Market Overview - The Hong Kong stock market opened strongly with all three major indices reaching new highs, reflecting a bullish sentiment among investors. The Hang Seng Index rose by 1.53%, gaining nearly 400 points, and is expected to surpass the 26,500 mark. The Hang Seng China Enterprises Index increased by 1.6%, while the Hang Seng Tech Index saw a rise of 2.18% [2]. Stock Performance - Notable stock performances included: - Yuan Dai Xian Yuan (03377) surged by 16.34% - Country Garden (02007) increased by 9.68% - Shimao Group (00813) rose by 8.54% - Rongxin China (03301) gained 8.29% - CIFI Holdings (00884) saw an increase of 7.88% [3]. Sector Movements - Large technology stocks led the market rally, with Baidu rising by 8.54% and Alibaba increasing by nearly 6%. Other tech companies like NetEase, Tencent, JD.com, and Kuaishou also saw gains of around 3%. Additionally, copper stocks performed well, with Jiangxi Copper (600362) reaching a historical high with a nearly 9% increase. Real estate stocks also rallied, led by Oceanwide Holdings [4]. Weakness in Certain Sectors - Conversely, local consumer stocks in Hong Kong experienced declines, particularly in the Apple concept stocks, coal, oil, and photovoltaic sectors. Notably, Hong Teng Precision, which had surged nearly 13% the previous day, fell over 5%. Other companies like New Special Energy, China Shenhua (601088), and China Petroleum (601857) also saw declines [4].

Market Performance - The Hong Kong stock market opened higher with all three major indices reaching new highs, reflecting strong bullish sentiment among investors [1] - As of midday, the Hang Seng Index rose by 1.53%, the Hang Seng China Enterprises Index increased by 1.6%, and the Hang Seng Tech Index surged by 2.18% [1] Sector Performance - Large technology stocks led the market rally, with Baidu rising nearly 9% due to reports of using self-developed chips for AI model training, and Alibaba increasing by 6% [1] - Other tech stocks such as NetEase, Tencent, JD.com, and Kuaishou saw gains of nearly 3%, while Xiaomi and Meituan also experienced upward movement [1] - The copper sector showed significant activity, with Jiangxi Copper Co. rising nearly 9% to reach a historical high, driven by a soft employment market and increased bets on Federal Reserve rate cuts [1] - Domestic property stocks rallied, led by a surge in China Oceanwide Holdings, while steel stocks also saw upward movement, with Chongqing Iron & Steel rising approximately 7% [1] - Innovative drug concept stocks rebounded after a previous decline, along with gains in brain-computer interface stocks, heavy machinery stocks, mobile gaming stocks, building materials and cement stocks, paper industry stocks, and domestic insurance stocks [1] Underperforming Sectors - Hong Kong local consumer stocks declined, with Apple concept stocks, coal stocks, oil stocks, and photovoltaic stocks mostly underperforming [1] - Notably, Hongteng Precision, which surged nearly 13% the previous day, fell over 6%, while New Special Energy, China Shenhua Energy, and China Petroleum & Chemical Corporation also experienced declines [1]

【深圳商报讯】（记者 钟国斌）随着沪深股市持续上涨，低价股、破净股数量大幅减少。据同花顺数 据统计，剔除退市个股，截至9月11日收盘，A股市场"1元股"（股价低于1元）数量为2只，"2元股"数量 为28只，较去年同期大降八成；破净股数量为292只，较去年同期大降六成。 据记者统计，以9月11日收盘价计算，A股平均股价为26.15元/股，较去年"9·24"行情启动时的14.32元/股 提升11.83元/股，增幅高达82.61%。从个股股价分布看，股价超过100元的有149只，股价在50元至100 元的有451只，股价在30元至50元的有1330只。 随着A股市场持续走强，破净股数量也明显减少。据同花顺数据统计，截至9月11日收盘，剔除市净率 为负值个股，A股市场共有292只破净股，较去年9月11日的814只减少了522只，降幅高达64.13%。其中 42只银行股41只破净，仅招商银行市净率大于1倍。其余破净股主要分布在钢铁、房地产、煤炭、交通 运输、电力等行业。 从破净幅度来看，美凯龙、金地集团、民生银行位居破净率前三名，市净率分别为0.29倍、0.34倍、 0.35倍。从涨跌幅榜来看，剔除退市股和即将退市股， ...

转自：北京日报客户端 9月10日，"协同发展谱新篇"网络主题宣传活动第三站走进唐山，采访团在机械臂精准舞动与数字屏幕 跳动的光影间，切身感受京津冀协同发展的创新活力与发展潜力。 "我是小博士，欢迎各位莅临唐山机器人展示体验中心参观。"刚踏入展厅，智能导览机器人便转动身体 与记者俏皮互动。 在首钢京唐钢轧作业部炼钢作业区，转炉火焰翻涌。现场大屏上，吹炼参数、加料信息、出钢过程信息 清晰醒目。据首钢京唐钢轧作业部炼钢作业区炼钢操作王东介绍，操作工实现了手持iPad炼钢，只需在 iPad上点按四个确认按钮，就可以实现一炉钢的冶炼。不仅降低了人力成本，也使工人从高温现场转入 空调房，实现更安全、精准的操作，大幅改善了作业环境。 "我们率先完成铁路进码头项目，港区内铁路与迁曹线、大秦线、京秦线相接，实现了铁海多式联 运。"在首钢京唐运输部成品码头，区域作业长石长武说，作为京津冀地区最便捷的钢材下水物流枢 纽，成品码头已成为河北地区钢材下水量最大的单体码头，助推区域经济高质量发展。 从机器人共享工厂的"小而美"，到特种装备的"大而强"；从展示体验中心的"科技秀场"，到钢铁巨头 的"绿色转型"，四个相距百余公里的点位，因一 ...

Core Viewpoint - Zhendemedical announced the transfer of 5% of its shares from its controlling shareholder to Sun Jimu for approximately 356 million yuan, with a share price set at 26.74 yuan [1][2] Group 1: Share Transfer Details - Zhejiang Zhendemedical and its action-in-concert party, Xuchang Garden, will transfer a total of 13.32 million shares, representing 5% of the company's total share capital [1] - After the transfer, Zhejiang Zhendemedical's shareholding will decrease to 144 million shares, maintaining a controlling stake of 54.20%, while Xuchang Garden will exit completely [1] - Sun Jimu will acquire 13.32 million shares, holding 5.00% of the company post-transfer [1] Group 2: Stock Market Reaction - Following the announcement, Zhendemedical's stock price surged to a limit-up, closing at 32.4 yuan, resulting in a market capitalization of 8.633 billion yuan [2] Group 3: Company Performance - Zhendemedical's main business includes the R&D, production, and sales of medical and health products, with a product line covering health protection, wound care, and home cleanliness [2] - The company reported fluctuating profitability, with revenues of 6.138 billion yuan in 2022, 4.127 billion yuan in 2023, and projected 4.264 billion yuan in 2024, alongside net profits of 680 million yuan, 198 million yuan, and 385 million yuan respectively [2] - In the first half of this year, Zhendemedical achieved revenue of 2.1 billion yuan, a year-on-year increase of 2.83%, while net profit decreased by 20.61% to 128 million yuan [2] Group 4: Profile of the Acquirer - Sun Jimu, referred to as a "steel tycoon," is the chairman of Hebei Xinhua United Metallurgical Holding Group, ranked 42nd in the 2025 China Private Enterprises 500 [3] - He appeared on the 2024 Hurun Global Rich List with a net worth of 24 billion yuan [3] - Sun Jimu has a history of investments in various companies, including Jin Gu shares and has been a significant shareholder in several listed companies [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - On Thursday, the HC2601 contract traded within a range. Mexico is seeking to raise the tariff rate on Asian - made cars by up to 50%. In terms of supply and demand, the weekly output of hot - rolled coils increased after a decline, with a capacity utilization rate of 83.06%. Inventory decreased slightly, and apparent demand increased significantly. Overall, the terminal demand for hot - rolled coils is fairly resilient, with both year - on - year and month - on - month increases in apparent demand, but tariff disruptions have affected market investment sentiment. Technically, for the HC2601 contract, the 1 - hour MACD indicator shows that DIFF and DEA are above the 0 - axis, with the green bar expanding. Short - term trading is recommended, with attention to rhythm and risk control [2] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,334 yuan/ton, down 8 yuan; the trading volume was 1,323,310 lots, up 9,651 lots. The net position of the top 20 in the HC contract was - 113,934 lots, down 7,049 lots. The HC10 - 1 contract spread was 38 yuan/ton, up 3 yuan. The HC Futures Exchange's daily warehouse receipt was 59,441 tons, up 34,382 tons. The HC2601 - RB2601 contract spread was 242 yuan/ton, up 9 yuan [2] Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,410 yuan/ton, unchanged; in Guangzhou it was 3,370 yuan/ton, unchanged; in Wuhan it was 3,430 yuan/ton, down 10 yuan; in Tianjin it was 3,320 yuan/ton, unchanged. The basis of the HC main contract was 76 yuan/ton, up 8 yuan. The price difference between Hangzhou hot - rolled coils and rebar was 170 yuan/ton, up 10 yuan [2] Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 801 yuan/wet ton, up 3 yuan. The market price of Hebei quasi - first - grade metallurgical coke was 1,590 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,290 yuan/ton, unchanged. The price of Hebei Q235 billets was 2,990 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 138.2532 million tons, up 623,000 tons. The inventory of coke at sample coking plants was 406,600 tons, up 9,500 tons. The inventory of coke at sample steel mills was 6.2354 million tons, up 134,200 tons. The inventory of Hebei billets was 1.2895 million tons, down 75,800 tons [2] Industry Situation - The blast furnace operating rate of 247 steel mills was 80.38%, down 2.80 percentage points; the blast furnace capacity utilization rate was 85.77%, down 4.23 percentage points. The weekly output of hot - rolled coils at sample steel mills was 3.2514 million tons, up 109,000 tons; the capacity utilization rate was 83.06%, up 2.79 percentage points. The factory inventory of hot - rolled coils at sample steel mills was 808,800 tons, up 9,000 tons. The social inventory of hot - rolled coils in 33 cities was 2.9244 million tons, down 19,200 tons. The monthly output of domestic crude steel was 79.66 million tons, down 3.53 million tons. The monthly net export volume of steel was 9.01 million tons, down 380,000 tons [2] Downstream Situation - The monthly output of automobiles was 2.5911 million vehicles, down 203,000 vehicles; the monthly sales volume was 2.5934 million vehicles, down 311,100 vehicles. The monthly output of air conditioners was 20.5965 million units, down 7.7866 million units. The monthly output of household refrigerators was 8.7307 million units, down 316,800 units. The monthly output of household washing machines was 8.7743 million units, down 733,600 units [2] Industry News - On September 11, Mysteel information showed that the actual output of hot - rolled coils this period was 3.2514 million tons, a week - on - week increase of 109,000 tons; the factory inventory was 808,800 tons, a week - on - week increase of 9,000 tons; the social inventory was 2.9244 million tons, a week - on - week decrease of 19,200 tons; the total inventory was 3.7332 million tons, a week - on - week decrease of 10,200 tons; the apparent demand was 3.2616 million tons, a week - on - week increase of 208,000 tons. Mexico's Economy Minister Marcelo Ebrard said the country is seeking to raise the tariff rate on Asian - made cars by up to 50% to protect about 320,000 jobs [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Thursday, the RB2601 contract decreased with increasing positions. Macroscopically, multiple ministries and commissions revealed the key points of next - stage work, promoting capacity governance in key industries and implementing policies to resolve structural contradictions in key industries and promote quality improvement and upgrading. They will make full use of a more proactive fiscal policy to support employment and foreign trade and foster new growth drivers. In terms of supply - demand, the weekly output of rebar continued to decline but was higher than the same period last year; inventory increased for seven consecutive weeks, and apparent demand continued to fall. Overall, market sentiment was low, terminal demand was average, the increase in short positions of mainstream holdings was greater, and the futures price center shifted down. Technically, the 1 - hour MACD indicator of the RB2601 contract showed that DIFF and DEA were running below the 0 axis. The operation strategy is to be bearish in a volatile market, paying attention to rhythm and risk control [2]. 3. Summary According to Relevant Catalogs a. Futures Market - The closing price of the RB main contract was 3,092.00 yuan/ton, down 17 yuan; the position volume was 2,000,701 lots, up 133,027 lots; the net position of the top 20 in the RB contract was - 266,935 lots, down 65,611 lots; the RB10 - 1 contract spread was - 53 yuan/ton, down 6 yuan; the RB Shanghai Futures Exchange warehouse receipt was 251,365 tons, up 8,525 tons; the HC2601 - RB2601 contract spread was 242 yuan/ton, up 9 yuan [2]. b. Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,240.00 yuan/ton, down 10 yuan; (actual weight) was 3,323 yuan/ton, down 10 yuan; in Guangzhou (theoretical weight) was 3,280.00 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,210.00 yuan/ton, unchanged. The basis of the RB main contract was 148.00 yuan/ton, up 7 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou was 170.00 yuan/ton, up 10 yuan [2]. c. Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 801.00 yuan/wet ton, up 3.00 yuan; the price of quasi - first - class metallurgical coke in Hebei was 1,590.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,290.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,990.00 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 138.2532 million tons, up 623,000 tons; the inventory of coke at sample coking plants was 406,600 tons, up 9,500 tons; the inventory of coke at sample steel mills was 6.2354 million tons, up 134,200 tons; the blast furnace operating rate of 247 steel mills was 80.38%, down 4.23 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 85.77%, down 7.58 percentage points; the inventory of billets in Tangshan was 1.2895 million tons, down 28,000 tons [2]. d. Industry Situation - The weekly output of rebar at sample steel mills was 2.1193 million tons, down 67,500 tons; the capacity utilization rate of rebar at sample steel mills was 46.46%, down 1.48 percentage points; the inventory of rebar at sample steel mills was 1.6663 million tons, down 47,100 tons; the social inventory of rebar in 35 cities was 4.8723 million tons, up 185,700 tons; the operating rate of independent electric arc furnace steel mills was 69.79%, down 1.04 percentage points; the monthly output of crude steel in China was 79.66 million tons, down 3.53 million tons; the monthly output of rebar in China was 1.658 million tons, up 140,000 tons; the net export volume of steel was 9.01 million tons, down 380,000 tons [2]. e. Downstream Situation - The national real - estate climate index was 93.34, down 0.25; the cumulative year - on - year growth rate of fixed - asset investment completion was 1.60%, down 1.20 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion was - 12.00%, down 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 3.20%, down 1.40 percentage points; the cumulative value of housing construction area was 6.38731 billion square meters, down 54.1 million square meters; the cumulative value of new housing construction area was 352.06 million square meters, down 48.42 million square meters; the inventory of commercial housing for sale was 405.36 million square meters, up 2.85 million square meters [2]. f. Industry News - On September 11, Mysteel information showed that the actual output of rebar in this period was 2.1193 million tons, a week - on - week decrease of 67,500 tons; the mill inventory was 1.6663 million tons, a week - on - week decrease of 47,100 tons; the social inventory was 4.8723 million tons, a week - on - week increase of 185,700 tons; the total inventory was 6.5386 million tons, a week - on - week increase of 138,600 tons; the apparent demand was 1.9807 million tons, a week - on - week decrease of 40,000 tons. As of September 10, according to Mysteel statistics, the total sales of 16 key real - estate enterprises from January to August 2025 were 868.862 billion yuan, a year - on - year decrease of 17%; the sales in August were 106.451 billion yuan, a year - on - year decrease of 4.5% and a month - on - month increase of 20.2% [2].

Report on the Steel Industry Investment Rating No investment rating provided in the report. Core View Steel prices are maintaining a weak trend, with the demand for steel remaining at a low level during the off - season and showing no signs of recovery. Steel inventories are accumulating at a low price level from August to September. There is an expectation that the demand will pick up during the peak season, and the inventory accumulation will slow down. The steel supply - demand situation has not deteriorated to the negative feedback stage. Future steel prices will mainly follow the supply - side expectations of coking coal. For trading, focus on the support levels of 3100 for the January contract of rebar and 3300 for hot - rolled coils [1]. Summary by Directory Steel Prices and Spreads - Rebar and hot - rolled coil spot prices in different regions (East China, North China, South China) and futures contract prices (05, 10, 01) all showed a downward trend, with a decline of 10 yuan/ton for most spot prices and 1 - 14 yuan/ton for futures contract prices [1]. Cost and Profit - The billet price decreased by 10 yuan/ton, while the slab price remained unchanged. The cost of Jiangsu electric - arc furnace rebar increased by 1 yuan, and the cost of Jiangsu converter rebar remained stable. The profit of East China hot - rolled coils remained unchanged, North China hot - rolled coils increased by 20, and South China hot - rolled coils increased by 10. The profits of rebar in different regions showed different trends, with North China's rebar profit decreasing by 10 [1]. Production - The daily average pig iron output decreased by 11.1 to 229.0, a decline of 4.6%. The output of the five major steel products decreased by 24.0 to 860.7, a decline of 2.7%. The output of rebar and hot - rolled coils also decreased [1]. Inventory - The inventory of the five major steel products increased by 32.8 to 1500.7, a rise of 2.2%. The rebar inventory increased by 16.6 to 640.0, a rise of 2.7%, and the hot - rolled coil inventory increased by 8.9 to 374.3, a rise of 2.4% [1]. Transaction and Demand - The daily average building materials trading volume decreased by 0.8 to 9.3, a decline of 8.3%. The apparent demand for the five major steel products decreased by 29.9 to 827.8, a decline of 3.5%. The apparent demand for rebar and hot - rolled coils also decreased [1]. Report on the Iron Ore Industry Investment Rating No investment rating provided in the report. Core View As of the close of trading yesterday afternoon, the iron ore 2601 contract showed a stable and volatile trend. On the supply side, the global iron ore shipment volume has significantly declined from its annual high, and the arrival volume at 45 ports has decreased. It is expected that the subsequent average arrival volume will first increase and then decrease. The sharp decline in shipments is mainly due to the decline in Brazilian shipments. On the demand side, after the major events ended, the pig iron output will significantly increase this week, and the steel mills' restocking demand will increase. It is expected that both supply and demand will pick up this week. In terms of inventory, the port inventory has slightly increased, the cargo clearance volume has decreased, and the steel mills' equity ore inventory has decreased. In the future, due to the relatively high profitability of steel mills, the pig iron output in September will remain at a relatively high level, and the low port inventory year - on - year provides support for iron ore. Pay attention to the production control situation of steel mills in the fourth quarter. For trading strategies, iron ore is still in a tight - balanced pattern, with a bullish view on the single - side volatility, and the range is between 780 - 830. It is recommended to buy on dips for the iron ore 2601 contract and reduce the long - iron - ore and short - coking - coal arbitrage [3]. Summary by Directory Iron Ore - Related Prices and Spreads - The warehouse receipt costs of different iron ore varieties (Carajás fines, PB fines, Brazilian mixed fines, Jinbuba fines) all decreased by 3.2 - 3.3 yuan/ton, a decline of 0.4%. The basis of the 01 contract for different varieties has increased significantly, with an increase of 41.7 - 41.8 yuan/ton. The 5 - 9 spread increased by 2.5 yuan/ton, a rise of 3.6%, the 9 - 1 spread decreased by 2.5 yuan/ton, a decline of 5.6%, and the 1 - 5 spread remained unchanged [3]. Spot Prices and Price Indexes - Spot prices of iron ore at Rizhao Port (Carajás fines, PB fines, Brazilian mixed fines, Jinbuba fines) all decreased by 3 yuan/ton, a decline of 0.3 - 0.4%. The Singapore Exchange 62% Fe swap increased by 1.5 to 106.8, a rise of 1.4%, and the Jinshi 62% Fe increased by 2 to 107.7, a rise of 1.8% [3]. Supply - The 45 - port arrival volume decreased by 78.0 to 2448.0, a decline of 3.1%. The global shipment volume decreased by 800.6 to 2756.2, a decline of 22.5%. The national monthly import volume decreased by 131.5 to 10462.3, a decline of 1.2% [3]. Demand - The daily average pig iron output of 247 steel mills decreased by 11.3 to 228.8, a decline of 4.7%. The 45 - port daily average cargo clearance volume decreased by 0.9 to 317.8, a decline of 0.3%. The national monthly pig iron output decreased by 110.8 to 7079.7, a decline of 1.5%, and the national monthly crude steel output decreased by 352.6 to 7965.8, a decline of 4.2% [3]. Inventory Changes - The 45 - port inventory increased by 24.3 to 13849.65, a rise of 0.2%. The imported ore inventory of 247 steel mills decreased by 67.3 to 9007.2, a decline of 0.7%. The inventory available days of 64 steel mills increased by 1 to 21, a rise of 5.0% [3]. Report on the Coking Coal and Coke Industry Investment Rating No investment rating provided in the report. Core View As of the close of trading yesterday afternoon, the coking coal futures showed a volatile downward trend, with sharp price fluctuations recently. The spot auction prices were stable to weak, and the Mongolian coal quotes were weak. The coke futures showed a volatile rebound trend, with sharp price fluctuations recently. After the first - round price cut of coke spot, it remained stable, and the port trade quotes followed the futures. In the future, as the coking profit improves and the production restrictions are lifted, the supply of coke will gradually become more abundant, with an expected 2 - 3 rounds of price cuts. The coking coal price may continue to decline in September. For trading strategies, it is recommended to take profits on short positions for both coking coal and coke, with a neutral view on the volatility. The trading range for coke is 1550 - 1650, and for coking coal is 1070 - 1170. Reduce the long - iron - ore and short - coking - coal/coke arbitrage, and pay attention to the risks of large price fluctuations [5]. Summary by Directory Coking Coal - Related Prices and Spreads - The prices of coking coal contracts (01, 05) decreased, with the 01 contract decreasing by 7 yuan/ton and the 05 contract decreasing by 10 yuan/ton. The basis of the 01 contract increased by 7 yuan/ton, and the basis of the 05 contract increased by 10 yuan/ton. The sample coal mine profit decreased by 8 to 424, a decline of 1.9% [5]. Coke - Related Prices and Spreads - The prices of coke contracts (01, 05) increased, with the 01 contract increasing by 6 yuan/ton and the 05 contract increasing by 7 yuan/ton. The basis of the 01 contract decreased by 6 yuan/ton, and the basis of the 05 contract decreased by 7 yuan/ton. The steel - union coking profit decreased by 11 to - 24 [5]. Overseas Coal Prices and Upstream Coking Coal Prices and Spreads - The Australian Peak Downs coking coal arrival price increased by 0.1 to 201, a rise of 0.1%. The Jingtang Port Australian prime coking coal ex - warehouse price decreased by 70 to 1560, a decline of 4.5%. The Guangzhou Port Australian steam coal ex - warehouse price decreased by 4.7 to 739, a decline of 0.64% [5]. Supply - The daily average output of all - sample coking plants decreased by 0.2 to 64.3, a decline of 0.34%. The raw coal output decreased by 43.1 to 860.5, a decline of 5.0%, and the clean coal output decreased by 25.4 to 444.5, a decline of 5.74% [5]. Demand - The pig iron output of 247 steel mills decreased by 11.2 to 228.8, a decline of 4.74%. The daily average output of all - sample coking plants decreased by 0.2 to 64.3, a decline of 0.34% [5]. Inventory Changes - The total coke inventory increased by 7.8 to 895.3, a rise of 0.9%. The coke inventory of all - sample coking plants increased by 1.2 to 66.5, a rise of 1.8%. The coke inventory of 247 steel mills increased by 13.6 to 623.7, a rise of 2.2%. The coking coal inventory of all - sample coking plants decreased by 41.2 to 967.3, a decline of 4.34%. The coking coal inventory of 247 steel mills decreased by 16.1 to 811.9, a decline of 2.04% [5]. Coke Supply - Demand Gap Changes - The coke supply - demand gap increased by 4.9 to - 0.8 [5].

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The supply and demand sides of coal and coke have implemented production cuts, but most of the production cut cycles are short. Attention should be paid to the resumption process. The market sentiment is generally cooling down but still fluctuating, and prices are under pressure and oscillating [3][4]. 3) Summary by Related Content Market Performance - Yesterday, coal and coke futures prices oscillated, and there was a rapid rise near the close of the night session. On the spot side, the high - priced resources of some coal mines had weak sales, and prices were stable with a slight decline. The first round of coke price reduction has been implemented [3]. Supply Side - Last week, due to the military parade, many coal mines in Shanxi stopped production for maintenance, leading to a significant decline in coal production. This week, production is gradually recovering. The daily average coking coal output of 523 coal mines this week is 72.8 million tons, a week - on - week increase of 3.5 million tons. Mine - end inventory has decreased [3]. Demand Side - Last week, the steel mill production cut expectation was realized. The daily average hot metal output of 247 steel mills' blast furnaces was 228.84 million tons, a week - on - week decrease of 11.29 million tons and a year - on - year increase of 6.23 million tons. Most steel mills resumed production on September 4, and short - term hot metal output tends to rise. However, due to factors such as continuous inventory accumulation of finished products and narrowing steel mill profits, raw material demand will face challenges later [4].

Core Viewpoint - Sun Jimu, a steel tycoon, has acquired a 5% stake in Zhend Medical through a share transfer agreement, indicating confidence in the company's future despite recent performance challenges [1][6]. Company Summary - Zhend Medical announced the transfer of 13.32 million shares to Sun Jimu at a price of 26.74 CNY per share, representing a 10% discount from the closing price of 29.45 CNY on September 10, totaling approximately 356 million CNY [1][6]. - After the transaction, Zhend Medical's controlling shareholder, Zhejiang Zhend, and its concerted parties will hold 54.2% of the shares, while Sun Jimu will hold 5% [6]. - The company reported a revenue of 2.1 billion CNY in the first half of the year, a 2.83% increase year-on-year, but a net profit of 128 million CNY, down 20.61% year-on-year, attributed to increased expenses and market development costs [6]. Industry Context - Zhend Medical, established in 1994, operates in the "medical + health" sector, focusing on a range of products including health protection, wound care, and personal hygiene [6]. - Sun Jimu is the chairman of Hebei Xinhua United Metallurgical Holding Group, which ranks 42nd in the "2025 China Private Enterprises 500" list with a revenue of 172.8 billion CNY [7]. - Sun Jimu has previously acquired a stake in Jingu Co., with a current holding of 6%, and the stock has appreciated by 21% this year, indicating potential gains from his investments [7].