1. Report Date - The report is dated December 17, 2025 [1] 2. Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1,540.20, with no daily change, a weekly decrease of 54.61, a monthly decrease of 109.23, and a year - on - year decrease of 10.31% [2] - The latest price of Hebei quasi - first dry quenching coke is 1,790.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year increase of 7.83% [2] - The latest price of Shandong quasi - first dry quenching coke is 1,715.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year decrease of 9.74% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1,755.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 110.00, and a year - on - year decrease of 9.54% [2] - The latest price of Inner Mongolia second - grade coke is 1,230.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 100.00, and a year - on - year decrease of 12.14% [2] 3. Production and Utilization Information - The blast furnace operating rate is 85.92, with a weekly decrease of 1.16, a monthly decrease of 2.88, and a year - on - year decrease of 1.61% [2] - The average daily hot metal yield is 229.20, with a weekly decrease of 3.10, a monthly decrease of 7.68, and a year - on - year decrease of 1.41% [2] - The coking capacity utilization rate is 72.64, with a weekly increase of 0.62, a monthly increase of 0.80, and a year - on - year decrease of 1.48% [2] - The average daily coke output is 51.60, with a weekly decrease of 0.58, a monthly decrease of 1.52, and a year - on - year decrease of 3.26% [2] 4. Inventory Information - The coking plant inventory is 50.11, with a weekly increase of 5.42, a monthly increase of 13.96, and a year - on - year increase of 10.04% [2] - The port inventory is 181.20, with a weekly decrease of 0.10, a monthly decrease of 17.60, and a year - on - year increase of 9.04% [2] - The steel mill inventory is 635.28, with a weekly increase of 10.03, a monthly increase of 12.88, and a year - on - year increase of 1.88% [2] - The steel mill inventory days are 11.66, with a weekly increase of 0.37, a monthly increase of 0.60, and a year - on - year decrease of 3.24% [2] 5. Futures Market Information - The latest price of futures contract 05 is 1,669, with a daily increase of 7.00, a weekly decrease of 37.50, a monthly decrease of 173.00, and a year - on - year decrease of 12.30% [2] - The latest price of futures contract 09 is 1,747, with a daily increase of 7.50, a weekly decrease of 35.00, a monthly decrease of 172.50, and a year - on - year decrease of 10.66% [2] - The latest price of futures contract 01 is 1,501.5, with a daily increase of 7.00, a weekly decrease of 35.50, a monthly decrease of 196.50, and a year - on - year decrease of 17.41% [2] - The 05 basis is 164.55, with a daily decrease of 7.00, a weekly decrease of 21.22, a monthly increase of 39.42, and a year - on - year increase of 43.68 [2] - The 09 basis is 86.55, with a daily decrease of 7.50, a weekly decrease of 23.72, a monthly increase of 38.92, and a year - on - year increase of 18.18 [2] - The 01 basis is 332.05, with a daily decrease of 7.00, a weekly decrease of 23.22, a monthly increase of 62.92, and a year - on - year increase of 126.18 [2] - The 5 - 9 spread is - 167.50, with no daily change, a weekly increase of 2.00, a monthly decrease of 23.50, and a year - on - year decrease of 82.50 [2] - The 9 - 1 spread is - 78.00, with a daily decrease of 0.50, a weekly decrease of 2.50, a monthly decrease of 0.50, and a year - on - year decrease of 25.50 [2] - The 1 - 5 spread is 245.50, with a daily increase of 0.50, a weekly increase of 0.50, a monthly increase of 24.00, and a year - on - year increase of 108.00 [2]

焦炭日报 研究中心黑色团队 2025/12/15 | | 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 | 1540.20 | -54.61 | -54.61 | -51.42 | -10.31% 高炉开工率 | 85.92 | | -1.16 | -2.88 | -1.61% | | 河北准一干熄 | 1845.00 | 0.00 | 0.00 | 0.00 | 11.14% 铁水日均产量 | 229.20 | | -3.10 | -7.68 | -1.41% | | 山东准一干熄 | 1770.00 | 0.00 | 0.00 | 0.00 | -6.84% 盘面05 | 1657 | -32.00 | -49.50 | -165.50 | -15.82% | | 江苏准一干熄 | 1810.00 | 0.00 | 0.00 | 0.00 | -6.70% 盘面09 | 1732.5 | ...

全样本焦化焦炭库存 焦炭日报 研究中心黑色团队 2025/11/25 | | 最新 | 日变化 | 周変化 | 月变化 同比 | | 最新 日变化 | | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1649.42 | 0.00 | 3.19 | 112.42 | -7.17% 高炉开工率 | 88.58 | | -0.22 | -1.36 | 0.00% | | 河北准一干熄 | 1900.00 | 0.00 | 0.00 | 110.00 | 11.11% 铁水日均产量 | 236.28 | | -0.60 | -3.62 | 0.20% | | 山东准一干熄 | 1825.00 | 0.00 | 0.00 | 110.00 | -6.65% 盘面05 | 1778.5 | -10.50 | -32.00 | -116.50 | -11.47% | | 江苏准一干熄 | 1865.00 | 0.00 | 0.00 | 110.00 | -6.52% 盘面09 ...

焦炭日报 研究中心黑色团队 2025/11/21 | | 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 | 1649.42 | 0.00 | 57.81 | 167.03 | -10.07% 高炉开工率 | 88.80 | | 0.99 | -1.53 | 1.06% | | 河北准一干熄 | 1900.00 | 0.00 | 55.00 | 165.00 | 7.95% 铁水日均产量 | 236.28 | | -0.60 | -3.62 | 0.20% | | 山东准一干熄 | 1825.00 | 0.00 | 55.00 | 165.00 | -9.20% 盘面05 | 1786 | -18.00 | -30.50 | -54.50 | -10.70% | | 江苏准一干熄 | 1865.00 | 0.00 | 55.00 | 165.00 | -9.02% 盘面09 | 1850.5 | ...

焦炭日报 研究中心黑色团队 2025/11/4 | | 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 | 1537.01 | 0.00 | 54.61 | 109.23 | -18.60% | 高炉开工率 | 88.61 | | -1.33 | -2.04 | 0.15% | | 河北准一干熄 | 1790.00 | 0.00 | 55.00 | 110.00 | -1.10% | 铁水日均产量 | 236.36 | | -3.54 | -5.45 | 0.38% | | 山东准一干熄 | 1715.00 | 0.00 | 55.00 | 110.00 | -16.95% | 盘面05 | 1910 | -20.00 | 13.00 | 24.50 | -8.77% | | 江苏准一干熄 | 1755.00 | 0.00 | 55.00 | 110.00 | -16.63% | ...

Group 1 - The core point of the article is that Baotailong (SH 601011) held its 26th meeting of the 6th board of directors on October 24, 2025, to review documents including the timing for starting the company's coke oven [1] - For the first half of 2025, Baotailong's revenue composition was as follows: coke products accounted for 74.5%, thermal power products for 21.68%, new materials for 1.7%, other businesses for 1.3%, and other industries for 0.5% [1] - As of the report date, Baotailong's market capitalization was 7.1 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have sold overseas licenses worth 80 billion USD this year, highlighting a hot secondary market in biomedicine, while the primary market is facing fundraising challenges [1]

Core Insights - Shanxi Coking (600740) experienced a trading halt today with a daily turnover rate of 6.80% and a transaction volume of 779 million yuan, showing a price fluctuation of 10.34% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 9.85%, with a net sell-off of 15.70 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The stock's main capital inflow today was 182 million yuan, with significant inflows from large orders [2] Trading Activity - The top five trading departments accounted for a total transaction volume of 153 million yuan, with a net buying amount of 63.53 million yuan [2][3] - The largest buying department was Kaiyuan Securities, with a purchase amount of 41.96 million yuan, while the largest selling department was the Shanghai-Hong Kong Stock Connect, selling 15.70 million yuan [3] Financial Performance - In the first half of the year, the company reported a revenue of 3.226 billion yuan, a year-on-year decrease of 18.23%, and a net loss of 77.61 million yuan [3] - As of October 22, the company's margin trading balance was 330 million yuan, with a financing balance of 326 million yuan and a securities lending balance of 3.59 million yuan [2]

Core Viewpoint - The company intends to publicly transfer its 250,000 tons/year coking capacity through the Shanxi Provincial Property Rights Trading Market, aiming to maximize the interests of the company and its shareholders [1] Group 1 - The subsidiary Shanxi Lu'an Coking Co., Ltd. plans to transfer its coking capacity indicators [1] - The transfer will be based on the evaluation results approved by state-owned assets [1] - The decision has been approved by the company's eighth board of directors at its ninth meeting [1]

Group 1 - The board of directors of Shanxi Coking Coal Co., Ltd. held its 24th meeting of the 9th session on August 22, 2025, with all 9 directors present, complying with relevant laws and regulations [1] - The 2025 semi-annual report and its summary were approved by the board's audit committee and will be disclosed [1] - The voting results for the semi-annual report were unanimous, with 9 votes in favor, 0 against, and 0 abstentions [1] Group 2 - A risk assessment report regarding Shanxi Coking Coal Group Financial Co., Ltd. was approved by the independent directors and submitted to the board for review [2] - The financial company holds valid financial licenses and has not shown any regulatory non-compliance, with risk management deemed sound [2] - The voting results for the risk assessment report were 3 votes in favor, 0 against, and 0 abstentions, with 6 related directors abstaining from the vote [2]

Core Viewpoint - Shanxi Coking Co., Ltd. reported significant declines in key financial metrics for the first half of 2025, indicating challenges in operational performance and profitability [1]. Financial Summary - Total assets decreased by 5.39% from CNY 27.06 billion to CNY 25.60 billion [1]. - Operating revenue fell by 18.23% year-on-year, from CNY 3.94 billion to CNY 3.23 billion [1]. - Total profit turned negative, with a loss of CNY 66.10 million compared to a profit of CNY 179.51 million in the previous year, marking a decline of 136.82% [1]. - Net profit attributable to shareholders also saw a significant drop of 142.18%, from CNY 183.98 million to a loss of CNY 77.61 million [1]. - The net profit after deducting non-recurring gains and losses decreased by 151.04%, from CNY 172.75 million to a loss of CNY 88.16 million [1]. - The net cash flow from operating activities worsened, with a net outflow of CNY 1.56 billion compared to a net outflow of CNY 1.30 billion in the previous year [1]. - The weighted average return on net assets decreased by 1.72 percentage points, from 1.21% to -0.51% [1]. - Basic and diluted earnings per share dropped by 142.20%, from CNY 0.0718 to a loss of CNY 0.0303 [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 78,369 [2]. - Shanxi Coking Group Co., Ltd. holds a 51.14% stake, amounting to 1,310,317,574 shares [2]. - Other notable shareholders include Shanghai Junrong Asset Management Co., Ltd. and individual shareholders with smaller stakes [2][3].