宝城期货煤焦早报-20250731

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The report provides short - term, medium - term, and intraday views on the futures of coking coal and coke, with both expected to be in a range - bound oscillation. The core logic for coking coal involves the limited actual impact of industry policies and policy expectations driving price adjustments, while for coke, it's the cost - side support from coking coal and relatively stable fundamentals [1][5][6]. Group 3: Summary by Relevant Catalogs Coking Coal (JM) - Short - term view: Oscillating [1] - Medium - term view: Oscillating, with an intraday view of oscillating weakly and a medium - term view of oscillating strongly [1][5] - Reference view: Range - bound oscillation [1][5] - Core logic: The impact of "anti - involution rectification" and "over - production rectification" policies needs verification. After the policy expectations were fulfilled, the coking coal futures adjusted broadly. Short - term price回调 is due to the release of positive sentiment, but long - term fundamentals may improve after capacity optimization [5]. Coke (J) - Short - term view: Oscillating [1] - Medium - term view: Oscillating, with an intraday view of oscillating weakly and a medium - term view of oscillating strongly [1][6] - Reference view: Range - bound oscillation [1][6] - Core logic: The spot prices of coke in Rizhao Port and Qingdao Port increased week - on - week. The fundamentals of coke are under little pressure, and the expected improvement in the supply - demand pattern of coking coal provides cost - side support, leading to broad - range oscillation after a short - term correction [6].