投资咨询业务资格：证监许可【2011】1778 号 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。 黑色金属 | 日报 2025 年 7 月 31 日 煤焦日报 专业研究·创造价值 利好阶段性释放，煤焦期货继续回调 核心观点 焦炭：7 月 31 日，焦炭主力合约报收于 1601 元/吨，日内录得 4.93%的跌 幅。截至收盘，主力合约持仓量为 2.87 万手，较前一交易日仓差为-653 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 1420 元/吨，周环比上涨 7.58%；青岛港准一级湿熄焦出库价为 1420 元/吨， 周环比上涨 2.90%。期货市场方面，随着 7 月底煤炭行业反内卷整治带来 的乐观情绪降温，以及政 ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports [1][5][6] 2. Core View of the Report - The report is bullish on both coking coal and coke in the short - term, medium - term, and intraday periods, suggesting a long - biased trading approach for both commodities [1][5][6] 3. Summary by Related Catalogs 3.1 Coking Coal (JM) - **Price and Market Sentiment**: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1030.0 yuan/ton, with a week - on - week increase of 8.42%. The market sentiment is optimistic, driving the main contract of coking coal to rise significantly [5] - **Industry Policy**: A document on coal mine production inspection and rectification of over - production coal mines was released on July 22, covering major coal - producing areas in China. However, the impact of this inspection in Shanxi, a major coking coal - producing area, needs further tracking as over - production has been curbed since 2024 [5] 3.2 Coke (J) - **Price and Market Sentiment**: The latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port is 1320 yuan/ton, with a week - on - week increase of 8.20%, and at Qingdao Port is 1380 yuan/ton, with a week - on - week increase of 8.66%. The third round of price increases for coke has been initiated, and the market atmosphere is optimistic, with the main contract remaining strong [6] - **Industry Policy**: The anti - involution work in the coal industry is advancing, and the notice on coal mine production inspection is confirmed. However, over - production in Shanxi has been curbed since 2024 [6]