Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rise, driven by high daily consumption and improved market sentiment. The price of thermal coal has slightly increased, with the Qinhuangdao Q5500 thermal coal closing at 761 RMB/ton, up 26 RMB/ton from the previous period. The report anticipates that prices will stabilize around the coal-electricity profit-sharing line of approximately 750 RMB/ton, with potential upward movement towards the 800-860 RMB range due to geopolitical tensions in the Middle East affecting oil prices and chemical products [3][4][5]. Summary by Sections Investment Logic - Thermal coal prices are at a turning point, expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants at 860 RMB. The report also notes that coking coal prices are influenced more by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [4][15]. Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. It suggests that both thermal and coking coal prices are at historical lows, providing room for rebound. The report identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][16]. Key Market Indicators - As of March 27, 2026, the average PE ratio for the coal sector is 19.12, ranking it sixth from the bottom in the A-share market, while the PB ratio is 1.58, ranking eighth from the bottom. The coal index has slightly decreased by 1.21%, outperforming the CSI 300 index by 0.2 percentage points [29][34][35]. Thermal Coal Market - The report notes a slight increase in domestic thermal coal prices, with the Qinhuangdao Q5500 price at 761 RMB/ton, reflecting a 3.54% increase. Prices in various production areas have also risen, with notable increases in the Ordos and Shanxi regions [35][36]. Coking Coal Market - The price of coking coal at the Jing-Tang port has risen to 1750 RMB/ton, marking an 8.02% increase. The report highlights the sensitivity of coking coal prices to market conditions, with a significant rebound in futures prices [21][22]. Supply and Demand Dynamics - The report indicates that coal production rates have slightly increased, with the operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions at 84.2%. Additionally, daily consumption at coastal power plants has decreased, but inventory levels have also dropped, leading to an increase in available days of inventory [58][60].

Investment Rating - The industry rating is "Positive" [1] Core Views - The report highlights that the recent surge in crude oil prices, driven by ongoing conflicts in the Middle East, is expected to positively impact coal prices. The demand from domestic power plants and chemical industries remains strong, with expectations for coal prices to rise [6][29] - The coal sector has shown resilience, outperforming the CSI 300 index, with a slight decline of 1.25% compared to a 1.41% drop in the index [2] - Key coal production and sales data indicate a steady increase in average daily coal sales and production, with significant year-on-year growth [2][27] Summary by Sections Coal Market Performance - As of March 27, 2026, the average daily coal sales from monitored enterprises reached 7.72 million tons, a week-on-week increase of 2.4% and a year-on-year increase of 7.5%. The average daily production was 7.77 million tons, up 4.1% week-on-week and 8.4% year-on-year [2] - The total coal inventory stood at 24.88 million tons, reflecting a week-on-week increase of 1.4% but a year-on-year decrease of 29.9% [2][27] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim reached 688 RMB/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 969 RMB/ton, up 4.76% week-on-week [3] - Coking coal prices also saw increases, with main coking coal prices at 1,720 RMB/ton, reflecting a week-on-week rise of 7.5% [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies, coal chemical companies, and flexible coking coal companies. Notable companies include China Shenhua, Shaanxi Coal and Energy, and Yanzhou Coal Mining [6][29] - The report emphasizes the potential for coal prices to rise due to strong downstream demand and the need for inventory replenishment in the coking and thermal coal sectors [6][29]

Investment Rating - The steel industry is rated as having absolute value, with the CITIC Steel Index increasing by 0.2%, outperforming the market by 1.3% this week [1][11]. Core Insights - The steel industry is experiencing a stabilization at the bottom of its economic cycle, with a profit ratio of 43.3% among 247 surveyed steel mills, despite a current average loss of 30.6 yuan per ton due to high inventory levels and moderate terminal demand [1][11]. - The iron ore inventory at ports remains high at approximately 180 million tons, with ongoing negotiations between major players causing market fluctuations [1][11]. - The market for coking coal is showing positive short-term performance, with prices driven by seasonal demand rather than cost increases [3][13]. Summary by Sections Steel Industry Overview - The domestic hot-rolled coil market is showing strong price consolidation, with an average price of 3,322 yuan per ton, up 10 yuan from last week [2][12]. - Social inventory of hot-rolled coils decreased by 54,000 tons week-on-week but increased by 166,800 tons month-on-month, indicating a slow destocking process [2][12]. Coking Coal Market - Prices for main coking coal in Shanxi are reported at 1,329 yuan per ton for S2.8 and 1,580 yuan per ton for S0.45 [3][13]. - The total inventory of imported coking coal at 16 ports is 478.10 thousand tons, reflecting a decrease of 2.93 thousand tons [3][13]. Iron Ore Market - The price index for domestic iron concentrate has decreased, with the 66% concentrate price in Tangshan at 967 yuan per ton, down 3 yuan [4][14]. - The total inventory of imported iron ore at 45 ports is 170 million tons, down 980,900 tons from the previous week [4][14].

Report Information - Report Title: Weekly Report on the Thermal Coal Industry Chain - Report Date: March 29, 2026 - Research Institution: Guotai Junan Futures Research Institute - Analyst: Fan Yuanyuan [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - After a week of sharp increase, the inversion of import price difference has been alleviated, and the price advantage of imported coal has reappeared. With the emergence of auction failures in the production areas, there is a callback pressure on coal prices in the short term. In April, the coal market is intertwined with long and short factors, and the price may fluctuate in the range of 730 - 780 yuan/ton. In the medium and long term, the substitution of thermal power by new energy will continue, and the demand for coal in the power system will peak and gradually decline during the 15th Five-Year Plan period. It is expected that the central price of coal will rise this year, and the long-term agreement price still has support [2] Summary by Directory 1. Price - **Domestic Price**: As of March 27, the 5800 kcal index in Yulin was 649.0 yuan/ton, up 40.0 yuan/ton week-on-week; the 5500 kcal index in Ordos was 577.0 yuan/ton, up 46.0 yuan/ton week-on-week; the 5500 kcal index in Datong was 620.0 yuan/ton, up 27.0 yuan/ton week-on-week. At Qinhuangdao Port, the price of 5500 kcal coal was reported at 763.0 yuan/ton, up 27 yuan/ton week-on-week, and the price of 5000 kcal coal was reported at 683.0 yuan/ton, up 29.0 yuan/ton week-on-week [7] - **Import Price**: The CCI imported 4700 index was reported at 86.0 US dollars/ton, unchanged week-on-week, and the CCI imported 3800 index was reported at 70.0 US dollars/ton, unchanged week-on-week [7] 2. Supply - **Domestic Production (Weekly)**: From March 19 - 25, 2026, the capacity utilization rate of sample coal mines in the Three Western Regions was 93.91%, an increase of 1.93 percentage points from the previous period. The factors affecting coal production capacity in 2026 include the withdrawal of backward production capacity, the possible withdrawal or conversion of uncompleted approved increased production capacity into reserve capacity, and the disposal of increased production capacity that fails to fulfill the thermal coal contract [13] - **Domestic Production (Monthly)**: In January - February 2026, the national raw coal production was 762.89 million tons, a year-on-year decrease of 0.3%. The production in the main producing areas still maintained a growth trend. The top three provinces in terms of production were Shanxi, Inner Mongolia, and Shaanxi, with a total production of 541.508 million tons, a year-on-year increase of 0.90% and accounting for 70.98% of the national total [14] - **Seaborne Coal**: The arrival volume of imported coal at ports is weak, and the freight rate has回调 from a high level [17] - **Import (Monthly)**: In January - February 2026, the national imported coal was 77.222 million tons, a year-on-year increase of 1.5%. In February, the import volume was 30.9427 million tons, a year-on-year decrease of 9.95%. In January, the import volume was 46.2796 million tons, a year-on-year increase of about 10.82%. Since 2026, the coal exports from Indonesia have remained weak, with many policy interferences [23] 3. Inventory - **Mine**: The inventory at the production area decreased month-on-month [25] - **Port**: The northern ports continued to accumulate inventory, but the accumulation rate slowed down. As of March 27, the total inventory of northern ports (excluding Huanghua) was 27.09 million tons, an increase of 1.59 million tons week-on-week [2] 4. Transportation - The port inflow increased and the outflow decreased. The average daily inflow of ports this week was 1.4354 million tons, an increase of 34,600 tons month-on-month, and the average daily outflow was 1.1412 million tons, a decrease of 138,400 tons month-on-month [2] 5. Demand - **Power Demand**: The inventory of coastal power plants has decreased. In the first two months of this year, the total social electricity consumption in China increased by 6.1% year-on-year. From January - February, the thermal power generation increased by 3.3% year-on-year. In the next 10 days, there will be continuous rainy and significantly more precipitation in the southeast of Northwest China, North China, Northeast China, Huanghuai, and the northeast of Inner Mongolia, etc. [40][48][51] - **Non - power Demand**: The demand for building materials and metallurgy is weak, while the demand for chemical coal remains high. This week, the blast furnace operating rate was 81.03% month-on-month, and the clinker production capacity utilization rate was 58.83% [59]

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Insights - Short-term market sentiment is high, driven by geopolitical uncertainties, particularly following the destruction of Qatar's LNG facilities, which is expected to maintain a tight balance in natural gas supply over the next year. This situation is likely to boost international coal demand, accelerating the anticipated "global energy supercycle" by 5-10 years. The report emphasizes a strategic bullish outlook for the energy sector over the next 5-10 years, recommending investments in global markets such as Yancoal Australia and A-share companies like Yanzhou Coal Mining, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [4][5]. Summary by Sections Market Overview - The report highlights that domestic coal prices have rebounded significantly, with international coal prices rising over 20% due to recent geopolitical tensions. As of March 27, 2026, the price of Q5500 coal at Huanghua Port reached 768 CNY/ton, up 27 CNY/ton (3.6%) from the previous week. However, overall demand remains moderate, and the supply is still relatively high, limiting the upward momentum for coal prices [4][7][8]. Thermal Coal Data Tracking - The report indicates that thermal coal prices are expected to remain above 700 CNY/ton, with potential early summer stockpiling. As of March 27, 2026, the price of Q5500 coal at Huanghua Port was 768 CNY/ton, reflecting a weekly increase of 27 CNY/ton (3.6%). Domestic supply is expected to remain high, while overseas imports are anticipated to decrease significantly starting in March [6][7][8]. Coking Coal Data Tracking - Coking coal prices have also seen an increase, with the price of main coking coal at Jingtang Port reaching 1720 CNY/ton, up 120 CNY/ton (7.5%) as of March 27, 2026. The report notes a decline in iron and steel production, which may affect future demand for coking coal [29][39]. Inventory and Supply Chain - The report notes an increase in coal inventories at major ports, with Qinhuangdao's inventory rising to 7.25 million tons, up 70,000 tons (1.0%) as of March 27, 2026. Northern ports saw an increase in inventory, while southern ports experienced a slight decrease [20][25]. Price Trends - The report details various price movements across different coal types, with thermal coal prices generally increasing. For instance, the price of Q5000 coal at Huanghua Port rose to 689 CNY/ton, up 29 CNY/ton (4.4%) [7][8][29]. Market Performance - The coal sector underperformed the broader market, with the Shanghai Composite Index down 1.09% and the coal sector down 1.25%. Notable gainers included Liaoning Energy (up 28.60%) and Yunnan Coal Energy (up 15.21%), while China Shenhua Energy saw a decline of 4.14% [65][67]. Key Events - The report mentions significant events impacting the coal market, including price rebounds at domestic ports and strategic initiatives in Heilongjiang to modernize the coal supply chain [71][72].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - This April, the A-share market may be volatile and strong, and the slow-bull trend remains unchanged. The economy and corporate profits are likely to continue to recover, policies may remain positive, external risks may ease, domestic liquidity may remain loose, and stock market funds may flow back [2][10][20]. - This April, the technology and cyclical styles may be relatively dominant, and the large-cap and small-cap styles may be relatively balanced [2]. - In April, it is recommended to allocate high-quality technology and some cyclical industries at low prices [2]. Group 3: Summary According to the Directory I. A-share Slow-Bull Continues in April (1) Core factors affecting the A-share market's performance in April are fundamentals, policies, and external events - Since 2010, the Shanghai Composite Index has only risen in April in 6 out of 15 years. Economic and profit fundamentals are the core factors determining the A-share market's performance in April. Rising year-on-year growth rates of real estate sales, social retail, and exports may lead to an increase in the Shanghai Composite Index in April, while the impact of the growth rates of industrial enterprise profits and A-share first-quarter report earnings on the rise of the Shanghai Composite Index is not obvious. Policies and external events also have an important impact on the A-share market's performance in April [2][5]. (2) If the A-share market adjusts due to external events in February - March, it may be volatile and strong in April - After 5 major external events in February - March since 2000, the A-share market started to recover from a low level in the first half of April in 4 cases, with an average decline of 0.5% in April (compared to an average decline of 2.2% in March). The A-share market's relatively strong performance in April is mainly driven by a significant decline in sentiment and the return of foreign capital [8]. (3) The A-share market may be volatile and strong in April this year, and the slow-bull trend remains unchanged - In April, the economy may continue to recover. Consumption growth may stabilize, infrastructure and manufacturing investment growth may increase, and exports may maintain a high growth rate. Corporate profits may also continue to rise, with the year-on-year growth rate of PPI and the earnings growth rate of A-share first-quarter reports likely to continue to increase [10]. - Policies in April may remain positive, and external risks may ease marginally. The "Two New" and "Two Important" policies may be implemented more quickly, and the central bank may continue to implement loose monetary policies. The A-share market may have fully priced in the risks of the US - Iran conflict [20]. - Domestic liquidity in April may remain loose, and stock market funds may flow back. The Fed is less likely to cut interest rates this year, but the US economy and employment may remain weak, and the RMB exchange rate may remain strong. The central bank may increase capital injection in April. Historically, foreign capital often flows into the market in April, and this year, with the easing of risks and the recovery of the economy and corporate profits, stock market funds such as margin trading and foreign capital may flow back [21][22]. II. Industry Allocation: Allocate High-Quality Technology and Some Cyclical Industries at Low Prices in April (1) The technology and cyclical styles may be relatively dominant in April, and the large-cap and small-cap styles may be relatively balanced - Historically, the stable and financial styles often lead the market in April, mainly driven by policies and external events. However, this April, the technology and cyclical styles may be relatively dominant because the marginal impact of external shocks on the A-share market may decrease, policies supporting technological innovation may be further implemented, and the cyclical and technology hardware industries may continue to be prosperous [31]. - Historically, large-cap stocks usually outperform in April. However, this April, the large-cap and small-cap styles may be relatively balanced. The high profits of cyclical and technology industries in April may be beneficial to small-cap stocks, the difficult large-scale easing of overseas liquidity expectations may be beneficial to large-cap stocks, and domestic policies are favorable to small-cap stocks [33]. (2) The technology and cyclical industries may return to the main line in April - After the A-share market adjusts due to previous negative shocks, some high-quality technology and cyclical industries may still be dominant in April. Historically, after major external events in February - March, the technology growth and cyclical industries generally do not have excess returns in April, but some technology and cyclical industries with high performance growth rates may still be relatively dominant. Currently, industries such as electronics, communication, non-ferrous metals, and power equipment may be relatively dominant [36]. (3) The valuations of power equipment and media in the growth sector, and non-bank finance in the dividend sector are relatively cost-effective - Currently, the predicted PEGs of power equipment, media, and automobiles in the first - level growth industries are relatively low, at 0.76, 0.86, and 1.10 respectively. In the second - level growth industries, the predicted PEGs of nautical equipment, games, commercial vehicles, and batteries are relatively low, at 0.25, 0.41, 0.61, and 0.71 respectively [39][41]. - Currently, the valuation historical quantiles of non-bank finance, food and beverage, and agriculture, forestry, animal husbandry and fishery in the first - level dividend industries are relatively low, at 0.0%, 9.0%, and 13.2% respectively. In the second - level dividend industries, the valuation historical quantiles of insurance, white goods, and securities are relatively low, at 0.0%, 1.3%, and 7.1% respectively [43][46]. (4) It is recommended to allocate high-quality technology and some cyclical industries at low prices in April - It is recommended to allocate industries with upward policy and industrial trends, such as new energy (AI power, energy storage), communication (AI hardware), electronics (semiconductors, AI hardware), non-ferrous metals, chemicals, military (commercial space), and innovative drugs at low prices. These industries have various industry events and positive trends in April [48]. - It is also recommended to allocate low - valuation dividend industries such as coal, power, and banks at low prices. These industries have positive production data and industry events in April [53].

Investment Rating - The report maintains a "Recommended" rating for several companies in the coal industry, including 晋控煤业, 山煤国际, 潞安环能, 华阳股份, 兖矿能源, 中国神华, 陕西煤业, 中煤能源, and 中广核矿业 [3][18]. Core Insights - The coal price is expected to enter a rapid upward channel due to increased demand from coastal power plants, which saw a year-on-year increase in average daily consumption of 10.5% [1][10]. - The demand for coal is shifting from long-term contracts to spot market purchases, driven by rising gas prices and the upcoming non-electric peak season [1][10]. - The coal industry is anticipated to return to a state of basic supply-demand balance in 2023-2024, with prices for Qinhuangdao 5500 kcal coal expected to rebound to the range of 800-1000 RMB/ton [1][10]. Summary by Sections Weekly Market Review - The coal sector experienced a weekly decline of 1.2%, outperforming the broader market indices [19][22]. - The coking coal sub-sector saw the largest weekly increase of 3.0%, while the thermal coal sub-sector faced a decline of 3.2% [22]. Industry Dynamics - The report highlights a significant increase in coal consumption in the chemical sector, with a year-on-year growth rate of 12.9% [1][10]. - International coal prices are expected to rise due to increased demand from European power plants restarting coal-fired generation amid high gas prices [1][10]. - The report notes that domestic coal supply may contract due to regulatory constraints and expected reductions in Indonesian coal production [1][10]. Company Performance - Companies such as 辽宁能源 and 云煤能源 showed significant weekly gains, while 安泰集团 and 中国神华 faced notable declines [25][27]. - The report emphasizes the importance of companies with high spot market exposure and strong balance sheets, particularly in Shanxi province, which is less affected by production limits [11][18]. Investment Recommendations - The report suggests focusing on companies with high spot market flexibility, such as 晋控煤业, 山煤国际, 潞安环能, 华阳股份, and 兖矿能源 [18]. - It also recommends industry leaders like 中国神华, 陕西煤业, and 中煤能源 for their stable performance [18]. Future Outlook - The coal chemical sector is projected to maintain high growth rates in coal consumption, with significant potential demand from new projects [11]. - The report indicates that geopolitical tensions and energy security concerns will further bolster the coal industry's importance in China's energy strategy [11].

Investment Rating - The report maintains a "Positive" outlook for the coal industry [6] Core Viewpoints - The coal sector is expected to show upward elasticity due to escalating conflicts between the US and Iran, with thermal coal being a vital resource for livelihoods. Price increases may face policy constraints, but a shift in supply towards thermal coal could tighten coking coal supply, leading to a rebound in coking coal prices [3][62] - Coking coal prices are anticipated to rise significantly, with a greater upward potential compared to thermal coal prices [3][62] Industry Overview - Coking coal prices have begun to rise as steel and coking plants increase their inventories, with a notable increase in coking coal spot prices observed [9] - As of March 27, independent coking plants held 8.86 million tons of coking coal, a 4.5% increase week-on-week, while sample steel mills held 7.82 million tons, up 1.1% [9] - The average daily iron output from 247 steel mills was 2.31 million tons, reflecting a 1.3% increase week-on-week [9] - The price of low-sulfur coking coal reached 1,532 RMB per ton, an increase of 88 RMB per ton, while Australian hard coking coal was priced at 256 USD per ton, up 11 USD per ton [9] Supply and Demand Dynamics - The operating rates of thermal and coking coal mines are in line with seasonal characteristics, indicating a stable supply [23] - Demand for iron and cement continues to rise, with seasonal increases in production rates [23][24] - Port inventory pressures are evident, with ongoing replenishment at steel and coking plants [29][33] Shipping and Transportation - The CBCFI coal freight index has slightly decreased, while the number of anchored vessels has increased, indicating improved shipping conditions [48][50]

Investment Rating - The report maintains a "Positive" outlook for the coal industry [6] Core Viewpoints - The coal sector is expected to show upward elasticity due to escalating conflicts between the US and Iran, with thermal coal being a vital resource for livelihoods. Price increases may face policy constraints, but a shift in policy favoring thermal coal could tighten coking coal supply, leading to a rapid shift in supply-demand dynamics [3][62] - Short-term fundamentals are driving a rebound in coking coal prices, which have more room to rise compared to thermal coal prices. Recommended stocks include Pingmei Shenma Energy (601666, Buy), Huaibei Mining (600985, Buy), Shanxi Coking Coal (000983, Buy), and Lu'an Environmental Energy (601699, Buy) [3][62] Industry Overview - Coking coal prices are expected to rise as downstream steel and coking plants continue to replenish inventories. As of March 27, independent coking plants held 8.86 million tons of coking coal, a 4.5% increase week-on-week, while sample steel mills held 7.82 million tons, up 1.1% [9][29] - The average daily iron output from 247 steel mills was 2.31 million tons, reflecting a 1.3% increase week-on-week, indicating a sustained upward trend in demand [9][29] - The price of low-sulfur coking coal reached 1,532 RMB per ton, up 88 RMB per ton week-on-week, while Australian hard coking coal was priced at 256 USD per ton, an increase of 11 USD per ton [9][29] - The price ratio between coking coal and thermal coal remains at historically low levels, indicating that recent increases in coking coal prices are largely driven by thermal coal price movements [9][20] Supply and Demand Dynamics - The operating rates of thermal and coking coal mines are in line with seasonal characteristics, with iron output continuing to rise and cement utilization rates also increasing seasonally [23][22] - Port inventory pressures are evident, with steel and coking plants continuing to replenish stocks [29][29] - The number of anchored vessels in ports has begun to rise, indicating a recovery in shipping demand [48][50]

Macro Economic Overview - Global markets remain cautious, influenced by geopolitical conflicts and inflation concerns, with oil prices significantly elevated due to the blockade in the Strait of Hormuz[3] - The U.S. Federal Reserve maintained interest rates at 3.50%-3.75%, with market expectations shifting towards a potential rate hike later this year[3] - China's economic growth target for 2026 is set at 4.5%-5%, indicating continued policy support amid external pressures[3] Stock Market Performance - Major indices in A-shares, H-shares, and U.S. markets experienced declines, with the Shanghai Composite Index falling by 1.09% and the S&P 500 down by 2.12% over the two-week period[7] - The ChiNext Index showed relative resilience, declining only 0.4%, while the Hang Seng Index and Hang Seng China Enterprises Index saw increased losses[7] - Valuation metrics indicate that A-shares are trading at relatively high PE ratios compared to historical averages, with the Shanghai Composite at 68.9 for the past year[8] Bond Market Insights - U.S. Treasury yields remain elevated, with the 10-year yield at 4.43% and the 30-year yield at 4.97%, reflecting market expectations of sustained high rates[14] - China's bond yields show a bullish trend in the short end, with the 2-year yield at 1.30% and a notable decline in yields across most maturities[19] - The probability of a rate cut by the Federal Reserve this year is low, with expectations for only one rate cut in 2027[16] Commodity Market Trends - The commodity market displayed mixed performance, with energy and chemical products strengthening, while precious metals like gold and silver faced downward pressure[33] - Brent crude oil prices rose significantly, reaching $112.57 per barrel, while WTI crude oil was at $99.64 per barrel[33] - Domestic commodity prices showed a split, with energy products like LPG and methanol seeing gains, while agricultural products like soybeans and live pigs weakened[36] Real Estate Market Dynamics - New housing prices in major cities showed slight month-on-month fluctuations, with Beijing's prices at 100.2% of the previous month and Shanghai at 100.2% year-on-year[40] - Overall, the real estate market remains under pressure, reflecting broader economic uncertainties and policy adjustments[40]