双焦（JM&J）：20260227申万期货品种策略日报-20260227

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoint of the Report - The night session of the main contracts of coking coal and coke showed a volatile trend yesterday, and the total position of coking coal continued to increase. The output of the five major steel products decreased slightly week - on - week, mainly due to rebar. The total inventory increased significantly week - on - week, with the social inventory of rebar having the largest increase. The overall apparent demand improved seasonally, and both the hot metal output and steel mill profits increased slightly week - on - week, providing an increase in the rigid demand for coking coal and coke. With the progress of resuming work and production after the holiday, there is an upward expectation for hot metal output, which will drive the continuous improvement of the rigid demand for coking coal and coke and is expected to strongly support coal prices. The future focus should be on the trend of hot metal output, mine operation, and import - end policy trends [1] Group 3: Summary by Relevant Catalog Futures Market Data - Closing Prices: The previous day's closing prices for different contracts of coking coal and coke were 1368.0, 1090.0, 1183.5, 1803.5, 1644.0, 1721.0, while the previous two - day closing prices were 1391.0, 1126.0, 1210.0, 1838.0, 1674.0, 1743.5. The price drops were - 23.0, - 36.0, - 26.5, - 34.5, - 30.0, - 22.5, with corresponding decline rates of - 1.65%, - 3.20%, - 2.19%, - 1.88%, - 1.79%, - 1.29% [1] - Trading Volume and Open Interest: The trading volumes were 1690, 717671, 46555, 104, 15437, 757, and the open interests were 10450, 559107, 99797, 1073, 38773, 2343. The changes in open interest were 120, 67181, 7640, 64, 542, 38 [1] - Price Spreads: The current price spreads for different contract combinations were 240, - 79.5, - 160.5, 160.5, - 77.5, - 83, and the changes in spreads were 306, 2.5, - 308.5, 429.5, 2, - 431.5 [1] Spot Market Data - The ex - factory prices of different types of coking coal and coke, such as Meng 5 main coking coal, low - sulfur main coking coal, etc., were 1197, 1570, 1391, 1855, 1330, 1480, and the changes in spot prices were all 0 [1] Other Information - The People's Bank of China carried out 320.5 billion yuan of 7 - day reverse repurchase operations today with an operating interest rate of 1.40%, which was the same as the previous rate. There were 400 billion yuan of 14 - day reverse repurchase operations due today [1]