20260312申万期货品种策略日报：双焦（J&J）-20260312

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The night session of the previous day saw the main contracts of coking coal and coke in a volatile trend, with the total position of coking coal remaining basically unchanged compared to the previous period. Last week, coking coal production continued to rebound, supply increased, and iron - water production decreased significantly due to environmental protection restrictions in many areas. The rigid demand for coking coal weakened, with mine clean - coal inventory accumulating and downstream coking coal inventory decreasing. It is expected that with the progress of resuming work and production, iron - water production will significantly rebound, driving the improvement of rigid demand for coking coal and coke, and supporting coal prices. Geopolitical uncertainties can also push up the valuation of energy - related commodities. Future focus should be on iron - water production trends, mine operation conditions, and geopolitical trends [1]. Group 3: Summary by Related Content Futures Market Data - Closing Prices and Changes: For coking coal, the previous day's closing prices for January, May, and September contracts 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. For coke, the previous day's closing prices for January, May, and September contracts 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. For coke, the trading volumes 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 were 28, - 17889, 1977 for coking coal and 26, - 510, 46 for coke [1]. - Spreads: For coking coal, the spreads between January - May, May - September, and September - January were 240, - 79.5, and - 160.5 respectively, with changes of 306, 2.5, and - 308.5. For coke, the spreads 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 No. 5 coking coal at the port for self - pick - up, low - sulfur coking coal at the Linfen factory - gate, low - sulfur fat coal at the Taiyuan rail - side, Tangshan Grade 1 coke at the factory - gate, Jinzhong Quasi - Grade 1 coke at the factory - gate, and Rizhao Port Quasi - Grade 1 coke at the warehouse - exit were 1175, 1450, 1373, 1800, 1280, and 1470 respectively. The price of low - sulfur coking coal at the Linfen factory - gate decreased by 10, while others remained unchanged [1]. Automobile Industry Data - In February 2026, automobile production and sales were 1.672 million and 1.805 million respectively, with month - on - month decreases of 31.7% and 23.1% and year - on - year decreases of 20.5% and 15.2%. Automobile exports were 0.672 million, with a month - on - month decrease of 1.4% and a year - on - year increase of 52.4% [1].