1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views 2.1. Daily Views on Coking Coal - The supply in the coking coal market is continuously in a loose state, with the production of main - producing area coal mines having returned to normal levels. The trading activity in the market has increased after the recent rapid rise in the futures market, but some quotes have followed the adjustment as the market fluctuates. The downstream demand is unstable, and the downstream coking and steel enterprises maintain a rational attitude towards raw material demand and procurement, mainly purchasing on - demand. The acceptance of high - priced coal by coking and steel enterprises is not high, and some coal types with relatively high prices continue to make up for the decline. It is expected that the coking coal price will be weakly stable in the short term [3][4]. 2.2. Daily Views on Coke - After the first round of coke price reduction, the profit of coking enterprises has further shrunk, and the overall profit - concession space is limited. The coking enterprises' willingness to increase production is not high, and they mostly maintain normal production. The inventory accumulation pressure of coking enterprises still exists, and the coke supply continues to be in a loose situation. Although there are still positive expectations in the macro - aspect due to the important domestic meetings, considering the slowdown of the terminal finished product inventory removal speed, the good performance of steel mills' raw material inventory, and the slow decline of raw coal prices, the cost support of coke is weakened. It is expected that coke will remain stable in the short term [7]. 3. Summaries According to Relevant Catalogs 3.1. Price - **Coking Coal**: On March 11 (17:30), the prices of imported coking coal from Russia and Australia at different ports are provided, with prices ranging from 1020 to 1650. For example, the price of Russian main coking coal K4 at Caofeidian Port is 1330, and the price of Australian main coking coal Gongyela at Caofeidian Port is 1650 [10]. - **Coke**: On March 11 (17:30), the port metallurgical coke price index shows that the prices of different grades of coke from Shanxi and Inner Mongolia at different ports range from 1370 to 1885. For example, the price of quasi - first - grade metallurgical coke from Shanxi at Rizhao Port is 1470, and the price of first - grade metallurgical coke from Shanxi at Rizhao Port (dry - quenched) is 1670 [11]. 3.2. Inventory - **Coking Coal**: The total sample inventory of coking coal is 1971 tons, including 820 tons in steel mills, 258 tons in ports, and 893 tons in independent coking enterprises, a decrease of 243 tons compared with last week [3]. - **Coke**: The total sample inventory of coke is 944 tons, including 689 tons in steel mills, 199 tons in ports, and 56 tons in independent coking enterprises, a decrease of 3 tons compared with last week [7]. 3.3. Specific Inventory Changes - **Port Inventory**: The coking coal port inventory is 258 tons, remaining the same as last week; the coke port inventory is 199 tons, a decrease of 6 tons compared with last week [21]. - **Independent Coking Enterprises Inventory**: The coking coal inventory of independent coking enterprises is 893 tons, a decrease of 225 tons compared with last week; the coke inventory is 56 tons, an increase of 12 tons compared with last week [25]. - **Steel Mill Inventory**: The coking coal inventory of steel mills is 820 tons, a decrease of 18 tons compared with last week; the coke inventory is 689 tons, a decrease of 9 tons compared with last week [30]. 3.4. Factors Affecting Prices - **Coking Coal** - **Positive Factors**: The increase in hot metal production and the difficulty in increasing supply [6]. - **Negative Factors**: The slowdown of raw coal procurement by coking and steel enterprises and the weak steel prices [6]. - **Coke** - **Positive Factors**: The increase in hot metal production and the synchronous increase in blast furnace operating rate [9]. - **Negative Factors**: The squeeze on steel mills' profit space and the partial over - consumption of restocking demand [9].

Report Industry Investment Rating - Not provided Core Viewpoints - **For Coking Coal**: Although the overall start - up of coking enterprises has recovered, they still face the pressure of inventory accumulation and falling coke prices, and maintain a cautious attitude towards coking coal procurement. With an important meeting approaching and downstream production restrictions, the release of coking coal demand is limited. It is expected that the coking coal price will run weakly and stably in the short term [3]. - **For Coke**: Affected by the off - season market and profit, steel mills' enthusiasm for coke procurement has declined, mainly on a demand - based basis, leading to inventory accumulation in some coking enterprises. After the festival, supply has recovered faster than demand, the contradiction between supply and demand of coke has become prominent, and the cost - side support for coke has gradually weakened. The market expectation of price reduction has further increased. It is expected that coke will run weakly and stably in the short term [8]. Summary by Directory Coking Coal - **Fundamentals**: Coal mines in production areas are gradually resuming production, and coking coal supply is increasing. However, coking and steel enterprises maintain a low - inventory strategy, mainly purchasing coking coal as needed. After the festival, the market trading atmosphere is somewhat cold, and the trading sentiment is also cautious. The online auction market performs averagely, and the non - sale rate of some coal types has increased, with the transaction price continuing to decline from the pre - festival high [4]. - **Basis**: The spot market price is 1180, and the basis is 53, with the spot at a premium to the futures [4]. - **Inventory**: Steel mill inventory is 820,000 tons, port inventory is 2.58 million tons, and independent coking enterprise inventory is 8.93 million tons. The total sample inventory is 19.71 million tons, a decrease of 2.43 million tons compared with last week [3]. - **Market**: The 20 - day line is downward, and the price is above the 20 - day line [4]. - **Main Force Position**: The main force of coking coal is net long, and the long position increases [4]. - **Positive Factors**: Iron and steel production increases, and supply is difficult to increase [6]. - **Negative Factors**: Coking and steel enterprises slow down the procurement of raw coal, and steel prices are weak [6]. Coke - **Fundamentals**: Recently, the prices of some raw coal types have fluctuated downward, the cost of coking coal for coking enterprises has decreased, and profits have been repaired. The overall start - up level is okay, but affected by the decline in downstream procurement enthusiasm, coking enterprises face certain inventory - reduction pressure. At the same time, as the price of the coking coal auction market has declined, the support of the raw material end for the coke spot price has weakened [8]. - **Basis**: The spot market price is 1620, and the basis is - 74, with the spot at a discount to the futures [8]. - **Inventory**: Steel mill inventory is 689,000 tons, port inventory is 199,000 tons, and independent coking enterprise inventory is 56,000 tons. The total sample inventory is 944,000 tons, a decrease of 3,000 tons compared with last week [8]. - **Market**: The 20 - day line is downward, and the price is above the 20 - day line [8]. - **Main Force Position**: The main force of coke is net long, and the long position decreases [8]. - **Positive Factors**: Iron and steel production increases, and the blast furnace start - up rate rises simultaneously [10]. - **Negative Factors**: The profit space of steel mills is squeezed, and the restocking demand has been partially overdrawn [10]. Inventory Details - **Port Inventory**: Coking coal port inventory is 2.58 million tons, unchanged from last week; coke port inventory is 199,000 tons, a decrease of 6,000 tons compared with last week [22]. - **Independent Coking Enterprise Inventory**: Independent coking enterprise coking coal inventory is 8.93 million tons, a decrease of 2.25 million tons compared with last week; coke inventory is 56,000 tons, an increase of 12,000 tons compared with last week [26]. - **Steel Mill Inventory**: Steel mill coking coal inventory is 820,000 tons, a decrease of 18,000 tons compared with last week; coke inventory is 689,000 tons, a decrease of 9,000 tons compared with last week [31].

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Coking Coal**: The supply of coking coal is steadily increasing as state - owned and private coal mines have resumed production. However, downstream coke enterprises' procurement rhythm has not kept up, with weak procurement enthusiasm due to existing inventories. The spot market is sluggish, and prices are under pressure. The overall inventory has decreased, but the price is expected to be weakly stable in the short term [2]. - **Coke**: Coke enterprises' average profit per ton has returned to near the break - even point, and most maintain normal production. But due to some steel mills controlling arrivals and speculators leaving the market, the inventory in coke enterprises has increased. With the possible decline of coking coal prices and steel mills' pursuit of cost reduction, the cost support for coke is weakening, and the price is also expected to be weakly stable in the short term [5]. 3. Summary by Relevant Catalogs Price - The report provides the spot price quotes of imported Russian and Australian coking coal on February 28, 2026, including different varieties and ports, such as the price of Russian K4 main coking coal at Caofeidian Port and Jingtang Port is 1320 [9]. Coking Coal Spread No specific information about coking coal spread is provided. Coke Spread No specific information about coke spread is provided. Port Inventory - Coking coal port inventory is 258 million tons, unchanged from last week; coke port inventory is 199 million tons, a decrease of 6 million tons from last week [20]. Independent Coke Enterprise Inventory - Independent coke enterprises' coking coal inventory is 893 million tons, a decrease of 225 million tons from last week; coke inventory is 56 million tons, an increase of 12 million tons from last week [24]. Steel Mill Inventory - Steel mills' coking coal inventory is 820 million tons, a decrease of 18 million tons from last week; coke inventory is 689 million tons, a decrease of 9 million tons from last week [29]. Coke Oven Capacity Utilization No specific information about coke oven capacity utilization is provided. Average Profit per Ton of Coke No specific information about average profit per ton of coke is provided. Daily Coke Production No specific information about daily coke production is provided. Monthly Coke Production No specific information about monthly coke production is provided. Blast Furnace Operating Rate No specific information about blast furnace operating rate is provided. Hot Metal Production No specific information about hot metal production is provided.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Jiaomei**: With the approaching Spring Festival, the supply of coking coal has decreased, and coal mines are reluctant to lower prices. However, downstream procurement sentiment is weak, and the price fluctuation is small. The market is in a wait - and - see state. The current basis indicates a premium of the spot price over the futures price. The total inventory has decreased compared to last week. The 20 - day line is upward, and the price is above it. The main position has changed from net short to net long. Considering that some steel mills have slightly limited production and some coking enterprises have completed winter storage, the demand for coking coal is expected to remain stable in the short term [2][3]. - **Jiaotan**: The coking coal auction market has improved, and most coking enterprises are in normal production. But downstream procurement enthusiasm is weak, and coking enterprises' inventory pressure is increasing. The current basis indicates a discount of the spot price to the futures price. The total inventory has decreased compared to last week. The 20 - day line is upward, and the price is above it. The main position has increased net long positions. As some steel mills have completed inventory replenishment and the steel market is unlikely to improve before the Spring Festival, the price of coke is expected to remain stable in the short term [6][7]. 3. Summary by Relevant Catalogs **Jiaomei** - **Fundamentals**: As the Spring Festival approaches, the supply of coking coal in the main production areas has decreased, and coal mines are reluctant to lower prices. However, downstream procurement sentiment is poor, and the price adjustment is small, with a wait - and - see market attitude [2]. - **Basis**: The spot market price is 1230, and the basis is 21, indicating that the spot price has a premium over the futures price [2]. - **Inventory**: The total sample inventory of steel mills, ports, and independent coking enterprises is 1957 tons, a decrease of 21 tons compared to last week. Among them, the port inventory is 295 tons, a decrease of 0.1 tons compared to last week; the independent coking enterprise inventory is 819.3 tons, a decrease of 69.2 tons compared to last week; the steel mill inventory is 803.8 tons, an increase of 4.3 tons compared to last week [2][19][23][28]. - **Market**: The 20 - day line is upward, and the price is above it. The main position has changed from net short to net long [2][3]. - **Expectation**: Due to some steel mills' limited production and some coking enterprises' completed winter storage, the demand for coking coal is expected to remain stable in the short term [2]. - **Factors**: Positive factors include rising hot metal production and limited supply growth; negative factors include the slowdown of raw coal procurement by coking and steel enterprises and weak steel prices [5]. **Jiaotan** - **Fundamentals**: The coking coal auction market has improved, and most coking enterprises are in normal production. But downstream procurement enthusiasm is weak, coking enterprises' inventory pressure is increasing, and the supply is slightly loose [6]. - **Basis**: The spot market price is 1630, and the basis is - 140, indicating that the spot price has a discount to the futures price [6]. - **Inventory**: The total sample inventory of steel mills, ports, and independent coking enterprises is 858 tons, a decrease of 1 ton compared to last week. Among them, the port inventory is 195.1 tons, an increase of 1 ton compared to last week; the independent coking enterprise inventory is 42.5 tons, an increase of 3.5 tons compared to last week; the steel mill inventory is 626.7 tons, a decrease of 13.3 tons compared to last week [6][19][23][28]. - **Market**: The 20 - day line is upward, and the price is above it. The main position has increased net long positions [6][7]. - **Expectation**: As some steel mills have completed inventory replenishment and the steel market is unlikely to improve before the Spring Festival, the price of coke is expected to remain stable in the short term [6]. - **Factors**: Positive factors include rising hot metal production and increasing blast furnace operating rate; negative factors include squeezed steel mill profit margins and partially over - drawn inventory replenishment demand [9]. **Other Data** - **Washing Plant**: No detailed data analysis provided for washing plant raw coal inventory, refined coal inventory, and refined coal production. - **Coke Oven**: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [41]. - **Profit**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [45]. - **Production**: No detailed analysis provided for daily and monthly coke production, blast furnace operating rate, and hot metal production. **Price** - **Imported Coking Coal**: The report provides the spot price quotes of imported Russian and Australian coking coal on February 4, 2026, including the prices and price changes of different varieties and brands at different ports [10].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - **Coking Coal**: The main - producing area coal mines are gradually resuming production, with a loose production expectation. Market activity has slightly recovered, and some coal prices have stopped falling and stabilized, with a slight upward - probing expectation for some mines. The short - term coking coal price is expected to remain stable. Although the profit of coking enterprises has declined, their production enthusiasm remains high, and there is still a certain rigid demand for raw material replenishment and winter storage [2]. - **Coke**: Driven by multiple positive factors, the futures market has continued to rebound. The supply - demand pattern of coke has gradually improved, and the cost support is expected to strengthen. The short - term coke price is expected to remain stable [5]. 3) Summary by Relevant Catalogs Daily Viewpoints - **Coking Coal** - **Fundamentals**: Main - producing area coal mines are resuming production, market inquiries have increased, and some speculative demands have emerged. Coal mines are less willing to cut prices further, and some coal prices have stopped falling [2]. - **Basis**: The spot market price is 1200, and the basis is 4.5, with the spot at a premium to the futures [2]. - **Inventory**: The total sample inventory is 1957 tons, a decrease of 21 tons from last week [2]. - **Disk**: The 20 - day line is upward, and the price is above the 20 - day line [2]. - **Main Position**: The main position of coking coal is net long, with a decrease in long positions [2]. - **Expectation**: With the end of environmental protection and maintenance, some steel mills are resuming production, and the coking enterprises' demand for raw material replenishment and winter storage remains. The short - term price is expected to be stable [2]. - **Coke** - **Fundamentals**: Coke enterprises' shipment is good, steel mills' procurement enthusiasm has increased, and the inventory has decreased. The cost support has strengthened due to the stop - falling of some coal prices [6]. - **Basis**: The spot market price is 1630, and the basis is - 118, with the spot at a discount to the futures [6]. - **Inventory**: The total sample inventory is 858 tons, a decrease of 1 ton from last week [6]. - **Disk**: The 20 - day line is upward, and the price is above the 20 - day line [6]. - **Main Position**: The main position of coke is net long, with a decrease in long positions [6]. - **Expectation**: Driven by multiple positive factors, the futures market has rebounded, and the supply - demand pattern has improved. The short - term price is expected to be stable [5]. Influencing Factors - **Coking Coal** - **Positive**: Iron - water production has increased, and supply is difficult to increase [4]. - **Negative**: Coking and steel enterprises have slowed down the procurement of raw coal, and steel prices are weak [4]. - **Coke** - **Positive**: Iron - water production and blast - furnace operating rate have increased [8]. - **Negative**: Steel mills' profit margins are squeezed, and the replenishment demand has been partially overdrawn [8]. Price The report provides the port metallurgical coke price index on January 9th (17:30), including prices of different grades of metallurgical coke from different origins at various ports [10]. Inventory - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [18]. - **Independent Coking Enterprises Inventory**: Coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [22]. - **Steel Mills Inventory**: Coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [27]. Other Data - **Coking Oven Capacity Utilization**: The capacity utilization of 230 independent coking enterprises in the country is 74.48% [40]. - **Average Profit per Ton of Coke**: The average profit per ton of coke of 30 independent coking plants in the country is 25 yuan [44].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - **Coking Coal**: The supply of coking coal is slightly tight but relatively stable, with some coal prices rising slightly. However, due to the terminal's rigid - demand purchasing and the pessimistic sentiment of coke price cuts, the coking coal price is under pressure. Considering the steel mills' losses, production cuts, and the expected decline of coke prices, the coking coal price is expected to be weak in the short term [2]. - **Coke**: The decline of raw coal prices has led to a decrease in coke producers' profits, and some coke producers have limited production due to environmental controls. But the overall coke supply is still loose. With the steel mills' cautious procurement and the continuous decline of raw coal prices, the third round of coke price cuts is about to be implemented, and the coke market is expected to be weak in the short term [7]. 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints Coking Coal - **Fundamentals**: The resumption of production of coal mines is slow, supply is slightly tight and stable. Market sentiment has improved slightly, but the terminal is mainly for rigid - demand procurement, and the price is under pressure; bearish [2]. - **Basis**: The spot price is 1140, with a basis of 32, and the spot is at a premium to the futures; bullish [2]. - **Inventory**: The total sample inventory is 1957 tons, a decrease of 21 tons from last week; bullish [2]. - **Market**: The 20 - day line is upward, and the price is above the 20 - day line; bullish [3]. - **Main Position**: The main net position of coking coal is short, and the short position is increasing; bearish [3]. - **Expectation**: The coking coal price is expected to be weak in the short term [2]. Coke - **Fundamentals**: The decline of raw coal prices has reduced coke producers' profits, and some have limited production. But the supply is still loose, and the steel mills are controlling inventory; bearish [7]. - **Basis**: The spot price is 1630, with a basis of - 110, and the spot is at a discount to the futures; bearish [7]. - **Inventory**: The total sample inventory is 858 tons, a decrease of 1 ton from last week; bullish [7]. - **Market**: The 20 - day line is downward, and the price is above the 20 - day line; neutral [7]. - **Main Position**: The main net position of coke is long, and the long position is increasing; bullish [7]. - **Expectation**: The coke market is expected to be weak in the short term [7]. 3.2 Factors Affecting Prices Coking Coal - **Bullish Factors**: Rising hot metal production and difficult - to - increase supply [5]. - **Bearish Factors**: Slowing procurement of raw coal by coke and steel enterprises and weak steel prices [5]. Coke - **Bullish Factors**: Rising hot metal production and synchronous increase in blast furnace operating rate [9]. - **Bearish Factors**: Squeezed profit margins of steel mills and partial overdraft of replenishment demand [9]. 3.3 Price Information - **Port Metallurgical Coke Price Index (December 19, 17:30)**: The prices of different grades and types of metallurgical coke from various ports and regions are provided, with most prices remaining unchanged [10]. - **Imported Coking Coal Spot Price (December 19, 17:30)**: The prices of imported coking coal from Russia and Australia at different ports are provided, with some prices showing changes [11]. 3.4 Inventory Information - **Port Inventory**: The coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; the coke port inventory is 195.1 tons, an increase of 1 ton from last week [19]. - **Independent Coke Producer Inventory**: The coking coal inventory of independent coke producers is 819.3 tons, a decrease of 69.2 tons from last week; the coke inventory is 42.5 tons, an increase of 3.5 tons from last week [23]. - **Steel Mill Inventory**: The coking coal inventory of steel mills is 803.8 tons, an increase of 4.3 tons from last week; the coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [28]. 3.5 Other Information - **Capacity Utilization Rate of Coke Ovens**: The capacity utilization rate of 230 independent coke producers nationwide is 74.48% [41]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [45].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The overall supply of coking coal remains tight, but there is a certain shipment pressure on coal mines, and the market sentiment continues to cool down. It is expected that the coking coal price may run weakly in the short term [2]. - After the first - round price cut of coke, the supply has increased significantly. However, affected by factors such as the wait - and - see attitude of traders and the weakening of steel mills' purchasing enthusiasm, the coke market is expected to run weakly in the short term [5]. 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints 3.1.1 Coking Coal - Fundamental: The resumption of production of coal mines is slow, supply is limited, but there are shipment problems, and the prices of many coal enterprises have been lowered [2]. - Basis: Spot price is 1190, basis is 6, and the spot is at a premium to the futures [2]. - Inventory: The total sample inventory is 1957 tons, 21 tons less than last week [2]. - Disk: The 20 - day line is downward, and the price is below the 20 - day line [2]. - Main position: The main position of coking coal is net short, and short positions are increasing [2]. - Expectation: Coking enterprises and steel mills have poor profits, and the coking coal price has a downward space [2]. 3.1.2 Coke - Fundamental: After the first - round price cut, coke supply has increased, but some coking enterprises have inventory pressure [5]. - Basis: Spot price is 1610, basis is - 41.5, and the spot is at a discount to the futures [5]. - Inventory: The total sample inventory is 858 tons, 1 ton less than last week [5]. - Disk: The 20 - day line is downward, and the price is below the 20 - day line [5]. - Main position: The main position of coke is net short, and short positions are increasing [5]. - Expectation: Coke production is stable with a slight increase, but steel mills' demand is decreasing, and the cost support is weakening [5]. 3.2 Factors Affecting Prices 3.2.1 Coking Coal - Bullish factors: Rising hot metal production, difficult supply increase [4]. - Bearish factors: Slowdown in raw coal procurement by coking and steel enterprises, weak steel prices [4]. 3.2.2 Coke - Bullish factors: Rising hot metal production, synchronous increase in blast furnace operating rate [7]. - Bearish factors: Squeezed profit margins of steel mills, partial overdraft of replenishment demand [7]. 3.3 Inventory Data - Port inventory: Coking coal port inventory is 295 tons, 0.1 tons less than last week; coke port inventory is 195.1 tons, 1 ton more than last week [17]. - Independent coking enterprise inventory: Coking coal inventory is 819.3 tons, 69.2 tons less than last week; coke inventory is 42.5 tons, 3.5 tons more than last week [21]. - Steel mill inventory: Coking coal inventory is 803.8 tons, 4.3 tons more than last week; coke inventory is 626.7 tons, 13.3 tons less than last week [26]. 3.4 Other Data - Coke oven capacity utilization rate: The capacity utilization rate of 230 independent coking enterprises nationwide is 74.48% [39]. - Average profit per ton of coke: The average profit per ton of coke of 30 independent coking plants nationwide is 25 yuan [43].

Report Industry Investment Rating - Not provided in the content Core Views - **Coking Coal**: Downstream coking and steel enterprises have low inventories and stable demand, with high pig iron production and limited motivation for steel mills to cut production. However, due to the large increase in coal prices and pressure on profits, coking enterprises have limited room to increase production, and some have slightly reduced production, affecting the release of raw material coal demand. It is expected that coking coal prices will remain stable in the short term [2]. - **Coke**: Coking enterprises are facing profit pressure and are restricted by environmental protection policies, so their short - term production is on a downward trend. Downstream steel mills have a relatively high daily average pig iron production and still have some restocking needs. Some steel mills affected by environmental protection restrictions will soon lift the restrictions, and the subsequent procurement demand of steel mills is expected to pick up. Coupled with the strong support of coking coal prices at the raw material end, it is expected that coke prices will remain stable in the short term [7]. Summary by Relevant Catalogs Coking Coal - **Fundamentals**: The current supply in the producing areas has not increased significantly, and coal mines are strongly willing to hold prices. Coking and steel enterprises have low raw material inventories and still have restocking needs. The third round of coke price increases has started, driving up the quotes of many coal types. Online auctions have performed well with a high transaction rate. Considering the continuous tight supply of coal mines and the active transportation by downstream users, the overall market supply is still tight, and coal enterprises are still bullish on the future market [3]. - **Basis**: The spot market price is 1,390, and the basis is 104. The spot price is at a premium to the futures price [3]. - **Inventory**: Steel mill inventory is 781.1 tons, port inventory is 295 tons, and independent coking enterprise inventory is 819.3 tons. The total sample inventory is 1,895.4 tons, a decrease of 76.2 tons from last week [3]. - **Disk**: The 20 - day moving average is upward, and the price is above the 20 - day moving average [3]. - **Main Position**: The main position of coking coal is net long, but the long position has decreased [3]. - **Positive Factors**: Pig iron production has increased, and it is difficult for supply to increase [5]. - **Negative Factors**: Coking and steel enterprises have slowed down their procurement of raw material coal, and steel prices are weak [5]. Coke - **Fundamentals**: After two consecutive rounds of coke price increases, the loss situation of coking enterprises has improved. However, due to the continuous rise in raw material coal prices, the production increase space of coking enterprises is restricted, and the coking enterprise production level remains low, with the coke supply continuing to be tight [8]. - **Basis**: The spot market price is 1,710, and the basis is - 67. The spot price is at a discount to the futures price [8]. - **Inventory**: Steel mill inventory is 650.8 tons, port inventory is 195.1 tons, and independent coking enterprise inventory is 42.5 tons. The total sample inventory is 888.4 tons, a decrease of 8.1 tons from last week [8]. - **Disk**: The 20 - day moving average is upward, and the price is above the 20 - day moving average [8]. - **Main Position**: The main position of coke is net short, and the short position has increased [8]. - **Positive Factors**: Pig iron production has increased, and the blast furnace operating rate has increased simultaneously [10]. - **Negative Factors**: The profit margin of steel mills has been squeezed, and part of the restocking demand has been overdrawn [10]. Inventory - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week. Coke port inventory is 195.1 tons, an increase of 1 ton from last week [20]. - **Independent Coking Enterprise Inventory**: Independent coking enterprises' coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week. Coke inventory is 42.5 tons, an increase of 3.5 tons from last week [24]. - **Steel Mill Inventory**: Steel mills' coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week. Coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [29]. Other Data - **Coking Oven Capacity Utilization Rate**: The capacity utilization rate of 230 independent coking enterprise samples nationwide is 74.48% [42]. - **Average Profit per Ton of Coke**: The average profit per ton of coke for 30 independent coking plants nationwide is 25 yuan [46].

Market Analysis - The A-share market is experiencing a volatile and differentiated trend, with the ChiNext index showing strong performance, rising 1.58% to 3235.76 points, while the Shanghai Composite Index slightly declined by 0.01% to 3853.30 points [3][5] - The market's trading volume remains active, with a total turnover of 2.39 trillion yuan, indicating sustained trading sentiment despite the upcoming holidays [3][5] - The technology sector is expected to remain a core focus for the market, with structural opportunities to be seized during the current policy vacuum [3][5] Stock Market Insights - The market is characterized by structural differentiation, with 1,474 stocks rising and 3,875 falling, highlighting the strength of the technology growth sector [5] - Contemporary market dynamics show that Ningde Times has surpassed Kweichow Moutai in market capitalization, closing at 1,806.6 billion yuan, while Kweichow Moutai stands at 1,802 billion yuan [5] - The technology sector, including server, semiconductor, and copper industries, is leading the market, while cyclical sectors like home appliances and coal are underperforming [5] Bond Market Overview - The bond market is maintaining a weak trend, with significant differentiation among various maturity contracts [6][11] - The 30-year bond contract saw a slight increase of 0.11% after hitting a new low, while shorter-term contracts experienced declines [11] - The market is currently facing short-term pressures, with no interest rate cuts expected in the near term, leading to a cautious market sentiment [11] Commodity Market Trends - The commodity market is witnessing a strong performance in industrial products, particularly copper, which surged by 3.40% to reach a new high [7][11] - The rise in copper prices is attributed to supply disruptions caused by a landslide at the Grasberg mine, leading to concerns over supply shortages [11] - Precious metals are experiencing a strong upward trend due to expectations of a new round of interest rate cuts by the Federal Reserve and geopolitical uncertainties [10][11] Investment Strategy Insights - The report suggests a shift in market style from "technology-led" to "balanced allocation," with strong performance expected from specific segments within the technology sector and dividend stocks [12] - In the long term, the report remains optimistic about the A-share market, driven by global liquidity from the Fed's interest rate cuts and domestic economic recovery [12] - The report highlights the potential for long-term investments in precious and non-ferrous metals due to easing global liquidity [12]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The A-share market is expected to enter a high-level oscillation phase, waiting for a direction decision. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - The bond market sentiment is expected to continue to stabilize, and it is advisable to lightly test long positions on bond futures during pullbacks [2]. - Gold is oscillating strongly, and it is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. - The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, coking coal, coke, etc., it is recommended to go long at low prices [2]. - For non-ferrous metals, copper is expected to see inventory depletion near the peak season, and it is recommended to refer to the price range. For other non-ferrous metals, different trading strategies are given according to their respective fundamentals [2]. - In the energy and chemical sector, different trading strategies are provided for each variety based on their supply and demand, cost, and other factors [2]. - In the agricultural products sector, different trading strategies are recommended for each variety according to their market conditions [2]. - For special commodities, trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - In the new energy sector, it is recommended to wait and see for polysilicon and lithium carbonate [2]. 3. Summary by Relevant Catalogs Financial Sector - **Stock Index Futures**: A-share market is expected to enter high-level oscillation. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - **Bond Futures**: Bond market sentiment is expected to continue to stabilize. It is advisable to lightly test long positions on bond futures during pullbacks [2]. - **Precious Metals**: Gold is oscillating strongly. It is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. Commodity Sector - **Shipping Index**: The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - **Steel and Iron Ore**: For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, it is recommended to go long at low prices in the range of 770 - 820 [2]. - **Coking Coal and Coke**: Due to a sudden mine accident and partial coal mine shutdowns, coking coal futures are expected to rebound. It is recommended to go long at low prices. Coke is also recommended to go long at low prices as the coking profit continues to repair [2]. - **Non-Ferrous Metals**: Copper is expected to see inventory depletion near the peak season. Different trading strategies are given for other non-ferrous metals according to their fundamentals [2]. - **Energy and Chemicals**: Different trading strategies are provided for each variety based on their supply and demand, cost, and other factors, such as going long, shorting, or waiting and seeing [2]. - **Agricultural Products**: Different trading strategies are recommended for each variety according to their market conditions, such as going long, shorting, or waiting and seeing [2]. - **Special Commodities**: Trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - **New Energy**: It is recommended to wait and see for polysilicon and lithium carbonate [2].