20260323申万期货品种策略日报-双焦（JM&J）-20260323

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - 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 focus on include the trend of molten iron production, mine开工情况, and geopolitical trends [2]. Group 3: Data Summary Futures 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, with price increases of 9.0, 11.5, 15.0, 12.0, 19.5, and 11.0 respectively, and corresponding price increase rates of 0.99%, 0.61%, 1.18%, 0.63%, 1.13%, and 0.61% compared to the previous two days [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 Data - The spot prices of Tangshan Grade 1, Mongolian No. 5 coking coal, low - sulfur coking coal, etc. were 1240, 1460, 1417, 1800, 1280, 1470 respectively, and there were no changes in spot prices [2]. Group 4: Market Situation - Last Friday night, the main contracts of coking coal and coke showed a strong trend, and the total open interest of coking coal increased month - on - month. According to last week's Steel Union data, the output of the five major steel products increased month - on - month, mainly due to building materials. The inventory of the five major steel products stopped increasing and started to decline month - on - month, and the overall apparent demand continued to pick up month - on - month, with the largest increase in rebar. Due to the end of environmental protection restrictions, the molten iron production increased significantly month - on - month last week, and the rigid demand for coking coal and coke improved significantly [2]. Group 5: Policy 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 of the financial industry and deepen the interconnection of financial markets. As of the end of 2025, overseas institutions and individuals held domestic RMB financial assets exceeding 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 will be arranged to support the replacement of old consumer goods with new ones, and a special fund of 100 billion yuan for fiscal - financial cooperation to promote domestic demand will be established. The Deputy Director of the Office of the Central Financial and Economic Commission, Han Wenxiu, said that the "15th Five - Year Plan" will make arrangements for high - quality population development in a separate chapter and comprehensively respond to the impact of artificial intelligence to promote high - quality and full employment [2].