| | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1482.39 | 0.00 | 0.00 | 54.61 | -23.70% 高炉开工率 | 89.94 | | -0.39 | -0.92 | 2.22% | | 河北准一干熄 | 1735.00 | 0.00 | 0.00 | 55.00 | -6.72% 铁水日均产量 | 239.90 | | -1.05 | -2.46 | 1.79% | | 山东准一干熄 | 1660.00 | 0.00 | 0.00 | 55.00 | -21.70% 盘面05 | 1895 | 25.00 | 30.50 | 38.00 | -5.82% | | 江苏准一干熄 | 1700.00 | 0.00 | 0.00 | 55.00 | -21.30% 盘面09 | 1973.5 | 13.50 | 27.50 | 78.50 | -4.41% | ...

Core Insights - Baotailong (601011.SH) reported a significant decline in revenue for the first three quarters of 2025, amounting to 479 million yuan, which represents a year-on-year decrease of 57.55% [1] - The company achieved a net profit attributable to shareholders of 50.36 million yuan, marking a turnaround from a loss in the previous year [1] - However, the company's net profit excluding non-recurring items showed a loss of 113 million yuan, indicating ongoing challenges in core operations [1] - Basic earnings per share were reported at 0.026 yuan [1]

Core Insights - The company reported a revenue of 122 million yuan for the third quarter, representing a year-on-year decline of 61.54% [1] - The net profit for the third quarter was a loss of 48.52 million yuan [1] - For the first three quarters, the total revenue was 479 million yuan, down 57.55% year-on-year [1] - The net profit for the first three quarters was a loss of 50.36 million yuan [1]

Report Information - Report Title: Coke Daily Report - Report Date: October 23, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - No information provided Core Viewpoints - No information provided Summary by Relevant Catalog Coke Price - The latest price of Shanxi quasi - first wet quenching coke is 1482.39, with no daily change, no weekly change, a monthly increase of 54.61, and a year - on - year decrease of 23.70% [2] - The latest price of Hebei quasi - first dry quenching coke is 1735.00, with no daily change, no weekly change, a monthly increase of 55.00, and a year - on - year decrease of 6.72% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, no weekly change, a monthly increase of 55.00, and a year - on - year decrease of 21.70% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, no weekly change, a monthly increase of 55.00, and a year - on - year decrease of 21.30% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, no weekly change, a monthly increase of 100.00, and a year - on - year decrease of 30.59% [2] Production and Inventory - The blast furnace operating rate is 90.33, with a weekly decrease of 0.22, a monthly decrease of 0.02, and a year - on - year increase of 3.22% [2] - The average daily pig iron output is 240.95, with a weekly decrease of 0.59, a monthly decrease of 0.07, and a year - on - year increase of 2.81% [2] - The coking plant inventory is 37.59, with a weekly decrease of 4.95, a monthly decrease of 4.62, and a year - on - year decrease of 1.36% [2] - The port inventory is 195.15, with a weekly increase of 0.06, a monthly decrease of 8.95, and a year - on - year increase of 8.28% [2] - The steel mill inventory is 639.44, with a weekly decrease of 11.38, a monthly decrease of 5.23, and a year - on - year increase of 13.58% [2] - The steel mill inventory days are 11.19, with a weekly decrease of 0.23, a monthly decrease of 0.23, and a year - on - year increase of 3.80% [2] - The coking capacity utilization rate is 74.95, with a weekly decrease of 0.05, a monthly decrease of 0.63, and a year - on - year increase of 2.57% [2] - The average daily coke output is 51.28, with a weekly decrease of 1.03, a monthly decrease of 0.55, and a year - on - year increase of 0.23% [2] Futures Market - The latest price of the futures contract 05 is 1840.5, with a daily increase of 3.00, a weekly increase of 43.50, a monthly increase of 31.50, and a year - on - year decrease of 10.53% [2] - The latest price of the futures contract 09 is 1921, with a daily increase of 3.50, a weekly increase of 45.00, a monthly increase of 76.00, and a year - on - year decrease of 8.85% [2] - The latest price of the futures contract 01 is 1696.5, with a daily increase of 5.00, a weekly increase of 47.50, a monthly increase of 32.00, and a year - on - year decrease of 14.38% [2] - The 05 basis is - 69.11, with a daily decrease of 3.00, a weekly decrease of 43.50, a monthly increase of 11.09, and a year - on - year decrease of 273.20 [2] - The 09 basis is - 149.61, with a daily decrease of 3.50, a weekly decrease of 45.00, a monthly decrease of 33.41, and a year - on - year decrease of 303.20 [2] - The 01 basis is 74.89, with a daily decrease of 5.00, a weekly decrease of 47.50, a monthly increase of 10.59, and a year - on - year decrease of 204.70 [2] - The 5 - 9 spread is - 144.00, with a daily increase of 2.00, a weekly increase of 4.00, a monthly increase of 0.50, and a year - on - year decrease of 68.50 [2] - The 9 - 1 spread is - 80.50, with a daily decrease of 0.50, a weekly decrease of 1.50, a monthly decrease of 44.50, and a year - on - year decrease of 30.00 [2] - The 1 - 5 spread is 224.50, with a daily decrease of 1.50, a weekly decrease of 2.50, a monthly increase of 44.00, and a year - on - year increase of 98.50 [2]

Core Viewpoint - Shaanxi Black Cat's stock price increased by 10.13% on October 20, with a trading volume of 632 million yuan, indicating strong market interest and activity [1]. Financing Summary - On October 20, Shaanxi Black Cat had a financing buy-in amount of 49.46 million yuan, with a net financing buy of 23.98 million yuan after repayments [1]. - The total financing and securities lending balance reached 124 million yuan, with financing balance accounting for 1.42% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - The company repaid 12,200 shares in securities lending and sold 5,500 shares, with a total selling amount of 23,300 yuan, while the securities lending balance was 1.45 million yuan, also at a high level [1]. Business Performance - As of June 30, the number of shareholders for Shaanxi Black Cat was 83,100, a decrease of 5.68% from the previous period, while the average circulating shares per person increased by 6.03% to 24,586 shares [2]. - For the first half of 2025, the company reported operating revenue of 5.234 billion yuan, a year-on-year decrease of 32.46%, and a net profit attributable to shareholders of -462 million yuan, a decrease of 3.76% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Shaanxi Black Cat has distributed a total of 596 million yuan in dividends, with 204 million yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders included several ETFs, with notable increases in holdings from institutions such as Guotai Zhongzheng Coal ETF and Huashang Selected Return Mixed A [3].

Group 1 - The stock of Shaanxi Black Cat (601015) reached the daily limit, with a turnover rate of 7.62% and a transaction amount of 632 million yuan, showing a fluctuation of 10.42% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 9.50%, with net purchases from the Shanghai-Hong Kong Stock Connect amounting to 5.08 million yuan [2] - The top five trading departments accounted for a total transaction of 126 million yuan, with a net purchase of 21.51 million yuan [2] Group 2 - As of October 17, the margin balance for the stock was 99.97 million yuan, with a financing balance of 98.63 million yuan and a securities lending balance of 1.35 million yuan [3] - Over the past five days, the financing balance increased by 6.51%, totaling an increase of 6.03 million yuan [3] - The company's semi-annual report indicated a revenue of 5.23 billion yuan for the first half of the year, a year-on-year decrease of 32.46%, and a net loss of 462 million yuan [3]

Group 1: Consumer Price Index (CPI) Insights - In September, the Consumer Price Index (CPI) increased by 0.1% month-on-month but decreased by 0.3% year-on-year, with the core CPI (excluding food and energy) rising by 1.0%, marking the fifth consecutive month of growth [1][2] - Food prices rose by 0.7% month-on-month, contributing approximately 0.13 percentage points to the CPI increase, while clothing prices increased by 0.8% due to seasonal changes [1] - Service prices declined by 0.3%, with significant drops in airfare, hotel accommodation, and tourism prices, collectively impacting the CPI by approximately 0.17 percentage points [1] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [2][3] - The PPI's year-on-year decline was influenced by a lower comparison base from the previous year and the positive effects of macroeconomic policies, leading to price stabilization in certain industries [3] - Improvements in supply-demand structures and the impact of international oil price fluctuations contributed to the PPI trends, with coal processing prices rising by 3.8% month-on-month [2][3]

Group 1: Consumer Price Trends - Consumer prices remained stable in the first three quarters, with CPI decreasing by 0.1% year-on-year, consistent with the first half and the first quarter [2] - Core CPI, excluding food and energy, has shown a continuous recovery since March, rising to 1% in September, the highest in nearly 19 months [4] - Food prices saw a year-on-year decline of 1.8%, with fresh vegetable prices averaging a drop of 7.9% and pork prices shifting from an increase of 3.8% in the first half to a decrease of 2.9% in the first three quarters [2] Group 2: Energy Price Trends - Energy prices decreased by 3.3% year-on-year in the first three quarters, with gasoline prices dropping by 7.3% due to international oil price fluctuations [3] Group 3: Producer Price Trends - PPI decreased by 2.8% year-on-year in the first three quarters, with a narrowing decline of 0.3 percentage points in the third quarter compared to the second quarter [5] - The domestic market's competitive order has improved, leading to a recovery in prices for certain industries, such as coal processing and black metal smelting, which saw a reduction in year-on-year price declines [5] Group 4: External Influences on Prices - International oil prices have generally trended downward, impacting domestic oil-related industry prices, with a 9.9% decline in the oil and gas extraction industry [6] - Conversely, international non-ferrous metal prices have risen, leading to a 5.6% year-on-year increase in domestic non-ferrous metal smelting and rolling industries [6] Group 5: High-Tech Industry Developments - The development of high-tech industries and effective macro policies have driven price increases in certain sectors, such as integrated circuit packaging and testing, which rose by 3.0% year-on-year [7] - Upgraded consumer demand has also contributed to price increases in sectors like arts and crafts manufacturing, which saw a 12.7% rise [7]

Group 1 - The consumer price index (CPI) increased by 0.1% month-on-month in September, while year-on-year it decreased by 0.3%, with the core CPI (excluding food and energy) rising by 1.0%, marking the fifth consecutive month of growth [1][2] - Food prices rose by 0.7% month-on-month, contributing approximately 0.13 percentage points to the CPI increase, while clothing prices increased by 0.8% due to seasonal changes [1] - The producer price index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [2][3] Group 2 - The year-on-year decline in CPI of 0.3% was primarily influenced by a negative carryover effect of approximately 0.8 percentage points, while new price changes contributed about 0.5 percentage points [2] - The PPI's month-on-month stability is attributed to improved supply-demand dynamics in certain industries, with coal processing prices rising by 3.8% and coal mining prices increasing by 2.5% [2][3] - The narrowing year-on-year decline in PPI is a result of ongoing macroeconomic policy effects, with some industries experiencing positive price changes due to market competition and structural upgrades [3]

Core Viewpoint - The stock of Baotailong (601011) experienced a 1.27% increase today, with a turnover rate of 24.87% and a trading volume of 1.944 billion yuan, indicating significant trading activity and interest in the stock [1][2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its high turnover rate, with a net sell of 10.4995 million yuan from the Shanghai-Hong Kong Stock Connect [2]. - The top five trading departments had a combined transaction volume of 282 million yuan, with buying amounting to 11 million yuan and selling at 17.2 million yuan, resulting in a net sell of 61.68 million yuan [2]. - The first major buying department was the Shanghai-Hong Kong Stock Connect, which had a buying amount of 26.5016 million yuan and a selling amount of 37.0011 million yuan, leading to a net sell of 10.4995 million yuan [2]. Price Performance - Over the past six months, the stock has appeared on the Dragon and Tiger List five times, with an average price increase of 7.85% the day after being listed and an average increase of 11.53% in the following five days [3]. Capital Flow - The stock saw a net outflow of 219 million yuan in principal funds today, with a significant outflow of 116 million yuan from large orders and 103 million yuan from major orders. Over the past five days, the net outflow totaled 218 million yuan [4]. - As of October 16, the margin trading balance for the stock was 260 million yuan, with a financing balance of 259 million yuan and a securities lending balance of 1.0641 million yuan. The financing balance increased by 57.954 million yuan over the past five days, representing a growth of 28.89%, while the securities lending balance rose by 389,600 yuan, a 57.77% increase [4]. Financial Performance - According to the semi-annual report released on August 26, the company achieved a revenue of 357 million yuan in the first half of the year, a year-on-year decrease of 55.99%. However, the net profit was 98.8835 million yuan, reflecting a year-on-year increase of 151.62% [4].