清晨洞察：2025年12月19日

Morning Insight:December 19, 2025 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Coking Coal & Coke:We believe that the upside potential for coal andcoke prices before the Spring Festival is more likely to take the form ofa weak rebound. The recent sharp price increases have not been driven byfundamentals; instead, they have largely been influenced by unverified Overall, given the recent fundamentals showing a dual-weakness pattern inboth supply and demand, and with limited impetus from winter stockpiling, Open Interest Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURES Source：iFind, GUOTAIJUNAN FUTURES News Highlights: 1.China will enhance regulation over photovoltaic (PV) manufacturingcapacity in 2026, using market and legal measures to phase out outdated Yang Xudong, an official with the Ministry of Industry and Information Yang outlined several key tasks for the year ahead, which includeimproving price monitoring mechanisms, strengthening product quality 2.Goods entering and leaving the "first line" and "second line" of thecustoms system of Hainan Free Trade Port (FTP) can undergo special Such goods can move through eight "first-line" and 10 "second-line" The "first line" refers to Hainan's connection with overseas markets. Officials describe the two-tiered special customs system as "freer accessat the first line," referring to freer trade between Hainan and areas Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consulting The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstances do the research or opinions expressed in this report constitute investment advice to any individual person. Under Copyright Statement The copyright of this report is solely owned by the Company. Without written permission, no institution or individual may reproduce, copy,publish, or quote this report in any form. If consent is obtained from the Company for citation or publication, it must be used within thepermitted scope, and the source must be indicated as "Guotai Junan Futures Research," along with a reminder of the risks associated institutions, and the Company, its employees, or affiliated entities shall not be liable for any loss incurred by such clients resulting from the Unless otherwise specified, all trademarks, service marks, and logos used in this report are owned by Guotai Junan Futures orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guotai