Report Industry Investment Rating - The investment ratings for coke and coking coal are both "wide - range fluctuations" [1] Core Viewpoints - The report provides a comprehensive analysis of the fundamentals of coking coal and coke, including futures prices, spot prices, basis, spreads, and macro - industry news, but no clear overall core investment view is presented other than the wide - range fluctuation rating [1] Summary According to Relevant Catalogs 1. Fundamental Tracking Futures Prices - JM2605 closed at 1,176 yuan/ton, down 5 yuan/ton or 0.4%. J2605 closed at 1,732 yuan/ton, down 14 yuan/ton or 0.8% [1] - JM2605 had a trading volume of 673,152 lots, an open interest of 391,077 lots, with an open interest change of - 10,167 lots. J2605 had a trading volume of 12,857 lots, an open interest of 33,763 lots, with an open interest change of - 821 lots [1] Spot Prices - Among coking coal, the price of Linfen low - sulfur prime coking coal and Lvliang low - sulfur prime coking coal remained unchanged at 1,450 yuan/ton and 1,483 yuan/ton respectively. Lvliang lean main coking coal rose 30 yuan/ton to 1,210 yuan/ton [1] - Among coke, the prices of Hebei quasi - first - grade dry - quenched coke, Shanxi quasi - first - grade arrival price, and Rizhao Port quasi - first - grade dry - quenched price index remained unchanged [1] Basis and Spreads - The basis of JM2605 in Shanxi increased 5 yuan/ton to 50 yuan/ton, and the basis of J2605 in Shanxi quasi - first - grade arrival price increased 14 yuan/ton to - 200 yuan/ton [1] - The spread of JM2605 - JM2609 decreased 6.5 yuan/ton to - 106 yuan/ton, and the spread of J2605 - J2609 decreased 10 yuan/ton to - 77.5 yuan/ton [1] 2. Macro and Industry News - On March 17, the CCI metallurgical coal index: CCI Shanxi low - sulfur main coking coal S0.7 was 1,443 (+7); CCI Shanxi medium - sulfur main coking coal S1.3 was 1,200 (-); CCI Shanxi high - sulfur main coking coal S1.6 was 1,194 (-) [1] - On March 17, the online auction of coking coal had a total listed volume of 277,000 tons, a non - successful bid rate of 8%, a decrease of 19% compared to the previous day, and an average premium of 53 yuan/ton. Most coal prices showed an upward trend, with an increase of 19 - 120 yuan/ton, and individual resources decreased by 20 - 77 yuan/ton [1] 3. Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [3]

Report Summary 1. Industry Investment Rating - No information provided in the report. 2. Core View - The short - term market for thermal coal has shown positive support, but considering inventory increases and the traditional off - season, the upside space and time for price increases are expected to be limited [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **产地价格**: The price of Shanxi Datong 5500 is 585 yuan/ton (unchanged from the previous period, 35 yuan higher than last year), Inner Mongolia Ordos 5500 is 526 yuan/ton (up 1 yuan from the previous period, 58 yuan higher than last year), and Shaanxi Yulin 5800 is 592 yuan/ton (up 4 yuan from the previous period, 71 yuan higher than last year) [1]. - **港口价格**: The price of Qinhuangdao Port's Shanxi - produced Q5500 is 723 yuan/ton (unchanged from the previous period, 43 yuan higher than last year), Q5000 is 640 yuan/ton (down 1 yuan from the previous period, 43 yuan higher than last year), and Q4500 is 555 yuan/ton (unchanged from the previous period, 33 yuan higher than last year) [1]. - **海外价格**: The price of Indonesian FOB Q3800 is 59.8 dollars/ton (unchanged from the previous period, 8.8 dollars higher than last year), and Australian FOB Q5500 is 85.8 dollars/ton (unchanged from the previous period, 13.8 dollars higher than last year) [1]. - **March long - term agreement price**: The price of Shanxi Q5500 is 519 yuan/ton (up 2 yuan from the previous period), Shaanxi Q5500 is 462 yuan/ton (up 1 yuan from the previous period), and Mengxi Q5500 is 433 yuan/ton (up 2 yuan from the previous period) [1]. 3.2 Macro and Industry News - On March 17, the demand for low - calorie coal inquiries at northern ports increased, mainly to supplement the reduction in imports with domestic trade. Traders' quotes gradually strengthened, and there was a sentiment of hoarding. The demand for inquiries for medium - and high - calorie coal was less than that for low - calorie coal, and the quotes were generally at or below the index [2]. - From January to February 2026, the national raw coal output was 76,289 million tons, a slight year - on - year decrease of 0.3%. The average daily output from January to February was 1.293 million tons, a decrease of 117,000 tons from the previous period and 4,000 tons less than the same period last year [2]. 3.3 Trend Intensity - The trend intensity of thermal coal (based on the spot price of thermal coal at northern ports) is - 1 [2].

Core Viewpoint - The article discusses the impact of ongoing geopolitical events on the market, emphasizing the need for caution and a structured investment approach in light of recent market fluctuations and sector performance [3][27]. Market Overview - The A-share market experienced volatility, with the Shanghai and Shenzhen 300 index showing a slight increase of 0.19%, while the CSI 500 index declined by 1.44% over the past week [10]. - The overall market sentiment is influenced by external geopolitical factors, with the upcoming market direction expected to be more affected by these events post the Two Sessions [3][27]. Sector Performance - The oil and petrochemical sector saw a decline despite rising oil prices, indicating market concerns over high inflation potentially dampening demand [3][27]. - Notable sector performances included coal (+5.03%), electric equipment (+4.55%), and construction decoration (+4.12%) [16]. Investment Strategy - A "barbell strategy" is recommended, which involves balancing investments in dividend or free cash flow assets with sectors showing fundamental improvements or policy support [3][27]. - Caution is advised regarding oil prices; if they continue to rise uncontrollably, it may necessitate a reduction in positions [3][27]. ETF Analysis - The Central State-Owned Enterprises Dividend Index is highlighted for its strong business resilience and cost transfer capabilities, particularly in cyclical industries [22]. - The New Energy Battery Index is noted for its positive outlook due to the booming electric vehicle and energy storage markets, with expectations for increased market demand [22]. - The Photovoltaic Industry Index is under observation for its potential recovery in pricing and performance amid ongoing technological advancements and market restructuring [22].

| | 最新 | 日变化 | 周变化 | 月变化 年变化 | | 最新 | 日变化 | 周变化 | 月变化 年变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1483.00 | 0.00 | 0.00 | 0.00 | 17.23% Peak Downs | 216.50 | 0.50 | 1.00 | -4.50 | 34.00 | | 原煤口岸库提价 | 1100.00 | 0.00 | 57.00 | 82.00 | 26.44% Goonyella | 216.50 | 0.50 | 1.00 | -4.50 | 33.00 | | 沙河驿蒙5# | 1370.00 | 0.00 | 0.00 | -30.00 | 8.73% 盘面05 | 1170.00 | -11.00 | 41.00 | 32.00 | 8.18% | | 安泽主焦 | 1450.00 | 0.00 | -10.00 | -120.00 | 13.28% 盘面09 | 1274.00 | -6.50 | 43. ...

Market Performance - The Shanghai Composite Index decreased by 0.26%[3] - The Shenzhen Component Index increased by 0.19%[3] - The ChiNext Index rose by 0.83%[3] Industry Analysis - The food and beverage sector saw a gain of 1.99%[3] - The steel industry experienced a decline of 3.16%[3] - The storage index surged by 5.52%[3] Economic Events - US-China trade talks commenced in Paris, potentially benefiting bilateral trade relations[5] - Central banks, including the Fed and ECB, are set to announce interest rate decisions, which may influence market dynamics[5] - Rising oil prices, currently around $100 per barrel, are attributed to geopolitical tensions[5] Consumer and Investment Trends - Consumer spending increased by 5.7% year-on-year, while service consumption rose by 1.1%[7] - Capital investment in advanced manufacturing and AI sectors has significantly increased[7] Market Outlook - A-shares are expected to show mixed performance, with storage and advanced packaging sectors performing well[8] - Market movements will likely depend on policy expectations and capital flows, particularly from foreign investors[8]

Core Viewpoint - China Shenhua Energy Co., Ltd. is conducting a share issuance and cash payment to acquire equity from its controlling shareholder, China Energy Investment Corporation, and its wholly-owned subsidiary, involving 12 target companies [2][3][4]. Group 1: Issuance Overview - The share issuance involves 1,363,248,446 shares at a price of 29.40 RMB per share [2][6]. - The new shares will be listed on the Shanghai Stock Exchange after the lock-up period, which starts from the end of the issuance [2][11]. - The transaction has completed all necessary decision-making and approval processes, including approvals from the board of directors and regulatory bodies [3][4]. Group 2: Asset Transfer and Registration - All relevant equity of the 12 target companies has been transferred to the listed company, and the transfer procedures have been completed [9][10]. - The registered capital of the company has increased by 1,363,248,446 RMB due to this issuance, bringing the total registered capital to 21,231,768,401 RMB [10][11]. Group 3: Lock-up Period and Shareholder Changes - The shares acquired by China Energy Group will be locked for 36 months post-issuance, with specific conditions for extension if stock prices fall below the issuance price [7][15]. - The transaction will not change the control of the listed company, with China Energy Group remaining the controlling shareholder [16]. Group 4: Financial and Legal Opinions - Independent financial and legal advisors have confirmed that the transaction complies with legal regulations and that all necessary approvals have been obtained [12][14]. - The transaction is expected to have a positive impact on the company's financial status and governance [16].

Market Pricing Status - The market transaction activity has slightly decreased, while the profit effect has increased, with the average daily trading volume for the entire A-share market dropping to 2.5 trillion yuan and the proportion of stocks rising to 34.9% [5][9][10] - The trading concentration has risen, with 10 industries having turnover rates above 90%, including oil and petrochemicals, and coal [5][19] A-Share Liquidity Tracking - Financing funds have seen a slight inflow, while ETF funds have experienced a small outflow, with public equity funds' new issuance increasing to 22.62 billion yuan [5][29] - Private equity confidence index has decreased by 0.1% compared to February, while the overall position has marginally increased [5][36] - Foreign capital has exited the A-share market, with a net outflow of 1.035 billion USD [5][41] - The IPO fundraising for the current period is 290 million yuan, with a private placement scale of 1.15 billion yuan [5][29] A-Share Industry Allocation Tracking - Foreign capital has generally exited various primary industries, with electronics and power equipment seeing the largest outflows of 160.4 million USD and 91.7 million USD respectively [5][40] - Financing funds have seen net inflows in power equipment (+6.05 billion yuan) and basic chemicals (+4.07 billion yuan), while outflows were noted in non-ferrous metals (-4.04 billion yuan) and defense industry (-1.22 billion yuan) [5][29] - ETF funds have shown a net outflow in sectors like oil and petrochemicals (-4.15 billion yuan) and pharmaceuticals (-2.15 billion yuan), while public utilities saw a net inflow of 2.61 billion yuan [5][29] Hong Kong Stock Market and Global Fund Flow - Significant inflow of southbound funds, with net purchases rising to 52.44 billion yuan, marking the 96th percentile since 2022 [5][29] - Global foreign capital has marginally flowed into Japan and South Korea, with inflows of 1.57 billion USD and 2.57 billion USD respectively [5][41]

Core Viewpoint - Hengding Industrial (01393.HK) announced that it will hold a board meeting on March 31, 2026, to approve the annual performance for the year ending December 31, 2025, and to consider the payment of a final dividend, if any [1] Group 1 - The board meeting is scheduled for March 31, 2026 [1] - The meeting will focus on approving the annual performance of the company and its subsidiaries for the year ending December 31, 2025 [1] - The board will also consider the payment of a final dividend, subject to approval [1]

焦煤日报：下游接货节奏缓慢 【冠通期货研究报告】 发布日期：2026 年 3 月 17 日 【行情分析】 焦煤低开高走，日内偏弱。上周蒙煤通关数量下降，国内本期矿山开工已 达 87.16%，环比提升负荷 4.84%，产量及开工均呈现同比偏高状态，但由于近 期受海外战事冲突影响，焦煤价格抬升，导致下游拿货情绪有增加，焦煤库存 本期大幅去化，环比上周减少 8.58 万吨，下游焦企及钢厂出现补货，环比累库 19.98 万吨、1.99 万吨，但目前焦炭产量并无明显增加，钢厂盈利有回升，开 工增长 0.63%，启动速度同比弱于往年同期，铁水周度日产 221.2 万吨，焦炭 一轮提降后焦企生产积极性弱化，下游除逢低采购外，补库多用于刚需生产， 今日原油价格受霍尔木兹海峡消息影响回调整理，带动能化板块偏弱，焦煤基 本面宽松，本轮上涨系能源紧缺预期刺激，但中东局势复杂，市场消息频发， 虽目前价格偏离基本面，但短期回归时间尚不确定，谨慎多空。 【现货数据】 现货方面：蒙 5#主焦原煤自提价 1100 元/吨，较上个交易日+10 元/吨，介 休现货价报 1280 元/吨，较上个交易日持平。 基差方面：主力合约期货收盘价 1176 ...

Group 1 - China Shenhua (601088) announced a proposal to acquire assets through the issuance of A-shares and cash payment, along with raising matching funds in the A-share market [1] - The share issuance was completed on March 16, 2026, with the shares registered at the Shanghai branch of China Securities Depository and Clearing Corporation Limited [1] - The company issued 1.363 billion shares at a price of RMB 29.40 per share to the State Energy Group, completing the transaction [1] Group 2 - As of the date of the announcement, the equity of 12 target companies involved in the transaction has been fully transferred to the company [1] - The transfer procedures for the assets involved in this transaction have been completed [1]