Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-02 00:25Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On September 1st, the JM2601 contract of coking coal closed at 1,118.5, down 3.29%. The spot price of Tangshan Mongolian No.5 coking coal was 1,350, equivalent to 1,130 on the futures market. The industry's macro - aspect shows that China's electricity consumption as a proportion of terminal energy consumption has reached 30%, higher than the world average and expected to rise to over 40% by 2035. Fundamentally, mine - end inventory turned from decreasing to increasing, and the cumulative import growth rate has been declining for three consecutive months with a moderately high inventory level. Technically, the daily K - line is between the 20 - day and 60 - day moving averages, and it should be treated as a volatile operation [2]. - On September 1st, the J2601 contract of coke closed at 1,594.5, down 3.54%. The eighth round of price increase for coke was not implemented, and the first - round price cut was proposed in some regions. The macro - aspect shows that the Manufacturing Purchasing Managers' Index in August was 49.4%, up 0.1 percentage points from the previous month, indicating a slight improvement in manufacturing market demand. Fundamentally, the hot metal output was 240.13 million tons, a decrease of 0.62 million tons. With high hot - metal production, there is no pressure on coal - mine inventory, and the total coking coal inventory is increasing. The average profit per ton of coke for 30 independent coking plants was 55 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages, and it should be treated as a volatile operation [2]. Summary by Relevant Catalogs Futures Market - JM主力合约收盘价为1,118.50元/吨，环比下降32.50元；J主力合约收盘价为1,594.50元/吨，环比下降48.50元 [2]。 - JM期货合约持仓量为920,229.00手，环比增加10,170.00手；J期货合约持仓量为52,306.00手，环比增加3,566.00手 [2]。 - 焦煤前20名合约净持仓为 - 135,349.00手，环比下降1,871.00手；焦炭前20名合约净持仓为 - 5,127.00手，环比增加167.00手 [2]。 - JM5 - 1月合约价差为49.00元/吨，环比增加7.00元；J5 - 1月合约价差为96.50元/吨，环比增加6.00元 [2]。 - 焦煤仓单为300.00张，环比增加300.00张；焦炭仓单为970.00张，环比增加60.00张 [2]。 Spot Market - 干其毛都蒙5原煤价格为980.00元/吨，环比持平；唐山一级冶金焦价格为1,775.00元/吨，环比持平 [2]。 - 俄罗斯主焦煤远期现货（CFR）价格为150.00美元/湿吨，环比持平；日照港准一级冶金焦价格为1,570.00元/吨，环比持平 [2]。 - 京唐港澳大利亚进口主焦煤价格为1,570.00元/吨，环比持平；天津港一级冶金焦价格为1,670.00元/吨，环比持平 [2]。 - 京唐港山西产主焦煤价格为1,610.00元/吨，环比持平；天津港准一级冶金焦价格为1,570.00元/吨，环比持平 [2]。 - 山西晋中灵石中硫主焦价格为1,300.00元/吨，环比持平；J主力合约基差为180.50元/吨，环比增加48.50元 [2]。 - 内蒙古乌海产焦煤出厂价为1,100.00元/吨，环比持平；JM主力合约基差为181.50元/吨，环比增加32.50元 [2]。 Upstream Situation - 314家独立洗煤厂精煤产量为26.00万吨，环比增加0.30万吨；314家独立洗煤厂精煤库存为289.50万吨，环比下降5.30万吨 [2]。 - 314家独立洗煤厂产能利用率为0.37%，环比持平；原煤产量为38,098.70万吨，环比下降4,008.70万吨 [2]。 - 煤及褐煤进口量为3,561.00万吨，环比增加257.00万吨；523家炼焦煤矿山原煤日均产量为188.60万吨，环比下降2.60万吨 [2]。 Industry Situation - 16个港口进口焦煤库存为455.41万吨，环比增加4.96万吨；焦炭18个港口库存为268.66万吨，环比增加0.04万吨 [2]。 - 独立焦企全样本炼焦煤总库存为961.27万吨，环比下降5.14万吨；独立焦企全样本焦炭库存为65.31万吨，环比增加0.94万吨 [2]。 - 全国247家钢厂炼焦煤库存为811.85万吨，环比下降0.46万吨；全国247家样本钢厂焦炭库存为610.07万吨，环比增加0.48万吨 [2]。 - 独立焦企全样本炼焦煤可用天数为13.25天，环比增加0.18天；247家样本钢厂焦炭可用天数为10.78天，环比增加0.02天 [2]。 - 炼焦煤进口量为962.30万吨，环比增加53.11万吨；焦炭及半焦炭出口量为89.00万吨，环比增加38.00万吨 [2]。 - 炼焦煤产量为4,064.38万吨，环比下降5.89万吨；独立焦企产能利用率为73.36%，环比下降1.06% [2]。 - 独立焦化厂吨焦盈利情况为55.00元/吨，环比增加32.00元；焦炭产量为4,185.50万吨，环比增加15.20万吨 [2]。 Downstream Situation - 全国247家钢厂高炉开工率为83.18%，环比下降0.16%；247家钢厂高炉炼铁产能利用率为90.00%，环比下降0.27% [2]。 - 粗钢产量为7,965.82万吨，环比下降352.58万吨 [2]。 Industry News - 国家发改委提出发展“人工智能 +”，避免无序竞争和一拥而上，未来1 - 2年是人工智能落地的关键窗口期 [2]。 - 央视新闻称中国电能占终端能源消费比重已达30%，高于世界平均水平，预计到2035年将提升至40%以上 [2]。 - 新华社报道欧盟成员国讨论对以色列政策，西班牙外交大臣提议打破以色列封锁等 [2]。 - 观察者网消息美国商务部将撤销三星和SK海力士在中国工厂使用美国设备的豁免，限制措施120天后生效 [2]。