双焦（JM&J）：20260211申万期货品种策略日报-20260211

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The central bank continues to implement a moderately loose monetary policy, aiming to promote stable economic growth and a reasonable recovery of prices, and conducts 7 - day reverse repurchase operations [2]. - The night - session of the previous day saw a rebound in the main contracts of coking coal and coke, with the total position of coking coal remaining basically flat. Before the Spring Festival, the output of clean coal from mines decreased slightly, the Mongolian coal customs clearance volume dropped from its high but remained at the highest level in the same period. The demand for coking coal and coke had limited incremental demand, and the downstream replenishment was basically completed. The steel market was in the "ice - point" of the annual demand, so the recent market trend was weak. After the festival, attention should be paid to the trend of molten iron production, mine resumption, and import - related policies [2]. Group 3: Summary by Table Data Futures Price and Trading Volume Information - For coking coal futures, the previous day's closing prices for January, May, and September contracts were 1371.5, 1119.0, and 1196.5 respectively, with price drops of - 22.0, - 28.0, and - 26.0 and declines of - 1.58%, - 2.44%, and - 2.13% compared to the day before. The trading volumes were 1478, 711282, and 32661, and the positions were 1616, 68766, and 93095, with position increases of 8, 29997, and 1985 [2]. - For coke futures, the previous day's closing prices for January, May, and September contracts were 1833.5, 1665.0, and 1739.5 respectively, with price drops of - 30.0, - 38.5, and - 34.5 and declines of - 1.61%, - 2.26%, and - 1.94% compared to the day before. The trading volumes were 61, 13882, and 433, and the positions were 658, 36423, and 1824, with position increases of 25, 1514, and 97 [2]. Futures Spread Information - For coking coal futures, the current spreads of January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with spread increases of 306, 2.5, and - 308.5 [2]. - For coke futures, the current spreads of January - May, May - September, and September - January were 160.5, - 77.5, and - 83 respectively, with spread increases of 429.5, 2, and - 431.5 [2]. Spot Price Information - The current spot prices of Mongolian No. 5 primary coking coal (port self - pickup price), low - sulfur primary coking coal (Linfen ex - factory price), low - sulfur primary coking coal (Taiyuan railcar price), Tangshan Grade 1 coke price, general medium - grade primary coke ex - factory price, and Rizhao Port quasi - grade coke ex - warehouse price were 1227, 1570, 1491, 1852, 1330, and 1470 respectively [2].