双焦（JM&J）：20260305申万期货品种策略日报-20260305

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - After the Spring Festival, with the advancement of resumption of work and production, there is an expectation of an increase in molten iron production, which will drive the improvement of the rigid demand for coking coal and coke, strongly supporting coal prices. Geopolitical turmoil can also push up the valuation of energy commodities through the expectation of supply tightening. The future market should focus on the trend of molten iron production, mine operation, the policy orientation of the Two Sessions, and the geopolitical situation [3]. Group 3: Market Data Summary Futures Market - Closing Prices and Changes: The previous day's closing prices for various contracts were 1672.0, 1097.0, 1402.0, 1198.5, 1837.0, and 1748.0, with price changes of -30.0, -23.5, -22.0, -22.0, -18.0, and -19.0 respectively, and percentage changes of -1.92%, -1.27%, -2.66%, -1.30%, -1.24%, and -1.02% [3]. - Trading Volume and Open Interest: The trading volumes were 92851, 18829, 957, 4406, 989346, and 31, and the open interests were 109938, 14124, 505033, 1209, 37091, and 2825. The changes in open interest were 662, -1209, -2, -2103, 1411, and -39 [3]. - Price Spreads: The current price spreads for 5 - 9 months, 9 - 1 months, and 1 - 5 months were -79.5, 160.5, -77.5, 240, -83, and -160.5 respectively, with changes of 2.5, 429.5, -308.5, 2, 306, and -431.5 [3]. Spot Market - Prices and Changes: The spot prices of Tangshan Grade 1, Mongolian 5 coking coal, Jinzhong quasi - Grade 1, Rizhao Port quasi - low - sulfur coking coal, and low - sulfur coking coal were 1177, 1373, 1480, 1330, 1855, and 1470 respectively, with changes of -3, -40, 0, 0, 0, and 0 [3].