焦炭：宽幅震荡焦煤：宽幅震荡

1. Report Industry Investment Rating - The investment ratings for coke and coking coal are both "wide - range fluctuations" [1] 2. Core View of the Report - The coke and coking coal markets are expected to experience wide - range fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: The closing price of JM2601 was 934 yuan/ton, down 29 yuan/ton (-3.0%), and J2601 was 1491.5 yuan/ton, down 35.5 yuan/ton (-2.3%). The trading volume of JM2601 was 212,855 hands, with a position of 199,252 hands (a decrease of 20,740 hands), and J2601 had a trading volume of 18,180 hands, a position of 25,407 hands (a decrease of 631 hands) [1] - Spot Prices: Most spot prices of coking coal and coke remained unchanged. For example, the price of Linfen low - sulfur main coking coal was 1500 yuan/ton, and the price of Hebei quasi - one thousand - gun coke was 1690 yuan/ton. The cost of Mongolia 5 coking coal warehouse receipts decreased by 5 yuan/ton to 1155 yuan/ton [1] - Basis and Spreads: The basis of JM2601 in Shanxi increased by 29 yuan/ton to 250 yuan/ton, and the basis of J2601 in Shanxi quasi - one arrival price increased by 35.5 yuan/ton to 190.5 yuan/ton. The spread of JM2601 - JM2605 increased by 6 yuan/ton to - 101 yuan/ton, and the spread of J2601 - J2605 increased by 8.5 yuan/ton to - 165.5 yuan/ton [1] 3.2 Macro and Industry News - The Central Economic Work Conference was held in Beijing from December 10th to 11th, with important leaders attending [2] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is also 0 [4]