Core Points - The company announced a comprehensive overhaul of its coke oven equipment scheduled for October 2024 due to environmental law requirements, safety operations, and product quality concerns [2] - The comprehensive maintenance of the coke oven has been completed as of the announcement date [2]

格隆汇10月10日丨宝泰隆(601011.SH)公布，公司因环保法要求、焦炉安全运行、产品质量等原因，于 2024 年10 月对焦炉设备停炉进行全面检修。截至目前，焦炉全面检修已完成。公司检修后的焦炉采用 先进的环保技术与智能化装备，符合国家绿色低碳发展政策要求，且有利于提升焦炭产品的质量，增强 市场竞争力。 ...

宝泰隆(601011)10月10日公告，公司于2024年10月对焦炉设备停炉进行全面检修。截至目前，焦炉全面 检修已完成。公司检修后的焦炉采用先进的环保技术与智能化装备，符合国家绿色低碳发展政策要求， 且有利于提升焦炭产品的质量，增强市场竞争力。公司将根据焦炭市场情况测算经济效益，适时确定开 工具体时间。 ...

900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4000.00 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 ...

焦炭日报 研究中心黑色团队 2025/10/9 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1482.39 | 54.61 | 54.61 | -53.55 | -13.95% 高炉开工率 | 90.65 | | -0.21 | 4.86 | 7.34% | | 河北准一干熄 | 1680.00 | 0.00 | 0.00 | -110.00 | 1.20% 铁水日均产量 | 241.81 | | -0.55 | 12.97 | 6.05% | | 山东准一干熄 | 1605.00 | 0.00 | 0.00 | -110.00 | -15.53% 盘面05 | 1790.5 | -17.50 | -79.00 | 98.50 | -20.42% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | -110.00 | -15.21% 盘面09 | 1852 ...

Core Insights - The recovery of upstream industry prices has been observed, while downstream sectors still require more policy support [2][6] - The "anti-involution" campaign has shown positive results, with expectations for further policy actions to enhance industry health and sustainable development [2][8] Industrial Profit Growth - From January to August, industrial profits for large-scale enterprises turned from a 1.7% decline to a 0.9% increase, marking a significant recovery [3][5] - August saw a notable profit increase of 20.4% compared to July, reversing a previous decline [3][4] - The improvement in industrial profits is attributed to macro policy effectiveness, low base effects, and strong support from the equipment manufacturing sector [3][6] Price Improvement and Its Impact - Price recovery is a key factor in profit growth, with the Producer Price Index (PPI) decline narrowing to 2.9% in August, the smallest drop since March [4][5] - Specific industries such as coal processing and steel have seen reduced price declines, contributing to the overall PPI improvement [4][6] Downstream Industry Challenges - Despite profit improvements in upstream sectors, downstream industries still face weak demand and operational pressures, indicated by rising inventory levels and extended accounts receivable periods [5][7] - Analysts suggest that targeted policies to stimulate downstream demand, such as expanding consumption incentives, are necessary for broader profit recovery [7][8] Policy Measures and Future Outlook - Continuous policy support is essential for sustaining profit growth, particularly in the context of "anti-involution" measures aimed at reducing excessive competition [7][8] - The Ministry of Industry and Information Technology has outlined specific growth plans for various sectors, including steel and automotive, focusing on governance and competition regulation [9][10]

Core Viewpoint - The company, Aerospace Engineering (603698.SH), is set to sign an EPC contract worth 2.392 billion yuan with Shaanxi Coal and Chemical Industry Group Yulin Chemical Co., Ltd. for a gasification facility in a coal-to-chemical project, which will significantly enhance its market competitiveness and operational performance [1]. Group 1 - The total contract amount is 2.392 billion yuan [1]. - The contract represents over 50% of the company's audited main business revenue from the most recent fiscal year, with an absolute amount exceeding 500 million yuan [1]. - Successful execution of the contract is expected to positively impact the company's operational performance and market share [1].

Report Information - Report Title: Coke Daily Report - Report Date: September 26, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Not provided in the report Summary by Relevant Catalog Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1427.78, with no daily or weekly change, a monthly decrease of 108.16 (14.41% year - on - year) [2] - The latest price of Hebei quasi - first dry quenching coke is 1680.00, with no daily or weekly change, a monthly decrease of 110.00 (4.35% year - on - year) [2] - The latest price of Shandong quasi - first dry quenching coke is 1605.00, with no daily or weekly change, a monthly decrease of 110.00 (13.01% year - on - year) [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1645.00, with no daily or weekly change, a monthly decrease of 110.00 (12.73% year - on - year) [2] - The latest price of Inner Mongolia second - grade coke is 1080.00, with no daily or weekly change, a monthly decrease of 100.00 (13.60% year - on - year) [2] Production and Utilization Rates - The blast furnace开工率 is 90.35, with a weekly increase of 0.17, a monthly increase of 0.10 (7.70% year - on - year) [2] - The daily average iron water output is 242.36, with a weekly increase of 1.34, a monthly increase of 2.23 (7.78% year - on - year) [2] - The coking capacity utilization rate is 75.35, with a weekly decrease of 0.23, a monthly increase of 1.18 (9.78% year - on - year) [2] - The daily average coke output is 52.02, with a weekly increase of 0.19, a monthly increase of 0.73 (2.80% year - on - year decrease) [2] Inventory - The coking plant inventory is 39.54, with a weekly decrease of 2.67, a monthly decrease of 0.27 (10.62% year - on - year decrease) [2] - The port inventory is 196.06, with a weekly decrease of 8.04, a monthly decrease of 16.03 (4.73% year - on - year increase) [2] - The steel mill inventory is 661.31, with a weekly increase of 16.64, a monthly increase of 51.24 (17.95% year - on - year increase) [2] - The steel mill inventory days are 11.66, with a weekly increase of 0.24, a monthly increase of 0.88 (4.95% year - on - year increase) [2] Futures Market - The price of futures contract 05 is 1885.5, with a daily increase of 16.00, a weekly increase of 19.00, a monthly increase of 117.50 (6.29% year - on - year decrease) [2] - The price of futures contract 09 is 1956.5, with a daily increase of 13.50, a weekly increase of 33.00, a monthly increase of 348.50 (3.10% year - on - year decrease) [2] - The price of futures contract 01 is 1741, with a daily increase of 15.50, a weekly increase of 15.50, a monthly increase of 60.00 (11.87% year - on - year decrease) [2] - The 05 basis is - 156.70, with a daily decrease of 16.00, a weekly decrease of 19.00, a monthly decrease of 223.05 (190.68 decrease year - on - year) [2] - The 09 basis is - 227.70, with a daily decrease of 13.50, a weekly decrease of 33.00, a monthly decrease of 454.05 (254.68 decrease year - on - year) [2] - The 01 basis is - 12.20, with a daily decrease of 15.50, a weekly decrease of 15.50, a monthly decrease of 165.55 (82.68 decrease year - on - year) [2] - The 5 - 9 spread is - 144.50, with a daily decrease of 0.50, a weekly decrease of 3.50, a monthly decrease of 57.50 (108.00 decrease year - on - year) [2] - The 9 - 1 spread is - 71.00, with a daily increase of 2.50, a weekly decrease of 14.00, a monthly decrease of 231.00 (64.00 decrease year - on - year) [2] - The 1 - 5 spread is 215.50, with a daily decrease of 2.00, a weekly increase of 17.50, a monthly increase of 288.50 (172.00 increase year - on - year) [2]

Group 1 - The government has implemented measures against "involution" to address vicious competition in industries such as coal and photovoltaics, leading to a narrowing of industrial product price declines and signs of core price recovery [1][5][7] - "Involution" refers to companies engaging in price wars to gain market share, resulting in reduced profits and lower product quality, which ultimately suppresses prices [3][5] - The reduction in price declines is evident in various sectors, including coal processing and steel, where prices have stabilized, and even in the new energy sector, where price drops have slowed [5][10] Group 2 - The approach to "involution" is distinct from past supply-side adjustments, focusing on a broader range of industries and employing more flexible methods rather than simply cutting production capacity [9][10] - The government has introduced regulations to prevent low-price dumping and has created a blacklist for companies engaging in vicious competition, aiming to stabilize the market [12][14] - The strategy not only addresses existing competition issues but also encourages innovation and quality improvement among companies, shifting the focus from price competition to technological and brand superiority [14][16] Group 3 - Despite improvements on the supply side, achieving the 2% inflation target requires addressing demand-side issues, as consumer spending remains low and investment willingness from companies is weak [16][18] - The current economic environment shows a disparity between production recovery and consumer spending, leading to an oversupply situation [18][24] - To stimulate demand, policies should encourage consumer spending, particularly in services, and support employment initiatives for young people to increase disposable income [19][21][24]

Core Viewpoint - Xinjiang is emerging as a crucial hub for trade and development, showcasing significant economic growth and potential in various sectors, including agriculture, energy, and infrastructure. Economic Development - Xinjiang's GDP is projected to reach 20,534.08 billion yuan in 2024, marking a significant increase from 7,499.47 billion yuan in 2012, with an average annual growth rate of 7.0% [3] - The region's per capita GDP is expected to rise from 33,495 yuan in 2012 to 78,660 yuan in 2024, reflecting a growth of 1.3 times [3] - The export of automobiles through the Horgos port reached 237,000 units from January to August this year, showing a year-on-year increase of 5.3% [2] Infrastructure and Resource Management - The Dashi Gorge Water Conservancy Project, with a maximum dam height of 247 meters, aims to alleviate water shortages for over 8 million acres of farmland, providing 3.42 billion cubic meters of ecological water annually [4] - Xinjiang's irrigation area has expanded from 16.81 million acres at the founding of New China to 99.17 million acres in 2024, with grain yield per acre increasing to 524.8 kg, ranking first in the country [5] Energy Sector - The Xinjiang Oilfield Company is set to achieve a historical milestone with a total oil and gas equivalent of 20 million tons this year, alongside the establishment of the first national shale oil demonstration zone [3] Cultural and Social Development - Initiatives promoting ethnic unity and cultural integration are being implemented, enhancing community ties among diverse ethnic groups [7][9] - The "Ma Bei Police Service Team" provides essential services to remote pastoral communities, reflecting the commitment to improving local livelihoods [8]