双焦（JM&J）：20260127申万期货品种策略日报-20260127

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The night session of the main contracts of coking coal and coke showed a weak trend yesterday, and the total position of coking coal increased slightly month - on - month. The supply of coking coal is still relatively loose, while the changes in hot metal production and steel mill coking coal inventory on the demand side are not obvious. With less than 4 weeks until the Spring Festival, the coking coal inventory of coking plants continues to increase month - on - month, and the downstream's rigid demand restocking will provide strong support for coal prices. It is judged that the short - term market will show a volatile trend. Future focus should be on the trend of hot metal production, downstream inventory changes, and external coal import volume [1] Group 3: Summary by Relevant Catalogs Futures Price and Volume Information - Previous day's closing prices: 1237.5, 1887.0, 1788.5, 1403.0, 1159.5, 1719.0 [1] - Previous two days' closing prices: 1402.5, 1157.0, 1235.5, 1890.0, 1722.0, 1791.5 [1] - Price changes: 0.5, 2.5, 2.0, - 3.0, - 3.0, - 3.0 [1] - Price change percentages: 0.04%, 0.22%, 0.16%, - 0.16%, - 0.17%, - 0.17% [1] - Trading volumes: 1702, 886410, 42658, 35, 15987, 462 [1] - Open interests: 4679, 492406, 77752, 176, 36570, 1488 [1] - Open interest changes: 356, - 698, 260, 14, - 1308, - 45 [1] Spread Information - Current spread values: 240, - 79.5, - 160.5, 160.5, - 77.5, - 83 [1] - Spread changes: 306, 2.5, - 308.5, 429.5, 2, - 431.5 [1] Spot Price Information - Current spot prices: 1234, 1640, 1280, 1530, 1800, 1460 [1] - Spot price changes: 0, 0, 0, 0, 0, - 10 [1] Other Information - The central bank conducted 150.5 billion yuan of 7 - day reverse repurchase operations at an operating interest rate of 1.40%, with both the bid volume and winning volume being 150.5 billion yuan [1]