焦炭：宽幅震荡焦煤：仓单扰动叠加能源属性发酵，震荡偏弱

Report Summary 1. Industry Investment Ratings - Coke: Wide-range oscillation [1] - Coking coal: Oscillating weakly due to the disturbance of warehouse receipts and the fermentation of energy attributes [2] 2. Core Views - The coking coal and coke market shows different trends. Coke is in a wide-range oscillation, while coking coal oscillates weakly due to the influence of warehouse receipts and energy attributes [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: The closing price of JM2605 was 1090 yuan/ton, down 36 yuan/ton or 3.2%; the closing price of J2605 was 1644 yuan/ton, down 30 yuan/ton or 1.8%. The trading volume of JM2605 was 717,671 lots, and the position was 559,107 lots, with an increase of 67,181 lots. The trading volume of J2605 was 15,437 lots, and the position was 38,773 lots, with an increase of 542 lots [2] - Spot Prices: Most of the spot prices of coking coal and coke remained stable, with a few showing price changes. For example, the price of Lvliang lean coking coal increased from 1065 yuan/ton to 1120 yuan/ton, and the price of Meng5 Tangshan clean coal decreased from 1159 yuan/ton to 1148 yuan/ton [2] - Basis and Spreads: The basis and spreads of coking coal and coke futures also showed some changes. For example, the basis of JM2605 decreased from 146.0 yuan/ton to 44 yuan/ton, and the spread of JM2605 - JM2609 decreased from -84.0 to -93.5 [2] 3.2 Macro and Industry News - On February 28, the CCI metallurgical coal index of China Coal Resource Network showed that the CCI Shanxi low - sulfur coking coal S0.7 was 1553, the CCI Shanxi medium - sulfur coking coal S1.3 was 1190, and the CCI Shanxi high - sulfur coking coal S1.6 was 1184 [2] - On February 28, the total online auction listing volume of coking coal was 187,000 tons, with a failure rate of 18%, a decrease of 14% compared with the previous day, and an average premium of 22.6 yuan/ton. The market performance was weak, and the failure rate was still high [2] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [5]