1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Views - The report provides daily research and analysis on various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, thermal coal, and logs. It presents the latest market trends, price movements, and fundamental data for each commodity, along with corresponding trading strategies and trend strength ratings [2][4]. 3. Summary by Commodity Iron Ore - The price of iron ore futures (I2605) closed at 798.5 yuan/ton, up 15.5 yuan or 1.98% from the previous day. The持仓 decreased by 9,221 hands to 555,392 hands. The price of imported and domestic iron ore increased slightly, while the price of some domestic iron ore remained unchanged. The basis and spreads showed certain fluctuations [4]. - The trend strength is rated as 1, indicating a relatively strong upward trend [5]. Rebar and Hot-Rolled Coils - The price of rebar futures (RB2605) closed at 3,157 yuan/ton, up 35 yuan or 1.12%, and the price of hot-rolled coil futures (HC2605) closed at 3,308 yuan/ton, up 26 yuan or 0.79%. The trading volume and open interest of both increased. The spot prices of rebar and hot-rolled coils in different regions showed varying degrees of increase or remained unchanged [7]. - The trend strength of both rebar and hot-rolled coils is rated as 0, indicating a neutral trend [10]. Ferrosilicon and Silicomanganese - The prices of ferrosilicon and silicomanganese futures increased. The spot price of ferrosilicon in Inner Mongolia increased, while the spot price of silicomanganese remained unchanged. The basis, spreads, and other indicators showed certain fluctuations [11]. - The trend strength of both ferrosilicon and silicomanganese is rated as 0, indicating a neutral trend [15]. Coke and Coking Coal - The price of coking coal futures (JM2605) closed at 1,165 yuan/ton, up 30.5 yuan or 2.7%, and the price of coke futures (J2605) closed at 1,723 yuan/ton, up 39 yuan or 2.3%. The trading volume of coking coal increased, while the open interest decreased. The spot prices of coking coal and coke in different regions remained mostly unchanged [17]. - The trend strength of both coke and coking coal is rated as 0, indicating a neutral trend [20]. Thermal Coal - The prices of thermal coal in production areas, ports, and overseas markets showed different degrees of change. The 1 - month long - term contract price decreased. The port market was stable with a slightly upward trend, and the pit - mouth price also showed a strong trend [21][22]. - The report suggests that the supply and demand of thermal coal are both weakening, and the coal price is slightly rising. Logs - The prices of log futures contracts showed an upward trend, and the trading volume of some contracts increased significantly. The spot prices of logs in different regions and varieties showed little change or a slight increase [23]. - The trend strength of logs is rated as 0, indicating a neutral trend [26].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - In January, domestic thermal coal prices moved within a narrow range, showing a trend of rising first and then falling. As of January 23, the price of 5500K thermal coal at Qinhuangdao Port decreased by 9 yuan/ton month-on-month to 686 yuan/ton, and has maintained a weak and stable operation since the middle of the month [3][57]. - On the supply side, in December 2025, the national raw coal output was 437 million tons, still down 1.0% year-on-year, but the absolute output reached the highest level of the year. In the new year, some coal mines that had stopped production due to the completion of annual targets resumed production one after another, and the coal mines in the producing areas were producing steadily. In terms of imports, in December, China imported 58.6 million tons of coal and lignite, refreshing the highest monthly import volume last year, a year-on-year increase of 11.9%. The stable production of domestic coal mines and the high level of imports still put some pressure on coal prices [3][57]. - On the demand side, in December, the total social electricity consumption was 908 billion kWh, a year-on-year increase of 2.8%; the power generation of industrial enterprises above the designated size was 858.62 billion kWh, a year-on-year increase of 0.1%. In late January, affected by the cold wave, the temperature in coastal cities dropped sharply, and the daily coal consumption of power plants climbed. This winter, the overall temperature in China was relatively warm, and the heating demand in coastal cities only improved significantly in January. In addition, the profit of the non-power chemical industry was under pressure, and the enthusiasm for replenishing inventory was also limited [3][57]. - In terms of inventory, as of January 26, the total inventory of thermal coal at the nine ports in the Bohai Rim was 25.83 million tons, a month-on-month decrease of 3.944 million tons, and slightly higher than the inventory of the same period last year by 347,000 tons. As of January 22, the coal inventory of power plants in 17 inland provinces was 90.104 million tons, with 20.2 days of available coal; the coal inventory of 8 coastal provinces was 32.994 million tons, with 13.7 days of available coal [4][58]. - Overall, in the context of the lack of production capacity control policies in the coal industry, the market has a long-term loose expectation for thermal coal. Even during the peak winter season, downstream users still purchase cautiously. Considering the support during the peak season and the fact that coal prices are difficult to fall sharply under the tone of the anti-involution policy, it is expected that thermal coal prices will still move within a narrow range in February. However, as the peak winter season approaches the end after the Spring Festival, coal prices may be under pressure to weaken under the expectation of the off-season [4][58]. Group 3: Summary According to the Directory Chapter 1: Market Review 1.1 Price Review - In January, domestic thermal coal prices moved within a narrow range, showing a trend of rising first and then falling. As of January 21, the price of 5500K thermal coal at Qinhuangdao Port decreased by 14 yuan/ton month-on-month to 689 yuan/ton, and has maintained a weak and stable operation since the middle of the month. At present, the supply and demand of domestic thermal coal are both strong, but downstream users have a weak expectation of the sustainability of winter demand. Coupled with the acceptable inventory levels in the middle and lower reaches, most enterprises replenish inventory on demand based on long-term agreement coal, with a strong wait-and-see sentiment and weak speculative demand, reflecting the market's cautious expectation of the subsequent price trend. Considering the support of the peak season and the downstream's need to replenish inventory, it is expected that thermal coal prices will still move within a narrow range in February, but as the peak winter season approaches the end after the Spring Festival, coal prices may be under pressure to weaken under the expectation of the off-season [8]. - In the international market, the international mainstream thermal coal price index also moved steadily in January. As of the week of January 23, the European ARA port coal price index reported 95.88 US dollars/ton, flat month-on-month, and 23.37 US dollars lower than the price of the same period last year; the Newcastle NEWC6000 index reported 111.26 US dollars/ton, a month-on-month increase of 4.31 US dollars/ton, and 4.28 US dollars lower than the price of the same period last year; the South African Richards Bay RB index reported 85.25 US dollars/ton, flat month-on-month, and 17.25 US dollars lower than the price of the same period last year [8]. 1.2 Futures-Spot Price Difference - As of January 23, the price of the main thermal coal contract was 115.4 yuan/ton higher than the price of 5500 kcal thermal coal produced in Shanxi at Qinhuangdao Port [13]. Chapter 2: Analysis of Factors Affecting Prices 2.1 Supply Side 2.1.1 Origin Situation - In December 2025, the national raw coal output was 437 million tons, still down 1.0% year-on-year, but the absolute output reached the highest level of the year. In 2025, the cumulative national raw coal output was 4.832 billion tons, a cumulative year-on-year increase of 1.2%. High-frequency data showed that in the week of January 23, the capacity utilization rate of 462 thermal coal mines nationwide was 89.6%, and the average daily raw coal output was 5.41 million tons, a week-on-week decrease of 57,000 tons/day. In the new year, some coal mines that had stopped production due to the completion of annual targets resumed production one after another, and the coal mines in the producing areas were producing steadily. However, in February, with the arrival of the Spring Festival, some private coal mines may enter the shutdown and vacation state in advance, driving the contraction of raw coal output [16]. - In terms of provinces, in December 2025, the raw coal output in Shanxi was 113 million tons, slightly 0.7% lower than the same period last year, and the decline was 2.6 percentage points narrower than that in November; from January to December, the cumulative raw coal output in Shanxi was 1.305 billion tons, a cumulative year-on-year increase of 2.1%. In Inner Mongolia, in December 2025, the raw coal output was 121 million tons, the same as the same period last year; from January to December, the cumulative raw coal output in Inner Mongolia was 1.29 billion tons, a cumulative year-on-year decrease of 1.0%. In Shaanxi, in December 2025, the raw coal output was 74 million tons, a year-on-year increase of 5.9%, and it was the only province in the main producing areas that maintained positive growth; from January to December, the cumulative raw coal output in Shaanxi was 805 million tons, a cumulative year-on-year increase of 2.9%. In Xinjiang, in December 2025, the raw coal output was 54 million tons, a year-on-year decrease of 8.0%; from January to December, the cumulative output in Xinjiang was 553 million tons, a year-on-year increase of 1.9% [17]. - Overall, the impact of the "anti-involution" policy in the coal industry has gradually materialized, and the year-on-year decline in coal production in Shanxi and Inner Mongolia has significantly narrowed. In January, the coal mines in the main producing areas of China were producing steadily, but it is expected that in February, affected by the Spring Festival holiday, coal production will decline seasonally. At the same time, attention should be paid to whether there are new positive signals from the "anti-involution" policy [18]. 2.1.2 Import Volume - In December 2025, China imported 58.6 million tons of coal and lignite, refreshing the highest monthly import volume last year, a month-on-month increase of 33.0% and a year-on-year increase of 11.9%; from January to December, the cumulative import volume was 490.27 million tons, a year-on-year decrease of 9.6%. - High-frequency data showed that in the first two weeks of January, the arrival volume of seaborne coal in China was 13.252 million tons, equivalent to an average daily arrival volume of 1.104 million tons, a month-on-month decline compared with the average daily arrival volume of 1.317 million tons in December, but a year-on-year increase of 13.8%. The Mongolian coal imported by railway increased significantly in December last year. Only at the Ganqimaodu Port, there were 37,291 vehicle passages, a further increase of 27.5% compared with the high import volume in November. In January, the daily vehicle passage number at this port briefly dropped from about 1,500 vehicles to 1,200 vehicles, and gradually recovered in the middle of the month. Data showed that as of January 20, the total customs clearance of Mongolian coal at the Ganqimaodu Port was 19,890 vehicles, a month-on-month decrease of 24.9% and a year-on-year increase of 25.4%. According to reports from information agencies, Mongolia plans to increase its coal exports from 84 million tons in 2026 to 90 million tons, and strive to reach 100 million tons in 2027 [25][26]. 2.2 Intermediate Link Transportation 2.2.1 Datong-Qinhuangdao Railway - In December 2025, the Datong-Qinhuangdao Railway completed a freight volume of 34.43 million tons, a year-on-year decrease of 1.68%, and the average daily freight volume was 1.1106 million tons. From January to December 2025, the Datong-Qinhuangdao Railway cumulatively completed a freight volume of 390.04 million tons, a year-on-year decrease of 0.54%. From a high-frequency data perspective, as of January 22, the Datong-Qinhuangdao Railway completed a freight volume of 22.0872 million tons, a 11.5% decrease compared with December, equivalent to an average daily freight volume of 1.004 million tons [29]. 2.2.2 Ports in the Bohai Rim - iFind data showed that in December 2025, the total railway coal inflow volume of the seven major ports in the Bohai Rim (Qinhuangdao Port, Caofeidian Port, Donggang of Jingtang Port, Jingtang Port Coal Company, Huanghua Port, Huadian Caofeidian Port, and Caofeidian Phase II Port) was 46.556 million tons, a year-on-year decrease of 4.86%, equivalent to an average daily inflow of 1.5018 million tons. As of January 26, 2026, the cumulative inflow of the seven ports in the Bohai Rim was 36.241 million tons, equivalent to an average daily inflow of 1.3939 million tons [30][31]. - In terms of outflow, in December 2025, the total coal outflow of the seven major ports in the Bohai Rim was 46.009 million tons, a year-on-year decrease of 13.48%, equivalent to an average daily outflow of 1.4842 million tons. As of January 26, 2026, the cumulative outflow of the seven ports in the Bohai Rim was 38.248 million tons, equivalent to an average daily outflow of 1.471 million tons. - Since January, the coal outflow efficiency of the port group in the Bohai Rim has basically remained stable, but the inflow volume has decreased month-on-month, showing that the coal inventory in the northern port group has decreased. iFind data showed that as of January 26, the total inventory of thermal coal at the nine ports in the Bohai Rim was 25.83 million tons, a month-on-month decrease of 3.944 million tons, and slightly higher than the inventory of the same period last year by 347,000 tons. Overall, affected by multiple cold snaps, the heating demand of residents in coastal areas has improved, driving the seasonal decrease of coal inventory in northern ports to a level close to that of the same period last year. As of January 22, the coal inventory of 8 coastal provinces was 32.994 million tons, with 13.7 days of available coal. There is still a need to replenish inventory in the short term, but considering the decline in the electricity demand of the secondary industry around the Spring Festival and the gradual warming of the temperature after the festival, the wait-and-see sentiment in the spot market is still getting stronger, downstream users purchase cautiously, and the upward momentum of coal prices is limited [33]. 2.2.3 Shipping Situation - In January, the trends of the domestic and international shipping markets were somewhat differentiated, among which the international dry bulk market fluctuated within a narrow range. iFind data showed that as of January 26, the BDI index closed at 1,780 points, a month-on-month decrease of 5.2% and a year-on-year increase of 133.9%. Looking at the sub-vessel types, the freight rates of Capesize vessels declined during January, the freight rates of Panamax vessels rose significantly, and the freight rates of Supramax vessels were relatively stable. As of January 26, the Capesize (BCI) index closed at 2,626 points, a month-on-month decrease of 20.9% and a year-on-year increase of 174.1%. The Panamax (BPI) index reported 1,612 points, a month-on-month increase of 27.2% and a year-on-year increase of 112.4%. The Supramax (BSI) index reported 1,035 points, a month-on-month decrease of 9.5% and a year-on-year increase of 64.5%. - In the domestic shipping market, as of January 26, the CBCFI index closed at 679.17 points, a month-on-month increase of 12.4% and a year-on-year increase of 42.6%. Affected by the continuous cold air, the daily coal consumption of coastal power plants has entered the peak stage of the year, and the demand for replenishing inventory has been slowly released. At the same time, under extreme weather such as rain and snow, the phenomenon of port closures has increased, the supply of shipping is weak and the demand is strong, and the freight rates have certain support, and may maintain a relatively strong operation in February [36][38]. 2.3 Demand Side 2.3.1 Total Social Electricity Consumption - According to data from the National Energy Administration, the total social electricity consumption in December was 908 billion kWh, a year-on-year increase of 2.8%. In 2025, the cumulative total social electricity consumption was 1.03682 trillion kWh, a year-on-year increase of 5.0%. From the perspective of electricity consumption by industry, the electricity consumption of the primary industry was 14.94 billion kWh, a year-on-year increase of 9.9%; the electricity consumption of the secondary industry was 663.66 billion kWh, a year-on-year increase of 3.7%; the electricity consumption of the tertiary industry was 199.42 billion kWh, a year-on-year increase of 8.2%; the electricity consumption of urban and rural residents' living was 158.8 billion kWh, a year-on-year increase of 6.3%. The electricity consumption of the tertiary industry and urban and rural residents' living contributed 50% to the growth of electricity consumption. The electricity consumption growth rates of the charging and battery swapping service industry and the information transmission, software, and information technology service industry reached 48.8% and 17.0% respectively, which were important reasons for driving the growth of electricity consumption in the tertiary industry [41]. - In January, China entered a critical period for peak winter power consumption, and the coal consumption of power plants across the country entered the peak stage of the year. Data showed that as of January 22, the daily coal consumption of power plants in 17 inland provinces was 4.459 million tons, a week-on-week increase of 337,000 tons/day, the coal inventory was 90.104 million tons, with 20.2 days of available coal; the daily coal consumption of power plants in 8 coastal provinces was 2.417 million tons, a week-on-week increase of 239,000 tons, the coal inventory was 32.994 million tons, with 13.7 days of available coal. Overall, in January, the supply and demand of thermal coal were both strong, but downstream users had a weak expectation of the sustainability of winter demand. Coupled with the acceptable inventory levels in the middle and lower reaches, most enterprises replenished inventory on demand based on long-term agreement coal, with a strong wait-and-see sentiment and weak speculative demand, reflecting the market's cautious expectation of the subsequent price trend. Considering the support of the peak season and the downstream's need to replenish inventory, it is expected that thermal coal prices will still move within a narrow range in February, but

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - As of January 26, 2026, the closing price of the national carbon market's carbon emission allowances (CEA) was 81.79 yuan/ton, up 12.69% from the same period last month and down 12.46% from the same period last year. The average trading volume of national carbon emission allowances in the past 30 trading days was 145.2 million tons, a month-on-month decrease of 64.7 million tons, indicating a decline in the activity of the carbon emission spot market [1][55]. - As of January 27, 2026, the quotation of 5500K coal at Qinhuangdao Port was 686 yuan/ton, 10 yuan/ton higher than the end of last month and 77 yuan/ton lower than the end of 2024. During the peak winter period, the supply and demand of thermal coal are strong, but the market expects long - term looseness. Downstream users are still cautious in purchasing. It is expected that the thermal coal price will remain in a narrow range in February, and may weaken after the Spring Festival [1][55]. 3. Summary According to the Directory 3.1 Industry News - In 2025, the national carbon market operated smoothly and orderly, with steadily increasing market vitality. The carbon - reduction awareness of key emission units in the carbon emission trading market continued to strengthen, and the quota settlement completion rate remained at a high level. The support area of the voluntary greenhouse gas emission - reduction trading market was further expanded, and the market expanded rapidly. The total number of key emission units under quota management was 3378, including 2087 in the power generation industry, 232 in the steel industry, 962 in the cement industry, and 97 in the aluminum smelting industry. The market operated for 243 trading days. The cumulative trading volume of carbon emission allowances in 2025 was 235 million tons, a year - on - year increase of about 24%, and the trading volume was 14.63 billion yuan. The trading price remained in a reasonable range [7]. - In 2026, the National Development and Reform Commission will fully implement the dual control of carbon emission总量 and intensity. It will strengthen work measures in energy transformation, industrial upgrading, comprehensive conservation, and scientific assessment. It will develop non - fossil energy, build a new power system, promote industrial upgrading, implement a comprehensive conservation strategy, and establish a scientific assessment system [10][11][12]. - In 2025, the Ministry of Ecology and Environment carried out climate change response actions, promoted the coordinated progress of pollution reduction and carbon reduction, and accelerated the green and low - carbon transformation. In 2026, it will actively respond to climate change, strengthen ecological environment law enforcement supervision, and improve the adaptability to climate change [13][15][16]. 3.2 National Carbon Market Carbon Emission Allowances (CEA) - As of January 26, 2026, the closing price of CEA was 81.79 yuan/ton, up 12.69% from the same period last month and down 12.46% from the same period last year. In the past 30 trading days, the average trading volume was 141.3 million tons, a month - on - month decrease of 67.4 million tons, indicating a decline in market activity [17]. 3.3 Carbon Price Influence Factor Analysis 3.3.1 Energy Price - There is a certain correlation between the carbon emission market and the energy market. When energy demand is strong and energy prices rise, the demand for carbon emission allowances also increases, and a stronger carbon price promotes corporate low - carbon emission reduction. As of January 27, 2026, the port prices of thermal coal at different calorific values and the pit - mouth prices in some regions have changed compared to the end of last month and the end of 2024. The coke price has decreased, and the natural gas price has increased [20][21][22]. 3.3.2 Energy Consumption - From January to November 2025, the cumulative apparent consumption of natural gas nationwide was 388 billion cubic meters, 570 million cubic meters less than the same period last year; the cumulative apparent consumption of coke was 454.5211 million tons, 15.4757 million tons less than the same period last year; from January to December 2025, the total apparent consumption of gasoline, kerosene, and diesel was 376.7113 million tons, 6.2874 million tons less than the same period last year [2][32][56]. 3.3.3 Domestic Carbon Emission Structure - China's total carbon emissions exceed 10 billion tons, accounting for about one - third of global carbon emissions. In 2021, the largest carbon - emitting industry was the "production and supply of electricity, steam, and hot water" with 5.253 billion tons, accounting for 50.72%. By energy type, coal - related energy consumption was the main source of carbon emissions in 2021, accounting for 67.2% of the total [38][40][45]. 3.3.4 Total Social Electricity Consumption - In 2025, the total social electricity consumption was 10.3682 trillion kWh, a year - on - year increase of 5.0%. The electricity consumption of the third industry and urban and rural residents' living contributed 50% to the growth of electricity consumption. The slowdown in the electricity consumption growth rate of the secondary industry was in line with China's economic structural transformation [47]. 3.3.5 Power Generation Structure - In December 2025, the power generation of above - scale industrial enterprises was 858.6 billion kWh, a year - on - year increase of 0.1%. The proportion of clean energy power generation in December was 32.3%, 2.9 percentage points higher than the same period last year. In 2025, the thermal power generation of above - scale industrial enterprises had a year - on - year negative growth for the first time since 2014, indicating a turning point in the power industry's development model and accelerating the low - carbon transformation of the power system [52][53]. 3.4 Conclusion - The situation of the national carbon market CEA price and trading volume is the same as the core viewpoints. The energy price, energy consumption, and power - related data are also consistent with the previous analysis [55][56][57].

1. Report Industry Investment Rating - The investment rating for the coking coal and coke in the black sector is "oscillating and bullish" [1] 2. Core View of the Report - The market shows a strong expectation of demand improvement. Although the downstream demand is expected to decline before the Spring Festival and the auction performance is average, the first - round price increase of coke has been fully implemented. After the Spring Festival, there may be a certain restocking demand for coking coal, and the coking enterprises need to maintain basic daily consumption. The relaxation of the "Three Red Lines" policy for real - estate enterprises is beneficial to the real estate and upstream industries. The coking coal futures contract is expected to continue to rise at the opening today, and attention should be paid to whether it can stand above 1200 at the close [1] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Yesterday, the main coking coal contract Jm2605 closed at 1165.0 yuan/ton, up 2.69% from the opening of the day session; the main coke contract J2605 closed at 1723.0 yuan/ton, up 2.32% from the opening of the day session. In last night's session, the main coking coal contract closed at 1193.0 yuan/ton, up 2.40% from the close of the day session, and the main coke contract closed at 1756.5 yuan/ton, up 1.94% from the close of the day session [1] 3.2 Important News - On January 28, some steel mills in Hebei and Tianjin regions raised the purchase price of coke for the first round. The price of wet - quenched coke was raised by 50 yuan/ton, and the price of dry - quenched coke was raised by 55 yuan/ton, effective at 0:00 on January 30, 2026 [1] - This week, the supply of five major steel products was 823.17 million tons, a week - on - week increase of 3.58 million tons, an increase of 0.4%; the total inventory was 1278.51 million tons, a week - on - week increase of 21.43 million tons, an increase of 1.7%; the weekly apparent consumption was 801.74 million tons, a month - on - month decrease of 1.0% [1] - This week, the utilization rate of the approved production capacity of 523 coking coal mine samples was 89.1%, a month - on - month decrease of 0.2%. The daily average output of raw coal was 1.978 million tons, a month - on - month decrease of 160,000 tons, and the raw coal inventory was 5.496 million tons, a month - on - month decrease of 1.09 million tons [1] - According to Mysteel's research on the Spring Festival shutdown of 95 independent electric - arc furnace steel mills, most of them will shut down in February. Among them, the number of shut - down steel mills from February 1 to February 8 is the largest, reaching 44, accounting for 47.83%, close to half [1] 3.3 Market Logic - India has listed coking coal as a key strategic mineral. As the world's second - largest steel producer with rapid steel production expansion, India's domestic coking coal production cannot meet its demand and it relies on Australian imports. At the end of last December, the Indian government imposed anti - dumping duties on low - ash metallurgical coke imported from six countries including China, which further drives up the demand for domestic coking coal [1] - In the domestic market, the downstream demand is expected to decline before the Spring Festival, and the auction performance is average. Although the first - round price increase of coke has been fully implemented today, there is unlikely to be a second - round increase before the Spring Festival. Macroscopically, many real - estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, which is beneficial to the real - estate and upstream industries. During the Spring Festival, the supply side will reduce production, and coking enterprises need to maintain basic daily consumption. There may be a certain restocking demand for coking coal after the Spring Festival [1] 3.4 Trading Strategy - The main coking coal contract has risen strongly, with short - sellers significantly reducing their positions for two consecutive days, driving long - sellers to increase their positions and the price to rise last night. It is expected to continue to rise at the opening today, and attention should be paid to whether it can stand above 1200 at the close [1]

煤炭板块盘初冲高，盘江股份涨停，云煤能源涨超9%，新大洲A、大有能源、宝泰隆、恒源煤电、陕 西黑猫跟涨。 ...

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: January 30, 2026 [1] Key Price and Inventory Information Coal Prices - The latest price of Liulin Main Coking Coal is 1483.00, with a weekly change of 57.00 and a yearly change of 11.76% [2] - The latest price of Raw Coal Port Delivery Price is 1020.00, with a daily change of 7.00, a weekly change of 5.00, and a yearly change of 10.27% [2] - The latest price of Shaheyi Meng 5 is 1400.00, with a monthly change of 60.00 and a yearly change of 2.94% [2] - The latest price of Anze Main Coking Coal is 1640.00, with a monthly change of 40.00 and a yearly change of 17.14% [2] Inventory - The total inventory is 4130.25, with a weekly change of 30.63 and a monthly change of 71.92 [2] - The coal mine inventory is 267.18, with a weekly change of -7.17, a monthly change of -26.16, and a yearly change of -35.25% [2] - The port inventory is 289.38, with a weekly change of -9.52, a monthly change of -10.12, and a yearly change of -36.30% [2] - The steel mill coking coal inventory is 803.24, with a weekly change of 1.04, a monthly change of -3.48, and a yearly change of -5.30% [2] - The coking plant coking coal inventory is 1177.71, with a weekly change of 44.86, a monthly change of 137.99, and a yearly change of -4.28% [2] Capacity Utilization and Other Indicators - The coking capacity utilization rate is 71.86, with a weekly change of -0.55, a monthly change of 0.14, and a yearly change of -1.71% [2] - The coking plant coke inventory is 85.91, with a weekly change of 0.20, a monthly change of 0.33, and a yearly change of -0.43% [2] Futures Information - The latest price of Futures Contract 05 is 1140.50, with a daily change of 19.50, a weekly change of -3.50, and a yearly change of 2.56% [2] - The latest price of Futures Contract 09 is 1221.00, with a daily change of 19.50, a weekly change of 2.50, and a yearly change of 2.09% [2] - The latest price of Futures Contract 01 is 1397.50, with a daily change of 19.50, a weekly change of 10.50, and a yearly change of 13.90% [2] - The 05 basis is -6.25, with a daily change of -19.50, a weekly change of 3.50, and a yearly change of 10.58 [2] - The 09 basis is -86.75, with a daily change of -19.50, a weekly change of -2.50, and a yearly change of -0.14 [2] - The 01 basis is -263.25, with a daily change of -19.50, a weekly change of -10.50, and a yearly change of 1.00 [2] - The 5 - 9 spread is -80.50, with a weekly change of -6.00 and a monthly change of 2.00 [2] - The 9 - 1 spread is -176.50, with a weekly change of -8.00 and a monthly change of -344.50 [2] - The 1 - 5 spread is 257.00, with a weekly change of 14.00 and a monthly change of 342.50 [2]

黑色建材日报 2026-01-30 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3157 元/吨, 较上一交易日涨 34 元/吨（1.088%）。当日注册仓单 17283 吨, 环比减少 0 吨。主力合约持仓量为 178.54 万手，环比增加 40974 手。现货市场方面, 螺纹钢天津汇 总价格为 3170 元/吨, 环比增加 10/吨; 上海汇总价格为 3260 元/吨, 环比增加 20 元/吨。 热轧板卷主 力合约收盘价为 3308 元/吨, 较上一交易日涨 28 元/吨（0.853%）。 当日注册仓单 187668 吨, 环比增加 8842 吨。主力合约持 ...

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 698.0 2.0 5.0 10.0 -67.0 25省终端可用天数 17.8 -0.2 -2.2 -3.1 0.2 秦皇岛5000 613.0 2.0 7.0 22.0 -57.0 25省终端供煤 620.7 0.4 12.2 -19.3 -2.1 广州港5500 795.0 0.0 0.0 -15.0 -65.0 北方港库存 2340.0 -22.0 -126.0 -368.0 -17.2 鄂尔多斯5500 500.0 10.0 10.0 5.0 -40.0 北方锚地船舶 106.0 6.0 34.0 33.0 53.0 大同5500 555.0 10.0 10.0 5.0 -75.0 北方港调入量 130.5 -32.8 -0.4 0.0 16.8 榆林6000 670.0 0.0 0.0 -20.0 -92.0 北方港吞吐量 167.4 5.2 0.2 20.9 96.8 榆林6200 745.0 0.0 0.0 0.0 -45.0 CBCFI海运指数 638.5 -22.0 -39.9 21.1 162.1 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 螺纹钢： （邱跃成，从业资格号：F3060829；交易咨询资格号：Z0016941） 昨日螺纹盘面明显上涨，截止日盘螺纹2605合约收盘价格为3157元/吨，较上一交易收盘价格上涨34元/ 吨，涨幅为1.09%，持仓增加4.1万手。现货价格上涨，成交低位回升，唐山地区迁安普方坯价格上涨20 元/吨至2950元/吨，杭州市场中天螺纹价格上涨20元/吨至3210元/吨，全国建材成交量7.29万吨。据我的 钢铁数据，本周全国螺纹产量环比回升0.28万吨至199.83万吨，农历同比增加0.42万吨；社库环比回升 23.28万吨至326.4万吨，农历同比增加34.09万吨；厂库环比回升0.15万吨至149.13万吨，农历同比增加 23.59万吨；螺纹表需环比回落9.12万吨至176.4万吨，农历同比减少13.65万吨。螺纹产量略有增加，库 存累积幅度有所加快，表需回落，供需数据表现符合季节性特征。目前螺纹现货市场处于供需双弱局 面，库存累积有所加快，不过库存压力整体并不算大，钢厂接单情况基本正常。当前宏观政策不断有宽 松预期，有色、能化等相关品种表现强势 ...

这种切换，甚至在政策层面得到了呼应。今早看到，长期"破净"的煤炭公司恒源煤电，推出了2026年A 股首份 "估值提升计划" ，核心是回购和围绕主业的并购。这说明了什么？说明无论市场风格如何变 幻，公司自身的基本面价值和现金流能力，才是抵御波动、吸引长期资金的终极基石。这与美股微软因 业绩指引疲软而暴跌的逻辑，如出一辙。 所以，面对这样一个宏观资产剧烈波动、微观业绩密集验证的早市，我们的观察重点和行动指令必须非 常清晰： 各位朋友早，我是帮主郑重。今天一早，市场就给了我们一个"下马威"：国际黄金上演史诗级过山车， 盘中从高点一度狂泻500美元，白银也跟着跳水。但另一边，A股却迎来了年报预告的密集披露期，一 批公司业绩暴增10倍甚至15倍！一边是避险资产的剧烈颠簸，一边是绩优股的火热出炉，这冰火两重天 到底在释放什么信号？如果你只看到了黄金的波动，可能就错过了眼下市场正在发生的、更重要的底层 逻辑切换。 黄金白银的"高台跳水"，表面看是获利盘了结，但深层看，它意味着纯粹由宏观焦虑和情绪驱动的"博 傻游戏"，风险正在急剧升高。当价格涨到所有人都为之疯狂时，波动就成了吞噬利润的猛兽。这给我 们的第一个启示是：在情绪极 ...