Report Industry Investment Rating - No relevant information provided Core Viewpoints - The coking coal market experienced a high - opening and low - closing trend with a decline on the day. The previous increase was due to the energy substitution logic after the escalation of the Middle - East situation. Currently, the inventory is sinking, and the steel mill's production is gradually increasing. The price decline today is a correction after the previous over - increase due to sentiment. With the recovery of downstream and terminal, the market may fluctuate after the end of the conflict, but the downside space is expected to be limited [1] Summary by Directory Market Analysis - Coking coal opened high and closed low, with a decline during the day. Domestic mine production has recovered smoothly, with the current domestic mine operation rate reaching 89.16%, a 0.57% increase from last week. The refined coal output decreased month - on - month, but the downstream sales were smooth. After the coke price increase, coke enterprises actively purchased. The mine inventory decreased by 31.26 tons month - on - month, while the downstream coke enterprises and steel mills' inventories increased by 42.51 tons and 8.48 tons respectively. The downstream started the inventory accumulation mode, and the coking coal inventory began to be transferred downwards. The coke production increased month - on - month, the steel mill's profitability recovered, and the operation rate increased by 1.25%. The weekly daily output of molten iron was 231.09 tons. The steel mills under production restrictions gradually resumed production. The first - round coke price increase started last Friday, and more regions started to increase the price this week with an expected implementation [1] Spot Data - The self - pick - up price of Mongolian 5 coking raw coal was 1,170 yuan/ton, a 1 - yuan increase from the previous trading day. The spot price in Jiexiu was reported at 1,360 yuan/ton, unchanged from the previous trading day. The closing price of the main futures contract was 1,219 yuan/ton, and the basis in Jiexiu, Shanxi was 141 yuan/ton, an 11 - yuan increase from the previous trading day [2] Fundamental Tracking Supply Data - From March 21st to March 27th, the operation rate of 523 sample domestic mines for coking coal was 89.16%, a 0.57 - percentage - point increase month - on - month. The daily average output of refined coking coal was 78.6 tons, a 1.21 - ton decrease month - on - month [4] Demand Data - From March 21st to March 27th, the daily average output of downstream independent coke enterprises was 64.76 tons, a 0.52 - ton increase month - on - month. The daily average output of coke from 247 steel mills was 47.28 tons, a 0.03 - ton decrease month - on - month. The daily average output of molten iron from 247 steel mills was 231.09 tons, a 2.94 - ton increase month - on - month [5]

Industrial Sector - After the Spring Festival, daily average pig iron production and float glass operating rates have increased, indicating a recovery in industrial production[2] - Cement clinker capacity utilization rate has decreased, while asphalt operating rates have also shown a decline[2] - The operating rate of polyester in the textile sector has improved, while weaving industry rates have seasonally weakened[2] Real Estate - New home sales in 30 major cities have seen a year-on-year decline of 24.6%, but this is an improvement of 2.1 percentage points compared to December 2025[2] - The second-hand housing listing price index has increased by 0.11% week-on-week as of February 16[2] Domestic Demand - Retail sales of home appliances have decreased by 12.3% year-on-year, but this represents a 10.1 percentage point improvement from previous values[2] - Domestic flight operations have increased by 17.8% year-on-year, with a growth rate improvement of 10.8 percentage points compared to the previous week[2] - National retail and catering sales during the Spring Festival have grown by 5.2% year-on-year, surpassing the 4.1% growth during the 2025 Spring Festival[2] External Demand - Port cargo throughput has increased by 15.1% year-on-year, with container throughput rising by 19.3%[2] - Exports to South Korea and Japan have grown by 23.5% year-on-year, with a significant acceleration of 25.8 percentage points compared to the previous month[2] Prices - The Nanhua Industrial Price Index has risen by 2.5%, with the non-ferrous metals index increasing by 4.5%[2] - The agricultural product wholesale price index has decreased by 3.1% week-on-week, reflecting seasonal declines[2]

Report Industry Investment Rating - Not provided Core View of the Report - During the important national conference, steel mills are expected to implement phased emission reduction controls, putting pressure on the rigid demand for coking coal and other furnace materials. The supply and demand mismatch during the mine's resumption of production may cause the prices of coking coal and coke to perform weaker than those of finished products [2] Summary by Relevant Catalog Market Performance - Yesterday, the futures prices of the ferrous metal sector fluctuated and declined, with coking coal and coke performing relatively weaker [2] Policy Impact - Some steel enterprises in North China have received a notice of temporary independent emission reduction during the 2026 national important conference from March 4th to March 11th, which requires enterprises to implement phased emission reduction control with a blast furnace load reduction of no less than 30%. This emission reduction news has made it difficult for coking coal and coke prices to rebound [2] Supply Side - This week, coal mines have officially entered the peak period of resumption of production, and most private coal mines have started to resume production. The daily production of raw coal and clean coal this week is 1.516 million tons and 649,000 tons respectively, an increase of 430,000 tons and 190,000 tons compared with the previous week. The Ganqimaodu Port of Mongolian coal has resumed customs clearance, with a customs clearance volume of about 180,000 tons on February 23rd, and the inventory in the port supervision area is still at a relatively high level [2] Demand Side - This week, the average daily hot metal output of steel mill blast furnaces is about 2.33 million tons. Affected by the environmental protection and emission reduction policy next week, the growth rhythm of hot metal output is expected to slow down [2]

Group 1: Digital Transformation - The Shougang Group's steel company in Qian'an has implemented digital control for iron water transportation, utilizing data management systems [1] - The company has integrated artificial intelligence models into over 20 processes, resulting in annual cost savings of 70 million yuan and a reduction of 40,200 tons of carbon dioxide emissions [3][4] - Qian'an's steel enterprises have achieved AI demonstration applications in 45 scenarios across 12 processes, with plans to enhance collaboration with leading AI companies [4] Group 2: Green Transformation - Qian'an's steel companies are pursuing green transformation, achieving A-level environmental performance across all long-process steel enterprises [4] - The local steel and coking enterprises have a total coking capacity of 10.8 million tons, with the potential to produce 200,000 tons of hydrogen from coke oven gas [5] - The Hebei Yanshan Steel Group has deployed 643 hydrogen-powered heavy trucks, emphasizing the integration of hydrogen energy and steel production [6]

Industrial Sector - In January, daily average pig iron production and float glass operating rates remained stable, while asphalt and some chemical products saw a decline in operating rates[4] - The apparent demand for major steel products decreased, while cement clinker capacity utilization increased[4] - The operating rate for automotive semi-steel tires increased, while full-steel tire operating rates declined[20] Real Estate - New home sales in 30 major cities decreased by 38.5% year-on-year as of January 23, with a similar decline of 38.6% for the month of January[21] - The second-hand housing listing price index fell by 0.93% week-on-week, a decrease of 0.46 percentage points from the previous value[25] Domestic Demand - Retail sales of passenger cars from January 1 to 18 dropped by 28% year-on-year, with a slight expected increase of 0.3% for the entire month due to the Spring Festival timing[29] - Major home appliance retail sales fell by 34.5% year-on-year as of January 16, a decline of 3.3 percentage points from the previous value[33] - The volume of postal express deliveries decreased by 5.4% year-on-year as of January 18, a drop of 3.2 percentage points from the previous value[32] External Demand - Port cargo throughput increased by 3.4% year-on-year as of January 18, an improvement of 1.7 percentage points from the previous value[35] - Container throughput at ports rose by 7.6% year-on-year, also showing an increase from previous values[35] Price Trends - The Nanhua Industrial Index rose by 1.1%, while the Nanhua Black Raw Materials Index fell by 0.9% and the Nanhua Nonferrous Metals Index increased by 3.0%[36] - The agricultural product wholesale price index rose by 1.7% week-on-week[40]

Report Industry Investment Rating - No relevant content Core View of the Report - The coking coal market is under pressure. The futures price of coking coal opened lower and moved lower intraday. Although the downstream steel mills still have the expectation of resuming production during the winter storage period and are expected to increase the procurement of raw materials, the explosion accident at Baogang Plate Factory in Inner Mongolia may have an impact on the market, and it is necessary to pay attention to the subsequent impact of the accident. At present, China still releases a signal of stable growth, so there is support below the coking coal price [1] Summary According to Relevant Catalogs Market Analysis - The coking coal futures opened lower and moved lower intraday. On the supply side, the utilization rate of the approved production capacity of 523 coking coal mine samples was 88.47%, a month - on - month increase of 3.13%. After the resumption of work, the inventory of coking coal mines decreased significantly, with a week - on - week decrease of 22.64 tons. The coking enterprises increased their inventory by 61.17 tons, and the steel mills increased their inventory by 4.47 tons. The downstream molten iron output decreased by 0.47% month - on - month, with a weekly output of 228.01 tons. The steel mills still have the expectation of resuming production, and the procurement of raw materials is expected to increase. Pay attention to the subsequent impact of the explosion accident at Baogang Plate Factory in Inner Mongolia [1] Spot Data - In the Shanxi market (Jiexiu), the mainstream price was 1270 yuan/ton, unchanged from the previous trading day. The self - pick - up price of Mongolian No. 5 main coking raw coal was 1045 yuan/ton, a decrease of 2 yuan/ton from the previous trading day. The closing price of the main contract futures was 1124 yuan/ton, and the basis in Jiexiu, Shanxi was 146 yuan/ton, an increase of 50.5 yuan/ton from the previous trading day [2] Fundamental Tracking Supply Data - From January 9th to January 16th, the coking coal operating rate of 523 domestic sample mines was 88.47%, a month - on - month increase of 3.13 percentage points; the daily output of clean coking coal was 76.85 tons, a month - on - month increase of 3.42 tons [3] Demand Data - From January 9th to January 16th, the daily output of downstream independent coking enterprises was 63.45 tons, a month - on - month decrease of 0.12 tons; the daily output of coke from 247 steel mills was 46.72 tons, a month - on - month decrease of 0.16 tons; the daily output of molten iron from 247 steel mills was 228.01 tons, a month - on - month decrease of 1.49 tons [5]

Group 1 - The modernization of the industrial system is the material and technical foundation of Chinese-style modernization, with advancements in industrial, agricultural, service sectors, and infrastructure development [1] - The Central Economic Work Conference emphasized the continuous promotion of the modernization of the industrial system by 2025, focusing on innovation-driven growth and nurturing new momentum [1][3] - The current focus is on leading new quality productivity development through technological innovation, reinforcing the real economy to gain strategic advantages in future development and international competition [1][2] Group 2 - The domestic and international environments are complex, necessitating a focus on the real economy for modern industrial system construction, supported by policies aimed at stabilizing growth in key industries [2] - The agricultural sector has shown resilience, achieving a stable grain output of over 1.4 trillion jin, despite natural disasters [3] - In November, 30 out of 41 major industrial sectors reported year-on-year growth in added value, indicating steady progress in the industrial economy [3] Group 3 - The integration of technological and industrial innovation is advancing, with more research outcomes transitioning from laboratories to production lines, supported by the establishment of over 2,400 pilot platforms nationwide [7][8] - Key industrial enterprises have improved their CNC rate to 68.5%, and the comprehensive utilization rate of industrial solid waste has reached 57% [8] - The number of high-tech enterprises in the country has reached 504,000, with over 140,000 specialized and innovative small and medium-sized enterprises cultivated, enhancing the innovation capacity of enterprises [9] Group 4 - The integration of industries is a crucial path for building a modern industrial system, with a focus on enhancing economic efficiency and creating new industries and business models [10] - The acceleration of the integration between the real economy and the digital economy is evident, with over 7,000 advanced intelligent factories established [11][12] - The government is promoting the deep integration of manufacturing and service industries, with policies aimed at enhancing the development of modern services alongside advanced manufacturing [12][13]

Group 1 - The modernization of the industrial system is the material and technical foundation for Chinese-style modernization, with advancements in industry, agriculture, services, and infrastructure development [1] - The Central Economic Work Conference emphasized the continuous promotion of the modernization of the industrial system by 2025, focusing on innovation-driven growth and nurturing new momentum [1] - The current emphasis is on leading new quality productivity development through technological innovation, reinforcing the real economy to gain strategic advantages in future development and international competition [1] Group 2 - The focus on the real economy is crucial for building a modern industrial system, as evidenced by the significant market share of Shandong Zhonghang Taida Composite Materials Co., which has over 30% in the national hot press market [2] - The State Council has issued guidelines to ensure financial services support the real economy, with various departments implementing growth stabilization plans for key industries like steel and automotive [2] - The resilience of the real economy is highlighted by the agricultural sector achieving a stable grain output of over 1.4 trillion jin, despite natural disasters [3] Group 3 - The integration of technological and industrial innovation is essential for enhancing productivity and creating a modern industrial system that is competitive and self-sufficient [6] - The number of high-tech enterprises in China has reached 504,000, with over 140,000 specialized and innovative small and medium-sized enterprises, indicating a strengthening of the innovation主体 [8] - The shift towards digital and intelligent manufacturing is accelerating, with over 7,000 advanced intelligent factories established and more than 100 million devices connected to industrial internet platforms [10] Group 4 - The integration of the primary, secondary, and tertiary industries is necessary for the construction of a modern industrial system, as highlighted by the ongoing efforts to promote service-oriented manufacturing and the deep integration of manufacturing with service industries [12] - The Central Economic Work Conference has outlined plans to enhance the quality and capacity of the service industry, which is expected to further support the modernization of the industrial system [12] - The future outlook for economic development is optimistic, driven by active factor flows and innovation, with a focus on intelligent, green, and integrated development directions [12]

Group 1 - The modernization of the industrial system is the material and technical foundation of Chinese-style modernization, with advancements in industrial, agricultural, service sectors, and infrastructure development [1] - The Central Economic Work Conference emphasized the continuous promotion of the modernization of the industrial system by 2025, focusing on innovation-driven growth and nurturing new momentum [1] - Companies are increasingly leveraging technological innovation to lead the development of new productive forces, reinforcing the real economy for strategic advantages in future development and international competition [1] Group 2 - The focus on the real economy is crucial for building a modern industrial system, as evidenced by the significant market share of Shandong Zhonghang Taida Composite Materials Co., which has over 30% in the national hot press market [2] - The government has issued guidelines to enhance financial support for the real economy, with various departments collaborating on growth stabilization plans for key industries like steel and automotive [2] Group 3 - The resilience of the real economy is highlighted by the agricultural sector achieving a stable grain output of over 1.4 trillion jin, despite natural disasters [3] - In November, 30 out of 41 major industrial sectors reported year-on-year growth in value added, indicating steady progress in the industrial economy [3] - The service sector contributed 3.1 percentage points to GDP growth in the first three quarters, reflecting an increase in quality and efficiency [3] Group 4 - The integration of technology and industry is essential for enhancing industrial innovation capabilities, addressing issues of "large but not strong" and "complete but not refined" in certain sectors [6] - The establishment of over 2,400 pilot platforms nationwide supports the development of new productive forces, with 241 key platforms identified for nurturing innovation [6] Group 5 - Traditional industries are accelerating their transformation, with the CNC rate in key industrial processes reaching 68.5% and the comprehensive utilization rate of industrial solid waste at 57% [7] - The number of high-tech enterprises in China has reached 504,000, with over 140,000 specialized and innovative small and medium-sized enterprises cultivated, enhancing the innovation capacity of the industrial system [8] Group 6 - The integration of industries is a significant pathway for building a modern industrial system, with a focus on improving economic efficiency and creating new industries and business models [9] - The acceleration of the integration between the real economy and digital economy is evident, with over 7,000 advanced smart factories established and more than 100 million devices connected to key industrial internet platforms [10] Group 7 - The shift from merely selling equipment to providing engineering design and energy-saving services is exemplified by Shaanxi Blower (Group) Co., which has expanded its business to over 100 countries [12] - The government is promoting the deep integration of manufacturing and service industries, aiming for a collaborative development model across the three industrial sectors [12]

Group 1 - The modern industrial system is the material and technical foundation of Chinese-style modernization, with advancements in industry, agriculture, services, and infrastructure development [1] - The Central Economic Work Conference emphasized the continuous promotion of the modern industrial system by 2025, focusing on innovation-driven growth and nurturing new momentum [1][2] - The integration of technological and industrial innovation is deepening, with a focus on advanced manufacturing as the backbone of the modern industrial system [1][3] Group 2 - The domestic and international environment is complex, necessitating a focus on the real economy for the construction of a modern industrial system [2] - The State Council has issued guidelines to enhance financial services for the real economy, with increased support for key industries such as steel and automotive [2] - The resilience of the real economy is highlighted by the stable grain production exceeding 1.4 trillion jin and growth in 30 out of 41 industrial sectors in November [3] Group 3 - The integration of new technologies is crucial for enhancing industrial competitiveness, addressing issues of "large but not strong" and "complete but not refined" in certain sectors [6] - The number of high-tech enterprises has reached 504,000, with over 140,000 specialized and innovative small and medium-sized enterprises cultivated [9] - The construction of over 2,400 pilot platforms supports the seamless connection between innovation and industry [7] Group 4 - The integration of digital and physical economies is accelerating, with over 7,000 advanced intelligent factories established and more than 100 million devices connected to industrial internet platforms [11] - The focus on service-oriented manufacturing is growing, with policies promoting the deep integration of manufacturing and service industries [12] - The future outlook for economic development is optimistic, driven by active factor flows and innovation, with a commitment to intelligent, green, and integrated development [12]