焦炭：宏微观双重影响，震荡偏弱，焦煤：宏微观双重影响，震荡偏弱

Report Summary Investment Rating - The investment ratings for both the coke and coking coal industries are "Oscillating Weakly" under the dual influence of macro and micro factors [1]. Core View - The coke and coking coal markets are affected by both macro and micro factors, showing an oscillating and weakly downward trend [1]. Summary by Directory Fundamental Tracking - Futures Prices: The closing price of JM2605 was 1124 yuan/ton, down 50.5 yuan/ton (-4.3%); the closing price of J2605 was 1673.5 yuan/ton, down 47.5 yuan/ton (-2.8%) [1]. - Trading Volume and Open Interest: JM2605 had a trading volume of 1,088,191 lots, an open interest of 532,732 lots, and an open interest change of 29,998 lots; J2605 had a trading volume of 22,017 lots, an open interest of 38,429 lots, and an open interest change of 792 lots [1]. - Spot Prices: Most spot prices remained unchanged, except for the price of Mongolian 5 coking coal in Tangshan, which decreased by 9 yuan/ton to 1220 yuan/ton [1]. - Basis and Spreads: The basis of JM2605 in Shanxi increased by 50.5 yuan/ton to 167 yuan/ton; the basis of J2605 in Shanxi's quasi - first - grade delivered - to - factory price increased by 47.5 yuan/ton to - 141.5 yuan/ton; the spread between JM2605 and JM2609 remained unchanged at - 79.5 yuan/ton, and the spread between J2605 and J2609 increased by 2.5 yuan/ton to - 75 yuan/ton [1]. Macro and Industry News - CCI Index: On January 20, the CCI metallurgical coal index showed that CCI Shanxi low - sulfur primary coking coal (S0.7) was 1608, CCI Shanxi medium - sulfur primary coking coal (S1.3) was 1260, and CCI Shanxi high - sulfur primary coking coal (S1.6) was 1249 [1]. - Coking Coal Auction: On January 19, the total online auction listing volume of coking coal was 294,000 tons, with a failure - to - sell rate of 1%, a 5% decrease from last Friday. The average premium was 33.15 yuan/ton. The market trading atmosphere was active, with most prices rising by 8 - 46 yuan/ton [1]. Trend Intensity - The trend intensity for coke is 0, and for coking coal is also 0 [4].