20260323申万期货品种策略日报：双焦（JM&J）-20260323

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The short - term market is expected to remain strong as there is still room for upward movement and geopolitical unrest amplifies the price fluctuations of energy - related commodities. Key factors to watch include the trend of hot metal production, mine operation status, and geopolitical situation [2]. - The night session of the main contracts of coking coal and coke on last Friday showed strong performance, and the total position of coking coal increased compared to the previous period. The output of five major steel products continued to increase last week, with the increase mainly from building materials. The inventory of five major steel products stopped increasing and started to decline, and the overall apparent demand continued to rise, with the largest increase in rebar. Due to the end of environmental protection restrictions, the hot metal production increased significantly last week, and the rigid demand for coking coal and coke improved significantly [2]. Group 3: Summary by Relevant Catalog Futures Market Data - Closing Prices: The previous day's closing prices for different contract months were 1489.0, 1171.0, 1287.0, 1903.0, 1740.5, and 1815.5 respectively; the previous two - day closing prices were 1480.0, 1159.5, 1272.0, 1891.0, 1721.0, and 1804.5 respectively. The price changes were 9.0, 11.5, 15.0, 12.0, 19.5, and 11.0, with price change rates of 0.99%, 0.61%, 1.18%, 0.63%, 1.13%, and 0.61% respectively [2]. - Trading Volume: The trading volumes were 3122, 753774, 107852, 55, 14432, and 1768 respectively [2]. - Open Interest: The open interests were 384256, 133065, 31289, 7700, 15144, and 1740 respectively, with changes of 1996, 35, 39, 485, 540, and - 7338 respectively [2]. - Price Spreads: The current price spreads were 240, - 79.5, - 160.5, 160.5, - 77.5, and - 83 respectively, with changes of 306, 2.5, - 308.5, 429.5, 2, and - 431.5 respectively [2]. Spot Market Data - The spot prices of different types of coking coal (Tangshan Grade 1, Mongolian 5 coking coal, low - sulfur coking coal, etc.) were 1240, 1460, 1417, 1800, 1280, and 1470 respectively, and the spot price changes were all 0 [2]. Policy and Conference Information - At the China Development Forum 2026 Annual Meeting, the People's Bank of China Governor Pan Gongsheng said that China will steadily promote the high - level opening - up of the financial industry and deepen the interconnection of financial markets. As of the end of 2025, overseas institutions and individuals held RMB - denominated financial assets worth over 10 trillion yuan. The Ministry of Finance will use policy tools such as deficits, special bonds, and loan interest subsidies to build a strong domestic market. This year, 250 billion yuan of ultra - long - term special treasury bonds are arranged to support the replacement of old consumer goods with new ones, and a 100 billion yuan special fund for fiscal - financial cooperation to promote domestic demand is established. The "15th Five - Year Plan" will comprehensively address the impact of artificial intelligence and promote high - quality and full employment [2].