1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - On March 23, 2026, the main contract of coking coal 2605 soared, hitting the daily limit of 1289.5 yuan/ton with a single - day increase approaching 11%. The sharp rise was the result of the resonance of four core factors: geopolitical conflicts, tight supply - demand fundamentals, capital - driven short - squeezing, and positive macro - expectations, which reversed the previous weak market pattern and triggered a chain reaction in the black - series industrial chain [3]. 3. Summary by Relevant Catalogs 3.1 Geopolitical Conflicts - Qatar's LNG facilities were attacked and the situation in the Strait of Hormuz was tense, raising concerns about global LNG supply. Asian countries turned to coal for power generation, increasing the demand for coal and boosting the valuation of coking coal [5]. - The increase in natural gas prices led to an increase in the demand for coal - fired power generation, raising the valuation of coking coal and thermal coal [5]. - The conflict in the Middle East pushed up the price of methanol, improving the profit of coking by - products, increasing the willingness of coking enterprises to start production, and thus increasing the demand for coking coal [5][8]. 3.2 Supply - Demand Fundamentals - On the supply side, domestic coking coal supply was tight. Stricter safety and environmental inspections limited coal production, and imports could not effectively make up for the supply gap [8]. - On the demand side, it was the peak season after the Two Sessions. The blast furnace operating rate of steel mills increased, steel demand recovered, and steel prices rose. The inventory of coking coal in major links was at a low level, and the demand for replenishment increased, intensifying the supply - demand mismatch [9]. - The spot price of coking coal was higher than the futures price, providing strong support for the futures price to rise [13]. 3.3 Capital - Driven Factors - The coking coal 2605 contract had experienced a continuous decline before, and the expectation of a rebound had accumulated. On March 23, it broke through the key resistance level, attracting technical funds to enter the market. The increase in trading volume and open interest led to a short - squeezing situation, accelerating the rise [14]. - The increase was mainly driven by institutional main funds. The top 10 long - position seats increased their positions significantly, and the concentration of funds continued to rise, making the rise explosive [19]. 3.4 Positive Macro - Expectations - Since 2026, domestic growth - stabilizing policies have been continuously strengthened, and positive policies in infrastructure and real estate have been implemented. The industrial economic data from January to February exceeded expectations, enhancing market confidence in economic recovery [20]. - Black - series commodities benefited from the economic recovery, and the market risk appetite increased. The allocation value of commodities as anti - inflation assets was highlighted, and overseas funds flowed into the domestic commodity market, promoting the rise of coking coal [20]. 3.5 Outlook for the Future - In the short term, the coking coal 2605 contract has strong upward momentum, but three core variables need to be closely monitored: the evolution of the Middle East geopolitical situation, changes in the domestic coking coal supply - demand pattern, and capital flow trends [21].

Group 1: Stock Indices - The Shanghai Composite Index closed on February 27 with an increase of 16.25 points, a rise of 0.39%, reaching 4162.88 points [4] - The Shenzhen Component Index closed down by 8.69 points, a decrease of 0.06%, at 14492.09 points [4] - The CSI 300 Index fell by 16.23 points, down 0.34%, closing at 4710.65 points [4] - The ChiNext Index decreased by 34.68 points, a drop of 1.04%, ending at 3310.30 points [4] - The STAR Market 50 Index rose by 2.16 points, an increase of 0.15%, closing at 1488.02 points [4] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, and crude oil, but specific data for these commodities is not provided in the excerpts [3][5][9]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 0.60 points, a decrease of 0.01%, at 4146.63 points on February 26 [5] - The Shenzhen Component Index closed up by 31.15 points, an increase of 0.22%, at 14507.01 points on February 26 [5] - The CSI 300 Index closed down by 9.01 points, a decrease of 0.19%, at 4726.87 points on February 26 [5] - The ChiNext Index closed down by 8.61 points, a decrease of 0.26%, at 3346.21 points on February 26 [5] - The STAR Market 50 Index closed up by 12.58 points, an increase of 0.85%, at 1485.86 points on February 26 [5][38] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the excerpts [34][39][44][49][53][57][60][61][63][64][66]

Group 1: Stock Indices - The Shanghai Composite Index closed up by 29.82 points, a rise of 0.72%, ending at 4147.23 points on February 25 [5] - The Shenzhen Component Index increased by 185.66 points, reflecting a growth of 1.30%, closing at 14477.22 points [5] - The CSI 300 Index rose by 28.34 points, with a gain of 0.60%, finishing at 4735.89 points [5] - The ChiNext Index saw an increase of 47.24 points, up by 1.43%, closing at 3355.51 points [5] - The STAR Market 50 Index closed up by 7.92 points, a rise of 0.54%, ending at 1473.28 points [5] Group 2: Commodity Indices - The document includes references to various commodities such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data or analysis on these commodities is not provided in the excerpts [9][40][44][46][48][49][51][53][55][57][59][60][62][64][66]

Group 1: Stock Indices - The Shanghai Composite Index closed on February 24 with an increase of 35.34 points, a rise of 0.87%, reaching 4117.41 points [5] - The Shenzhen Component Index rose by 200.10 points, up 1.42%, closing at 14300.29 points [5] - The CSI 300 Index increased by 47.14 points, a gain of 1.01%, ending at 4707.54 points [5] - The ChiNext Index saw an increase of 34.52 points, up 1.05%, closing at 3310.48 points [5] - The STAR Market 50 Index decreased by 4.97 points, down 0.34%, closing at 1465.36 points [5][39] Group 2: Commodity Indices - The document includes references to various commodities such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data or analysis for these commodities is not provided in the excerpts [9][40][45][50][52][54][56][58][61][63][65][66]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 51.95 points, a decrease of 1.26%, ending at 4082.07 points [5] - The Shenzhen Component Index fell by 182.81 points, down 1.28%, closing at 14100.19 points [5] - The CSI 300 Index decreased by 59.17 points, a drop of 1.25%, finishing at 4660.41 points [5] - The ChiNext Index declined by 52.10 points, down 1.57%, closing at 3275.96 points [5] - The STAR Market 50 Index fell by 10.66 points, a decrease of 0.72%, ending at 1470.33 points [41] Group 2: Commodity Indices - No specific data provided for commodity indices in the available content. Group 3: Other Commodities - No specific data provided for other commodities in the available content.

Group 1: Stock Indices - The Shanghai Composite Index closed at 4134.02 points, up 2.03 points, a gain of 0.05% on February 12 [5][40] - The Shenzhen Component Index closed at 14283.00 points, up 122.06 points, a gain of 0.86% on February 12 [5][40] - The CSI 300 Index closed at 4719.58 points, up 5.76 points, a gain of 0.12% on February 12 [5][40] - The ChiNext Index closed at 3328.06 points, up 43.33 points, a gain of 1.32% on February 12 [5][40] - The STAR Market 50 Index closed at 1480.99 points, up 25.88 points, a gain of 1.78% on February 12 [5][41] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the excerpts [36][41][44][47][49][52][54][56][58][60][62][64][66][68][69][71]

Group 1: Stock Indices - The Shanghai Composite Index closed on February 11 with an increase of 3.61 points, a rise of 0.09%, reaching 4131.98 points [5] - The Shenzhen Component Index closed down by 49.69 points, a decrease of 0.35%, at 14160.93 points [5] - The CSI 300 Index closed down by 10.48 points, a decline of 0.22%, at 4713.82 points [5] - The ChiNext Index closed down by 35.80 points, a drop of 1.08%, at 3284.74 points [5] - The STAR Market 50 Index closed down by 16.38 points, a decrease of 1.11%, at 1455.11 points [41] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the text [36][42][43][44][47][49][52][55][57][59][61][63][65][66][68][69][71][73]

Group 1: Stock Indices - The Shanghai Composite Index closed up 57.51 points, an increase of 1.41%, at 4123.09 points on February 9 [5] - The Shenzhen Component Index rose by 301.70 points, a gain of 2.17%, closing at 14208.44 points [5] - The CSI 300 Index increased by 75.46 points, up 1.63%, finishing at 4719.06 points [5] - The ChiNext Index saw an increase of 96.31 points, a rise of 2.98%, closing at 3332.77 points [5] - The STAR Market 50 Index closed up 35.76 points, an increase of 2.51%, at 1458.16 points [5][37] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the excerpts [38][39][40][44][47][49][51][53][55][58][59][61][62][64]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 10.33 points, a decrease of 0.25%, ending at 4065.58 points [6] - The Shenzhen Component Index fell by 37.53 points, down 0.27%, closing at 13915.18 points [6] - The CSI 300 Index decreased by 26.82 points, a drop of 0.57%, finishing at 4643.60 points [6] - The ChiNext Index declined by 23.81 points, down 0.73%, closing at 3236.46 points [6] - The STAR Market 50 Index fell by 10.12 points, a decrease of 0.71%, ending at 1422.41 points [40]