Core Insights - The recovery of upstream industry prices has been observed, while downstream sectors still require more policy support [2][6] - The "anti-involution" campaign has shown positive results, with expectations for further policy actions to enhance industry health and sustainable development [2][8] Industrial Profit Growth - From January to August, industrial profits for large-scale enterprises turned from a 1.7% decline to a 0.9% increase, marking a significant recovery [3][5] - August saw a notable profit increase of 20.4% compared to July, reversing a previous decline [3][4] - The improvement in industrial profits is attributed to macro policy effectiveness, low base effects, and strong support from the equipment manufacturing sector [3][6] Price Improvement and Its Impact - Price recovery is a key factor in profit growth, with the Producer Price Index (PPI) decline narrowing to 2.9% in August, the smallest drop since March [4][5] - Specific industries such as coal processing and steel have seen reduced price declines, contributing to the overall PPI improvement [4][6] Downstream Industry Challenges - Despite profit improvements in upstream sectors, downstream industries still face weak demand and operational pressures, indicated by rising inventory levels and extended accounts receivable periods [5][7] - Analysts suggest that targeted policies to stimulate downstream demand, such as expanding consumption incentives, are necessary for broader profit recovery [7][8] Policy Measures and Future Outlook - Continuous policy support is essential for sustaining profit growth, particularly in the context of "anti-involution" measures aimed at reducing excessive competition [7][8] - The Ministry of Industry and Information Technology has outlined specific growth plans for various sectors, including steel and automotive, focusing on governance and competition regulation [9][10]

Core Viewpoint - The company, Aerospace Engineering (603698.SH), is set to sign an EPC contract worth 2.392 billion yuan with Shaanxi Coal and Chemical Industry Group Yulin Chemical Co., Ltd. for a gasification facility in a coal-to-chemical project, which will significantly enhance its market competitiveness and operational performance [1]. Group 1 - The total contract amount is 2.392 billion yuan [1]. - The contract represents over 50% of the company's audited main business revenue from the most recent fiscal year, with an absolute amount exceeding 500 million yuan [1]. - Successful execution of the contract is expected to positively impact the company's operational performance and market share [1].

Report Information - Report Title: Coke Daily Report - Report Date: September 26, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Relevant Catalog Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1427.78, with no daily or weekly change, a monthly decrease of 108.16 (14.41% year - on - year) [2] - The latest price of Hebei quasi - first dry quenching coke is 1680.00, with no daily or weekly change, a monthly decrease of 110.00 (4.35% year - on - year) [2] - The latest price of Shandong quasi - first dry quenching coke is 1605.00, with no daily or weekly change, a monthly decrease of 110.00 (13.01% year - on - year) [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1645.00, with no daily or weekly change, a monthly decrease of 110.00 (12.73% year - on - year) [2] - The latest price of Inner Mongolia second - grade coke is 1080.00, with no daily or weekly change, a monthly decrease of 100.00 (13.60% year - on - year) [2] Production and Utilization Rates - The blast furnace开工率 is 90.35, with a weekly increase of 0.17, a monthly increase of 0.10 (7.70% year - on - year) [2] - The daily average iron water output is 242.36, with a weekly increase of 1.34, a monthly increase of 2.23 (7.78% year - on - year) [2] - The coking capacity utilization rate is 75.35, with a weekly decrease of 0.23, a monthly increase of 1.18 (9.78% year - on - year) [2] - The daily average coke output is 52.02, with a weekly increase of 0.19, a monthly increase of 0.73 (2.80% year - on - year decrease) [2] Inventory - The coking plant inventory is 39.54, with a weekly decrease of 2.67, a monthly decrease of 0.27 (10.62% year - on - year decrease) [2] - The port inventory is 196.06, with a weekly decrease of 8.04, a monthly decrease of 16.03 (4.73% year - on - year increase) [2] - The steel mill inventory is 661.31, with a weekly increase of 16.64, a monthly increase of 51.24 (17.95% year - on - year increase) [2] - The steel mill inventory days are 11.66, with a weekly increase of 0.24, a monthly increase of 0.88 (4.95% year - on - year increase) [2] Futures Market - The price of futures contract 05 is 1885.5, with a daily increase of 16.00, a weekly increase of 19.00, a monthly increase of 117.50 (6.29% year - on - year decrease) [2] - The price of futures contract 09 is 1956.5, with a daily increase of 13.50, a weekly increase of 33.00, a monthly increase of 348.50 (3.10% year - on - year decrease) [2] - The price of futures contract 01 is 1741, with a daily increase of 15.50, a weekly increase of 15.50, a monthly increase of 60.00 (11.87% year - on - year decrease) [2] - The 05 basis is - 156.70, with a daily decrease of 16.00, a weekly decrease of 19.00, a monthly decrease of 223.05 (190.68 decrease year - on - year) [2] - The 09 basis is - 227.70, with a daily decrease of 13.50, a weekly decrease of 33.00, a monthly decrease of 454.05 (254.68 decrease year - on - year) [2] - The 01 basis is - 12.20, with a daily decrease of 15.50, a weekly decrease of 15.50, a monthly decrease of 165.55 (82.68 decrease year - on - year) [2] - The 5 - 9 spread is - 144.50, with a daily decrease of 0.50, a weekly decrease of 3.50, a monthly decrease of 57.50 (108.00 decrease year - on - year) [2] - The 9 - 1 spread is - 71.00, with a daily increase of 2.50, a weekly decrease of 14.00, a monthly decrease of 231.00 (64.00 decrease year - on - year) [2] - The 1 - 5 spread is 215.50, with a daily decrease of 2.00, a weekly increase of 17.50, a monthly increase of 288.50 (172.00 increase year - on - year) [2]

Group 1 - The government has implemented measures against "involution" to address vicious competition in industries such as coal and photovoltaics, leading to a narrowing of industrial product price declines and signs of core price recovery [1][5][7] - "Involution" refers to companies engaging in price wars to gain market share, resulting in reduced profits and lower product quality, which ultimately suppresses prices [3][5] - The reduction in price declines is evident in various sectors, including coal processing and steel, where prices have stabilized, and even in the new energy sector, where price drops have slowed [5][10] Group 2 - The approach to "involution" is distinct from past supply-side adjustments, focusing on a broader range of industries and employing more flexible methods rather than simply cutting production capacity [9][10] - The government has introduced regulations to prevent low-price dumping and has created a blacklist for companies engaging in vicious competition, aiming to stabilize the market [12][14] - The strategy not only addresses existing competition issues but also encourages innovation and quality improvement among companies, shifting the focus from price competition to technological and brand superiority [14][16] Group 3 - Despite improvements on the supply side, achieving the 2% inflation target requires addressing demand-side issues, as consumer spending remains low and investment willingness from companies is weak [16][18] - The current economic environment shows a disparity between production recovery and consumer spending, leading to an oversupply situation [18][24] - To stimulate demand, policies should encourage consumer spending, particularly in services, and support employment initiatives for young people to increase disposable income [19][21][24]

Core Viewpoint - Xinjiang is emerging as a crucial hub for trade and development, showcasing significant economic growth and potential in various sectors, including agriculture, energy, and infrastructure. Economic Development - Xinjiang's GDP is projected to reach 20,534.08 billion yuan in 2024, marking a significant increase from 7,499.47 billion yuan in 2012, with an average annual growth rate of 7.0% [3] - The region's per capita GDP is expected to rise from 33,495 yuan in 2012 to 78,660 yuan in 2024, reflecting a growth of 1.3 times [3] - The export of automobiles through the Horgos port reached 237,000 units from January to August this year, showing a year-on-year increase of 5.3% [2] Infrastructure and Resource Management - The Dashi Gorge Water Conservancy Project, with a maximum dam height of 247 meters, aims to alleviate water shortages for over 8 million acres of farmland, providing 3.42 billion cubic meters of ecological water annually [4] - Xinjiang's irrigation area has expanded from 16.81 million acres at the founding of New China to 99.17 million acres in 2024, with grain yield per acre increasing to 524.8 kg, ranking first in the country [5] Energy Sector - The Xinjiang Oilfield Company is set to achieve a historical milestone with a total oil and gas equivalent of 20 million tons this year, alongside the establishment of the first national shale oil demonstration zone [3] Cultural and Social Development - Initiatives promoting ethnic unity and cultural integration are being implemented, enhancing community ties among diverse ethnic groups [7][9] - The "Ma Bei Police Service Team" provides essential services to remote pastoral communities, reflecting the commitment to improving local livelihoods [8]

Core Viewpoint - Xinjiang is emerging as a crucial hub for trade and development, showcasing significant economic growth and potential in various sectors, including agriculture, energy, and infrastructure [1][3][9]. Economic Development - Xinjiang's GDP is projected to reach 20,534.08 billion yuan in 2024, marking a significant increase from 7,499.47 billion yuan in 2012, with an average annual growth rate of 7.0% [3]. - The region's per capita GDP is expected to rise from 33,495 yuan in 2012 to 78,660 yuan in 2024, reflecting a growth of 1.3 times [3]. - The export of automobiles through the Horgos port reached 237,000 units from January to August this year, showing a year-on-year increase of 5.3% [2]. Infrastructure and Energy - The Dashi Gorge Water Conservancy Project, with a maximum dam height of 247 meters, is set to alleviate water shortages for over 8 million acres of farmland, providing 3.42 billion cubic meters of ecological water annually [4]. - The Xinjiang oilfield company is expected to achieve a historical milestone with a total oil and gas equivalent of 20 million tons this year, alongside the establishment of a national-level shale oil demonstration zone [3]. Agricultural Advancements - Xinjiang's irrigation area has expanded from 16.81 million acres at the founding of New China to 99.17 million acres in 2024, with grain yield per acre increasing to 524.8 kilograms, the highest in the country [5]. - The introduction of drip irrigation has reduced water usage by approximately 20%, significantly benefiting local farmers [5]. Social and Cultural Integration - Initiatives promoting ethnic unity and cultural exchange are being implemented, enhancing community ties among diverse ethnic groups in Xinjiang [7][8]. - The "One Family Like Pomegranate Seeds" campaign aims to strengthen the sense of community and shared identity among various ethnic groups [9].

Group 1 - The core viewpoint of the articles highlights the persistent low inflation in China as a significant challenge for the economy, affecting both macroeconomic stability and microeconomic sentiment [1][8][9] - The Consumer Price Index (CPI) has shown a positive trend, with the core CPI rising by 0.9% year-on-year in August, marking the highest level since February 2024, indicating potential recovery in prices [1][4][3] - The industrial producer price index (PPI) has also shown signs of improvement, with a year-on-year decline of 2.9% in August, a narrowing of the decline by 0.7 percentage points from the previous month [6][8] Group 2 - Experts emphasize the need for a combination of short-term policies and long-term reforms to stabilize prices, suggesting a target CPI growth of 2% as a long-term goal for the 14th Five-Year Plan [11][12] - The "anti-involution" policy is seen as a crucial measure for structural adjustment in the economy, aimed at reducing excess capacity and optimizing supply structures [12][10] - The current economic environment is characterized by insufficient demand, which is expected to continue influencing price trends during the 14th Five-Year Plan period [9][8]

Group 1: Daily Data Overview - Latest price of Shanxi quasi - first wet quenching coke is 1427.78, with no daily change, a weekly decrease of 54.61, a monthly decrease of 53.55, and a year - on - year decrease of 11.51% [2] - Latest price of Hebei quasi - first dry quenching coke is 1680.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year increase of 7.69% [2] - Latest price of Shandong quasi - first dry quenching coke is 1605.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.34% [2] - Latest price of Jiangsu quasi - first dry quenching coke is 1645.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.11% [2] - Latest price of Inner Mongolia second - grade coke is 1080.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 10.00% [2] Group 2: Production and Inventory Data - Blast furnace operating rate is 90.35, with a weekly increase of 0.17, a monthly increase of 0.10, and a year - on - year increase of 7.70% [2] - Average daily molten iron output is 241.02, with a weekly increase of 0.47, a monthly increase of 0.27, and a year - on - year increase of 7.68% [2] - Coking plant inventory is 42.21, with a weekly decrease of 1.70, a monthly increase of 2.74, and a year - on - year decrease of 4.24% [2] - Port inventory is 204.10, with a weekly decrease of 1.01, a monthly decrease of 10.52, and a year - on - year increase of 7.34% [2] - Steel mill inventory is 644.67, with a weekly increase of 11.38, a monthly increase of 35.08, and a year - on - year increase of 18.79% [2] - Steel mill inventory days are 11.42, with a weekly increase of 0.13, a monthly increase of 0.66, and a year - on - year increase of 5.94% [2] - Coking capacity utilization rate is 75.58, with a weekly increase of 2.97, a monthly increase of 1.45, and a year - on - year increase of 9.46% [2] - Average daily coke output is 51.83, with a weekly decrease of 0.09, a monthly increase of 0.20, and a year - on - year decrease of 3.63% [2] Group 3: Futures Market Data - Futures price of contract 05 is 1866.5, with a daily increase of 13.00, a weekly increase of 57.50, a monthly increase of 94.50, and a year - on - year decrease of 2.89% [2] - Futures price of contract 09 is 1923.5, with a daily increase of 21.50, a weekly increase of 78.50, a monthly increase of 299.50, and a year - on - year decrease of 1.46% [2] - Futures price of contract 01 is 1725.5, with no daily change, a weekly increase of 61.00, a monthly increase of 46.50, and a year - on - year decrease of 8.94% [2] - Basis of contract 05 is - 137.70, with a daily decrease of 13.00, a weekly decrease of 57.50, a monthly decrease of 146.70, and a year - on - year decrease of 197.58 [2] - Basis of contract 09 is - 194.70, with a daily decrease of 21.50, a weekly decrease of 78.50, a monthly decrease of 351.70, and a year - on - year decrease of 224.58 [2] - Basis of contract 01 is 3.30, with no daily change, a weekly decrease of 61.00, a monthly decrease of 98.70, and a year - on - year decrease of 83.58 [2] - Spread between contract 05 and 09 is - 141.00, with a daily decrease of 13.00, a weekly increase of 3.50, a monthly decrease of 48.00, and a year - on - year decrease of 114.00 [2] - Spread between contract 09 and 01 is - 57.00, with a daily decrease of 8.50, a weekly decrease of 21.00, a monthly decrease of 205.00, and a year - on - year decrease of 27.00 [2] - Spread between contract 01 and 05 is 198.00, with a daily increase of 21.50, a weekly increase of 17.50, a monthly increase of 253.00, and a year - on - year increase of 141.00 [2] Group 4: Historical Price Charts - Include historical price charts of Linfen, Lvliang, Rizhao Port, Changzhi, Qingdao Port, Tianjin Port, etc., from 2021 to 2025 [3][4][5][6][9] - Also include historical data charts of 247 - blast furnace capacity utilization, molten iron output, 110 - steel mill coke inventory, Mongolian port pick - up price, Liulin main coking coal, coke main contract basis rate, 230 - coking capacity utilization, 230 - coking output, port total inventory, weighted total coke inventory, coking profit, and full - sample coking coke inventory from 2021 to 2025 [7]

Core Viewpoint - The Shanxi Coking Tar Processing Plant is implementing various measures to reduce costs and enhance high-quality development through external benchmarking, internal potential tapping, and refined management [1] Group 1: Cost Control Measures - The plant is conducting comprehensive benchmarking with industry-leading companies through both telephone communication and on-site investigations, focusing on process operation and cost control [1] - A "monthly reporting and weekly scheduling" mechanism has been established, where core cost elements such as water, electricity, and maintenance fees are analyzed monthly, leading to targeted actions to improve product recovery rates [1] - The plant has developed a three-tier cost control system at the factory, workshop, and team levels, promoting "zero-based project" management and incorporating performance assessments related to material recycling and technical breakthroughs [1] Group 2: Efficiency and Production Management - The plant strictly implements a production strategy based on sales, efficiency, and current conditions, with daily tracking and coordination of production and sales dynamics [1] - Lean production and sales guidance are emphasized, with daily proactive and focused scheduling to accurately monitor production anomalies and address issues in the production and sales process [1]

Report Information - Report Title: Coke Daily Report - Report Date: September 19, 2025 - Report Team: Black Team of the Research Center [1] Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - No core viewpoints are provided in the report. Summary by Relevant Catalogs Price Information - The latest price of Shanxi quasi - first wet - quenched coke is 1427.78, with no daily change, a weekly decrease of 54.61, a monthly decrease of 53.55, and a year - on - year decrease of 11.51% [2]. - The latest price of Hebei quasi - first dry - quenched coke is 1680.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year increase of 7.69% [2]. - The latest price of Shandong quasi - first dry - quenched coke is 1605.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.34% [2]. - The latest price of Jiangsu quasi - first dry - quenched coke is 1645.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 55.00, and a year - on - year decrease of 10.11% [2]. - The latest price of Inner Mongolia second - grade coke is 1080.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 10.00% [2]. Production and Utilization Information - The blast furnace开工率 (blast furnace operating rate) is 90.18, with a weekly increase of 4.39, a monthly decrease of 0.04, and a year - on - year increase of 7.87% [2]. - The daily average iron water output is 241.02, with a weekly increase of 0.47, a monthly increase of 0.27, and a year - on - year increase of 7.68% [2]. - The coking capacity utilization rate is 75.58, with a weekly increase of 2.97, a monthly increase of 1.45, and a year - on - year increase of 9.46% [2]. - The daily average coke output is 51.83, with a weekly decrease of 0.09, a monthly increase of 0.20, and a year - on - year decrease of 3.63% [2]. Inventory Information - The coking plant inventory is 42.21, with a weekly decrease of 1.70, a monthly increase of 2.74, and a year - on - year decrease of 4.24% [2]. - The port inventory is 204.10, with a weekly decrease of 1.01, a monthly decrease of 10.52, and a year - on - year increase of 7.34% [2]. - The steel mill inventory is 644.67, with a weekly increase of 11.38, a monthly increase of 35.08, and a year - on - year increase of 18.79% [2]. - The steel mill inventory days are 11.42, with a weekly increase of 0.13, a monthly increase of 0.66, and a year - on - year increase of 5.94% [2]. Futures Information - The price of futures contract 05 is 1853.5, with a daily decrease of 3.50, a weekly increase of 104.00, a monthly increase of 85.50, and a year - on - year decrease of 2.58% [2]. - The price of futures contract 09 is 1902, with a daily increase of 7.00, a weekly increase of 402.00, a monthly increase of 283.00, and a year - on - year increase of 1.12% [2]. - The price of futures contract 01 is 1725.5, with a daily decrease of 2.50, a weekly increase of 111.50, a monthly increase of 45.50, and a year - on - year decrease of 7.92% [2]. - The 05 basis is - 124.70, with a daily increase of 3.50, a weekly decrease of 146.59, a monthly decrease of 137.70, and a year - on - year decrease of 198.70 [2]. - The 09 basis is - 173.20, with a daily decrease of 7.00, a weekly decrease of 444.59, a monthly decrease of 335.20, and a year - on - year decrease of 268.70 [2]. - The 01 basis is 3.30, with a daily increase of 2.50, a weekly decrease of 154.09, a monthly decrease of 97.70, and a year - on - year decrease of 99.20 [2]. - The 5 - 9 spread is - 128.00, with a daily increase of 1.00, a weekly increase of 7.50, a monthly decrease of 40.00, and a year - on - year decrease of 99.50 [2]. - The 9 - 1 spread is - 48.50, with a daily decrease of 10.50, a weekly decrease of 298.00, a monthly decrease of 197.50, and a year - on - year decrease of 70.00 [2]. - The 1 - 5 spread is 176.50, with a daily increase of 9.50, a weekly increase of 290.50, a monthly increase of 237.50, and a year - on - year increase of 169.50 [2].