1. Report Industry Investment Ratings - **Thread Steel**: The operation rating is not clearly defined by text, indicated by 'なな☆' [1] - **Hot - Rolled Coil**: The operation rating is not clearly defined by text, indicated by '女女女' [1] - **Iron Ore**: ★★★, suggesting a more definite long - term trend with a relatively appropriate investment opportunity currently [1] - **Coke**: ★★★, suggesting a more definite long - term trend with a relatively appropriate investment opportunity currently [1] - **Coking Coal**: The operation rating is not clearly defined by text, indicated by 'な女女' [1] - **Silicon Manganese**: ★★★, suggesting a more definite long - term trend with a relatively appropriate investment opportunity currently [1] - **Silicon Iron**: The operation rating is not clearly defined by text, indicated by '女女女' [1] 2. Report's Core Viewpoints - **Steel**: The steel market faces a negative feedback pressure, but the overall inventory level is low. The downstream demand is still weak, and the market remains under pressure in the shock. The improvement of building material demand in the peak season needs to be observed, and the market expectation is still pessimistic [2] - **Iron Ore**: The supply - demand of iron ore weakens marginally, and the reduction of hot metal production moves from expectation to reality. The market speculative sentiment fluctuates, and it is expected to oscillate at a high level [3] - **Coke**: The carbon element supply is abundant, the downstream hot metal remains at a high level in the off - season. The coke price is greatly affected by the "anti - involution" policy, with high short - term volatility [4] - **Coking Coal**: The carbon element supply is abundant, the downstream hot metal remains at a high level in the off - season. The coking coal price is greatly affected by the "anti - involution" policy, with high short - term volatility [5] - **Silicon Manganese**: The silicon manganese demand is good, the price has limited downward space, and it is expected to accumulate inventory in the second half of the year [6] - **Silicon Iron**: The silicon iron demand is acceptable, the supply rebounds significantly, and it mainly follows the trend of silicon manganese [7] 3. Summary by Related Catalogs Steel - This week, the apparent demand for thread steel improved, production increased, and inventory continued to accumulate. The demand and production of hot - rolled coil both declined slightly, and inventory continued to accumulate [2] - The hot metal production decreased slightly at a high level, and the market faced negative feedback pressure, but the overall inventory level was low [2] - The real estate investment continued to decline significantly, the growth rates of infrastructure and manufacturing gradually slowed down, and the overall domestic demand was still weak, while exports were expected to remain high [2] Iron Ore - Global iron ore shipments declined from a high level but were still stronger than last year. The domestic arrival volume decreased, and port inventory decreased slightly this week [3] - Terminal demand continued to improve seasonally. Steel mills' profits weakened, but the willingness to actively reduce production was insufficient, and hot metal production decreased slightly [3] - Overseas interest - rate cut expectations increased, and domestic policy rumors about production restrictions were repeated. Iron ore supply - demand weakened marginally, and it was expected to oscillate at a high level [3] Coke - The price was weakly volatile during the day. Due to the approaching major event, the production - restriction expectation of coking plants in East China rose again [4] - The daily hot metal output increased, and the steel - making profit remained high. The coking industry proposed an eighth - round price increase, and the daily production increased slightly [4] - The overall coke inventory increased slightly, and the purchasing willingness of traders decreased. The price was greatly affected by policies and had high short - term volatility [4] Coking Coal - The price was weakly volatile during the day. The production of coking coal mines increased slightly, the spot auction transactions weakened, and the terminal inventory decreased slightly [5] - The total coking coal inventory increased month - on - month, and the production - end inventory decreased slightly. It was likely to increase in the short term due to the resumption of production of previously shut - down mines [5] - The carbon element supply was abundant, and the price was greatly affected by policies and had high short - term volatility [5] Silicon Manganese - The price declined during the day and rebounded at the end of the session. Attention should be paid to the shipment of South32's Australian mine [6] - The hot metal output remained above 240, and the weekly production of silicon manganese continued to increase. The inventory did not accumulate, and the spot and futures demand was good [6] - The manganese ore price decreased slightly this week, but due to the approaching major event, manufacturers stocked up in advance, and the price had limited downward space [6] Silicon Iron - The price declined during the day and then rebounded. The hot metal output decreased slightly but remained above 240, and the export demand remained at about 30,000 tons [7] - The metal magnesium production decreased slightly month - on - month, and the secondary demand declined marginally. The overall demand was acceptable [7] - The silicon iron supply rebounded significantly, the market expected good demand, and the on - balance - sheet inventory decreased slightly. It mainly followed the trend of silicon manganese [7]

Market Overview - The coking coal sector experienced a decline of 1.0% on August 29, with Yunwei Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Coking Coal Sector Performance - Key stocks in the coking coal sector showed varied performance, with the following closing prices and changes: - Shaanxi Black Cat: 3.49, unchanged - Yunmei Energy: 3.72, down 0.80% - Meijin Energy: 4.81, down 0.82% - Shanxi Coking Coal: 3.93, down 1.01% - Baotailong: 2.81, down 1.40% - Antai Group: 2.17, down 2.25% - Yunwei Co., Ltd.: 3.56, down 2.47% [1] Capital Flow Analysis - The coking coal sector saw a net outflow of 106 million yuan from main funds, while retail investors contributed a net inflow of 73.03 million yuan [1] - The following table summarizes the capital flow for key stocks: - Yunwei Co., Ltd.: Main funds net inflow of 6.81 million yuan, retail net outflow of 3.10 million yuan - Baotailong: Main funds net outflow of 0.33 million yuan, retail net inflow of 1.05 million yuan - Yunmei Energy: Main funds net outflow of 2.77 million yuan, retail net inflow of 2.17 million yuan - Shaanxi Black Cat: Main funds net outflow of 5.82 million yuan, retail net inflow of 6.52 million yuan - Antai Group: Main funds net outflow of 6.87 million yuan, retail net inflow of 3.26 million yuan - Shanxi Coking Coal: Main funds net outflow of 16.89 million yuan, retail net inflow of 14.49 million yuan - Meijin Energy: Main funds net outflow of 79.92 million yuan, retail net inflow of 48.64 million yuan [2]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The Jackson Hole Global Central Bank Annual Meeting saw the Fed Chair's dovish stance, increasing the certainty of a September rate cut, but short - term leveraged funds flowing in too quickly pose risks to the stock index, which may face a slight shock adjustment [3]. - The bond market lacks its own drivers, and its sentiment is significantly suppressed by the equity market. It is in a range - bound state, and the short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates [3]. - The dovish attitude of Fed officials continues to suppress the US dollar, and precious metals are strengthening and approaching the upper limit of the fluctuation range [3]. - The EC main contract of the container shipping index (European line) shows a weak trend [3]. - Steel prices are in a weak decline, and iron ore follows steel prices, with a trading range of 770 - 820 [3]. - Copper prices have weak short - term drivers and are in a narrow - range shock [3]. - The supply and demand pressure of PX is not large, but the short - term driver is limited; PTA is under short - term pressure in a weak market atmosphere, but the supply - demand expectation is tight [3]. - The inventory of bottle chips has decreased, and it follows the raw materials, with limited short - term processing fee upward space [3]. - The overseas supply outlook for sugar is relatively loose, and the short - selling position should be held [3]. - The issuance of sliding - scale tax quotas for cotton is lower than expected, and the 01 contract is short - term strong [3]. 3. Summary by Related Catalogs Stock Index - The current basis rates of the main contracts of IF, IH, IC, and IM are 0.05%, 0.06%, - 0.36%, and - 0.67% respectively. The technology main line strongly pulled up, and the stock index reversed intraday. It is recommended to wait until after the earnings report disclosure in September to decide the next - round direction [3]. Treasury Bonds - The stock market is strong, and the bond market sentiment is weak again, in a range - bound state. The short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates, corresponding to support for the T2512 contract around 107.4 - 107.6. The short - term bond futures can be temporarily on the sidelines [3]. Precious Metals - Gold is in a shock - strengthening trend. Hold the bull spread strategy of buying gold option AIU2512C776 and selling AU2512C792; hold the long position of silver [3]. Container Shipping Index (European Line) - The EC main contract shows a weak trend. Short the 12 - contract on rallies [3]. Steel and Black Metals - Steel prices are in a weak decline, and it is recommended to wait and see. Iron ore follows steel prices, with a range of 770 - 820, and a strategy of long iron ore and short coking coal can be adopted. Coking coal and coke can be short - sold on rallies, and long iron ore and short coke/coal strategies can be used [3]. Non - ferrous Metals - Copper prices are in a narrow - range shock, with a reference range of 78000 - 80000. Aluminum should pay attention to whether the peak - season demand can be fulfilled, with a reference range of 20400 - 21000 and pay attention to the 21000 pressure level [3]. Energy and Chemicals - For PX, pay attention to the support around 6800 and look for low - buying opportunities; for PTA, pay attention to the support around 4750 and look for low - buying opportunities, and adopt a rolling reverse spread strategy for TA1 - 5 [3]. Agricultural Products - Short - sell sugar. Cotton's 01 contract is short - term strong. Eggs are still bearish in the long - term, and short positions should be held [3]. Special Commodities - For glass, the previous short positions can be closed out at a stage. For rubber, if the raw material supply increases smoothly, short on rallies [3]. New Energy - For polysilicon, wait and see. For lithium carbonate, mainly wait and see [3].

随着半年报密集发布，多家焦炭企业业绩也逐渐浮出水面。记者了解到，2025年上半年，焦化行业在供 需失衡、价格下行、行业亏损的困境中艰难前行。截至8月27日，5家焦炭上市企业公布半年报，其中， 仅宝泰隆（601011.SH）实现盈利，山西焦化（600740.SH）、云煤能源（600792.SH）、陕西黑猫 （601015.SH）、美锦能源（000723.SZ）分别亏损0.78亿元、1.63亿元、4.62亿元、6.74亿元。 据统计，上半年，全国规模以上工业企业焦炭累计产量为2.49亿吨，同比增长3.0%，国内焦化厂开工负 荷整体偏高，焦炭供应同比增加明显，而下游钢企需求整体偏弱，焦炭"供强需弱"。 下游钢厂抵触情绪明显 价格方面，卓创资讯分析师张敏告诉《华夏时报》记者，上半年国内焦炭价格整体以降为主，1—6月份 焦炭市场价格累计跌10轮，涨1轮，河北唐山地区准一级干熄焦累计下滑515元/吨，降幅27%。 多家焦炭企业利润下滑 记者了解到，宝泰隆上半年实现营业收入3.57亿元，同比下降55.99%；不过，归母净利润0.99亿元，成 功实现由亏转盈。但从公司半年报深入分析可知，今年上半年，公司焦炉设备处于停产检修状 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - On August 28, the JM2601 contract closed at 1175.0, up 0.90%. The spot price of Tangshan Mongolian No. 5 coking coal was reported at 1350, equivalent to 1130 on the futures market. The market should be treated as a range-bound operation, and investors are advised to control risks [2]. - On August 28, the J2601 contract closed at 1672.5, down 0.51%. The spot price of coke was proposed for the eighth round of price increases by major coke enterprises. The market should be treated as a range-bound operation, and investors are advised to control risks [2]. Summary by Relevant Catalogs Futures Market - JM主力合约收盘价 was 1175.00 yuan/ton, up 21.00 yuan; J主力合约收盘价 was 1672.50 yuan/ton, up 3.00 yuan [2]. - JM期货合约持仓量 was 927,249.00 lots, up 14,534.00 lots; J期货合约持仓量 was 47,918.00 lots, up 550.00 lots [2]. - 焦煤前20名合约净持仓 was -125,180.00 lots, up 3,769.00 lots; 焦炭前20名合约净持仓 was -4,921.00 lots, up 296.00 lots [2]. - JM1 - 9月合约价差 was 155.00 yuan/ton, up 12.50 yuan; J1 - 9月合约价差 was 89.00 yuan/ton, up 20.00 yuan [2]. - 焦煤仓单 was 0.00 sheets; 焦炭仓单 was 820.00 sheets [2]. Spot Market - The price of Ganqimao Du Meng 5 raw coal was 978.00 yuan/ton, down 7.00 yuan; the price of Tangshan Grade 1 metallurgical coke was 1775.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 150.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade 1 metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of imported prime coking coal from Australia at Jingtang Port was 1570.00 yuan/ton, unchanged; the price of Grade 1 metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged [2]. - The price of prime coking coal produced in Shanxi at Jingtang Port was 1610.00 yuan/ton, unchanged; the price of quasi - Grade 1 metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1300.00 yuan/ton, unchanged; J主力合约基差 was 102.50 yuan/ton, down 3.00 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1100.00 yuan/ton, unchanged; JM主力合约基差 was 125.00 yuan/ton, down 21.00 yuan [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 26.00 million tons, up 0.30 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 289.50 million tons, down 5.30 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly output of raw coal was 38,098.70 million tons, down 4,008.70 million tons [2]. - The monthly import volume of coal and lignite was 3,561.00 million tons, up 257.00 million tons; the daily average output of raw coal from 523 coking coal mines was 188.60 million tons, down 2.60 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 450.45 million tons, up 2.67 million tons; the weekly inventory of coke at 18 ports was 268.62 million tons, down 1.09 million tons [2]. - The weekly total inventory of coking coal of independent coke enterprises was 966.41 million tons, down 10.47 million tons; the weekly inventory of coke of independent coke enterprises was 64.37 million tons, up 1.86 million tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 812.31 million tons, up 6.51 million tons; the weekly inventory of coke of 247 sample steel mills was 609.59 million tons, down 0.21 million tons [2]. - The weekly available days of coking coal of independent coke enterprises was 13.07 days, up 0.10 days; the weekly available days of coke of 247 sample steel mills was 10.76 days, down 0.07 days [2]. Industry Situation - The monthly import volume of coking coal was 962.30 million tons, up 53.11 million tons; the monthly export volume of coke and semi - coke was 89.00 million tons, up 38.00 million tons [2]. - The monthly output of coking coal was 4,064.38 million tons, down 5.89 million tons; the weekly capacity utilization rate of independent coke enterprises was 74.42%, up 0.08% [2]. - The weekly profit per ton of coke of independent coking plants was 23.00 yuan/ton, up 3.00 yuan; the monthly output of coke was 4,185.50 million tons, up 15.20 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.34%, down 0.23%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.27%, up 0.03% [2]. - The monthly output of crude steel was 7,965.82 million tons, down 352.58 million tons [2]. Industry News - Personal bankruptcy local regulations have been implemented in Xiamen. Natural persons who meet certain conditions can undergo reorganization, reconciliation, or bankruptcy liquidation [2]. - Chinese chip manufacturers are seeking to triple their AI chip production in 2026 to reduce dependence on Nvidia [2]. - PetroChina is studying the possibility of using stablecoins in cross - border settlement and payment [2]. - The Chinese Ministry of Commerce's international trade negotiation representative visited Canada from the 24th to the 27th and will then go to Washington, the United States, to meet with relevant US officials [2]. Viewpoint Summary - For coking coal, on August 28, the 2601 contract closed at 1175.0, up 0.90%. The spot price of Tangshan Mongolian No. 5 coking coal was reported at 1350, equivalent to 1130 on the futures market. The macro - level shows that the peak summer power consumption period is over, and power supply is stable. The fundamental situation is that the mine - end inventory has increased, and the cumulative import growth rate has declined for three consecutive months. Technically, the daily K - line is between the 20 and 60 - day moving averages, and the market is in a range - bound operation [2]. - For coke, on August 28, the 2601 contract closed at 1672.5, down 0.51%. The spot price of coke was proposed for the eighth round of price increases by major coke enterprises. The macro - level shows that the Ministry of Commerce's international trade negotiation representative visited Canada and will then go to the United States. The fundamental situation is that the demand side has high pig iron production, the mine - end inventory pressure has eased, and the total coking coal inventory has increased. The average profit per ton of coke of 30 independent coking plants is 23 yuan/ton. Technically, the daily K - line is between the 20 and 60 - day moving averages, and the market is in a range - bound operation [2].

Group 1 - The coke sector experienced a 1.89% increase on August 28, with Meijin Energy leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Meijin Energy's stock price rose by 5.43% to 4.85, with a trading volume of 2.1816 million shares and a transaction value of 1.045 billion yuan [1] Group 2 - The net inflow of main funds in the coke sector was 137 million yuan, while retail funds saw a net outflow of 102 million yuan [1] - Meijin Energy had a main fund net inflow of 106 million yuan, accounting for 10.17% of its total [2] - Cloud Weaving Co. had a main fund net inflow of 30.8151 million yuan, representing 11.43% of its total [2]

Report Information - Report Title: Coke Daily Report - Date: August 28, 2025 - Author: Black Team of the Research Center [1] Key Points Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1535.94, with no daily change, a weekly increase of 54.61, a monthly increase of 163.84, and a year - on - year decrease of 5.96% [2] - The latest price of Hebei quasi - first wet quenching coke is 1780.00, with no daily change, a weekly increase of 55.00, a monthly increase of 185.00, and a year - on - year decrease of 7.05% [2] - The latest price of Shandong quasi - first dry quenching coke is 1715.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year decrease of 12.28% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1755.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year decrease of 12.03% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily or weekly change, a monthly increase of 100.00, and a year - on - year decrease of 12.59% [2] Production and Capacity Utilization - The blast furnace operating rate is 90.25, with a weekly increase of 0.03, a monthly decrease of 0.56, and a year - on - year increase of 5.04% [2] - The daily average pig iron output is 240.75, with a weekly increase of 0.09, a monthly decrease of 1.48, and a year - on - year increase of 7.26% [2] - The coking capacity utilization rate is 74.13, with a weekly increase of 0.38, a monthly increase of 1.23, and a year - on - year increase of 2.33% [2] - The daily average coke output is 51.63, with a weekly decrease of 0.04, a monthly decrease of 1.47, and a year - on - year decrease of 5.20% [2] Inventory Information - The coking plant inventory is 39.47, with a weekly increase of 0.16, a monthly decrease of 10.65, and a year - on - year decrease of 15.82% [2] - The port inventory is 214.62, with a weekly decrease of 0.49, a monthly increase of 16.49, and a year - on - year increase of 12.24% [2] - The steel mill inventory is 609.59, with a weekly decrease of 0.21, a monthly decrease of 30.39, and a year - on - year increase of 13.52% [2] - The steel mill inventory days are 10.76, with a weekly decrease of 0.07, a monthly decrease of 0.69, and a year - on - year decrease of 0.46% [2] Futures Information - The price of futures contract 05 is 1768, with a daily decrease of 38.50, a weekly decrease of 4.00, a monthly increase of 50.50, and a year - on - year decrease of 9.54% [2] - The price of futures contract 09 is 1608, with a daily decrease of 28.00, a weekly decrease of 16.00, a monthly decrease of 4.00, and a year - on - year decrease of 13.76% [2] - The price of futures contract 01 is 1681, with a daily decrease of 37.00, a weekly increase of 2.00, a monthly increase of 16.50, and a year - on - year decrease of 12.27% [2] - The basis of contract 05 is 66.35, with a daily increase of 38.50, a weekly increase of 57.35, a monthly increase of 120.29, and a year - on - year increase of 87.12 [2] - The basis of contract 09 is 226.35, with a daily increase of 28.00, a weekly increase of 69.35, a monthly increase of 174.79, and a year - on - year increase of 157.12 [2] - The basis of contract 01 is 153.35, with a daily increase of 37.00, a weekly increase of 51.35, a monthly increase of 154.29, and a year - on - year increase of 135.62 [2] - The spread between contracts 5 - 9 is - 87.00, with a daily increase of 1.50, a weekly increase of 6.00, a monthly decrease of 34.00, and a year - on - year decrease of 48.50 [2] - The spread between contracts 9 - 1 is 160.00, with a daily decrease of 10.50, a weekly increase of 12.00, a monthly increase of 54.50, and a year - on - year increase of 70.00 [2] - The spread between contracts 1 - 5 is - 73.00, with a daily increase of 9.00, a weekly decrease of 18.00, a monthly decrease of 20.50, and a year - on - year decrease of 21.50 [2]

1. Steel Industry Report Industry Investment Rating No information provided. Core Viewpoints - Steel prices are in a weak downward trend. The spread between the October and January contracts of rebar has stopped falling and risen, and the near - month rebar has turned from weak to strong. The spread between the October and January contracts of hot - rolled coils has continued to strengthen. The difference in the month - to - month spreads of rebar and hot - rolled coils is due to the widening of the near - month spread between hot - rolled coils and rebar. The spread between hot - rolled coils and rebar has fallen from a maximum of 290 to around 250 yuan. In August, the supply of rebar increased while demand decreased, especially the demand dropped significantly, which affected the weakening of steel prices, and the decline of rebar was greater than that of hot - rolled coils. - Last week's data showed that rebar production decreased again, and apparent demand stopped falling and rebounded. It is expected that the spread between hot - rolled coils and rebar will decline from a high level. From the perspective of total apparent demand, last week's demand data showed signs of bottoming out and rebounding, but it was still at an off - season level. There is an expectation of demand recovery in the peak seasons of September - October. Considering that steel demand has not stalled and coking coal has not resumed production, it is expected that steel prices will remain in a high - level volatile pattern, but recently steel prices are weaker than iron ore and coking coal. It is recommended to wait and see for now [1]. Summary by Related Catalogs Steel Prices and Spreads - Rebar and hot - rolled coil prices in different regions and contracts all showed a downward trend. For example, the spot price of rebar in East China decreased from 3300 to 3290 yuan/ton, and the 05 - contract price of hot - rolled coils decreased from 3361 to 3348 yuan/ton [1]. Cost and Profit - The price of steel billets decreased by 20 yuan to 3010 yuan, and the price of slab billets remained unchanged at 3730 yuan. The cost of Jiangsu electric - furnace rebar increased by 1 yuan to 3345 yuan, and the profit of East China hot - rolled coils decreased by 22 yuan to 133 yuan [1]. Production - The daily average pig - iron output increased slightly by 0.1 to 240.8 tons, with a growth rate of 0.0%. The output of five major steel products increased by 6.4 to 878.1 tons, with a growth rate of 0.7%. Rebar production decreased by 5.8 to 214.7 tons, a decrease of 2.6%, while hot - rolled coil production increased by 9.7 to 325.2 tons, an increase of 3.1% [1]. Inventory - The inventory of five major steel products increased by 25.1 to 1441.0 tons, with a growth rate of 1.8%. Rebar inventory increased by 19.8 to 607.0 tons, a growth rate of 3.4%, and hot - rolled coil inventory increased by 4.0 to 361.4 tons, a growth rate of 1.1% [1]. Transaction and Demand - The building materials trading volume increased by 0.8 to 9.1 tons, with a growth rate of 9.7%. The apparent demand of five major steel products increased by 22.0 to 853.0 tons, a growth rate of 2.6%. The apparent demand of rebar increased by 4.9 to 194.8 tons, a growth rate of 2.6%, and the apparent demand of hot - rolled coils increased by 6.5 to 321.3 tons, a growth rate of 2.1% [1]. 2. Iron Ore Industry Report Industry Investment Rating No information provided. Core Viewpoints - As of yesterday's afternoon close, the 2601 contract of iron ore showed a weak and volatile trend. Fundamentally, the global shipment volume of iron ore has declined from a high level on a month - on - month basis, and the arrival volume at 45 ports has decreased. Based on recent shipment data, the average arrival volume in the future will increase periodically. - On the demand side, last week, the profit margin of steel mills was at a relatively high level, the maintenance volume decreased slightly, and pig - iron output increased slightly at a high level and remained at around 240,000 tons per day. It is expected that pig - iron output will decrease this week due to production in Tangshan. From the data of five major steel products, it can be seen that the apparent demand of downstream products has increased on a month - on - month basis recently, which supports steel prices. - In terms of inventory, port inventory has decreased slightly, the port clearance volume has decreased on a month - on - month basis, and the inventory of steel mills' equity ore has decreased on a month - on - month basis. Looking forward, pig - iron output will decline slightly at a high level at the end of August. The market sentiment was overdrawn by the futures price increase on Monday. Currently, the fundamentals are difficult to drive a significant increase, so the price rose on Tuesday and then fell back. After the military parade, steel mills will resume production, and pig - iron output will increase, which will support raw materials. Coupled with the relatively low port inventory compared to the same period last year and the high daily consumption of steel mills, the futures price still has a basis for rebound. For strategies, it is recommended to wait and see for single - side trading, and an iron ore 1 - 5 positive spread is recommended for arbitrage [3]. Summary by Related Catalogs Iron Ore - Related Prices and Spreads - The basis of the 01 contract for various iron ore powders has increased significantly. For example, the basis of the 01 contract for PB powder increased from 19.2 to 40.7 yuan/ton, with a growth rate of 112.2%. The 5 - 9 spread remained unchanged at - 43.0, the 9 - 1 spread increased by 0.5 to 21.0, and the 1 - 5 spread decreased by 0.5 to 22.0 [3]. Spot Prices and Price Indexes - The spot prices of most iron ore varieties in Rizhao Port remained unchanged, while the price of Jinbuba powder decreased by 2 yuan to 725.0 yuan/ton. The price of the Singapore Exchange's 62% Fe swap decreased by 0.3 to 101.7 dollars/ton, and the price of the Platts 62% Fe decreased by 1.1 to 102.0 dollars/ton [3]. Supply - The weekly arrival volume at 45 ports decreased by 83.3 to 2393.3 tons, a decrease of 3.4%. The weekly global shipment volume decreased by 90.8 to 3315.8 tons, a decrease of 2.7%. The national monthly import volume decreased by 131.5 to 10462.3 tons, a decrease of 1.2% [3]. Demand - The weekly average daily pig - iron output of 247 steel mills increased slightly by 0.1 to 240.8 tons, with a growth rate of 0.0%. The weekly average daily port clearance volume at 45 ports decreased by 8.9 to 325.7 tons, a decrease of 2.7%. The national monthly pig - iron output decreased by 110.8 to 7079.7 tons, a decrease of 1.5%, and the national monthly crude - steel output decreased by 352.6 to 7965.8 tons, a decrease of 4.2% [3]. Inventory Changes - The inventory at 45 ports decreased by 46.5 to 13798.68 tons, a decrease of 0.3%. The inventory of imported ore in 247 steel mills decreased by 70.9 to 9065.5 tons, a decrease of 0.8%. The inventory - available days of 64 steel mills decreased by 1.0 to 20.0 days, a decrease of 4.8% [3]. 3. Coking Coal and Coke Industry Report Industry Investment Rating No information provided. Core Viewpoints Coke - As of yesterday's afternoon close, the coke futures showed a weak downward trend, with recent prices fluctuating sharply. The spot price of coke has risen after the seventh - round price increase was implemented, and the port trade quotation has followed the increase. On the supply side, due to the implementation of the price increase, the coking profit has improved, and the start - up rate of coking enterprises has increased slightly. On the demand side, the pig - iron output from blast furnaces has fluctuated at a high level, and downstream demand still has resilience. It is expected that pig - iron output will decline slightly in August due to production restrictions in Tangshan. In terms of inventory, the inventory of coking plants has started to accumulate, the port inventory has decreased slightly, and the steel - mill inventory has decreased. The overall inventory is at a medium level. Due to tight supply - demand and logistics factors, downstream steel mills still have a need to replenish inventory, and the arrival of goods is delayed, so they finally accepted the seventh - round price increase of coke. Yesterday, the futures price decreased, and the futures price has a slight premium for wet - quenched coke but is at a discount to the warehouse - receipt cost of dry - quenched coke, and the hedging space has narrowed. Production restrictions in Tangshan are beneficial to finished steel products, and Shandong and Henan also have production - restriction requirements for coking. The short - term supply - demand tightness will be maintained, but as the coking profit improves, the supply of coke will gradually become looser. The futures price has recently followed the decline of coking coal. For strategies, it is recommended to wait and see for speculative trading, and an arbitrage strategy of going long on iron ore and short on coke is recommended. Pay attention to risks due to increased price fluctuations [6]. Coking Coal - As of yesterday's afternoon close, the coking - coal futures showed a weak downward trend, with recent prices fluctuating sharply. The spot auction price is stable to weak, and the Mongolian - coal quotation has decreased slightly. On the supply side, due to recent mine accidents and coal - mine production - suspension rectifications, the coal - mine start - up rate has decreased slightly on a month - on - month basis, and shipments have slowed down. Coal mines are selling at a reduced profit, the market supply - demand situation has eased, some coal mines have started to accumulate inventory, and the price of imported Mongolian coal has followed the decline of futures. Due to the relatively high price, downstream users have been cautious about replenishing inventory recently. On the demand side, the start - up rate of coking has increased slightly, the pig - iron output from downstream blast furnaces has fluctuated at a high level, and the downstream demand for inventory replenishment has slowed down. Considering the production restrictions on steel mills in Tangshan before the military parade, pig - iron output will decline periodically at the end of August. In terms of inventory, coal mines, ports, and steel mills have slightly increased their inventory, while coal - washing plants and coking plants have slightly decreased their inventory. The overall inventory has decreased slightly from a medium level. The spot market has stabilized after a slight correction. The approaching delivery of the near - month contract exerts some pressure on the 09 contract, and the far - month valuation still has a premium over the near - month Mongolian - coal warehouse receipt. The mine accident in Fujian and the production - suspension of some coal mines in Inner Mongolia, Shanxi, and Shaanxi have triggered expectations of production restrictions, which drove the price increase on Monday, but the spot market is still running weakly and stably, and the price has given back the previous rebound in the past two trading days. For strategies, it is recommended to wait and see for speculative trading, and an arbitrage strategy of going long on iron ore and short on coking coal is recommended. Pay attention to risks due to increased price fluctuations [6]. Summary by Related Catalogs Prices and Spreads - For coke, the 09 - contract price decreased from 1610 to 1601 yuan/ton, a decrease of 0.64%, and the 01 - contract price decreased from 1681 to 1670 yuan/ton, a decrease of 0.74%. For coking coal, the 09 - contract price decreased from 1031 to 1012 yuan/ton, a decrease of 1.9%, and the 01 - contract price decreased from 1161 to 1154 yuan/ton, a decrease of 0.6% [6]. Supply - The daily average output of all - sample coking plants increased by 0.1 to 65.5 tons, with a growth rate of 0.1%. The raw - coal output of sample coal mines increased by 3.8 to 860.4 tons, with a growth rate of 0.4%, and the clean - coal output increased by 3.4 to 442.7 tons, with a growth rate of 0.8% [6]. Demand - The weekly pig - iron output of 247 steel mills increased slightly by 0.1 to 240.8 tons, with a growth rate of 0.0%. The daily average output of all - sample coking plants increased by 0.1 to 65.5 tons, with a growth rate of 0.1% [6]. Inventory - The total coke inventory increased by 1.2 to 888.6 tons, with a growth rate of 0.1%. The coke inventory of all - sample coking plants increased by 1.9 to 64.4 tons, a growth rate of 3.04%, the steel - mill coke inventory decreased by 0.2 to 609.6 tons, a decrease of 0.0%, and the port inventory decreased by 0.5 to 214.6 tons, a decrease of 0.24%. The clean - coal inventory of Fenwei coal mines increased by 5.7 to 117.6 tons, a growth rate of 5.1%, the coking - plant coking - coal inventory decreased by 10.5 to 966.4 tons, a decrease of 1.1%, and the steel - mill coking - coal inventory increased by 6.5 to 812.3 tons, a growth rate of 0.8% [6].

证券之星消息，近日陕西黑猫披露，截至2025年6月30日公司股东户数为8.31万户，较3月31日减少 5006.0户，减幅为5.68%。户均持股数量由上期的2.32万股增加至2.46万股，户均持股市值为8.06万元。 根据统计，陕西黑猫2025年3月31日至2025年6月30日，主力资金净流出3348.28万元，游资资金净流出 6591.31万元，散户资金净流入9939.6万元。 在焦炭行业个股中，陕西黑猫股东户数低于行业平均水平，截至6月30日，焦炭行业平均股东户数为 9.12万户。户均持股市值方面，焦炭行业A股上市公司户均持股市值为7.9万元，陕西黑猫高于行业平均 水平。 从股价来看，2025年3月31日至2025年6月30日，陕西黑猫区间涨幅为6.49%，在此期间股东户数减少 5006.0户，减幅为5.68%。 | | | | 统计截止日｜区间股价涨跌幅｜股东户数｜增减｜增减比例｜户均持股市值（元）｜户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 6.49% | 83074 -5006 | -5.68% | 8.06 ...

Market Overview - The coke sector experienced a decline of 3.8% on August 27, with Antai Group leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Meijin Energy (000723) closed at 4.60, down 2.95%, with a trading volume of 708,700 shares and a turnover of 331 million yuan [1] - Yunmei Energy (600792) closed at 3.78, down 3.32%, with a trading volume of 239,100 shares and a turnover of 91.52 million yuan [1] - Yunwei Co. (600725) closed at 3.59, down 4.01%, with a trading volume of 1,068,700 shares and a turnover of 392 million yuan [1] - Baotailong (601011) closed at 2.86, down 4.03%, with a trading volume of 688,500 shares and a turnover of 201 million yuan [1] - Shaanxi Black Cat (601015) closed at 3.53, down 4.34%, with a trading volume of 403,900 shares and a turnover of 146 million yuan [1] - Shanxi Coking Coal (600740) closed at 3.98, down 4.56%, with a trading volume of 470,400 shares and a turnover of 191 million yuan [1] - Antai Group (600408) closed at 2.22, down 5.93%, with a trading volume of 426,100 shares and a turnover of 96.75 million yuan [1] Fund Flow Analysis - The coke sector saw a net outflow of 90.94 million yuan from main funds, while retail investors contributed a net inflow of 87.14 million yuan [1] - The detailed fund flow for individual stocks indicates that: - Yunmei Energy had a main fund net inflow of 34,900 yuan, with a retail net inflow of 399,340 yuan [2] - Shanxi Coking Coal experienced a main fund net outflow of 622,200 yuan, with a retail net outflow of 415,860 yuan [2] - Antai Group had a main fund net outflow of 3,351,700 yuan, with a retail net inflow of 42,340 yuan [2] - Shaanxi Black Cat faced a main fund net outflow of 17,784,900 yuan, but a retail net inflow of 2,071,290 yuan [2] - Yunwei Co. had a main fund net outflow of 17,914,100 yuan, with a retail net inflow of 1,996,540 yuan [2] - Baotailong saw a main fund net outflow of 22,064,000 yuan, but a retail net inflow of 2,306,090 yuan [2] - Meijin Energy had a main fund net outflow of 29,241,800 yuan, with a retail net inflow of 2,314,300 yuan [2]