Group 1 - The company Gansu Energy Chemical primarily produces coking coal and thermal coal, with its subsidiaries offering high-quality environmentally friendly low-ash, low-sulfur, and high-calorific value coking coal [2] - The Jingtai Coal Industry focuses on a mix of coking coal and gas coal, while the Tianzhu Coal Industry mainly produces gas coal, with some high-calorific value clean coal and silicon coal used as a reducing agent in industrial silicon production [2] - The remaining mines mainly produce thermal coal, characterized by non-caking coal with some weak caking and long flame coal, which has low sulfur, low ash, low phosphorus, and high calorific value, making it suitable for various industries including power, chemical, metallurgy, and building materials [2]

Core Viewpoint - Gansu Energy and Chemical has 11 pairs of coal production mines with an approved annual capacity of 23.14 million tons, indicating a significant operational scale in the coal industry [2]. Group 1: Company Operations - The company currently has an approved annual production capacity of 23.14 million tons, which includes a reserve capacity of 1.8 million tons per year [2]. - The Tianbao Hongshaliang mine is under construction, while the Jingtai Baiyanzi mine and the Hongshaliang open-pit mine have completed acceptance and are now in formal production [2].

Report Industry Investment Rating - Not provided Core View of the Report - Before the Spring Festival, the supply of coking coal enters a significant contraction period, and the customs clearance of Mongolian coal will also be restricted during the Chinese New Year. The downstream winter storage replenishment is coming to an end, and the market returns to the fundamentals of weak supply and demand. Coking coal is expected to be mainly in a weak consolidation [1]. Summary by Relevant Catalogs Market Analysis - Coking coal opened low and moved high during the day, showing a weak trend. The supply of coking coal has significantly contracted before the Spring Festival, and the customs clearance of Mongolian coal will be restricted during the Chinese New Year. Some large coal mines will continue to ship during the holiday. According to Mysteel statistics, the utilization rate of the approved production capacity of 523 coking coal mine samples is 86.67%, a decrease of 2.46% compared with the previous period. The daily average output of raw coal reaches 1.9253 million tons. As the holiday approaches, there are more safety inspections and shutdowns in mines, and the downstream winter storage inventory is coming to an end. The inventory of coking coal in mines has decreased, with a weekly decrease of 25,300 tons. Last week, coking enterprises increased their inventory by 676,000 tons, and steel mills increased their inventory by 98,400 tons. Winter storage replenishment is still ongoing, and there are still two weeks of inventory preparation time before the Spring Festival, but it is now approaching the end stage. The trading volume of downstream steel products is not good, the downstream hot metal output has increased by 0.26% compared with the previous period, and the weekly average daily output is 228,580 tons. After the news of Indonesia's production cut and suspension of spot exports fermented last week, the market price corrected, and the market returned to the fundamentals of weak supply and demand. The downstream trading volume is low, mainly for long - term contract delivery. With weak supply and demand, coking coal is expected to be mainly in a weak consolidation [1]. Spot Data - In the spot market, the mainstream price in the Shanxi market (Jiexiu) is reported at 1,280 yuan/ton, unchanged from the previous trading day. The self - pick - up price of Mongolian No. 5 coking raw coal is 1,037 yuan/ton, a decrease of 23 yuan/ton from the previous trading day. In terms of basis, the closing price of the main contract futures is 1,147 yuan/ton, the basis in Jiexiu, Shanxi is 133 yuan/ton, a decrease of 8.5 yuan/ton from the previous trading day [2]. Fundamental Tracking Supply Data - From January 30 to February 6, the coking coal start - up rate of 523 domestic sample mines was 86.67%, a decrease of 2.46 percentage points compared with the previous period; the daily average output of refined coking coal was 75,450 tons, a decrease of 16,200 tons compared with the previous period [4]. Demand Data - From January 30 to February 6, the daily average output of downstream independent coking enterprises was 63,140 tons, an increase of 3,000 tons compared with the previous period; the daily average output of coke of 247 steel mills was 47,240 tons, an increase of 2,300 tons compared with the previous period. The daily average hot metal output of 247 steel mills was 228,580 tons, an increase of 6,000 tons compared with the previous period [6].

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 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 助理研究员: 陈星宇 期货从业资格号: F03146061 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 焦煤焦炭产业日报 2026/2/9 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1147.00 | +8.50↑ J主力合约收盘价（日，元/吨） | 1703.50 | +5.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 628953.00 | -6740.00↓ J期货合约持仓量（日，手） | 37611.00 | +54.00↑ | ...

Core Viewpoint - The company, Suneng Co., is committed to strengthening its position in the coal, electricity, and renewable energy sectors while focusing on growth within the Jiangsu energy market [2] Group 1 - The company aims to expand its operations in coal, electricity, and renewable energy industries [2]

1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the report. 2. Core Views of the Report - For coke, as of the week ending February 6, the total daily coke production of all - sample independent coking plants and steel - mill coking plants was 1.1038 million tons, a week - on - week increase of 0.0053 million tons and a year - on - year decrease of 0.00162 million tons. The daily hot - metal production of 247 steel mills was 228,580 tons, a week - on - week increase of 600 tons per day and a year - on - year increase of 140 tons. The coke fundamentals had no significant changes this week, with both supply and demand slightly increasing at a low level. It is expected that the coke futures will maintain a low - level oscillatory pattern in the short term [5][31]. - For coking coal, as of the week ending February 6, the daily clean - coal production of 523 coking coal mines nationwide was 755,000 tons, a week - on - week decrease of 16,000 tons. Near the Spring Festival, coking - coal production will experience a short - term contraction but is expected to recover quickly after the festival. In January, the Ganqimaodu Port had a total of 30,877 vehicle clearances. Although it decreased by 17.2% compared with December, it increased by 42.9% compared with the same period last year, and the Mongolian coking - coal imports remained at a relatively high level. The total daily coke production of independent coking plants and steel - mill coking plants was 1.1038 million tons, a week - on - week increase of 0.0053 million tons. Overall, the fundamentals of coking coal have limited support, and there are still medium - to - long - term demand concerns. Considering the recent low - level stabilization of thermal - coal prices, it is expected that coking - coal prices will maintain a low - level oscillatory pattern before the Spring Festival [5][31]. 3. Summary of Each Section 3.1 Industry News - Newly added social financing in January may increase slightly year - on - year. M1 may rise due to the low - base effect caused by the misaligned Spring Festival. Market institutions predict that the median of newly added RMB loans in January is 4.7 trillion yuan, a year - on - year decrease of 0.43 trillion yuan; the median of newly added social financing is 7.11 trillion yuan, a year - on - year increase of 0.05 trillion yuan. The month - on - month growth rate of M2 in January may decline slightly, and CPI may decline slightly year - on - year, while the year - on - year decline of PPI is expected to continue to narrow. The median of CPI year - on - year growth rate is predicted to be 0.4%, and the median of PPI year - on - year growth rate is predicted to be - 1.4% [7]. - On February 9, Mongolia's KH Company held an online auction for coking coal. The starting price of 1/3 coking clean coal (A9.5, V>28, S0.85, G65, Mt10) was 700 yuan/ton. All 25,600 tons of the listed quantity were sold at the base price, the same as the price on the 6th. The supply location is the customs supervision area of the Ganqimaodu Port, and the supply time is within 90 days after payment, with the final supply date being May 10, 2026 [8]. 3.2 Spot Market | Variety | Current Value | Week - on - Week Change | Month - on - Month Change | Year - on - Year Change | Year - on - Year Comparison | | --- | --- | --- | --- | --- | --- | | Coke (Sunshine Port, quasi - first - grade,平仓) | 1,520 yuan/ton | +3.40% | +3.40% | - 10.06% | - 4.40% | | Coke (Qingdao Port, quasi - first - grade,出库) | 1,480 yuan/ton | +2.07% | +0.68% | - 8.64% | - 3.27% | | Coking Coal (Ganqimaodu Port, Mongolian coal) | 1,200 yuan/ton | - 3.23% | - 3.23% | +1.69% | +4.35% | | Coking Coal (Jingtang Port, Australian - produced) | 1,660 yuan/ton | +4.40% | +3.11% | +11.41% | +11.41% | | Coking Coal (Jingtang Port, Shanxi - produced) | 1,780 yuan/ton | 0.00% | 0.00% | +16.34% | +19.46% | [9] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open - Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | 1 | 1,703.5 yuan/ton | - 1.07% | 1,709.5 yuan/ton | 1,679.5 yuan/ton | 16,755 | 124 | 34,909 | - 121 | | Coking Coal | 1 | 1,147.0 yuan/ton | - 0.61% | 1,149.5 yuan/ton | 1,125.0 yuan/ton | 798,141 | - 135,746 | 469,142 | - 6,791 | [13] 3.4 Related Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, port total coke inventory, 247 steel - mill coking plants, and total coke inventory from 2021 - 2026 [14][15][16]. - **Coking Coal Inventory**: Charts display the inventory of mine - mouth coking coal, all - sample independent coking plants, port coking coal, and 247 sample steel mills from 2021 - 2026 [19][20][22]. - **Other Charts**: Include domestic steel - mill production (blast - furnace operating rate and steel - mill profitability), Shanghai terminal wire - rod procurement volume, coal - washing plant production (clean - coal inventory and operating rate), and coking - plant operation (ton - coke profit and coke - oven capacity utilization) [26][28][30]. 3.5 Market Outlook - The analysis and outlook for coke and coking coal are the same as the core views, expecting short - term low - level oscillations for coke futures and low - level oscillations for coking - coal prices before the Spring Festival [31].

Group 1 - The stock of Shanmei International (600546) closed at 11.08 yuan on February 9, 2026, with an increase of 0.45% and a trading volume of 279,500 hands, resulting in a transaction amount of 310 million yuan [1] - On February 9, the net outflow of main funds was 356,400 yuan, accounting for 0.11% of the total transaction amount, while retail investors had a net inflow of 4.19 million yuan, representing 1.35% of the total transaction amount [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with notable changes in retail and main funds [1] Group 2 - Shanmei International's total market value is 21.966 billion yuan, with a net asset of 20.457 billion yuan and a net profit of 1.046 billion yuan, ranking 13th, 14th, and 12th respectively in the coal industry [2] - The company reported a 30.2% year-on-year decline in main revenue for the first three quarters of 2025, with a net profit decrease of 49.74% [2] - The gross profit margin of Shanmei International is 34.71%, significantly higher than the industry average of 19.65%, ranking 5th in the industry [2] Group 3 - In the last 90 days, six institutions have rated the stock, with two buy ratings and four hold ratings, and the average target price set at 11.3 yuan [3] - The concept of fund flow is explained, indicating that the difference between fund inflow and outflow reflects the net force driving stock price changes [3]

期货研究报告 1、市场回顾与展望：本周焦煤、焦炭市场冲高回落运行。焦企经过首轮涨价利润修复，整体开工平稳。 区域内煤矿生产整体稳定，随着春节临近，部分煤矿陆续开始停产放假，产量有所收缩，而下游焦企冬储补 库基本结束，采购积极性转弱；下游方面，由于钢厂利润情况不佳，且下游工地陆续停工，钢材成交量明显 缩减，市场供需压力增大，铁水复产进度缓慢。 展望：国内煤矿临近假期产量将逐渐下滑，进口煤预计同样受春节影响而保持回落，反观其需求端仍有 支撑，预计基本面将保持健康，盘面受资金情绪影响预计宽幅震荡运行。 风险提示：煤矿安检限产；进口煤情况变化；粗钢压产政策；政策刺激超预期。 | 双焦 | 单位 | 最新一周 | 上一期 | 周度环比变化量 | 周度环比变化率 | 频率 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤总库存 | 万吨 | 2399.35 | 2335.53 | 63.82 | 2.73% | 周度 | | 焦炭总库存 | 万吨 | 976.22 | 960.65 | 15.57 | 1.62% | 周度 | | 钢厂日均铁水产量 | 万吨 | 228 ...

Core Viewpoint - The report provides an overview of various ETFs tracking different indices, highlighting their composition, performance, and sector allocations. Group 1: Index Overview - The Hongli ETF tracks the China Securities Dividend Index, composed of 100 stocks with high and stable cash dividend yields, primarily from the banking, coal, and transportation sectors, which together account for over 50% of the index [1]. - The Value ETF tracks the National Value 100 Index, consisting of 100 stocks with prominent value characteristics, with over 65% of the index made up of consumer discretionary, financial, and industrial sectors [1]. - The Free Cash Flow ETF follows the National Free Cash Flow Index, which includes 100 stocks with high free cash flow levels, with over 70% from industrial, materials, and consumer discretionary sectors, combining high dividends with growth potential [1]. Group 2: Performance Metrics - The annualized return for the China Securities Dividend Index from 2013 to 2026 is 11.2%, with notable fluctuations in individual years, including a peak of 58% in 2014 and a decline of 16% in 2019 [2]. - The National Value 100 Index shows an annualized return of 18%, with significant highs of 64% in both 2014 and 2015, and a low of -16% in 2019 [2]. - The National Free Cash Flow Index has an annualized return of -18.7%, with a peak of 57% in 2014 and a low of -49% in 2022 [2].

Core Insights - The article discusses the "crowding degree" indicator developed by the Xingsheng Strategy Team, which reflects the trading sentiment of popular sectors through four dimensions: volume, price, funds, and analyst forecasts. This indicator is used to quantitatively track market sentiment changes and has significant implications for short-term stock price movements [1][2][3]. Group 1: Market Sentiment Analysis - The crowding degree has shown a shift in major sectors, with some dividend and consumer sectors reaching high levels, while many popular themes have seen their crowding degree drop to moderate or even low levels [5][119]. - The TMT (Technology, Media, and Telecommunications) sector shows varying crowding levels, with specific components like optical fiber and cable at a high level, while servers and computing devices are at a lower level [10][13][21][31][38]. Group 2: Sector-Specific Crowding Levels - In the manufacturing sector, the crowding degree for passenger vehicles and lithium batteries is low, while hydrogen energy is at a moderate high level [50][51][172]. - The financial and real estate sectors show a high crowding degree in real estate, while banks and insurance are at moderate high levels [213][216][217]. - The cyclical sector indicates a high crowding degree in coal and petrochemicals, with steel at a moderate high level [55][56][60][229].