Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Recently, the overall supply of coking coal and coke has increased month - on - month, and downstream replenishment is nearing the end. The upward driving force for coal prices is not strong. It is expected that the short - term market will fluctuate, and cautious operation is recommended [2] 3. Summary by Relevant Catalogs 3.1 Market Performance - Yesterday, the futures prices of coking coal and coke rebounded slightly and fluctuated at night. In the spot market, some steel mills in Xingtai, Tianjin, Shijiazhuang, and Tangshan regions raised the price of wet - quenched coke by 50 yuan/ton and dry - quenched coke by 55 yuan/ton, effective from 0:00 on January 30th, and this round of price increases is gradually being implemented. This week, the price of coking coal has been generally weak and stable [2] 3.2 Fundamental Analysis - **Supply side**: Near the Spring Festival, some regional coal mines have reduced production due to safety inspections and underground conditions. This week, the production of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively. It is expected that private mines will gradually stop or reduce production during the holiday next week, and the overall production will decrease significantly. However, recently, downstream coking and steel enterprises have been actively transporting for order inventory, and the inventory at the mine end has decreased slightly, which is in line with seasonal patterns. In terms of imports, last week, the daily customs clearance volume of Mongolian coal at the Ganqimaodu Port was 158,800 tons, a decrease of 37,000 tons compared with the previous week and 32,400 tons compared with the same period last year, and the port inventory remains at a relatively high level. The overall arrival volume of seaborne coal in January decreased compared with that in December last year [2] - **Demand side**: The profitability rate of steel mills is acceptable, currently about 40%. Affected by a steel mill accident, the growth of the daily average pig iron production has slowed down. Last week, it was 2.281 million tons, a slight increase of 90 tons compared with the previous week and an increase of 26,500 tons compared with the same period last year [2]

Group 1 - During the "14th Five-Year Plan" period, the Ministry of Ecology and Environment, along with relevant departments and local governments, implemented 24,000 ecological environment governance projects, resulting in a significant reduction in the total emissions of major pollutants such as nitrogen oxides, volatile organic compounds, chemical oxygen demand, and ammonia nitrogen [1] - The reduction in nitrogen oxides and volatile organic compounds reached approximately 210,000 tons and 220,000 tons respectively, with the elimination of outdated production capacity including over 120 million tons of step-type sintering machine capacity and over 68 million tons of 4.3-meter and below coke oven capacity [1] - Urban environmental infrastructure construction has seen significant improvements, with cumulative reductions of approximately 3.2 million tons in chemical oxygen demand and 350,000 tons in ammonia nitrogen emissions through sewage treatment projects [1] Group 2 - A total of 124 major projects for soil pollution source control were implemented during the "14th Five-Year Plan," managing the leakage risk of 55 million tons of toxic and harmful substances annually [2] - The capacity for centralized treatment of hazardous waste reached 220 million tons per year, a 60% increase compared to 2020 [2] - The Ministry of Ecology and Environment plans to focus on strategic and leading major projects in areas such as air, water, and soil protection, solid waste and new pollutant management, ecosystem optimization, and climate change response for the "15th Five-Year Plan" [2]

山西焦化表示，本次业绩预减主要受两大因素影响。主营业务方面，2025年我国焦炭市场整体呈现"供 强需弱、价格承压"的格局。供应端产能持续释放，受钢铁行业粗钢产量压减政策影响，终端需求偏 弱。焦炭价格全年呈现"先弱后强，再回落"走势，焦化行业整体盈利能力受到严峻挑战。尽管公司已采 取一系列措施以应对复杂的市场形势，主营业绩较上年有所好转，但毛利率受成本和市场因素影响仍有 较大压力。 1月27日，山西焦化发布2025年业绩预告。数据显示，公司2025年预计实现归母净利润7415.15万 元-8865.15万元，与上年同期26311.77万元相比，将减少17446.62万元-18896.62万元。 与此同时，扣除非经常性损益后，归属于母公司所有者的净利润预计为3477.36万元-4927.36万元，与上 年同期23874.26万元相比，将减少18946.9万元-20396.9万元，同比减少79.36%-85.43%，核心盈利指标 承压明显。 文 | 张阳阳 预计归母净利润同比降幅达66.31%-71.82%，这一深耕能源的晋企——山西焦化（600740）2025年业绩 下滑态势显著。 非经营性损益方面，公司持有49 ...

本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担个别及连带责任。 ●公司预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润3,477.36万元～4,927.36万 元,与上年同期23,874.26万元相比，将减少18,946.9万元～20,396.9万元，同比减少79.36%～85.43%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润7,415.15万元～8,865.15万 元，与上年同期26,311.77万元相比，将减少17,446.62万元～18,896.62万元，同比减少66.31%～ 71.82%。 2、预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润3,477.36万元～4,927.36万元, 与上年同期23,874.26万元相比，将减少18,946.9万元～20,396.9万元，同比减少79.36%～85.43%。 （三）本期业绩预告未经注册会计师审计。 重要内 ...

格隆汇1月27日丨山西焦化(600740.SH)公布，公司预计2025年度实现归属于母公司所有者的净利润 7415.15万元-8865.15万元，与上年同期2.63亿元相比，将减少1.74亿元-1.89亿元，同比减少 66.31%-71.82%。 (一)主营业务影响：2025年我国焦炭市场整体呈现"供强需弱、价格承压"的格局。供应端产能持续释 放，受钢铁行业粗钢产量压减政策影响，终端需求偏弱。焦炭价格全年呈现"先弱后强，再回落"走势， 焦化行业整体盈利能力受到严峻挑战。 (二)非经营性损益的影响：长期股权投资方面，由于联营企业中煤华晋集团有限公司(持股49%)2025年 度实现的利润同比减少，故公司确认中煤华晋集团有限公司的投资收益同比减少，对预告期业绩有一定 的影响。 公司预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润3477.36万元-4927.36万元, 与上年同期2.39亿元相比，将减少1.89亿元-2.04亿元，同比减少79.36%-85.43%。 本期业绩预减的主要原因 ...

南财智讯1月27日电，山西焦化发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 7415.15万元—8865.15万元，同比预减66.31%—71.82%；预计2025年全年归属于上市公司股东的扣除非 经常性损益的净利润为3477.36万元—4927.36万元，同比预减79.36%—85.43%。本期业绩预减的主要原 因：（一）主营业务影响。2025年我国焦炭市场整体呈现"供强需弱、价格承压"的格局。供应端产能持 续释放，受钢铁行业粗钢产量压减政策影响，终端需求偏弱。焦炭价格全年呈现"先弱后强，再回落"走 势，焦化行业整体盈利能力受到严峻挑战。面对复杂的市场形势，公司持续深化改革，实施全方位、全 链条、全流程降本增效，稳步提升"成本、科技、市场"三大竞争力，主营业务较上年有所好转，但毛利 率受成本和市场因素影响仍有较大压力。（二）非经营性损益的影响。长期股权投资方面，由于联营企 业中煤华晋集团有限公司（持股49%）2025年度实现的利润同比减少，故公司确认中煤华晋集团有限公 司的投资收益同比减少，对预告期业绩有一定的影响。 ...

2026 年 01 月 26 日 二手房成交量价齐升 宏观研究团队 ——宏观经济专题 何宁（分析师） 郭晓彬（分析师） hening@kysec.cn guoxiaobin@kysec.cn 证书编号：S0790525070004 供需：开年建筑开工转暖，工业开工有韧性，需求仍弱 1.建筑开工：开工率季节性位置整体回升。最近两周（1 月 11 日至 1 月 24 日）， 水泥发运率、磨机运转率高于 2025 年同期，石油沥青装置开工率处于同期历史 低位。基建项目水泥直供量同比降幅仍大，房建水泥用量则接近 2025 年同期。 资金方面，2026 开年建筑工地资金到位率同比低于 2025 年同期。 2.工业生产端，化工与汽车钢胎开工表现偏强，焦化表现较弱。最近两周（1 月 11 日至 1 月 24 日），工业开工出现分化，化工与汽车钢胎开工表现偏强，焦化 表现较弱。化工链中 PX 开工率维持历史高位，PTA 开工率处于历史中低位，汽 车钢胎开工率处于同期历史中高位，焦化企业开工率降至历史低位。 3.需求端，建筑需求仍弱，汽车、家电销售仍弱。最近两周(1 月 10 日至 1 月 23 日)，螺纹钢、线材、建材表观需 ...

Group 1 - The core viewpoint of the news is that Shaanxi Black Cat has experienced a significant decrease in revenue and net profit for the period from January to September 2025, alongside notable changes in shareholder structure and financing activities [2][3]. Group 2 - As of January 23, Shaanxi Black Cat's stock price remained unchanged at 0.00%, with a trading volume of 193 million yuan. The financing buy-in amount was 13.4 million yuan, while the financing repayment was 14.11 million yuan, resulting in a net financing buy of -0.711 million yuan. The total financing and securities balance was 143 million yuan [1]. - The financing balance of 143 million yuan accounts for 1.74% of the circulating market value, indicating a high level compared to the past year [1]. - On the short-selling side, 28,100 shares were repaid, and 2,100 shares were sold short, with a total short-selling amount of 8,400 yuan. The short-selling balance was 93,840 yuan, which is below the 20th percentile level over the past year, indicating a low level [1]. - For the period from January to September 2025, Shaanxi Black Cat reported an operating income of 7.852 billion yuan, a year-on-year decrease of 31.24%, and a net profit attributable to shareholders of -746 million yuan, a year-on-year decrease of 16.18% [2]. - The company has distributed a total of 596 million yuan in dividends since its A-share listing, with 204 million yuan distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders was 79,400, a decrease of 4.44%, while the average circulating shares per person increased by 4.65% to 25,728 shares [2].

Core Insights - The article highlights the significant advancements in the industrial transformation of Wuhai City, focusing on the development of new energy and materials sectors, particularly solid-state batteries and biodegradable materials, which are driving the city's economic growth and transition towards a modern industrial system [4][5][6]. Group 1: Emerging Industries - Wuhai City is witnessing the emergence of two major industrial clusters: solid-state battery materials and biodegradable materials, which are becoming core engines for urban transformation and high-quality development [5][6]. - The leading company, Qingtao (Kunshan) Energy Development Group, is investing 5 billion yuan to establish a solid-state battery materials production facility, which includes a 10 GWh solid-state battery and energy storage system project [5]. - The complete industrial ecosystem is being built with companies like Wuhai Baoqi Carbon Materials Co., which has developed a full production chain for high-end anode materials, achieving significant performance improvements over traditional materials [6]. Group 2: Technological Innovation - Wuhai City emphasizes technological innovation as a key driver for development, fostering collaboration between local enterprises and external innovation hubs, such as the partnership with Zhongguancun Development Group [7][8]. - Local companies are demonstrating innovation capabilities, such as the resource recycling project by Guoneng Longyuan Inner Mongolia Environmental Protection Co., which has achieved a 100% resource utilization rate and significantly reduced energy consumption and emissions [7][8]. Group 3: Policy Support and Recognition - The city is implementing comprehensive policy measures to support industrial upgrades, including optimizing the business environment and enhancing funding support for technological innovation [8][9]. - Several companies have received national and regional honors, indicating the rising level of industrial cluster development and the recognition of Wuhai's enterprises in smart manufacturing and innovative practices [8][9]. Group 4: Traditional Industry Upgrades - Wuhai City is accelerating the transformation of traditional industries, focusing on smart, green, and integrated upgrades, particularly in coal, coke, and chemical sectors [10][11]. - The city has successfully completed ultra-low emission upgrades for all eight coking enterprises, with significant investments in industrial technology improvements [12]. - Future plans include further enhancing the value-added capabilities of traditional industries and developing high-end chemical products, ensuring a robust foundation for sustainable industrial growth [12].

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core Viewpoints of the Report - The coal and coke market is characterized by the combination of industry and capital, with the market in a range - bound oscillation. The mid - term downward depth needs further verification. There are three main factors causing recent market disturbances: the fermentation of steel mill events weakening downstream复产 expectations, the release of spot selling pressure due to the unlocking of futures and spot positions, and the change in long - short positions of relevant exchange seats affecting the market sentiment. However, inventory replenishment is expected to occur later, and the market pressure will be relieved after the unlocking of futures and spot positions. It is recommended to use the strategy of selling out - of - the - money options on both sides [5]. Group 3: Summary According to Relevant Catalogs Coal and Coke Weekly Viewpoint Supply - In domestic supply, safety and environmental inspections in Linfen, Shanxi, and some underground problems have tightened the supply in the region. In other areas like Lvliang and Changzhi, the output of some mines has continued to recover, resulting in a slight increase in overall supply. The sample coal mine raw coal output increased by 5.58 tons week - on - week to 1219.62 tons, and the capacity utilization rate rose by 0.39% to 84.85%. In terms of imports, the port clearance decreased at the beginning of the week due to extremely cold weather and then remained at a high level [3]. Demand - This week, the hot metal output increased slightly by 0.09 tons to 228.1 tons, and the steel mill复产 is still slow. Downstream steel mills and coking plants have completed some inventory replenishment, with inventory slightly increasing, but they lack the willingness for further replenishment. However, there is still an expectation of inventory replenishment before the Spring Festival, limiting the downward space of coal prices [6]. Inventory - This week, the total coking coal inventory increased by 35.6 tons week - on - week. The inventory in the coal washing plant decreased by 12.7 tons, while the inventory in the independent coking link increased by 44.9 tons, indicating a transfer of inventory downstream, but the replenishment rhythm slowed down compared with last week [6]. Viewpoint Summary - The combination of industry and capital makes the mid - term downward depth uncertain. There are three main factors causing market disturbances: steel mill events, spot selling pressure, and changes in exchange positions. Although inventory replenishment is delayed, it is expected to occur. The market pressure will be relieved after the unlocking of futures and spot positions. It is recommended to use the strategy of selling out - of - the - money options on both sides. Also, be vigilant against black - swan events, and the supply release in the first half of the year is expected to be relatively conservative [5]. Coal and Coke Fundamental Data Changes | Category | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 871.79 (+8.84), FW clean coal 441.48 (+2.27) | Independent coking plant daily average 63.3 (-0.1), steel mill coking enterprise daily average 46.9 (+0.2) | | Demand | Hot metal output 228.1 (+0.09) | Hot metal output 228.1 (+0.09) | | Inventory | MS total inventory +35.6, mine raw coal - 15.18, mine clean coal - 11.37, independent coking +44.9, steel mill coking +1.3, port - 2.4, port of entry - 3.1 | MS total inventory +15.1, independent coking - 0.4, steel mill +11.3, port +4.2 | | Profit | Commodity coal 481 (+18) | Coking enterprise average profit - 6 (-14) | | Warehouse receipt | Mongolian 5 Tangshan warehouse receipt 1198 | Port quasi - dry quenched coke warehouse receipt 1700 | [8] Coking Coal Fundamental Data Supply - There are data on weekly and monthly coking coal supply, including the output of raw coal and clean coal from sample mines, and the coking coal production of different regions. There are also data on the customs clearance volume of Mongolian coal at various ports [10][12][14]. Inventory - Pit - mouth inventory: The raw coal inventory of sample coal mines decreased by 14.3 tons week - on - week to 186.42 tons, and the clean coal inventory decreased by 3.43 tons to 130.63 tons. Port inventory: The coking coal port inventory was 289.38 tons, a decrease of 9.52 tons week - on - week. There are also data on the inventory of coking plants and steel mills, including regional and capacity - based inventory and available days [24][26][29]. Coke Fundamental Data Supply - There are data on the capacity utilization rate and output of coking plants and steel mills. The capacity utilization rate of independent coking plants and steel mills is presented, as well as the daily output of coke from independent coking plants and steel mills [37][45][47]. Inventory - There are data on the inventory of coking plants, steel mills, and the total inventory of the whole sample. The inventory of coking plants and steel mills is presented, including regional and available - days - based inventory [49][50][59]. Demand - The demand for coke is mainly related to the hot metal output, and the supply - demand difference of coke is also analyzed [61]. Profit - There are data on the profit of coke, including the disk profit of coke per ton and the average profit per ton of independent coking enterprises [64]. Coal and Coke Futures and Spot Prices Coking Coal Futures - The futures prices, trading volumes, and open interests of coking coal 2605 and coking coal 2609 are presented, along with the price changes of recent days [67]. Coke Futures - The futures prices, trading volumes, and open interests of coke 2605 and coke 2609 are presented, along with the price changes of recent days [70]. Coal and Coke Monthly Spread - The monthly spreads of coking coal and coke in different years are presented [73][75]. Coal and Coke Spot - The spot prices of different types of coking coal and coke are presented [79]. Coal and Coke Basis - The basis of coking coal and coke is presented, including the difference between warehouse receipts and futures prices [81].