Core Viewpoint - The company, Jingbao Chemical, is undergoing a significant transformation towards green and high-quality development, focusing on environmental protection and low-carbon initiatives in response to stringent environmental challenges [4][17][21]. Group 1: Environmental Initiatives - Jingbao Chemical has invested over 600 million yuan in environmental governance and upgrades since 2023, enhancing various pollution control facilities to ensure stable compliance with emission standards [8][19]. - The company has implemented a series of projects aimed at achieving ultra-low emissions, with a total investment of 164.4 million yuan for 39 projects, all of which have been completed and are operational [9][21]. - The company has established a backup desulfurization and denitrification system, becoming the first independent coking enterprise in the industry to do so, addressing emissions during maintenance periods [13][19]. Group 2: Infrastructure and Production Capacity - Jingbao Chemical's production capabilities include a 6-meter stamp charging coke oven, 160 tons/hour dry quenching waste heat power generation, and the production of various chemical products, including 1.3 million tons of metallurgical coke annually [5][8]. - The company has a comprehensive set of environmental facilities, including a 100 tons/hour wastewater treatment system and a 30,000 m³/h coke oven waste gas desulfurization and denitrification system, ensuring effective pollution control [8][9]. Group 3: Management and Compliance - The company has strengthened its environmental management by establishing rigorous protocols and collaborating with reputable third-party testing organizations to ensure data integrity and compliance with environmental standards [19][20]. - A series of management regulations have been revised and implemented, including the establishment of a comprehensive environmental protection responsibility system, aiming for zero environmental pollution incidents and 100% operational efficiency of environmental facilities [20][21]. Group 4: Future Goals - Jingbao Chemical aims to be a benchmark in the coking industry for ultra-low emissions by 2025, aligning with national goals for environmental upgrades in the sector [21]. - The company is committed to achieving its environmental targets through continuous investment in technology and infrastructure, fostering a culture of environmental responsibility among its employees [20][21].

Core Insights - Shanxi Province is promoting clean energy alternatives for industrial furnaces, achieving nearly 6,000 industrial kilns transitioning to cleaner energy sources [1] - The province has implemented deep pollution treatment for an additional 2,268 industrial kilns, achieving comprehensive governance of operational industrial kilns [1] - Since the start of the 14th Five-Year Plan, Shanxi has focused on ecological environmental protection to drive industrial pollution control and enhance the pollution treatment levels of industrial enterprises [1] Group 1: Clean Energy Transition - Shanxi is utilizing methods such as "coal to gas" and "coal to electricity" to facilitate the clean energy transition in industrial sectors [1] - The province has completed ultra-low emission transformations in the coal and steel industries, and is the first in the nation to initiate similar transformations in the coking and cement industries [1] Group 2: Pollution Control Measures - Shanxi is tightening emission limits for sulfur dioxide and nitrogen oxides in the coal power industry to further reduce pollutant emissions [1] - The province is enhancing environmental performance levels in key industries through differentiated environmental management policies based on performance ratings [1] Group 3: Industry Performance Ratings - A total of 462 enterprises in Shanxi have been rated as A or B level for environmental performance, with 209 of these being foundries [1] - The "Create A, Upgrade B" initiative is being used to promote comprehensive improvements in air pollution management among key industry enterprises [1]

Report Industry Investment Rating - The mid - term outlook for the industry is "Oscillation", with specific ratings for each variety as follows: steel - oscillation; iron ore - oscillation with an upward bias; scrap steel - oscillation; coke - oscillation; coking coal - oscillation with an upward bias; glass - oscillation; manganese silicon - oscillation; silicon iron - oscillation; soda ash - oscillation [8][12][15][16][19] Core View of the Report - The fundamentals of steel are improving, and with the upcoming Central Economic Work Conference in December and overseas interest - rate cut expectations, the macro - environment is favorable, leading to a low - level rebound in the futures market. However, as the off - season deepens, demand may weaken, and high inventory levels limit the upside potential. Iron ore prices are strong due to potential restocking demand, while scrap steel prices are expected to oscillate. Coke is expected to follow coking coal in oscillation, and coking coal's far - month contracts may oscillate with an upward bias. Manganese silicon and silicon iron are expected to trade around cost levels. Glass and soda ash face over - supply issues, with glass prices likely to oscillate weakly without more cold repairs, and soda ash prices expected to oscillate in the short term and decline in the long run [2][7][10] Summary by Relevant Catalogs Iron Element - Overseas mines' shipments decreased month - on - month, with a significant increase in arrivals this period after a decrease in the previous two weeks. Port inventories slightly declined, and steel mills' imported ore inventories decreased. Short - term hot metal is expected to be supported, and iron ore restocking demand may be released, so iron ore prices are strong. Scrap steel supply increased while demand remained stable, with limited downside space after price drops, and is expected to oscillate [3] Carbon Element - After profit recovery and environmental relaxation, coke supply stabilized. Short - term steel mill demand remained strong, and total inventory continued to decline, but cost support for spot prices weakened, and the market expected price cuts. Coke futures are expected to follow coking coal in oscillation. Coking coal's fundamentals have not significantly weakened, and downstream winter restocking is expected after spot price corrections. The near - month contracts are affected by delivery and are expected to oscillate, while the far - month contracts are expected to oscillate with an upward bias [3] Alloy - Manganese silicon has strong cost support, but the oversupply situation is difficult to reverse, and prices are expected to trade around cost levels. Silicon iron's cost supports the price bottom, but oversupply restricts the upside, and it is also expected to trade around cost levels [4][7] Glass and Soda Ash - Glass supply may be disrupted, but mid - and downstream inventories are relatively high, and the current supply - demand is oversupplied. Without more cold repairs by the end of the year, high inventories will suppress prices, otherwise, prices may rise. Soda ash prices are near cost, with obvious bottom support, but oversupply restricts price increases. In the short term, it is expected to oscillate, and in the long term, the price center will decline [7][15] Steel - Spot market transactions were good, steel mill profitability decreased, but production enthusiasm remained high, and steel output slightly increased. Steel demand was resilient, and overall inventory continued to decline, but inventory levels were still higher than the same period last year. The fundamentals are improving, and the futures market has the driving force for a low - level rebound, but the upside is limited due to the off - season and high inventory [10] Iron Ore - Global shipments decreased month - on - month, and the arrival rhythm fluctuated greatly. Spot prices mostly rose. From a fundamental perspective, overseas mine shipments decreased, arrivals increased this period, and the hurricane affected the arrival rhythm. Hot metal production slightly decreased, and restocking demand has not been significantly released. Short - term ore prices are expected to oscillate with an upward bias [10] Scrap Steel - This week's arrivals slightly increased, and electric furnace profits significantly recovered after the decline in scrap prices and the rise in finished product prices. The total daily consumption of 255 steel mills slightly decreased, and steel mills slightly replenished their inventories. The supply increased while demand remained stable, with limited downside space after price drops, and it is expected to oscillate [11] Coke - Futures followed coking coal in oscillation. Spot prices declined, and supply slightly increased after the improvement of coking profits and the end of environmental restrictions. Demand was weakening as hot metal production declined slightly. Inventory at coke enterprises slightly increased but remained low. In the off - season, supply and demand are both weak, and the futures market is expected to follow coking coal in oscillation [12][13] Coking Coal - Futures were under pressure and oscillated. Spot prices of some varieties declined. Domestic supply remained low, and the fundamentals have not significantly weakened. There is restocking demand for downstream winter storage after price corrections. The near - month contracts are affected by delivery and are expected to oscillate, while the far - month contracts are expected to oscillate with an upward bias [14] Manganese Silicon - Futures prices rose and then fell. Spot market transactions were average, and manufacturers were under cost pressure. Cost support remained strong, but the oversupply situation was difficult to reverse, and prices are expected to trade around cost levels [17] Silicon Iron - Futures prices rose and then fell. Spot market transactions needed improvement. Cost support was strong, but oversupply restricted the upside, and prices are expected to trade around cost levels [18]

Core Viewpoint - The Chinese government has released a comprehensive plan to strengthen ecological environment protection and combat pollution, focusing on high-quality development in the industrial and communication sectors by reducing energy consumption and optimizing industrial structure [1][2]. Group 1: Pollution Control and Capacity Reduction - The plan aims to reduce energy consumption per unit of industrial added value by 18% by 2020 compared to 2015 levels, with a significant increase in the share of green manufacturing and high-tech industries [1]. - The plan specifically targets a reduction of approximately 30 million tons of steel production capacity in 2018, as part of broader efforts to eliminate excess capacity in key industries [2][4]. - The Ministry of Industry and Information Technology has reported a 43.8% profit growth in the raw materials industry in the first five months of the year, indicating positive effects from capacity reduction measures [2]. Group 2: Steel Industry Performance - In 2015, the steel industry reported a profit of only 52.6 billion yuan, with losses from unprofitable companies reaching 139.8 billion yuan; however, profits in the first five months of this year surged to 152.6 billion yuan, a year-on-year increase of 115% [4]. - The profit margin for the steel industry's main business increased to 6.09%, up 2.83 percentage points year-on-year, reflecting improved operational efficiency [4]. Group 3: Promotion of Intelligent Manufacturing - The plan emphasizes the need for both capacity reduction and quality improvement, proposing the establishment of green parks and factories, and the promotion of green products to enhance resource utilization efficiency [5]. - There is a recognition of the current inadequacies in intelligent manufacturing support platforms, which are essential for fostering innovation and providing comprehensive solutions in the industry [5][6]. - The plan highlights the importance of promoting intelligent manufacturing in key sectors such as raw materials, equipment, consumer goods, electronics, and explosives, with a focus on enhancing supply capabilities and reducing operational risks [6].

Group 1 - The core viewpoint of the news is that during the "14th Five-Year Plan" period, Shanxi's energy and chemical industry has achieved significant progress in green transformation [1] - The industrial economy in Shanxi is steadily advancing, with the manufacturing sector becoming the main engine for industrial growth, averaging an 8.1% annual increase [1] - Strategic emerging industries are forming a "half-wall" pattern, with an average annual growth of 8.7% from 2021 to 2024, and their share in manufacturing is expected to rise to 44% by 2024 [1] - Traditional industries are being optimized and upgraded, with an increasing proportion of advanced capacity and a shift towards high-end product structures [1] - The coking industry is enhancing product competitiveness by extending the processing of by-products such as coke oven gas and coal tar [1] - Key industries like steel, coking, and cement are focusing on energy conservation and carbon reduction, achieving energy consumption levels per unit product that exceed the national average [1] - Shanxi has successfully cultivated 71 provincial-level green factories, 3 green parks, and 5 green supply chain management enterprises, improving the overall level of green manufacturing in the province [1] Group 2 - Shanxi is promoting comprehensive resource utilization, focusing on large-scale and high-value utilization of industrial solid waste [2] - Projects such as the comprehensive utilization of coal gangue and the development of new materials from coal gangue are being advanced [2] - The province has cultivated 25 standardized resource recycling enterprises, achieving an annual processing capacity of 11.95 million tons [2] - Companies like Dinoce and Shan'an Longjin are being encouraged to promote the comprehensive utilization of emerging solid waste, such as used batteries and old wind and solar equipment [2] - A diversified resource utilization system is being established, balancing traditional and emerging solid waste [2]

1. Report Industry Investment Ratings - **Thread Steel**: ★★★ (indicating a more distinct uptrend and a relatively appropriate investment opportunity currently) [1] - **Hot - Rolled Coil**: ★★★ [1] - **Iron Ore**: ☆☆☆ (suggesting a short - term balance between long and short trends, with poor operability on the current market, and it's advisable to wait and see) [1] - **Coke**: ★★★ [1] - **Coking Coal**: ★☆☆ (representing a bearish bias, with a driving force for price decline but poor operability on the market) [1] - **Silicon Manganese**: ★☆☆ [1] - **Silicon Iron**: ★☆☆ [1] 2. Core Views of the Report - The overall demand for steel is weak, and the cost support is loosening. The steel market is under short - term pressure, and it's necessary to pay attention to whether favorable policies will be introduced in the real estate sector [2]. - The fundamentals of iron ore are gradually becoming looser, and the market is expected to fluctuate [3]. - The prices of coke and coking coal are likely to fluctuate weakly due to sufficient carbon element supply and strong raw material price - squeezing sentiment from steel mills [4][6]. - The bottom - support expectations for silicon manganese and silicon iron have shifted downward, and the prices are under pressure [7][8]. 3. Summary by Related Catalogs Steel - **Market Performance**: The steel market continued to decline today. The apparent demand for thread steel improved this week, production increased, and inventory decreased. The demand for hot - rolled coil recovered, production increased slightly, and inventory started to decline [2]. - **Supply and Demand Situation**: The downstream carrying capacity is insufficient, and steel mills are generally in a loss state. There is a high possibility of further blast furnace production cuts in the future, and the supply pressure will gradually ease. Domestic demand is still weak, and steel exports have declined from the high level [2]. Iron Ore - **Supply**: Global shipments are strong, and the shipments in the fourth quarter are expected to remain at a high level. The domestic arrival volume has declined, and port inventory is in an accumulating trend [3]. - **Demand**: The apparent demand for steel has rebounded, but it has entered the off - season, and steel mills' profitability is poor. The molten iron is in a seasonal production - cut trend, and there is still room for further decline in the future [3]. Coke - **Production and Inventory**: Coke production decreased slightly, and inventory decreased slightly. Downstream customers are purchasing on - demand, and traders' purchasing意愿 is general [4]. - **Price Outlook**: The coke market is expected to fluctuate weakly due to sufficient carbon element supply and strong price - squeezing sentiment from steel mills [4]. Coking Coal - **Production and Inventory**: Coking coal production increased slightly, and total inventory increased slightly. The terminal inventory increased slightly, and the production - end inventory increased slightly [6]. - **Price Outlook**: The coking coal market is expected to fluctuate weakly due to the high expectation of coal mine supply guarantee and strong price - squeezing sentiment from steel mills [6]. Silicon Manganese - **Cost and Inventory**: There are expectations of a decline in power costs and chemical coke prices. Manganese ore inventory increased slightly, and silicon manganese inventory is slowly accumulating [7]. - **Supply and Demand**: Silicon manganese production decreased slightly but remains at a high level. The demand for molten iron has rebounded to a high level [7]. Silicon Iron - **Cost and Inventory**: There are expectations of a decline in power costs and blue - carbon prices. Silicon iron supply remains at a high level, and on - balance inventory is continuously decreasing [8]. - **Demand**: The demand for molten iron has rebounded to a high level, export demand has increased to about 40,000 tons, and the production of magnesium metal has increased [8].

11月17日盘中，焦炭期货主力合约偏强震荡，最高上探至1720.0元。截止发稿，焦炭主力合约报1708.5 元，涨幅1.67%。 焦炭期货主力涨超1%，对于后市行情如何，相关机构该如何评价？ 焦化第四轮本周全面落地。焦化利润依旧一般，日产小幅下降。焦炭库存小幅下降，目前下游少量按需 采购，库存稍有减少，贸易商采购意愿一般。整体来看，碳元素供应充裕，下游铁水回到高位区间，对 原材料需求仍有韧性，钢材利润水平一般，对于原材料压价情绪较浓。焦炭盘面升水，价格或震荡为 主。 瑞达期货：焦炭宽幅震荡运行对待 宏观面，包括农业银行、建设银行、交通银行等多家银行，近期均通过线上平台大量直接销售房产。基 本面，需求端，本期铁水产量延续季节性回落，铁水产量236.88，+2.66万吨，焦炭总的库存较同期偏 高。利润方面，本期全国30家独立焦化厂平均吨焦盈利-34元/吨。技术方面，日K位于20和60均线之 间，短期方向，宽幅震荡运行对待，请投资者注意风险控制。 机构 核心观点 国投安信期货 焦炭盘面升水，价格或震荡为主 瑞达期货（002961） 焦炭宽幅震荡运行对待 国投安信期货：焦炭盘面升水，价格或震荡为主 ...

瑞达期货研究院 「2025.11.14」 螺纹钢市场周报 供应+需求双弱 螺纹期价陷入区间整理 研究员：蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 取 更 多 资 讯 业务咨询 添加客服 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 价格及价差：截至11月14日收盘，螺纹主力合约期价3053（+19），杭州螺纹中天现货价格3240（+10）。（单 位：元/吨/周） 2. 产量：螺纹产量下调。200（-8.54），同比（-33.94）。（单位：万吨） 3. 需求：表观需求回落。本期表需216.37（-2.15），（同比-14.47）。（单位：万吨） 4. 库存：厂库和社库继续下滑。螺纹钢总库存576.17（-16.37），（同比+130.68）。（单位：万吨） 5. 盈利率：钢厂盈利率38.96%，环比上周减少0.87个百分点，同比去年减少18.62个百分点。 「 周度要点小结2」 4 来源：瑞达期货研究院 行情展望 1. 宏观方面：海外，（1）IMF预计，美国联邦政府"停摆 ...

Core Viewpoint - Meijin Energy has decided to terminate its hydrogen energy project phase one due to insufficient policy support and external environmental changes, reflecting broader issues in the hydrogen energy industry policy framework [2][4]. Project Termination - The hydrogen energy project phase one was initially planned with a total investment of 1.502 billion yuan, with a revised fundraising target of 250 million yuan after adjustments [3]. - The project aimed to establish a hydrogen fuel cell power system and commercial vehicle component production base, but progress was slow, with only 29.37% of the planned investment utilized by September 30, 2025 [4]. - The decision to terminate the project was influenced by the lack of inclusion of Jinzhong City in the national fuel cell vehicle demonstration city cluster, leading to a slow project advancement [4]. Financial Performance - Meijin Energy's financial performance has fluctuated significantly, with a peak revenue of 24.6 billion yuan and a net profit of 2.209 billion yuan in 2022, followed by a decline in 2023 to 20.811 billion yuan in revenue and a net profit drop of over 86% [6]. - In 2024, the company reported a revenue of 19.03 billion yuan, marking an 8.55% decline, and a net loss of 1.142 billion yuan, indicating a significant downturn in profitability [7]. - As of the first three quarters of 2025, the company continued to face losses, with a revenue of 12.974 billion yuan, down 9.71% year-on-year, and a net loss of 737 million yuan, reflecting ongoing market pressures [7]. Industry Challenges - The hydrogen energy industry faces significant policy and infrastructure challenges, including regional disparities in policy support and a lack of coordinated development between local and national initiatives [2][4]. - The company has recognized the need for a dual-driven model of "policy + market" to reduce reliance on subsidies and enhance its competitive position in the hydrogen sector [5]. - The chairman of Meijin Energy has emphasized the importance of a national development plan for distributed hydrogen energy systems to address the imbalances and challenges within the industry [5].

构建全链条智能管控 面对行业智能化转型困境，中国炼焦行业协会会长石岩峰提出，应加快建设和完善集分散控制系统 （DCS）、制造执行系统（MES）、企业资源计划（ERP）为一体的生产经营一体化集中管控平台，实 现全要素数据的实时、精准采集、分析和共享。同时，结合实时生产数据、应用和开发相关工艺专家系 统，实现局部工艺单元的智能优化，逐步向焦化全流程的系统优化迈进。此外，还需全面推行能源管理 体系（EMS），对煤气、蒸汽、电力、水资源等关键能源介质进行实时计量、在线分析和动态平衡， 深挖系统中的"跑冒滴漏"和能源浪费点。 石岩峰将焦化行业数智化管控推进分为三个阶段，首先是基础建设与数据打通阶段，建设统一的loT平 台和数据中台，实现进厂、化验、堆场等核心业务流程的线上化与数据自动采集，并开发可视化看板， 实现关键数据的初步展示。其次是智能应用深化阶段，引入数字孪生，实现堆场3D可视化，开发并上 线智能配煤优化模块，建立初步的成本核算和预警体系。最终是智慧决策进阶阶段，深化AI应用，如 需求预测、设备预测性维护等，完善决策支持中心，提供高阶的数据挖掘和模拟分析功能，构建产业协 同生态。 长期以来，焦化行业高度依赖"老 ...