格林大华期货早盘提示：焦煤、焦炭-20251112

Group 1: Report Industry Investment Rating - The investment rating for coking coal and coke in the black sector is "Bearish and volatile" [1] Group 2: Core View of the Report - The coking coal market experienced a significant correction yesterday. The near - month contracts dropped by over 3%, and the far - month contracts declined by nearly 2%. The National Development and Reform Commission emphasized energy supply guarantee, which boosted coal supply and led to a bearish market sentiment. Although the spot auction prices remained strong, the short - term futures market is expected to decline due to sentiment. The coking coal should be viewed bearishly in the short term [1] Group 3: Summary According to the Directory 1. Market Review - Yesterday, the coking coal main contract Jm2601 closed at 1213.0, down 4.5% from the daytime session opening. The coke main contract J2601 closed at 1685.0, down 3.36% from the daytime session opening. In the night session, Jm2601 closed at 1216.5, up 0.29% from the daytime session close, and J2601 closed at 1691.5, up 0.39% from the daytime session close [1] 2. Important Information - The US announced a suspension of the export - control penetration rule from November 10, 2025, to November 9, 2026. The Chinese Ministry of Commerce responded that this is an important measure for the US to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur. The arrangement after the one - year suspension will be further discussed [1] - The deputy director of the Investment Department of the National Development and Reform Commission said that the commission has recommended 18 private investment projects to the CSRC, 14 of which have been issued and listed, with a total fund - raising of nearly 30 billion yuan. A total of 105 infrastructure REITs projects have been recommended, and 83 have been issued and listed [1] - Henan Energy Group and Pingdingshan Tianan Coal Mining Group signed a strategic restructuring framework agreement on November 7. Henan Energy Group will become a wholly - owned subsidiary of Pingdingshan Tianan Coal Mining Group [1] - From January to October this year, the production and sales of new - energy vehicles reached 13.015 million and 12.943 million respectively, up 33.1% and 32.7% year - on - year. In October, the monthly sales of new - energy vehicles exceeded 50% of the total new - vehicle sales for the first time [1] 3. Market Logic - The coking coal market corrected significantly yesterday. The National Development and Reform Commission's emphasis on energy supply guarantee boosted coal supply and led to a bearish market sentiment. Although the spot auction prices were strong, the short - term futures market is expected to decline due to sentiment [1] 4. Trading Strategy - Pay attention to the support level below 1200 for the coking coal main contract. View it bearishly in the short term [1]