Group 1: CPI Analysis - In February 2026, the national Consumer Price Index (CPI) increased by 1.3% year-on-year, up from 0.2% in January 2026[13] - Food prices rose by 1.7% year-on-year, contributing approximately 0.30 percentage points to the CPI increase[14] - Service prices increased by 1.6%, expanding by 1.5 percentage points compared to the previous month, impacting CPI by about 0.75 percentage points[16] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.9% year-on-year in February 2026, but the decline narrowed by 0.5 percentage points from the previous month[15] - Month-on-month, the PPI rose by 0.4%, maintaining the same growth rate as the previous month, marking five consecutive months of increase[21] - Key industries such as black metal mining, pharmaceuticals, and food processing saw price increases, while coal and oil extraction prices improved[23] Group 3: Economic Outlook - The CPI's rise is attributed to the Spring Festival effect and a low base from the previous year, with expectations of a price drop post-festival in March[31] - The government plans to implement more proactive fiscal policies and moderately loose monetary policies to stabilize economic growth and ensure reasonable price increases[32] - Future policies are anticipated to enhance both qualitative improvements and reasonable quantitative growth in the economy[32] Group 4: Risk Factors - Potential risks include worsening geopolitical events, changes in the international financial landscape, and unexpected shifts in US-China policies[33]

Core Viewpoint - China Shenhua Energy Co., Ltd. has completed the transfer of assets in a significant restructuring project involving the acquisition of equity from 12 subsidiaries of its controlling shareholder, China Energy Investment Corporation, with a total transaction value of RMB 133.598 billion, marking the largest asset purchase by share issuance in A-share history [2][28]. Group 1: Restructuring Details - The restructuring involves issuing A-shares and cash payments to acquire assets and raise supporting funds, with a maximum fundraising amount of RMB 20 billion [2][28]. - The transaction covers various sectors including coal, coal-fired power, and coal chemical industries, demonstrating a comprehensive approach to asset integration [2][28]. Group 2: Significance and Policy Alignment - This restructuring serves as a model for state-owned enterprise asset injections and aligns with the State-owned Assets Supervision and Administration Commission's policies encouraging mergers and acquisitions to enhance the core competitiveness of listed companies [29]. - China Shenhua is positioned as a flagship A+H share company under China Energy, the world's largest coal company and China's second-largest railway operator, highlighting its strategic importance in the energy sector [29]. Group 3: Legal Advisory and Execution - Zhong Lun Law Firm provided comprehensive legal services throughout the restructuring process, showcasing its expertise in handling large and complex transactions within the energy sector [29]. - The project faced multiple challenges, including large asset scale, numerous participants, tight timelines, and regulatory requirements, which were effectively managed by the legal team [29].

格隆汇3月13日丨中国神华(601088.SH)发布公告，2026年2月份主要运营数据显示，煤炭商品产量为 2510万吨，同比下降7.0%；煤炭销售量为3320万吨，同比下降3.2%。 ...

Report Overview - Report Type: Black Metal Weekly Report [1] - Date: March 13, 2026 [2] - Research Team: Black Variety Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [4] Investment Ratings - Not provided in the report Core Views - The prices of steel, coke, coking coal, and iron ore are expected to be volatile and strong. The steel price increase requires demand - side support. The coal - coke price is supported by cost and demand. The iron ore price is affected by the negotiation with BHP, and it is recommended to buy on dips [9][10][13] Summary of Each Section Black Variety Strategy Recommendation - **Single - side Strategy** - RB2605 (3142) and HC2605 (3295) are expected to be volatile and strong due to import restrictions on BHP iron ore, slow inventory accumulation of five major steel products, and the contradiction between low steel output and spring demand [6][9] - J2605 (1737.5) and JM2605 (1178) are expected to be volatile and strong because of the rise of iron ore price, international energy supply uncertainty, and the expected start of steel mill production [6][10] - I2605 (811.5) is expected to run strongly overall. The import restrictions on BHP iron ore lead to a short - term supply - demand gap [6][13] - **Cross - period Arbitrage** - I2605 is expected to run strongly overall, affected by supply - demand and negotiation factors [6][13] - **Cross - product Arbitrage** - Specific price data are provided for RB05 - 10, J05 - 09, JM05 - 09, I05 - 09, RB/I, HC - RB, J/JM, but no specific strategies are given [6] Steel Fundamental Analysis - **Price**: The prices of major rebar and hot - rolled coil spot markets increased significantly in the week of March 13 (rebar + 30 - 60 yuan/ton, hot - rolled coil + 40 - 80 yuan/ton) [14] - **Blast Furnace and Crude Steel**: The blast furnace capacity utilization rate of 247 steel mills in China decreased for 2 consecutive weeks to a new low since April 2024 (down 2.40 percentage points to 82.92%); the average daily crude steel output of key large and medium - sized enterprises in late February slightly declined from a new high since mid - October last year [14] - **Hot Metal and Electric Furnace**: The national daily average hot - metal output decreased for 2 consecutive weeks to a new low since September 2024 (down 6.39 tons or 2.81% to 221.20 tons); the capacity utilization rate of 87 independent electric arc furnace steel mills increased significantly for 2 consecutive weeks from a new low since mid - February last year [17] - **Output and Inventory of Five Major Steel Products**: The weekly output of rebar in major steel mills increased for 2 consecutive weeks from a new low since early September 2024; the weekly output of hot - rolled coil decreased for 3 consecutive weeks from a new high since mid - December last year. The rebar inventory in major steel mills increased for 8 consecutive weeks to a new high since May 2024; the hot - rolled coil inventory decreased for 2 consecutive weeks from a new high since mid - February last year [18] - **Social Inventory**: The social inventory of rebar in 35 cities increased for 10 consecutive weeks to a new high since May 2024; the social inventory of hot - rolled coil in 33 cities increased for 6 consecutive weeks to a new high since April 2020 [21] - **Downstream Demand**: In 2025, the national real estate development investment decreased by 17.2% year - on - year; the national automobile production increased by 9.8% year - on - year; the national metal - cutting machine tool production increased by 9.7% year - on - year; the production of air conditioners, refrigerators, and washing machines increased by 0.7%, 1.6%, and 4.8% respectively [21] - **Apparent Consumption and Disk Profit**: The apparent consumption of rebar and hot - rolled coil increased for 2 consecutive weeks. The disk profit loss of rebar 2605 contract widened for 2 consecutive weeks [27] - **Spot Tons of Steel Gross Profit**: The loss of long - process and short - process steel mills' rebar spot tons of steel gross profit narrowed after widening for 2 consecutive weeks [30] Conclusion and Suggestions - **Rebar and Hot - Rolled Coil**: The news boosts the expected steel cost and price, and the steel price is expected to be volatile and strong, but further increase requires demand support. Pay attention to the BHP event and the Middle East situation [35][37] - **Basis**: The rebar basis is expected to fluctuate between 80 - 140 yuan/ton; the hot - rolled coil basis is expected to fluctuate between - 40 - 20 yuan/ton [37][38] Coke and Coking Coal Fundamental Analysis - **Price**: The prices of major coke spot markets generally decreased, and the prices of major coking coal markets were stable with a slight decline [40] - **Output and Capacity Utilization**: The daily average output and capacity utilization rate of 230 independent coking plants increased slightly; the daily average output and capacity utilization rate of 247 steel enterprises' coke remained basically unchanged [40] - **Inventory and Profit**: The coke port inventory decreased, the steel enterprise inventory increased, and the independent coking plant inventory decreased. The independent coking enterprise's average profit per ton of coke turned from profit to loss [44] - **Mine Output, Start - up Rate, and Inventory**: The daily average output and start - up rate of 523 sample mines increased for 3 consecutive weeks from a record low since January 2021. The fine coal and raw coal inventory of sample mines decreased [44] - **Import and Inventory**: In 2025, China's coking coal imports decreased by 2.66% year - on - year. The port coking coal inventory decreased, and the coking plant and steel enterprise coking coal inventory increased [49] - **Monthly Output**: In 2025, China's raw coal output increased by 1.53% year - on - year, and the coke output increased by 3.03% year - on - year [52] Conclusion and Suggestions - Coke and coking coal prices are likely to rise due to cost and demand support. The downstream steel mills will resume production as the terminal demand starts [56] Iron Ore Fundamental Analysis - **Price and Spread**: As of March 12, the 62% Platts iron ore index and the price of 61.5% PB powder in Qingdao Port increased. The spreads between some high - grade and low - grade ores and PB powder changed [57] - **Inventory and Port Clearance Volume**: As of March 13, the 45 - port iron ore inventory increased, the daily average port clearance volume increased, the steel mill's imported ore inventory available days remained at 23 days, and the sintered powder ore inventory of sample steel mills decreased [61] - **Shipping and Arrival**: In the week of March 6, the iron ore shipments from Australia and Brazil decreased, and the arrival volume at 45 ports increased. It is expected that the Australian shipments and arrival volume will remain at a low level in the short term [63] - **Domestic Mine Output and Start - up**: In 2025, the domestic iron ore output decreased by 5.59% year - on - year. As of March 13, the capacity utilization rate of 186 domestic mining enterprises increased for 2 consecutive weeks, and the iron concentrate output is expected to increase slightly [69] - **Port Transaction Volume and Hot - Metal Cost**: As of March 12, the 5 - day moving average of the iron ore transaction volume at major ports increased. As of March 13, the average tax - excluded hot - metal cost of 64 sample steel mills increased [71] - **Daily Average Hot - Metal Output, Blast Furnace Start - up Rate, and Capacity Utilization**: As of March 13, the daily average hot - metal output of 247 sample steel mills decreased, the blast furnace capacity utilization rate decreased, the start - up rate increased slightly, and the profitability rate increased. The hot - metal output is expected to recover quickly after the two sessions [78] - **Output and Inventory of Five Major Steel Products**: In the week of March 13, the actual weekly output of five major steel products increased, the consumption increased, the steel mill inventory increased, and the social inventory continued to accumulate [80] - **Transportation Cost**: As of March 11, the main iron ore freight rates increased. As of March 12, the Baltic Dry Index and the Capesize Freight Index decreased [86] Conclusion and Suggestions - **Iron Ore**: The import restrictions on BHP iron ore lead to a short - term supply - demand gap. The iron ore price is affected by the negotiation with BHP. It is recommended to buy on dips during the price decline [89][92] - **Basis**: As of March 12, the basis between the Qingdao Port iron ore spot price and the iron ore futures 2505 contract narrowed. It is expected to fluctuate between 40 - 100 yuan/ton in the future [92]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The coking coal market opened higher and moved higher, with an intraday increase of nearly 2%. Although the production and operation of mines are at a relatively high level, the coking coal price has risen due to the impact of overseas military conflicts, leading to an increase in the purchasing sentiment of downstream enterprises. The coking coal inventory has been significantly reduced this period. However, the recovery of domestic downstream demand has dragged down the price growth rate. Near the weekend, attention should be paid to the development of the Middle East situation. If the war cools down, there is still an expectation of a correction in coking coal prices [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - Coking coal opened higher and moved higher, with an intraday increase of nearly 2%. The current mine operation rate has reached 87.16%, with a month - on - month increase of 4.84%. Production and operation are both at a relatively high level year - on - year. Affected by overseas military conflicts, the coking coal price has risen, leading to an increase in the purchasing sentiment of downstream enterprises. The coking coal inventory has been significantly reduced this period, with a month - on - month decrease of 8.58 tons compared to last week. Downstream coking enterprises and steel mills have replenished their stocks, with a month - on - month increase of 19.98 tons and 1.99 tons respectively. However, there is no significant increase in coke production. The profitability of steel mills has recovered, with an increase in operation rate of 0.63%, but the start - up speed is weaker than the same period in previous years. The weekly daily output of molten iron is 221.2 tons. The supply shortage, logistics and transportation obstacles, and inflation expectations have all pushed up the coking coal price, stimulating the enthusiasm of the market to purchase and replenish stocks. However, the recovery of domestic downstream demand has dragged down the price growth rate. Near the weekend, attention should be paid to the development of the Middle East situation. If the war cools down, there is still an expectation of a correction in coking coal prices [1]. 3.2 Spot Data - In terms of spot prices, the self - pick - up price of Mongolian No. 5 coking raw coal is 1045 yuan/ton, a decrease of 1 yuan/ton compared to the previous trading day. The spot price in Jiexiu is reported at 1280 yuan/ton, an increase of 20 yuan/ton compared to the previous trading day. In terms of basis, the closing price of the main contract futures is 1178 yuan/ton, and the basis in Jiexiu, Shanxi is 102 yuan/ton, a decrease of 5 yuan/ton compared to the previous trading day [2]. 3.3 Fundamental Tracking - **Supply Data**: From March 6th to March 13th, the operation rate of 523 domestic sample mines for coking coal was 87.16%, a month - on - month increase of 4.84 percentage points; the daily average output of refined coking coal was 77.7 tons, a month - on - month increase of 2.92 tons [4]. - **Demand Data**: From March 6th to March 13th, the daily average output of downstream independent coking enterprises was 63.9 tons, a month - on - month decrease of 0.4 tons; the daily average output of coke from 247 steel mills was 47 tons, unchanged from the previous month. The daily average output of molten iron from 247 steel mills was 221.2 tons, a month - on - month decrease of 6.39 tons [5].

中信资源(01205)发布截至2025年12月31日止年度业绩，该集团取得收入149.65亿港元，同比增加57.6%; 公司普通股股东应占溢利1.71亿港元，同比减少70.2%;每股盈利2.17港仙。 公告称，溢利减少乃主要由于以下因素：本集团原油及煤炭的平均售价同比大幅下降;原材料尤其是 Portland Aluminium Smelter生产所用氧化铝的成本同比大幅上升; 因本集团自2024年7月18日起不再持有 Alumina Limited的任何权益，导致应占联营公司溢利大幅减少;及应占一间主要从事开采、生产及销售 石油以及生产和销售道路沥青及澄清油的合营企业的同比亏损，此乃因合营企业原油平均售价较同比下 跌所致。 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The short - term surplus contradiction of coking coal has intensified due to factors such as the steady resumption of domestic coal mines, the increase in Mongolian coal supply, and the expansion of downstream blast furnace maintenance. The supply - demand contradiction of coke may further deteriorate, and the black - series prices may face downward pressure. However, the coal - coke price has some support at the bottom due to overseas energy price increases, but the surplus problem restricts its price elasticity [2]. - The near - term trading logic shows that steel billet and hot - rolled coil inventories in some areas have increased unexpectedly, and steel mills' profit pressure has increased. The far - term trading expectation is influenced by factors such as overseas coal disturbances and the blockade of the Strait of Hormuz, which have an impact on coal - coke prices [9][10]. - The trend of coal - coke is expected to be in shock adjustment. The operating range of JM2605 is 1080 - 1190, and that of J2605 is 1650 - 1760 [12]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Suggestions 3.1.1 Core Contradictions - **Supply side**: Domestic coal mines are resuming production steadily, and most have returned to normal. Australian coal prices are falling, and the import volume of coking coal is expected to increase slightly. Mongolian coal supply pressure is high. The short - term surplus of coking coal is intensifying. The coking comprehensive profit has improved, and coke production is expected to increase [2]. - **Demand side**: The profitability of downstream steel products is under pressure, which may drag down the resumption progress of molten iron. The supply - demand contradiction of coke may further worsen. The terminal demand verification period from March to April is approaching, and the real - world data is becoming more important. The uncertainty in the Middle - East shipping route may suppress steel exports, and the black - series prices may face downward pressure [2]. 3.1.2 Market Positioning - **Trend judgment**: Shock adjustment. - **Price range**: JM2605 operates in the range of 1080 - 1190; J2605 operates in the range of 1650 - 1760 [12]. 3.1.3 Basic Data Overview - **Coking coal supply**: The operating rate and daily output of 523 mining enterprises and 314 coal - washing plants have increased. - **Coking coal inventory**: The inventory of 523 mining enterprises has decreased, while that of 314 coal - washing plants and independent coking enterprises has increased. - **Coke supply**: The production capacity utilization rate and daily output of independent coking enterprises and 247 steel mills have remained stable. - **Coke inventory**: The inventory of independent coking enterprises has decreased, while that of 247 steel mills has increased [16][18]. 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive information**: The suggestion of implementing crude steel production control is conducive to enterprises' production planning. The reduction in global oil supply due to the Strait of Hormuz issue may have an impact on energy - related products [20][21]. - **Negative information**: The export of household air - conditioners has decreased, and the export of steel products has declined year - on - year. The impact of the Middle - East situation on steel exports is significant, and the construction site resumption rate is lower than the same period last year [22][23]. 3.2.2 Next Week's Important Events - March 16: Pay attention to China's February year - on - year growth rate of social consumer goods retail and the year - on - year growth rate of industrial added value of large - scale industries. - March 18: Pay attention to the US February PPI annual rate. - March 19: Pay attention to the upper limit of the US Federal Reserve interest rate decision and the number of initial jobless claims in the week ending March 14. - March 20: Pay attention to China's one - year loan prime rate [24]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Capital Interpretation - **Unilateral trend**: The Jiao coal 05 contract has been strengthening in shock recently, with the first resistance level at 1190 and the second at 1240. The coke 05 contract follows the trend of Jiao coal, with the first resistance level at 1760 and the second at 1810 [25]. - **Monthly spread structure**: Analyze the term - structure spread diagrams of Jiao coal and coke, as well as the seasonality of monthly spreads [31][33]. - **Basis structure**: Analyze the seasonality of the basis of Jiao coal and coke contracts [40][41]. 3.4 Valuation and Profit Analysis 3.4.1 Profit Tracking of the Upstream and Downstream of the Industrial Chain - The coking profit has expanded due to the increase in chemical product prices, while the steel product profit has shrunk due to the rise in coal - coke and iron ore prices [43]. 3.4.2 Import - Export Profit Tracking - The first - quarter long - term contract price of Mongolian coal has increased, and the inventory pressure in the supervision area is high. The FOB price of Australian coal has decreased, and the import volume of overseas coal is expected to increase slightly [48][51]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Coking Coal Supply - Side Deduction - The weekly average coking coal output in the next 4 weeks is expected to be about 10 million tons, and the weekly average import volume is expected to be 2.3 million tons. The theoretical molten iron balance point is 2.43 million tons per day [67]. 3.5.2 Coke Supply - Side Deduction - The average weekly coke output in the next 4 weeks is expected to be about 7.78 million tons, and the average weekly export volume is expected to be 210,000 tons. The theoretical molten iron balance point is 2.34 million tons per day [70]. 3.5.3 Demand - Side Deduction - The average daily molten iron output in the next month is expected to be 2.32 million tons per day. The theoretical supply - demand difference of coking coal is about 100,000 tons per day, and that of coke is about 20,000 tons per day [72]. 3.5.4 Supply - Demand Balance Sheet Deduction - Analyze the supply - demand balance sheets of coking coal and coke, including production, import, total supply, theoretical molten iron, actual molten iron, inventory, and their changes [82].

中国神华（601088）(01088)公布，于2026年2月，商品煤产量为2510万吨，同比减少7%;煤炭销售量为 3320万吨，同比减少3.2%。 1-2月，商品煤产量为5250万吨，同比减少1.1%;煤炭销售量为6640万吨，同比增长2.6%。 ...

1-2月，商品煤产量为5250万吨，同比减少1.1%;煤炭销售量为6640万吨，同比增长2.6%。 智通财经APP讯，中国神华(01088)公布，于2026年2月，商品煤产量为2510万吨，同比减少7%;煤炭销 售量为3320万吨，同比减少3.2%。 ...

以上主要運營數據來自本公司內部統計。運營數據在月度之間可能存在較大差 異，其影響因素包括但不限於天氣變化、設備檢修、季節性因素和安全檢查等。運營 數據可能與相關期間定期報告披露的數據有差異。投資者應注意不恰當信賴或使用以 上信息可能造成投資風險。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 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之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 (在中華人民共和國註冊成立的股份有限公司) (股份代碼: 01088) 2026 年 2 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容不 存在任何虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2026 | 年 | 2025 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 運營指標 | 單位 | | | | ...