宝城期货煤焦早报-20250722

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Report's Core View - For both short - term, medium - term, and intraday, the view on both coking coal (JM 2509) and coke (J 2509) is to take a bullish approach [1]. 3) Summary by Related Catalogs Coking Coal (JM) - Price Trend: Short - term, medium - term, and intraday trends are all upward, with a bullish investment view [1]. - Core Logic: Since early June, there have been news of safety and environmental production cuts in coal mines. After the 6th meeting of the Central Financial and Economic Commission in July and Xi Jinping's inspection in Shanxi, the expectation of anti - involution in the domestic coal industry has been fermenting. The China National Coal Transportation and Marketing Association and some enterprises have also held meetings to address involution - style competition, highlighting the current imbalance in coal supply and demand. Under the policy of "addressing involution - style competition", the long - term fundamentals of coking coal are expected to improve, driving up futures prices [5]. Coke (J) - Price Trend: Short - term, medium - term, and intraday trends are all upward, with a bullish investment view [1]. - Core Logic: After the first round of price increase for coke spot was implemented on the 17th, the second round of price increase started on the 21st, and the futures market has improved the spot market sentiment. The commencement of the 1.2 - trillion - yuan Yarlung Zangbo River super - hydropower project will boost the terminal demand for cement and steel in China. Coupled with the continuous fermentation of the anti - involution theme, the overall market sentiment for coke is optimistic, and the main contract remains strong [6].