Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - For both Jiao Coal 2601 and Coke 2601, the short - term view is "interval oscillation", the medium - term view is "oscillation with a slightly upward trend", and the intraday view is "oscillation with a slightly upward trend", with an overall reference view of "oscillation" [1]. - Jiao Coal: Due to the interplay of multiple and bearish factors, it is expected to maintain interval oscillation in the short - term, and the key lies in the long - term and obvious impact of anti - involution rectification on Jiao Coal supply [1][5]. - Coke: After the sixth round of price increase was implemented, the spot market remains optimistic. With the supply of coking coal at the cost end being disturbed, it is expected that the main contract of coke will maintain interval oscillation in the near future [1][7]. 3. Summary by Relevant Catalogs 3.1 Jiao Coal (JM) - **Price Information**: The latest quotation of Mongolian coal at the Ganqimaodu Port is 1190.0 yuan/ton, with a week - on - week increase of 3.48%, and the equivalent futures warehouse receipt cost is about 1167 yuan/ton [5]. - **Market Situation**: The anti - involution policies in the coal industry are being implemented one after another. As the futures price returns to a high level, market games increase. The short - term trend is interval oscillation [5]. 3.2 Coke (J) - **Price Information**: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1470 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1480 yuan/ton, with a week - on - week increase of 4.23% [7]. - **Market Situation**: The sixth round of price increase for coke was implemented this week, and the optimistic atmosphere in the spot market continues. The supply and demand of coke are basically stable recently, and the supply of coking coal at the cost end is disturbed. The futures price has pulled back at the 1750 yuan/ton level. It is expected to maintain interval oscillation in the near future [7].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The report anticipates that the price of thermal coal will continue to strengthen this summer as multiple positive factors, including the peak season and anti - involution policies, create a resonance driving the coal price up [5]. 3) Summary by Related Content Price and Trend - As of August 7, 2025, the quoted price of 5500K thermal coal at Qinhuangdao Port was 674 yuan/ton, with a week - on - week increase of 22 yuan/ton, and the increase was larger than the previous week. Since the low point in late June, the cumulative increase in the FOB price of 5500K at the port has reached 64 yuan/ton, a rise of 10.5% [5]. Supply and Demand - This week, the domestic thermal coal supply has been stable. The peak season for thermal coal demand has shown good performance. The capacity utilization rate of non - power cement clinker is significantly higher than the same period last year. The anti - involution rectification work in the coal industry has boosted market sentiment. The coal market atmosphere at mine mouths and ports remains active, with continuous release of downstream power plant replenishment demand and high enthusiasm among traders for haulage [5]. Inventory - As of August 7, according to iFind statistics, the total inventory of thermal coal at 9 ports in the Bohai Rim was 2481.9 million tons, basically flat week - on - week and slightly 22.4 million tons lower than the same period last year. Since this summer, the coal inventory at northern ports has decreased by 834.4 million tons from the inventory peak in May, effectively reducing the inventory in the intermediate links and supporting the coal price to stop falling and rebound [5].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 7 月 2 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 参考观点：震荡思路 核心逻辑：现货市场方面，甘其毛都口岸蒙煤最新报价为 865.0 元/吨，周环比持平，折合期货 仓单成本约 834 元/吨。钢联资讯显示，长治沁源前期受安监停产的煤矿陆续复产，焦煤供应担 忧再现，驱动期货回调。上周，我们提示了安全月结束后，焦煤产量恢复的利空风险。当前供 应端是市场博弈的焦点之一，后续也需要继续跟踪主产区实际生产情况。整体来看，焦煤需求 暂稳运行，而供应端扰动再现，期货价格向下调整，预计短期内焦煤主力合约暂维持区间震荡 运行，密切关注山西煤矿 7 月产量情况。 （仅供参考，不构成任何投资建议） | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2509 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 供应压力再现，焦煤震荡回调 | | 焦炭 | 2509 | 震荡 | 震荡 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 6 月 20 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 | 2509 | 震荡 | 震荡 | 震荡 偏强 | 低位震荡 | 供应分歧扰动，焦煤低位震荡 | | 焦炭 | 2509 | 震荡 | 震荡 | 震荡 偏强 | 低位震荡 | 成本支撑好转，焦炭震荡整理 | 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。 核心逻辑：现货市场方面，甘其毛都口岸蒙煤最新报价为 865.0 元/吨，周环比下跌 2.8%，折合 期货仓单成本约 834 元/吨。安全月活动期间，安监、环保、以及经营压力导致国内焦煤产量出 现一定收缩，同时进口煤价格倒挂也抑制了进口量，供应端阶段性扰动使得焦煤基本面悲观预 期有所缓和。与此同时，伊以冲突和中美贸易摩擦降温等事件对焦煤市 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 6 月 4 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 | 2509 | 震荡 | 下跌 | 震荡 偏弱 | 偏弱运行 | 多空博弈，焦煤阶段性调整 | | 焦炭 | 2509 | 震荡 | 下跌 | 震荡 偏弱 | 偏弱运行 | 上下游压力仍存，焦炭期货低位 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%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 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：震荡偏弱 中期观点：下跌 参考观点：偏弱运行 专业研究·创造价值 1 / 3 请务必阅读文末免责条 ...