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 报告不构成个人投资建议 客户应考虑本报告中的任何意见或建议是否符合其特定状况 本报告版权仅为我公司所有 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 。 | 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） | 1160.50 | -55.00↓ | J主力合约收盘价（日，元/吨） | 1681.00 | -55.00↓ | | 期货市场 | JM期货合约持仓量（日，手） | 908171.00 | -9991.00↓ | J期货合约持仓量（日，手） | 47638.00 | -1368.00↓ | | | 焦煤前20名合约净持仓（日，手） | -114943.00 | -472.00↓ | 焦炭前20名合约净持仓（日，手） | -5563.00 | -781.00↓ | | | JM1 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - On August 4th, the JM2601 contract of coking coal closed at 1141.0, up 2.33%. With several macro - events settled, market sentiment weakened. Fundamentally, mine - end inventory decreased overall, clean coal inventory shifted downstream, import cumulative growth declined for 3 consecutive months, and total inventory increased for 4 consecutive weeks. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On August 4th, the J2509 contract of coke closed at 1615.5, down 0.15%. The fifth round of price increase was postponed. With no obvious incremental policy expectations and the impact of position limits, the market became cautious about high prices. Fundamentally, raw - material inventory rebounded, iron - water production decreased, and coking coal total inventory increased for 4 consecutive weeks. The average loss per ton of coke for 30 independent coking plants was 45 yuan/ton. Technically, the 4 - hour cycle K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main - contract closing price was 1141.00 yuan/ton, up 48.50; J main - contract closing price was 1615.00 yuan/ton, up 30.00. JM futures - contract holding volume was 796849.00 lots, up 32505.00; J futures - contract holding volume was 50354.00 lots, down 1172.00. The net holding volume of the top 20 coking - coal contracts was - 99841.00 lots, up 6368.00; that of coke was - 7199.00 lots, down 318.00. JM1 - 9 month contract spread was 135.50 yuan/ton, up 28.00; J1 - 9 month contract spread was 60.50 yuan/ton, up 21.50. Coking - coal warehouse receipts were 0.00; coke warehouse receipts were 760.00 [2]. 3.2 Spot Market - Dry Qimantage Mongolian No. 5 raw coal was 880.00 yuan/ton; Russian main - coking coal forward spot was 143.50 US dollars/wet ton; Jingtang Port Australian imported main - coking coal was 1430.00 yuan/ton; Jingtang Port Shanxi - produced main - coking coal was 1680.00 yuan/ton; Shanxi Jinzhong Lingshi medium - sulfur main - coking coal was 1400.00 yuan/ton; Inner Mongolia Wuhai - produced coking - coal ex - factory price was 1100.00 yuan/ton. Tangshan quasi - first - class metallurgical coke was 1610.00 yuan/ton; Rizhao Port quasi - first - class metallurgical coke was 1420.00 yuan/ton; Tianjin Port first - class metallurgical coke was 1520.00 yuan/ton; Tianjin Port quasi - first - class metallurgical coke was 1420.00 yuan/ton. JM main - contract basis was 259.00 yuan/ton, down 48.50; J main - contract basis was - 5.00 yuan/ton, down 30.00 [2]. 3.3 Upstream Situation - The raw - coal inventory of 110 coal - washing plants was 277.10 million tons, down 15.43; the clean - coal inventory was 166.39 million tons, down 9.23. The operating rate of 110 coal - washing plants was 61.51%, down 0.80. Raw - coal production was 42107.40 million tons, up 1779.00. Coal and lignite imports were 3304.00 million tons, down 300.00. The daily average raw - coal output of 523 coking - coal mines was 193.60, down 1.20. The imported coking - coal inventory of 16 ports was 493.94 million tons, down 18.10; the coke inventory of 18 ports was 270.90 million tons, up 20.57 [2]. 3.4 National Industrial Situation - The total coking - coal inventory of independent coking enterprises was 992.73 million tons, up 7.35; the total inventory of 247 steel mills was 803.79 million tons, up 4.28. The available days of coking coal for independent coking enterprises were 12.87 days, up 0.12; for 247 steel mills, the available days of coke were 11.17 days, down 0.28. Coking - coal imports were 910.84 million tons, up 172.10; coke and semi - coke exports were 51.00 million tons, down 17.00. Coking - coal production was 4064.38 million tons, down 5.89. The capacity utilization rate of independent coking enterprises was 73.69%, up 0.24. The profit per ton of coke for independent coking plants was - 54.00 yuan/ton, down 11.00. Coke production was 4170.30 million tons, down 67.30 [2]. 3.5 National Downstream Situation - The blast - furnace operating rate of 247 steel mills was 83.48%, unchanged; the blast - furnace iron - making capacity utilization rate was 90.22%, down 0.56. Crude - steel production was 8318.40 million tons, down 336.10 [2]. 3.6 Industry News - On August 1st, the National Development and Reform Commission announced that 6.9 billion yuan of consumer goods trade - in funds would be issued in October, completing the 30 - billion - yuan annual plan. It also planned to regulate enterprise disorderly competition, manage key - industry production capacity, and clean up market - access barriers. The 80 - billion - yuan "two - important" construction project list had been fully issued, and 73.5 billion yuan of central budgetary investment had been basically issued. Trump 2.0 threatened Russia militarily and deployed two US nuclear submarines [2].

晨报 煤焦 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 7 月 28 日 逻辑：上周，受煤炭市场核查超产相关政策影响，市场看涨情绪激增， 焦煤期货价格大幅拉升，周涨幅超 35%，上周五夜盘价格开始回落。现货 市场跟随偏强，焦价完成第 3 轮提涨，周末期间焦企开始第 4 轮提涨。 证监许可【2011】1452 号 7 月份以来，"反内卷""稳增长"等一系列利多消息刺激，叠加基 本面供需有所改善，国家能源局核查煤矿超产，市场看涨情绪爆发，煤价 连续涨停式拉涨，上周五盘后，交易所发布 JM2509 合约的单日开仓量不 得超过 500 手，夜盘焦煤价格大幅回落。 煤焦：交易所下调焦煤单日开仓 盘面震荡加剧 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-626885 ...

| 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） | 790.50 | 0.00 | J主力合约收盘价（日，元/吨） | 1374.00 | -1.00↓ | | 期货市场 | JM期货合约持仓量（日，手） | 685871.00 | -14200.00↓ | J期货合约持仓量（日，手） | 54570.00 | -1510.00↓ | | | 焦煤前20名合约净持仓（日，手） | -40681.00 | +6519.00↑ | 焦炭前20名合约净持仓（日，手） | -1688.00 | -163.00↓ | | | JM1-9月合约价差（日，元/吨） | 23.50 | -1.50↓ | J1-9月合约价差（日，元/吨） | 27.50 | -0.50↓ | | | 焦煤仓单（日，张） | 0.00 | 0.00 | 焦炭仓单（日，张） | 90.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 710.00 | +9.00↑ ...

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 报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得 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） | 719.00 | -7.00↓ | J主力合约收盘价（日，元/吨） | 1299.00 | -9.00↓ | | 期货市场 | JM期货合约持仓量（日，手） | 680451.00 | +29469.00↑ | J期货合约持仓量（日，手） | 59323.00 | -41.00↓ | | | 焦煤前20名合约净持仓（日，手） | -14148.00 | +23893.0 ...