| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1127.00 | +33.00↑ J主力合约收盘价（日，元/吨） | 1694.00 | +42.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 685531.00 | -32910.00↓ J期货合约持仓量（日，手） | 43458.00 | -1114.00↓ | | | 焦煤前20名合约净持仓（日，手） | -86455.00 | +10462.00↑ 焦炭前20名合约净持仓（日，手） | -314.00 | -700.00↓ | | | JM9-5月合约价差（日，元/吨） | 95.00 | -5.50↓ J9-5月合约价差（日，元/吨） | 76.00 | -3.00↓ | | | 焦煤仓单（日，张） 干其毛都蒙5原煤（日，元/吨） | 0.00 1013.00 | 0.00 焦炭仓单（日，张） +7.00↑ 唐山一级冶金焦（日，元/吨） | 1420.00 1720.00 | 0 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员：蔡跃辉 期货从业资格号: F0251444 期货投资咨询从业证书号: Z0013101 助理研究员: 陈星宇 期货从业资格号: F03146061 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 焦煤焦炭产业日报 2026/2/26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1090.00 | -36.00↓ J主力合约收盘价（日，元/吨） | 1644.00 | -30.00↓ | | 期货市场 | JM期货合约持仓量（日，手） | 721319.00 | +74556.00↑ J期货合约持仓量（日，手） | 42455.00 | +625.0 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1126.00 | +24.50↑ J主力合约收盘价（日，元/吨） | 1674.00 | +39.50↑ | | 期货市场 | JM期货合约持仓量（日，手） | 646763.00 | +28114.00↑ J期货合约持仓量（日，手） | 41830.00 | -869.00↓ | | | 焦煤前20名合约净持仓（日，手） | -82202.00 | -2065.00↓ 焦炭前20名合约净持仓（日，手） | 478.00 | +422.00↑ | | | JM9-5月合约价差（日，元/吨） | 84.00 | +1.0 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The economy in early 2026 shows a complex situation. The GDP growth rate slows down, and the manufacturing and non - manufacturing PMIs fluctuate. The consumer price index and producer price index have different trends, and the investment and consumption data also show certain changes. In the commodity market, there are adjustments in futures contract rules and price fluctuations in various commodities. The financial market has changes in monetary policy, bond market, and exchange rate market, and the stock market shows different trends in A - shares and Hong Kong stocks [1][38][39]. 3. Summary According to the Directory 3.1 Macro Data - GDP growth rate in Q4 2025 was 4.5%, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In January 2026, the manufacturing PMI was 49.3%, slightly up from 49.0% in the previous month, and the non - manufacturing PMI: business activity was 49.4%, down from 50.1% in the previous month [1]. - In December 2025, social financing scale was 2207.5 billion yuan, down from 3529.9 billion yuan in the previous month and 2853.7 billion yuan in the same period last year [1]. - CPI in December 2025 was 0.8% year - on - year, up from - 0.3% in the previous month, and PPI was - 1.9% year - on - year, up from - 2.3% in the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Dalian Commodity Exchange adjusted the daily price limit and trading margin levels of various futures contracts from February 12, 2026 [2]. - Bank of China adjusted the margin ratios of gold and silver deferred contracts from February 11 [2]. - On February 10, 41 domestic commodity varieties had positive basis, and 27 had negative basis [3]. - The China Futures Association drafted a management rule for stress testing of futures companies' trading and settlement systems and solicited public opinions [3]. - Heraeus Limited was approved as an overseas standard gold ingot provider by the Shanghai Gold Exchange and can trade and deliver since February 5, 2026 [4]. - Fed officials Logan and Hamark said the Fed's policy stance was close to neutral and there might be no need for further rate cuts if inflation fell and the labor market remained stable [4]. 3.2.2 Metals - On February 11, spot gold reached $5050, up 0.53% for the day, and spot silver reached $81 per ounce, up 0.81% for the day [5]. - Chow Tai Fook may adjust the price of gold products in mid - March, with an expected increase of 15% - 30% for fixed - price products [5]. - The price of indium has reached a more than ten - year high, up more than 55% since last September [5]. - In December, Codelco's copper production increased by 3.7% year - on - year to 181,400 tons, while the copper production of Collahuasi Mine decreased by 12.1% year - on - year to 36,200 tons [6]. - As of February 10, 2026, the holdings of SPDR Gold Trust decreased by 0.34 tons to 1079.32 tons [6]. - On February 9, tin and copper inventories reached new highs, while aluminum, zinc, and lead inventories decreased [6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - The White House will hold a coal - related event on Wednesday [8]. - The US Trade Representative is conducting negotiations on key minerals, including with Mexico and India, and expects to finalize an agreement with Indonesia in the next few weeks. Japan and the US will discuss a project supported by a $550 - billion investment tool [8][9]. 3.2.4 Energy and Chemicals - Zhoushan was approved to carry out the mixed - export business of marine bio - fuel oil [9]. - The US Energy Information Administration predicted that US natural gas production would reach a record high in 2026, while demand would remain stable. It also provided forecasts for oil demand and prices [9][10]. 3.2.5 Agricultural Products - Beef prices showed a slight upward trend as the Spring Festival approached. Egg prices declined due to sufficient supply and weakening demand [11]. - The US Department of Agriculture's February forecast for US soybean production, ending stocks, and yield in the 2025/2026 season remained unchanged from January [12]. - Bangladesh will purchase soybeans, wheat, cotton, and corn. Brazil's February exports of soybean meal and soybeans are expected to increase [13]. - The India Cotton Association expects the cotton supply in the 2025 - 26 season to be 42.8 million bales [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On February 10, the central bank conducted 311.4 billion yuan of 7 - day reverse repurchase operations, with a net injection of 205.9 billion yuan [15]. - On February 10, the Ministry of Finance and the central bank conducted a 150 - billion - yuan central treasury cash management commercial bank time - deposit auction, with an interest rate of 1.73% [15]. 3.3.2 Important News and Information - The central bank will continue to implement a moderately loose monetary policy, use policy tools flexibly, and normalize treasury bond trading operations [16]. - The 21st session of the 14th National People's Congress Standing Committee will be held from February 25 - 26, with multiple draft laws to be reviewed [17]. - The market regulatory authority approved a batch of important national standards in various fields [17]. - Five ministries jointly issued a guide for the construction of the science and technology service industry standard system [18]. - In January 2026, investment in digital economy - related fields was active, and consumption increased [18]. - Fiscal expenditure is shifting from infrastructure to "new - quality productivity" [19]. - The focus of the real estate market in 2026 is to stabilize the market, reduce inventory, strengthen housing security, and promote urban renewal [20]. - In 2025, the national social logistics volume increased by 5.1% year - on - year, with significant growth in the logistics volume of industrial robots and new - energy vehicles [20]. - Local debt resolution is in a critical stage, and some areas have completed debt - clearing tasks [20]. - Some real - estate enterprises have new financing activities, but the financing environment has only "point - like improvement" [21]. - Banks have issued a large number of large - denomination certificates of deposit, with a short - term trend and differentiated product strategies [21]. - The wealth management scale of large - scale wealth management companies declined in January 2026, but there are positive expectations for the future [22][23]. - Small and medium - sized banks have raised deposit interest rates at the beginning of the year [23]. - Tianjin's first batch of ESG - standardized bonds for financial leasing were issued [23]. - Alphabet issued a 750 - million - pound 100 - year bond, with over 7 - fold over - subscription [24]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates in March is 21.6%, and the probability of maintaining the interest rate is 78.4% [24]. - Japan's national debt reached a record high at the end of 2025 [25]. - Ray Dalio warned that the US is in the "fifth stage" of the imperial cycle and recommended holding 5% - 15% of gold in the investment portfolio [26]. - There were various bond - related events, including credit rating adjustments and disciplinary actions [27]. - Overseas credit rating agencies adjusted the credit ratings of some Chinese real - estate enterprises [28]. 3.3.3 Bond Market Summary - The inter - bank bond market showed narrow fluctuations, with government bonds performing better than policy - financial bonds. The money market interest rates mostly increased [29][31]. - The exchange - traded bond market had active trading, with some bonds rising and some falling. The convertible bond index declined [29][30]. - The yields of European and US government bonds declined [33]. 3.3.4 Exchange Rate Express - The on - shore RMB against the US dollar rose 155 points to 6.9129 at the close on February 11. The RMB central parity rate against the US dollar was raised by 65 points [34]. - The US dollar index rose slightly, and most non - US currencies fell [34]. 3.3.5 Research Report Highlights - CITIC Securities believes that the liquidity of urban investment bonds will continue to differentiate, and 3 - 5 - year urban investment bonds have high cost - performance [35]. - CITIC Securities points out that the consumption during the Spring Festival and the policy from local two sessions are the focuses in Q1, and the industrial destocking speed after March and the implementation of new industrial policies are crucial for the annual economic recovery [35]. - Xingzheng Fixed - Income suggests that investors focus on the coupon strategy for Chinese - funded US - dollar bonds in 2026 and pay attention to the yields of offshore urban investment dim - sum bonds and bonds of banks and financial services sectors [36]. - Yangtze River Fixed - Income believes that the spread changes of local bonds are affected by market trading and policies, and there are differences in liquidity and trading preferences among different provinces [36]. 3.3.6 Today's Reminder - On February 11, 280 bonds were listed, 74 bonds were issued, 75 bonds were due for payment, and 89 bonds were due for principal and interest repayment [37]. 3.4 Stock Market News - On February 11, the A - share market showed narrow fluctuations, with the Shanghai Composite Index rising 0.13%, the Shenzhen Component Index rising 0.02%, and the ChiNext Index falling 0.37%. AI application stocks and some concept stocks were active, while photovoltaic and consumer stocks were weak [38]. - The Hong Kong Hang Seng Index rose 0.58%, and AI application stocks and innovative drug concept stocks rose. Southbound funds had a small net purchase, and Tencent Holdings was sold [39]. - Foreign institutions are optimistic about Chinese assets, believing that China has a complete industrial chain, strong innovation ability, and attractive valuations [39].

（文章来源：期货日报网） 2026年2月24日（星期二）恢复交易后，在各品种持仓量最大的合约未出现涨跌停板单边无连续报价的 第一个交易日结算时起，铁矿石、焦炭、焦煤、黄大豆1号、黄大豆2号、豆粕、豆油、棕榈油、玉米、 玉米淀粉、粳米、鸡蛋、生猪、线型低密度聚乙烯、聚丙烯、聚氯乙烯、乙二醇、纯苯、苯乙烯、液化 石油气和原木品种期货合约涨跌停板幅度和交易保证金水平恢复至节前标准；其他品种期货合约涨跌停 板幅度和交易保证金水平维持不变。 大商所10日发布通知称，自2026年2月12日（星期四）结算时起，铁矿石品种期货合约涨跌停板幅度调 整为11%，交易保证金水平调整为13%；焦炭品种期货合约涨跌停板幅度调整为10%，交易保证金水平 维持不变；焦煤品种期货合约涨跌停板幅度调整为10%，交易保证金水平调整为14%；黄大豆1号、黄 大豆2号、豆粕、玉米和鸡蛋品种期货合约涨跌停板幅度调整为8%，交易保证金水平调整为9%；豆 油、线型低密度聚乙烯、聚丙烯和聚氯乙烯品种期货合约涨跌停板幅度调整为9%，交易保证金水平调 整为10%；棕榈油、乙二醇、苯乙烯和液化石油气品种期货合约涨跌停板幅度调整为10%，交易保证金 水平调整为11 ...

Core Viewpoint - The Dalian Commodity Exchange has announced adjustments to the price limit and margin levels for various futures contracts around the 2026 Spring Festival holiday, aimed at managing market risks effectively [2][3]. Group 1: Adjustments Before the Holiday - From February 12, 2026, the price limit for iron ore futures will be adjusted to 11%, with a margin level of 13% [2] - The price limit for coke and coking coal futures will be set at 10%, with the margin for coke remaining unchanged and that for coking coal adjusted to 14% [2] - For soybean and corn-related futures, the price limit will be adjusted to 8%, with a margin level of 9% [2] - Other commodities such as palm oil, ethylene glycol, and liquefied petroleum gas will have a price limit of 10% and a margin level of 11% [2] - The price limit for corn starch and japonica rice futures will be set at 7%, with a margin level of 8% [2] - The price limit for live pigs and logs will be adjusted to 8%, with a margin level of 10% [2] - The price limit for pure benzene futures will be set at 11%, with a margin level of 12% [2] - Other futures contracts will maintain their existing price limits and margin levels [2] Group 2: Adjustments After the Holiday - Trading will resume on February 24, 2026, with the price limits and margin levels for major contracts reverting to pre-holiday standards [3] - For contracts that meet the criteria for adjustment, the higher value between the specified limits will be applied [3] - Member units are advised to enhance risk management and ensure market stability [3]

Core Viewpoint - The Dalian Commodity Exchange announced adjustments to the price limit and margin levels for various futures contracts, effective from February 12, 2026, and will revert to pre-holiday standards after the trading resumes on February 24, 2026 [1][2]. Summary by Category Price Limit Adjustments - Iron ore futures price limit will be adjusted to 11% with a margin level of 13% - Coking coal and coke futures price limits will be set at 10%, with margin levels unchanged for coke and adjusted to 14% for coking coal - Soybean futures (both types), soybean meal, corn, and eggs will have a price limit of 8% and a margin level of 9% - Other commodities like palm oil, ethylene glycol, styrene, and liquefied petroleum gas will have a price limit of 10% and a margin level of 11% [1]. Margin Level Adjustments - The margin levels for corn starch and japonica rice will be set at 8% and 7% respectively - Live pigs and logs will have a price limit of 8% and a margin level of 10% - Pure benzene will have a price limit of 11% and a margin level of 12% - Other futures contracts will maintain their current price limits and margin levels [1][4]. Post-Holiday Adjustments - After the holiday, the price limits and margin levels for iron ore, coking coal, coke, soybeans, soybean meal, soybean oil, palm oil, corn, corn starch, japonica rice, eggs, live pigs, and several plastics will revert to pre-holiday standards - Other futures contracts will maintain their existing price limits and margin levels [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The coking coal market is in a weak balance with reduced supply and weak demand as winter storage nears its end, and is expected to fluctuate. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain [2] - The coke market has supply contraction and iron - water demand falling short of expectations. With pre - holiday winter storage approaching the end and downstream rigid demand procurement, it is also expected to fluctuate. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain [2] Group 3: Summary by Relevant Catalogs Futures Market - JM main contract closing price increased by 26 yuan/ton to 1167.50 yuan/ton, and J main contract closing price increased by 34.50 yuan/ton to 1715.00 yuan/ton [2] - JM futures contract positions increased by 5864 hands to 577813 hands, while J futures contract positions decreased by 156 hands to 38269 hands [2] - The net positions of the top 20 JM contracts decreased by 3441 hands to - 80491 hands, and the net positions of the top 20 J contracts decreased by 211 hands to - 1165 hands [2] - JM 9 - 5 month contract spread decreased by 6.50 yuan/ton to 78.00 yuan/ton, and J 9 - 5 month contract spread increased by 3.00 yuan/ton to 69.00 yuan/ton [2] - The number of coking coal warehouse receipts remained at 0, and the number of coke warehouse receipts remained at 1480 [2] Spot Market - The price of Ganqimao Du Meng 5 raw coal increased by 3 yuan/ton to 1027 yuan/ton, and the price of Tangshan Grade 1 metallurgical coke remained at 1720 yuan/ton [2] - The price of Russian main coking coal forward spot remained at 164 dollars/wet ton, and the price of Rizhao Port quasi - Grade 1 metallurgical coke remained at 1520 yuan/ton [2] - The price of imported main coking coal from Australia at Jingtang Port increased by 10 yuan/ton to 1620 yuan/ton, and the price of Grade 1 metallurgical coke at Tianjin Port remained at 1620 yuan/ton [2] - The price of Shanxi - produced main coking coal at Jingtang Port remained at 1780 yuan/ton, and the price of quasi - Grade 1 metallurgical coke at Tianjin Port remained at 1520 yuan/ton [2] - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi remained at 1400 yuan/ton, and the J main contract basis decreased by 34.50 yuan/ton to 5 yuan/ton [2] - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia remained at 1330 yuan/ton, and the JM main contract basis decreased by 26 yuan/ton to 177.50 yuan/ton [2] Upstream Situation - The daily output of clean coal from 314 independent coal washing plants decreased by 0.80 tons to 26.80 tons, and the weekly inventory of clean coal from 314 independent coal washing plants decreased by 11.60 tons to 311.60 tons [2] - The weekly capacity utilization rate of 314 independent coal washing plants decreased by 0.01% to 0.37%, and the monthly raw coal output increased by 1024.20 tons to 43703.50 tons [2] - The monthly import volume of coal and lignite increased by 1455 tons to 5860 tons, and the daily average output of raw coal from 523 coking coal mines decreased by 1.60 tons to 197.80 tons [2] - The weekly inventory of imported coking coal at 16 ports decreased by 15 tons to 547.99 tons, and the weekly inventory of coking coal in the full - sample of independent coking enterprises increased by 57.08 tons to 1234.79 tons [2] - The weekly inventory of coke at 18 ports decreased by 6.19 tons to 263.07 tons, and the weekly inventory of coke in the full - sample of independent coking enterprises increased by 2.94 tons to 84.39 tons [2] - The weekly inventory of coking coal in 247 steel mills nationwide increased by 11.12 tons to 814.36 tons, and the weekly inventory of coke in 247 sample steel mills increased by 16.55 tons to 678.19 tons [2] Industry Situation - The available days of coking coal in the full - sample of independent coking enterprises increased by 0.15 days to 13.03 days, and the available days of coke in 247 sample steel mills increased by 0.19 days to 12.54 days [2] - The monthly import volume of coking coal increased by 303.83 tons to 1376.98 tons, and the monthly export volume of coke and semi - coke increased by 28 tons to 100 tons [2] - The monthly total supply of coking coal increased by 238.93 tons to 5478.50 tons, and the weekly capacity utilization rate of independent coking enterprises decreased by 0.14% to 72.41% [2] - The weekly profit per ton of coke in independent coking plants increased by 11 yuan/ton to - 55 yuan/ton, and the monthly coke output increased by 104 tons to 4274.30 tons [2] Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide increased by 0.32% to 79.00%, and the weekly blast furnace iron - making capacity utilization rate of 247 steel mills decreased by 0.04% to 85.47% [2] - The monthly crude steel output decreased by 169.36 tons to 6817.74 tons [2] Industry News - Recently, 10 steel mills announced Spring Festival maintenance plans. For example, Chengshi Iron and Steel of Dusteel Group plans to shut down for maintenance from February 1st to 28th, 2026, reducing the output of construction steel by about 17 tons [2] - A survey of nearly 50 steel trading enterprises in 13 leading markets in Shandong showed that the overall winter storage volume of the surveyed enterprises this year decreased by 38.35% compared with last year [2]

Group 1 - The main futures contracts opened with significant gains, with BR rubber rising over 4%, and other commodities like coking coal, silver, coking coal, and fuel oil increasing by more than 3% [3][7] - Crude oil, PTA, liquefied gas, and methanol saw increases of over 2% [3][7] Group 2 - Aluminum alloy experienced a decline of over 2%, while both Shanghai aluminum and alumina fell by more than 1% [3][7] - Specific contract details show BR rubber at 13,780 with a 4.24% increase, coking coal at 1,185.5 with a 3.95% increase, and silver at 30,861 with a 3.79% increase [4][8]

Group 1 - The Dalian Commodity Exchange announced that starting from December 30, 2025, the price limit for coking coal and coke futures contracts will be adjusted to 10%, while the trading margin levels will remain unchanged [1] - After the resumption of trading on January 5, 2026, the price limit for coking coal and coke futures contracts will revert to the pre-holiday standards on the first trading day when the largest contract by open interest does not experience a price limit with continuous quotes [1]