Group 1 - The core point of the news is that Shaanxi Black Cat Co., Ltd. experienced a stock price increase of 5.58%, reaching 4.35 CNY per share, with a trading volume of 308 million CNY and a turnover rate of 3.65%, resulting in a total market capitalization of 8.885 billion CNY [1] - Shaanxi Black Cat focuses on the production and sales of coking products, coal chemical products, and coal products, with its main business revenue composition being: coke 72.06%, tar 6.15%, LNG 5.78%, fine coal 3.51%, synthetic ammonia 3.42%, crude benzene 3.14%, methanol 2.80%, BDO 0.95%, medium coal 0.92%, and other products 1.28% [1] Group 2 - Among the top ten circulating shareholders of Shaanxi Black Cat, a fund under Southern Fund has increased its holdings in the Southern CSI 1000 ETF (512100) by 142,470 shares in the second quarter, now holding 7,544,600 shares, which accounts for 0.37% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a current scale of 64.953 billion CNY, with a year-to-date return of 25.99% and a one-year return of 28.04% [2]

Group 1 - The core point of the news is the significant increase in the stock price of Shaanxi Black Cat Coking Co., Ltd., which rose by 5.58% to 4.35 CNY per share, with a trading volume of 307 million CNY and a turnover rate of 3.64%, resulting in a total market capitalization of 8.885 billion CNY [1] - Shaanxi Black Cat focuses on the production and sales of coking products, coal chemical products, and coal products, with its main business revenue composition being: coke 72.06%, tar 6.15%, LNG 5.78%, fine coal 3.51%, synthetic ammonia 3.42%, crude benzene 3.14%, methanol 2.80%, BDO 0.95%, medium coal 0.92%, and other products 1.28% [1] Group 2 - Among the top ten circulating shareholders of Shaanxi Black Cat, Huashang Fund has a fund that entered the list, specifically Huashang Selected Return Mixed A (010761), which holds 7.9194 million shares, accounting for 0.39% of the circulating shares, with an estimated floating profit of approximately 1.8215 million CNY [2] - Huashang Selected Return Mixed A (010761) was established on January 19, 2021, with a latest scale of 2.261 billion CNY, achieving a year-to-date return of 44.36%, ranking 1451 out of 8226 in its category, and a one-year return of 40.79%, ranking 1583 out of 8099 [2] Group 3 - The fund managers of Huashang Selected Return Mixed A (010761) are Yu Yi, Sun Wei, and Cui Zhipeng, with their respective management tenures and performance metrics detailed as follows: Yu Yi has managed for 3 years and 46 days with a best return of 75.65% and a worst return of -2.66%; Sun Wei has managed for 2 years and 298 days with a best return of 65.96% and a worst return of -11.43%; Cui Zhipeng has managed for 1 year and 299 days with a best return of 67.38% and a worst return of -0.47% [3]

Core Viewpoint - The article discusses the ongoing challenges in the coal market in Wuhai, Inner Mongolia, particularly focusing on the impact of environmental inspections and production stoppages on coking coal supply, with expectations of a supply gap in November [3][19]. Group 1: Market Conditions - Since May, Wuhai's coal mines have been under scrutiny due to environmental inspections, leading to significant production stoppages [3][7]. - Wuhai's coal production capacity is around 40 million tons annually, but the region is not considered a high-output area nationally [5]. - The coking coal produced in Wuhai is primarily high-quality, but recent price declines have reduced its competitiveness compared to Shanxi coal [5][19]. Group 2: Production Challenges - Most open-pit coal mines in Wuhai have been shut down for several months due to complex reasons, including capacity consolidation and stringent environmental checks [8][12]. - The ongoing environmental inspections began in late June, with a focus on addressing previously identified issues [8][12]. - The combination of production constraints and high operational costs has led to many private mines experiencing financial losses [9][12]. Group 3: Coking Coal Supply and Demand - The coking coal supply from Wuhai is expected to remain low, with a significant supply gap anticipated in November due to ongoing production issues [12][19]. - Local coking plants are currently operating at low inventory levels, with raw material coal availability ranging from 5 to 15 days [13][19]. - The reliance on imported Mongolian coal has been affected by political instability in Mongolia, leading to reduced import volumes [16][18]. Group 4: Future Outlook - The article predicts that the supply of coking coal in Inner Mongolia will be difficult to increase in the short term, with a cumulative supply gap expected by November [19]. - The overall coal and coke inventory in Wuhai is low, and the market is consuming previously accumulated high-priced inventory [13][19]. - The potential for price increases in coking coal is limited, as downstream steel mills are also facing profitability challenges [19].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On October 23, the JM2601 contract closed at 1258.5, up 5.14%. The spot price of Tangshan Meng 5 coking coal was reported at 1460, equivalent to 1240 on the futures market. Due to political unrest in Mongolia affecting port clearance vehicle numbers and supply - side disturbances, the market sentiment was positive. The mine - end开工率 declined due to safety inspections, with neutral inventory, while the coal washery开工率 increased for two consecutive weeks, and inventory was expected to rise seasonally. Technically, the daily K - line was above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range volatile operation [2]. - On October 23, the J2601 contract closed at 1768.0, up 4.21%. The coke price increase was implemented on October 1. In terms of the macro - aspect, the EU's 19th round of sanctions against Russia would include four companies involved in circumventing Western sanctions in the Chinese oil industry. In terms of fundamentals, the hot metal output this period was 240.95 tons, a decrease of 0.59 tons, with high - level fluctuations. The total coke inventory was higher than the same period. The average profit per ton of coke for 30 independent coking plants was - 13 yuan/ton. Technically, the daily K - line was above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range volatile operation driven by costs [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价 was 1258.50 yuan/ton, up 49.00; J主力合约收盘价 was 1768.00 yuan/ton, up 58.50 [2]. - JM期货合约持仓量 was 939022.00 hands, up 106904.00; J期货合约持仓量 was 49180.00 hands, up 1686.00 [2]. - The net position of the top 20 JM contracts was - 47469.00 hands, up 30131.00; the net position of the top 20 J contracts was - 3935.00 hands, up 19.00 [2]. - The JM5 - 1 month contract spread was 66.50 yuan/ton, down 8.50; the J5 - 1 month contract spread was 128.00 yuan/ton, down 17.00 [2]. - The JM warehouse receipt was 100.00 (down 100.00); the J warehouse receipt was 2070.00 (unchanged) [2]. - The price of Ganqimao Du Meng 5 raw coal increased by 6.00 yuan/ton [2]. 3.2 Spot Market - The price of Russian main coking coal forward spot (CFR) was 155.00 US dollars/wet ton, up 2.50 [2]. - The price of Rizhao Port quasi - first - grade metallurgical coke was 1520.00 yuan/ton, unchanged; the price of Tianjin Port first - grade metallurgical coke was 1620.00 yuan/ton, unchanged; the price of Tianjin Port quasi - first - grade metallurgical coke was 1520.00 yuan/ton, unchanged [2]. - The price of Jingtang Port Australian imported main coking coal was 1570.00 yuan/ton, unchanged; the price of Jingtang Port Shanxi - produced main coking coal was 1710.00 yuan/ton, unchanged; the price of Shanxi Jinzhong Lingshi medium - sulfur main coking coal was 1450.00 yuan/ton, unchanged; the ex - factory price of Inner Mongolia Wuhai - produced coking coal was 1230.00 yuan/ton, unchanged [2]. - The JM主力合约基差 was 191.50 yuan/ton, down 49.00; the J主力合约基差 was - 48.00 yuan/ton, down 58.50 [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washeries was 26.70 million tons, up 0.60; the weekly inventory of clean coal from 314 independent coal washeries was 289.60 million tons, down 0.80 [2]. - The weekly capacity utilization rate of 314 independent coal washeries was 0.37%, up 0.01; the monthly raw coal output was 41150.50 million tons, up 2100.80 [2]. - The monthly import volume of coal and lignite was 4600.00 million tons, up 326.00; the daily average output of raw coal from 523 coking coal mines was 191.00 million tons, down 5.10 [2]. - The weekly inventory of imported coking coal at 16 ports was 488.16 million tons, down 19.31; the weekly inventory of coking coal at independent coking enterprises (full - sample) was 997.37 million tons, up 38.31; the weekly inventory of coke at 18 ports was 252.65 million tons, up 0.06; the weekly inventory of coke at independent coking enterprises (full - sample) was 57.29 million tons, down 6.55 [2]. - The weekly inventory of coking coal at 247 steel mills nationwide was 788.32 million tons, up 7.19; the weekly inventory of coke at 247 sample steel mills was 639.44 million tons, down 11.38 [2]. 3.4 Industry Situation - The weekly available days of coking coal for independent coking enterprises (full - sample) was 12.90 days, up 0.24; the weekly available days of coke for 247 sample steel mills was 11.19 days, down 0.23 [2]. - The monthly import volume of coking coal was 1092.36 million tons, up 76.14; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 [2]. - The monthly output of coking coal was 3696.86 million tons, down 392.52; the weekly capacity utilization rate of independent coking enterprises was 75.18%, up 0.05 [2]. - The weekly profit per ton of coke for independent coking plants was - 13.00 yuan/ton, down 22.00 [2]. - The monthly output of coke was 4255.60 million tons, down 4.10 [2]. 3.5 Downstream Situation - The weekly blast furnace start - up rate of 247 steel mills nationwide was 84.25%, unchanged; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.31%, down 0.22 [2]. - The monthly crude steel output was 7349.01 million tons, down 387.84 [2]. 3.6 Industry News - Some open - pit coal mines in Wuhai and Qipanjing stopped production due to slope treatment and resource restructuring. With stricter environmental inspections, the shipment of operating coal mines was restricted, but the impact on output was small. The safety inspection in Qipanjing affected production, reducing the supply of raw coking coal in the Wuhai market. The online auction of coal showed a premium, and the price of clean coal was planned to increase [2]. - Political unrest in Mongolia affected port clearance vehicle numbers, causing supply - side disturbances and positive market sentiment [2]. - The EU's 19th round of sanctions against Russia would include four companies involved in circumventing Western sanctions in the Chinese oil industry [2].

Core Viewpoint - During the "14th Five-Year Plan" period, Jinzhong City has achieved significant progress in transforming its economy, focusing on high-quality development through industrial structure optimization, traditional industry upgrades, new momentum cultivation, and energy reforms [1][3]. Industrial Structure Optimization - Jinzhong City aims to build a modern industrial system characterized by high-end, intelligent, and green development, with a focus on professional and integrated service industry expansion [3]. - By 2024, the contribution of the three major industries to the city's GDP is projected to be 6.3:42.8:51, with the industrial sector's share increasing by 2.3 percentage points compared to 2020 [3]. Traditional Industry Upgrades - The city is leveraging its resource endowments to accelerate the digital transformation of coal mining and eliminate outdated coking capacities, transitioning from traditional manufacturing to advanced intelligent manufacturing [3]. - By 2024, advanced capacities in coal and coking industries are expected to reach 98% and 100%, respectively [4]. - The annual growth rates for industries such as casting, steel, and glass have been 13.5%, 12.7%, and 8.5%, respectively, outpacing the average growth rate of regulated industries [4]. New Momentum Cultivation - Jinzhong City is fostering new production capacities in emerging industries such as new energy vehicles and new materials [4]. - A total of 244,000 new energy vehicles have been produced, accounting for 78.3% of the province's total, establishing the longest and most comprehensive industrial chain in the province [4]. - The new materials industry, primarily based on carbon materials, has seen an annual growth rate of 15.8%, becoming the largest and most robust strategic emerging industry in the city [4]. Energy Reform - The city is actively promoting a green and low-carbon energy transition, with rapid development in photovoltaic and wind energy sectors, and a burgeoning energy storage industry [4]. - By the end of 2024, the total installed capacity of renewable and clean energy is expected to reach 7.85 million kilowatts, making up 57% of the total installed capacity, an increase of 26.5 percentage points from the end of 2021 [4]. Overall Assessment - The "14th Five-Year Plan" period has seen simultaneous improvements in the quality and efficiency of Jinzhong City's transformation, significantly enhancing industrial resilience and vitality, laying a solid foundation for comprehensive high-quality development [4].

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: October 22, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price and Production Data - **Coke Prices**: - Shanxi quasi - first wet - quenched coke price 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] - Hebei quasi - first dry - quenched coke price 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] - Shandong quasi - first dry - quenched coke price 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] - Jiangsu quasi - first dry - quenched coke price 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] - Inner Mongolia second - grade coke price 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 Utilization Rates**: - 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] - Daily average hot metal production 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] - Coking plant 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] - Daily average coke production 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] Group 3: Inventory Data - **Inventory Quantities**: - 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] - 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] - 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] - **Inventory Days**: - 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] Group 4: Futures Market Data - **Futures Prices**: - Futures contract 05 price is 1837.5, with a daily decrease of 27.00, a weekly increase of 56.00, a monthly increase of 88.00, and a year - on - year decrease of 11.15% [2] - Futures contract 09 price is 1917.5, with a daily decrease of 28.50, a weekly increase of 53.00, a monthly increase of 417.50, and a year - on - year decrease of 9.68% [2] - Futures contract 01 price is 1691.5, with a daily decrease of 27.50, a weekly increase of 56.00, a monthly increase of 77.50, and a year - on - year decrease of 15.15% [2] - **Basis and Spread**: - 05 basis is - 66.11, with a daily increase of 27.00, a weekly decrease of 56.00, a monthly decrease of 88.00, and a year - on - year decrease of 259.20 [2] - 09 basis is - 146.11, with a daily increase of 28.50, a weekly decrease of 53.00, a monthly decrease of 417.50, and a year - on - year decrease of 284.20 [2] - 01 basis is 79.89, with a daily increase of 27.50, a weekly decrease of 56.00, a monthly decrease of 77.50, and a year - on - year decrease of 187.70 [2] - 5 - 9 spread is - 146.00, with a daily decrease of 0.50, no weekly change, a monthly decrease of 10.50, and a year - on - year decrease of 71.50 [2] - 9 - 1 spread is - 80.00, with a daily increase of 1.50, a weekly increase of 3.00, a monthly decrease of 329.50, and a year - on - year decrease of 25.00 [2] - 1 - 5 spread is 226.00, with a daily decrease of 1.00, a weekly decrease of 3.00, a monthly increase of 340.00, and a year - on - year increase of 96.50 [2]

Report Industry Investment Ratings - Thread steel, hot-rolled coil, iron ore, ferrosilicon, and silicomanganese: ★★★, indicating a clearer long trend and relatively appropriate investment opportunities currently [1] - Coke and coking coal: ★☆☆, suggesting a bullish bias, with a driving force for price increase but poor operability on the market [1] Core Viewpoints - The steel market is generally weak, with the overall domestic demand remaining weak and the rebound momentum of the market being insufficient. It is expected to continue the volatile trend in the short term [2] - The iron ore market is expected to fluctuate at a high level, with concerns about negative feedback in the industrial chain still existing, but there are also certain expectations for policy benefits [3] - The coke and coking coal markets are likely to be more prone to rising than falling, with relatively strong support near the previous lows [4][5] - The silicomanganese and ferrosilicon markets are in a narrow - range oscillation, and attention should be paid to external trade frictions and steel tender information [6][7] Summary by Related Catalogs Steel - The daily market fluctuated mainly. The apparent demand for thread steel rebounded significantly month - on - month but remained weak year - on - year. The output continued to decline, and the inventory decreased. The demand for hot - rolled coil also recovered, with a slight decline in output and a slowdown in inventory accumulation. The iron - making water output decreased slightly but remained at a high level. The downstream carrying capacity was insufficient, and the negative feedback expectation in the industrial chain continued to ferment. The real estate investment continued to decline significantly in September, and the growth rates of infrastructure and manufacturing investment continued to fall. The overall domestic demand was weak, and steel exports remained high. The market rebound momentum was insufficient, and it was expected to continue the volatile trend in the short term [2] Iron Ore - The market fluctuated on the day. On the supply side, the global shipment of iron ore increased month - on - month and was stronger than the same period last year. The domestic arrival volume decreased from a high level but was still stronger than the annual average and the same period last year, and the port inventory increased significantly. On the demand side, the apparent demand for steel improved month - on - month but was still at a low level year - on - year. The iron - making water output decreased slightly from a high level. As the terminal peak season ended and the steel mill profits shrank to a low level, the pressure on iron - making water production cuts increased. There were still concerns about negative feedback in the industrial chain due to repeated external trade frictions, but there were also expectations for policy benefits [3] Coke - The price fluctuated downward during the day. The second round of price increase for coking started. The coking profit was average, and the daily output decreased slightly. The coke inventory continued to decline slightly. Currently, downstream customers purchased on demand in small quantities and mainly consumed inventory, and the purchasing willingness of traders was average. Overall, the supply of carbon elements was abundant, and the high - level downstream iron - making water provided support. The support near the previous low was relatively strong. The coke market price was slightly higher than the spot price, and there were expectations for an increase in coke costs due to the safety production assessment in the main coking coal production areas, so the price was likely to be more prone to rising than falling [4] Coking Coal - The price fluctuated downward during the day. The output of coking coal mines increased slightly, the spot auction transactions improved, and the transaction prices mainly increased. The terminal inventory increased. The total coking coal inventory increased slightly month - on - month, and the production - end inventory decreased slightly. The output did not increase significantly after the holiday. Overall, the supply of carbon elements was abundant, and the high - level downstream iron - making water provided support. The support near the previous low was relatively strong. The coking coal market price was slightly lower than the Mongolian coal price, and there were expectations for safety production assessments in the main coking coal production areas, so the price was likely to be more prone to rising than falling [5] Silicomanganese - The price oscillated in a narrow range during the day. Attention should be paid to the tender pricing information of a large steel mill in the north. The current inquiry price was 5800 yuan/ton, a decrease of 200 yuan/ton compared with the transaction price in September. On the demand side, the iron - making water output remained at a high level. The weekly output of silicomanganese decreased slightly but remained at a high level, and the inventory decreased slightly. The long - term demand was still good. The quoted price of manganese ore during the shipping period increased slightly month - on - month, and the spot ore was boosted by the market. The manganese ore inventory decreased slightly, and the contradiction was not prominent. Attention should be paid to the impact of external trade frictions [6] Ferrosilicon - The price oscillated in a narrow range during the day. Attention should be paid to the steel tender information. On the demand side, the iron - making water output remained at a high level. The export demand remained at about 30,000 tons, with a marginal impact. The output of magnesium metal increased slightly month - on - month, and the secondary demand increased marginally. The overall demand was acceptable. The supply of ferrosilicon remained at a high level, and the on - balance - sheet inventory continued to decline. Attention should be paid to the impact of external trade frictions [7]

Group 1 - The core point of the news is that Shaanxi Black Cat Coking Co., Ltd. experienced a stock price increase of 5.19%, reaching 4.46 CNY per share, with a trading volume of 617 million CNY and a turnover rate of 7.18%, resulting in a total market capitalization of 9.11 billion CNY [1] - Shaanxi Black Cat was established on November 18, 2003, and went public on November 5, 2014. The company primarily engages in the production and sales of coking products, coal chemical products, and coal products [1] - The main revenue composition of Shaanxi Black Cat includes coke at 72.06%, coal tar at 6.15%, LNG at 5.78%, and other products contributing smaller percentages [1] Group 2 - From the perspective of the top ten circulating shareholders, Southern Fund's Southern CSI 1000 ETF (512100) increased its holdings by 142,470 shares in the second quarter, now holding 754,460 shares, which accounts for 0.37% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.95 billion CNY. Year-to-date returns are 22.89%, ranking 2070 out of 4218 in its category [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 350 days, with a total asset scale of 94.976 billion CNY [3]

Core Insights - Shaanxi Black Cat Coking Co., Ltd. experienced a stock price increase of 5.19%, reaching 4.05 CNY per share, with a trading volume of 309 million CNY and a turnover rate of 3.82%, resulting in a total market capitalization of 8.272 billion CNY [1] Company Overview - Shaanxi Black Cat was established on November 18, 2003, and went public on November 5, 2014. The company is located in the Yellow River Mining Building in Hancheng, Shaanxi Province [1] - The company's main business includes the production and sale of coking products, coal chemical products, and coal products. The revenue composition is as follows: - Coking coal: 72.06% - Coal tar: 6.15% - LNG: 5.78% - Coking coal: 3.51% - Synthetic ammonia: 3.42% - Crude benzene: 3.14% - Methanol: 2.80% - BDO: 0.95% - Medium coal: 0.92% - Other: 0.78% - Other product revenue: 0.50% [1] Shareholder Information - Huashang Fund has a presence among the top ten circulating shareholders of Shaanxi Black Cat, with the Huashang Selected Return Mixed A Fund (010761) newly entering the top ten in the second quarter, holding 7.9194 million shares, which is 0.39% of the circulating shares. The estimated floating profit today is approximately 1.5839 million CNY [2] - The Huashang Selected Return Mixed A Fund was established on January 19, 2021, with a current scale of 2.261 billion CNY. Year-to-date returns are 37.8%, ranking 1470 out of 8234 in its category; the one-year return is 39.96%, ranking 1670 out of 8095; and since inception, the return is 99.71% [2]

Core Points - Hebei Province has issued measures to support key industries in achieving A-level environmental performance and becoming leading enterprises [1] - The measures aim to encourage technological innovation, equipment upgrades, and management innovation in industries such as coking and steel [1] Summary by Sections Environmental Supervision - The measures emphasize optimizing supervision through non-site inspections for "leading enterprises" [1] - Pollution discharge controls will be relaxed for "leading enterprises," with no unnecessary restrictions on total emissions, concentration, and waste gas discharge [1] Support for Leading Enterprises - Leading enterprises in industries like coking and cement will receive scientifically determined coal usage quotas to ensure stable production [1] - Green credit support will be prioritized for "leading enterprises" [1] Recognition and Incentives - "Leading enterprises" will be given priority in evaluations for specialized, innovative, and green factory designations [1] - They will also be recommended for awards such as the "Hebei Province May Day Labor Medal" under qualifying conditions [1] Initial Recognition - The first batch of 10 key industry enterprises recognized for A-level environmental performance includes Hebei Xinxing Energy Technology Co., Ltd. in the coking sector [1]