双焦（JM&J）：20260210申万期货品种策略日报-20260210

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Yesterday night, the main contracts of coking coal and coke showed a weak trend, and the total open interest of coking coal increased slightly. The output of the five major steel products last week was basically flat compared with the previous week, and the total inventory increased significantly, mainly contributed by rebar. As the Spring Festival approaches, the off - season characteristics are significant, the overall apparent demand has dropped significantly, the pig iron output and the profitability rate of steel mills are basically flat, and the incremental demand for coking coal and coke is limited. However, the pre - festival downstream demand for replenishment can support the futures market. The future focus should be on the trend of pig iron output, changes in downstream inventory, and the volume of imported coal clearance [2] Group 3: Summary According to Related Catalogs Futures Market Data - Coking Coal Futures: The closing prices of coking coal futures contracts on the previous day for January, May, and September were 1393.5, 1147.0, and 1222.5 respectively, with daily declines of 3.0, 8.5, and 5.0, and daily decline rates of 0.22%, 0.75%, and 0.41% respectively. The trading volumes were 1668, 798141, and 34342 respectively, and the open interests were 3183, 469142, and 91110 respectively, with changes of - 85, - 6791, and 369 respectively. The spreads between January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5 respectively [2] - Coke Futures: The closing prices of coke futures contracts on the previous day for January, May, and September were 1863.5, 1703.5, and 1774.0 respectively, with daily declines of 3.5, 5.0, and 5.0, and daily decline rates of 0.19%, 0.29%, and 0.28% respectively. The trading volumes were 112, 16755, and 852 respectively, and the open interests were 633, 34909, and 1727 respectively, with changes of 66, - 121, and 55 respectively. The spreads between January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 respectively [2] Spot Market Data - The spot prices of Mongolian No.5 coking coal (port pick - up price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur coking coal (Taiyuan rail - side price), Tangshan Grade - 1 coke (ex - factory price), Jinzhong quasi - Grade - 1 coke (ex - factory price), and Rizhao Port quasi - Grade - 1 coke (warehouse - out price) were 1227, 1570, - 1491, 1855, 1330, and 1470 respectively [2] Industry News - On February 6th, the Ministry of Commerce held a symposium for automobile enterprises to study issues related to automobile circulation and consumption. The deputy minister of the Ministry of Commerce, Sheng Qiuping, stated that the automobile industry is a strategic and pillar industry of the national economy and an important area for stabilizing growth, expanding domestic demand, and developing new quality productive forces. In 2025, China's automobile industry achieved excellent results, and automobiles continued to play a "pillar" role in the consumer market. In 2026, the Ministry of Commerce will work with relevant departments to support policies and promote reform and innovation, integrate existing and new policies, optimize the implementation of automobile trade - in programs, carry out pilot reforms on automobile circulation and consumption, and take multiple measures to promote the expansion and quality improvement of automobile consumption [2]