20260331申万期货品种策略日报-双焦（JM&J）-20260331

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The coking coal supply pressure remains due to the slowdown in coking coal production growth and high Mongolian coal customs clearance volume. The iron - water production increases, providing incremental demand for coking coal and coke. The coking coal auction transaction rate is close to 100%, reflecting downstream purchasing enthusiasm. Considering the increase in rigid demand and the impact of geopolitical conflicts on coal prices, coal prices are still supported. Future focus should be on changes in iron - water production, mine operation rhythm, and geopolitical situation [2] Group 3: Summary by Related Catalog Price and Trading Volume Information - Futures prices: The previous day's closing prices of different contract months for coking coal and coke are 1543.5, 1214.0, 1352.5, 1923.0, 1753.5, 1842.0 respectively, with price changes of -6.5, -5.0, -4.5, -3.0, 1.5, 2.5 and percentage changes of -0.33%, -0.42%, -0.41%, -0.16%, 0.09%, 0.14% compared to the day before [2] - Trading volume: The trading volumes are 5125, 756767, 215978, 13198, 2989 [2] - Open interest: The open interests are 21604, 399980, 204487, 2236, 29837, 13772, with changes of 610, -1113, 6417, 20, -436, 707 [2] - Price spreads: The current price spreads between different contract months and their changes are as follows: 1 - 5 month spread is 240 with an increase of 306; 5 - 9 month spread is -79.5 with an increase of 2.5; 9 - 1 month spread is -160.5 with a decrease of 308.5; for another set, 1 - 5 month spread is 160.5 with an increase of 429.5; 5 - 9 month spread is -77.5 with an increase of 2; 9 - 1 month spread is -83 with a decrease of 431.5 [2] - Spot prices: The current spot prices of different types of coking coal are 1600, 1308, 1529, 1800, 1280, 1490, and the change of the last one is -10 [2] Policy Information - Hangzhou optimizes the housing provident fund use policy. The maximum housing provident fund loan amount is increased from 1.3 million yuan to 1.8 million yuan. The individual loan - eligible amount is no more than 900,000 yuan. The calculation multiple of the individual loan - eligible amount is adjusted from 15 times to 20 times. The loan amount for multi - child families can be increased by 50% based on the calculated eligible amount [2]