Group 1 - The core message highlights the organization of special trains to facilitate the return of workers to major cities in the Guangdong-Hong Kong-Macau Greater Bay Area, ensuring a smooth transition from home to workplace [1][3] - The Guangzhou Railway Group has planned to operate 20 special trains for workers from February 20 to March 4, including 17 high-speed trains and 3 regular trains, aiming to transport over 12,000 workers to cities like Guangzhou, Shenzhen, and Dongguan [3] - Guangzhou city is providing cultural products to returning workers and plans to serve over 8,000 migrant workers through special trains in 2026, alongside organizing at least 300 recruitment events to enhance labor supply and demand matching [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - For coking coal, the supply side shows a significant contraction with reduced loads at coal washing plants and mines, and a decline in Mongolian coal customs clearance. The inventory has reached a reasonable level. The demand side has steel and coking enterprises making rigid purchases, and the profit of coking per ton has recovered to the break - even point while steel mills' profits are running at a low level. The coking coal futures price is expected to fluctuate, and attention should be paid to the support at 1100 [2]. - For coke, the supply side has a slight increase in coking enterprise start - up, and the coke inventory has reached a reasonable level. The demand side has the molten iron output remaining stable at a low level, the profit of coking per ton has recovered to the break - even point, and steel mills' profits continue to run at a low level. The coke futures price is expected to fluctuate weakly, and attention should be paid to the support at 1655 [2]. 3. Summary by Directory 3.1 Futures Market - JM main contract closing price is 1120.00 yuan/ton, down 3.50 yuan; J main contract closing price is 1664.00 yuan/ton, down 3.00 yuan [2]. - JM futures contract holding volume is 617345.00 hands, down 24712.00 hands; J futures contract holding volume is 40629.00 hands, up 433.00 hands [2]. - Net holding volume of the top 20 coking coal contracts is - 86186.00 hands, up 5019.00 hands; net holding volume of the top 20 coke contracts is - 369.00 hands, down 19.00 hands [2]. - JM 9 - 5 month contract spread is 80.00 yuan/ton, unchanged; J 9 - 5 month contract spread is 75.00 yuan/ton, unchanged [2]. - Coking coal warehouse receipts are 2000.00 sheets, up 300.00 sheets; coke warehouse receipts are 1380.00 sheets, unchanged [2]. - JM main contract basis is 225.00 yuan/ton, up 3.50 yuan; J main contract basis is 56.00 yuan/ton, up 3.00 yuan [2]. 3.2 Spot Market - Dry Qimeng 5 raw coal price is 1018.00 yuan/ton, unchanged; Tangshan first - grade metallurgical coke price is 1720.00 yuan/ton, unchanged [2]. - Russian main coking coal forward spot price is 163.50 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke price is 1520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported main coking coal price is 1620.00 yuan/ton, down 10.00 yuan; Tianjin Port first - grade metallurgical coke price is 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced main coking coal price is 1700.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke price is 1520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur main coking coal price is 1384.00 yuan/ton, unchanged; Inner Mongolia Wuhai - produced coking coal ex - factory price is 1330.00 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants is 24.30 million tons, down 2.00 million tons; the weekly inventory of clean coal from 314 independent coal washing plants is 309.00 million tons, down 25.50 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants is 0.32, down 0.03; the monthly raw coal output is 43703.50 million tons, up 1024.20 million tons [2]. - The monthly import volume of coal and lignite is 5860.00 million tons, up 1455.00 million tons; the daily average output of raw coal from 523 coking coal mines is 180.80 million tons, down 11.80 million tons [2]. - The weekly inventory of imported coking coal at 16 ports is 523.61 million tons, down 24.38 million tons; the weekly inventory of coking coal at all - sample independent coking enterprises is 1302.39 million tons, up 67.60 million tons [2]. - The weekly inventory of coking coal at 247 steel mills nationwide is 824.20 million tons, up 9.84 million tons; the weekly inventory of coke at 247 sample steel mills nationwide is 692.38 million tons, up 14.19 million tons [2]. 3.4 Industry Situation - The weekly available days of coking coal for all - sample independent coking enterprises is 13.12 days, up 0.09 days; the weekly available days of coke for 247 sample steel mills is 12.76 days, up 0.22 days [2]. - The monthly import volume of coking coal is 1376.98 million tons, up 303.83 million tons; the monthly export volume of coke and semi - coke is 100.00 million tons, up 28.00 million tons [2]. - The monthly total supply of coking coal is 5478.50 million tons, up 238.93 million tons; the weekly capacity utilization rate of independent coking enterprises is 72.20%, up 0.34% [2]. - The weekly profit per ton of coke for independent coking plants is - 55.00 yuan/ton, up 11.00 yuan/ton; the monthly coke output is 4274.30 million tons, up 104.00 million tons [2]. 3.5 Downstream Situation - The weekly blast furnace start - up rate of 247 steel mills nationwide is 79.53%, up 0.53%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills is 85.69%, up 0.22% [2]. - The monthly crude steel output is 6817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - This week, the approved capacity utilization rate of 523 coking coal mine samples is 81.4%, down 5.3% month - on - month. The daily average output of raw coal is 180.8 million tons, down 11.8 million tons, the raw coal inventory is 539.4 million tons, down 7.5 million tons, the daily average output of clean coal is 74.3 million tons, down 1.2 million tons, and the clean coal inventory is 261.2 million tons, down 3.4 million tons [2]. - According to Mysteel's research, the winter storage willingness of construction steel enterprises in Jiangsu Province is generally low, with more than two - thirds of enterprises having no active plans. The winter storage policy is mainly price - locked, and combined flexible plans are also highly valued. This year's winter storage cost is relatively rigid, and the cost support after the Spring Festival is strong [2]. - Macro: US President Trump will instruct the Pentagon to sign contracts with coal - fired power plants to revitalize the coal industry. In addition, Trump may announce a plan of the US Department of Energy to provide 175 million US dollars for the upgrading and transformation of six coal - fired power plants [2].