1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The coal and coke market is expected to maintain a relatively strong and volatile trend in the short - term, with strong supply - demand fundamentals and positive domestic macro - expectations [3][4]. 3. Summary According to Relevant Catalogs 3.1 Coal and Coke Weekly Viewpoint - **Supply**: After the parade, domestic upstream production quickly recovered, and the customs clearance volume at the Mongolian coal ports of Ganqimaodu and Ceke remained high. The actual supply has changed little in the past week, but the supply - side intervention expectations are fluctuating due to policy news, causing significant fluctuations in futures prices [3]. - **Demand**: Pre - holiday restocking of raw materials has begun, and the current spot demand support is relatively strong [4]. - **Macro**: Overseas interest rate cuts were announced as expected, and the market had already priced in this factor, so the impact was limited after the announcement. Domestic macro - expectations remain strong, providing some support for the valuation of the black - metal sector [4]. 3.2 Coal and Coke Fundamental Data Changes | Fundamental Changes | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal: 876.6 (+4.08); FW clean coal: 451.95 (+1.38) | Independent coking plants' daily average: 66.34 (-0.38); Steel mills and coking enterprises' daily average: 46.44 (-0.21) | | Demand | Hot metal production: 242.36 (+1.34) | Hot metal production: 242.36 (+1.34) | | Inventory | MS total inventory + 14.6; Mine raw coal - 11.3; Mine clean coal - 21.8; Independent coking + 58.7; Steel mill coking + 5.7; Port - 16.7; FW port + 19.1 | MS total inventory + 5.2; Independent coking - 8.0; Steel mill + 16.6; Port - 3.4 | | Profit | Commodity coal: 452 (+31) | Average profit of coking enterprises: - 34 (-17) | | Warehouse Receipt | Mongolian 5 coal in Tangshan: 1185 | Rizhao quasi - first - grade coke: 1589 | [6] 3.3 Coking Coal Fundamental Data - **Supply** - **Weekly**: Data on 523 sample mine开工率, FW raw coal and clean coal production are presented, showing production trends over different years [9][11][13]. - **Monthly**: Data on coking bituminous coal and coking clean coal production are provided, showing monthly production trends from 2019 - 2025 [15]. - **Mongolian coal customs clearance**: Data on the customs clearance volume of Mongolian coal at Ganqimaodu, Mandula, Ceke ports and the total of the three ports are presented, showing trends from 2021 - 2025 [17][20][21][23]. - **Inventory** - **Pit - mouth**: This week, the inventory of raw coal in sample mines decreased by 23.63 tons to 162.33 tons, and the inventory of clean coal decreased by 10.01 tons to 104.68 tons [28]. - **Port**: This week, the coking coal port inventory was 265.49 tons, a week - on - week decrease of 16.7 tons [30]. - **Coking plant**: Data on the inventory and available days of coking coal in independent coking plants and their regional and capacity - based breakdowns are presented [33][35][37]. - **Steel mill**: Data on the inventory and available days of coking coal in 247 steel enterprises and their regional breakdowns are presented [38]. 3.4 Coke Fundamental Data - **Supply** - **Capacity utilization**: Data on the capacity utilization of independent coking plants (including different capacity levels and regions) and 247 steel enterprises are presented [41][43]. - **Production**: Data on the daily production of independent coking plants and 247 steel enterprises are presented, showing trends over different years [45][47]. - **Inventory** - **Coking plant**: Data on the inventory of independent coking plants are presented, showing trends over different years [49]. - **Steel mill**: Data on the inventory, average available days, regional absolute inventory, and regional available days of 247 steel enterprises are presented [50][53][54]. - **Total sample**: Data on the total coke inventory are presented, showing trends from 2019 - 2025 [56]. - **Demand**: Data on the daily production of hot metal in 247 steel enterprises and the supply - demand difference of coke are presented [58][59]. - **Profit**: Data on the ton - coke futures (main - contract) profit and the average profit per ton of independent coking enterprises are presented [62][63]. 3.5 Coal and Coke Futures and Spot Prices - **Coking coal futures**: The closing prices, price changes, trading volumes, and open interests of coking coal 2601 and 2605 futures contracts from September 19 - 26, 2025 are presented, along with the coking coal index closing price [66]. - **Coke futures**: The closing prices, price changes, trading volumes, and open interests of coke 2601 and 2605 futures contracts from September 19 - 26, 2025 are presented, along with the coke index closing price [68]. - **Coal and coke monthly spread**: Data on the spread between JM2601 - JM2605 and J2601 - J2605 are presented [71]. - **Coal and coke spot**: Data on the car - board prices of different types of coking coal and the prices of different grades of metallurgical coke are presented [74]. - **Coal and coke basis**: The futures price may weaken due to macro - sentiment and policy news, and the basis has increased month - on - month [77].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The fundamentals of coal and coke still provide support, and they are expected to fluctuate strongly. The pre - holiday restocking of raw materials has begun, and the current spot demand support is relatively strong. From a fundamental perspective, both supply and demand are marginally strong, and strong domestic expectations at the macro - level also provide support. Therefore, short - term valuations are likely to continue to fluctuate strongly [3][4][5] 3. Summary According to Relevant Catalogs 3.1 Coal and Coke Fundamental Data Changes - **Supply**: FW raw coal is 872.52 (+11.45), FW clean coal is 450.57 (+8.12); independent coking plants have a daily average of 66.72 (-0.04), and steel mills and coking enterprises have a daily average of 46.65 (+0.05) [7] - **Demand**: The hot metal output is 241.02 (+0.47) [7] - **Inventory**: MS total coal inventory increases by 39.6, mine raw coal decreases by 3.2, mine clean coal decreases by 21.7, independent coking increases by 56.9, steel mill coking decreases by 3.4, port increases by 11.1, and FW port increases by 3.7; MS total coke inventory increases by 8.9, steel mills increase by 11.4, independent coking decreases by 1.4, and ports decrease by 1.0 [7] - **Profit**: The profit of commercial coal is 421 (+17), and the average profit of coking enterprises is - 17 (-52) [7] - **Warehouse Receipt**: The warehouse receipt of Meng 5 in Tangshan is 1140, and the warehouse receipt of Rizhao quasi - first - grade coke is 1568 [7] 3.2 Coking Coal Fundamental Data 3.2.1 Supply - **Weekly**: Data on 523 sample mine开工率, FW raw coal output, 523 sample mine daily average clean coal output, and FW clean coal output are presented in graphs [10][12][14] - **Monthly**: Data on coking bituminous coal output and coking clean coal output are presented in graphs [16] - **Mongolian Coal Customs Clearance**: Data on the customs clearance volume of Mongolian coal at Ganqimaodu, Mandula, and Ceke ports and the total customs clearance volume of the three ports are presented in graphs [18][20][21] 3.2.2 Inventory - **Pit - mouth**: This week, the raw coal inventory of sample coal mines decreased by 13.81 tons week - on - week to 185.96 tons, and the clean coal inventory decreased by 10.27 tons week - on - week to 114.96 tons [28] - **Port**: This week, the coking coal port inventory was 282.19 tons, an increase of 11.08 tons week - on - week [30] - **Coking Plant**: Data on coking coal inventory and available days of independent coking enterprises, and regional and capacity - segmented inventory and available days are presented in graphs [33][35][37] - **Steel Mill**: Data on coking coal inventory and available days of 247 steel enterprises and their segmented regional data are presented in graphs [38] 3.3 Coke Fundamental Data 3.3.1 Supply - **Capacity Utilization**: Data on the capacity utilization of independent coking enterprises and steel enterprises are presented in graphs [41][43] - **Output**: Data on the daily average output of independent coking plants and steel enterprises are presented in graphs [45][47] 3.3.2 Inventory - **Coking Plant**: Data on the inventory of independent coking enterprises are presented in graphs [49] - **Steel Mill**: Data on the inventory, average available days, regional absolute inventory, and regional available days of steel mills are presented in graphs [50][52][53] - **Full - sample Summary**: Data on the total coke inventory and inventory of the full - sample are presented in graphs [55] 3.3.3 Demand - Data on the supply - demand gap between coke, daily average supply, daily average demand, and the daily average output of hot metal of 247 steel enterprises are presented in graphs [57] 3.3.4 Profit - Data on the profit of coke futures contracts, average profit per ton of independent coking enterprises, and the price of metallurgical coke are presented in graphs [61][62] 3.4 Coal and Coke Futures and Spot Prices 3.4.1 Coking Coal Futures - Futures quotes of coking coal 2601 and coking coal 2605, including closing price, change, trading volume, and open interest, are provided [65] 3.4.2 Coke Futures - Futures quotes of coke 2601 and coke 2605, including closing price, change, trading volume, and open interest, are provided [67] 3.4.3 Coal and Coke Monthly Spread - Data on the monthly spread of JM2601 - JM2605 and J2601 - J2605 are presented in graphs [70] 3.4.4 Coal and Coke Spot - Spot prices of different types of coking coal and coke are presented in graphs [73] 3.4.5 Coal and Coke Basis - The basis has weakened as the futures price has strengthened with expectations [76]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Although the supply at the uppermost end has marginally eased and there is some coking coal inventory accumulation in certain segments, the overall fundamental level of coking coal remains moderately tight. Coupled with the upward - repaired profit of coke, the relatively high output of downstream hot metal, and the relatively high - pitched macro - level expectations, the short - term deep decline space for coal - coke prices is limited [6] 3. Summary According to Relevant Catalogs 3.1 Coal - Coke Weekly Outlook 3.1.1 Supply - The marginal decline in upstream raw coal production has narrowed. Fenwei's raw coal production decreased by 2310 tons week - on - week to 8.5664 million tons. In terms of imported Mongolian coal, the traffic volume at the three major ports remains at a high level compared to the same period in recent years [3] 3.1.2 Demand - The downstream and speculative sectors continue to adopt a cautious attitude. This week, the online auction failure rate has further increased, and the quotes of some high - priced resources have been successively lowered. However, the hot metal output still remains at a relatively high level, and the coking profit has been repaired after six rounds of price increases [4] 3.1.3 Macro - News of additional anti - dumping duties on steel products (from Japan and South Korea) and tariffs (from the United States on steel and aluminum) has impacted the future downstream export demand expectations [5] 3.2 Coal - Coke Fundamental Data Changes | Fundamental Changes | Coking Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 8.5664 million tons (- 2310 tons); independent coking plants' daily average 65,380 tons (+ 280 tons); FW clean coal 439,360 tons (+ 350 tons); steel mill coking plants' daily average 46,730 tons (- 70 tons) | | | Demand | Hot metal output 240,660 tons (+ 340 tons) | Hot metal output 240,660 tons (+ 340 tons) | | Inventory | MS total inventory - 301,000 tons; mine raw coal - 64,000 tons; mine clean coal + 120,000 tons; independent coking - 72,000 tons; independent coking - 110,000 tons; steel mills - 95,000 tons; steel mill coking - 29,000 tons; ports - 30,000 tons; ports - 219,000 tons; FW ports - 69,000 tons | | | Profit | Commodity coal 433 yuan/ton (- 7 yuan/ton); coking enterprise average profit 20 yuan/ton (+ 36 yuan/ton) | | | Warehouse Receipt | Zhongyang Gengyang 1308; Mongolian 5 Tangshan warehouse receipt 1191 | Rizhao quasi - first - grade coke warehouse receipt 1557 | [8] 3.3 Coking Coal Fundamental Data 3.3.1 Coking Coal Supply - **Weekly**: The output data of FW raw coal, 523 sample mines' daily average clean coal output, and FW clean coal output are presented, showing their trends from 2022 to 2025 [11][12][14] - **Monthly**: The monthly output data of coking bituminous coal and coking clean coal from 2019 to 2025 are presented [16] - **Mongolian Coal Customs Clearance**: The customs clearance volume data of Ganqimaodu, Mandula, and Ceke ports, as well as the total customs clearance volume of the three major ports from 2021 to 2025 are presented [18][20][21][23] 3.3.2 Coking Coal Inventory - **Pit - mouth**: This week, the raw coal inventory of sample mines decreased by 1690 tons week - on - week to 187,180 tons, and the clean coal inventory decreased by 150 tons week - on - week to 111,890 tons [29] - **Ports**: This week, the coking coal port inventory was 255,490 tons, a week - on - week decrease of 218,500 tons [31] - **Coking Plants**: The inventory and available days of coking coal in independent coking plants are presented, including overall data and data by region and capacity [34][36][38] - **Steel Mills**: The inventory and available days of coking coal in 247 steel enterprises and their coking plants are presented, including overall data and data by region [39] 3.4 Coke Fundamental Data 3.4.1 Coke Supply - **Capacity Utilization** - **Coking Plants**: The capacity utilization rates of independent coking plants, including overall data, data by capacity, and data by region, are presented [42] - **Steel Mills**: The capacity utilization rate of 247 steel enterprises' coking plants from 2019 to 2025 is presented [44] - **Output** - **Coking Plants**: The daily output data of 230 independent coking plants and all - sample independent coking enterprises from 2019 to 2025 are presented [46] - **Steel Mills**: The daily output data of 247 steel enterprises' coking plants from 2019 to 2025 are presented [48] 3.4.2 Coke Inventory - **Coking Plants**: The inventory data of all - sample independent coking enterprises and 230 independent coking plants from 2019 to 2025 are presented [50] - **Steel Mills**: The inventory, average available days, and inventory by region of 247 steel enterprises' coking plants are presented [51][53][54] - **All - sample Aggregation**: The total coke inventory data from 2019 to 2025 are presented [56] 3.4.3 Coke Demand - The hot metal daily output data of 247 steel enterprises from 2019 to 2025 are presented, as well as the coke supply - demand difference [58] 3.4.4 Coke Profit - The data of coking plant's ton - coke average profit, ton - coke futures (main - continuous contract) profit, and the prices of some types of metallurgical coke are presented [61][62] 3.5 Coal - Coke Futures and Spot Prices 3.5.1 Coking Coal Futures - The futures market data of coking coal 2509 and 2601 contracts from August 11 - 15, 2025, including closing prices, price changes, trading volumes, and open interests, are presented [65] 3.5.2 Coke Futures - The futures market data of coke 2509 and 2601 contracts from August 11 - 15, 2025, including closing prices, price changes, trading volumes, and open interests, are presented [67] 3.5.3 Coal - Coke Monthly Spread - The monthly spread data of JM2509 - JM2601 and J2509 - J2601 are presented [71] 3.5.4 Coal - Coke Spot - The spot prices of some types of coking coal and metallurgical coke are presented [74] 3.5.5 Coal - Coke Basis - As of August 15, the basis of Mongolian coking coal is - 39 yuan/ton, and the basis of coke is - 172.5 yuan/ton [76]