双焦异动点评：旺季需求表现强劲煤焦估值低位修复

Report Summary - Report Industry Investment Rating: Not provided - Core View: The fundamentals of coking coal and coke are healthy during the peak season, with limited supply increments and strong demand support. The price bottom of coal and coke has strong support, and one can seize the upward market during the peak - season restocking and with the cooperation of macro - sentiment. Attention should be paid to the rebound height of coking coal production and the decline amplitude of molten iron production at the end of the peak season [2][3] - Summary by Related Content - Market Performance: Today, the double - coking futures continued the upward trend from the night session last Friday. The main coking coal contract closed at 1,187.5 yuan/ton, and the main coke contract approached 1,700 yuan/ton during the session, both rising more than 4% [1] - Supply - demand Analysis - Coking Coal: After the military parade, coal mine production has returned to the previous level with a stable overall tone. Although imported coal supplements domestic supply, the demand is relatively strong, the upstream inventory of coking coal is at a low level this year, and the supply pressure is relatively light [2] - Coke: Although the second round of price cuts for coke has started, in the second - half of the year's peak season, after the military parade, molten iron production has returned to a high level, coke production has reached a relatively high level since July, and with the approaching National Day holiday, downstream restocking demand can still be expected, so the demand support is also strong [2] - News and Policy Impact - The central first ecological and environmental protection inspection team conducted the third - round inspection in Shanxi Province and required strict implementation of coal total - volume control and strengthening of air - pollution control, which boosted the market's anti - involution sentiment and the futures upward trend [2] - Overseas, the Fed meeting is approaching with strong market expectations of interest - rate cuts, which may heat up the sentiment in the domestic commodity market. Domestically, there are still expectations of anti - involution. If the Fourth Plenary Session in October further strengthens relevant policies, it may have a greater impact on the futures [2]