1. Report's Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - On December 9th, the closing price of the coking coal 2605 contract was 1082.5, down 2.21%. In the spot market, the price of Tangshan Mongolian No.5 coking coal was 1350, equivalent to 1130 on the futures market. The content of the Politburo meeting was weaker than expected, and the short - term market sentiment of coking coal weakened. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was weak [2]. - On December 9th, the closing price of the coke 2601 contract was 1514.0, down 2.70%. The first round of price cuts in the coke spot market was implemented. In November, China imported 4405.3 million tons of coal and lignite, an increase of 231.6 million tons from the previous month, a month - on - month increase of 5.5%. The coke inventory was moderately weak. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was weak [2]. 3. Summary of Each Section 3.1 Futures Market - The closing price of the JM main contract was 1082.50 yuan/ton, down 11.00; the closing price of the J main contract was 1514.00 yuan/ton, down 23.00. The JM futures contract open interest was 809682.00 lots, down 34932.00; the J futures contract open interest was 48217.00 lots, up 570.00. The net open interest of the top 20 coking coal contracts was - 89444.00 lots, up 4279.00; the net open interest of the top 20 coke contracts was - 165.00 lots, up 215.00. The JM 5 - 1 month contract spread was 98.50 yuan/ton, up 7.50; the J 5 - 1 month contract spread was 163.00 yuan/ton, up 9.50. The coking coal warehouse receipts were 300.00, unchanged; the coke warehouse receipts were 2070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Du Mongolian No.5 raw coal was 970.00 yuan/ton, down 18.00; the price of Tangshan Grade I metallurgical coke was 1830.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot (CFR) was 161.50 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of Australian prime coking coal imported at Jingtang Port was 1430.00 yuan/ton, down 70.00; the price of Tianjin Port Grade I metallurgical coke was 1720.00 yuan/ton, unchanged. The price of Shanxi - produced prime coking coal at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged. The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. The price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged. The basis of the JM main contract was 527.50 yuan/ton, up 11.00; the basis of the J main contract was 316.00 yuan/ton, up 23.00 [2]. 3.3 Upstream Situation - The daily output of refined coal from 314 independent coal washing plants was 27.10 million tons, up 0.50; the weekly inventory of refined coal from 314 independent coal washing plants was 321.40 million tons, up 16.10. The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged. The monthly raw coal output was 40675.00 million tons, down 475.50. The monthly import volume of coal and lignite was 4405.30 million tons, up 231.30. The daily average output of raw coal from 523 coking coal mines was 190.40 million tons, down 0.90. The weekly inventory of imported coking coal at 16 ports was 470.60 million tons, up 5.60; the weekly inventory of coke at 18 ports was 245.80 million tons, down 1.40. The weekly total inventory of coking coal of all - sample independent coking enterprises was 1009.20 million tons, down 1.10; the weekly inventory of coking coal of 247 steel mills nationwide was 798.27 million tons, down 3.03. The weekly inventory of coke of all - sample independent coking enterprises was 76.44 million tons, up 4.68; the weekly inventory of coke of 247 sample steel mills nationwide was 625.25 million tons, down 0.27. The weekly available days of coking coal for all - sample independent coking enterprises was 12.88 days, down 0.13; the weekly available days of coke for 247 sample steel mills was 11.29 days, unchanged [2]. 3.4 Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04; the monthly export volume of coke and semi - coke was 73.00 million tons, up 19.00. The monthly output of coking coal was 4231.51 million tons, up 255.59. The weekly capacity utilization rate of independent coking enterprises was 73.84%, up 0.89. The weekly profit per ton of coke for independent coking plants was 30.00 yuan/ton, down 16.00. The monthly output of coke was 4189.60 million tons, down 66.00 [2]. 3.5 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 80.14%, down 0.93; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.06%, down 0.90. The monthly crude steel output was 7199.70 million tons, down 149.31 [2]. 3.6 Industry News - As of December 8th, 9 provinces mentioned steel - related content in their "15th Five - Year Plan" proposals, including accelerating the transformation of steel from raw material - level to material - level, accelerating the implementation of energy - saving and carbon - reduction transformation and digital and intelligent transformation in the steel industry, and strengthening the efficient utilization of scrap steel. - The Federal Reserve was scheduled to hold an interest - rate meeting on December 9th and 10th. The market generally believed that the Federal Reserve was likely to cut interest rates by 25 basis points again. - The Politburo meeting stated that next year's economic work should adhere to making steady progress and improving quality and efficiency, better coordinate domestic economic work and international economic and trade struggles, and better coordinate development and security; continue to implement a more active fiscal policy and a moderately loose monetary policy, and give play to the integrated effect of existing and incremental policies. - US Treasury Secretary Bessent said that despite the long - term government shutdown, the US would end 2025 with a real GDP growth rate of 3%. It was expected that the inflation rate would "drop significantly" next year. The bond market had just had its best year since 2020 [2].

Core Viewpoint - ST TaiZhong plans to sell 100% equity of its wholly-owned subsidiary, Shanxi TaiZhong Coking Equipment Co., Ltd., to its controlling shareholder, TaiZhong Group, for 618 million yuan to optimize asset structure and improve liquidity and debt repayment capability [1][2] Group 1: Company Actions - The transaction is classified as a related party transaction since TaiZhong Group holds 51.40% of ST TaiZhong's shares [1] - The coking equipment company has been operating at a loss for several years, with no current measures to return to profitability [2] - After the sale, ST TaiZhong's total assets and liabilities will decrease, enhancing its financial condition and operational results [2] Group 2: Industry Context - The coking industry is facing challenges due to the weak steel sector, leading to a continuous reduction in profit margins [2] - From 2022 to 2024, the revenue of ST TaiZhong's coking segment is expected to decline by approximately 70% annually, with an average gross margin decrease of about 6 percentage points each year [2] - The "dual carbon" policy is influencing environmental regulations and capacity control, further impacting the coking business's revenue and profitability [2]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ☆☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicon manganese: ★☆☆ [1] - Silicon iron: ★☆★ [1] Report's Core View - The steel market shows a mixed trend with supply and demand changes and policy expectations affecting the price movement [2] - The iron ore market has a relatively loose supply-demand relationship and is expected to fluctuate [3] - The coke and coking coal markets are affected by downstream demand and supply, with short-term price trends showing some characteristics [4][5] - The silicon manganese and silicon iron markets are influenced by factors such as raw material prices and demand, and their price trends need further observation [6][7] Summary by Related Catalogs Steel - The steel futures market continued to rise in shock today. The apparent demand for thread decreased, production declined significantly, and inventory continued to decrease. The supply and demand of hot-rolled coils both decreased, and inventory decreased slowly with pressure remaining [2] - Iron ore production decreased, downstream demand was insufficient, and steel mills continued to operate at a loss. There is a high possibility of further blast furnace production cuts and supply pressure will gradually ease [2] - Real estate investment continued to decline significantly, infrastructure growth slowed down, manufacturing PMI improved marginally, and overall domestic demand remained weak. Steel exports declined from their high levels [2] - Spot prices remained firm during the off-season, and there were still expectations of favorable policies at the macro level. The futures market is expected to continue its shock upward trend with possible fluctuations [2] Iron Ore - The iron ore futures market weakened slightly today. Global shipments were strong, the first shipment of iron ore from Simandou was sent, domestic arrivals remained high, and port inventory continued to increase and approached the annual high [3] - The apparent demand for steel weakened, production declined further, and iron ore demand is expected to weaken further [3] - The macro environment was positive, and there were expectations of policy support ahead of the December important meeting. The iron ore market is expected to fluctuate in the short term [3] Coke - The coke futures market showed a strong shock trend today. There were expectations of downstream replenishment, and prices rebounded slightly [4] - Coking profits were average, daily production increased slightly, and inventory increased slightly. Downstream procurement was mainly on-demand, and traders' purchasing willingness was average [4] - The supply of carbon elements was abundant, downstream iron ore production decreased seasonally, and demand for raw materials remained resilient. Steel mills had a strong willingness to lower raw material prices [4] - The coke futures price was at a premium, and prices are expected to continue to rebound in the short term [4] Coking Coal - The coking coal futures market showed a strong shock trend today. There were expectations of downstream replenishment, and prices rebounded [5] - Coking coal production increased slightly, spot auction transactions were average, and transaction prices mainly decreased. Terminal inventory decreased slightly, and total coking coal inventory decreased slightly month-on-month [5] - The supply of carbon elements was abundant, downstream iron ore production decreased seasonally, and demand for raw materials remained resilient. Steel mills had a strong willingness to lower raw material prices [5] - The coking coal futures price was at a discount, and prices are expected to be dragged down in the short term due to high Mongolian coal imports [5] Silicon Manganese - The silicon manganese futures market rose in shock today. Affected by the futures market rebound, manganese ore spot prices increased [6] - The follow-up impact of Ghana's shipping volume needs to be monitored. There are structural problems in manganese ore port inventory, and the balance is relatively fragile. If Ghana's supply decreases significantly, prices may rise in the short term [6] - Iron ore production decreased seasonally, silicon manganese weekly production decreased slightly, and inventory increased slowly [6] - Silicon manganese supply decreased, inventory decreased slightly, and the support at the bottom needs to be observed [6] Silicon Iron - The silicon iron futures market rose in shock today. There were increased expectations of coal supply guarantee, which led to expectations of lower electricity costs and blue carbon prices [7] - Iron ore production rebounded to a high level, export demand decreased to over 20,000 tons, and the marginal impact was small. Metal magnesium production increased month-on-month, and secondary demand increased marginally. Overall demand remained resilient [7] - Silicon iron supply decreased, inventory decreased slightly, and the support at the bottom needs to be observed [7]

吕梁山下，黄河之滨，昔日"禹凿龙门""鱼跃龙门"神话的诞生地山西省河津市清涧街道龙门村，探索出 一条集体经济壮大与村民共富互促共赢的道路，今日正以产业之兴、生态之美、百姓之富，谱写着新时 代乡村振兴。 "鱼跃龙门"神话的诞生地山西省河津市清涧街道龙门村。 原建发摄 产业跃升：从资源困局到多元共荣 面对"3800人只有1179亩耕地，山荒沟秃无特产"的困境，龙门村以党组织为核心，在稳定农业基础上， 探索出"集体、联户、股份、混合所有制"多轮驱动模式。 从一座年产2.5万吨的小焦炉起步，当地在党员干部带头攻坚的实干中，逐步构建起焦化、新能源、建 材、发电、贸易、房地产、旅游七大产业体系。2024年，全村所属企业实现销售收入达80亿元，居山西 省百强企业行列。 中新网运城12月4日电 题：晋南黄河边小村庄"鱼跃龙门"：产业兴 生态美 百姓富 产业发展不仅壮大了集体经济，更拓宽了村民就业渠道。51岁的原玉生在龙门集团水厂工作已30余年， 如今儿子大学毕业后也选择回村进入焦化公司，"在家门口上班，收入不低，心里更踏实"。 作者 张立程 曹文娟 教育方面，该村投资3700余万元建成高标准教育中心，村民子女从幼儿园到初中免 ...

中信期货研究|⿊⾊建材策略⽇报 2025-12-02 投资咨询业务资格：证监许可【2012】669号 宏观情绪偏暖，板块表现偏强 钢⼚供给端存在扰动，河北唐⼭因违规上⻢钢铁项⽬和新增产能被中 央⽣态环境保护督察组点名，⼤⽓污染防治存在明显短板，但实际对 北⽅钢⼚⽣产影响有限。12⽉中央经济⼯作会议即将召开，海外仍 有降息预期，宏观环境偏暖，钢材盘⾯表现偏强。铁矿在⾼铁⽔及冬 储补库预期下仍有较强⽀撑，煤焦在交割影响弱化之后低位反弹。 钢厂供给端存在扰动，河北唐山因违规上马钢铁项目和新增产能被中 央生态环境保护督察组点名，大气污染防治存在明显短板，但实际对 北方钢厂生产影响有限。12月中央经济工作会议即将召开，海外仍有 降息预期，宏观环境偏暖，钢材盘面表现偏强。铁矿在高铁水及冬储 补库预期下仍有较强支撑，煤焦在交割影响弱化之后低位反弹。 1. 铁元素方面：铁水环比下降，钢厂盈利率进一步压缩，后续仍有 部分钢厂安排高炉检修计划，铁水预计延续走弱态势，刚需支撑逐渐 弱化。海外矿山发运环比小幅回升，澳洲发运减少，巴西发运环比大 幅增加，非主流发运略降，本期到港环比减量，港口库存环比继续累 积，全国钢厂进口矿库存下滑， ...

督察组还指出，当地把关不严违规审批项目。督察发现，2025年1月，河北滦州经济开发区行政审 批局把关不严，在唐山市中锌伟业公司未落实产能核定情况下，即违规对企业投资项目进行备案。2025 年4月，河北滦州经济开发区行政审批局越权审批，对该项目环境影响报告表予以批复。2025年10月， 唐山市中锌伟业公司基本建成一座800立方米还原炉。 本次督察发现，2023年以来，唐山市迁西县友利焦化公司因违法排污等问题被处罚32次，该企业大 气污染治理措施仍不到位；唐山市部分已公示完成超低排放改造的钢铁企业，实际并未达到超低排放要 求；唐山迁安市燕山钢铁公司炼铁工段烟粉尘外逸现象明显；唐山市津西钢铁公司轧钢车间顶部有明显 烟粉尘逸散。 新华社石家庄12月1日电（记者杜一方）第三轮第五批中央生态环境保护督察正在进行。督察组12 月1日发布典型案例，通报河北省唐山市存在大气污染防治短板，指出当地违规上马钢铁项目、新增钢 铁产能，部分企业违法排污问题突出。 督察组指出，唐山市属于大气污染防治重点区域，产业结构重，钢铁、焦化等重点行业企业较多， 污染物排放总量仍处于高位，空气质量改善压力大，大气污染防治仍有差距。督察发现，唐山市及 ...

每日观点 焦煤： 1、基本面：前期减产煤矿供应虽在逐步恢复，但也有新增部分减产、停产煤矿，供应仍稍显紧张。受 焦炭首轮提降影响，市场情绪继续走弱，下游钢厂利润较低，对原料高位价格抵触心理增强，而贸易商 多数观望，拿货积极性不佳，影响煤矿新增订单减少；中性 2、基差：现货市场价1315，基差248；现货升水期货；偏多 3、库存：钢厂库存801万吨，港口库存295万吨，独立焦企库存861万吨，总样本库存1957万吨，较上 周减少21万吨；偏多 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，空增；偏空 6、预期：传统淡季需求仍旧疲软，加上钢价下跌，钢厂亏损再度加剧，铁水产量进一步下滑，市场情 绪进一步降温，终端对原料煤采购更加谨慎，补库节奏放缓，焦煤需求继续承压，预计短期焦煤价格或 偏弱运行。 焦煤 交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-12-1） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用 ...

经济观察报采访过程中，多家钢铁企业、焦化企业均认为，氢 冶金是钢铁行业的未来，未来焦炭使用量势必减少，但焦炉煤 气中含有的氢气，反而可能成为钢铁企业的新需求点。 作者：潘俊田 封图：图虫创意 曾经被用来"点天灯"的焦炉煤气，正被视为山西焦化业未来的增长点。 山西是焦化大省。山西焦化总产能约有1.42亿吨，已建成的焦炉产能达1.18亿吨。2024年山西焦 炭产量9211.6万吨，占全国18.8%，位居全国第一。这些焦炭绝大部分作为原料，供应给山西省 内及周边省份的钢铁厂。 但国内钢铁产量已趋于稳定。2021年全国粗钢产量约10.3亿吨，2024年产量约10.05亿吨。钢厂 利润持续走低，2021年热卷年均生产利润约800元/吨，2024年已不足100元/吨。 受钢铁行业下行影响，山西焦化行业增长承压。2024年，山西焦化行业工业增加值增速全年累计 下降0.4%，全行业实现营收2356亿元，同比下降12.1%，实现利润-69.3亿元，同比增亏30.9 亿元。 在此背景下，山西焦化企业将目光投向炼焦过程中的各类副产品——如煤焦油、焦炉煤气甚至余 热，试图通过延伸煤化工产业链寻求突破。 苗茂谦是太原理工大学教授、原太 ...

Core Insights - The focus of the Shanxi coking industry is shifting towards the utilization of by-products from the coking process, particularly coke oven gas, as a growth point for the future [2][9] Industry Overview - Shanxi is a major coking province with a total coking capacity of approximately 142 million tons and an established coke oven capacity of 118 million tons [2] - In 2024, Shanxi's coke production is projected to be 92.116 million tons, accounting for 18.8% of the national total, making it the largest producer in China [2] - The domestic steel production has stabilized, with crude steel output expected to decrease from approximately 1.03 billion tons in 2021 to about 1.005 billion tons in 2024 [2] - The profitability of steel mills has declined significantly, with average production profits for hot-rolled coils dropping from around 800 RMB/ton in 2021 to less than 100 RMB/ton in 2024 [2] Financial Performance - The Shanxi coking industry is facing pressure, with an expected industrial added value growth rate decline of 0.4% in 2024, and total revenue projected at 235.6 billion RMB, a year-on-year decrease of 12.1% [2] - The industry is anticipated to incur a loss of 6.93 billion RMB in 2024, an increase in losses by 3.09 billion RMB compared to the previous year [2] By-product Utilization - The focus is on the recovery and utilization of various by-products from the coking process, such as coal tar and coke oven gas, to extend the coal chemical industry chain [2][3] - Coke oven gas has a high hydrogen content of about 60%, making it a valuable resource for hydrogen production [4] Hydrogen Production Potential - Shanxi can produce over 40 billion Nm³ of coke oven gas annually, with approximately 55% of it available for hydrogen extraction, representing a total development potential of over 13 billion Nm³ per year [5] - The cost of hydrogen production from coke oven gas is estimated to be between 10 to 12 RMB/kg, significantly lower than the local green hydrogen cost of around 20 RMB/kg [6] Industry Trends - There is a growing trend among Shanxi coking enterprises to enhance the utilization of coke oven gas for hydrogen production, with many companies actively investing in hydrogen energy projects [6][7] - The development of hydrogen energy heavy trucks has created new application scenarios for hydrogen produced from coke oven gas, with several companies already deploying hydrogen energy trucks [7][8] Future Outlook - The coking industry is expected to transition from a focus on coke production to a greater emphasis on coke oven gas, particularly as hydrogen metallurgy becomes more viable [9] - The industry is exploring various technological routes for steel production, including electric furnaces and hydrogen direct reduction, to reduce carbon emissions [9][10]

黑色板块研发报告 双焦 11 月报 2025 年 11 月 28 日 双焦：市场情绪偏弱 等待新的驱动 第一部分 前言概要 - 银河期货 第 1 页 共 19 页 双焦 11 月报 2025 年 11 月 28 日 第二部分 基本面情况 11 - 图 1：焦煤主力合约走势 图 2 ：焦炭主力合约走势 第 2 页 共 19 页 黑色板块研发报告 黑色板块研发报告 双焦 11 月报 2025 年 11 月 28 日 图 3 ：炼焦煤价格指数 单位：元/ 吨 图 4 ：中硫主焦煤价格 单位：元/ 吨 500 1000 1500 2000 2500 3000 3500 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 炼焦煤：价格指数：中国（日） 2020 2021 2022 2023 2024 2025 800 1300 1800 2300 2800 3300 3800 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 中硫主焦煤：价格指数：中国（日） 2020 2021 2022 2023 2024 2025 ...