Group 1: Report Overview - Report Date: July 10, 2025 [1] - Report Type: Coke Daily Report - Research Team: Black Team of the Research Center Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Viewpoints - No core viewpoints are explicitly stated in the report. The report mainly presents data on coke prices, inventory, production, and related indicators. Group 4: Data Summary Coke Prices - **Shanxi Quasi - First Wet Quenching**: The latest price is 1153.65, with no daily change, no weekly change, a monthly change of -54.61, and a year - on - year change of -40.84% [2] - **Hebei Quasi - First Wet Quenching**: The latest price is 1375.00, with no daily change, no weekly change, a monthly change of -75.00, and a year - on - year change of -37.21% [2] - **Shandong Quasi - First Dry Quenching**: The latest price is 1330.00, with no daily change, no weekly change, a monthly change of -55.00, and a year - on - year change of -40.36% [2] - **Jiangsu Quasi - First Dry Quenching**: The latest price is 1370.00, with no daily change, no weekly change, a monthly change of -55.00, and a year - on - year change of -39.65% [2] - **Inner Mongolia Second - Grade**: The latest price is 880.00, with no daily change, no weekly change, a monthly change of -50.00, and a year - on - year change of -45.00% [2] Production and Utilization Rates - **Blast Furnace Operating Rate**: The latest rate is 90.29, with a weekly change of -0.54, a monthly change of -0.36, and a year - on - year change of 1.30% [2] - **Daily Average Hot Metal Output**: The latest output is 240.85, with a weekly change of -1.44, a monthly change of -0.95, and a year - on - year change of 0.64% [2] - **Coking Capacity Utilization Rate**: The latest rate is 73.26, with a weekly change of -0.16, a monthly change of -1.82, and a year - on - year change of -0.20% [2] - **Daily Coke Output**: The latest output is 53.63, with a weekly change of 0.13, a monthly change of 1.18, and a year - on - year change of 0.83% [2] Inventory - **Coking Plant Inventory**: The latest inventory is 61.60, with a weekly change of -12.13, a monthly change of -26.81, and a year - on - year change of 73.57% [2] - **Port Inventory**: The latest inventory is 191.12, with a weekly change of -8.97, a monthly change of -23.03, and a year - on - year change of -8.23% [2] - **Steel Mill Inventory**: The latest inventory is 637.49, with a weekly change of 9.74, a monthly change of -8.31, and a year - on - year change of 15.31% [2] - **Steel Mill Inventory Days**: The latest number of days is 11.52, with a weekly change of 0.30, a monthly change of -0.06, and a year - on - year change of 10.34% [2] Futures Market - **Futures Prices**: The latest prices for 05, 09, and 01 contracts are 1526.5, 1445.5, and 1486.5 respectively, with corresponding daily changes of 17.50, 24.00, and 20.00 [2] - **Basis**: The latest basis for 05, 09, and 01 contracts are -108.60, -27.60, and -68.60 respectively, with corresponding daily changes of -17.50, -24.00, and -20.00 [2] - **Spread**: The 5 - 9 spread is -40.00, the 9 - 1 spread is 81.00, and the 1 - 5 spread is -41.00, with corresponding daily changes of 2.50, -6.50, and 4.00 [2]

Core Viewpoint - The June CPI increased by 0.1% year-on-year, surpassing the previous value of -0.1%, while the PPI decreased by 3.6% year-on-year, lower than the previous value of -3.3%. The simulated deflation index based on CPI and PPI remains at -1.38%, consistent with May and at a low since February 2024 [1][5]. Summary by Sections CPI and PPI Analysis - The CPI data met expectations, with high-frequency data estimating a 0.14% year-on-year increase, while the PPI was significantly lower than the expected -3.0% [1][5]. - The PPI showed a base effect advantage with a 0.2% month-on-month recovery, but year-on-year figures continued to decline, indicating potential discrepancies in high-frequency data representation [1][7]. Price Movements in Industries - In June, the PPI for coal processing fell by 5.5% month-on-month, and the prices in coal mining and black metal industries also decreased, reflecting weaker performance compared to high-frequency data [1][7]. - The durable consumer goods segment of PPI fell from 0.1% to -0.1%, with notable declines in the computer and textile sectors, possibly influenced by tariff uncertainties and the "618" e-commerce promotions [2][8]. Positive Trends in PPI - The automotive manufacturing sector saw a month-on-month PPI increase of 0.2%, indicating initial positive effects of the "anti-involution" trend in production [3][9]. - The prices for complete vehicles and new energy vehicles rose by 0.5% and 0.3% respectively, suggesting a narrowing of year-on-year declines in these categories [10]. Notable CPI Details - Key details in CPI include a 0.3% month-on-month decrease in alcohol prices, a shift in clothing prices from increase to decrease during the "618" sales, and a 0.4% decline in transportation tools, indicating ongoing price reductions in the automotive retail sector [4][10]. - Medical service prices have shown a consistent upward trend, with a year-to-date increase of 0.7%, while pork prices fell by 1.2% month-on-month, although a rebound was noted post-June 26 [4][10]. Overall Price Stability and Future Outlook - The current task of stabilizing prices remains significant, with no signs of a turning point in the simulated deflation index. Various factors, including supply-demand fundamentals and external demand fluctuations, are influencing prices [4][13]. - Positive signs include a moderate rise in core CPI year-on-year, improvements in coal and meat prices since July, and initial positive signals in automotive manufacturing prices [4][13]. Key future indicators will be the recovery of local project starts and the continued effectiveness of the "anti-involution" trend [4][13].

Group 1 - The Consumer Price Index (CPI) turned positive in June, increasing by 0.1% year-on-year after four consecutive months of decline, primarily driven by a recovery in industrial consumer goods prices [1][2] - The core CPI, excluding food and energy, rose by 0.7% year-on-year, indicating a gradual recovery in consumer demand [1][3] - The Producer Price Index (PPI) decreased by 0.4% month-on-month, with a year-on-year decline of 3.6%, reflecting a broader trend of price reductions in various industrial sectors [1][4] Group 2 - The decrease in PPI is attributed to seasonal price declines in raw materials, increased green energy production leading to lower energy prices, and downward pressure on prices in export-oriented industries due to a slowing global trade environment [4][5] - The cumulative CPI for the first half of the year was -0.1%, indicating weak domestic price levels and insufficient consumer demand, which provides ample policy space for further monetary easing and fiscal stimulus [3][5] - The decline in industrial prices is exacerbated by overcapacity in several sectors, prompting discussions on capacity reduction as part of a new round of supply-side reforms [5]

Group 1: CPI Analysis - In June 2025, the Consumer Price Index (CPI) increased by 0.1% year-on-year, marking a shift from a decline that lasted for four consecutive months [3][9] - The rise in CPI was primarily influenced by the recovery in industrial consumer goods prices, with the year-on-year decline narrowing from 1.0% to 0.5% [3][4] - Core CPI, excluding food and energy, rose by 0.7% year-on-year, the highest increase in nearly 14 months [3][4] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month, with the decline remaining consistent with the previous month [6][7] - The year-on-year decline in PPI expanded by 0.3 percentage points, influenced by seasonal price decreases in raw material manufacturing and pressures in export-oriented industries [6][7] - Some industries showed signs of price stabilization and recovery, particularly in sectors benefiting from domestic market improvements and consumption policies [7][6] Group 3: Price Changes by Category - Food prices decreased by 0.3% year-on-year, with notable declines in pork prices by 8.5% and egg prices by 7.7% [9][17] - Non-food prices increased by 0.1% year-on-year, with service prices rising by 0.5% [9][10] - Among various categories, prices for durable goods and entertainment-related items showed increases, reflecting ongoing consumer demand [7][12]

Group 1 - The company announced a guarantee of 98 million yuan for its wholly-owned subsidiary, Shanxi Antai Steel Co., Ltd, with no prior guarantee balance [1] - The total external guarantee amount provided by the company and its subsidiaries is 4 billion yuan, which exceeds 100% of the company's latest audited net assets [1][4] - The guarantee is part of a broader business cooperation agreement, ensuring the performance of contracts between the subsidiary and creditors [1][3] Group 2 - The company held a shareholders' meeting on June 27, 2025, to approve the guarantee within the authorized limit, eliminating the need for further board or shareholder meetings [2] - Shanxi Antai Steel Co., Ltd, established on May 28, 2015, is a wholly-owned subsidiary of the company, with a registered capital of 500 million yuan and a focus on producing and selling H-beams and steel [3] - The financial indicators for Shanxi Antai Steel Co., Ltd show total assets of approximately 1.67 billion yuan and a net profit of -28.55 million yuan [3]

Core Insights - The National Energy Group Ningxia Coal Industry Co., Ltd. has 55 projects, including a 4 million tons/year coal-to-liquid intelligent factory, selected for the first batch of advanced intelligent factories in Ningxia for 2025 [1] - The Ministry of Industry and Information Technology and five other ministries launched a gradient cultivation action for intelligent factories in 2024, aiming to systematically promote the intelligent transformation and upgrading of the manufacturing industry [1][2] - Ningxia has a significant advantage in building data center industry clusters, being the only province with both "exchange center + hub node" dual centers, and has a strong foundation in cloud computing [1] Industry Development - Ningxia is implementing a tiered approach to cultivate intelligent factories, categorized into four levels: basic, advanced, excellent, and leading, with a focus on creating industry-leading demonstration intelligent factories [2] - The region encourages enterprises to transform their development concepts for intelligent factories, relying on digitalization, networking, and intelligence to upgrade key production processes and equipment [2] - As of now, Ningxia has recognized 198 basic-level and 55 advanced-level intelligent factories, with plans to enhance the cultivation of intelligent factories further [2]

1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1153.65 | 0.00 | 0.00 | -129.81 | -40.84% 高炉开工率 | 90.83 | | 0.04 | 0.14 | 1.19% | | 河北准一湿熄 | 1375.00 | 0.00 | 0.00 | -150.00 | -37.21% 铁水日均产量 | 242.29 | | 0.11 | 0.38 | 1.19% | | 山东准一干熄 | 1330.00 | 0.00 | 0.00 | -130.00 | -40.36% 盘面0 ...

1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 临汾出厂价 2021 2022 2023 2024 2025 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 ...

焦炭日报 研究中心黑色团队 2025/6/30 | | 最新 | 日变化 | 周变化 | 月变化 | 同比 | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1153.65 | 0.00 | -54.61 | -129.81 | -40.84% 高炉开工率 | 90.83 | | 0.04 | 0.14 | 1.19% | | 河北准一湿熄 | 1375.00 | 0.00 | -55.00 | -150.00 | -37.21% 铁水日均产量 | 242.29 | | 0.11 | 0.38 | 1.19% | | 山东准一干熄 | 1330.00 | 0.00 | -55.00 | -130.00 | -40.36% 盘面05 | 1484 | 30.50 | 45.00 | 105.00 | -36.81% | | 江苏准一干熄 | 1370.00 | 0.00 | -55.00 | -130.00 | -39.65% 盘面09 | 14 ...

宝泰隆（601011）公告，控股股东宝泰隆集团于2024年6月21日至2025年6月20日通过二级市场以集中竞 价交易方式累计增持公司股份1000.18万股，占公司总股本的0.52%，增持金额为1938.44万元，达到承 诺增持数量的50%。因公司2024年度主营业务亏损导致资金紧张，控股股东将增持承诺履行期限延长6 个月至2025年12月21日。 ...