宝城期货煤焦早报（2025年11月13日）-20251113

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For the 2601 contract of coking coal, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively, with an overall oscillation approach. The core logic is that there is a stalemate between bulls and bears, leading to range - bound oscillation of coking coal [1]. - For the 2601 contract of coke, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight downward bias" respectively, with an overall oscillation approach. The core logic is that industrial game intensifies, causing coke to move in an oscillatory manner [1]. 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - Price Movement Logic - The National Development and Reform Commission held a video conference on energy supply guarantee for the 2025 - 2026 heating season, focusing on ensuring the supply of thermal coal for power generation and winter heating, which has limited impact on coking coal. There are still differences in the market regarding the coking coal supply at the end of the year. The futures main contract has pulled back at the upper edge of the previous oscillation range, and the subsequent focus lies on the actual supply of coking coal [5]. 3.2 Coke (J) - Price Movement Logic - The latest quoted price of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, remaining flat week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1530 yuan/ton, a week - on - week decline of 2.55%. This week, industrial game has intensified, and there is some resistance to the fourth round of spot price increases for coke. The divergence in the supply of coke raw materials still exists. The pull - back of coking coal at the upper edge of the oscillation range has dragged down the coke futures trend. The subsequent focus is on the actual supply of coking coal at the end of the year [6].