20260211申万期货品种策略日报：双焦（J&JM）-20260211

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The central bank continues to implement a moderately loose monetary policy, aiming to promote stable economic growth and a reasonable rebound in prices. It will flexibly use policies such as reserve requirement ratio cuts and interest rate cuts to maintain liquidity and relatively loose social financing conditions. It also focuses on the internal and external balance of interest rates and exchange rates [2] - The night - trading of the main contracts of coking coal and coke rebounded. The total position of coking coal was basically flat compared to the previous period. Before the Spring Festival, coal mines are on holiday, leading to a slight decline in the output of refined coal. The customs clearance volume of Mongolian coal has dropped from its high but remains at the highest level in the same period. The demand for coking coal and coke has limited incremental demand, and the downstream replenishment is basically completed. The steel market is at the "freezing point" of the annual demand, so the recent market trend is weak. After the festival, attention should be paid to the trend of molten iron output, the resumption of work in mines, and the policy trends at the import end [2] Group 3: Summary by Relevant Catalogs Futures Price and Volume Information - Coking Coal Futures: The closing prices of coking coal futures contracts on the previous day for January, May, and September were 1371.5, 1119.0, and 1196.5 respectively, with price drops of -22.0, -28.0, and -26.0 and price drop rates of -1.58%, -2.44%, and -2.13% compared to the day before. The trading volumes were 1478, 711282, and 32661 respectively, and the positions were 1616, 68766, and 93095 respectively, with position increases of 8, 29997, and 1985 respectively [2] - Coke Futures: The closing prices of coke futures contracts on the previous day for January, May, and September were 1833.5, 1665.0, and 1739.5 respectively, with price drops of -30.0, -38.5, and -34.5 and price drop rates of -1.61%, -2.26%, and -1.94% compared to the day before. The trading volumes were 61, 13882, and 433 respectively, and the positions were 658, 36423, and 1824 respectively, with position increases of 25, 1514, and 97 respectively [2] - Spread Information: For coking coal, the current spreads of January - May, May - September, and September - January are 240, -79.5, and -160.5 respectively, with spread increases of 306, 2.5, and -308.5 respectively. For coke, the current spreads of January - May, May - September, and September - January are 160.5, -77.5, and -83 respectively, with spread increases of 429.5, 2, and -431.5 respectively [2] Spot Price Information - The spot prices of Mongolian No. 5 main coking coal (port self - pick - up price), low - sulfur main coking coal (Linfen ex - factory price), low - sulfur main coking coal (Taiyuan rail - side price), Tangshan Grade I coke, ordinary medium - standard Grade I coke, and Rizhao Port quasi - Grade I coke are 1227, 1570, 1491, 1852, 1330, and 1470 respectively [2]