焦煤，关注反内卷政策力度

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current market focus is on the substantial impact of the "anti-involution" policy on the coking coal supply side, which is reflected in policy and actual levels. The coking coal market is expected to gradually improve, and the medium - to long - term price center has an upward basis, though there may be short - term adjustments [7] Group 3: Summaries According to Related Content Market Price Trends - In June 2025, due to factors such as tightened safety supervision in major producing areas, cost support, and short - term market adjustments, coking coal futures bottomed out and strengthened after June 3. After the "anti - involution" policy was proposed in July, with additional favorable factors, coking coal futures accelerated their upward movement in July. By August 14, the main coking coal contract closed at 1204 yuan/ton, up 69.8% from the low on June 3 [2] Supply - side News and Policies - In August, there were continuous disturbances on the coking coal supply side. On August 6, it was learned that 4 mines of a certain coal group with a total capacity of 390 million tons received a "276 - working - day" production plan notice, but it was an individual enterprise's self - regulatory behavior and had limited impact [3] - On August 13, the new version of the "Coal Mine Safety Regulations" was introduced, which will take effect on February 1, 2026. It has many new and revised regulations, but did not mention anti - involution content, and market bullish sentiment cooled [4] Actual Production Changes - From late July to early August, the domestic coking coal mine operating rate declined for two consecutive weeks. As of August 14, the operating rate of 523 coking coal mines was 83.7%, a cumulative decrease of 3.2% from July 25, and the average daily raw coal output was 1.879 million tons, a cumulative decrease of 68,000 tons [5] Market Outlook - The impact of the "anti - involution" policy on the coking coal supply side is key. Although downstream steel mills and coking plants have increased production - limit expectations, the coking coal market is expected to gradually improve, and the medium - to long - term price center has an upward basis [7]