1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report provides a daily tracking of stock index futures positions, including the overall position changes and key changes in the top 20 seats of IF, IH, IC, and IM contracts on October 20, 2025 [1][5][12] 3. Summary by Related Catalogs IF (CSI 300) - **Overall Position Change**: On October 20, the total position of the IF variety decreased by 8,343 lots, and the position of the main contract 2512 decreased by 6,835 lots [5] - **Top 20 Long Seats**: Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 38,965 lots. Guotou Futures had the largest increase in long positions, adding 806 lots, while Guotai Junan Futures had the largest decrease, reducing 2,219 lots [6] - **Top 20 Short Seats**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 43,168 lots. Guotou Futures had the largest increase in short positions, adding 1,012 lots, while Guotai Junan Futures had the largest decrease, reducing 2,412 lots [8] IH (SSE 50) - **Overall Position Change**: On October 20, the total position of the IH variety decreased by 8,030 lots, and the position of the main contract 2512 decreased by 7,038 lots [12] - **Top 20 Long Seats**: Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 11,167 lots. Nanhua Futures had the largest increase in long positions, adding 98 lots, while Guotai Junan Futures had the largest decrease, reducing 1,599 lots [13] - **Top 20 Short Seats**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 14,778 lots. Everbright Futures had the largest increase in short positions, adding 104 lots, while Guotai Junan Futures had the largest decrease, reducing 2,561 lots [14] IC (CSI 500) - **Overall Position Change**: On October 20, the total position of the IC variety decreased by 3,371 lots, and the position of the main contract 2512 decreased by 4,998 lots [18] - **Top 20 Long Seats**: Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 37,773 lots. Shenyin Wanguo Futures had the largest increase in long positions, adding 210 lots, while CITIC Futures had the largest decrease, reducing 2,972 lots [19] - **Top 20 Short Seats**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 40,092 lots. Shenyin Wanguo Futures had the largest increase in short positions, adding 135 lots, while CITIC Futures had the largest decrease, reducing 2,814 lots [21] IM (CSI 1000) - **Overall Position Change**: On October 20, the total position of the IM variety decreased by 9,885 lots, and the position of the main contract 2509 decreased by 9,694 lots [25] - **Top 20 Long Seats**: Among the top 20 long seats, Guotai Junan Futures ranked first with a total position of 52,643 lots. Dadi Futures had the largest increase in long positions, adding 256 lots, while CITIC Futures had the largest decrease, reducing 1,821 lots [26] - **Top 20 Short Seats**: Among the top 20 short seats, CITIC Futures ranked first with a total position of 73,321 lots. Guotou Futures had the largest increase in short positions, adding 477 lots, while CITIC Futures had the largest decrease, reducing 1,696 lots [28]

（编辑 姚尧） 证券日报网讯 10月20日晚间，国泰海通发布公告称，2025年半年度权益分派方案为A股每股现金红利 0.15元（含税），股权登记日为2025年10月27日，除权（息）日为2025年10月28日。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《北京市海問律師事務所關於國泰海 通證券股份有限公司差異化分紅的專項法律意見書》，僅供參閱。 承董事會命 國泰海通證券股份有限公司 朱健 董事長 中國上海 2025年10月20日 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生以及陳一江先生；本公司的職工董事為吳紅偉先 生；及本公司的獨立非執行董事為李仁傑先生、王國剛先生、浦永灝先生、毛付 根先生、陳方若先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 國泰海通證券股份有限公司 朱健 董事長 中國上海 2025年10月20日 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生以及陳一江先生；本公司的職工董事為吳紅偉先 生；及本公司的獨立非執行董事為李仁傑先生、王國剛先生、浦永灝先生、毛付 根先生、陳方若先生以及江憲先生。 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《國泰海通證券股份有限公司2025年 半年度權益分派實施公告》，僅供參閱。 承董事會命 ...

北京市海问律师事务所 关于国泰海通证券股份有限公司 差异化分红的 专项法律意见书 2025 年 10 月 海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所 地址：北京市朝阳区东三环中路 5 号财富金融中心 20 层（邮编 100020） Address：20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing 100020, China 电话(Tel)：(+86 10) 8560 6888 传真(Fax)：(+86 10) 8560 6999 www.haiwen-law.com 北京 BEIJING 丨上海 SHANGHAI 丨深圳 SHENZHEN 丨香港 HONG KONG 丨成都 CHENGDU 北京市海问律师事务所 关于国泰海通证券股份有限公司差异化分红的 专项法律意见书 致：国泰海通证券股份有限公司 北京市海问律师事务所（以下简称"本所"）是具有中华人民共和国（以下简 称"中国"）法律执业资格的律师事务所。本所受国泰海通证券股份有限公司（以 下简称"国泰海 ...

证券代码：601211 证券简称：国泰海通 公告编号：2025-096 国泰海通证券股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.15元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/27 | － | 2025/10/28 | 2025/10/28 | 差异化分红送转： 是 一、 通过分配方案的股东会及董事会届次和日期 本次利润分配方案经国泰海通证券股份有限公司（以下简称公司）2025 年 5 月 29 日召开的2024年年度股东大会授权，2025 年 8 月 29 日召开的公司第七届董 事会第六次会议审议通过。 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称中国结算上海分公司）登记在册的公司全体 A 股股东。 ...

1. Report Title and Date - Report title: "Stock Index Futures Data Daily Report" [1] - Date: October 20, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The closing prices of IM contracts all rose except for IM2606, with increases ranging from 0.00% to 0.75%. The main contract, IM2512, rose 0.5% to close at 7059.2 points [4]. - The total trading volume of the four IM contracts was 228,283 lots, down 33,494 lots from the previous day; the total open interest was 354,337 lots, down 9,885 lots from the previous day [5]. 2.2 Basis and Other Indicators - The main contract of IM was at a discount of 179.98 points, down 15.3 points from the previous day; the annualized basis rate was -15.26% [5]. - The dividend impacts of the four IM contracts were 1.35 points, 1.38 points, 2.06 points, and 46.79 points respectively [5]. 2.3 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top five, top ten, and top twenty seats in each contract were provided, showing changes compared to the previous day [21][23][24][25] 3. IF Futures 3.1 Daily Quotes - The closing prices of IF contracts all rose except for IF2606, with increases ranging from 0.00% to 0.53%. The main contract, IF2512, rose 0.5% to close at 4506.8 points [26]. - The total trading volume of the four IF contracts was 112,287 lots, down 38,125 lots from the previous day; the total open interest was 257,451 lots, down 8,343 lots from the previous day [27]. 3.2 Basis and Other Indicators - The main contract of IF was at a discount of 31.42 points, down 2.39 points from the previous day; the annualized basis rate was -4.17% [27]. - The dividend impacts of the four IF contracts were 4.23 points, 5.17 points, 10.17 points, and 40.37 points respectively [27]. 3.3 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top five, top ten, and top twenty seats in each contract were provided, showing changes compared to the previous day [41][42][44] 4. IC Futures 4.1 Daily Quotes - The closing prices of IC contracts all rose except for IC2606, with increases ranging from 0.00% to 0.76%. The main contract, IC2512, rose 0.64% to close at 6909.2 points [46]. - The total trading volume of the four IC contracts was 134,833 lots, down 19,547 lots from the previous day; the total open interest was 243,216 lots, down 3,371 lots from the previous day [47]. 3.2 Basis and Other Indicators - The main contract of IC was at a discount of 160.44 points, down 7.57 points from the previous day; the annualized basis rate was -13.89% [47]. - The dividend impacts of the four IC contracts were 2.82 points, 2.89 points, 5.14 points, and 61.72 points respectively [47]. 3.3 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top five, top ten, and top twenty seats in each contract were provided, showing changes compared to the previous day [60][61][63] 5. IH Futures 5.1 Daily Quotes - The closing prices of IH contracts all rose except for IH2606, with increases ranging from 0.00% to 0.32%. The main contract, IH2512, rose 0.3% to close at 2970.4 points [65]. - The total trading volume of the four IH contracts was 52,619 lots, down 29,189 lots from the previous day; the total open interest was 89,892 lots, down 8,030 lots from the previous day [65]. 5.2 Basis and Other Indicators - The main contract of IH was at a discount of 4.46 points, up 0.31 points from the previous day; the annualized basis rate was -0.9% [66]. - The dividend impacts of the four IH contracts were 5.24 points, 6.09 points, 12.1 points, and 31.05 points respectively [66]. 5.3 Main Seats' Positions - Data on the trading volume, long positions, and short positions of the top five, top ten, and top twenty seats in each contract were provided, showing changes compared to the previous day [77][79][81]

Core Viewpoint - Cathay Securities maintains its profit forecast for Xtep International (01368) for 2025-2027, projecting net profits of RMB 1.37 billion, 1.49 billion, and 1.61 billion respectively, and sets a target price of HKD 8.74 for 2026, maintaining a "Buy" rating [1][2] Group 1: Financial Projections - The company is projected to achieve a positive revenue growth for its main brand in 2025, with a forecasted growth of over 30% for Saucony [2] - The overall profit growth for the group is expected to be around 10% [2] - The inventory level is considered healthy, with expectations to drop below RMB 2 billion by the end of 2025 [2] Group 2: Brand Performance - The main brand experienced low single-digit growth in Q3, with discounts ranging from 70% to 75%, and inventory levels at 4-4.5 months [1] - Functional products showed strong performance, with revenue growth in running and other functional categories expected to outpace lifestyle products [1] - Saucony's Q3 revenue grew over 20% year-on-year, with offline sales growth outpacing online due to proactive adjustments in e-commerce strategies [1]

Core Viewpoint - Cathay Securities maintains its profit forecast for Xtep International (01368) for 2025-2027, projecting net profits of RMB 1.37 billion, RMB 1.49 billion, and RMB 1.61 billion respectively, and sets a target price of HKD 8.74 for 2026, maintaining a "Buy" rating [1][2] Group 1: Financial Projections - The company is projected to achieve a revenue growth of approximately 10% for the overall group by 2025, with the main brand expected to show positive growth and Saucony's revenue anticipated to grow by over 30% [2] - The target price for Xtep International is set at HKD 8.74 based on a 15X PE for 2026 [1] Group 2: Sales Performance - In Q3, the main brand experienced low single-digit growth in revenue, with discounts ranging from 70% to 75%, and inventory levels maintained at 4 to 4.5 months [1] - The company showed strong performance in functional products, particularly in the running category, which is expected to outpace growth in lifestyle products [1] Group 3: Channel and Product Analysis - E-commerce growth is expected to outperform offline sales, with a notable trend in revenue growth during July and August, while September's warm weather may have impacted autumn and winter product sales [1] - Saucony's offline sales continued to show high growth in Q3, with a year-on-year revenue increase of over 20%, driven by proactive adjustments in e-commerce strategies [1]

Core Insights - The coal industry is experiencing a dual improvement in supply and demand, leading to higher-than-expected coal prices, with supply-side policies reducing overproduction and increasing safety inspections [1][2] - The La Niña phenomenon is expected to drive winter storage demand due to cold weather predictions, while unusual high temperatures in southeastern coastal areas have led to record-high daily coal consumption [1] - The market is shifting towards defensive dividend attributes and coal's low baseline fundamentals, enhancing its attractiveness [1] Supply Side - The coal supply contraction is leading the entire industry, with national coal production in July and August at 380 million and 390 million tons, significantly lower than the average monthly production of approximately 400 million tons over the past 18 months [2] - In August, the industrial raw coal production was 390 million tons, a year-on-year decrease of 3.2%, with a slight month-on-month increase of 10 million tons [2] - The total annual coal production is expected to be around 4.75 billion tons, a year-on-year decrease of 30 to 50 million tons [2] Demand Side - The total electricity consumption in August grew by 4.6%, a significant increase from the 2.5% growth in Q1, with expectations for the annual growth rate to exceed 5% [2] - Despite entering the typical demand off-season in September and October, demand has exceeded expectations, maintaining high levels in the East China region post the October holiday [2] Coal Prices - As of October 17, 2025, the price of Q5500 coal at Huanghua Port was 750 RMB/ton, an increase of 34 RMB/ton (4.7%) from the previous week [3] - Domestic supply remains stable while imports are expected to continue declining, with Q3 profits anticipated to rebound due to improved demand [2][3] Coking Coal - As of October 17, 2025, the price of main coking coal at Jingtang Port was 1690 RMB/ton, up 30 RMB/ton (1.8%) [3] - The average daily iron and steel production has slightly decreased, but demand is expected to remain strong [3] Investment Recommendations - The report recommends investing in core dividend stocks such as China Shenhua (601088.SH), Shaanxi Coal and Chemical Industry (601225.SH), and China Coal Energy (601898.SH) [3] - Continued recommendations include Yanzhou Coal Mining (600188.SH) and Jincheng Anthracite Mining (601001.SH) [3]