宝城期货煤焦早报-20250725

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports [1][5][6] 2. Core View of the Report - The report is bullish on both coking coal and coke in the short - term, medium - term, and intraday periods, suggesting a long - biased trading approach for both commodities [1][5][6] 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - Price and Market Sentiment: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1030.0 yuan/ton, with a week - on - week increase of 8.42%. The market sentiment is optimistic, driving the main contract of coking coal to rise significantly [5] - Industry Policy: A document on coal mine production inspection and rectification of over - production coal mines was released on July 22, covering major coal - producing areas in China. However, the impact of this inspection in Shanxi, a major coking coal - producing area, needs further tracking as over - production has been curbed since 2024 [5] 3.2 Coke (J) - Price and Market Sentiment: The latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port is 1320 yuan/ton, with a week - on - week increase of 8.20%, and at Qingdao Port is 1380 yuan/ton, with a week - on - week increase of 8.66%. The third round of price increases for coke has been initiated, and the market atmosphere is optimistic, with the main contract remaining strong [6] - Industry Policy: The anti - involution work in the coal industry is advancing, and the notice on coal mine production inspection is confirmed. However, over - production in Shanxi has been curbed since 2024 [6]