20260128申万期货品种策略日报：双焦（JM&J）-20260128

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The night session of the previous day saw the main contracts of coking coal and coke showing a volatile trend, and the total position of coking coal remained basically flat compared to the previous period. The supply of coking coal is still relatively loose, and the demand - side indicators such as hot metal output and steel mill coking coal inventory show no obvious changes, but the coking plant's coking coal inventory continues to increase. The current coking coal auction transaction rate of nearly 90% reflects the support of downstream pre - holiday rigid demand restocking for the spot market. Therefore, it is judged that the short - term market will show a volatile trend. Future focus should be on the trend of hot metal output, downstream inventory changes, and the volume of imported coal customs clearance [3] Group 3: Summary by Related Catalogs Futures Market Data - Previous Day Closing Prices: For coking coal, the previous day closing prices were 1373.0 (January), 1116.5 (May), 1195.0 (September); for coke, they were 1842.0 (January), 1668.0 (May), 1736.5 (September) [3] - Price Changes: Coking coal prices decreased by -30.0 (January), -43.0 (May), -42.5 (September); coke prices decreased by -45.0 (January), -51.0 (May), -52.0 (September), with decline rates of -2.14% (January coking coal), -3.71% (May coking coal), -3.43% (September coking coal), -2.38% (January coke), -2.97% (May coke), -2.91% (September coke) [3] - Trading Volume: Coking coal trading volumes were 6182 (January), 832838 (May), 41697 (September); coke trading volumes were 122 (January), 19620 (May), 837 (September) [3] - Open Interest: Coking coal open interests were 5009 (January), 513166 (May), 79492 (September); coke open interests were 265 (January), 38429 (May), 1594 (September), with open interest changes of 330 (January coking coal), 20760 (May coking coal), 1740 (September coking coal), 89 (January coke), 6888 (May coke), 105 (September coke) [3] - Spread: For coking coal, the January - May spread was 240, May - September was -79.5, September - January was -160.5; for coke, the January - May spread was 160.5, May - September was -77.5, September - January was -83, with spread changes of 306 (January - May coking coal), 2.5 (May - September coking coal), -308.5 (September - January coking coal), 429.5 (January - May coke), 2 (May - September coke), -431.5 (September - January coke) [3] Spot Market Data - Current Spot Prices: The current prices of Mongolian 5 main coking coal (port pick - up price) were 1234, low - sulfur main coking coal (Linfen ex - factory price) was 1640, low - sulfur main coking coal (Taiyuan rail - side price) was 1530, Tangshan first - grade coke was 1800, Jinzhong quasi - first - grade coke (ex - factory price) was 1280, and Changjiang Port quasi - first - grade coke (warehouse - out price) was 1450 [3] - Spot Price Changes: The spot price of Changjiang Port quasi - first - grade coke decreased by -10, while other spot prices remained unchanged [3] Industrial Profit Data - In 2025, the total profit of industrial enterprises above designated size in the country was 7398.2 billion yuan, a year - on - year increase of 0.6%. Among them, state - holding enterprises achieved a total profit of 2056.1 billion yuan, a decrease of 3.9%; joint - stock enterprises achieved a total profit of 5540.83 billion yuan, a decrease of 0.1%; foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises achieved a total profit of 1744.74 billion yuan, an increase of 4.2%. The manufacturing industry achieved a total profit of 5691.57 billion yuan, an increase of 5.0% [3]