焦煤：节后首日，焦煤主力合约维持弱势格局，日内增仓下行，可见短期 市场氛围依然偏空。从供需来看，春节期间停产休假煤矿将逐渐复产，蒙 煤进口量维持高位，同时地产、基建终端需求持续低迷，当下焦煤基本面 预期仍难言乐观，拖累煤价低位运行。后续，全国两会即将召开，或给市 场带来一定的宏观预期支撑，在多空博弈的格局下，焦煤期货或维持低位 震荡运行；若近期无实质性政策利好，焦煤价格仍将面临一定压力。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 2 月 24 日 煤焦日报 专业研究·创造价值 多空焦灼，煤焦低 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2026 年 2 月 24 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 强势 | 震荡 | 基本面支撑有限，焦煤维持低位 | | | | | | | | 震荡 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡 | 供需暂稳，焦炭低位运行 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：强势 中期观点：震荡 参考观点：震荡 核心逻辑：春节期间煤矿停产休 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For coke, the spot market shows that the latest quoted price of the quasi - first - grade wet - quenched coke at Rizhao Port's flat - closing price index is 1,520 yuan/ton, with a week - on - week flat; the ex - warehouse price of the quasi - first - grade wet - quenched coke at Qingdao Port is 1,470 yuan/ton, with a week - on - week decrease of 0.68%. Recently, there is no significant change in the coke fundamentals, with both supply and demand slightly increasing at a low level. The futures lack unilateral momentum, and it is expected that the main coke contract will maintain a low - level oscillating pattern before the Spring Festival. The subsequent uncertainties mainly come from "US - Iran geopolitical risks", "Two Sessions policy expectations", and "anti - involution policy expectations" [6][32] - For coking coal, the latest quoted price of Mongolian coal at Ganqimaodu Port is 1,230.0 yuan/ton, with a week - on - week increase of 2.50%. As the Spring Festival approaches, more coal mines are on holiday, resulting in a short - term contraction of coking coal supply. However, downstream enterprises have replenished their coal stocks to a sufficient level, and coal mine production will quickly resume after the festival. Overall, the fundamentals of coking coal provide limited support, and the medium - and long - term expectation of loose supply and demand remains an important factor guiding coal price trends. Combining with the recent low - level stabilization of thermal coal prices, in the absence of medium - and long - term drivers, it is expected that coking coal prices will maintain a low - level oscillating pattern before the Spring Festival. The bullish risks mainly include three aspects: the uncertainty of the US - Iran geopolitical conflict during the Spring Festival; the approaching of the important policy node of the National Two Sessions after the Spring Festival; and the possible introduction of new "anti - involution" policies in the coal industry due to the continuous low - level operation of coal prices [7][32] 3. Summary by Relevant Catalogs 3.1 Industry News - On February 13, the National Bureau of Statistics announced that in January 2026, the month - on - month decline in the sales prices of commercial residential buildings in 70 large and medium - sized cities generally narrowed, while the year - on - year prices decreased. In January, the month - on - month sales prices of newly built commercial residential buildings in first - tier cities decreased by 0.3%, the same as the previous month. Among them, the price in Shanghai remained flat, while those in Beijing, Guangzhou, and Shenzhen decreased by 0.3%, 0.6%, and 0.4% respectively [9] - On February 13, Mongolia's ETT Company held an online auction for coking coal. The starting price of 1/3 coking raw coal (A9, V28 - 37, S1.0, G75, Mt8) was 93.7 US dollars/ton, and all 64,000 tons of the listed quantity were sold at a transaction price of 96.7 US dollars/ton (all prices are tax - free). The supply location is the customs supervision area at Ganqimaodu Port, and the supply time is within 90 days after payment, with the final supply date being May 14, 2026 [10] 3.2 Spot Market | Variety | Current Value | Week - on - Week Change | Month - on - Month Change | Year - on - Year Change | Year - on - Year Comparison | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (Flat - Closing) | 1,520 | 0.00% | 3.40% | - 10.06% | - 1.30% | | Qingdao Port Quasi - First - Grade Coke (Ex - Warehouse) | 1,470 | - 0.68% | 0.00% | - 9.26% | - 2.65% | | Mongolian Coal at Ganqimaodu Port | 1,230 | 2.50% | - 0.81% | 4.24% | 6.03% | | Australian - Produced Coal at Jingtang Port | 1,620 | - 2.41% | 0.62% | 8.72% | 11.72% | | Shanxi - Produced Coal at Jingtang Port | 1,700 | - 4.49% | - 4.49% | 11.11% | 14.09% | [11] 3.3 Futures Market | Futures | Active Contract | Closing Price | Price Change | High Price | Low Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | 1 | 1,682.0 | 105.0 | 1,682.0 | 1,651.5 | 14,281 | 4,287 | 35,250 | - 2,273 | | Coking Coal | 1 | 1,121.0 | - 31.0 | 1,128.5 | 1,110.0 | 461,599 | - 67,231 | 412,479 | - 54,413 | [14] 3.4 Relevant Charts - **Coke Inventory**: Charts show the inventory of 230 independent coking plants, port coke total inventory, 247 steel - mill coking plants, and total coke inventory over the years [14][15][16] - **Coking Coal Inventory**: Charts display the inventory of coking coal at mine mouths, all - sample independent coking plants, ports, and 247 sample steel mills over the years [19][21][22] - **Other Charts**: Include domestic steel - mill production situation, Shanghai terminal wire and screw procurement volume, coal - washing plant production situation, and coking plant operation situation [27][28][30]

Core Viewpoint - The bond market shows slight differentiation in performance, with government bond futures experiencing a decline while interbank bond yields continue to decrease, indicating a "warm yet restrained" market sentiment ahead of the Spring Festival [1][4]. Market Performance - Government bond futures closed with half of the contracts down; the 30-year main contract fell by 0.03% to 112.7, while the 10-year main contract rose by 0.02% to 108.585 [2]. - Interbank bond yields generally decreased, with the 10-year government bond yield down by 1 basis point to 1.776% and the 30-year government bond yield down by 0.15 basis points to 2.2255% [2]. Overseas Bond Market - In North America, U.S. Treasury yields rose across the board, with the 2-year yield increasing by 6.41 basis points to 3.512% [3]. - In Asia, Japanese bond yields fell, with the 5-year and 10-year yields down by 0.4 basis points and 1.2 basis points, respectively [3]. - In the Eurozone, yields on 10-year bonds from France, Germany, Italy, and Spain all decreased, indicating a general trend of declining yields [3]. Liquidity Conditions - The central bank conducted a net injection of 448 billion yuan through reverse repos, with a total of 1665 billion yuan in 7-day reverse repos and 4000 billion yuan in 14-day reverse repos [4]. - The Shibor rates for short-term instruments mostly declined, with the overnight rate rising slightly by 0.2 basis points to 1.368% [4]. Institutional Perspectives - Citic Securities noted that while CPI remains low, PPI is steadily rising, which may have a marginal impact on bond market pricing; the sentiment-driven bond market may continue to show slight strength until the Spring Festival [5]. - Shenwan Hongyuan indicated that the bond market may enter a phase of compressed spreads, with ongoing market dynamics influenced by the balance of asset allocation and the potential for capital to flow from bonds to equities [6].

Report Overview - The report is a coal and coking morning report from Baocheng Futures on February 12, 2026, covering short - term, medium - term, and intraday views on coking coal and coke, along with their price driving logic [1] Report Industry Investment Rating - Not provided in the report Report's Core View - Coking coal and coke are expected to maintain a low - level oscillatory pattern before the Spring Festival, with coking coal influenced by Middle - East geopolitics and domestic policies, and coke having stable supply - demand and limited price - moving factors [1][5][6] According to Related Catalogs 1. Variety View Reference - For coking coal (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is strong, and the overall view is oscillatory, with attention on Middle - East geopolitics and domestic policy impacts [1] - For coke (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is oscillatory and slightly strong, and the overall view is oscillatory, due to stable supply - demand and range - bound price [1] 2. Main Variety Price Driving Logic - Commodity Futures Black Sector Coking Coal (JM) - Intraday view is strong, medium - term view is oscillatory, and the reference view is oscillatory [5] - In the spot market, the latest quotation of Mongolian coal at Ganqimaodu Port is 1230.0 yuan/ton, a 2.50% week - on - week increase. Before the Spring Festival, coal mine production decreases, but downstream inventory is sufficient, and production will quickly resume after the festival. The long - term supply - demand is expected to be loose, so the price is expected to oscillate at a low level before the Spring Festival [5] - There are three major upside risks: potential escalation of US - Iran geopolitical conflicts during the Spring Festival, economic policy expectations around the Two Sessions after the Spring Festival, and possible "anti - involution" policies in the coal industry due to low coal prices [5] Coke (J) - Intraday view is oscillatory and slightly strong, medium - term view is oscillatory, and the reference view is oscillatory [6] - In the spot market, the latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, with a flat week - on - week change, and the ex - warehouse price at Qingdao Port is 1470 yuan/ton, a 0.68% week - on - week decrease. The supply - demand at both ends has a small increase at a low level, and the futures lack unilateral momentum. The main contract is expected to oscillate at a low level before the Spring Festival [6] - Uncertainties come from "US - Iran geopolitical risks", "Two Sessions policy expectations", and "anti - involution policy expectations" [6]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 1 月 15 日 煤焦日报 专业研究·创造价值 向上驱动不足，煤焦低位运行 核心观点 焦炭：1 月 15 日，焦炭主力合约报收于 1745 元/吨，日内录得 0.11%的跌 幅。截至收盘，主力合约持仓量为 3.72 万手，较前一交易日仓差为-1163 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1470 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1480 元/吨，周环比 上涨 0.68%。本周，下游钢厂逐渐复产，但复产速度偏缓，焦炭基本面改 善幅度有限，相对利好仍在于上游焦煤的供应端强预期。目前，焦炭自身 基本面支撑仍较为乏力，不过进入新一年度后，经济政策预期、"反内 卷"政策预期，以及下游冬储补库预期的向上驱动渐显，多空交织，带动 焦炭低位调整。 焦煤：1 月 15 日，焦煤主力合约报收 1187.5 点，日内下跌 1.00%。截至 收盘，主力合约持仓量为 50.58 万手，较前一交易日仓差为+4539 手。焦 煤期货经历上周反弹后，本周回归震荡格局。现阶段，焦煤维持供需两增 局面，基本 ...

焦煤：1 月 14 日，焦煤主力合约报收 1196.5 点，日内下跌 1.52%。截至 收盘，主力合约持仓量为 50.13 万手，较前一交易日仓差为-3199 手。现 货市场方面，甘其毛都口岸蒙煤最新报价为 1215.0 元/吨，周环比上涨 9.46%。整体来看，元旦过后，焦煤预计进入供需两增格局，短期基本面 难言明显改善，但经济政策预期、"反内卷"政策预期、下游冬储补库预 期，以及春节煤矿减产预期等利好驱动渐显，多空因素交织，带动焦煤期 货低位震荡调整。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 1 月 14 日 煤焦日报 专业研究·创造价值 持续性驱动有限，煤焦维持低位震荡 核心观点 焦炭：1 月 14 日，焦炭主力合约报收于 1738.5 元/吨，日内录得 1.28%的 跌幅。截至收盘，主力合约持仓量为 3.84 万手，较前一交易日仓差为 +472 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1470 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1490 元/吨，周 环比上涨 1.36%。本周，下游钢厂逐渐复产，但复产速度偏缓 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 1 月 13 日 煤焦日报 专业研究·创造价值 多空因素交织，煤焦震荡整理 核心观点 焦炭：1 月 13 日，焦炭主力合约报收于 1745 元/吨，日内录得 1.08%的跌 幅。截至收盘，主力合约持仓量为 3.79 万手，较前一交易日仓差为-1031 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1470 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1500 元/吨，周环比 上涨 2.04%。本周，下游钢厂逐渐复产，但复产速度偏缓，焦炭基本面改 善幅度有限，相对利好仍在于上游焦煤的供应端强预期。综上，焦炭自身 基本面支撑仍较为乏力，不过进入新一年度后，经济政策预期、"反内 卷"政策预期，以及下游冬储补库预期的向上驱动渐显，带动焦炭低位整 理。 焦煤：1 月 13 日，焦煤主力合约报收 1191 点，日内下跌 2.50%。截至收 盘，主力合约持仓量为 50.45 万手，较前一交易日仓差为-8128 手。现货 市场方面，甘其毛都口岸蒙煤最新报价为 1200.0 元/吨，周环比上涨 8.11%。整体 ...

投资咨询证号：Z0011688 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 1 月 12 日 煤焦日报 专业研究·创造价值 乐观氛围延续，煤焦偏强运行 核心观点 焦炭：截至 1 月 9 日当周，样本独立焦化厂和钢厂焦化厂焦炭日均产量合 计 110.45 万吨，周环比增 0.9 万吨；下游 247 家钢厂铁水日均产量 229.5 万吨，周环比增 2.07 万吨。本周，下游钢厂逐渐复产，但复产速 度偏缓，焦炭基本面改善幅度有限，相对利好仍在于上游焦煤的供应端强 预期。综上，焦炭自身基本面支撑仍较为乏力，不过进入新一年度后，经 济政策预期、"反内卷"政策预期，以及下游冬储补库预期的向上驱动渐 显，带动焦炭期货低位反弹。 焦煤：截至 1 月 9 日当周，全国 523 家炼焦煤矿精煤日均产量 73.4 万 吨，周环比增 4.4 万吨，较去年同期产量偏低 6.9 万吨。需求方面，截至 1 月 9 日当周，样本独立焦化厂和钢厂焦化厂焦炭日均产量合计 110.45 万吨，周环比增 0.9 万吨。整体来看，元旦过后，焦煤预计进入供需两增 格局，短期基本面难言明显改善，但经 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2026 年 1 月 12 日） ◼ 品种观点参考 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 偏强 | 震荡 | 震荡 | 震荡偏强 | 供应扰动仍存，焦煤低位反弹 | | | | 震荡 | | 偏强 | | | | 焦炭 | 2605 | 偏强 | 震荡 | 震荡 | 震荡偏强 | 成本支撑改善，焦炭低位反弹 | | | | 震荡 | | 偏强 | | | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 日内观点：震荡偏强 中 ...