（J&J）：20260312申万期货品种策略日报-双焦-20260312

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Last night, the main contracts of coking coal and coke showed a volatile trend, and the total position of coking coal was basically flat compared with the previous period. Last week, coking coal production continued to increase, the supply of coking coal continued to increase, and the iron - water production decreased significantly due to environmental protection restrictions in many places, resulting in a weakening of the rigid demand for coking coal. The inventory of clean coal in mines increased, and the inventory of coking coal downstream decreased, and its fundamentals weakened. It is expected that with the advancement of resumption of work and production, the iron - water production will significantly increase, driving the improvement of the rigid demand for coking coal and coke and providing support for coal prices. The repeated geopolitical situation can also push up the valuation of energy - related commodities. The future market should focus on the trend of iron - water production, mine operation, and geopolitical situation [1] Group 3: Summary by Related Catalogs Futures Market Data - Price and Change: The previous day's closing prices of coking coal contracts in January, May, and September were 1461.5, 1144.5, and 1247.5 respectively, with increases of 1.70%, 2.05%, and 2.38% compared to the previous two days. The previous day's closing prices of coke contracts in January, May, and September were 1887.5, 1718.0, and 1793.5 respectively, with increases of 2.03%, 2.23%, and 2.11% [1] - Trading Volume and Open Interest: The trading volumes of coking coal contracts in January, May, and September were 2717, 679845, and 63196 respectively, and the open interests were 14901, 407283, and 110769 respectively. The trading volumes of coke contracts in January, May, and September were 54, 15503, and 1042 respectively, and the open interests were 1518, 32488, and 3966 respectively. The changes in open interests of coking coal contracts in January, May, and September were 28, - 17889, and 1977 respectively, and those of coke contracts were 26, - 510, and 46 respectively [1] - Price Spreads: The current price spreads of coking coal contracts (January - May, May - September, September - January) were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5. The current price spreads of coke contracts (January - May, May - September, September - January) were 160.5, - 77.5, and - 83 respectively, with changes of 429.5, 2, and - 431.5 [1] Spot Market Data - Prices and Changes: The current prices of Mongolian 5 coking coal (port self - pickup price), low - sulfur coking coal (Linfen ex - factory price), low - sulfur fat coal (Taiyuan rail - side price), Tangshan first - grade coke (ex - factory price), Jinzhong quasi - first - grade coke (ex - factory price), and Rizhao Port quasi - first - grade coke (warehouse - out price) were 1175, 1450, 1373, 1800, 1280, and 1470 respectively. The changes in spot prices were 0, - 10, 0, 0, 0, and 0 respectively [1] Automobile Industry Data - In February 2026, automobile production and sales were 1.672 million and 1.805 million respectively, with a month - on - month decrease of 31.7% and 23.1% and a year - on - year decrease of 20.5% and 15.2%. In February, automobile exports were 672,000, with a month - on - month decrease of 1.4% and a year - on - year increase of 52.4% [1]