蒙古海关总署数据显示，2025年1-10月，蒙古煤炭出口量6500万吨，同比下降1.4%；汽油进口量为 67.84万吨，同比下降4.4%；柴油进口量为143.2万吨，同比增长9.8%。中国继续保持蒙古最大出口市 场。蒙铅矿、铁矿、锌精矿、原油及硬煤对华出口占比为100%；铜精矿和褐煤出口占比达99.9%；精梳 羊绒出口占比为82.9%，对华出口占蒙古出口总额的81.7%。 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view can be extracted from the given data 3. Summaries According to Related Catalogs Commodity Prices - The price of crude oil on November 11, 2025, was $581.75 per ton, unchanged from the previous value [1] - The price of ethylene in Northeast Asia on November 10, 2025, was $41.00 per ton, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in East China on November 11, 2025, was 6000 yuan per ton, unchanged from the previous value [1] - The price of methanol on November 10, 2025, was 290 yuan per ton, unchanged from the previous value [1] - The settlement price of the main contract of a certain commodity on November 10, 2025, was 3936 yuan per ton, a 0.20% change from the previous value [1] - The settlement price of the near - month contract on November 10, 2025, was 3848 yuan per ton, unchanged from the previous value [1] - The price of ethylene glycol in East China on November 10, 2025, was 4020 yuan per ton, unchanged from the previous value [1] - The price difference between near and far - month contracts on November 10, 2025, was 88 yuan per ton, an 8 - yuan change from the previous value [1] - The basis on November 10, 2025, was 67 yuan per ton, a 1 - yuan change from the previous value [1] Industry Operating Conditions - The operating rate of ethylene glycol from oil on November 10, 2025, was 63.4% [1] - The operating rate of ethylene glycol from coal on November 10, 2025, was 66.51% [1] - The operating rate of a certain PTA factory on November 10, 2025, was 89.0% [1] - The operating rate of the textile industry in Zhejiang and Jiangsu on November 10, 2025, was 72.28% [1] Profit Conditions - The after - tax gross profit of a certain oil - based ethylene glycol production on November 10, 2025, was 1423.94 yuan per ton, a 40.3 - yuan change from the previous value [1] - The after - tax gross profit of a coal - based synthetic gas method production on November 10, 2025, was 19.6 yuan per ton, a 35.4 - yuan change from the previous value [1] Price Indexes - The price index of polyester on November 10, 2025, was 8525 yuan per ton, unchanged from the previous value [1] - The price index of polyester staple fiber on November 10, 2025, was 6850 yuan per ton, unchanged from the previous value [1] - The price index of bottle - grade chips on November 10, 2025, was 5750 yuan per ton, a 0.1% change from the previous value [1] Other Information - A coal - based ethylene glycol production unit in Inner Mongolia is expected to start up this month after inspection and maintenance [1]

Core Insights - The industrial output value of Mongolia for January to September 2025 is 30.7 trillion tugrik (approximately 8.574 billion USD), representing a year-on-year decline of 3.6% [1] Mining Sector - The mining sector's output value is 22.7 trillion tugrik (approximately 6.34 billion USD), showing a year-on-year decrease of 8.4% [1] - Specific declines in mining products include: - Brown coal and lignite output down 32.3% to 5 trillion tugrik (approximately 1.396 billion USD) - Oil output down 13.6% to 11.3 trillion tugrik (approximately 3.156 billion USD) [1] Metal Products - The production of metal products such as iron concentrate, zinc concentrate, copper concentrate, and fluorite concentrate increased by 5.9% to 70.4% [1] Non-Metal Mining Products - The output of brown coal, lignite, oil, and unrefined mineral products decreased by 6.8% to 36.3% [1] Manufacturing Sector - The manufacturing sector saw significant growth in several products, with output increasing by 3.1 to 5.5 times for items like liquid milk, cement, flour, cathode copper, lime, and carded cashmere [1] - Conversely, the production of metal billets, mineral water, beverages, juices, meat, liquor, pure alcohol, cashmere knitwear, cigarettes, and coking coal decreased by 1.3% to 32.2% [1]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - Not provided in the given content 3) Summary by Related Catalogs Price Changes - Naphtha CFR Japan price on 2025/11/5 was $577.50 per ton, up 0.17% from the previous value [1] - Ethylene Northeast Asia price on 2025/11/4 was $741.00 per ton, with no change [1] - Ethylene Oxide average price in East China on 2025/11/5 was 6000 yuan per ton, with no change [1] - Methanol MA spot price on 2025/11/5 was 2080 yuan per ton, with no change [1] - Lignite (3500) pit - mouth price in Inner Mongolia on 2025/11/5 was 290 yuan per ton, with no change [1] - DCE EG主力合约收盘价 on 2025/11/5 was 3914 yuan per ton, up 0.33% [1] - DCE EG主力合约结算价 on 2025/11/5 was 3902 yuan per ton, down 0.71% [1] - DCE EG近月合约收盘价 on 2025/11/5 was 3865 yuan per ton, up 0.13% [1] - DCE EG近月合约结算价 on 2025/11/5 was 3865 yuan per ton, down 3.81% [1] - MEG market price in East China on 2025/11/5 was 4000 yuan per ton, with no change [1] - CCFEI MEG price index on 2025/11/5 was 3985 yuan per ton, up 0.25% [1] - Near - far month price difference on 2025/11/5 was 37 yuan per ton, down from 88 yuan per ton [1] - Basis on 2025/11/5 was 71 yuan per ton, down 3 yuan [1] Operating Conditions - MEG comprehensive operating rate on 2025/11/5 was 63.74%, with no change [1] - MEG (petroleum - based) operating rate on 2025/11/5 was 66.51%, with no change [1] - MEG (coal - based) operating rate on 2025/11/5 was 59.57%, with no change [1] - PTA industrial chain polyester factory load rate on 2025/11/5 was 89.56%, with no change [1] - PTA industrial chain Jiangsu and Zhejiang looms load rate on 2025/11/5 was 82.28%, with no change [1] Cash Flow - Naphtha - based MEG cash flow on 2025/11/4 was -$146.97 per ton, down $10.76 [1] - Ethylene - based MEG cash flow on 2025/11/4 was $112.65 per ton, up $10.00 [1] - MTO - based MEG after - tax gross profit on 2025/11/5 was 1486.22 yuan per ton, up 19.91 yuan [1] - Coal - based MEG after - tax gross profit on 2025/11/5 was - 142.04 yuan per ton, down 39.83 yuan [1] Polyester Price Index - CCFEI polyester DTY price index on 2025/11/5 was 8500 yuan per ton, with no change [1] - CCFEI polyester POY price index on 2025/11/5 was 6825 yuan per ton, with no change [1] - CCFEI polyester staple fiber price index on 2025/11/5 was 6345 yuan per ton, down 0.08% [1] - CCFEI bottle - grade chip price index on 2025/11/5 was 5690 yuan per ton, down 0.44% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog - **Commodity Prices** - Crude oil price on November 4, 2025, was $582.38 per ton, up 0.32% from the previous value of $580.50 [1] - Northeast Asia ethylene price index was $741.00 per ton on November 3, 2025, unchanged from the previous value [1] - East China ethylene oxide ex - factory price was $6000.00 per ton on November 4, 2025, up 50.00 from the previous value [1] - Inner Mongolia brown coal (tax - included) pit price was $290.00 per ton on November 3, 2025, unchanged from the previous value [1] - Main contract settlement price of a certain product was $4000.00 per ton on November 3, 2025, up 0.0% from the previous value, and the close price of the near - month contract was $3891.00 per ton, up 0.16% [1] - East China market intermediate price of ethylene glycol was $4110.00 per ton on November 3, 2025, up 100.00 from the previous value [1] - Near - far price difference was $35.00 per ton on November 3, 2025, and the basis difference was -$12.00 per ton [1] - Ethylene glycol comprehensive index was 64.41 on November 3, 2025, unchanged from the previous value [1] - Oil - based ethylene glycol operating rate was 66.57% on November 3, 2025, unchanged from the previous value; coal - based ethylene glycol operating rate was 61.16% on November 3, 2025, unchanged from the previous value [1] - PTA industry plant load rate was 89.68% on November 3, 2025, up 0.22% from the previous value; Jiangsu and Zhejiang PTA weaving machine industry load rate was 72.28% on November 3, 2025, unchanged from the previous value [1] - Outer - plate oil - based ethylene glycol price was $1362.11 per ton on November 1, 2025, down $145.90 from the previous value [1] - After - tax gross profit of a certain coal - based synthetic gas method device was $1450.33 per ton on November 3, 2025, up $37.29 from the previous value [1] - Polyester price index was $8500.00 per ton on November 3, 2025, up 0.9% from the previous value; polyester staple fiber price index was $6340.00 per ton on November 3, 2025, up 0.16% from the previous value; bottle - grade chip price index was $5730.00 per ton on November 3, 2025, up 0.3% from the previous value [1]

内蒙古金煤化工科技股份有限公司 2025 年三季度主要经营数据公告 证券代码：600844，900921 证券简称：金煤科技，金煤 B 股 编号：临 2025－050 | 主要原材料名称 | 2025 | 年三季度平 | 2025 年二季度平 | 变动幅度（%） | | --- | --- | --- | --- | --- | | | 均进价（元/吨） | | 均进价（元/吨） | | | 褐煤 | 446.16 | | 471.95 | -5.46% | | 高卡煤 | 709.56 | | 726.43 | -2.32% | 子公司通辽金煤化工有限公司于 2025 年 10 月 9 日起开始例行停车检修，截 止本公告披露日，检修已基本完成，生产装置陆续开车中。 本公告之经营数据未经审计，公司董事会提醒投资者审慎使用上述数据。 特此公告。 内蒙古金煤化工科技股份有限公司 董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司 2025 年三季度主要经营数据披露如下： 二、主要产品的价格变动情况（含税） | 主要 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Categories Commodity Prices - The current price of crude oil is $577.63 per ton on October 27, 2025, with a previous price of $581.13, a decrease of 0.60% [1] - The price of the Northeast Asia ethylene is $766.00 per ton on October 27, 2025, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in the East China region is $610.00 per ton on October 28, 2025, unchanged from the previous value [1] - The price of brown coal in Inner Mongolia is $290.00 per ton on October 29, 2025, unchanged from the previous value [1] - The settlement price of the main contract of a certain product is $4098.00 per ton on October 27, 2025, with a previous price of $4090.00, an increase of 0.20% [1] - The closing price of the nearby contract is $4000 per ton on October 2, 2025, unchanged from the previous value [1] - The market price of ethylene glycol in the East China region is $4190.00 per ton on October 27, 2025, with a previous price of $4180.00, an increase of 0.24% [1] - The price difference between the near - month and far - month contracts is $41.00 per ton on October 27, 2025, with a previous difference of $33.00, an increase of $8.00 [1] - The comprehensive price of ethylene glycol is $81.00 per ton on October 27, 2025, with a previous price of $103.00, a decrease of $22.00 [1] - The price index of polyester is $8400.00 per ton on October 27, 2025, unchanged from the previous value [1] - The price index of polyester chips is $6750.00 per ton on October 27, 2025, unchanged from the previous value [1] - The price index of polyester staple fiber is $6330.00 per ton on October 2, 2025, with a previous price of $6320.00, an increase of 0.16% [1] - The price index of bottle - grade chips is $5740.00 per ton on October 27, 2025, with a previous price of $5700.00, an increase of 0.70% [1] Operating Conditions - The operating rate of ethylene glycol produced from oil is 65.0% on October 27, 2025, compared with 56.23% previously, an increase of 2.68 percentage points [1] - The operating rate of ethylene glycol produced from coal is 61.1% on October 27, 2025, unchanged from the previous value [1] - The load rate of the PTA industry chain is 89.2% on October 2, 2025, compared with 88.93% previously, an increase of 0.10 percentage points [1] - The load rate of the textile machine industry in the Jiangsu and Zhejiang PTA chain is 71.86% on October 27, 2025, unchanged from the previous value [1] Other Information - The price of ethylene glycol produced from foreign - sourced ethylene is $1312.1 per ton on October 2, 2025, compared with $1102.5 previously, a decrease of $210.0 [1] - The post - tax gross profit of a certain production method is $1533.27 per ton on October 27, 2025, compared with $1547.94 previously, a decrease of $14.67 [1]

Investment Rating - The report maintains an investment rating of "A" for the coal sector, indicating expected performance to lead the market [1][4]. Core Insights - The coal import volume continues to show a contraction trend, but the rate of decline is slowing down. In September, the year-on-year decline in coal imports was 3.34%, while the month-on-month increase was 7.63%. The average import price for all coal types in September was $68 per ton, reflecting a year-on-year decrease [4][5]. - Domestic coal prices have shown fluctuations, with a slight increase in September, which is expected to support import demand due to the existing domestic supply gap. The report anticipates that the price difference between domestic and imported coal will continue to expand, potentially boosting import volumes [5][6]. Summary by Sections Import Data Analysis - From January to September, the cumulative growth rate of coal imports was -11.1%, indicating a continued contraction. However, the negative growth rate is marginally slowing down, with specific increases in certain coal types [4]. - The report highlights that the increase in imported coal in September was primarily driven by thermal coal from Indonesia and coking coal from Russia and Australia [4]. Price Trends - The report notes that the average import price for coal types has decreased significantly compared to the previous year, with a slight month-on-month increase observed in September [4][6]. - The report suggests that the price dynamics are influenced by domestic demand, which is expected to support higher import prices moving forward [6]. Investment Recommendations - The report expresses optimism for investment opportunities in the coal sector for the fourth quarter, suggesting that the sector may outperform the third quarter. It recommends focusing on companies with higher elasticity in their stock performance [5][6]. - Specific companies to watch include Jin Kong Coal Industry, Shan Coal International, and Huayang Co., with a particular emphasis on coking coal producers like Lu'an Environmental Energy and Shanxi Coking Coal [6].

1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - No information provided. 3. Summary by Relevant Catalog Commodity Prices - The current price of crude oil on October 22, 2025, is $537.00 per ton, the same as the previous value [1]. - The price of the Northeast Asia ethylene on October 17, 2025, is $781.00 per ton, with a 0.00% change [1]. - The ex - factory price of ethylene oxide in the East China region on October 21, 2025, is $610.00 per ton, with a 0.00% change [1]. - The price of methanol on October 21, 2025, is $2265.00 per ton, with a 0.00% change [1]. - The含税 price of brown coal in Inner Mongolia on October 21, 2025, is $290.00 per ton, with a 0.00% change [1]. Futures Prices - The settlement price of the main contract of a certain commodity on October 21, 2025, is $4003.00 per ton, with a 0.60% change [1]. - The settlement price of the near - month contract on October 21, 2025, is $4000.00 per ton, with a 0.00% change [1]. Price Indexes - The price index of polyester on October 21, 2025, is $8350.00 per ton, a 0.60% increase compared to the previous value [1]. - The price index of polyester staple fiber on October 21, 2025, is $6280.00 per ton, with a 0.00% change [1]. Industry Load Rates - The load rate of the polyester industry factory on October 21, 2025, is 89.38%, a 0.00% change [1]. - The load rate of the weaving machine industry in the Jiangsu and Zhejiang regions on October 21, 2025, is 69.13%, with a 0.00% change [1]. Profit Situations - The post - tax gross profit of coal - based synthetic gas method equipment on October 21, 2025, is $1680.20 per ton, compared to $1683.40 previously, a decrease of $3.20 [1].

Group 1 - The price of CF oil was 545.50 yuan/ton on 2025/10/17, down 0.64 from the previous day [1] - The price index of ethylene fiber in Northeast Asia was 786.00 yuan/ton on 2025/10/17, unchanged from the previous day [1] - The average ex - factory cost price of ethylene oxide in East China was 6150.00 yuan/ton on 2025/10/17, with a 0.00% change from the previous day [1] - The spot price of methanol was 2317.50 yuan/ton on 2025/10/17, with a 0.00% change from the previous day [1] - The pit - mouth price of lignite (tax - included) in Inner Mongolia (Q3500) was 290.00 yuan/ton on 2025/10/17, with a 0.00% change from the previous day [1] - The closing price of the main contract of GCED was 4089.00 yuan/ton on 2025/10/16, up 0.79% from the previous day [1] - The settlement price of the main contract of GCED was 4056.00 yuan/ton on 2025/10/16, up 0.20% from the previous day [1] - The closing price of the near - month contract of GCED was 4130.00 yuan/ton on 2025/10/16, up 0.73% from the previous day [1] - The settlement price of the near - month contract of GCED was 4092.00 yuan/ton on 2025/10/16, up 0.07% from the previous day [1] - The mid - price index of diethylene glycol in the East China market (CFEI) was 4110.00 yuan/ton on 2025/10/16, with a 0.00% change from the previous day, and the price was 4155.00 yuan/ton on the same day, up 0.85% from the previous day [1] - The near - far price difference was 36.00 yuan/ton on 2025/10/16, down from 41.00 yuan/ton the previous day [1] - The basis was 66.00 yuan/ton on 2025/10/16, up 3.00 from the previous day [1] - The comprehensive operating rate of diethylene glycol was 65.84% on 2025/10/16, unchanged from the previous day [1] - The operating rate of diethylene glycol from petroleum was 69.94% on 2025/10/16, unchanged from the previous day [1] - The operating rate of diethylene glycol from coal was 59.65% on 2025/10/16, unchanged from the previous day [1] - The load rate of the PTA industrial chain was 89.38% on 2025/10/16, unchanged from the previous day [1] - The load rate of the PTA industrial chain in Zhejiang textile was 69.13% on 2025/10/16, up 1.51% from the previous day [1] - The external market profit of diethylene glycol from naphtha was - 108.69 yuan/ton on 2025/10/15, up 9.38 from the previous day [1] - The external market cash - flow situation of diethylene glycol from ethylene was - 125.90 yuan/ton on 2025/10/15, unchanged from the previous day [1] - The post - tax gross profit of GME from OMT was - 1717.08 yuan/ton on 2025/10/16, down 17.46 from the previous day [1] - The post - tax gross profit of the coal - based synthetic gas plant was 94.69 yuan/ton on 2025/10/16, down 39.82 from the previous day [1] - The price index of polyester fiber (CFEI C YDT) was 8425.00 yuan/ton on 2025/10/16, down 0.30% from the previous day [1] - The price index of polyester staple fiber (CFEI C) was 6750.00 yuan/ton on 2025/10/16, down 0.74% from the previous day, and the price index of polyester fiber (CFEI C) for polyester ester was 6300.00 yuan/ton on the same day, up 0.16% from the previous day [1] - The price index of bottle - grade PET chips (CFEI) was 5650.00 yuan/ton on 2025/10/16, up 0.36% from the previous day [1]