1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The coking coal futures price is expected to fluctuate widely. High oil prices strengthen the substitution of coal chemical industry, and the expectation of downstream demand recovery supports the futures price. Recently, the market sentiment fluctuates [2]. - The coke futures price is also expected to fluctuate widely. The profitability of coke enterprises is weak, which restricts the enthusiasm for starting work. There is an expectation of downstream demand recovery, and the industry fundamentals are marginally improved. Recently, the market sentiment fluctuates more [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of JM main contract is 1,249.50 yuan/ton, down 40.00 yuan; the closing price of J main contract is 1,798.00 yuan/ton, down 49.00 yuan [2]. - The trading volume of JM futures contract is 647,897.00 lots, down 41,079.00 lots; the trading volume of J futures contract is 47,890.00 lots, down 1,411.00 lots [2]. - The net position of the top 20 contracts of coking coal is -63,166.00 lots, down 15,966.00 lots; the net position of the top 20 contracts of coke is -4,186.00 lots, up 1,179.00 lots [2]. - The price difference between JM9 - 5 contracts is 122.00 yuan/ton, up 33.00 yuan; the price difference between J9 - 5 contracts is 75.50 yuan/ton, up 7.50 yuan [2]. - The coking coal warehouse receipt is 0.00 pieces, unchanged; the coke warehouse receipt is 1,060.00 pieces, unchanged [2]. Spot Market - The price of Ganqimao Du Meng 5 raw coal is 1,165.00 yuan/ton, up 51.00 yuan; the price of Tangshan Grade 1 metallurgical coke is 1,665.00 yuan/ton, unchanged [2]. - The forward spot price of Russian main coking coal (CFR) is 170.00 US dollars/wet ton, up 2.50 US dollars; the price of Rizhao Port quasi - first - grade metallurgical coke is 1,470.00 yuan/ton, unchanged [2]. - The price of imported main coking coal from Australia at Jingtang Port is 1,630.00 yuan/ton, unchanged; the price of Grade 1 metallurgical coke at Tianjin Port is 1,570.00 yuan/ton, unchanged [2]. - The price of main coking coal produced in Shanxi at Jingtang Port is 1,600.00 yuan/ton, up 10.00 yuan; the price of quasi - first - grade metallurgical coke at Tianjin Port is 1,470.00 yuan/ton, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi is 1,406.00 yuan/ton, unchanged; the basis of J main contract is - 133.00 yuan/ton, up 49.00 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia is 1,280.00 yuan/ton, unchanged; the basis of JM main contract is 100.50 yuan/ton, up 40.00 yuan [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants is 24.31 million tons, up 1.21 million tons; the weekly inventory of clean coal from 314 independent coal washing plants is 332.51 million tons, up 18.91 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants is 33.01%, up 2.01 percentage points; the monthly output of raw coal is 43,703.50 million tons, up 1,024.20 million tons [2]. - The monthly import volume of coal and lignite is 3,094.00 million tons, down 1,534.00 million tons; the daily average output of raw coal from 523 coking coal mines is 196.90 million tons, up 3.30 million tons [2]. - The weekly inventory of imported coking coal at 16 ports is 481.03 million tons, down 8.15 million tons; the weekly inventory of coking coal in all - sample independent coking enterprises is 1,005.03 million tons, up 35.60 million tons [2]. - The weekly inventory of coking coal in 247 steel mills across the country is 773.93 million tons, down 3.70 million tons; the weekly inventory of coke in 247 sample steel mills is 688.18 million tons, up 0.63 million tons [2]. Industry Situation - The weekly available days of coking coal in all - sample independent coking enterprises is 12.30 days, down 0.14 days; the weekly available days of coke in 247 sample steel mills is 12.74 days, down 0.43 days [2]. - The monthly import volume of coking coal is 806.97 million tons, down 368.74 million tons; the monthly export volume of coke and semi - coke is 59.00 million tons, down 25.00 million tons [2]. - The monthly total supply of coking coal is 5,478.50 million tons, up 238.97 million tons; the weekly capacity utilization rate of independent coking enterprises is 74.31%, up 0.40 percentage points [2]. - The weekly profit per ton of coke in independent coking plants is 38.00 yuan/ton, up 41.00 yuan/ton; the monthly output of coke is 0.00 million tons, unchanged [2]. Downstream Situation - The weekly blast furnace start - up rate of 247 steel mills across the country is 79.78%, up 1.44 percentage points; the weekly blast furnace ironmaking capacity utilization rate of 247 steel mills is 85.53%, up 2.61 percentage points [2]. - The monthly output of crude steel is 6,817.74 million tons, down 169.36 million tons [2]. Industry News - According to CCTV International News, Iran's new Supreme Leader's military advisor Muhsin Rezaei emphasized in an interview on March 23 that Iran will not stop the war until it gets all the compensation, all economic sanctions are lifted, and it gets international legal guarantees that the US will not interfere in Iran's affairs [2]. - Goldman Sachs said that due to the soaring oil and gas prices, the probability of the US economy falling into recession in the next 12 months has risen to 30%, 5 percentage points higher than the previous forecast [2]. Key Points of Attention - Pay attention to the implementation of the coke price increase [2]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints - The spot market trading atmosphere has cooled, and the loose fundamentals are exerting pressure. However, there is short - term support from geopolitical factors and Two Sessions policies. It is expected that the futures prices of coking coal and coke will fluctuate widely [2]. - For coking coal, on the supply side, the customs clearance of Mongolian coal remains at a high level, and the operation of coal washing plants continues to increase. On the demand side, the operation of downstream coking enterprises has declined slightly, the coking coal inventory continues to decline, and the coke inventory continues to accumulate, with the profit per ton of coke turning positive [2]. - For coke, on the supply side, the operating load of coking enterprises has been reduced, and the in - plant inventory has continued to accumulate, with the profit per ton of coke turning positive. On the demand side, affected by production restrictions, the operation of steel mills and the molten iron output have declined [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the JM main contract is 1144.50 yuan/ton, up 23.00 yuan; the closing price of the J main contract is 1718.00 yuan/ton, up 37.50 yuan [2]. - **Positions**: The JM futures contract holding volume is 593327.00 lots, down 15322.00 lots; the J futures contract holding volume is 41180.00 lots, down 438.00 lots. The net position of the top 20 JM contracts is - 82084.00 lots, down 13916.00 lots; the net position of the top 20 J contracts is - 3587.00 lots, up 1156.00 lots [2]. - **Spreads**: The JM 9 - 5 month contract spread is 103.00 yuan/ton, up 6.00 yuan; the J 9 - 5 month contract spread is 75.50 yuan/ton, down 0.50 yuan [2]. - **Warehouse Receipts**: The coking coal warehouse receipts are 600.00 pieces, up 300.00 pieces; the coke warehouse receipts are 1310.00 pieces, unchanged [2]. 3.2 Spot Market - **Coking Coal**: The price of Ganqimao Du Meng 5 raw coal is 1043.00 yuan/ton, down 17.00 yuan; the price of Russian main coking coal forward spot (CFR) is 167.50 US dollars/wet ton, up 2.50 US dollars; the price of Australian imported main coking coal at Jingtang Port is 1640.00 yuan/ton, up 60.00 yuan; the price of Shanxi - produced main coking coal at Jingtang Port is 1610.00 yuan/ton, unchanged; the price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi is 1387.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia is 1280.00 yuan/ton, unchanged [2]. - **Coke**: The price of Tangshan first - grade metallurgical coke is 1665.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Rizhao Port is 1470.00 yuan/ton, unchanged; the price of first - grade metallurgical coke at Tianjin Port is 1570.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port is 1470.00 yuan/ton, unchanged [2]. - **Basis**: The JM main contract basis is 160.50 yuan/ton, down 23.00 yuan; the J main contract basis is - 53.00 yuan/ton, down 37.50 yuan [2]. 3.3 Upstream Situation - **Production and Inventory**: The daily output of clean coal from 314 independent coal washing plants is 19.90 million tons, up 3.00 million tons; the weekly inventory of clean coal from 314 independent coal washing plants is 288.50 million tons, down 10.40 million tons. The monthly raw coal output is 43703.50 million tons, up 1024.20 million tons; the monthly import volume of coal and lignite is 3094.27 million tons, down 2765.73 million tons; the daily average output of raw coal from 523 coking coal mines is 182.90 million tons, up 31.30 million tons [2]. - **Inventory in Ports and Enterprises**: The weekly inventory of imported coking coal in 16 ports is 485.74 million tons, down 8.70 million tons; the weekly total inventory of coking coal in all - sample independent coking enterprises is 796.15 million tons, down 33.31 million tons; the weekly inventory of coke in 18 ports is 270.71 million tons, up 9.01 million tons; the weekly inventory of coke in all - sample independent coking enterprises is 63.20 million tons, up 1.01 million tons; the weekly inventory of coking coal in 247 steel mills across the country is 775.64 million tons, down 16.82 million tons; the weekly inventory of coke in 247 sample steel mills is 671.26 million tons, down 3.85 million tons [2]. 3.4 Industry Situation - **Availability Days and Import/Export**: The weekly available days of coking coal in all - sample independent coking enterprises is 12.41 days, down 0.24 days; the weekly available days of coke in 247 sample steel mills is 12.53 days, up 0.12 days. The monthly import volume of coking coal is 1376.98 million tons, up 303.87 million tons; the monthly export volume of coke and semi - coke is 100.00 million tons, up 28.00 million tons [2]. - **Supply and Production Capacity Utilization**: The monthly total supply of coking coal is 5478.50 million tons, up 238.97 million tons; the weekly production capacity utilization rate of independent coking enterprises is 72.29%, down 0.54%; the weekly profit per ton of coke in independent coking plants is 17.00 yuan/ton, up 24.00 yuan; the monthly coke output is 4274.30 million tons, up 104.00 million tons [2]. 3.5 Downstream Situation - **Steel Mill Indicators**: The weekly blast furnace operating rate of 247 steel mills across the country is 77.71%, down 2.51%; the weekly blast furnace iron - making production capacity utilization rate of 247 steel mills is 85.32%, down 2.13%; the monthly crude steel output is 6817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - Mysteel statistics show that the production capacity utilization rate of 314 independent coal washing plant samples this week is 31.0%, a 4.4% increase from the previous week; the daily output of clean coal is 23.1 million tons, a 3.2 - million - ton increase from the previous week; the clean coal inventory is 313.6 million tons, a 25.1 - million - ton increase from the previous week [2]. - Israeli Foreign Minister Eli Cohen said on the 10th local time that Israel does not seek an "endless war" with Iran and will coordinate with the United States at an appropriate time to decide when to end the military operation against Iran. He did not give a specific timetable for the current military operation and emphasized that Israel will continue the military operation until it and its partners think it is "suitable to stop" [2]. - U.S. President Trump said on the 10th local time that it is possible to negotiate with Iran under certain conditions. Three informed sources revealed that the Trump administration has asked Israel to stop further air strikes on Iranian energy facilities, especially oil infrastructure. This is said to be the first obvious restraint on Israel's military operation by the United States since the joint U.S. - Israeli military operation against Iran began [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The coking coal supply is abundant, with high Mongolian coal customs clearance and slow resumption of production in coal washing plants. Downstream coke enterprises'开工 has slightly increased, coking coal inventory has decreased, and coke has continued to accumulate. The spot price of Tangshan Mongolian No. 5 coking coal is reported at 1,390 yuan/ton, equivalent to 1,305 yuan/ton on the futures market. Technically, the intraday coking coal main contract closed up 4.01% to 1,127, below the 20 - and 60 - day moving averages. Geopolitical risks and the Two Sessions' expectations boost the futures market, but the fundamentals are loose and there is an expectation of coke price cuts, so the futures price is expected to fluctuate widely [2]. - On the supply side, the load of coke enterprises has increased, and the in - plant inventory has continued to accumulate due to logistics. On the demand side, the steel mill's开工 and hot metal production have continued to rise. Technically, the intraday coke main contract closed up 3.42% to 1,694, between the 20 - and 60 - day moving averages. Currently, the coke supply - demand is loose, the market sentiment is weak, and there is an expectation of price cuts. As the Two Sessions approach, the steel mill's开工 may be restricted and the growth rate of hot metal may slow down, while geopolitical risks and macro - sentiment provide phased support, so the futures price is expected to fluctuate widely [2]. 3. Summary by Directory 3.1 Futures Market - JM main contract closing price (daily, yuan/ton): 1,127.00, up 33.00 [2]. - J main contract closing price (daily, yuan/ton): 1,694.00, up 42.00 [2]. - JM futures contract open interest (daily, lots): 685,531.00, down 32,910.00 [2]. - J futures contract open interest (daily, lots): 43,458.00, down 1,114.00 [2]. - Net open interest of the top 20 coking coal contracts (daily, lots): - 86,455.00, up 10,462.00 [2]. - Net open interest of the top 20 coke contracts (daily, lots): - 314.00, down 700.00 [2]. - JM September - May contract spread (daily, yuan/ton): 95.00, down 5.50 [2]. - J September - May contract spread (daily, yuan/ton): 76.00, down 3.00 [2]. - Coking coal warehouse receipts (daily, sheets): 0.00 [2]. - Coke warehouse receipts (daily, sheets): 0.00, up 7.00 [2]. 3.2 Spot Market - Dry Qimengduo Mongolian No. 5 raw coal (daily, yuan/ton): 1,013.00 [2]. - Tangshan Grade 1 metallurgical coke (daily, yuan/ton): 1,720.00 [2]. - Russian prime coking coal forward spot (CFR, US dollars/wet ton): 162.50 [2]. - Rizhao Port quasi - Grade 1 metallurgical coke (daily, yuan/ton): 1,520.00 [2]. - Jingtang Port Australian imported prime coking coal (yard price, daily, yuan/ton): 1,570.00 [2]. - Jingtang Port Shanxi - produced prime coking coal (yard price, daily, yuan/ton): 1,700.00 [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal (daily, yuan/ton): 1,379.00 [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1,280.00 [2]. - JM main contract basis (daily, yuan/ton): 178.00, down 33.00 [2]. - J main contract basis (daily, yuan/ton): 26.00, down 42.00 [2]. 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants (daily, 10,000 tons): 16.90, down 7.40 [2]. - Fine coal inventory of 314 independent coal washing plants (weekly, 10,000 tons): 298.90, down 10.10 [2]. - Capacity utilization rate of 314 independent coal washing plants (weekly, %): 0.23, down 0.10 [2]. - Raw coal output (monthly, 10,000 tons): 43,703.50, up 1,024.20 [2]. - Coal and lignite imports (monthly, 10,000 tons): 5,860.00, up 1,455.00 [2]. - Daily average raw coal output of 523 coking coal mines: 151.60, up 43.00 [2]. - Imported coking coal inventory at 16 ports (weekly, 10,000 tons): 494.44, down 1.83 [2]. - Total coking coal inventory of all - sample independent coke enterprises (weekly, 10,000 tons): 829.46, down 64.03 [2]. - Coke inventory at 18 ports (weekly, 10,000 tons): 261.70, down 2.16 [2]. - Coke inventory of all - sample independent coke enterprises (weekly, 10,000 tons): 62.19, up 6.67 [2]. - Coking coal inventory of 247 steel mills nationwide (weekly, 10,000 tons): 792.46, down 27.89 [2]. - Coke inventory of 247 sample steel mills (weekly, 10,000 tons): 675.11, down 13.50 [2]. - Available days of coking coal for all - sample independent coke enterprises (weekly, days): 12.65, down 0.41 [2]. - Available days of coke for 247 sample steel mills (weekly, days): 12.41, down 0.05 [2]. 3.4 Industry Situation - Coking coal imports (monthly, 10,000 tons): 1,376.98, up 303.83 [2]. - Coke and semi - coke exports (monthly, 10,000 tons): 100.00, up 28.00 [2]. - Total coking coal supply (monthly, 10,000 tons): 5,478.50, up 238.93 [2]. - Capacity utilization rate of independent coke enterprises (weekly, %): 72.83, up 0.97 [2]. - Profit per ton of coke for independent coking plants (weekly, yuan/ton): - 7.00, up 1.00 [2]. - Coke output (monthly, 10,000 tons): 4,274.30, up 104.00 [2]. 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide (weekly, %): 80.22, up 0.09 [2]. - Blast furnace iron - making capacity utilization rate of 247 steel mills (weekly, %): 87.45, up 1.04 [2]. - Crude steel output (monthly, 10,000 tons): 6,817.74, down 169.36 [2]. - According to Mysteel, the escalation of the Gulf situation has a limited direct impact and a significant indirect impact on China's steel exports. The short - term monthly export impact is about 116.24 tons. If the situation stagnates for more than three months, there is a risk of losing the Middle East market share [2]. - According to Mysteel, the construction industry has tight funds after the Spring Festival, and the resumption of work is progressing steadily. The overall capital situation of the industry is neutral to tight, with 11.54% of enterprises facing poor fund arrival; most enterprises are advancing the resumption of work as planned, and 9.62% of enterprises said the resumption progress is slow [2]. 3.6 Industry News - According to CNN, a US senior official revealed on March 2 that the US is preparing for a "substantial increase" in attacks on Iran in the next 24 hours. The US believes that the first - round attacks have achieved the goal of weakening Iran's defense capabilities, and the next stage will focus on destroying Iran's missile production capacity, drones, and naval forces [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For coking coal, the supply - demand situation remains loose as mines resume production quickly. Although there is some short - term support for futures prices around the Two Sessions, it is expected to run in a wide - range oscillation [2]. - For coke, the supply from coking enterprises remains stable, the steel market inventory accumulates, and the supply - demand is loose. Similar to coking coal, there is short - term support around the Two Sessions, and it is also expected to run in a wide - range oscillation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM main contract closing price: 1090.00 yuan/ton, down 36.00 yuan; J main contract closing price: 1644.00 yuan/ton, down 30.00 yuan [2]. - JM futures contract open interest: 721319.00 lots, up 74556.00 lots; J futures contract open interest: 42455.00 lots, up 625.00 lots [2]. - Net position of the top 20 JM contracts: - 105073.00 lots, down 22871.00 lots; Net position of the top 20 J contracts: 242.00 lots, down 236.00 lots [2]. - JM 9 - 5 month contract spread: 93.50 yuan/ton, up 9.50 yuan; J 9 - 5 month contract spread: 77.00 yuan/ton, up 7.50 yuan [2]. - Coking coal warehouse receipts: 0.00, down 300.00; Coke warehouse receipts: 1420.00, unchanged [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 1010.00 yuan/ton, up 4.00 yuan; Tangshan first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 163.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal (yard price): 1590.00 yuan/ton, down 20.00 yuan; Tianjin Port first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal (yard price): 1700.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1379.00 yuan/ton, up 4.00 yuan; J main contract basis: 76.00 yuan/ton, up 30.00 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1330.00 yuan/ton, unchanged; JM main contract basis: 215.00 yuan/ton, up 36.00 yuan [2]. 3.3 Upstream Situation - 314 independent coal washing plants' clean coal output: 16.90 million tons, down 7.40 million tons; 314 independent coal washing plants' clean coal inventory: 298.90 million tons, down 10.10 million tons [2]. - 314 independent coal washing plants' capacity utilization rate: 0.23%, down 0.10%; Raw coal output: 43703.50 million tons, up 1024.20 million tons [2]. - Coal and lignite imports: 5860.00 million tons, up 1455.00 million tons; 523 coking coal mines' daily raw coal output: 151.60 million tons, up 43.00 million tons [2]. - 16 ports' imported coking coal inventory: 496.27 million tons, unchanged; 18 ports' coke inventory: 263.86 million tons, down 6.13 million tons [2]. - Independent coking enterprises' total coking coal inventory: 893.49 million tons, down 224.60 million tons; National 247 steel mills' coking coal inventory: 820.35 million tons, down 17.90 million tons [2]. - Independent coking enterprises' coking coal available days: 13.06 days, down 0.28 days; 247 sample steel mills' coke available days: 12.46 days, down 0.24 days [2]. 3.4 Industry Situation - Coking coal imports: 1376.98 million tons, up 303.83 million tons; Coke and semi - coke exports: 100.00 million tons, up 28.00 million tons [2]. - Total coking coal supply: 5478.50 million tons, up 238.93 million tons; Independent coking enterprises' capacity utilization rate: 72.20%, up 0.34% [2]. - Independent coking plants' profit per ton of coke: - 8.00 yuan/ton, up 2.00 yuan [2]. - Coke output: 4274.30 million tons, up 104.00 million tons [2]. 3.5 Downstream Situation - National 247 steel mills' blast furnace operating rate: 80.13%, up 0.60%; 247 steel mills' blast furnace iron - making capacity utilization rate: 86.41%, up 0.72% [2]. - Crude steel output: 6817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - Some steel enterprises in North China have received temporary independent emission reduction notices, requiring them to implement phased emission reduction control from March 4th to March 11th, with the blast furnace load reduced by at least 30% [2]. - This week, the approved capacity utilization rate of 523 coking coal mine samples is 68.2%, a 19.4% increase from the previous week. The daily raw coal output is 151.6 million tons, a 43.0 - million - ton increase; the raw coal inventory is 537.2 million tons, a 2.4 - million - ton decrease; the daily clean coal output is 64.9 million tons, a 19.0 - million - ton increase; and the clean coal inventory is 257.7 million tons, a 6.0 - million - ton increase [2]. - Shanghai has issued the "Shanghai Seven - Point Plan" for the real estate market. The new policy focuses on adjusting and reducing the purchase restriction policy. The social security threshold for non - Shanghai residents to buy houses within the outer ring has been reduced to 1 year, and the maximum provident fund loan can reach 3.24 million yuan [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For coking coal, the supply side shows a significant decline in coal mine operating loads, with slight inventory fluctuations and an increase in Mongolian coal customs clearance. The demand side has coking enterprises maintaining the pre - holiday capacity utilization level, a significant decrease in coking coal inventory, and an accumulation of coke inventory, with the profit per ton of coke remaining the same as before the holiday. Overall, with some steel enterprises in North China implementing self - emission reduction, there is an expectation of improvement in the steel market supply - demand situation, leading to a rise in coking coal futures prices. However, the supply - demand situation remains loose, and the Two Sessions will provide short - term support, so it is expected to fluctuate. [2] - For coke, on the supply side, coking enterprises maintain the pre - holiday load level, and due to the impact of Spring Festival logistics and transportation, the on - site inventory has accumulated. On the demand side, the support from molten iron production is limited. Overall, with some steel mills in North China implementing self - emission reduction, there is an expectation of improvement in the steel market fundamentals, leading to a rise in coke futures prices. The supply of coking enterprises remains stable, and the steel market inventory has accumulated, with a loose supply - demand situation. The Two Sessions will provide short - term support, so it is expected to fluctuate. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1126.00 yuan/ton, up 24.50 yuan [2] - J main contract closing price: 1674.00 yuan/ton, up 39.50 yuan [2] - JM futures contract open interest: 646763.00 lots, up 28114.00 lots [2] - J futures contract open interest: 41830.00 lots, down 869.00 lots [2] - Net open interest of the top 20 coking coal contracts: - 82202.00 lots, down 2065.00 lots [2] - Net open interest of the top 20 coke contracts: 478.00 lots, up 422.00 lots [2] - JM 9 - 5 month contract spread: 84.00 yuan/ton, up 1.00 yuan [2] - J 9 - 5 month contract spread: 69.50 yuan/ton, down 2.50 yuan [2] - Coking coal warehouse receipts: 300.00 sheets, down 100.00 sheets [2] - Coke warehouse receipts: 1420.00 sheets, unchanged [2] - JM main contract basis: 179.00 yuan/ton, down 64.50 yuan [2] - J main contract basis: 46.00 yuan/ton, down 39.50 yuan [2] 3.2 Spot Market - Ganqimao Mongolian No. 5 raw coal: 1006.00 yuan/ton, down 9.00 yuan [2] - Tangshan Grade 1 metallurgical coke: 1720.00 yuan/ton, unchanged [2] - Russian main coking coal forward spot (CFR): 163.00 US dollars/wet ton, down 0.50 US dollars [2] - Rizhao Port quasi - Grade 1 metallurgical coke: 1520.00 yuan/ton, unchanged [2] - Jingtang Port Australian imported main coking coal (yard price): 1610.00 yuan/ton, unchanged [2] - Tianjin Port Grade 1 metallurgical coke: 1620.00 yuan/ton, unchanged [2] - Jingtang Port Shanxi - produced main coking coal (yard price): 1700.00 yuan/ton, unchanged [2] - Tianjin Port quasi - Grade 1 metallurgical coke: 1520.00 yuan/ton, unchanged [2] - Medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi: 1375.00 yuan/ton, unchanged [2] - Coking coal ex - factory price in Wuhai, Inner Mongolia: 1330.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants: 24.30 million tons, down 2.00 million tons [2] - Fine coal inventory of 314 independent coal washing plants: 309.00 million tons, down 25.50 million tons [2] - Capacity utilization rate of 314 independent coal washing plants: 0.32%, down 0.03% [2] - Raw coal output: 43703.50 million tons, up 1024.20 million tons [2] - Coal and lignite import volume: 5860.00 million tons, up 1455.00 million tons [2] - Daily average raw coal output of 523 coking coal mines: 108.60 million tons, down 72.20 million tons [2] - Imported coking coal inventory at 16 ports: 496.27 million tons, unchanged [2] - Total coking coal inventory of all - sample independent coking enterprises: 893.49 million tons, down 224.60 million tons [2] - Coke inventory at 18 ports: 263.86 million tons, down 6.13 million tons [2] - Coke inventory of all - sample independent coking enterprises: 55.52 million tons, up 11.77 million tons [2] - Coking coal inventory of 247 steel mills nationwide: 820.35 million tons, down 17.90 million tons [2] - Coke inventory of 247 sample steel mills nationwide: 688.61 million tons, down 9.30 million tons [2] - Available days of coking coal for all - sample independent coking enterprises: 13.06 days, down 0.28 days [2] - Available days of coke for 247 sample steel mills: 12.46 days, down 0.24 days [2] 3.4 Industry Situation - Coking coal import volume: 1376.98 million tons, up 303.83 million tons [2] - Coke and semi - coke export volume: 100.00 million tons, up 28.00 million tons [2] - Total coking coal supply: 5478.50 million tons, up 238.93 million tons [2] - Capacity utilization rate of independent coking enterprises: 72.20%, up 0.34% [2] - Profit per ton of coke for independent coking plants: - 8.00 yuan/ton, up 2.00 yuan [2] - Coke output: 4274.30 million tons, up 104.00 million tons [2] 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide: 80.13%, up 0.60% [2] - Blast furnace iron - making capacity utilization rate of 247 steel mills: 86.41%, up 0.72% [2] - Crude steel output: 6817.74 million tons, down 169.36 million tons [2] 3.6 Industry News - The US has officially started imposing a 10% global tariff, and the White House is preparing a formal order to raise the tariff rate to 15%. The US government is considering imposing a new round of tariffs on about six industries on the grounds of "national security". [2] - Some steel enterprises in North China have received a notice of temporary self - emission reduction during the 2026 National Important Conference, requiring enterprises to implement phased emission reduction control from March 4th to March 11th, with the blast furnace load self - reducing by no less than 30%. [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The economy in early 2026 shows a complex situation. The GDP growth rate slows down, and the manufacturing and non - manufacturing PMIs fluctuate. The consumer price index and producer price index have different trends, and the investment and consumption data also show certain changes. In the commodity market, there are adjustments in futures contract rules and price fluctuations in various commodities. The financial market has changes in monetary policy, bond market, and exchange rate market, and the stock market shows different trends in A - shares and Hong Kong stocks [1][38][39]. 3. Summary According to the Directory 3.1 Macro Data - GDP growth rate in Q4 2025 was 4.5%, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In January 2026, the manufacturing PMI was 49.3%, slightly up from 49.0% in the previous month, and the non - manufacturing PMI: business activity was 49.4%, down from 50.1% in the previous month [1]. - In December 2025, social financing scale was 2207.5 billion yuan, down from 3529.9 billion yuan in the previous month and 2853.7 billion yuan in the same period last year [1]. - CPI in December 2025 was 0.8% year - on - year, up from - 0.3% in the previous month, and PPI was - 1.9% year - on - year, up from - 2.3% in the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Dalian Commodity Exchange adjusted the daily price limit and trading margin levels of various futures contracts from February 12, 2026 [2]. - Bank of China adjusted the margin ratios of gold and silver deferred contracts from February 11 [2]. - On February 10, 41 domestic commodity varieties had positive basis, and 27 had negative basis [3]. - The China Futures Association drafted a management rule for stress testing of futures companies' trading and settlement systems and solicited public opinions [3]. - Heraeus Limited was approved as an overseas standard gold ingot provider by the Shanghai Gold Exchange and can trade and deliver since February 5, 2026 [4]. - Fed officials Logan and Hamark said the Fed's policy stance was close to neutral and there might be no need for further rate cuts if inflation fell and the labor market remained stable [4]. 3.2.2 Metals - On February 11, spot gold reached $5050, up 0.53% for the day, and spot silver reached $81 per ounce, up 0.81% for the day [5]. - Chow Tai Fook may adjust the price of gold products in mid - March, with an expected increase of 15% - 30% for fixed - price products [5]. - The price of indium has reached a more than ten - year high, up more than 55% since last September [5]. - In December, Codelco's copper production increased by 3.7% year - on - year to 181,400 tons, while the copper production of Collahuasi Mine decreased by 12.1% year - on - year to 36,200 tons [6]. - As of February 10, 2026, the holdings of SPDR Gold Trust decreased by 0.34 tons to 1079.32 tons [6]. - On February 9, tin and copper inventories reached new highs, while aluminum, zinc, and lead inventories decreased [6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - The White House will hold a coal - related event on Wednesday [8]. - The US Trade Representative is conducting negotiations on key minerals, including with Mexico and India, and expects to finalize an agreement with Indonesia in the next few weeks. Japan and the US will discuss a project supported by a $550 - billion investment tool [8][9]. 3.2.4 Energy and Chemicals - Zhoushan was approved to carry out the mixed - export business of marine bio - fuel oil [9]. - The US Energy Information Administration predicted that US natural gas production would reach a record high in 2026, while demand would remain stable. It also provided forecasts for oil demand and prices [9][10]. 3.2.5 Agricultural Products - Beef prices showed a slight upward trend as the Spring Festival approached. Egg prices declined due to sufficient supply and weakening demand [11]. - The US Department of Agriculture's February forecast for US soybean production, ending stocks, and yield in the 2025/2026 season remained unchanged from January [12]. - Bangladesh will purchase soybeans, wheat, cotton, and corn. Brazil's February exports of soybean meal and soybeans are expected to increase [13]. - The India Cotton Association expects the cotton supply in the 2025 - 26 season to be 42.8 million bales [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On February 10, the central bank conducted 311.4 billion yuan of 7 - day reverse repurchase operations, with a net injection of 205.9 billion yuan [15]. - On February 10, the Ministry of Finance and the central bank conducted a 150 - billion - yuan central treasury cash management commercial bank time - deposit auction, with an interest rate of 1.73% [15]. 3.3.2 Important News and Information - The central bank will continue to implement a moderately loose monetary policy, use policy tools flexibly, and normalize treasury bond trading operations [16]. - The 21st session of the 14th National People's Congress Standing Committee will be held from February 25 - 26, with multiple draft laws to be reviewed [17]. - The market regulatory authority approved a batch of important national standards in various fields [17]. - Five ministries jointly issued a guide for the construction of the science and technology service industry standard system [18]. - In January 2026, investment in digital economy - related fields was active, and consumption increased [18]. - Fiscal expenditure is shifting from infrastructure to "new - quality productivity" [19]. - The focus of the real estate market in 2026 is to stabilize the market, reduce inventory, strengthen housing security, and promote urban renewal [20]. - In 2025, the national social logistics volume increased by 5.1% year - on - year, with significant growth in the logistics volume of industrial robots and new - energy vehicles [20]. - Local debt resolution is in a critical stage, and some areas have completed debt - clearing tasks [20]. - Some real - estate enterprises have new financing activities, but the financing environment has only "point - like improvement" [21]. - Banks have issued a large number of large - denomination certificates of deposit, with a short - term trend and differentiated product strategies [21]. - The wealth management scale of large - scale wealth management companies declined in January 2026, but there are positive expectations for the future [22][23]. - Small and medium - sized banks have raised deposit interest rates at the beginning of the year [23]. - Tianjin's first batch of ESG - standardized bonds for financial leasing were issued [23]. - Alphabet issued a 750 - million - pound 100 - year bond, with over 7 - fold over - subscription [24]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates in March is 21.6%, and the probability of maintaining the interest rate is 78.4% [24]. - Japan's national debt reached a record high at the end of 2025 [25]. - Ray Dalio warned that the US is in the "fifth stage" of the imperial cycle and recommended holding 5% - 15% of gold in the investment portfolio [26]. - There were various bond - related events, including credit rating adjustments and disciplinary actions [27]. - Overseas credit rating agencies adjusted the credit ratings of some Chinese real - estate enterprises [28]. 3.3.3 Bond Market Summary - The inter - bank bond market showed narrow fluctuations, with government bonds performing better than policy - financial bonds. The money market interest rates mostly increased [29][31]. - The exchange - traded bond market had active trading, with some bonds rising and some falling. The convertible bond index declined [29][30]. - The yields of European and US government bonds declined [33]. 3.3.4 Exchange Rate Express - The on - shore RMB against the US dollar rose 155 points to 6.9129 at the close on February 11. The RMB central parity rate against the US dollar was raised by 65 points [34]. - The US dollar index rose slightly, and most non - US currencies fell [34]. 3.3.5 Research Report Highlights - CITIC Securities believes that the liquidity of urban investment bonds will continue to differentiate, and 3 - 5 - year urban investment bonds have high cost - performance [35]. - CITIC Securities points out that the consumption during the Spring Festival and the policy from local two sessions are the focuses in Q1, and the industrial destocking speed after March and the implementation of new industrial policies are crucial for the annual economic recovery [35]. - Xingzheng Fixed - Income suggests that investors focus on the coupon strategy for Chinese - funded US - dollar bonds in 2026 and pay attention to the yields of offshore urban investment dim - sum bonds and bonds of banks and financial services sectors [36]. - Yangtze River Fixed - Income believes that the spread changes of local bonds are affected by market trading and policies, and there are differences in liquidity and trading preferences among different provinces [36]. 3.3.6 Today's Reminder - On February 11, 280 bonds were listed, 74 bonds were issued, 75 bonds were due for payment, and 89 bonds were due for principal and interest repayment [37]. 3.4 Stock Market News - On February 11, the A - share market showed narrow fluctuations, with the Shanghai Composite Index rising 0.13%, the Shenzhen Component Index rising 0.02%, and the ChiNext Index falling 0.37%. AI application stocks and some concept stocks were active, while photovoltaic and consumer stocks were weak [38]. - The Hong Kong Hang Seng Index rose 0.58%, and AI application stocks and innovative drug concept stocks rose. Southbound funds had a small net purchase, and Tencent Holdings was sold [39]. - Foreign institutions are optimistic about Chinese assets, believing that China has a complete industrial chain, strong innovation ability, and attractive valuations [39].

Group 1 - The Dalian Commodity Exchange announced adjustments to the price limit and margin levels for various futures contracts effective from February 12, 2026 [1] - Iron ore futures will have a price limit adjustment to 11% and a margin level set at 13% [1] - Coking coal and coke futures will have a price limit adjustment to 10%, with coking coal's margin level increased to 14% [1] Group 2 - Other agricultural futures such as soybeans, corn, and eggs will see price limit adjustments to 8% and margin levels set at 9% [1] - The trading margins for palm oil, ethylene glycol, styrene, and liquefied petroleum gas will be adjusted to 11% [1] - After the trading resumes on February 24, 2026, the price limits and margin levels for several futures contracts will revert to pre-holiday standards [2]

Core Viewpoint - The Dalian Commodity Exchange has announced adjustments to the price limit and margin levels for various futures contracts around the 2026 Spring Festival holiday, aimed at managing market risks effectively [2][3]. Group 1: Adjustments Before the Holiday - From February 12, 2026, the price limit for iron ore futures will be adjusted to 11%, with a margin level of 13% [2] - The price limit for coke and coking coal futures will be set at 10%, with the margin for coke remaining unchanged and that for coking coal adjusted to 14% [2] - For soybean and corn-related futures, the price limit will be adjusted to 8%, with a margin level of 9% [2] - Other commodities such as palm oil, ethylene glycol, and liquefied petroleum gas will have a price limit of 10% and a margin level of 11% [2] - The price limit for corn starch and japonica rice futures will be set at 7%, with a margin level of 8% [2] - The price limit for live pigs and logs will be adjusted to 8%, with a margin level of 10% [2] - The price limit for pure benzene futures will be set at 11%, with a margin level of 12% [2] - Other futures contracts will maintain their existing price limits and margin levels [2] Group 2: Adjustments After the Holiday - Trading will resume on February 24, 2026, with the price limits and margin levels for major contracts reverting to pre-holiday standards [3] - For contracts that meet the criteria for adjustment, the higher value between the specified limits will be applied [3] - Member units are advised to enhance risk management and ensure market stability [3]

Core Viewpoint - The Dalian Commodity Exchange announced adjustments to the price limit and margin levels for various futures contracts, effective from February 12, 2026, and will revert to pre-holiday standards after the trading resumes on February 24, 2026 [1][2]. Summary by Category Price Limit Adjustments - Iron ore futures price limit will be adjusted to 11% with a margin level of 13% - Coking coal and coke futures price limits will be set at 10%, with margin levels unchanged for coke and adjusted to 14% for coking coal - Soybean futures (both types), soybean meal, corn, and eggs will have a price limit of 8% and a margin level of 9% - Other commodities like palm oil, ethylene glycol, styrene, and liquefied petroleum gas will have a price limit of 10% and a margin level of 11% [1]. Margin Level Adjustments - The margin levels for corn starch and japonica rice will be set at 8% and 7% respectively - Live pigs and logs will have a price limit of 8% and a margin level of 10% - Pure benzene will have a price limit of 11% and a margin level of 12% - Other futures contracts will maintain their current price limits and margin levels [1][4]. Post-Holiday Adjustments - After the holiday, the price limits and margin levels for iron ore, coking coal, coke, soybeans, soybean meal, soybean oil, palm oil, corn, corn starch, japonica rice, eggs, live pigs, and several plastics will revert to pre-holiday standards - Other futures contracts will maintain their existing price limits and margin levels [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The coking coal market is in a weak balance with reduced supply and weak demand as winter storage nears its end, and is expected to fluctuate. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain [2] - The coke market has supply contraction and iron - water demand falling short of expectations. With pre - holiday winter storage approaching the end and downstream rigid demand procurement, it is also expected to fluctuate. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain [2] Group 3: Summary by Relevant Catalogs Futures Market - JM main contract closing price increased by 26 yuan/ton to 1167.50 yuan/ton, and J main contract closing price increased by 34.50 yuan/ton to 1715.00 yuan/ton [2] - JM futures contract positions increased by 5864 hands to 577813 hands, while J futures contract positions decreased by 156 hands to 38269 hands [2] - The net positions of the top 20 JM contracts decreased by 3441 hands to - 80491 hands, and the net positions of the top 20 J contracts decreased by 211 hands to - 1165 hands [2] - JM 9 - 5 month contract spread decreased by 6.50 yuan/ton to 78.00 yuan/ton, and J 9 - 5 month contract spread increased by 3.00 yuan/ton to 69.00 yuan/ton [2] - The number of coking coal warehouse receipts remained at 0, and the number of coke warehouse receipts remained at 1480 [2] Spot Market - The price of Ganqimao Du Meng 5 raw coal increased by 3 yuan/ton to 1027 yuan/ton, and the price of Tangshan Grade 1 metallurgical coke remained at 1720 yuan/ton [2] - The price of Russian main coking coal forward spot remained at 164 dollars/wet ton, and the price of Rizhao Port quasi - Grade 1 metallurgical coke remained at 1520 yuan/ton [2] - The price of imported main coking coal from Australia at Jingtang Port increased by 10 yuan/ton to 1620 yuan/ton, and the price of Grade 1 metallurgical coke at Tianjin Port remained at 1620 yuan/ton [2] - The price of Shanxi - produced main coking coal at Jingtang Port remained at 1780 yuan/ton, and the price of quasi - Grade 1 metallurgical coke at Tianjin Port remained at 1520 yuan/ton [2] - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi remained at 1400 yuan/ton, and the J main contract basis decreased by 34.50 yuan/ton to 5 yuan/ton [2] - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia remained at 1330 yuan/ton, and the JM main contract basis decreased by 26 yuan/ton to 177.50 yuan/ton [2] Upstream Situation - The daily output of clean coal from 314 independent coal washing plants decreased by 0.80 tons to 26.80 tons, and the weekly inventory of clean coal from 314 independent coal washing plants decreased by 11.60 tons to 311.60 tons [2] - The weekly capacity utilization rate of 314 independent coal washing plants decreased by 0.01% to 0.37%, and the monthly raw coal output increased by 1024.20 tons to 43703.50 tons [2] - The monthly import volume of coal and lignite increased by 1455 tons to 5860 tons, and the daily average output of raw coal from 523 coking coal mines decreased by 1.60 tons to 197.80 tons [2] - The weekly inventory of imported coking coal at 16 ports decreased by 15 tons to 547.99 tons, and the weekly inventory of coking coal in the full - sample of independent coking enterprises increased by 57.08 tons to 1234.79 tons [2] - The weekly inventory of coke at 18 ports decreased by 6.19 tons to 263.07 tons, and the weekly inventory of coke in the full - sample of independent coking enterprises increased by 2.94 tons to 84.39 tons [2] - The weekly inventory of coking coal in 247 steel mills nationwide increased by 11.12 tons to 814.36 tons, and the weekly inventory of coke in 247 sample steel mills increased by 16.55 tons to 678.19 tons [2] Industry Situation - The available days of coking coal in the full - sample of independent coking enterprises increased by 0.15 days to 13.03 days, and the available days of coke in 247 sample steel mills increased by 0.19 days to 12.54 days [2] - The monthly import volume of coking coal increased by 303.83 tons to 1376.98 tons, and the monthly export volume of coke and semi - coke increased by 28 tons to 100 tons [2] - The monthly total supply of coking coal increased by 238.93 tons to 5478.50 tons, and the weekly capacity utilization rate of independent coking enterprises decreased by 0.14% to 72.41% [2] - The weekly profit per ton of coke in independent coking plants increased by 11 yuan/ton to - 55 yuan/ton, and the monthly coke output increased by 104 tons to 4274.30 tons [2] Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide increased by 0.32% to 79.00%, and the weekly blast furnace iron - making capacity utilization rate of 247 steel mills decreased by 0.04% to 85.47% [2] - The monthly crude steel output decreased by 169.36 tons to 6817.74 tons [2] Industry News - Recently, 10 steel mills announced Spring Festival maintenance plans. For example, Chengshi Iron and Steel of Dusteel Group plans to shut down for maintenance from February 1st to 28th, 2026, reducing the output of construction steel by about 17 tons [2] - A survey of nearly 50 steel trading enterprises in 13 leading markets in Shandong showed that the overall winter storage volume of the surveyed enterprises this year decreased by 38.35% compared with last year [2]