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。 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 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 11 月 5 日 煤焦日报 专业研究·创造价值 市场氛围降温，煤焦高位回落 核心观点 焦炭：11 月 05 日，焦炭主力合约报收于 1753 元/吨，日内录得 0.03%的 跌幅。截至收盘，主力合约持仓量为 3.84 万手，较前一交易日仓差为- 391 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 1570 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1570 元/吨，周 环比上涨 0.64%。整体来看，焦炭供应企稳，需求下滑，基本面边际走 弱，前期宏观利好兑现后，市 ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On September 17, the coke main contract closed at 1,734.5 yuan/ton, with an intraday increase of 0.46%. The open interest of the main contract was 46,700 lots, a decrease of 365 lots from the previous trading day. In the spot market, the latest quoted price of the FOB price index of quasi - first - grade wet - quenched coke at Rizhao Port was 1,470 yuan/ton, a week - on - week decrease of 3.29%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port was 1,480 yuan/ton, a week - on - week increase of 6.47%. In the futures market, recent anti - involution disturbances have reappeared, pushing the coke market sentiment back to optimism. Under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [5][35]. - On September 17, the coking coal main contract closed at 1,233 points, with an intraday increase of 0.37%. The open interest of the main contract was 760,500 lots, a decrease of 3,079 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at the Ganqimaodu Port was 1,140 yuan/ton, remaining flat week - on - week. The market's anti - involution sentiment has resurfaced, boosting the positive supply expectations for coking coal. In addition, the Shanxi Provincial Party Committee and the provincial government were required to strictly implement the coal total - volume control and strictly control illegal mining in ecologically sensitive areas. Overall, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. It should be noted that there are currently no specific policy measures in the coal industry, and attention should be paid to the follow - up relevant policies [6][36]. 3. Summary by Relevant Catalogs 3.1 Industry News - In August 2025, key steel enterprises produced 65.71 million tons of crude steel, a year - on - year increase of 1.1%, with a daily output of 2.1196 million tons, a month - on - month decrease of 1.5%; produced 60.8 million tons of pig iron, a year - on - year increase of 1.4%, with a daily output of 1.9614 million tons, a month - on - month decrease of 1.5%; produced 68.73 million tons of steel products, a year - on - year increase of 6.1%, with a daily output of 2.2172 million tons, a month - on - month decrease of 0.4%. From January to August, key steel enterprises cumulatively produced 555 million tons of crude steel, a cumulative year - on - year decrease of 0.9%, with a cumulative daily output of 2.2852 million tons; cumulatively produced 498 million tons of pig iron, a cumulative year - on - year decrease of 0.3%, with a cumulative daily output of 2.0505 million tons; cumulatively produced 562 million tons of steel products, a cumulative year - on - year increase of 2.3%, with a cumulative daily output of 2.3131 million tons [8]. - On September 17, the auction prices of coking coal in the Linfen market mostly rose. Among the 14 reported transaction results, all 290,000 tons of the listed volume were sold. The prices of 7 enterprises increased, with an average increase of 54 yuan/ton, and the prices of 4 enterprises decreased, with an average decrease of 20 yuan/ton. The short - term price is expected to fluctuate strongly [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - First - Grade Coke (FOB) | 1,470 yuan/ton | - 3.29% | - 6.37% | - 13.02% | - 13.02% | | Qingdao Port Quasi - First - Grade Coke (Ex - Warehouse) | 1,480 yuan/ton | 6.47% | 0.00% | - 8.64% | - 11.90% | | Mongolian Coal at Ganqimaodu Port | 1,140 yuan/ton | 0.00% | - 3.39% | - 3.39% | - 18.57% | | Australian - Produced Coal at Jingtang Port | 1,610 yuan/ton | 5.23% | 1.90% | 8.05% | - 3.01% | | Shanxi - Produced Coal at Jingtang Port | 1,550 yuan/ton | 0.00% | - 4.91% | 1.31% | - 10.40% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Increase/Decrease | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,734.5 | 0.46% | 1,748.0 | 1,710.0 | 24,917 | - 8,469 | 46,703 | - 365 | | Coking Coal | | 1,233.0 | 0.37% | 1,258.5 | 1,208.5 | 1,392,210 | - 74,157 | 760,526 | - 3,079 | [14] 3.4 Relevant Charts - The report provides multiple charts including the price trend charts of mainstream varieties, the inventory charts of coke and coking coal, and the production and operation situation charts of steel mills, coking plants, and coal washing plants. These charts show the historical data trends of relevant indicators from 2019 - 2025 [11][15][22] 3.5 Future Outlook - For coke, under the background of the domestic "anti - involution" rectification, coke futures are prone to rise and difficult to fall, and the main contract is running strongly. Attention should be paid to whether specific measures will be introduced for the anti - involution in the coal industry [35]. - For coking coal, under the background of the domestic "anti - involution" rectification, there are continuous positive disturbances to coking coal supply, and the futures price is prone to rise and difficult to fall. Attention should be paid to the follow - up relevant policies [36].

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 2025 年 8 月 12 日 煤焦日报 利多因素主导，煤焦强势运行 核心观点 焦炭：8 月 12 日，焦炭主力合约报收于 1812 元/吨，日内录得 4.50%的涨 幅。截至收盘，主力合约持仓量为 3.68 万手，较前一交易日仓差为+4726 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 1470 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1460 元/吨，周环比 上涨 2.82%。近期，焦炭供需基本持稳运行，不过成本端焦煤供应扰动仍 有反复，对焦炭期货形成一定支撑。另外，中美宣布将关税豁免期继续展 期 90 天，叠加金九银十临近，市场整体氛围仍偏乐观，驱动焦炭主力合 约偏强运行。 焦煤：8 月 12 日，焦煤主力合约报收 1313 点，日内上涨 6.97%。截至收 盘，主力合约持仓量为 71.89 万手，较前一交易日仓差为+28210 手。现 货市场方面，甘其毛都口岸蒙煤最新报价为 1190.0 元/吨，周环比上涨 3.48%，折合期货仓单成本约 1167 元/吨。煤炭行业反内卷政策影响仍在 发酵，本周高频数据也显 ...