焦炭：下游补库热情发酵，震荡偏强；焦煤：下游补库热情发酵，震荡偏强

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The downstream restocking enthusiasm for coke and coking coal is fermenting, and the market is oscillating strongly [2][3] Group 3: Summary According to the Directory 1. Fundamental Tracking - Futures Prices: JM2605 closed at 1,153 yuan/ton, up 8.5 yuan or 0.7%; J2605 closed at 1,727 yuan/ton, up 9 yuan or 0.5%. JM2605 had a trading volume of 1,002,451 lots, a position of 393,876 lots, and a position change of -13,407 lots; J2605 had a trading volume of 16,698 lots, a position of 35,867 lots, and a position change of 379 lots [3] - Spot Prices: For coking coal, the prices of Linfen low - sulfur main coking coal and Lvliang low - sulfur main coking coal remained unchanged at 1,450 yuan/ton; Lvliang lean main coking coal decreased by 10 yuan/ton to 1,180 yuan/ton. For coke, the prices of Hebei quasi - first - grade dry - quenched coke, Shanxi quasi - first - grade arrival price, and Rizhao Port quasi - first - grade dry - quenched price index remained unchanged [3] - Basis and Spreads: The basis of JM2605 in Shanxi decreased by 8.5 yuan/ton to 33 yuan/ton; the basis of J2605 in Shanxi quasi - first - grade arrival price decreased by 9 yuan/ton to - 195 yuan/ton. The spread of JM2605 - JM2609 increased by 1.5 yuan/ton to - 101.5 yuan/ton; the spread of J2605 - J2609 increased by 1 yuan/ton to - 74.5 yuan/ton [3] 2. Macro and Industry News - On March 12, the CCI metallurgical coal index: CCI Shanxi low - sulfur main coking coal S0.7 was 1,436 yuan/ton (-6); CCI Shanxi medium - sulfur main coking coal S1.3 was 1,170 yuan/ton; CCI Shanxi high - sulfur main coking coal S1.6 was 1,164 yuan/ton [3] - On March 12, the online auction of coking coal had a total listing volume of 124,700 tons, a non - successful bid rate of 3% (down 4% from the previous day), and an average premium of 45.44 yuan/ton. The listed resources were mainly main coking coal, lean coal, and gas coal. With the improvement of market sentiment, downstream procurement increased, and the market trading activity was high [3] 3. Trend Intensity - The trend intensity of coke is 1; the trend intensity of coking coal is 1 [6]