| 运营指标 | 单位 | 2026 | 年 | 2 月 | 2025 | 年 | | 2 | 月 | | 同比变化（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | | 累计 | 本月 | | 累计 | | 累计 | | | | 原煤产量 | 万吨 | 420 | | 920 | 460 | | 3.72 | | 887 | | | | 商品煤销量 | 万吨 | 361 | | 799 | 403 | | 2.70 | | 778 | | | | | | | | | | | | | | 本月 -8.70 -10.42 | | 以上主要运营数据来自本公司初步统计，可能与公司定期报告披 露的数据有差异，仅供投资者及时了解公司生产经营状况，不对公司 未来经营状况作出预测或承诺，敬请广大投资者理性投资，注意投资 风险。 特此公告。 山西潞安环保能源开发股份有限公司董事会 山西潞安环保能源开发股份有限公司 2026 年 2 主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Recently, the coking coal futures market has large fluctuations, mainly following the changes in oil, gas, and chemicals, with capital and sentiment trading as the main factors, and the weight of its own fundamentals decreasing. The price of coking coal is expected to follow the trend of oil and gas and remain strong with large fluctuations before the conflict eases or ends. In the short - term, it is expected to fluctuate strongly, and in the medium - term, it is expected to fluctuate widely without a clear trend. It is recommended to buy on dips and conduct band trading [5]. - The price of coking coal spot has stabilized and rebounded, and the downstream procurement enthusiasm has recovered. The coal mine production capacity utilization rate continues to rise, and the import of Mongolian coal is at a high level, which will restrict the upward space of coking coal prices. The supply and demand of coke are relatively balanced, and the price is expected to remain stable in the next 1 - 2 weeks, with the possibility of a price increase in the future [5][16]. 3. Summary According to the Directory 3.1 Comprehensive Analysis and Trading Strategies - **Coking Coal Market Analysis**: The coking coal futures market is mainly affected by capital and sentiment, and its own fundamentals are secondary. The price is expected to follow the trend of oil and gas. The spot market sentiment has improved, and some coal prices have increased. The supply of coking coal in China is mainly domestic, and the impact of geopolitical conflicts on supply is limited [5]. - **Trading Strategies**: In the short - term, coking coal is expected to fluctuate strongly. It is recommended to buy on dips from the perspective of valuation and risk - return ratio. In the medium - term, it is expected to fluctuate widely, and it is recommended to conduct band trading. For arbitrage and options, it is recommended to wait and see [5]. 3.2 Core Logic Analysis - **Coal Substitution for Oil and Gas**: As the prices of international oil, gas, and downstream chemical products rise, the price of international coal also increases. There are two main substitution paths: chemical substitution (mainly replacing crude oil and supplemented by natural gas) and energy substitution (mainly replacing natural gas and supplemented by crude oil). The chemical substitution effect is stronger than the energy substitution effect in the domestic market [7]. - **Other Influencing Factors**: The spill - over of sentiment and capital leads to an overall increase in the valuation of the energy sector, which reacts faster than the fundamental transmission. The increase in oil prices and insurance premiums raises the international trade transportation cost and the cost of imported coal [12][13]. 3.3 Weekly Data Tracking - **Coking Coal**: The spot price of coking coal has rebounded, the production capacity utilization rate of coal mines continues to rise, the import of Mongolian coal is at a high level, the demand for coke is relatively stable, and the inventory has increased [16]. - **Coke**: The price of coke has remained stable, the production is relatively stable, the demand is expected to recover in the next 1 - 2 weeks, the inventory has decreased, and the profit shows a certain differentiation [17]. - **Production and Operation of Coal Mines**: The capacity utilization rate of 523 coking coal mines has increased, the daily output of raw coal and clean coal has increased, and the inventory has decreased [20]. - **Import of Mongolian Coal**: The customs clearance of Mongolian coal at ports is at a high - level shock, and the inventory pressure is relatively large [22]. - **Iron Water Production**: Affected by environmental protection and other factors, the iron water production has declined, and it is expected to recover next week [31]. - **Price and Basis Data**: The report provides price trends and basis data of coking coal, imported coking coal, coke, etc., as well as the spread data between different contracts [36][46][49]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: A-Shares in China - **Context**: The A-share market is showing resilience amid global volatility, particularly due to geopolitical tensions and lower dependence on oil imports relative to GDP [1][13] Core Insights - **Market Sentiment**: The Morgan Stanley A-share Sentiment Indicator (MSASI) remained stable at 51% as of March 12, 2026, with a slight decrease in the 1-month moving average (MMA) to 57% [2][7] - **Trading Activity**: Average daily turnover for ChiNext, A-shares, and equity futures decreased by 8%, 10%, and 14% respectively, indicating a decline in trading activity [2][3] - **Net Inflows**: Southbound trading experienced a net outflow of US$0.9 billion during March 5-11, but year-to-date and month-to-date net inflows were positive at US$19.3 billion and US$1.9 billion respectively [3] Economic Indicators - **Export Growth**: Exports rose by 21.6% year-on-year in January-February, driven by temporary factors such as the late Lunar New Year and front-loading ahead of VAT rebate cuts [4] - **Future Outlook**: Trade growth is expected to moderate sharply in March, with potential negative impacts on exports due to fading Lunar New Year distortions and risks from energy price shocks and a weaker global trade cycle [5] Investment Recommendations - **Sector Preference**: The report emphasizes a preference for A-shares over offshore listings and recommends focusing on sectors related to real assets and technology/innovation [14][15] - **Energy Security**: The ongoing geopolitical tensions, particularly the Iran conflict, highlight the importance of energy security, which could benefit both traditional and alternative energy sectors [13][14] Additional Insights - **Margin Transactions**: Margin transactions outstanding remained stable at RMB 2,625 billion, indicating consistent investor engagement despite the overall decline in trading volumes [2] - **Earnings Estimates**: The breadth of consensus earnings estimate revisions remained negative, suggesting cautious sentiment among analysts [2] Methodology Notes - **MSASI Construction**: The MSASI is based on 12 individual indicators capturing various dimensions of investor sentiment and market activity, normalized to reduce noise and reflect medium-term trends [16][28] This summary encapsulates the key points from the conference call, providing insights into the current state of the A-share market, economic indicators, and investment strategies.

Summary of Yanzhou Coal Mining Company Conference Call Company Overview - **Company**: Yanzhou Coal Mining Company (兖矿能源) - **Industry**: Coal and Coal Chemical Industry Key Points Industry and Market Dynamics - The central price of coal for 2026 has been raised to **850 CNY/ton**, with potential spot prices in Q2 possibly exceeding **1,000 CNY/ton** [2][8] - The increase in coal prices is attributed to the Indonesian RKEB policy reducing exports and geopolitical factors driving global energy prices higher [2][4] - New domestic safety regulations are limiting the release of production capacity [2] Financial Projections - Yanzhou Coal's estimated net profit for 2026 is **22 billion CNY**, with coal business contributing **17.5 billion CNY** [2] - The company benefits from a market coal sales ratio exceeding **70%**, with a profit elasticity coefficient of **5**; a **1%** increase in coal prices leads to a **5%** increase in coal profits [2][14] - The coal chemical segment is entering a capacity release phase, with expected capacity increasing to **9.2 million tons** (+10%) by 2026, contributing conservatively **2.2-2.5 billion CNY** in profits [2] Dividend and Valuation - Expected dividend yields for A-shares in 2026/2027 are **6.6%/6.8%** and for H-shares **9.8%/10.2%** [2][13] - The company commits to a minimum dividend payout ratio of **60%** [2] - Current valuation shows a potential upside of **40%-60%**, with a reasonable PE range of **12-15 times** based on 2026 earnings forecasts [3][15] Price Forecast and Supply-Demand Analysis - The forecast for coal prices has been adjusted from **700-750 CNY/ton** to **800-900 CNY/ton** due to supply constraints from Indonesia and geopolitical tensions [4][5] - Domestic coal supply is expected to remain tight due to increased safety standards and a gradual exit of pre-approved production capacity [6][8] - Anticipated seasonal demand increases in Q2 2026, driven by summer coal usage and European natural gas storage needs, are expected to push prices higher [7][8] Long-term Growth and Capacity Expansion - Yanzhou Coal aims to expand coal production capacity to **300 million tons** by 2026, with significant contributions from new projects and acquisitions [11] - The company has ongoing projects that will enhance its coal chemical production capacity, targeting over **20 million tons/year** [11][12] Investment Recommendations - Yanzhou Coal is recommended as a top investment due to its dual elasticity in coal and coal chemical sectors [16] - Other recommended stocks include Guanghui Energy and China Coal Energy, with a focus on companies with strong coal price elasticity [16] Conclusion - Yanzhou Coal Mining Company is positioned for significant growth in the coal and coal chemical sectors, with favorable market conditions and robust financial projections supporting its investment appeal [2][15]

Summary of Guanghui Energy Conference Call Company Overview - **Company**: Guanghui Energy - **Industry**: Energy, specifically coal, oil, gas, and chemical products Key Points Industry and Market Dynamics - The scarcity of high-oil coal has led to an increase in both volume and price, with domestic prices in Xinjiang exceeding those outside the region by 10-40 RMB/ton [2][3] - Domestic coal prices are expected to rise by approximately 50 RMB/ton in 2026 compared to the same period in 2025 due to supply disruptions from Indonesia and geopolitical conflicts [2][9] Sales and Production Targets - The sales target for 2026 is set at 30 million tons of coal [2] - The average daily external sales from the Baishihu coal mine are stable at 150,000 to 170,000 tons, with net profit per ton exceeding 20 RMB, ranging between 20 to 30 RMB [3] - The company aims to achieve a production target of 300,000 tons of ethylene glycol by 2026, with current daily production around 900 tons [4][5] Strategic Developments - The Eastern Mining Area, with 3.1 billion tons of resources, has been approved for "priority development," with plans to enter the national "14th Five-Year Plan" and begin production in 2027 [2][10] - The exploration of the Zhaisan oil field in Kazakhstan has exceeded expectations, with potential for over 1 million tons, and a planned annual production capacity of over 3 million tons during the "14th Five-Year Plan" [2][12] Pricing and Profitability - The sales price for ethylene glycol is nearing 3,500 RMB/ton, with total costs controlled under 3,000 RMB/ton, indicating profitability even at current production levels [5] - The company expects significant month-on-month profit improvement in March 2026 due to price increases across coal, oil, gas, and chemical sectors [2][12] Supply Chain and Long-term Contracts - The company has stable long-term gas supply agreements, with no current impact from Qatar's LNG export suspension [8][14] - The cost of gas resale is fixed at 9-10 USD per million BTU, with current sales prices around 16 USD per million BTU [14] Future Capacity and Projects - The coal production capacity is projected to reach 65 million tons by 2026, with plans to exceed 100 million tons during the "14th Five-Year Plan" [16] - The company is also advancing a 1.5 million ton coal grading and utilization project, expected to be completed by the second half of 2028 [11][16] Risk Factors - Ongoing geopolitical conflicts and supply chain disruptions may affect future pricing and availability of resources, necessitating continuous monitoring [8][9] Additional Insights - The company is actively working on a pipeline to secure additional raw gas supply, expected to be operational by October 2026, which will stabilize production levels [5] - The strategic focus on local sales is driven by higher profitability and the need to meet local demand, with domestic sales prices significantly higher than those for external markets [6][7] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Guanghui Energy's operational performance, market positioning, and future growth plans.

Summary of Conference Call Transcript Company Overview - **Company**: Shaanxi Coal and Chemical Industry Co., Ltd. (陕西煤业) - **Industry**: Coal and Power Generation Key Points Coal Industry Insights - **Average Coal Cost**: The average coal cost for 2025 is approximately 289 RMB/ton, remaining stable year-on-year. In January-February 2026, the average price dropped to around 430 RMB/ton, with expectations of stabilization in March [2][20]. - **Long-term Contract Pricing**: In 2026, long-term coal contracts will adopt a "price limit + market-based" dual pricing model, varying by customer to balance performance and premium revenue [2][7]. - **Chemical Coal Sales**: Chemical coal accounts for about 40% of total sales, with a strategic shift from fuel to raw material usage, benefiting from rising oil prices and improved downstream demand [2][5]. - **Electricity Price Trends**: The electricity price is expected to decline further in 2026, potentially by 10 RMB/MWh, due to increased competition from renewable energy and market pressures [2][8]. Financial Performance - **2025 Performance Decline**: The decline in 2025 performance was primarily due to a nearly 100 RMB/ton drop in average coal prices compared to 2024. Special factors included the liquidation of two asset management plans and the disposal of a long-term equity investment [3][4]. - **Fourth Quarter Performance**: The fourth quarter did not achieve expected profits due to higher costs (approximately 30 RMB/ton higher than the average of the first three quarters) and asset impairment provisions totaling around 300 million RMB [3][13]. - **Dividends**: The company maintains a stable dividend policy with a minimum payout ratio of 30%, historically reaching up to 60% [2][12]. Operational Developments - **New Power Generation Capacity**: In 2026, the company plans to add three new power generation units with a total capacity of 5.3 million kW, contributing to increased electricity generation [2][9]. - **Asset Management**: By the end of 2025, the company significantly reduced its trading financial assets, primarily due to the liquidation of two asset management plans totaling approximately 6 billion RMB [2][10]. Regulatory and Market Environment - **Safety Inspections**: Current safety inspections and overproduction checks have not significantly impacted the company's production levels, although regional effects may vary [2][11]. - **Resource Approval**: The approval process for the Yushen 47 project is ongoing, with resource estimates increasing but no confirmed timeline for development [2][16]. Market Outlook - **Chemical Product Price Trends**: Recent geopolitical tensions have led to expectations of rising chemical product prices, which may increase demand for raw coal and fuel coal from chemical plants [2][19]. - **Electricity Market Competition**: The electricity market is expected to face intense competition in 2026, with a potential decrease in overall electricity prices due to the influx of renewable energy projects [2][20]. Cost Projections - **Cost Stability**: The average cost for 2025 is projected to remain stable at around 289 RMB/ton, with minor fluctuations expected. However, the "subsidence governance compensation" fee is anticipated to increase by 10-20 million RMB annually due to new standards [2][20].

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the coal industry and its role as a substitute energy source amid rising oil and gas prices due to the Russia-Ukraine conflict [1][2][3]. Core Insights and Arguments - During the Russia-Ukraine conflict, the increase in coal demand in Europe and the U.S. was approximately 40 million tons, representing about 3% of the global tradable thermal coal resources (1.3 billion tons) [1][2]. - In Europe, coal consumption increased by 0.8 percentage points due to rising oil and gas prices, translating to a physical demand increase of between 11 million to 23.5 million tons [1][2]. - In the U.S., the increase in coal demand was about 1.1 percentage points, corresponding to a physical demand increase of 19 million to 30 million tons [1][2]. - The potential upper limit for coal substitution demand could rise from 40 million tons to between 50 million tons and 100 million tons due to a significant increase in the proportion of coal-to-gas conversion units in Europe and the U.S. [1][3]. - A $10 per barrel increase in Brent crude oil prices results in an average price increase of approximately 100 RMB per ton for coal chemical products, significantly expanding profit margins for coal companies [1][3]. Profitability Impact on Coal Companies - The impact of a $10 increase in oil prices on profits for major coal companies is quantified as follows: - Yanzhou Coal Mining: Profit increase of approximately 650 to 700 million RMB [1][3]. - China Coal Energy: Profit increase of about 450 million RMB [1][3]. - Huaibei Mining: Profit increase of around 100 million RMB [1][4]. - Guanghui Energy (coal chemical business only): Profit increase of about 200 million RMB [1][4]. - China Xuyang Group: Profit increase of approximately 450 million RMB, similar to China Coal Energy [1][4]. - Lanhua Sci-Tech: Profit increase of about 100 million RMB, comparable to Huaibei Mining [1][4]. Additional Important Insights - The increase in coal demand during the conflict may not fully reflect the current potential demand due to the increased capacity for coal-to-gas conversion units post-2022 [3]. - The ongoing geopolitical tensions and domestic electricity shortages in the U.S. have already led to some coal-to-gas conversions prior to the conflict, indicating that the current demand may still be underrepresented [3].

Market Overview - A-shares fell on geopolitical tensions, with the coal sector leading gains, while the Hang Seng Index and European markets also declined[3][4] - Brent crude oil prices surpassed $100 per barrel for the first time since August 2022, contributing to inflation concerns[3][24] - The U.S. stock market experienced a three-day decline, with the S&P 500 down 1.5% and the Nasdaq down 1.8%[6][7] Fixed Income - U.S. Treasury bonds faced significant selling pressure, with the 2-year yield rising by 8.8 basis points to 3.74%[27] - Market expectations for a rate cut in 2026 have decreased from 45 basis points to about 20 basis points due to rising oil prices and geopolitical tensions[27] Currency and Commodities - The U.S. dollar index rebounded, while non-U.S. currencies weakened, influenced by geopolitical risks and rising energy prices[4] - Gold prices fell by 1.88% to $5,079.21 per ounce, driven by a stronger dollar and rising oil prices[24] Sector Performance - In the Hong Kong market, the energy sector rose by 3.1%, while real estate and healthcare sectors saw declines of 1.7% and 1.4%, respectively[10][9] - In the A-share market, the coal sector surged, with Zhengzhou Coal Power rising to its daily limit, while defense and technology sectors faced significant declines[14] Key Developments - Iran's new leadership vowed to continue blocking the Strait of Hormuz, escalating geopolitical tensions in the region[4] - The U.S. trade deficit narrowed more than expected in January, indicating potential economic resilience[4]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The night session of the previous day saw the main contracts of coking coal and coke strengthen, and the total position of coking coal increased compared to the previous period. This week, the output of the five major steel products increased month - on - month, mainly contributed by rebar. The overall inventory continued to increase month - on - month, but the increase rate narrowed significantly. The apparent demand increased significantly month - on - month, mainly from rebar. Affected by environmental protection restrictions, the hot metal output continued to decline month - on - month. It is expected that with the end of environmental protection restrictions and the promotion of resumption of work and production, the hot metal output will significantly rebound, driving the improvement of the rigid demand for coking coal and coke and providing support for coal prices. The repeated geopolitical situation can also push up the valuation of energy - related commodities. Future focus should be on the trend of hot metal output, mine operation, and geopolitical trends [1] Group 3: Summary by Related Catalogs Futures Price and Trading Volume - **Previous Day Closing Price**: For coking coal, the previous day's closing prices for January, May, and September contracts were 1466.0, 1153.0, and 1254.5 respectively; for coke, they were 1896.0, 1727.0, and 1801.5 respectively [1] - **Price Changes**: The price increases for coking coal contracts in January, May, and September were 4.5, 8.5, and 7.0 respectively, with price increase rates of 0.31%, 0.74%, and 0.56% respectively; for coke, the price increases were 8.5, 9.0, and 8.0 respectively, with price increase rates of 0.45%, 0.52%, and 0.45% respectively [1] - **Trading Volume**: The trading volumes of coking coal contracts in January, May, and September were 5060, 1002451, and 108346 respectively; for coke, they were 156, 166991, and 1679 respectively [1] - **Open Interest**: The open interests of coking coal contracts in January, May, and September were 15140, 393876, and 111895 respectively; for coke, they were 1614, 35867, and 4214 respectively. The changes in open interest were 239, - 13407, and 1126 for coking coal, and 96, 379, and 248 for coke [1] - **Price Spreads**: For coking coal, the current price spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively; for coke, the current price spreads were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [1] Spot Price - The spot prices of Mongolian 5 coking coal (port self - pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur fat coal (Taiyuan rail - side price), Tangshan Grade I coke (ex - factory price), Jinzhong quasi - Grade I coke (ex - factory price), and Rizhao Port quasi - Grade I coke (warehouse - out price) were 1175, 1450, 1373, 1800, 1280, and 1470 respectively, with no changes [1] Automobile Industry Data - In February, China's automobile sales were 1.04 million, a year - on - year decrease of 25.9%. Among them, the retail sales of new energy vehicles were 464,000, a year - on - year decrease of 32% and a month - on - month decrease of 22.1% [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The stock index market showed a pattern of hitting the bottom and rebounding throughout the day, with the ChiNext Index falling nearly 1%. The market has concerns about AI crowding out the traditional economy, and this topic may continue to ferment and increase market volatility. The view on the stock index is "oscillating" [1]. - Treasury bond futures closed with gains across different maturities. The bond market is supported by reasonable and abundant liquidity and a weak economic recovery, but lacks further upward momentum due to improved inflation data and cautious interest - rate cut operations. The bond market is expected to maintain a low - interest - rate environment and continue to oscillate within a range. The view on treasury bonds is "oscillating" [1]. 3. Summary by Relevant Catalogs 3.1 Research Viewpoints - **Stock Index**: The market was down, with the Shanghai Composite Index falling 0.1%, the Shenzhen Component Index falling 0.63%, and the ChiNext Index falling 0.96%. Over 3800 stocks in the Shanghai, Shenzhen, and Beijing stock markets were in the red, and the trading volume was 2.46 trillion. The article "The 2028 Global Intelligence Crisis" triggered concerns about AI crowding out the traditional economy, which affected software, services, finance and other sectors and led to a sharp decline in the Chinese and US stock markets [1]. - **Treasury Bonds**: Treasury bond futures closed with gains. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose 0.12%, 0.04%, 0.02%, and 0.02% respectively. The central bank conducted 245 billion yuan of 7 - day reverse repurchase operations on March 12, with a winning bid rate of 1.4%. There were 230 billion yuan of 7 - day reverse repurchase maturities, resulting in a net investment of 15 billion yuan. The weighted average interest rate of DR001 decreased by 4.21bp to 1.3274%, and that of DR007 increased by 0.59bp to 1.4704% [1]. 3.2 Daily Price Changes - **Stock Index Futures**: On March 12, 2026, compared with March 11, 2026, IH fell 17.4 points (-0.58%), IF fell 28.6 points (-0.61%), IC fell 59.0 points (-0.71%), and IM fell 35.8 points (-0.43%) [2]. - **Stock Indexes**: The Shanghai 50 Index fell 13.8 points (-0.46%), the CSI 300 Index fell 16.9 points (-0.36%), the CSI 500 Index fell 43.9 points (-0.52%), and the CSI 1000 Index fell 27.6 points (-0.33%) [2]. - **Treasury Bond Futures**: TS rose 0.024 points (0.02%), TF rose 0.025 points (0.02%), T rose 0.05 points (0.05%), and TL rose 0.16 points (0.14%) [2]. - **Treasury Bond Yields**: The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds changed by -0.29, -0.61, -0.03, and 0.25 respectively [2]. 3.3 Market News - **Overall Trend**: The market hit the bottom and rebounded throughout the day, with the ChiNext Index falling nearly 1%. Most stocks were in the red, and the trading volume was 2.46 trillion. The Shanghai Composite Index fell 0.1%, the Shenzhen Component Index fell 0.63%, and the ChiNext Index fell 0.96% [4]. - **Industry Sectors**: Carbon fiber, chemical, coal, and wind power sectors led the gains, while military, photovoltaic equipment, engineering machinery, and power grid sectors led the losses [4]. - **Popular Concepts**: The coal sector strengthened, with Shaanxi Black Cat, Yankuang Energy, and Zhengzhou Coal Industry hitting the daily limit. The chemical sector was active, with Jinniu Chemical, Baichuan Co., Ltd., and Chengzhi Co., Ltd. hitting the daily limit. The wind power sector rose in the afternoon, with Zhenjiang Co., Ltd., Dajin Heavy Industry, and Zhongji United hitting the daily limit. The military sector declined, with Hangya Technology and China Power falling more than 5% [4]. 3.4 Chart Analysis - **Stock Index Futures**: The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the trends of their respective monthly basis [6][8][10]. - **Treasury Bond Futures**: The report provides charts of the trends of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][16][18]. - **Exchange Rates**: The report provides charts of the central parity rates of the US dollar against the RMB, the euro against the RMB, forward exchange rates, and various currency exchange rates [21][23][25][27][28].