晨报 煤焦 成文时间： 2026 年 2 月 12 日 逻辑：昨日，煤焦期货价格延续弱势震荡运行，价格靠近近期震荡区 间下沿。近日季节性淡季，市场交投情绪降温，黑色金属板块整体走势偏 弱。 证监许可【2011】1452 号 从基上面来看，本周国内煤矿停产放假范围扩大，市场活跃度进一步 降温，焦钢企业补库基本完成，贸易商开始放假休市，市场成交氛围冷清， 竞拍价格继续下探。由于煤矿放假供应收缩，而焦钢采购需求低迷，市场 供需双弱，上游坑口库存变化不大。本周原煤、精煤日产 180.8 万吨、74.3 万吨，分别环比下降 11.8 万吨、1.2 万吨。进口端，上周蒙煤甘其毛都 口岸日通关量略有下降，根据中蒙两国双边协定，2026 年春节期间三大 口岸闭关，正月初一至初四（2 月 17 日至 20 日）闭关四天，2 月 15 日、 2 月 22 日周日正常闭关。需求端，钢厂生产相对平稳，日均铁水产量维 持 228 万吨左右。 成 材：武秋婷 原材料：程 鹏 观点：当前煤焦供需矛盾一般，黑色金属市场整体情绪偏弱，价格偏 弱势运行，节前最后一周，注意持仓风险控制。 煤焦：交投情绪降温 盘面弱势震荡 投资咨询业务资格： 负责 ...

1. Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: February 12, 2026 [1] 2. Price Information Spot Prices - **LiuLin Main Coking Coal**: The latest price is 1483.00, with a monthly increase of 57.00 and an annual increase of 13.47% [2] - **Raw Coal Port Delivery Price**: The latest is 1018.00, down 7.00 daily, 42.00 weekly, 52.00 monthly, but up 13.74% annually [2] - **ShaHeYi Meng 5**: The latest price is 1400.00, with a monthly rise of 60.00 and an annual increase of 3.70% [2] - **AnZe Main Coking Coal**: The latest price is 1570.00, down 30.00 weekly, 50.00 monthly, but up 12.14% annually [2] International Spot Prices - **Peak Downs**: The latest is 224.00, with a weekly increase of 2.00, a monthly decrease of 5.50, and an annual increase of 22.60 [2] - **Goonyella**: The latest price is 224.00, with a weekly increase of 2.00, a monthly decrease of 6.50, and an annual increase of 22.90 [2] Futures Prices - **Futures 05**: The latest price is 1126.00, down 1.00 daily, 56.00 weekly, 73.50 monthly, but up 3.64% annually [2] - **Futures 09**: The latest price is 1204.50, with a weekly decrease of 51.50, a monthly decrease of 73.00, and an annual increase of 3.21% [2] - **Futures 01**: The latest price is 1378.50, up 0.50 daily, down 43.50 weekly, up 300.00 monthly, and up 12.03% annually [2] 3. Inventory Information - **Coal Mine Inventory**: The latest is 261.24, down 3.41 weekly, 11.13 monthly, and 32.95% annually [2] - **Port Inventory**: The latest is 272.76, down 13.62 weekly, 27.04 monthly, and 39.56% annually [2] - **Steel Mill Coking Coal Inventory**: The latest is 824.20, up 9.84 weekly, 26.47 monthly, and 2.42% annually [2] - **Coking Plant Coking Coal Inventory**: The latest is 1302.39, up 67.60 weekly, 230.71 monthly, and 34.55% annually [2] 4. Other Information - **Coking Capacity Utilization**: The latest is 72.20, up 0.34 weekly, down 0.49 monthly, and 1.14% annually [2] - **Coking Plant Coke Inventory**: The latest is 86.33, up 0.42 weekly, 0.66 monthly, but down 0.58% annually [2] Basis and Spread - **05 Basis**: The latest is 0.21, up 1.00 daily, 52.55 weekly, 48.21 monthly, and 71.99% annually [2] - **09 Basis**: The latest is -78.29, with a weekly increase of 48.05, a monthly increase of 47.71, and an annual decrease of 0.49 [2] - **01 Basis**: The latest is -252.29, down 0.50 daily, up 40.05 weekly, down 325.29 monthly, and up 0.17% annually [2] - **5 - 9 Spread**: The latest is -78.50, down 1.00 daily, 4.50 weekly, 0.50 monthly, and 0.02% annually [2] - **9 - 1 Spread**: The latest is -174.00, down 0.50 daily, 8.00 weekly, 373.00 monthly, and up 1.74% annually [2] - **1 - 5 Spread**: The latest is 252.50, up 1.50 daily, 12.50 weekly, 373.50 monthly, and 0.75% annually [2]

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 705.0 2.0 5.0 -1.0 -45.0 25省终端可用天数 22.6 0.3 2.7 1.7 5.0 秦皇岛5000 623.0 4.0 8.0 4.0 -42.0 25省终端供煤 579.1 -7.4 -29.5 -61.0 -43.8 广州港5500 795.0 0.0 0.0 -15.0 -50.0 北方港库存 2276.0 -14.0 8.0 -353.0 -239.9 鄂尔多斯5500 500.0 0.0 0.0 0.0 -10.0 北方锚地船舶 78.0 -4.0 -9.0 -38.0 32.0 大同5500 555.0 0.0 0.0 0.0 -40.0 北方港调入量 147.4 -3.2 9.4 14.3 -1.2 榆林6000 670.0 0.0 0.0 -20.0 -7.0 北方港吞吐量 163.6 19.1 6.7 29.4 24.3 榆林6200 745.0 0.0 0.0 0.0 40.0 CBCFI海运指数 522.0 6.1 -16.1 -126.3 41.2 25省终端日耗 5 ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 12 日 0 / 46 研究所 期货眼·日迹 | 股指期货：成交下降波动收窄 3 | | --- | | 国债期货：节前情绪延续偏暖 4 | | 蛋白粕：盘面减仓力度增加 | 价格大幅上涨 6 | | --- | --- | | 白糖：美糖跌破下方支撑 | 预计国内价格偏弱 6 | | 油脂板块：假期临近震荡回落，整体维持宽幅震荡 7 | | | 玉米/玉米淀粉：产区现货稳定，盘面高位震荡 9 | | | 生猪：供应压力好转 | 现货整体支撑 9 | | 花生：花生现货稳定，花生盘面窄幅震荡 10 | | | 鸡蛋：节前备货进入尾声 | 蛋价有所下跌 11 | | 苹果：节前走货尚可，苹果价格坚挺 12 | | | 棉花-棉纱：基本面变化不大 | 棉价有所支撑 13 | | 钢材：需求延续下滑，钢价震荡承压 14 | | --- | | 双焦：春节临近煤矿陆续放假，年后需关注国内外煤炭市场变化 14 | | 铁矿：基本面持续弱化，矿价偏弱运行 15 | | 铁合金：长假临近，多单逢高止盈 16 | | 金银： 非农数据现分歧 市场博弈转 ...

Core Viewpoint - The article emphasizes the proactive role of disciplinary inspection and supervision agencies in ensuring a safe and harmonious Spring Festival for the public by overseeing various sectors such as transportation, energy, market regulation, and cultural tourism [5][19][21] Group 1: Transportation Supervision - The Spring Festival travel period is expected to see a record high of 9.5 billion trips, with the transportation sector under significant pressure to ensure safety and efficiency [6][7] - The Central Commission for Discipline Inspection has established working groups to monitor transportation safety and service quality across key regions [6][7] - Local agencies are focusing on risk points and enhancing coordination among transportation departments to ensure smooth operations during the travel peak [7] Group 2: Energy Supply Assurance - Disciplinary agencies are closely monitoring energy supply chains to ensure stable and sufficient energy for the public during the winter [11][12] - Specific measures include increasing coal reserves and improving heating management to prevent supply disruptions [12] - Local agencies are conducting inspections to ensure the safety and reliability of power and gas supply systems [12] Group 3: Market Regulation and Price Stability - Agencies are actively supervising the supply and pricing of essential goods to ensure a stable market during the festive season [10][12] - Local governments are implementing measures to monitor market prices and prevent price gouging, ensuring that essential goods remain affordable [10][13] - The focus is on maintaining a balanced supply of food and other necessities, with agencies taking steps to address consumer complaints and market irregularities [10][13] Group 4: Cultural and Tourism Sector Oversight - The cultural and tourism market is being closely monitored to ensure a safe and enjoyable experience for travelers during the Spring Festival [14][16] - Various promotional activities and consumer incentives are being organized to stimulate tourism, with oversight to ensure compliance with safety and service standards [14][17] - Agencies are addressing potential consumer rights violations in tourist areas to maintain a fair and trustworthy market environment [16] Group 5: Overall Community Well-being - The article highlights the importance of community well-being during the Spring Festival, with agencies working to address public concerns and enhance service quality [19][21] - The proactive approach of inspection agencies reflects a commitment to serving the public and ensuring a joyful holiday experience [19][21] - The emphasis is on creating a harmonious environment where families can celebrate together, showcasing the government's dedication to public welfare [21]

商 品 研 究 2026 年 02 月 12 日 焦炭：宽幅震荡 焦煤：事件扰动，宽幅震荡 【宏观及行业新闻】 （1）2 月 11 日中国煤炭资源网 CCI 冶金煤指数： CCI 山西低硫主焦 S0.7 1553（-）；CCI 山西中硫主 焦 S1.3 1220（-）；CCI 山西高硫主焦 S1.6 1214（-） （2）【中国煤炭资源网】焦煤竞拍简评：本日（2 月 11 日）炼焦煤线上竞拍挂牌量总计 36.7 万吨，流 拍率 43%，较昨日增加 29%，平均溢价 7.78 元/吨。今日山西主流大矿集中竞拍，挂牌数量较多，挂牌以焦 煤、肥煤及 1/3 焦煤为主。春节将至，下游补库基本结束，采购需求减少，今日竞拍流拍较多，竞拍成交价 也以下跌为主，下跌资源跌幅在 10-60 元/吨左右，个别资源上涨 3-20 元/吨。 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | JM2605 | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | -- ...

Core Viewpoint - The Trump administration is set to announce a plan to utilize government funds and Pentagon contracts to support U.S. coal-fired power plants, aiming to increase reliance on fossil fuels [1] Group 1: Government Actions - The plan will be introduced through an executive order, directing Defense Secretary Mark Esper to enter agreements with coal plants to purchase electricity for military operations [1] - The initiative is expected to invoke special authorities under the 1950 Defense Production Act, which grants the White House broad powers to guide private industry in maintaining national security [1] - The Department of Energy plans to allocate $175 million for upgrades to six coal plants in Kentucky, North Carolina, Ohio, Virginia, and West Virginia, aimed at improving efficiency and extending operational life [1] Group 2: Industry Impact - The announcement coincides with a visit from coal executives, miners, and energy industry leaders to the White House, highlighting ongoing efforts to revitalize the declining coal industry [1]

大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 交易咨询业务资格：证监许可【2012】1091号 焦煤： 焦煤焦炭早报（2026-2-12） 1、基本面：产区煤矿进入集中放假潮的倒计时，部分煤矿已经停产仅销售库存，但下游焦企补库需求 开始减弱，中间环节观望情绪增加，煤矿签单量下滑，同时线上竞拍较为平淡，竞拍活跃度较前期降低， 部分煤种价格继续下调成交。考虑产地部分煤矿已安排停产放假，焦煤市场供应继续收紧，部分煤矿出 现"有价无市"现象，煤矿报价多以稳为主，部分略有调整；中性 2、基差：现货市场价1230，基差106.5；现货升水期货；偏多 3、库存：钢厂库存824万吨，港口库存273万吨，独立焦企库存1095万吨，总样本库存2192万吨，较上 周增加57万吨；偏空 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力 ...

1. Report's Industry Investment Ratings - Iron ore: Range - bound trading [2][4] - Rebar: Wide - range trading [2][6] - Hot - rolled coil: Wide - range trading [2][6] - Ferrosilicon: Wide - range trading [2][10] - Silicomanganese: Wide - range trading [2][10] - Coke: Wide - range trading [2][14] - Coking coal: Wide - range trading affected by events [2][15] - Logs: Range - bound trading [2][19] 2. Core Views - The report provides investment ratings and trend intensities for various black - series commodities, and presents their fundamentals and relevant macro and industry news [2][4][6] 3. Summaries by Commodities Iron Ore - **Price and Position**: The closing price of I2605 was 762.5 yuan/ton, up 1 yuan/ton (0.13%); the position decreased by 6,983 hands to 506,957 hands [4] - **Spot Price**: Imported and domestic ore prices remained stable [4] - **Basis and Spread**: The basis and spreads of some contracts changed slightly [4] - **News**: In January, CPI rose 0.2% month - on - month and 0.2% year - on - year, core CPI rose 0.8% year - on - year, PPI rose 0.4% month - on - month and fell 1.4% year - on - year; China's January RatingDog manufacturing PMI was 50.3 [4] - **Trend Intensity**: - 1 [4] Rebar and Hot - Rolled Coil - **Price and Position**: The closing price of RB2605 was 3,054 yuan/ton, down 2 yuan/ton (- 0.07%); the closing price of HC2605 was 3,228 yuan/ton, up 2 yuan/ton (0.06%). The position of RB2605 decreased by 1,877 hands, and that of HC2605 increased by 9,529 hands [6] - **Spot Price**: Spot prices in major cities remained unchanged [6] - **Basis and Spread**: The basis and spreads of some contracts changed [6] - **News**: On February 5th, steel production, inventory and apparent demand data changed; in late January, key steel enterprises' production and inventory data changed; BHP's iron ore production hit a record high; China's steel import data changed; some steel products were subject to export license management [7][8] - **Trend Intensity**: 0 for both rebar and hot - rolled coil [8] Ferrosilicon and Silicomanganese - **Price and Position**: The closing prices of SiFe2603 and SiFe2605 decreased, while those of SiMn2603 and SiMn2605 increased [11] - **News**: A new capacity of a silicon - manganese plant in Inner Mongolia was ignited; Jupiter would not provide manganese ore supply and quotes to China in March; silicon - iron and silicon - manganese prices were reported; a steel mill's silicon - iron procurement price was determined; electricity prices in some southern regions increased, and southern silicon - manganese production was expected to decrease [10][11][12] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [13] Coke and Coking Coal - **Price and Position**: The closing price of JM2605 was 1,123.5 yuan/ton, up 4.5 yuan/ton (0.4%); the closing price of J2605 was 1,667 yuan/ton, up 2 yuan/ton (0.1%). The position of JM2605 decreased by 14,309 hands, and that of J2605 increased by 820 hands [15] - **Spot Price**: Most spot prices remained stable, with a 2 - yuan increase in Mongolian 5 coking coal in Tangshan [15] - **Basis and Spread**: The basis and spreads of some contracts changed [15] - **News**: On February 11th, CCI metallurgical coal index data was reported; the coking coal online auction had a 43% non - successful bid rate, with most transaction prices falling [15] - **Trend Intensity**: 0 for both coke and coking coal [18] Logs - **Price, Volume and Position**: The closing prices, trading volumes and positions of different log contracts changed, with some showing declines. Spot prices in most regions remained stable [19] - **News**: In January, CPI rose 0.2% month - on - month and 0.2% year - on - year, core CPI rose 0.8% year - on - year, PPI rose 0.4% month - on - month and fell 1.4% year - on - year; China's January RatingDog manufacturing PMI was 50.3 [21] - **Trend Intensity**: 0 [21]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2026-02-12 淡季⽭盾积累，盘⾯表现承压 钢材节前需求回落，基本⾯缺乏亮点，盘⾯表现疲软。钢⼚复产节奏 偏缓，但铁矿⽯发运端存在扰动，盘⾯低位震荡。冬储临近尾声，煤 焦补库⽀撑逐步转弱，盘⾯⽀撑有限。玻璃供应端存在扰动，但玻纯 供需过剩压制盘⾯价格。 钢材节前需求回落，基本面缺乏亮点，盘面表现疲软。钢厂复产节奏 偏缓，但铁矿石发运端存在扰动，盘面低位震荡。冬储临近尾声，煤 焦补库支撑逐步转弱，盘面支撑有限。玻璃供应端存在扰动，但玻纯 供需过剩压制盘面价格。 1. 铁元素方面：铁矿石库存压力持续增加，供应端仍存天气扰动预 期，当前市场对节后需求预期一般，盘面表现承压，但节后即将召开 重要会议，宏观预期仍存，盘面快速回落后压力有所释放，关注市场 情绪变化。废钢供应、日耗均有季节性下降的预期，随着补库接近尾 声，整体基本面将边际转弱，预计现货价格跟随成材为主。 2. 碳元素方面：焦炭供应后续增长空间有限，而下游钢厂复产预期 仍在，焦炭供需结构将持续保持健康，但基本面利多驱动同样有限， 现货预计暂稳运行，盘面预计仍将跟随成本端焦煤 ...