Core Viewpoint - The successful development of China's first large-scale intelligent pressure coupling equipment marks a significant breakthrough in breaking foreign technology monopolies and achieving independent control over key equipment in the field of underground coal mining [1][4]. Group 1: Technological Innovations - The equipment addresses four core technical challenges, including efficient energy conversion between high-pressure and low-pressure fluids, achieving low thermal loss during cold water transmission, ensuring high reliability of core components, and enabling intelligent sensing and control systems [7][8]. - The innovative structural design and pressure pre-balancing strategy effectively eliminate water hammer phenomena, facilitating efficient energy transfer between 16 MPa high-pressure and 4 MPa low-pressure fluids [7]. - The team has developed key components with high reliability, long lifespan, and low flow resistance, suitable for harsh conditions of high pressure and frequent temperature changes [7]. Group 2: Industry Impact - The equipment has been in stable operation for over three months, meeting international advanced performance standards, and is scheduled for deployment in the Liu Zhuang Coal Mine West District in the first half of this year [8]. - This development provides an efficient, economical, and reliable domestic solution for managing heat hazards in underground coal mines, supporting safe production in deep coal mining [8]. - The achievement underscores the importance of collaborative innovation between industry and academia in overcoming critical core technologies and enhances China's capabilities in independent energy equipment development [8].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the context of expected tightening of overseas liquidity, the US dollar index rebounded significantly. Yesterday, all non - ferrous varieties in the domestic commodity market hit the daily limit down, triggering an overall adjustment of risk assets. The stock index dropped significantly due to the linkage between commodities and the stock market and concerns about overseas liquidity tightening [6]. - The current A - share market is dominated by capital and policy. About 70 billion yuan flowed out of broad - based ETFs from January 15th to 27th, presumably due to Central Huijin's reduction to cool the market. The redemption of broad - based ETFs weakened last Thursday and Friday. In the short term, the policy is expected to take flexible measures to support the market. In the long run, the medium - to - long - term upward trend of the stock index is not expected to end [6]. 3. Summary by Relevant Catalogs 3.1 Macro Financial Data - **Interest Rates**: DR001 closed at 1.36 with a 3.65bp increase; DR007 at 1.49 with a - 10.20bp change; GC001 at 1.78 with a 17.50bp increase; GC007 at 1.64 with a 3.00bp increase; SHBOR 3M at 1.59 with a - 0.01bp change; LPR 5 - year at 3.50 with no change; 1 - year treasury at 1.30 with a 0.50bp increase; 5 - year treasury at 1.57 with a - 0.10bp change; 10 - year treasury at 1.81 with a 0.10bp increase; 10 - year US treasury at 4.26 with a 2.00bp increase [3]. - **Central Bank Operations**: The central bank conducted 75 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 150.5 billion yuan of reverse repurchases maturing, the net withdrawal was 75.5 billion yuan. This week, 1.7615 trillion yuan of reverse repurchases are due to mature, and 700 billion yuan of 91 - day repurchase - style reverse repurchases will mature on Wednesday [3][4]. 3.2 Stock Index Market - **Index Performance**: The Shanghai Composite Index fell to 4016, the CSI 300 dropped 2.13% to 4606, the SSE 50 declined 2.07% to 3003, the CSI 500 decreased 3.98% to 8037, and the CSI 1000 fell 3.39% to 7975. The decline of stock index futures was greater than that of the underlying indexes, and the discount widened, indicating a rapid cooling of market sentiment. The trading volume of the three major stock exchanges in Shanghai, Shenzhen, and Beijing was 2.6069 trillion yuan, a decrease of 255.8 billion yuan from the previous trading day. Most industry sectors fell, with only power grid equipment and the brewing industry rising [5]. - **Futures Performance**: The trading volume of IF increased by 6.8% to 191,408, and the open interest decreased by 5.6% to 313,881; IH trading volume rose 15.9% to 89,283, and open interest decreased by 2.5% to 119,304; IC trading volume increased 16.4% to 289,004, and open interest decreased by 5.9% to 328,769; IM trading volume rose 11.3% to 307,100, and open interest increased by 1.3% to 414,250 [5]. - **Premium and Discount**: The report provides the premium and discount rates for different contracts of IF, IH, IC, and IM [7].

Group 1 - The core viewpoint of the articles emphasizes the performance of high-dividend sectors, particularly state-owned enterprises, in the current market environment, with a focus on the potential for structural shifts in investment strategies towards companies with stable dividends and growth potential [1][2]. - The China Securities State-Owned Enterprises Dividend Index has shown a positive trend, with notable increases in constituent stocks such as Cai Bai Co., Ltd. rising by 10.02% and Zhonglian Heavy Industry by 4.05% as of February 3, 2026 [1]. - The report from Huatai Securities indicates that the risk appetite in January continued to decline, but high-dividend sectors, especially in oil, coal, and steel, performed better than in December, suggesting a marginal recovery in the allocation value of high-dividend stocks [1]. Group 2 - Guojin Securities suggests that the dividend strategy for 2026 should focus on structural shifts, moving from historical dividend ratios to identifying companies with fundamental resilience and potential for increased future dividends [2]. - The resource and traditional manufacturing sectors are highlighted as having the broadest benefits from dividend strategies, driven by factors such as overseas AI investments, manufacturing recovery, and resource protectionism in emerging markets [2]. - The China Securities State-Owned Enterprises Dividend ETF closely tracks the China Securities State-Owned Enterprises Dividend Index, selecting 100 listed companies with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2][3].

资料来源：钢联、CCTD、中国煤炭资源网、同花顺、国泰君安期货研究 【宏观及行业新闻】 商 品 研 究 2026 年 2 月 3 日 动力煤：供需弱平衡，节前煤价以稳为主 | 樊园园 | 投资咨询从业资格号：Z0023682 | | | fanyuanyuan@gtht.com | | --- | --- | --- | --- | --- | | 【基本面跟踪】 1. | | | | | | 动力煤基本面数据 | | | | | | | 山西大同5500 | 元/吨 | 568.0 | 0.0 -56.0 | | 指 标 | | 单 位 | 本 期 | 环 比 | 同比去年 | | --- | --- | --- | --- | --- | --- | | 山西大同5500 | | 元/吨 | 568.0 | 0.0 | -56.0 | | 产地价格 | 内蒙古鄂尔多斯5500 | 元/吨 | 532.0 | 0.0 | -35.0 | | 陕西榆林5800 | | 元/吨 | 598.0 | 2.0 | -52.0 | | 秦港山西产Q5500 | | 元/吨 | 609.0 | 0.0 | -61.0 ...

市场温度计 ิ源证券 | ETF周度配置指南 ETFFIC 配置指南 2026.01.30 (总04期) 本周市场先横盘，周五宽幅震荡，板块分化、全周板块轮动较快。本周五有色金属行业大幅调整，一方面受美联储降息 预期下降影响，另外受到短期技术性回吐和资金踩踏影响，非基本面崩盘：核心驱动仍在，调整后机会可能仍存。我们 判断未来一段时间，可能持续到春节前，市场整体呈现"慢牛"特征，但主题快速轮动。我们持续推荐优选长期趋势占 优品种进行配置的投资思路，回避短期博弈。长期方向可关注：1）美国反复TACO，可能导致各国加速转向国防、资 源、金融和供应链层面的自给自足，资源竞争加剧，大宗商品整体行情正处于上行周期，实物资产重估逻辑可能反复演 绎。目前资源品价格上涨已经呈现出扩散迹象，值得关注。2）全球科技竞争加剧推动国内科技自立自强战略加速落 地，A 股科技成长赛道迎来国产替代与产业升级的双重发展机遇。 风险提示：本材料非产品宣传推介材料，不构成任何投资建议。投资者不应以该等信息取代其独立判断或仅根据该等信息做出决 策。申万宏源证券对本材料拥有最终解释权，本材料所引信息来源于公开资料、第三方数据库以及本公司及申万研究内部 ...

Core Viewpoint - The article discusses the recent volatility in the stock market, particularly in resource-related sectors, and highlights the ongoing global resource cycle, with a focus on investment opportunities and market dynamics [1]. Equity Market Summary - A-shares experienced a decline in prices but an increase in trading volume, with average daily trading exceeding 3 trillion yuan. Resource sectors such as oil, coal, non-ferrous metals, and agriculture led the market, indicating a broad revaluation of physical assets [1]. - The CSI Value Index rose by 1.01%, while the CSI Growth Index fell by 0.59%. The Hang Seng Index outperformed A-shares with a 2.38% increase [1]. - The market is expected to exhibit a "slow bull" characteristic until the Spring Festival, with rapid thematic rotations. Long-term investment strategies focusing on resource competition and technological self-reliance are recommended [4]. Bond Market Summary - The bond market remained stable, with the central bank supporting liquidity. Short-term bonds showed little volatility, while long-term bonds were relatively weaker. The low interest rate environment is expected to persist, but increased market speculation and volatility are anticipated [5]. Commodity Market Summary - Gold prices experienced significant fluctuations, reaching historical highs before a technical correction. The volatility was driven by geopolitical risks and a strengthening dollar due to potential hawkish signals from the Federal Reserve [6]. - The South China Commodity Index rose by 2.60%, with notable increases in precious metals and energy sectors, while non-ferrous metals and black commodities saw declines [35]. Overseas Market Summary - The US stock market showed overall gains, with large-cap stocks outperforming small-cap stocks. The Federal Reserve maintained interest rates, aligning with market expectations, while the dollar weakened significantly due to political statements [2]. - The AI industry trend remains strong, with a focus on productivity and revenue growth, while traditional cycles are being monitored for recovery [7].

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: February 3, 2026 [1] 1. Report Industry Investment Rating - No information provided 2. Report's Core View - No information provided 3. Summary According to Relevant Catalog Price Information - **Domestic Coking Coal Prices**: The price of Liulin Main Coking Coal is 1483.00, with no daily change, no weekly change, a monthly increase of 80.00, and a yearly increase of 13.47%. The price of Anze Main Coking Coal is 1630.00, with no daily change, a weekly decrease of 10.00, a monthly increase of 130.00, and a yearly increase of 16.43%. The price of Shaheyi Meng 5 is 1430.00, with a daily increase of 30.00, a weekly increase of 30.00, a monthly increase of 90.00, and a yearly increase of 5.93%. The price of Raw Coal Port Delivery Price is 1027.00, with a daily increase of 3.00, a weekly decrease of 13.00, a monthly increase of 67.00, and a yearly increase of 11.63% [2]. - **International Coking Coal Prices**: The price of Peak Downs is 222.00, with no daily change, a weekly decrease of 38.00, a monthly decrease of 6.00, and a yearly increase of 23.00. The price of Goonyella is 222.00, with no daily change, a weekly decrease of 38.00, a monthly decrease of 7.00, and a yearly increase of 20.00 [2]. - **Futures Prices**: The price of Futures Contract 05 is 1169.50, with a daily decrease of 6.00, a weekly increase of 40.00, a monthly increase of 72.50, and a yearly increase of 2.10%. The price of Futures Contract 09 is 1246.00, with a daily decrease of 7.50, a weekly increase of 40.00, a monthly increase of 72.50, and a yearly increase of 1.67%. The price of Futures Contract 01 is 1418.00, with a daily decrease of 12.00, a weekly increase of 39.50, a monthly increase of 337.00, and a yearly increase of 12.36% [2]. Inventory Information - **Total Inventory**: The total coking coal inventory is 4130.25, with a weekly increase of 30.63 and a monthly increase of 71.92 [2]. - **Sub - inventory**: Coal mine inventory is 267.18, with a weekly decrease of 7.17, a monthly decrease of 26.16, and a yearly decrease of 35.25%. Port inventory is 289.38, with a weekly decrease of 9.52, a monthly decrease of 10.12, and a yearly decrease of 36.30%. Steel mill coking coal inventory is 803.24, with a weekly increase of 1.04, a monthly decrease of 3.48, and a yearly decrease of 5.30%. Coking plant coking coal inventory is 1177.71, with a weekly increase of 44.86, a monthly increase of 137.99, and a yearly decrease of 4.28% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 71.86, with a weekly decrease of 0.55, a monthly increase of 0.14, and a yearly decrease of 1.71% [2]. - **Coking Coke Inventory**: The coking coke inventory is 85.91, with a weekly increase of 0.20, a monthly increase of 0.33, and a yearly decrease of 0.43% [2]. - **Basis and Spread**: The 05 basis is - 97.32, with a daily increase of 6.00, a weekly decrease of 102.07, a monthly increase of 11.41, and a yearly decrease of 46.99%. The 09 basis is - 173.82, with a daily increase of 7.50, a weekly decrease of 102.07, a monthly increase of 11.41, and a yearly increase of 0.33%. The 01 basis is - 345.82, with a daily increase of 12.00, a weekly decrease of 101.57, a monthly decrease of 253.09, and a yearly increase of 1.07%. The 5 - 9 spread is - 76.50, with a daily increase of 1.50, no weekly change, no monthly change, and a yearly decrease of 0.04%. The 9 - 1 spread is - 172.00, with a daily increase of 4.50, a weekly increase of 0.50, a monthly decrease of 264.50, and a yearly increase of 3.71%. The 1 - 5 spread is 248.50, with a daily decrease of 6.00, a weekly decrease of 0.50, a monthly increase of 264.50, and a yearly increase of 1.13% [2].

Summary of Conference Call on Coal Industry Industry Overview - The focus of the conference call was on the coal industry, particularly the recent trends in coal prices and inventory levels [1][2][5]. Key Points and Arguments 1. **Coal Price Trends**: - Coal prices have started to rise, with Qinhuangdao's 5500 kcal coal price increasing by 5 yuan from 691 to 696 yuan. High-calorie coal from Yulin saw a significant increase of over 20 yuan, nearly 4% [1][2]. - Despite the price increase, there remains a notable price inversion between pit and port prices, with Shanxi coal prices around 750 yuan and Inner Mongolia near 800 yuan, compared to port prices below 700 yuan [2]. 2. **Inventory Levels**: - There has been a significant decrease in coal inventory, with Qinhuangdao's inventory down by 2% and the overall inventory at nine northern ports down by 7%, reaching levels lower than in 2023 and 2025 [2][5]. - The current inventory levels indicate a strong correlation with supply and demand dynamics, suggesting a potential for continued price stability [3][5]. 3. **Market Dynamics**: - The market is currently in the latter half of the peak season, with traders expected to remain active in shipping despite the price inversion, anticipating further price increases [2][3]. - The expectation is for minor fluctuations in coal prices, potentially reaching 700-750 yuan, but significant price surges are not anticipated [3]. 4. **International Market Influences**: - International coal prices are also on the rise, with Australian and Indonesian coal prices increasing by approximately 1%. The Australian price is around 705 yuan, while Indonesian coal is priced above 720 yuan [6]. - Indonesia is expected to reduce its coal export quotas significantly, from 790 million tons last year to an anticipated 600 million tons, raising concerns about supply constraints [6][7]. 5. **Government Policies**: - The Indonesian government is implementing policies to control coal prices and maintain tax revenues, which may lead to reduced production and tighter supply [7][9]. - Domestic policies in China are also focused on stabilizing coal supply, with no significant increases in production expected during the 15th Five-Year Plan period [19][20]. 6. **Investment Opportunities**: - The coal sector is viewed as a stable investment option amidst market volatility, with companies like Yancoal and China Shenhua being highlighted for their dividend yields and resilience [22][23]. - The focus is on selecting companies that offer both safety and growth potential, particularly those with strong fundamentals and dividend policies [23][24]. 7. **Future Outlook**: - The overall sentiment is cautiously optimistic, with expectations for a gradual recovery in coal prices and continued interest from investors seeking stable assets [26]. - The coal market is expected to remain tight, with both domestic and international factors contributing to a favorable outlook for coal investments in the near term [26]. Additional Important Content - The call emphasized the importance of coal as a stable asset class in a volatile market, with a focus on the need for investors to seek out reliable investment opportunities [14][22]. - The discussion included insights into the broader energy market, noting the impact of rising oil and gas prices on coal demand and pricing dynamics [11][15]. This summary encapsulates the key insights and discussions from the conference call regarding the coal industry, highlighting price trends, inventory levels, market dynamics, and investment opportunities.

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on February 3, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Relevant Catalogs 3.1 Power Coal - **Basis**: From January 27 to February 2, 2026, the basis of power coal was - 116.4 on January 27, - 111.4 on January 28, and - 109.4 from January 29 to February 2 [2]. - **Inter - period spreads**: The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 during the period from January 27 to February 2, 2026 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis**: For fuel oil, the basis on February 2, 2026 was 127.38; for INE crude oil, the basis on February 2, 2026 was - 3.68; for crude oil/asphalt, the basis on February 2, 2026 was 0.1392 [7]. - **Price Ratio**: The price ratio of some energy commodities was also provided, such as 99.68 for a certain ratio on February 2, 2026 [7]. 3.2.2 Chemical Commodities - **Inter - period spreads**: For rubber, the 5 - month minus 1 - month spread was - 485, the 9 - month minus 1 - month spread was - 625, and the 9 - month minus 5 - month spread was - 140; for methanol, the corresponding spreads were - 64, - 45, and 19; for PTA, they were 40, 38, and - 2; for LLDPE, they were - 35, 3, and 38; for PVC, they were - 218, - 101, and 117; for PP, they were 46, 72, and 26; for ethylene glycol, they were - 167, - 76, and 91 [9]. - **Inter - variety spreads**: For example, on February 2, 2026, the LLDPE - PVC spread was 1889, the LLDPE - PP spread was 171, the PP - PVC spread was 1718, and the PP - 3*methanol spread was - 93 [9]. - **Basis**: On February 2, 2026, the basis of rubber was - 80, methanol was - 4.5, PTA was - 72, LLDPE was 122, PVC was - 254, and PP was 76 [10]. 3.3 Black Metals - **Inter - period spreads**: For rebar, the 5 - month minus 1 - month spread was - 82, the 9 - month(10) minus 1 - month spread was - 33, and the 9 - month(10) minus 5 - month spread was 49; for iron ore, the corresponding spreads were 29, 12, and - 17; for coke, they were - 149, - 82, and 67; for coking coal, they were - 248.5, - 172, and 76.5 [19]. - **Inter - variety spreads**: On February 2, 2026, the rebar/iron ore ratio was 3.96, the rebar/coke ratio was 18132.1, the coke/coking coal ratio was 4690, and the rebar - hot - rolled coil spread was - 161 [19]. - **Basis**: On February 2, 2026, the basis of rebar was 112, iron ore was 4, coke was - 175.5, and coking coal was 38.5 [20]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: On February 2, 2026, the basis of copper was 1460, aluminum was 635, zinc was 455, lead was - 70, nickel was 10760, and tin was 850 [28]. 3.4.2 London Market - **LME Ascending/Descending Premium**: On February 2, 2026, the LME ascending/descending premium of copper was (59.17), aluminum was (22.32), zinc was (5.35), lead was (47.99), nickel was (218.73), and tin was (300.00) [34]. - **Shanghai - London Ratio**: On February 2, 2026, the Shanghai - London ratio of copper was 7.83, aluminum was 7.73, zinc was 7.53, lead was 8.49, nickel was 7.85, and tin was 8.16 [34]. - **CIF**: On February 2, 2026, the CIF of copper was 101532.75, aluminum was 25597.59, zinc was 27517.86, lead was 15764.97, nickel was 136168.76, and tin was 375735.34 [34]. - **Domestic Spot Price**: On February 2, 2026, the domestic spot price of copper was 101060, aluminum was 23680, zinc was 24970, lead was 16640, nickel was 140410, and tin was 392480 [34]. - **Import Profit and Loss**: On February 2, 2026, the import profit and loss of copper was (472.75), aluminum was (1917.59), zinc was (2547.86), lead was 875.03, nickel was 4241.24, and tin was 16744.66 [34]. 3.5 Agricultural Products - **Basis**: On February 2, 2026, the basis of soybeans No.1 was - 233, soybeans No.2 was 96.22, soybean meal was 350, soybean oil was 578, and corn was 49 [38]. - **Inter - period spreads**: For example, for soybeans No.1, the 5 - month minus 1 - month spread was - 28, the 9 - month minus 1 - month spread was 5, and the 9 - month minus 5 - month spread was 33 [38]. - **Inter - variety spreads**: On February 2, 2026, the soybeans No.1/corn ratio was 1.93, the soybeans No.2/corn ratio was 1.55, the soybean oil/soybean meal ratio was 2.97, the soybean meal - rapeseed meal spread was 477, the soybean oil - palm oil spread was - 944, the rapeseed oil - soybean oil spread was 1082, and the corn - corn starch spread was - 249 [38]. 3.6 Stock Index Futures - **Basis**: On February 2, 2026, the basis of CSI 300 was - 20.84, SSE 50 was 133.85, CSI 500 was - 19.49, and CSI 1000 was - 5.74 [50]. - **Inter - period spreads**: For CSI 300, the next - month minus current - month spread was - 46.2, and the next - quarter minus current - quarter spread was - 1.2; for SSE 50, the next - month minus current - month spread was - 24.8, and the next - quarter minus current - quarter spread was - 10.6; for CSI 500, the next - month minus current - month spread was - 35.2, and the next - quarter minus current - quarter spread was - 145.6; for CSI 1000, the next - month minus current - month spread was - 38.8, and the next - quarter minus current - quarter spread was - 104.2 [50].

期货市场交易指引 2026 年 02 月 03 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 短线交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 逢低做多 | | | 有色金属 | | ◆铜： 观望 | | | ◆铝： | 建议加强观望 | | ◆镍： | 建议观望 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | ◆碳酸锂： | 区间震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 暂时观望 | | ◆纯碱： | 暂时观望 | | ◆苯乙烯： | 区间交易 | | ◆橡胶： | 区间交易 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡调整 | | ◆苹果： | 震荡运行 | | ◆红枣： | 震荡运行 | | | 农业畜牧 | | ◆生猪： | 反弹滚动空机会 | | ◆鸡蛋： | ...