1. Report's Industry Investment Rating - No information provided 2. Core Views of the Report - For coke, as of the week ending November 28, the total daily coke output of all - sample coking plants and steel mills was 110,080 tons, a week - on - week increase of 1,190 tons. The daily hot - metal output of 247 steel mills was 234,680 tons, a week - on - week decrease of 1,600 tons. The steel mill profitability rate dropped 2.6 percentage points to 35.06%, with widespread losses. Coke inventory increased overall this week. With uncertainties in coking coal supply in December, there is resistance to further decline in coke futures, and the main contract rebounded at the lower edge of the trading range [6][34]. - For coking coal, the demand side has no obvious differences, and the supply side is the core factor guiding the market. The National Development and Reform Commission's emphasis on energy supply during the heating season has reduced market expectations of new anti - involution measures in the coal industry. Coking coal output was not affected by the inspection, and imports accelerated, weakening the supply - side logic. Since November, coking coal futures have been in a correction. However, considering the December Political Bureau economic meeting and the year - end production cut expectations, there is resistance to further decline, and the main contract rebounded at the lower edge of the previous trading range [7][35]. 3. Summary by Relevant Catalogs 3.1 Industry News - Guangzhou launched 102 urban renewal projects on November 28, with a total investment of about 807.7 billion yuan, covering various types such as old - community renovation, dilapidated - building reconstruction, and infrastructure upgrading [8]. - On December 1, the coking coal price in Linfen Anze market remained stable, with the ex - factory cash - inclusive price of low - sulfur main - coking clean coal (A9, S0.5, V20, G85) at 1,580 yuan/ton [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | | Monthly Change | | Annual Change | | Year - on - Year Change | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | Last Weekend | Change Rate | Last Month End | Change Rate | Last Year End | Change Rate | Same - Period Value | Change Rate | | Coke (Rizhao Port Quasi - first - grade FOB) | 1,670 | 1,670 | 0.00% | 1,570 | 6.37% | 1,690 | - 1.18% | 1,790 | - 6.70% | | Coke (Qingdao Port Quasi - first - grade Ex - warehouse) | 1,450 | 1,480 | - 2.03% | 1,550 | - 6.45% | 1,620 | - 10.49% | 1,670 | - 13.17% | | Coking Coal (Ganqimaodu Port Mongolian Coal) | 1,280 | 1,280 | 0.00% | 1,390 | - 7.91% | 1,180 | 8.47% | 1,330 | - 3.76% | | Coking Coal (Jingtang Port Australian - produced) | 1,570 | 1,590 | - 1.26% | 1,660 | - 5.42% | 1,490 | 5.37% | 1,630 | - 3.68% | | Coking Coal (Jingtang Port Shanxi - produced) | 1,710 | 1,790 | - 4.47% | 1,740 | - 1.72% | 1,530 | 11.76% | 1,700 | 0.59% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate (%) | High Price | Low Price | Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,574.5 | - 1.99 | 1,599.0 | 1,562.0 | 20,980 | 5,174 | 35,266 | 1,953 | | Coking Coal | | 1,067.0 | - 0.79 | 1,074.0 | 1,053.0 | 505,376 | 47,555 | 449,323 | - 3,013 | [13] 3.4 Relevant Charts - The report shows various charts related to coke and coking coal inventories, including those of 230 independent coking plants, 247 steel - mill coking plants, ports, and total inventories. It also includes charts on domestic steel - mill production, Shanghai terminal wire - rod procurement, coal - washing plant production, and coking - plant operation [14][27][32]. 3.5 Market Outlook - Similar to the core views, for coke, considering production, inventory, and supply - side uncertainties, there is resistance to further decline in futures, and the focus is on actual coal - mine production. For coking coal, the supply side is the key factor, and although the market has been in a correction, there is resistance to further decline due to policy and production - cut expectations, with the focus on coal - mine production [34][35].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For both the 2601 contract of coking coal and coke, the short - term and medium - term views are "oscillation", the intraday view is "oscillation and weakening", and the reference view is the "oscillation idea". The core logic for coking coal is that there are still differences in supply, leading to a downward adjustment; for coke, it is that the cost support weakens, causing a new round of correction [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price Information**: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1435.0 yuan/ton, with a week - on - week flat [5]. - **Market Influence**: The National Development and Reform Commission held a video conference on energy supply guarantee for the 2025 - 2026 heating season, which mainly aims to ensure the supply of thermal coal for power generation and has limited impact on coking coal. The supply of coking coal still has differences, and the futures main contract has a new round of correction at the upper edge of the previous oscillation range. Considering the possible supply contraction after coal mines complete their production targets at the end of the year, the negative impact of energy supply guarantee during the heating season on coking coal is expected to be limited [5]. Coke (J) - **Price Information**: The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1530 yuan/ton, with a week - on - week decline of 2.55% [6]. - **Market Influence**: The industrial game has intensified this week, and there is certain resistance to the fourth round of price increase for coke spot. The divergence in the supply of coke raw materials still exists. The correction of coking coal at the upper edge of the oscillation range drags down the coke futures trend. The subsequent focus is on the actual supply of coking coal at the end of the year [6].