Group 1 - China Coal Energy Co., Ltd. announced the issuance of technology innovation corporate bonds for professional investors, with the first phase set to pay interest on March 12, 2026 [1] - The first type of bond, referred to as 25 Zhongmei K1, has a coupon rate of 2.33%, with a face value of 1,000 yuan and an interest payment of 23.30 yuan (including tax) [1] - The second type of bond, referred to as 25 Zhongmei K2, has a coupon rate of 2.60%, with a face value of 1,000 yuan and an interest payment of 26.00 yuan (including tax) [1]

Group 1 - The company, China Coal Energy Co., Ltd., announced the issuance of technology innovation corporate bonds aimed at professional investors, with the first phase set to pay interest on March 12, 2026 [1] - The first type of bond, referred to as 25 Zhongmei K1, has a coupon rate of 2.33%, with a face value of 1,000 yuan and an interest payment of 23.30 yuan (including tax) [1] - The second type of bond, referred to as 25 Zhongmei K2, has a coupon rate of 2.60%, with a face value of 1,000 yuan and an interest payment of 26.00 yuan (including tax) [1]

近年来，我国矿山安全生产形势总体持续向好，煤矿百万吨死亡率不断降低，目前已降至0.05左右。相关数据显示，20 2 5年，中 国原煤产量48.3亿吨，持续保持第一大能源的同时，矿山安全事故遇难人数同比下降6. 1%，较大事故起数和遇难人数同比分别下 降6 .3%和17.1%。整体看，中国矿山安全生产形势呈现出"总体平稳"与"局部承压"并存的态势。 煤炭作为国家能源安全的"压舱石"，其稳定供应关乎发展全局。随着浅部资源枯竭，煤矿正以年均10—25米速度向深部延伸，目 前平均采深已近5 00米。然而随着采深增加，水、火、瓦斯、冲击地压等多灾害耦合突发，传统风险与新兴技术挑战交织。以两淮 矿区为例，深部开采比例高、地质构造复杂、新旧系统并存，风险防控难度尤为突出。 全国两会期间， 全国人大代表、中国工程院院士、安徽理工大学校长袁亮 在接受《中国能源报》记者采访时强调，在矿山向深部 化、复杂化发展的背景下，构建全场景智能安全治理体系，推动矿山安全从经验驱动向数据驱动、从被动响应向主动响应转型， 对提升行业本质安全水平至关重要。 为此，袁亮建议加强矿山安全顶层设计与数据标准体系建设。将AI驱动矿山安全升级确立为国家战略 ...

Report Industry Investment Ratings - **螺纹**: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - **热卷**: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - **铁矿**: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity [1] - **焦炭**: ★☆☆, indicating a bullish bias but poor operability on the market [1] - **焦煤**: ★☆☆, indicating a bullish bias but poor operability on the market [1] - **硅锰**: ★☆☆, indicating a bullish bias but poor operability on the market [1] - **硅铁**: ★☆☆, indicating a bullish bias but poor operability on the market [1] Core Views - The steel market is in a shrinking and volatile pattern, with the overall weak domestic demand and high steel exports. The iron ore market is expected to be volatile, with an improved demand but a strong expectation of supply surplus. The coke and coking coal markets are affected by the overall market sentiment and the "anti - involution" policy expectations, and may rise. The silicon manganese and silicon iron markets are likely to be strongly volatile, affected by international conflicts and policy expectations [2][3][4][6][7][8] Summary by Related Catalogs Steel - The steel futures market fluctuates. The apparent demand for rebar continues to recover slowly, production increases, and inventory accumulates. The supply and demand of hot - rolled coils both decline, and inventory accumulates with greater pressure. The iron - water production has rebounded after the Spring Festival, but the recovery may be slow due to poor steel mill profits and production - restriction expectations during the conference. The domestic demand is weak, and steel exports remain high. The market is cautious, and the market continues to shrink and fluctuate [2] Iron Ore - The iron ore futures market rises. The global shipment volume is high, and the domestic port inventory is increasing. The terminal demand has improved marginally, but the expectation of supply surplus is still strong. Geopolitical conflicts support the cost. The market is expected to be volatile, and policy signals around the important conference should be noted [3] Coke - The coke price fluctuates. The first - round price cut has basically been implemented. Coking profits are average, and daily production slightly increases. Coke inventory slightly decreases, and traders' purchasing willingness is average. The carbon element supply is abundant, and the downstream iron - water production is at a low level. The coke futures price is at a premium, and the market expects "anti - involution" policies. The price may rise driven by coking coal, and geopolitical conflicts should be noted [4] Coking Coal - The coking coal price fluctuates. Geopolitical conflicts may cause concerns about the coal - chemical industry. The Mongolian coal customs clearance volume is 1492 vehicles. The terminal inventory has significantly decreased and may need to be replenished after the Spring Festival. The total coking coal inventory has decreased significantly. The coking coal futures price is at a premium to Mongolian coal, and the market expects "anti - involution" policies. The price has changed from a weak state, and geopolitical conflict news should be noted [6] Silicon Manganese - The silicon manganese price fluctuates. International conflicts are beneficial to the cost of silicon manganese by affecting the manganese ore shipping cost. The spot manganese ore price has slightly increased, and the port inventory is increasing. The iron - water production is slowly increasing, and the weekly production of silicon manganese slightly increases. The inventory slightly increases. The market has strong expectations for the next - month's conference policy, and international conflict news should be noted. The price is likely to be strongly volatile [7] Silicon Iron - The silicon iron price fluctuates. The electricity price in Inner Mongolia has increased, and the semi - coke price has slightly decreased. The main production areas are still in a loss state. The iron - water production is at a low level, and the export demand is over 30,000 tons. The metal magnesium production is increasing, and the demand has resilience. The supply changes little, and the inventory slightly decreases. The market has strong expectations for the next - month's conference policy, and international conflict news should be noted. The price is likely to be strongly volatile [8]

Core Insights - The report highlights the importance of expanding domestic demand as a strategic focus for China's economic growth, emphasizing the need to boost consumption and develop a strong domestic market [3] - It also underscores the significance of technological innovation, particularly in achieving self-sufficiency in core technologies during the 14th Five-Year Plan period [3][4] - The report projects that China's middle-income group may exceed 800 million people in the next decade, positioning China as an attractive investment destination for foreign investors [3] Economic Outlook - The government aims for an economic growth target of 4.5%-5% for 2026, with a focus on job creation and maintaining a stable urban unemployment rate of around 5.5% [3] - The expected consumer price increase is around 2%, with a target for grain production set at approximately 1.4 trillion jin [3] - The fiscal deficit is projected to be around 4% of GDP, with a deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year [3] Industry Insights - The coal industry is experiencing fluctuations, with coking coal prices showing a decrease while futures prices have risen due to geopolitical tensions [8][9] - As of March 2, 2026, the comprehensive coking coal price index in China was reported at 1457.56 yuan/ton, reflecting a month-on-month decrease of 1.52% [8] - Coking coal inventories at major ports have decreased, indicating a tightening supply situation, with total inventories down by 5.15% month-on-month [9] Company Updates - Muxi Co. is expected to report a net loss of between 90.76 million yuan and 181.51 million yuan for Q1 2026, although this represents a reduction in losses compared to the previous year [7] - Shanghai Electric has received approvals for two offshore wind power projects, indicating ongoing investment in renewable energy [7] - Debang Co. has applied for voluntary delisting from the Shanghai Stock Exchange, reflecting strategic shifts within the company [7]

【冠通期货研究报告】 焦炭日报：震荡偏强 发布日期：2026 年 3 月 5 日 焦炭自身基本面矛盾不大，本周铁水产量有所增加，重要会议期间继续关注 钢厂检修力度。宏观层面今天政府工作报告再提"反内卷"，政策预期仍存。综 合来看，焦炭短期震荡偏强，低多思路对待，关注前低附近支撑和前高附近压力。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 冠通期货 沈桂伟 执业资格证书编号：F03099907/Z0020265 【行情分析】 焦炭库存，截至 2 月 27 日全国 230 家独立焦企焦炭库存增加 7.54 万吨至 107.82 万吨，处于 8 个月高位，港口焦炭库存微降 2.16 万吨至 261.7 万吨，钢 厂焦炭库存下降 13.5 万吨至 675.11 万吨，综合库存走低 0.77%至 1044.63 万吨， 止步 9 连增。 利润方面，春节假期焦炭价格保持稳定，本周全国 30 家独立焦化厂吨焦盈 利持稳于-8 元/吨，且各地区吨焦盈利基本保持不变。 下游需求，春节假期结束，钢厂复工复产情况增加，供应有所回升。本周 247 家钢厂高炉开工率环比增加 0.09%至 ...

Macro Economic Background - Domestic consumption during the Spring Festival showed strong performance, with a 6.7% year-on-year increase in cross-regional personnel flow during the holiday period from February 7 to February 26, 2026 [11] - Retail and catering enterprises reported a daily sales increase of 8.6% year-on-year in the first four days of the holiday, with significant growth in smart wearable devices and duty-free sales in Hainan [11] - Real estate sales improved, with a 25.5% year-on-year increase in average daily transaction area of commercial housing in 30 major cities during the Spring Festival [11] - The box office revenue for the Spring Festival period decreased by 40% year-on-year, indicating a decline in movie-going enthusiasm [11] A-Share Market - In February, the A-share market experienced a high-level consolidation with a focus on small-cap and dividend stocks [8] - The market is expected to shift from a valuation expansion phase to a performance-driven phase as the "Two Sessions" policy discussions unfold [3] - The market is likely to focus on policy expectations and external geopolitical risks in March, with a potential rebound in economic data following the Spring Festival [3] Fixed Income Market - In February, bond market yields trended downward, with a focus on structural opportunities as the 10-year government bond yield is expected to remain above 1.80% [8] - The bond market may face profit-taking pressure, and investors are advised to look for specific opportunities [3] Currency Exchange Rates - The US dollar index is expected to fluctuate weakly, with increased volatility anticipated [8] - The Chinese yuan is expected to maintain a strong oscillation, although geopolitical uncertainties may lead to increased volatility [3] Overseas Markets - The US stock market is projected to exhibit a fluctuating pattern, with attention on the evolution of AI narratives [8] - The bond yields in the US are expected to have limited downward space in the short term, influenced by changes in risk aversion sentiment [3] - The Hong Kong stock market is likely to remain under pressure from external sentiments, with a significant pullback in the Hang Seng Technology Index [3] Commodities - The geopolitical situation in the Middle East may drive oil prices up in the short term, but there is a risk of a significant price drop if conflicts do not persist [4] - Gold prices are expected to remain strong in the short term due to ongoing geopolitical risks, with a long-term upward trend anticipated [4] - Copper prices are expected to rise as macroeconomic fundamentals improve [4]

Group 1: Report Industry Investment Ratings - No information provided Group 2: Core Views of the Report - For steel, the spot market has a slow start with price stability, and the profit of steel mills exists, but the actual resumption of production may be slow. It is not recommended to take unilateral or trend opportunities, and a cash-and-carry position can be operated based on the basis [2]. - For ferrosilicon and silicomanganese, the price rebounds due to supply disturbances and cost increases, but the fundamentals are weak with high inventory and strong resistance to price increases. It is not recommended to chase long positions [3]. - For coking coal and coke, the first round of coke price cuts has begun, and the supply recovers faster than demand. It is recommended to wait and see for unilateral positions and establish cash-and-carry positions on the 05 contract [5]. - For iron ore, the impact of the geopolitical conflict is mainly on market sentiment. It is not recommended to short at low prices, and medium - and long - term investors can enter short positions at pressure levels [6]. Group 3: Summary by Related Catalogs Futures Market - On March 4, the closing prices of far - month contracts for RB2610, HC2610, 12609, J2609, JM2609 were 3100.00, 3232.00, 731.50, 1748.00, 1198.50 respectively, with corresponding changes of - 2.00, 0.00, 1.50, 11.00, 0.00 and changes in percentage of - 0.06%, 0.00%, 0.21%, 0.63%, 0.00% [1]. - The closing prices of near - month contracts for RB2605, HC2605, 12605, J2605, JM2605 on March 4 were 3071.00, 3212.00, 752.00, 1672.00, 1097.00 respectively, with corresponding changes of 4.00, 0.00, 3.00, 11.00, - 2.50 and changes in percentage of 0.13%, 0.00%, 0.40%, 0.66%, - 0.23% [1]. - The cross - month spreads on March 4 for RB2605 - 2610, HC2605 - 2610, 12605 - 2609, J2605 - 2609, JM2605 - 2609 were - 29.00, - 20.00, 20.50, - 76.00, - 101.50 respectively, with corresponding changes of 2.00, - 1.00, 0.00, 0.00, - 6.50 [1]. - The spreads, ratios and profits on March 4 for roll - screw spread, screw - ore ratio, coal - coke ratio, screw disk profit, coking disk profit were 141.00, 4.08, 1.52, - 63.55, 212.99 respectively, with corresponding changes of - 4.00, 0.00, 0.02, 10.48, 17.90 [1]. Spot Market - On March 4, the spot prices of Shanghai screw, Tianjin screw, Guangzhou screw, Tangshan billet, and Platts Index were 3170.00, 3110.00, 3390.00, 2910.00, 100.20 respectively, with corresponding changes of 0.00, 0.00, - 10.00, 0.00, - 0.35 [1]. - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, Guangzhou hot - rolled coil, billet - material spread, Rizhao Port: PB on March 4 were 3210.00, 3230.00, 3220.00, 260.00, 750.00 respectively, with corresponding changes of - 50.00, - 40.00, 0.00, 0.00, - 3.00 [1]. - The spot prices of Ganqimao coking coal, Qingdao Port quasi - first - grade coke, and Qingdao Port: PB on March 4 were 640.00, 1480.00, 750.00 respectively, with corresponding changes of 0.00, 0.00, - 5.00 [1]. - The basis on March 4 for HC main contract, RB main contract, main contract, J main contract, JM main contract were - 2.00, 99.00, 33.00, - 45.60, 113.00 respectively, with corresponding changes of - 43.00, 3.00, 0.00, 22.00, 10.00 [1]. Investment Strategies - For steel, take a wait - and - see approach for unilateral positions and wait for the basis to fall before establishing cash - and - carry positions [2][7]. - For ferrosilicon and silicomanganese, gradually take profits on previous long positions, and industrial customers should hedge at high prices [3][7]. - For coking coal and coke, take a wait - and - see approach for unilateral positions and establish cash - and - carry positions on the 05 contract when the price rebounds [5][7]. - For iron ore, enter short positions at pressure levels [6][7].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The coking coal market is currently in a situation where the industry trend is downward but the macro - environment is upward. The domestic coking coal market faces dual pressures of total supply and structural demand, but factors like the continuation of the global commodity cycle, geopolitical conflicts, and the rise of resource nationalism will support coal prices, and the rhythm needs to be grasped. Coking coal prices are expected to have limited downward movement in the short - term. [4] - Coking coal prices are expected to have limited downward movement in the short - term. For JM2605, the support level is around 1050 - 1060 yuan/ton, and the pressure level is around 1160 - 1170 yuan/ton [4]. - Coke has started the first round of price reduction, which is expected to be implemented on Friday. Along with the weakening of coking coal, the coke futures price has followed the downward trend. The overall energy attribute of coking coal and coke has increased, mainly affecting the sentiment rather than the fundamentals. If oil prices remain high, it will also support coal as a whole. In the future, the coke supply side will face stronger constraints, the pressure to eliminate low - end production capacity will increase, and coking profit is expected to continue to improve [5]. - Coke is under short - term pressure, but the downward space is expected to be limited. Hedging orders can be held, and speculative strategies can consider buying on dips. For the 05 contract, the short - term support level is around 1600 - 1650 yuan/ton, and the upper pressure level is around 1850 - 1900 yuan/ton [6]. 3. Summary According to the Directory 3.1 First Part: Trading Strategies and Spot - Futures Market Conditions 3.1.1 Trading Strategies - Coking coal: Consider buying on dips near the support level. The support for JM2605 is in the range of 1050 - 1060 yuan/ton, and the upper pressure is in the range of 1250 - 1260 yuan/ton, due to the support from factors such as the global commodity cycle, geopolitical conflicts, and resource nationalism [8]. - Coke: Consider buying on dips near the support level. The support for the 05 contract is in the range of 1600 - 1650 yuan/ton, and the upper pressure is in the range of 1850 - 1900 yuan/ton, as the future supply side will face stronger constraints and coking profit is expected to improve [8]. 3.1.2 Domestic Prices - Futures: The prices of coking coal and coke are oscillating downward. The J2605 contract closed at 1672.00 yuan, a decrease of 22.00 yuan compared to the previous period; the JM2605 contract closed at 1097.00 yuan, a decrease of 30.00 yuan compared to the previous period [8]. - Domestic Spot: The price of Tangshan Grade - 1 coke is 1660 yuan/ton, with no daily change; Grade - 2 coke is 1635 yuan/ton, with no daily change; Rizhao quasi - Grade - 1 coke is 1350 yuan/ton, with no daily change; Rizhao Grade - 1 coke is 1450 yuan/ton, with no daily change; Luliang medium - sulfur main coking coal is 1060 yuan/ton, with no daily change; Anze low - sulfur main coking coal is 1310 yuan/ton, with no daily change [9]. - Active Contract Daily Transaction Data: The closing price of coke is 1672.0 yuan, the highest price is 1699.0 yuan, the lowest price is 1655.0 yuan, the settlement price is 1677.5 yuan, the increase/decrease rate is 0.66%, the trading volume is 18,829, the settlement price is 1677.5 yuan, the open interest is 37,091, and the change in open interest is - 2103. The closing price of coking coal is 1097.0 yuan, the highest price is 1133.0 yuan, the lowest price is 1087.5 yuan, the settlement price is 1109.5 yuan, the increase/decrease rate is - 0.23%, the trading volume is 989,346, the settlement price is 1109.5 yuan, the open interest is 505,033, and the change in open interest is - 1209 [11]. 3.1.3 Import Prices - Mongolian No. 5 raw coal is 1029.00 yuan/ton, with a daily increase of 24.00 yuan/ton; Mongolian No. 5 cleaned coal is 1200.00 yuan/ton, with no daily change. - Peak Downs (CFR) is 239.00 US dollars/ton, with no daily change; Peak Downs North (CFR) is 238.00 US dollars/ton, with no daily change; Russia (CFR) is 161.00 US dollars/ton, with no daily change; Canada (CFR) is 315.00 US dollars/ton, with a daily decrease of 2.00 US dollars/ton. [12][13] 3.2 Second Part: Fundamental Analysis 3.2.1 Supply and Demand - The operating rate of 110 sample coal - washing plants nationwide is 63.01%, with an increase/decrease of 1.11% compared to the previous period; the daily output of cleaned coal is 53.44 tons, with an increase/decrease of 1.34 tons. - The capacity utilization rate of 230 independent coking plants is 75.27%, with an increase/decrease of 1.86% compared to the previous period; the daily output is 53.66 tons, with an increase/decrease of 1.21 tons. The daily output of independent coking plants is 64.29 tons, with an increase/decrease of 0.55 tons; the daily output of 247 steel mills is 47.10 tons, with an increase/decrease of - 0.13 tons. [15] 3.2.2 Inventory - The coking coal inventory at six ports is 271.97 tons, with an increase/decrease of 13.56 tons compared to the previous period; the coking coal inventory of coking plants is 998.86 tons, with an increase/decrease of - 80.23 tons; the coking coal inventory of steel mills is 792.46 tons, with an increase/decrease of - 27.89 tons. - The coke inventory at four ports is 197.10 tons, with an increase/decrease of - 1.96 tons; the coke inventory of coking plants is 107.82 tons, with an increase/decrease of 7.54 tons; the coke inventory of steel mills is 675.11 tons, with an increase/decrease of - 13.50 tons. [18] 3.3 Third Part: Spread - The content mainly presents various spread charts of coking coal and coke, including 1 - 5 spread, 5 - 9 spread, and the ratio of coke to iron ore, coke to rebar at different contract months, but no specific spread data is provided [23][26].

Report Overview - The report is a daily report on coking coal, released on March 5, 2026, by the black team of the research center [1] Key Data Coal Prices - The latest price of Liulin Main Coking Coal is 1483.00, with a year - on - year change of 14.08% [2] - The latest price of raw coal port pick - up price is 1013.00, down 27.00 from the previous day, with a year - on - year change of 15.11% [2] - The latest price of Shaheyi Meng 5 is 1370.00, with a year - on - year change of 5.38% [2] - The latest price of Anze Main Coking Coal is 1480.00, down 40.00 from the previous day, with a year - on - year change of 12.12% [2] Inventory - The latest coal mine inventory is 286.26, with a week - on - week increase of 28.60 and a year - on - year decrease of 23.29% [2] - The latest port inventory is 271.97, with a week - on - week increase of 13.56 and a year - on - year decrease of 34.64% [2] - The latest steel mill coking coal inventory is 792.46, with a week - on - week decrease of 27.89 and a year - on - year increase of 3.08% [2] - The latest coking coking coal inventory is 998.86, with a week - on - week decrease of 80.23 and a year - on - year increase of 25.00% [2] Coking Indicators - The latest coking capacity utilization rate is 74.36, with a week - on - week increase of 1.47 and a year - on - year increase of 3.84% [2] - The latest coking coke inventory is 86.09, with a week - on - week decrease of 0.24 and a year - on - year decrease of 1.11% [2] Futures Data - The latest price of futures contract 05 is 1109.50, up 10.00 from the previous day, with a year - on - year change of - 0.05% [2] - The latest price of futures contract 09 is 1206.00, up 7.50 from the previous day, with a year - on - year change of 1.73% [2] - The latest price of futures contract 01 is 1404.50, up 10.00 from the previous day, with a year - on - year change of 13.77% [2] - The 05 basis is - 37.32, down 10.00 from the previous day, with a year - on - year change of 109.70 [2] - The 09 basis is - 133.82, down 7.50 from the previous day, with a year - on - year change of - 0.40 [2] - The 01 basis is - 332.32, down 10.00 from the previous day, with a year - on - year change of 0.22 [2] - The 5 - 9 spread is - 96.50, up 2.50 from the previous day, with a year - on - year change of 0.28 [2] - The 9 - 1 spread is - 198.50, down 2.50 from the previous day, with a year - on - year change of 3.05 [2] - The 1 - 5 spread is 295.00, with no change from the previous day, with a year - on - year change of 1.37 [2]