Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Short - term domestic coal mine production shows a slight recovery, and the Mongolian coal customs clearance volume has significantly increased; demand fluctuates slightly, and attention should be paid to the transmission of off - season pressure to the raw material end. The coking coal price is still operating within the range of 1100 - 1300 yuan/ton [3] Group 3: Summary According to the Content Market Performance - Yesterday, the coking coal and coke futures prices fluctuated weakly. In the spot market, steel mills in some regions accepted the fourth round of coke price increases [3] Production and Supply - This week, coal mine production in many parts of Shanxi has recovered, and there is still an expectation of short - term coal mine production increase. The daily output of clean coal is 75.7 tons, a week - on - week increase of 1.9 tons and a year - on - year decrease of 3.3 tons. Last week (11.3 - 11.8), the average daily customs clearance volume of Mongolian coal at the Ganqimaodu Port increased to 19.52 tons, an increase of 3.09 tons compared with the previous week, and the port supervision area shows an inventory increase trend [3] Demand - The profit of steel mills continues to shrink, and the profitability rate drops below 40%. This week, the daily average pig iron output has rebounded to 236.88 tons, an increase of 2.66 tons compared with the previous week. The phased production restriction policy in the Tangshan area has been lifted recently, which promotes the rebound of pig iron output [3] Price - The coking coal price is still operating within the range of 1100 - 1300 yuan/ton [3]

Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Period**: First three quarters of 2025 - **Revenue**: 31.8 billion CNY - **Net Profit**: 1.07 billion CNY, a significant decrease of 73.7% year-on-year due to falling coal and coke prices [2][3] Key Points Industry Performance - **Coal Prices**: Average selling price of coal decreased by 311 CNY/ton year-on-year, while coke prices fell by 709 CNY/ton [2] - **Production Decline**: Coal production decreased by 2.06 million tons year-on-year, with sales also down by 2.06 million tons due to complex geological conditions and difficulties in transitioning between old and new working faces [2][4] - **Future Outlook**: Anticipated recovery of production to second-quarter levels in Q4 2025, contingent on geological conditions and operational stability [8] Coal Segment - **Production Data**: - Total coal production: 13.04 million tons - Total coal sales: 9.81 million tons - Average selling price: 804 CNY/ton, down from previous year [3][4] - **Market Conditions**: National coal enterprises are facing profit pressures due to price declines, but there is an expectation of price recovery in Q4 due to tight supply and increased demand from steel companies [4][14] Coal Chemical Segment - **Coke and Ethanol Production**: - Coke production: 2.64 million tons, sales: 2.67 million tons, average price: 1,585 CNY/ton, down 709 CNY/ton [6] - Ethanol production: 380,000 tons, sales: 360,000 tons, average price: 5,604 CNY/ton, down 298 CNY/ton [6] - **Financial Impact**: Revenue from this segment was 6.9 billion CNY, a decrease of 800 million CNY year-on-year, but internal controls helped reduce losses by 500 million CNY [6][18] Power and Non-Coal Mining Business - **Power Generation**: Generated 3.45 billion kWh, revenue of 1.62 billion CNY, net profit of approximately 70 million CNY [7] - **Non-Coal Mining**: Revenue of 1.1 billion CNY, profit of 240 million CNY, showing a year-on-year increase of 36 million CNY [7] Future Production Expectations - **Happiness Mine**: Currently not in production, expected to resume in Q1 2026, contributing approximately 2 million tons annually post-recovery [10][12] - **Taohutu Coal Mine**: Main engineering completed, expected to start production in H1 2026, with high-quality coal expected to sell at around 550 CNY/ton [13] Cost and Investment Insights - **Cost Increase**: Significant increase in total operating costs due to rising raw material prices and new project preparations, although overall costs are expected to decrease year-on-year [21] - **Investment Growth**: Increased cash outflow for investments primarily in Taohutu Coal Mine and new power generation projects [22] Conclusion - The company is navigating a challenging market with significant price declines impacting profitability. However, there are signs of potential recovery in production and pricing, particularly in the coal segment, which could stabilize financial performance in the upcoming quarters [2][4][14]

Core Points - The company has received approval from the local government for the resumption of operations at its mining facility, which is expected to enhance its production capacity and reduce raw material costs [1][2][3]. Group 1 - The company’s mining facility, Baotailong No. 1 Mine, has been granted permission to resume production by the government of Qitaihe City, Heilongjiang Province [1][2]. - The resumption is in accordance with various safety and operational guidelines set forth by provincial and national authorities [2]. - The mine has a designed production capacity of 900,000 tons per year, which will increase the company's self-supply of raw coal and improve its profitability and sustainability [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The demand for raw materials remains relatively high, while the reduction in coal mine production is lower than expected, and mines are slightly accumulating inventory. In the short term, market sentiment is still fluctuating, and coal and coke prices are oscillating. [4] Group 3: Summary by Related Catalogs Market Performance - Yesterday, coal and coke futures prices oscillated overall and weakened at night. Last week, the coal mine accident and the increasing expectation of overseas interest rate cuts led to a rise in commodities only on Monday, and then the prices weakened again. There is no further upward driving force in the short - term market. Attention should be paid to recent steel mill production restrictions. [3] Spot Market - On the spot side, the high - priced resources at some coal mine points have weak sales, and the prices are stable for the time being. This week, coke enterprises in Hebei started the 8th round of price increase, and mainstream steel mills have not responded yet. [3] Steel Mill Data - This week's data shows that steel mills have not significantly reduced production, and molten iron production remains high. The overall intensity of production restrictions is weaker than that during the 2019 military parade. The profitability rate of 247 steel mills is 63.64%, a decrease of 1.30 percentage points from last week and an increase of 59.74 percentage points compared with last year. The blast furnace iron - making capacity utilization rate of steel mills is 90.02%, a decrease of 0.23 percentage points from last week and an increase of 7.06 percentage points compared with last year. The daily average molten iron production is 240.13 tons, a decrease of 0.62 tons from last week and an increase of 19.24 tons compared with last year. [3] Coal Mine Situation - This week, coal mines in the main production areas of Shanxi have concentrated production cuts. Some coal mines in Lvliang are affected by geological conditions, and safety inspections in Linfen are becoming stricter, resulting in a significant decline in coal mine output. By tracking the resumption progress of shut - down coal mines, coal mine output is likely to increase slightly next week. However, before September 3rd, main production area coal mines will focus on ensuring safe production, and some coal mines may arrange short - term production cuts. [3]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The expectation of domestic steel mills' blast furnace production cuts has strengthened, which will have a phased impact on raw material demand. Short - term market sentiment is still fluctuating, and the price volatility of coking coal and coke has intensified [3] Summary by Related Catalogs Market Logic - Yesterday, the overall price of coking coal fluctuated weakly. Last week, the coal mine accident and the rising expectation of overseas interest rate cuts only drove the commodity price up on Monday, and then the price weakened again. There is no further upward driver in the short - term market, and attention should be paid to the recent steel mill production restrictions [2] - On the spot side, the high - price resources of some coal mines have weak trading, and the price remains stable. This week, coke enterprises in Hebei region started the 8th round of price increase, but the mainstream steel mills have not responded [2] Environmental Protection and Production Restrictions - According to Mysteel's research, steel mills in the Tangshan area will gradually shut down and overhaul blast furnaces at the end of the month. It is expected that 16 new blast furnaces will be overhauled, with a daily average impact on hot metal production of about 116600 tons (including the previously overhauled blast furnaces). The capacity utilization rate will drop to 78.13%, a decrease of 10.7% compared with the current (August 27) and a decrease of 6.84% compared with the same period last year [2] Coal Mine End - This week, coal mines in the main production areas of Shanxi have concentrated production cuts. Some coal mines in Lvliang are affected by geological conditions, and safety inspections in Linfen are becoming stricter, resulting in a significant decline in coal mine output. By tracking the resumption progress of shut - down coal mines, coal mine output is likely to increase slightly next week. However, before September 3, coal mines in the main production areas will focus on ensuring safe production, and some coal mines may arrange short - term production cuts [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core Views - The exchange tightened trading position limits and increased intraday speculative handling fees, causing significant price fluctuations. It is recommended to mainly observe and participate with caution [2][3] Group 3: Summary According to Related Content Market Performance - Yesterday, the coking coal futures price fluctuated widely and closed down at the end of the session. On the spot side, the transaction of high - priced resources at some mines was weak, and prices declined; mainstream steel mills accepted the 6th round of coke price increase [2] - The Dalian Commodity Exchange issued a trading limit notice for coking coal futures, restricting the daily opening volume of non - futures company members or customers on different coking coal futures contracts and adjusting the intraday speculative trading handling fee rate for the 01 contract [2] Fundamental Situation - The policy of coal mine over - production verification is advancing, and with the approaching of the September military parade, the safety supervision situation is severe. Short - term coal mine production is mainly stable [3] - The structural inventory pressure of coking coal has been significantly relieved, but as coal prices rise, the downstream procurement pace has slowed down. The inventory at the mine end has stabilized at a low level this week [3] - It is expected that coal mines will probably continue the resumption of production next week, but due to multiple factors, the coal mine production increase progress is slow and easily interrupted by emergencies [3] - Steel mill blast furnaces are in good production this week, and the daily average pig iron output remains above 2.4 million tons [3]

Report Industry Investment Ratings - **Macro Finance**: Index futures and treasury bonds are expected to fluctuate [1][6] - **Black Building Materials**: Rebar - temporary observation; Iron ore - fluctuate; Coking coal and coke - fluctuate [1][6] - **Non - ferrous Metals**: Copper - range trading or observation; Aluminum - buy on dips after a pullback; Nickel - observe or short on rallies; Tin - range trading; Gold - range trading; Silver - range trading [1][6] - **Energy Chemicals**: PVC - fluctuate; Soda ash - short 09 and long 05 arbitrage; Caustic soda - fluctuate; Styrene - fluctuate; Rubber - fluctuate; Urea - fluctuate; Methanol - fluctuate; Polyolefins - wide - range fluctuation [1][22] - **Cotton Textile Industry Chain**: Cotton and cotton yarn - fluctuate and adjust; Apples - fluctuate strongly; Jujubes - fluctuate strongly [1][39] - **Agricultural Livestock**: Hogs - short on rallies; Eggs - short on rallies; Corn - wide - range fluctuation; Soybean meal - range fluctuation; Oils - fluctuate strongly [1][42] Core Viewpoints - The market is influenced by multiple factors such as policies, supply - demand relationships, and international events. Index futures have a mid - term upward trend despite short - term fluctuations. Treasury bonds are affected by risk asset prices. Various commodities in different sectors show different trends based on their own supply - demand fundamentals and macro - environment [6][8][10] Summary by Directory Macro Finance - **Index Futures**: The strengthening of the index is due to positive policies, capital inflows, and event catalysts. Short - term may fluctuate at high points, but the mid - term trend is upward. Buying on dips is recommended [6] - **Treasury Bonds**: The downward space of bond yields is limited. Attention should be paid to the movement of risk asset prices, as a sharp rise in risk assets may lead to a break - out of the current yield range [6] Black Building Materials - **Rebar**: The price fluctuated upward on Monday. The supply - demand is relatively balanced in the off - season. The price is expected to remain volatile in the short term, and static valuation is neutral. Observation or short - term trading is recommended [8] - **Iron Ore**: The price was strong on Monday. Considering the possible macro - positive factors in the fourth quarter and the expected decline in iron - water demand, the iron ore market is expected to fluctuate strongly. It can be used as a long - leg in the short - position allocation of other black varieties [8] - **Coking Coal**: The market may face a game of weak supply and demand in the short term. Attention should be paid to coal mine复产 progress, steel - coke price increase, and import coal customs clearance [10] - **Coke**: The supply is tight, and the demand from steel mills is strong. The market is expected to continue to fluctuate in the short term. Key factors include raw material price fluctuations, price increase implementation, and steel mill inventory replenishment [10] Non - ferrous Metals - **Copper**: The price is supported at a high level due to positive domestic economic data, Fed rate - cut expectations, and low inventory. However, it is in the off - season, and the short - term upward driving force is insufficient. It is expected to continue to fluctuate in the range of 78000 - 79500 yuan/ton [13] - **Aluminum**: The price is expected to fluctuate at a high level. The supply of bauxite is affected by the rainy season, and the demand is in the off - season. Buying on dips in August is recommended [15] - **Nickel**: The long - term supply is excessive, and the consumption growth is limited. It is recommended to short moderately on rallies, with the main contract reference range of 118000 - 124000 yuan/ton [18] - **Tin**: The supply - demand gap of tin ore is improving. It is recommended to conduct range trading, with the reference range of the SHFE tin 09 contract being 25.5 - 27.5 million yuan/ton [19] - **Silver and Gold**: Affected by factors such as US tariff policies and employment data, the prices are expected to fluctuate. Buying on dips is recommended for gold, with the reference range of the SHFE gold 10 contract being 770 - 820 [20][21] Energy Chemicals - **PVC**: The supply is high, the demand is weak, and the export sustainability is questionable. It is expected to fluctuate in the short term, with the 09 contract focusing on the range of 4900 - 5100 [23] - **Caustic Soda**: The supply is abundant, and the demand has rigid support but the growth rate slows down. The 09 contract is expected to fluctuate in the range of 2400 - 2550, and going long on dips for the peak - season contract is recommended [25] - **Styrene**: The fundamental benefits are limited, and the macro - environment is warm. It is expected to fluctuate in the range of 7100 - 7400 [28] - **Rubber**: The cost support is strengthening, and the inventory is decreasing. It is expected to run strongly in the short term, with the reference range of 15200 - 15600 [30] - **Urea**: The supply is decreasing, the demand from compound fertilizer enterprises is increasing, and other industrial demands are stable. Range operation is recommended, with support at 1700 - 1730 and pressure at 1800 - 1830 [33] - **Methanol**: The supply increases slightly, the demand from methanol - to - olefins is stable, and the traditional demand is weak. The inventory is decreasing, and it is expected to fluctuate affected by the overall industrial product prices [34] - **Polyolefins**: In the off - season, the supply increases, the demand is weak, and the inventory accumulates. It is expected to fluctuate weakly, with the L2509 contract focusing on 7200 - 7500 and the PP2509 contract on 6900 - 7200 [35] - **Soda Ash**: The supply increases, the inventory accumulates, and the spot price may decline slightly. It is recommended to short 09 and long 05 for arbitrage [38] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton production and consumption are expected to increase in the 2025/26 season, and the inventory will also increase. The downstream consumption is light, and the price is expected to fluctuate and adjust [39] - **Apples**: The early - maturing fruit price is weak, and the inventory fruit price is stable. Based on low inventory and growth factors, the price is expected to maintain a high - level fluctuation [40] - **Jujubes**: The market trading atmosphere is improving, and the price of high - quality products is strong. The price is expected to rise in the short term [40] Agricultural Livestock - **Hogs**: The short - term supply is strong, and the demand is weak. The price is expected to continue to bottom out. In the medium term, there may be a phased rebound, but the long - term supply pressure remains. Different contracts have different trends, and corresponding trading strategies are recommended [43] - **Eggs**: The current spot price has stopped rising and started to decline. Different contracts have different trading strategies, and attention should be paid to factors such as hen culling and cold - storage egg release [44] - **Corn**: The spot price is stable, and the 09 contract basis is low. It is recommended to be cautious in unilateral long - positions, and the price is expected to fluctuate in the range of 2250 - 2350 [46] - **Soybean Meal**: The short - term price increase is limited. Different contracts have different trading strategies, and spot enterprises are recommended to build long - positions [48] - **Oils**: Affected by factors such as the MPOB report and production - export data, the price is expected to fluctuate strongly. Caution is recommended when chasing the rise, and attention can be paid to the rapeseed oil 11 - 01 reverse - arbitrage strategy [50][54]

Core Viewpoint - The coal mining industry is experiencing slow recovery in production, leading to a joint price increase initiative by industry associations, raising concerns about whether the current price of 900 yuan for coking coal is a peak or a starting point [1] Group 1: Industry Analysis - The coal mining sector is facing challenges with production resumption, which is slower than expected [1] - Industry associations are collaborating to implement price increases in response to the production issues [1] - The current price of 900 yuan for coking coal raises questions about its sustainability and future trends in the market [1]

Group 1 - Report industry investment rating: Not provided Group 2 - The core view of the report: The change in coal mine production rhythm disturbs market sentiment. Currently, coal mine inventories remain at a high level, and coal price rebounds are hindered. Continuously monitor the resumption of coal mine production [3] Group 3 Logic - Yesterday, news of coal mine resumption cooled bullish sentiment, and coal and coke futures prices continued to decline in a volatile manner. On the spot side, after the fourth round of coke price cuts was implemented, the market remained stable. The coking coal market generally maintained a weak and stable operation [2] Market - According to institutional research, some previously shut - down coal mines in the Shanxi region have plans to resume production. A large shut - down mine in Xiangning is going through the resumption acceptance procedures, with an expected resumption time of July 3 - 4. The mine was shut down for rectification due to safety reasons on June 1, and as of now, it has been shut down for 30 days, affecting daily raw coal production by 620,000 tons. In addition, the current round of ecological and environmental protection supervision teams has completed their inspection in Shanxi, and shut - down coal mines will gradually resume production [2] Data - Last week, the daily output of raw coal from coal mines was 1.85 million tons, a week - on - week decrease of 45,000 tons and a year - on - year decrease of 203,000 tons. The daily output of clean coal was 738,000 tons, a week - on - week decrease of 5,000 tons and a year - on - year decrease of 35,000 tons. Raw coal inventory was 6.835 million tons, a month - on - month decrease of 179,000 tons; clean coal inventory was 4.631 million tons, a month - on - month decrease of 361,000 tons [3]

Core Viewpoint - Daya Energy's subsidiary Mengjin Coal Mine has resumed operations after a 38-day shutdown due to an accident, which is expected to positively impact the company's coal production in 2025 [1][3]. Group 1: Company Operations - Mengjin Coal Mine has a certified production capacity of 1.2 million tons per year, accounting for 7.84% of the company's total capacity [1]. - In 2024, Mengjin Coal Mine produced 1.2305 million tons of commercial coal, generating revenue of 581 million yuan, representing 12.71% and 11.78% of the company's total production and revenue, respectively [1]. - The mine's production in Q1 2025 was 238,400 tons, with revenue of 106 million yuan, contributing 8.82% and 9.81% to the company's respective totals [1]. Group 2: Financial Performance - Daya Energy reported a net loss of 1.091 billion yuan in 2024, attributed to a decline in average coal prices by approximately 106 yuan per ton, which reduced total profit by about 1 billion yuan [2]. - The company experienced a year-on-year increase in coal production of 546,400 tons and sales of 358,200 tons in 2024, which positively impacted total profit by approximately 420 million yuan [2]. - Overall, the company's total profit decreased by about 580 million yuan in 2024 due to a combination of factors including increased coal production and changes in coal quality [2]. Group 3: Future Outlook - With the resumption of operations at Mengjin Coal Mine and the recent approval for the Yengcun Coal Mine's 15th mining area to resume production, Daya Energy's overall coal output is expected to increase [3]. - The Yengcun Coal Mine has a certified production capacity of 3.6 million tons per year, representing 23.53% of the company's total capacity, and its production is projected to increase by approximately 1 million tons following the resumption [3].