从结果来看，观察周期内，BU2406合约收盘价均高于执行价的下边界3556元/吨，期权到期后，企业共 计获得赔付14.25万元。企业通过期货锁定部分原料采购价格，同时利用每日结算的固定赔付累购期权 进一步优化采购成本。后期，企业结合自身需求，陆续进行了多次固定赔付累计期权的操作，并根据市 场预期动态调整策略组合，稳定了生产经营需求，达到了降本增效的目的。 期权工具不仅具有灵活性，还具备满足不同需求的个性化特点。与上述企业不同，山西一家专业从事优 质道路沥青生产与销售的终端型企业的需求是"库存保值"。2024年4月中旬，企业在自身持有沥青现货 远期合同的情况下，考虑到当时沥青价格处于高位，但施工需求整体不及预期，计划对库存进行动态管 理。基于此，永安期货协同永安资本为企业定制"熔断累沽期权"方案，保护库存价值。 具体操作上，企业于2024年4月15日以3848元/吨的价格买入挂钩BU2409合约的熔断累沽期权，观察周 期为82个交易日，每日结算50吨，总规模合计4100吨。观察周期内，沥青价格震荡下跌，期权最终于 2024年5月28日敲出。企业选择现金了结的方式，共计盈利23.98万元。此外，期权敲出后，剩余5 ...

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3629.55, 41.08, 1389.00, 1183.00, 62.37, and 10119.50 respectively. The price of LME Copper has changed by 121.50, while the others remain unchanged [2]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 97.53, 1.17, 1.36, 147.22, and 1.70 respectively. The value of US 10 - year TIPS has changed by 0.03, while the others remain unchanged [2]. Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 16314.19, 1246.57, and 1281.86 respectively. The inventory of SHFE Silver has changed by 6.38, while the others remain unchanged [3]. - The latest holdings of Gold ETF and Silver ETF are 977.95 and 15068.23 respectively, with no change [3]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 1 and 1 respectively. The deferred fee payment direction of SGE Gold has changed by - 1.00, while that of SGE Silver remains unchanged [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Week39 ship - line average is $1660 (equivalent to 1150 points on the disk), the basis of contract 10 is - 53 points, and the spread between contracts 10 and 12 is - 405.3 points. The spot price has little change today. The price of contract 10 on the disk drops significantly because the spot price breaks through the previous low of the year, indicating the edge of ship - line competition. The valuation space below contract 10 decreases significantly, and position reduction can be considered. The price of contract 12 also drops, and the change in the spread between contracts 10 and 12 is small and relatively reasonable. Currently, the cargo is still in the spot downward period, the ship - line loading rate is not high, and the overall driving force is still downward [2][23] 3. Summary by Relevant Catalogs Futures - For EC2510, the closing price is 1203.8, with a change of - 5.02%, trading volume of 32766, open interest of 49507, and an open - interest change of 2187 [2][23] - For EC2512, the closing price is 1609.1, with a change of - 3.88%, trading volume of 10045, open interest of 19025, and an open - interest change of 1417 [2][23] - For EC2602, the closing price is 1497.4, with a change of - 1.75%, trading volume of 1268, open interest of 6001, and an open - interest change of 59 [2][23] - For EC2604, the closing price is 1242.0, with a change of - 0.32%, trading volume of 919, open interest of 7791, and an open - interest change of 279 [2][23] - For FC2606, the closing price is 1430.6, with a change of - 0.92%, trading volume of 67, and open interest of 963 [2][23] Month - to - Month Spreads - The spread of EC2510 - 2512 is - 405.3, compared to - 406.6 the previous day and - 414.2 the day before the previous day, with a change of 1.3 and a week - on - week change of - 5.0 [2][23] - The spread of FC2512 - 2602 is 111.7, compared to 150.0 the previous day and 155.5 the day before the previous day, with a change of - 38.3 and a week - on - week change of - 61.9 [2][23] Indicators - SCHIS is updated weekly, and on September 8, 2025, it is 1566.46 points, down 11.68% from the previous period and 10.88% from the period before the previous period [2][23] - SCFI (European line) is updated at a certain frequency, and on September 5, 2025, it is $1315/TEU, down 11.21% from the previous period and 11.21% from the period before the previous period [2][23] - CCFI is updated at a certain frequency, and on September 5, 2025, it is 1638.77 points, down 2.79% from the previous period and 4.09% from the period before the previous period [2][23] - NCFI is updated at a certain frequency, and on September 5, 2025, it is 855.93 points, down 7.92% from the previous period and 14.23% from the period before the previous period [2][23] Recent European Line Quotations - Week37: The average quotation is $2100 (equivalent to 1450 points on the disk). Among them, MSK quotes $1900 (later raised to $1950), PA quotes $2100 - 2150, and OA quotes $2100 - 2300 [2][23] - Week38: The average quotation is $1800 (equivalent to 1260 points on the disk). Among them, MSK quotes $1700 (later raised to $1760), PA & MSC quote $1800 - 1950, and OA quotes $1650 - 2020 [2][23] - Week39: The average quotation is $1660 (equivalent to 1150 points on the disk). Among them, MSK quotes $1550, PA's quotation drops to $1600 - 1700, and OA quotes $1650 - 1700 [2][23] Related News - On September 11, a Hamas spokesman stated that the cease - fire conditions in Gaza remain unchanged, and the US and Israel are conspiring to undermine the negotiation process - On September 12, Israeli Prime Minister Netanyahu approved a plan to build 3401 housing units in the "E1 area" between the Jewish settlement of Ma'ale Adumim in the West Bank and East Jerusalem. Netanyahu declared that the eastern border of Israel will be the Jordan Valley, not Ma'ale Adumim, and that "everything starting in Gaza will end in Gaza, and we will defeat Hamas, and the Palestinian state will cease to exist." The expansion of Jewish settlements in the "E1 area" will divide the West Bank into two north - south regions, preventing the Palestinian areas of East Jerusalem, Bethlehem, and Ramallah from being connected, and creating a continuous Jewish community between Jerusalem and Ma'ale Adumim. This plan has been opposed by the international community and has also sparked intense controversy within Israel [2][23]

Group 1: Spot Market - Newman powder price is 787, with a daily change of -8 and a weekly change of 6, and the import profit is -35.20 [1] - PB powder price is 790, with a daily change of -9 and a weekly change of 5, and the import profit is -15.48 [1] - Mac powder price is 777, with a daily change of -8 and a weekly change of 6, and the import profit is -11.44 [1] - Jinbuba powder price is 758, with a daily change of -5 and a weekly change of 7, and the import profit is -16.25 [1] - Mainstream mixed powder price is 739, with a daily change of -6 and a weekly change of 14, and the import profit is 3.63 [1] - Super special powder price is 700, with a daily change of -5 and a weekly change of 15, and the import profit is 11.32 [1] - Carajás powder price is 900, with a daily change of -8 and a weekly change of 6, and the import profit is -36.52 [1] - Brazilian mixed powder price is 812, with a daily change of -8 and a weekly change of 2, and the import profit is -23.40 [1] - Brazilian coarse IOC6 price is 795, with a daily change of -9 and a weekly change of 5 [1] - Brazilian coarse SSFG price is 800, with a daily change of -9 and a weekly change of 5 [1] - Ukrainian iron concentrate price is 920, with a daily change of -7 and a weekly change of 10 [1] - 61% Indian powder price is 747, with a daily change of -5 and a weekly change of 7 [1] - Karara iron concentrate price is 920, with a daily change of -7 and a weekly change of 10 [1] - Roy Hill powder price is 760, with a daily change of -9 and a weekly change of 5, and the import profit is -9.15 [1] - KUMBA powder price is 849, with a daily change of -9 and a weekly change of 5 [1] - 57% Indian powder price is 640, with a daily change of -5 and a weekly change of 10 [1] - Atlas powder price is 734, with a daily change of -6 and a weekly change of 14 [1] - Tangshan iron concentrate price is 1001, with a daily change of -3 and a weekly change of 12 [1] Group 2: Futures Market - i2601 contract price is 795.5, with a daily change of -9.5 and a weekly change of 4.0, and the monthly spread is 31.0 with a daily change of 0.9 and a weekly change of -1.8 [1] - i2605 contract price is 773.5, with a daily change of -7.5 and a weekly change of 6.0, and the monthly spread is 53.0 with a daily change of -1.1 and a weekly change of -3.8 [1] - i2509 contract price is 840.5, with a daily change of -7.0 and a weekly change of 9.5, and the monthly spread is -14.0 with a daily change of -1.6 and a weekly change of -7.3 [1] - FE01 contract price is 103.29, with a daily change of -0.41 and a weekly change of 1.76, and the monthly spread is -26.2 with a daily change of 3.3 and a weekly change of 2.3 [1] - FE05 contract price is 100.85, with a daily change of -0.41 and a weekly change of 1.69, and the monthly spread is -30.6 with a daily change of 3.3 and a weekly change of 1.4 [1] - FE09 contract price is 106.37, with a daily change of -0.38 and a weekly change of 1.70, and the monthly spread is -8.5 with a daily change of 0.6 and a weekly change of 11.2 [1]

Group 1 - The "anti-involution" policy in July initially boosted market sentiment, leading to a rapid increase in ferrosilicon prices, but by the end of July, the bullish momentum weakened, resulting in a bearish fluctuation pattern for ferrosilicon futures [1] - As of August, the cost center for ferrosilicon slightly decreased, with production costs in Inner Mongolia dropping from 6036 CNY/ton to approximately 5939 CNY/ton, a decline of about 97 CNY/ton [2] - The profit margin for ferrosilicon in Inner Mongolia fell to -147 CNY/ton by the end of August, a significant drop from 83 CNY/ton at the beginning of the month, although it showed improvement compared to the losses in the second quarter [3] Group 2 - The production volume of ferrosilicon in August was 910,000 tons, an 11% increase month-on-month, while demand remained stable at approximately 860,000 tons [3] - The market is experiencing a "not-so-dull" off-season due to optimistic orders in the plate market, which supports the rigid demand for ferrosilicon [3] - The upcoming "Golden September" season's expectations will be a focal point for the market, as the current ferrosilicon futures have already priced in some negative supply-demand expectations, limiting further downside potential [3]

技术筑基：为"稳中求进"装上安全阀 "稳"是底线，"进"是方向。期货公司不约而同地选择以金融科技破局。 "东吴期货始终将'稳'字置于信息技术工作的首位，将基础技术保障作为核心要务，致力于为客户构建 安全、稳定、高效的基础交易环境。"东吴期货常务副总经理兼首席信息官钱正刚表示，公司最新打造 的"东吴期货"App已完成全面升级，结合智能投研平台与大数据分析系统，使公司客户满意度不断提 升。 事实上，技术创新与风控、效率并不对立，而是相辅相成。永安期货首席信息官周伟明表示，通过基于 技术创新的业务重塑和流程再造，大多数时候公司的业务效率都得到了大幅提升。例如,永安期货从期 现业务的"数字化互联"到私募基金业务的"三方电子签约"，从智能化产业链研究的"源点投研平台"到内 部各类流程的"RPA自动化作业"，在提升业务效率的同时，也大大降低了业务风险和操作风险。 周伟明表示，创新并不等于冒进。他举例说，AI大模型技术在客户服务上的应用，即便效果很好，也 可能隐藏不可控的风险，"所以我们会把AI大模型的能力前置，同时辅助人工审核，稳定一项上线一 项，确保新的技术应用在提升效率的同时不削弱风控能力，切实响应监管要求，促进期货 ...

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3649.55, 41.25, 1392.00, 1135.00, 62.63, and 9940.50 respectively. The price of LME Copper changed by 16.00, while others remained unchanged [3]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 97.77, 1.17, 1.35, 147.42, and 1.72 respectively, with no changes [3]. Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 16195.80, 1252.17, and 1281.86 respectively. The SHFE Silver inventory changed by 1.83, while others remained unchanged [4]. - The latest holdings of Gold ETF and Silver ETF are 979.96 and 15069.60 respectively, with the Gold ETF holding changing by 0.28 and the Silver ETF holding remaining unchanged [4]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 2 and 1 respectively, with changes of 1.00 and - 1.00 [4].

Report Information - Report Title: Coking Coal Daily Report [1] - Report Date: September 11, 2025 [1] - Research Team: Black Team of the Research Center [1] Key Data Summary Coal Price - LiuLin Main Coking Coal: The latest price is 1401.00, with no daily change, a weekly decrease of 9.00, a monthly decrease of 3.00, and an annual increase of 0.07% [2] - Peak Downs: The latest price is 201.50, with a daily increase of 1.50, a weekly increase of 2.00, a monthly increase of 3.50, and an annual increase of 4.00 [2] - Raw Coal Port Delivery Price: The latest price is 931.00, with a daily increase of 2.00, a weekly increase of 25.00, a monthly decrease of 109.00, and an annual decrease of 19.04% [2] - Goonyella: The latest price is 202.50, with a daily increase of 2.00, no weekly change, a monthly increase of 1.50, and an annual increase of 5.00 [2] - ShaHeYi Meng 5: The latest price is 1380.00, with no daily, weekly, or monthly change, and an annual decrease of 16.36% [2] - AnZe Main Coking Coal: The latest price is 1420.00, with no daily change, a weekly decrease of 30.00, a monthly decrease of 50.00, and an annual decrease of 16.47% [2] Inventory - Total Inventory: The latest inventory is 3397.68, with a weekly decrease of 105.01, a monthly decrease of 53.62, and an annual decrease of 9.53% [2] - Coal Mine Inventory: The latest inventory is 268.08, with a weekly decrease of 15.54, a monthly increase of 22.42, and an annual decrease of 18.32% [2] - Port Inventory: The latest inventory is 275.35, with a weekly increase of 13.86, a monthly decrease of 6.76, and an annual decrease of 24.01% [2] - Steel Mill Coking Coal Inventory: The latest inventory is 811.85, with a weekly decrease of 0.46, a monthly increase of 8.06, and an annual increase of 10.54% [2] - Coking Coking Coal Inventory: The latest inventory is 961.27, with a weekly decrease of 5.14, a monthly decrease of 31.46, and an annual increase of 12.87% [2] - Coking Coke Inventory: The latest inventory is 84.31, with a weekly decrease of 0.68, a monthly decrease of 1.99, and an annual decrease of 1.51% [2] Capacity Utilization and Other Data - Coking Capacity Utilization: The latest utilization rate is 73.14, with a weekly decrease of 0.22, a monthly decrease of 0.89, and an annual increase of 5.27% [2] - 05 Basis: The latest basis is -4.29, with a daily decrease of 15.87, a weekly decrease of 102.37, a monthly increase of 63.18, and an annual decrease of 332.81 [2] - 09 Basis: The latest basis is 215.71, with a daily decrease of 71.37, a weekly decrease of 86.87, a monthly increase of 114.68, and an annual decrease of 0.32 [2] - 01 Basis: The latest basis is 69.21, with a daily decrease of 29.37, a weekly decrease of 78.87, a monthly increase of 111.68, and an annual decrease of 0.80 [2] - 5 - 9 Spread: The latest spread is 220.00, with a daily decrease of 55.50, a weekly increase of 15.50, a monthly increase of 51.50, and an annual decrease of 17.92 [2] - 9 - 1 Spread: The latest spread is -146.50, with a daily increase of 42.00, a weekly increase of 8.00, a monthly decrease of 3.00, and an annual decrease of 5.07 [2] - 1 - 5 Spread: The latest spread is -73.50, with a daily increase of 13.50, a weekly decrease of 23.50, a monthly decrease of 48.50, and an annual increase of 2.20 [2] - Futures Prices: The latest prices of Futures 05, 09, and 01 are 1189.00, 969.00, and 1115.50 respectively, with corresponding daily changes of -37.00, 18.50, and -23.50 [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600292 | 远达环保 | 13.50 | 6.13% | 45.18万 | 6.08亿 | | 600208 | 衢州发展 | 4.53 | 1.57% | 92.64万 | 4.18亿 | | 601059 | 信达证券 | 18.82 | 1.29% | 40.90万 | 7.73亿 | | 600120 | 浙江东方 | 6.16 | 0.98% | 51.42万 | 3.15亿 | | 603093 | 草花朗器 | 21.27 | 0.81% | 7.36万 | 1.56亿 | | 000712 | 锦龙股份 | 14.32 | 0.63% | 16.26万 | 2.33亿 | | 600128 | 办家5小 | 11.25 | 0.63% | 12.32万 | 1.39亿 | | 600621 | 保壁股份 | 16.47 | 0.30% | 14.01万 | 2.31亿 | | 600638 | 新黄浦 | 5.81 | 0.1 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 券商作为资本市场核心机构，具备强大的研究资源与信息优势 ， 对宏观经济、产业趋势、公司基本面有深度跟踪 ， 它们的重仓股对于普通投 资者来说具有较大的参考意义。 进入9月，券商二季度重仓股已经全部出炉。Choice数据显示，截至今年二季度末， 共有 44家券商重仓股出现在307家A股公司的前十大流通股 当中，持股市值合计647.12亿元，相比一季度末上升82.43亿元。 券商机构本季度持仓变动较大。其中， 新进的公司多达 97家 ，增持的公司共有98家，减持的公司共有93家，持股不变的公司仅有19家。 接下来，笔者将盘点持仓市值、股价表现居前，以及被多家券商机构共同持有的A股公司。 （ 点此领取券商机构持仓名单 ） 0 1 大 金 融 板 块 的 江 苏 银 行 、 中 信 建 投 、 永 安 期 货 为 前 三 大 重 仓 股， 4 月 以 来 均 涨 超 1 0 %，持 股 市 值 分 别 达 到 1 1 0.2 6 亿 元 、 9 2.0 8 亿 元 、 6 5.0 7 亿 元， 持股数量都没有变动。 34 家公司持股市值超 3 亿元！大金 ...