20260326申万期货品种策略日报-双焦-20260326

1. Report Industry Investment Rating - There is no information regarding the industry investment rating in the provided report. 2. Core View of the Report - The night trading of coking coal and coke showed a volatile trend, with the total open interest remaining basically flat compared to the previous period. With the end of environmental production restrictions, the pig iron output increased significantly last week, and the coke output of coking plants and steel mills also increased slightly, leading to an obvious improvement in the rigid demand for coking coal and coke. As the peak season of terminal demand continues, there is still room for an increase in pig iron output. After a sharp rise in the market, the market has been volatile in recent trading days. Before the geopolitical conflict eases, coking coal with energy attributes still has a trading logic of substitution effect in the energy and coal chemical fields. Attention should be paid to the changes in pig iron output, the mining start - up rhythm, and the evolution of the geopolitical situation [2]. 3. Summary by Relevant Catalog 3.1 Futures Market Data - Price and Change: For different contract months (January and September, May), the closing prices, price changes, and price change rates are provided. For example, the January contract of a certain variety had a previous - day closing price of 1571.5, a price increase of 3.5, and an increase rate of 0.22% [2]. - Trading Volume and Open Interest: The trading volume and open interest of different contract months are presented, along with the changes in open interest. For instance, the trading volume of the January contract was 8824, and the open interest was 20377, with an increase of 2433 in open interest [2]. - Spread: The current spread values and their changes between different contract months are given, such as the spread between January - May, May - September, and September - January contracts [2]. 3.2 Spot Market Data - Prices: The current prices and price changes of different types of coking coal and coke, including low - sulfur coking coal, Mongolian No. 5 coking coal, Tangshan first - grade coke, etc., are provided. For example, the current price of low - sulfur coking coal is 1240, and the price change is 0 [2]. 3.3 Power Industry Data - As of the end of February 2026, the total installed power generation capacity in China was 3.95 billion kilowatts, a year - on - year increase of 15.9%. Among them, the installed capacity of solar power generation was 1.23 billion kilowatts, a year - on - year increase of 33.2%, and the installed capacity of wind power was 0.65 billion kilowatts, a year - on - year increase of 22.8%. From January to February, the average utilization hours of power generation equipment in China were 466 hours, a decrease of 39 hours compared to the same period last year [2].