Report Industry Investment Rating No relevant information provided. Core Viewpoints - This week, the domestic coking coal and coke markets operated strongly. Affected by the pull - up of market sentiment and coal mine over - production inspections, coke enterprises successively raised prices twice this week, with a cumulative increase of 100 - 110 yuan/ton, and the third price increase was implemented on Friday, with the intention to continue raising prices next week. The online transactions continued to rise, and the offline transactions were in short supply. Traders were actively purchasing, and the market was still in an upward trend. Due to the large increase in coal prices, coking was in the red, and some coke enterprises with low inventories limited production. The downstream terminal demand was good, steel mill overhauls and production cuts were not obvious, and steel mill profits were good, with a high acceptance of raw material price increases in the short term. The Dalian Commodity Exchange adjusted the trading limit for coking coal futures. The coking coal trading volume during the night session increased rapidly, and after a brief rise at the opening, it fell sharply, along with a slump in related industrial product futures. This slump cooled the over - heated market, and market participants will gradually return to rationality. Further price increases require the introduction of more - than - expected macro - policies. Attention should be paid to the Politburo meeting at the end of the month and the progress of China - US trade negotiations. [2][4][35] Summary by Directory 1. This Week's Market Review - The domestic coking coal and coke markets operated strongly this week. Affected by the pull - up of market sentiment and coal mine over - production inspections, coke enterprises successively raised prices twice this week, with a cumulative increase of 100 - 110 yuan/ton, and the third price increase was implemented on Friday, with the intention to continue raising prices next week. [4] 2. Macro and Industrial News - The Chinese and US sides agreed that Vice - Premier He Lifeng will go to Sweden from July 27th to 30th to hold economic and trade talks with the US. - The National Development and Reform Commission and the State Administration for Market Regulation solicited public opinions on the "Draft Amendment to the Price Law of the People's Republic of China (for Comment)", aiming to improve the standards for identifying low - price dumping and regulate market price order. - The National Development and Reform Commission emphasized the importance of promoting large - scale equipment updates and consumer goods trade - ins. - From January to June, 16,500 old urban residential communities across the country started renovation, and 6 regions had a start - up rate of over 80%. The national plan for 2025 is to start renovating 25,000 old urban residential communities. - There were multiple price adjustment announcements for coke in different markets such as Xingtai, Shandong, and Tangshan this week. [6][7] 3. Fundamental Analysis - The online transactions continued to rise, and the offline transactions were in short supply. Traders were actively purchasing, and the market was still in an upward trend. Due to the large increase in coal prices, coking was in the red, and some coke enterprises with low inventories limited production. The downstream terminal demand was good, steel mill overhauls and production cuts were not obvious, and steel mill profits were good, with a high acceptance of raw material price increases in the short term. [2] 4. Market Outlook and Investment Strategies - The Dalian Commodity Exchange adjusted the trading limit for coking coal futures. The coking coal trading volume during the night session increased rapidly, and after a brief rise at the opening, it fell sharply, along with a slump in related industrial product futures. This slump cooled the over - heated market, and market participants will gradually return to rationality. Further price increases require the introduction of more - than - expected macro - policies. Attention should be paid to the Politburo meeting at the end of the month and the progress of China - US trade negotiations. - Investment strategies: For single - side trading, focus on range operations; for inter - period arbitrage, mainly adopt a wait - and - see approach; for coking profits, also mainly adopt a wait - and - see approach. [35]

Core Viewpoint - The manufacturing PMI has shown a slight recovery, indicating a mixed economic outlook with strengths in the manufacturing sector and weaknesses in the construction industry [2][4][5]. Group 1: PMI Data Overview - The manufacturing PMI for March is reported at 50.5%, an increase from the previous value of 50.2% [2][16]. - The production index stands at 52.6%, up by 0.1 percentage points from 52.5% [16]. - The new orders index has risen to 51.8% from 51.1%, while the new export orders index is at 49.0%, slightly up from 48.6% [16]. - The employment index is at 48.2%, down from 48.6%, indicating a contraction in employment [16]. - The supplier delivery time index is at 50.3%, down from 51.0%, and the raw material inventory index is at 47.2%, slightly up from 47.0% [16]. Group 2: Sector Performance - The construction sector's PMI is at 53.4%, down from 56.2% year-on-year, indicating a slowdown [5][10]. - The construction employment index has dropped to 41.4% from 45.6%, reflecting a significant decline in workforce [10]. - The new orders index for construction is at 43.5%, down from 46.8%, highlighting ongoing demand concerns [10]. - The basic raw materials PMI is at 49.3%, down from 49.8%, influenced by the weak construction sector [10]. Group 3: Economic Assessment - The comprehensive PMI index for Q1 is at 50.9%, higher than Q4 2023 and Q3 2024, but lower than Q4 2024 and Q1-Q2 2024 [3][13]. - The manufacturing sector shows strength, particularly in the midstream equipment manufacturing, with a PMI of 52% [4][9]. - The EPMI index for March is reported at 59.6%, indicating robust performance in the equipment manufacturing sector [4][9].