Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - In October, the double - coking futures showed a unilateral oscillating upward trend. The coking coal price was driven by limited output release and downstream rigid procurement, while coke followed coking coal with slightly weaker elasticity [7]. - Macroeconomic events in October boosted market sentiment. The Sino - US leaders' meeting and relevant policy documents provided positive signals for the market [10][11]. - In the long - term, the coal industry will shift from scale expansion to high - quality development, which will control the disorderly increase in coal supply and may lift the price floor [38]. - The coking coal market has limited supply growth space and low inventory pressure. However, the decline in steel mill profitability and hot metal production may drag on the upward elasticity of coking coal prices. The futures market is expected to remain oscillatingly strong [38]. - Coking enterprises have increased prices multiple times to relieve losses, but the subsequent price increase space is limited due to low steel mill profits and high finished product inventories, and coke prices follow coking coal [41]. 3) Summary by Directory 01. Market Review - In October, the coking coal main contract rose 14.21% with an increase of 119,000 lots in open interest, and the coke main contract rose 9.49% with a decrease of 1,887 lots in open interest. Coking coal supply was limited by environmental and safety factors, and downstream rigid procurement led to inventory depletion. Coke "had pressure on the upper side and support on the lower side" and followed coking coal [7]. 02. Data Analysis - **Macro Analysis**: In October, major macro - events such as the Sino - US leaders' meeting and the release of the "15th Five - Year Plan" proposal boosted market sentiment. The proposal guides the coal industry towards high - quality development and the manufacturing industry towards building a modern industrial system [10][11]. - **Domestic Coking Coal Supply**: As of the week ending October 31, the operating rates and daily outputs of sample coal washing plants and mines were lower than the same period last year. After the National Day, the domestic coking coal supply was relatively stable with limited growth space [13]. - **Coking Coal Imports**: In September 2025, China's coking coal imports increased year - on - year and month - on - month. Imports from Mongolia, Russia, and Australia all showed growth, and Mongolia's imports are expected to continue rising [14]. - **Inventory Status**: As of the week ending October 31, the inventories of sample mines, coal washing plants, and ports decreased compared with the same period last year. The overall coking coal inventory pressure was not significant [21]. - **Inventory Replenishment Willingness**: As of October 31, independent coking enterprises had a stronger willingness to replenish coking coal inventory than steel mills. After the holidays, independent coking enterprises gradually replenished inventory, while steel mills mainly purchased on demand [24]. - **Coke Production Capacity Utilization**: As of the week ending October 31, the capacity utilization rates of independent coking enterprises and steel mills showed a weakly stable trend, and the coke supply pressure was not significant [26]. - **Coke Demand**: As of the week ending October 31, steel mills' profitability declined, hot metal production was under pressure, and coke consumption slightly weakened but remained at a high level [29]. - **Coke Inventory**: As of the week ending October 31, the coke inventory pressure of independent coking enterprises, steel mills, and ports was not significant. Independent coking enterprises' production and sales were relatively balanced, steel mills reduced inventory after the holidays, and ports had a slight increase in cargo collection [32]. - **Coking Enterprises' Cost and Price Increase**: As of the week ending October 31, independent coking enterprises had an average loss of 32 yuan per ton of coke. Due to the rising coking coal price, coking enterprises raised prices three times, but the subsequent price increase space was limited [34][36]. 03. Future Outlook - From a macro perspective, the long - term development of the coal industry is favorable, and the coking coal futures market is expected to remain oscillatingly strong, but the decline in steel mill profitability and hot metal production may have a negative impact [38]. - Coking enterprises' subsequent price increase space is limited, and their profits are under pressure. Coke prices follow coking coal due to cost - side influence and low inventory pressure [41].

Core Viewpoint - The dividend sector experienced slight declines this week, with various indices showing negative performance, while certain dividend-focused ETFs attracted significant capital inflows [1][3]. Index Performance - The CSI Dividend Index fell by 0.5%, the CSI Low Volatility Dividend Index decreased by 0.9%, and the Hang Seng High Dividend Low Volatility Index dropped by 1.4% [1][3]. - The dividend yield for the CSI Dividend Index is 4.3%, while the rolling P/E ratio stands at 8.4 times [3][5]. - The CSI Low Volatility Dividend Index has a dividend yield of 4.2% and a rolling P/E ratio of 8.3 times [3][5]. - The Hang Seng High Dividend Low Volatility Index has a higher dividend yield of 5.9% and a rolling P/E ratio of 7.5 times [3][5]. Fund Inflows - The E Fund Dividend ETF (515180) and the Hang Seng Low Dividend ETF (159545) saw net inflows of 260 million yuan and 120 million yuan, respectively, this week [1]. Market Analysis - CITIC Securities noted that after a peak in trading activity in the computing power sector in early September, the market has entered a consolidation phase characterized by high capital rotation and low trading volume [1]. - The overall market sentiment remains bullish, supported by ongoing capital market reforms and structural economic stability, with limited downside potential [1]. Sector Composition - The CSI Dividend Index comprises 100 stocks with high cash dividend yields and stable dividends, with significant representation from the banking, coal, and transportation sectors, accounting for nearly 55% [4]. - The CSI Low Volatility Dividend Index consists of 50 stocks with low volatility and stable dividends, with over 60% representation from banking, coal, and transportation sectors [4]. - The Hang Seng High Dividend Low Volatility Index includes 50 stocks from the Hong Kong stock market, with over 60% representation from financial, real estate, and energy sectors [4].

陈为昌 Z0019850 李海蓉 Z0015849 报告日期：2025/10/31 双焦观点摘要 中辉期货双焦月报 十一月价格或延续强势，关注逢低做多机会 中辉黑色研究团队 中辉期货有限公司 交易咨询业务资格 证监许可[2015]75号 【市场概况】：10月煤焦价格偏强运行，整体表现强于黑色系其他品种。截至10月30日，焦煤主力合约月涨 幅14.38%，焦炭主力合约月涨幅10.07%。从供需层面来看，十月受安监与环保等因素影响，国内煤矿产量环 比下降，开工率维持同期低位水平。需求端，十月最后一周铁水产量季节性回落，短期钢厂原料采购积极性尚 可，但钢厂利润已明显压缩。 【后市展望】：十一月中央安全生产考核即将展开，乌海地区煤矿复产有难度，蒙古国政治局势仍存在不确 定性，焦煤供应端或有收紧预期，同时仍需警惕成材端带来的负反馈压力。 【风险与关注】：宏观情绪、国内煤矿安全检查、乌海煤矿停产、焦炭提涨、铁水产量下行等。 2 焦煤仓单成本 | 品种 | 地点 | 日期 | 现货价格 | 仓单成本 | | --- | --- | --- | --- | --- | | 蒙5 | 唐山 | 2025-10-31 | 146 ...

姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 10 月 31 日 煤焦日报 专业研究·创造价值 成本强支撑，焦炭高位震荡 10 月 31 日，中国钢铁工业协会召开三季度信息发布会。中国钢铁工业协会 副会长兼秘书长姜维作为发言人在会上表示，前三季度我国钢材出口同比增长， 进口同比下降，但随着全球贸易环境趋紧，钢材出口的压力和风险增加。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 请务必阅读文末免责条款部分 黑色金属 | 日报 一 产业资讯 （1）中钢协：前三季度我国钢材出口同比增长，但压 ...

Core Insights - The collaboration between Shandong Energy Group and Huawei has resulted in the launch of six core innovative achievements aimed at providing scalable and replicable intelligent transformation paths for the energy industry [1][2][3] Group 1: Strategic Collaboration and Innovation - The partnership has established a joint innovation center that has successfully explored a replicable digital transformation path for the coal industry, setting a benchmark for industry transformation [2] - Since the strategic cooperation began in 2021, the collaboration has expanded from coal to chemical and high-end manufacturing sectors, injecting new momentum into traditional energy industries [2][3] Group 2: Key Technological Achievements - Six innovative results were introduced, covering various aspects of mining production, network support, collaborative management, and non-coal mining fields [4][5] - The "Cloud Ding Fuxi Chemical Model" was developed over two years, integrating chemical process mechanisms and expert experiences, and has been applied in several chemical enterprises [6][7] Group 3: Specific Applications and Benefits - The mining model achieved a reduction in flotation reagent consumption by 0.05 kg/t and an increase in clean coal yield by 0.1% through intelligent control systems [4] - The AI model for gasification coal blending has reduced coal quality testing time from 1-2 weeks to 5 minutes, lowering costs by 0.5 yuan per ton [6] - The intelligent monitoring of belt conveyors has decreased inspection workload by 70%, enhancing operational efficiency [7]

新华财经北京10月31日电（记者安娜）目前，我国北方地区已陆续进入供暖季，季节性用能高峰即将到 来。迎峰度冬如何做好能源保供？国家能源局市场监管司副司长张燕秦10月31日在国家能源局新闻发布 会上给出答案。 "国家能源局高度重视冬季保暖保供和人民群众温暖过冬保障工作，正在采取多种举措，保障迎峰度冬 期间能源安全稳定供应。"张燕秦在会上说。 在电力方面，他表示，国家能源局将持续推进源网荷储各环节协同发力，坚决守住大电网安全和民生用 电底线： 一是坚持底线思维，超前谋划度冬能源电力保供。将聚焦极端寒潮、雨雪冰冻等风险挑战，提前研判迎 峰度冬能源电力保供可能遇到的困难，抓紧组织重点地区度冬形势研判，"一省一策"指导重点地区做好 能源电力保供工作。 四是加快统筹谋划，高质量推动"十五五"能源电力供应保障能力建设。把保供能力建设作为电力规划的 重要内容，坚持"安全充裕、先立后破"原则，科学合理测算用能用电需求，加快编制"十五五"能源电力 规划，更好支撑经济社会高质量发展。 在煤炭方面。张燕秦说，国家能源局将持续做好煤炭供需及价格动态监测分析。 国家能源局发布的数据显示，1至9月份，全国规上原煤产量35.7亿吨，同比增长 ...

Core Viewpoint - The article discusses the increasing occurrence of "negative electricity prices" in China's energy market, highlighting its implications for supply-demand dynamics and the integration of renewable energy sources [2][38]. Group 1: Negative Electricity Prices - The emergence of "negative electricity prices" reflects a temporary imbalance in electricity supply and demand, particularly as renewable energy capacity increases [2][38]. - Short-term "negative electricity prices" can incentivize deeper adjustments in power generation and encourage investments in energy storage and other new entities [2][38]. - Long-term "negative electricity prices" may indicate a significant oversupply of electricity, necessitating further optimization of the power system's adjustment capabilities [2][38]. Group 2: Renewable Energy Development - The installed capacity of renewable energy in China has reached approximately 2.2 billion kilowatts, with wind and solar power accounting for over 1.7 billion kilowatts [17]. - In the first three quarters of 2025, renewable energy installations increased by 31 million kilowatts, a year-on-year growth of 47.7%, representing 84.4% of new installations [17]. - Renewable energy generation accounted for about 40% of total electricity generation, with a year-on-year increase of 15.5% [18]. Group 3: Energy System Flexibility - The energy system's flexibility is crucial for accommodating renewable energy consumption and enhancing operational safety [5][6]. - The focus is on enhancing the flexible adjustment capabilities of various energy resources, including coal and natural gas, to support renewable energy integration [5][6]. - By 2030, the goal is to achieve a virtual power plant adjustment capacity of over 50 million kilowatts [6]. Group 4: Electric Vehicle Charging Infrastructure - As of September 2025, the total number of electric vehicle charging facilities reached 1.806 million, a year-on-year increase of 54.5% [21]. - The government aims to build 28 million charging facilities by the end of 2027 to meet the charging needs of over 80 million electric vehicles [22]. - New technologies, such as high-power charging facilities, are being rapidly adopted, significantly improving charging speed and efficiency [23]. Group 5: Market Mechanisms and Policy Support - The national unified electricity market has seen a trading volume of 4.92 trillion kilowatt-hours, a year-on-year increase of 7.2% [24]. - Policies are being implemented to enhance the safety and efficiency of charging infrastructure and promote the integration of artificial intelligence in the energy sector [16][22]. - The government is actively monitoring market risks associated with "negative electricity prices" and is prepared to implement measures to stabilize the market [3][38].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (i) 二零二四年，民生銀行及平安銀行（合計持有本公司約70%銀行借款）將其債權轉讓 給一家境內金融機構。本公司已向該境內金融機構提交經修訂的還款建議及主要商 業條款，豁免償還部份本金及全數應付利息，並將餘下本金展期至一年以上及五年 Hidili Industry International Development Limited 01393 有關解決核數師出具不發表意見 所實施的行動計劃之季度更新 本公告乃由恒鼎實業國際發展有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09(1)條以及香港法例第571章證券及期貨條例第XIVA部之內幕 消息條文（定義見上市規則）而作出。 茲提述本公司於二零二五年四月三十日發佈截至二零二四年十二月三十一日止年度的年 報（「年報」）及本公司日期為二零二五年七月三十一日的公告（「七月公告」）。除文義另有 所指外，本公告所用詞匯與年報及 ...

Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended" [1] Core Views - The report highlights that the company's self-produced coal cost reduction and the recovery of coal prices have led to a significant improvement in gross profit on a quarter-on-quarter basis [1][7] - The company is expected to achieve a net profit attributable to shareholders of 162.4 billion, 172.6 billion, and 181.8 billion for the years 2025 to 2027, respectively, maintaining a stable profit outlook [7] Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported revenue of 361.48 billion, a year-on-year decrease of 23.8%, and a net profit of 47.80 billion, a decrease of 1.0% [4] - For the first three quarters of 2025, revenue totaled 1,105.84 billion, down 21.2% year-on-year, with a net profit of 124.85 billion, down 14.6% [4] Coal Production and Sales - In Q3 2025, the company's self-produced coal output was 34.24 million tons, a year-on-year decrease of 4.4%, while total sales volume was 61.68 million tons, down 14.3% year-on-year [7] - The average selling price of self-produced coal was 483 yuan/ton, down 11.5% year-on-year but up 7.5% quarter-on-quarter [7] Market Outlook - The report indicates that since Q3 2025, market coal prices have stopped declining and are on the rise, with the Qinhuangdao port Q5500 thermal coal price increasing by 6% to approximately 672 yuan/ton [7] - The company is positioned as a leading thermal coal producer in China and is advancing its ongoing projects, which are expected to enhance its profit structure [7] Financial Projections - The projected revenue for 2025 is 168.53 billion, with a net profit of 16.24 billion, reflecting a year-on-year decrease of 16.0% [6] - The gross profit margin is expected to remain stable at around 24.5% for the coming years [6]

与此同时，我国能源行业有序发展成效明显。据邢翼腾介绍，国家能源局持续加强煤炭市场预期引导， 调控煤炭供给，推动煤炭价格稳步回升，9月下旬5500大卡动力煤现货价达到704元／吨左右。风电、光 伏部分产品价格回升，多晶硅、硅片价格较今年最低点明显上涨。 此外，记者注意到，三季度，国家能源局发布《关于推进"人工智能+"能源高质量发展的实施意见》， 加快推动人工智能与能源产业深度融合；出台新型储能规模化建设专项行动方案，推动新型储能迈向规 模化发展新阶段；印发电动汽车充电设施服务能力"三年倍增"行动方案，加大力度完善充电设施服务网 络，提升消费品质；出台绿电直连配套政策文件，切实推动项目落地；发布《电力现货连续运行地区市 场建设指引》《电力市场计量结算基本规则》，加快构建全国统一电力市场。增量政策密集出台，也持 续助力能源行业高质量发展。 编辑：左元 新华财经北京10月31日电（记者安娜）国家能源局发展规划司副司长邢翼腾10月31日表示，今年前三季 度全国能源消费总体延续增势，我国能源供应保障有力有效，能源稳投资促增长作用充分发挥，新型能 源体系建设稳步推进，助力我国经济持续回升向好。 邢翼腾在当日国家能源局新闻发 ...