Report Summary 1. Report Industry Investment Rating - The report gives a short - sell rating for coking coal and coke in the black sector [1] 2. Core View - The report analyzes the coking coal and coke market, stating that the steel market is experiencing inventory accumulation, the second - round price increase of coke is expected to be postponed, and the US tariff increase remarks may have a negative impact on the raw material end. It is predicted that the double - coking futures market will be stable with a downward trend, and the market may open bearishly [1] 3. Summary by Related Contents Market Review - Last week, the main coking coal contract Jm2601 closed at 1,161.0 yuan/ton, up 3.13% from the week's opening; the main coke contract J2601 closed at 1,666.5 yuan/ton, up 2.49% from the week's opening [1] Important Information - China's export controls are not a ban on exports, and the impact on the supply chain is limited. If the US acts willfully, China will take corresponding measures [1] - The approved loan amount for the national white - list real estate projects has exceeded 7 trillion yuan, and the second - hand housing trading volume in 15 provincial - level regions has exceeded that of new houses [1] - Guo Bin was appointed as the director, general manager, and deputy secretary of the Party Committee of Ansteel Group Co., Ltd. [1] Market Logic - The mainstream coking enterprises believe that the steel market is accumulating inventory, and the coke market is not ready for a price increase. The second - round price increase of coke is expected to be postponed, and the US tariff increase remarks may negatively affect the raw material end, causing the double - coking futures market to be stable with a downward trend [1] Trading Strategy - The market may open bearishly. It is recommended to control the position of last week's long positions and pay attention to market sentiment changes [1]

Core Viewpoint - The establishment of the urban real estate financing coordination mechanism aims to support housing project construction and delivery, ensuring the legitimate rights of homebuyers are protected [1][2][3]. Group 1: Financing Mechanism - The urban real estate financing coordination mechanism has been established to focus on real estate projects rather than companies, creating a new financing model that emphasizes the cash flow capabilities of projects [2]. - As of now, loans for "white list" projects have exceeded 7 trillion yuan, supporting nearly 20 million housing units for construction and delivery, showing a significant increase from earlier figures [3]. - The mechanism has been instrumental in preventing and mitigating real estate risks while promoting the delivery of homes, with over 5 trillion yuan in loan approvals for "white list" projects by the end of 2024 [2]. Group 2: Policy Implementation - The "delivery upon delivery of certificates" initiative has been implemented in over 2,300 counties and cities, enhancing the sense of security and satisfaction among homebuyers by providing property certificates simultaneously with keys [4]. - This initiative, along with the coordination mechanism, aims to protect the legitimate rights of homebuyers and boost confidence in new housing purchases, thereby improving market expectations [4]. - The coordination mechanism effectively isolates risks between enterprises and projects, reducing concerns for homebuyers during new home purchases [4]. Group 3: Future Directions - There is a recommendation for enhanced post-loan cooperation and supervision for "white list" projects to ensure compliance with project progress and funding requirements [5]. - The current demand for development loans has decreased, suggesting that the coordination mechanism could be applied to other loan types such as rental loans, urban renewal loans, and property operation loans [5].