20260226申万期货品种策略日报：双焦（J&JM）-20260226

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The night session of the main contracts of coking coal and coke showed a weak trend yesterday, and the total position of coking coal continued to increase. Affected by the Spring Festival holiday, the output of clean coal from mines decreased week - on - week in recent weeks, and the customs clearance volume of Mongolian coal dropped from the high level, alleviating the supply - side pressure of coking coal. On the demand side, the pig iron output did not change significantly, and the output of downstream coke remained basically flat, lacking obvious incremental demand. After the Spring Festival, with the resumption of work and production, the pig iron output is expected to rise, which will drive the improvement of the rigid demand for coking coal and coke. The further implementation of real - estate stimulus policies will strongly support coal prices. The future focus should be on the trend of pig iron output, mine operation, and import - end policy trends [2] Group 3: Summary According to the Directory Futures Price and Trading Volume - The closing prices of different contracts of coking coal and coke on the previous day and the day before, along with their price changes and price change rates, are presented. For example, the previous - day closing price of a certain contract was 1674.0, with a price increase of 37.0 and a price increase rate of 2.22%. The trading volume and open interest of different contracts are also provided, such as the trading volume of a contract being 725337 and the open interest being 38231. The changes in open interest and price spreads between different contracts are also given [2] Spot Price - The current prices and price changes of different types of coking coal and coke in different regions are shown. For example, the current ex - factory price of a certain type of coking coal is 1197, with a price decrease of 30 [2] Policy Information - On February 25, 2026, five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies. The policies include shortening the social security or individual income tax payment period for non - Shanghai residents to buy housing within the outer ring to at least one consecutive year, allowing non - Shanghai resident families or single adults who have paid social security or individual income tax in the city for at least three years to purchase an additional housing unit within the outer ring, and allowing non - Shanghai resident families or single adults holding a Shanghai Residence Permit for at least five years to purchase a housing unit in the city without providing social security or individual income tax certificates [2]