20260213申万期货品种策略日报：双焦（JM&J）-20260213

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - In 2026, macro - aggregate policies are expected to maintain a steady expansion in scale, with the fiscal deficit rate likely to remain around 4%, and there is room for reserve requirement ratio cuts and interest rate cuts in monetary policy. Demand - side policies will emphasize "investing in people" to indirectly promote consumption and lower the financing threshold for private enterprises to support the stabilization of private investment. Supply - side policies will accelerate the digital and intelligent transformation of traditional industries [2]. - Last night, the main contracts of coking coal and coke showed a fluctuating trend, and the total position of coking coal was basically flat compared with the previous period. As mines gradually closed down for the Spring Festival, the output of refined coal from mines decreased slightly last week. The customs clearance volume of Mongolian coal dropped from its high but remained at the highest level in the same period. On the demand side, the hot metal output increased slightly this week, and the profitability rate of steel mills was basically flat. Downstream replenishment was basically completed in the last week before the festival, and steel products were at the "freezing point" of annual demand. So, there are insufficient driving factors for the current market, resulting in a fluctuating trend. After the festival, attention should be paid to the trend of hot metal output, mine operation, and import - related policy trends [2]. 3. Summary According to the Catalog Futures Price and Trading Volume Information - Closing Prices: The previous day's closing prices for different contracts were 1373.5, 1120.0, 1200.0, 1827.0, 1664.0, and 1739.0, while the prices two days ago were 1377.0, 1123.5, 1203.5, 1832.0, 1667.0, and 1742.0 respectively. The price changes were - 3.5, - 3.5, - 3.5, - 5.0, - 3.0, and - 3.0, with price decline rates of - 0.25%, - 0.31%, - 0.29%, - 0.27%, - 0.18%, and - 0.17% [2]. - Trading Volume: The trading volumes were 1006, 528830, 29614, 85, 9994, and 362 respectively [2]. - Open Interest: The open interests were 9220, 4668995, 87542, 784, 37523, and 1979 respectively. The changes in open interest were - 17938, - 2474, 68, 280, and 77 [2]. - Price Spreads: The current price spreads for different combinations (e.g., 9 - 1 month) were - 79.5, 160.5, - 77.5, 240, - 160.5, and - 83. The changes in price spreads were 306, 2.5, - 308.5, 429.5, 2, and - 431.5 [2]. Spot Price Information - Spot Prices: The current spot prices of different types of coal (such as Mongolian No. 5 coking coal) were 1227, 1570, 1391, 1852, 1330, and 1470. The changes in spot prices were 0, 0, - 100, 0, 0, and 0 [2].