煤焦：利多氛围支撑盘面阶段性反弹

Group 1 - The investment rating of the coal and coke industry is not mentioned in the report [1][2][3] Group 2 - The current supply - demand contradiction in the coal and coke market is general, with little inventory pressure, which supports prices to some extent. However, due to the off - season effect, there is no continuous upward drive, and prices fluctuate with market sentiment changes [4] Group 3 Market Performance - Coal and coke futures prices fluctuated strongly, rising for two consecutive days, and opened and closed higher at night. In the spot market, some steel mills in Hebei and Tianjin regions implemented the first round of coking price increases, while the coking coal market prices were generally weak and stable [3] Driving Factors - India declared coking coal as a key strategic mineral. As a country with continuous growth in the steel industry and high dependence on coking coal imports, it is expected to remain a key driver of global coking coal demand. News about real - estate policies stimulated the stock market's real - estate sector, and the continuous rise of precious and non - ferrous metal prices created a positive atmosphere for the strength of black - series futures [3] Fundamental Situation - Near the Spring Festival, coal production decreased slightly this week due to safety inspections and other factors, with raw coal and clean coal production at 1.978 million tons and 771,000 tons respectively. It is expected that coal mines will start to have holidays on February 5, with an average of 10.1 days, similar to last year. The planned production cuts involve about 744 million tons of production capacity, affecting 18.68 million tons of raw coal output. The expected reduction in coal supply supports coal prices, but the production cuts are in line with past years' patterns, and downstream industries have stocked up in advance [3]