yuan/ton, up 9.00 yuan; Russian main coking coal forward spot: 115.00 US dollars/wet ton, unchanged [2]. - Jingtang Port Australian imported main coking coal: 1230.00 yuan/ton, up 20.00 yuan; Jingtang Port Shanxi - produced main coking coal: 1230.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur main coking coal: 930.00 yuan/ton, unchanged; Inner Mongolia Wuhai - produced coking coal ex - factory price: 930.00 yuan/ton, unchanged [2]. - Tangshan quasi - first - class metallurgical coke: 1390.00 yuan/ton, unchanged; Rizhao Port quasi - first - class metallurgical coke: 1220.00 yuan/ton, unchanged [2]. - Tianjin Port first - class metallurgical coke: 1320.00 yuan/ton, unchanged; Tianjin Port quasi - first - class metallurgical coke: 1220.00 yuan/ton, unchanged [2]. - JM main contract basis: 105.00 yuan/ton, up 22.50 yuan; J main contract basis: - 14.00 yuan/ton, up 17.50 yuan [2]. 3.3 Upstream Situation - Raw coal inventory of 110 coal washing plants: 321.28 million tons, down 5.08 million tons; Clean coal inventory of 110 coal washing plants: 231.87 million tons, down 5.52 million tons [2]. - Operating rate of 110 coal washing plants: 59.10%, down 2.24 percentage points; Raw coal output: 40328.40 million tons, up 1397.80 million tons [2]. - Coal and lignite imports: 3604.00 million tons, down 179.00 million tons; Daily average output of raw coal from 523 coking coal mines: 185.00 thousand tons, down 4.50 thousand tons [2]. - Imported coking coal inventory at 16 ports: 495.12 million tons, down 28.85 million tons; Coke inventory at 18 ports: 251.89 million tons, down 4.32 million tons [2]. 3.4 Industry Situation - Total coking coal inventory of independent coking enterprises: 808.98 million tons, up 13.19 million tons; Coke inventory of independent coking enterprises: 113.03 million tons, down 2.55 million tons [2]. - Coking coal inventory of 247 steel mills: 781.21 million tons, up 6.55 million tons; Coke inventory of 247 steel mills: 627.75 million tons, down 6.45 million tons [2]. - Available days of coking coal for independent coking enterprises: 12.39 days, up 0.10 days; Available days of coke for 247 steel mills: 11.22 days, down 0.20 days [2]. - Coking coal imports: 738.69 million tons, down 150.65 million tons; Coke and semi - coke exports: 68.00 million tons, up 13.00 million tons [2]. - Coking coal output: 0.00 million tons, down 3926.16 million tons; Coke output: 4237.60 million tons, up 77.60 million tons [2]. - Capacity utilization rate of independent coking enterprises: 73.35%, down 0.22 percentage points; Tonnage coke profit of independent coking plants: - 46.00 yuan/ton, down 23.00 yuan/ton [2]. 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills: 83.84%, unchanged; Blast furnace iron - making capacity utilization rate of 247 steel mills: 90.85%, up 0.04 percentage points [2]. - Crude steel output: 8654.50 million tons, up 52.60 million tons [2]. 3.6 Industry News - The Monetary Policy Committee of the People's Bank of China held the second - quarter regular meeting in 2025, suggesting to increase the intensity of monetary policy regulation [2]. - Baoshan Iron & Steel Co., Ltd. obtained 49% of the equity of Magang Co., Ltd. through equity transfer and capital increase [2]. - The Zhejiang International Commodity Exchange was officially unveiled in Zhoushan City, realizing a leap - forward expansion from a single oil and gas variety to more categories of commodities [2]. - Trump suddenly stopped the trade dialogue with Canada and said he would set new tariff rates for Canadian goods in the next week [2].

Core Viewpoint - The article emphasizes the importance of safety in the aviation industry, highlighting the proactive measures taken by Xi'an Xianyang International Airport during the National Safety Production Month to enhance safety awareness and emergency response capabilities [1][20]. Group 1: Safety Initiatives - Xi'an Xianyang International Airport has launched a series of diverse emergency drills, safety promotions, and hazard inspections to strengthen its safety defense network [2][20]. - The airport's various departments have focused on key areas to enhance collaborative operational capabilities, conducting organized "safety drills" [2][20]. Group 2: Emergency Drills - The Mechanical and Electrical Support Department and the Security Department conducted emergency drills for boarding bridge malfunctions and smoke/fire incidents, improving response efficiency by 30% compared to previous drills [3][20]. - A large-scale fire drill was held at the No. 1 Energy Station, simulating an emergency evacuation and fire extinguishing scenario, effectively validating the emergency plan's feasibility [7][20]. - The airport has organized multiple joint emergency drills involving various departments to address complex emergency situations, such as emergency landings and severe weather conditions [13][20]. Group 3: Safety Knowledge Promotion - The airport has implemented a regular mechanism for safety knowledge promotion and hazard inspections, including comprehensive checks of airport facilities and equipment [16][20]. - Safety knowledge dissemination activities have been conducted for passengers, including safety knowledge bulletin boards and distribution of safety cards at boarding gates [16][20]. Group 4: Continuous Improvement - Xi'an Xianyang International Airport has established a robust safety management system and training framework, focusing on continuous improvement and knowledge transfer among employees [19][20]. - The airport plans to incorporate artificial intelligence technology for real-time analysis and early warning of safety operation data, aiming to enhance the intelligence level of safety management [20].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Both the short - term and medium - term views for both coking coal and coke are "oscillation", with an intraday view of "oscillation on the stronger side", and the overall reference view is an "oscillation approach" [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price and Performance**: On the night session of June 25, the main coking coal contract closed at 807.0 points, with a 2.02% increase during the night session. The latest quotation of Mongolian coal at the Ganqimao Port is 865.0 yuan/ton, unchanged week - on - week, and the equivalent futures warehouse receipt cost is about 834 yuan/ton [5]. - **Core Logic**: During the safety month, domestic coking coal production has shrunk due to safety inspections, environmental protection, and operational pressure, and the price inversion of imported coal has curbed imports, alleviating the pessimistic supply - side expectations. However, the geopolitical issue between Iran and Israel has temporarily subsided, and with the end of the safety month in June, there is an expectation of increased supply in July, so the main coking coal contract is expected to maintain a wide - range oscillation [5]. Coke (J) - **Price and Performance**: On the night session of June 25, the main coke contract closed at 1386.0 yuan/ton, with a 1.17% increase. The latest quotation of the flat - closing price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1220 yuan/ton, a 3.94% week - on - week decrease; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1150 yuan/ton, a 1.71% week - on - week decrease [6]. - **Core Logic**: As positive factors accumulate, the previously pessimistic market sentiment has changed, and the game between long and short positions has intensified, leading to a wide - range oscillation of coke futures at a low level. Although coking coal supply has shrunk in June, it is expected to recover after the safety month, and the long - term export of ferrous metal terminals still faces pressure. Therefore, the coke futures are expected to maintain a wide - range oscillation in June [6].

Group 1 - The article highlights the importance of safety awareness and emergency preparedness during the "Safety Production Month" in June, emphasizing various activities organized by local fire rescue departments to promote fire safety knowledge [1][8] - A comprehensive emergency drill was conducted at Nanjing Gulou Hospital, simulating a fire scenario in the ICU due to a lithium battery failure, focusing on the evacuation of critically ill patients [2][3] - The drill involved a structured response plan with three stages: initial response by nearby staff, rapid intervention by a quick response team, and coordinated support from additional forces [2][3] Group 2 - The provincial fire rescue team conducted a water rescue drill involving 865 personnel and over 100 rescue vehicles, testing their capabilities in complex water environments [4] - The drill included assessments of firefighters' knowledge of flood characteristics and emergency response techniques, as well as practical demonstrations of rescue equipment [4][5] - Physical fitness was emphasized, with participants undergoing swimming and first aid skill tests to ensure readiness for water rescue operations [5] Group 3 - Fire safety education was extended to rural areas through live broadcasts, where experts demonstrated the importance of machinery safety checks to prevent fire hazards during agricultural operations [7][8] - The theme for this year's "Safety Production Month" is "Everyone Talks Safety, Everyone Can Respond - Identify Safety Hazards Around Us," encouraging community involvement in identifying and addressing safety risks [8]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term and medium - term trends of both coking coal and coke 2509 are expected to be volatile, while the intraday trends are expected to be weakly volatile. The overall view for both is a volatile approach [1]. - For coking coal, geopolitical factors drive it to decline in a volatile manner. After the release of market sentiment, it will return to the fundamental logic. With the end of the safety production month in June, there is an expectation of increased supply in July, so it is expected to operate weakly and volatile in the near future [5]. - For coke, the market sentiment has changed with the accumulation of positive factors, and the long - short game has intensified, leading to a wide - range volatile operation at a low level. In the future, considering the supply of coking coal and terminal demand, the market in June is expected to be in a stalemate, and coke futures may maintain a wide - range volatile operation [6]. 3. Summaries by Related Catalogs 3.1 Coking Coal - **Price and Cost**: The latest quotation of Mongolian coking coal at the Ganqimao Port is 865.0 yuan/ton, with a flat week - on - week comparison, and the equivalent futures warehouse receipt cost is about 834 yuan/ton [5]. - **Supply**: During the safety month, domestic coking coal production has contracted due to safety inspections, environmental protection, and operating pressure. The price inversion of imported coal has also suppressed imports, but there is an expectation of increased supply in July after the end of the safety production month [5]. - **Market Influence**: Geopolitical issues such as the Israel - Iran situation have affected coking coal. After the cease - fire, the decline in crude oil futures has weakened coking coal futures [5]. 3.2 Coke - **Price**: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1220 yuan/ton, with a week - on - week decrease of 3.94%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1140 yuan/ton, with a week - on - week decrease of 2.56% [6]. - **Market Sentiment and Trend**: The accumulation of positive factors has changed the market sentiment, and the closing of some short positions has intensified the long - short game, resulting in a wide - range volatile operation at a low level. Considering coking coal supply and terminal demand, the market in June is expected to be in a stalemate [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The coke market is experiencing a shift in sentiment with the accumulation of positive factors, leading to intensified long - short competition and low - level wide - range oscillations. However, considering the potential recovery of coking coal supply after the safety month and long - term pressure on black metal terminal exports, the market is expected to be in a stalemate in June, and coke futures may continue to fluctuate widely [5][34]. - For coking coal, the supply has been affected by safety inspections, environmental protection, and operational pressures during the safety month, and the price inversion of imported coal has curbed imports, alleviating the pessimistic outlook on the fundamentals. But with the end of the safety month in June and the expected increase in supply in July, the market has mixed factors, and coking coal futures are also expected to fluctuate widely [6][35]. 3. Summary by Related Catalogs Industry News - The central bank will conduct 300 billion yuan of MLF operations on June 25, with a net investment of 118 billion yuan, which is the fourth consecutive month of increased operations. The mid - term liquidity net investment has exceeded 300 billion yuan this month. The market expects the subsequent monetary policy to remain moderately flexible and strengthen support for the real economy [8]. - On June 25, Mongolia's small TT company held an online auction for coking coal. The starting price of 1/3 coking raw coal was 63.5 US dollars per ton, down 1.5 US dollars from the previous period. All 102,400 tons on offer failed to sell. Since the beginning of the year, all 11 auctions have failed, with a total of 537,600 tons unsold [9]. Spot Market | Variety | Current Price | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port, quasi - first - grade, flat - price) | 1,220 yuan/ton | - 3.94% | - 8.96% | - 27.81% | - 40.20% | | Coke (Qingdao Port, quasi - first - grade, ex - warehouse) | 1,150 yuan/ton | - 1.71% | - 5.74% | - 29.01% | - 41.03% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 865 yuan/ton | 0.00% | - 5.98% | - 26.69% | - 45.94% | | Coking Coal (Jingtang Port, Australian coal) | 1,190 yuan/ton | - 1.65% | - 6.30% | - 20.13% | - 44.13% | | Coking Coal (Jingtang Port, Shanxi coal) | 1,250 yuan/ton | 0.00% | - 3.10% | - 18.30% | - 39.02% | [10] Futures Market | Futures | Active Contract | Closing Price | Daily Increase | High | Low | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1,387.5 yuan/ton | 1.46% | 1,396.5 yuan/ton | 1,345.5 yuan/ton | 34,007 | 4,246 | 51,275 | - 1,125 | | Coking Coal | - | 804.5 points | 0.75% | 805.0 points | 778.5 points | 839,404 | - 212,966 | 524,258 | - 9,292 | [14] Related Charts - The report provides multiple charts showing the inventory trends of coke and coking coal, including those of independent coking plants, steel mills, ports, and mines, as well as other related production and demand indicators such as Shanghai terminal wire rod procurement volume, domestic steel mill production, and coking plant production [15][22][28] Market Outlook - Coke: On June 25, the main coke contract closed at 1,387.5 yuan/ton, with a 1.46% increase. The open interest decreased by 1,125 lots. Spot prices in Rizhao and Qingdao ports declined week - on - week. The market is expected to maintain wide - range oscillations in June [5][34]. - Coking Coal: On June 25, the main coking coal contract closed at 804.5 points, with a 0.75% increase. The open interest decreased by 9,292 lots. The market has mixed factors, and with the expected increase in supply in July, it is also expected to fluctuate widely [6][35].