Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the given content. 2. Core View - No clear core view is presented in the provided content. 3. Summary According to Related Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from 2025/11/07 to 2025/11/13, including Beijing, Shanghai, Chengdu, etc. For example, Beijing's rebar price changed from 3190 on 2025/11/07 to 3170 on 2025/11/13, a decrease of 30; Shanghai's rebar price increased from 3200 to 3220, an increase of 20. [1] Basis and Spread - No content related to basis and spread is provided. Production and Inventory - No content related to production and inventory is provided.

Core Viewpoint - The article discusses the challenges faced by the steel industry in China, particularly in managing risks and stabilizing operations amid fluctuating demand and prices. It highlights a successful collaboration between Yong'an Futures and Liugang Steel to enhance risk management capabilities through a comprehensive service model [1][4]. Industry Challenges - The steel industry is experiencing three main pain points: 1. Increased price volatility risk, with the average annual price of rebar expected to drop by 18% in 2024, leading to some steel mills' profit margins falling below 1% [2]. 2. Rising cost control pressures, with raw material procurement costs fluctuating significantly and supply chain costs increasing by 8% to 12% [2]. 3. Insufficient hedging capabilities, as over 60% of small and medium-sized steel enterprises have a hedging ratio of less than 20% and lack professional futures teams [2]. Yong'an Futures' Service Model - Yong'an Futures implemented a "six-step" service model in collaboration with Liugang Steel, which includes: 1. **Futures Thinking Incubation**: Initial visits to Liugang to explain futures market functions and develop a risk assessment model [2]. 2. **Delivery Qualification Cultivation**: Assisting Liugang in quality testing and registration of delivery brands for futures contracts [3]. 3. **Talent Team Development**: Conducting training courses to address blind spots and pain points in futures market participation [3]. 4. **First Warehouse Receipt Generation**: Helping Liugang register its first warehouse receipt, avoiding potential losses of 1.2456 million yuan due to price declines [3]. 5. **Research and Hedging Implementation**: Establishing a dedicated research team and designing hedging strategies to mitigate risks [3]. 6. **Industry Chain Ecosystem Construction**: Collaborating with upstream and downstream enterprises to optimize supply chain efficiency and stability [4]. Strategic Significance - The collaboration between Yong'an Futures and Liugang Steel has multiple strategic implications: 1. Development of a replicable service model covering training, delivery, research, and risk control [4]. 2. Promotion of deep integration between industry and finance, enhancing the steel industry's risk management capabilities [4]. 3. Establishment of a benchmark for the industry, providing a practical example for leading steel enterprises to utilize futures tools [4].

Core Insights - The Zhejiang state-owned enterprise reform sector saw a 1.0% increase on November 13, with *ST Weihai leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance Summary - *ST Weihai (002586) closed at 4.37, up 5.05% with a trading volume of 138,800 shares and a transaction value of 60.32 million [1] - Hangang Co. (600126) closed at 9.30, up 4.38% with a trading volume of 1,064,400 shares and a transaction value of 197.5 million [1] - Juhua Co. (600160) closed at 36.27, up 3.39% with a trading volume of 368,200 shares and a transaction value of 1.32 billion [1] - Ningbo Construction (601789) closed at 5.69, up 3.08% with a trading volume of 997,400 shares and a transaction value of 570 million [1] - Chuangyuan Co. (300703) closed at 28.51, up 2.78% with a trading volume of 81,500 shares and a transaction value of 232 million [1] Capital Flow Analysis - The Zhejiang state-owned enterprise reform sector experienced a net outflow of 446 million from institutional investors, while retail investors saw a net inflow of 419 million [2] - The main stocks with significant capital inflow included Hangang Co. with a net inflow of 102 million, while Juhua Co. had a net outflow of 54.86 million from retail investors [3]

Core Viewpoint - Yong'an Futures has shown a positive stock performance with a year-to-date increase of 19.28% and a recent rise of 2.15% on November 13, 2023, indicating strong market interest and potential growth in the futures sector [1]. Financial Performance - As of September 30, 2025, Yong'an Futures reported a net profit of 475 million yuan, reflecting a year-on-year growth of 13.31% [2]. - The company has cumulatively distributed dividends amounting to 1.006 billion yuan since its A-share listing, with 598 million yuan distributed over the past three years [3]. Stock Market Activity - On November 13, 2023, Yong'an Futures' stock price reached 15.65 yuan per share, with a trading volume of approximately 73.16 million yuan and a turnover rate of 0.33% [1]. - The stock has experienced a net inflow of 4.10 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 39,500, with an average of 36,873 shares held per shareholder, indicating a slight decrease in individual shareholding [2]. - The top ten circulating shareholders include significant entities such as Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both showing a reduction in their holdings [3]. Business Overview - Yong'an Futures, established on September 7, 1992, operates primarily in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and fund sales, with risk management services contributing 90.17% to its revenue [1].

Group 1: Report Summary - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center, dated November 13, 2025 [1] Group 2: SP Main Contract Information - The closing price of the SP main contract on November 12, 2025, was 5482.00 [1] - The closing prices on previous days were 5484.00 (November 11), 5468.00 (November 10), 5394.00 (November 7), and 5368.00 (November 6) [1] - The corresponding dollar - converted prices were 672.85 (November 12 and 11), 671.16 (November 10), 661.50 (November 7), and 658.32 (November 6) [1] - The daily price changes were - 0.03647% (November 12), 0.29261% (November 11), 1.37189% (November 10), 0.48435% (November 7), and 0.14925% (November 6) [1] - The Shandong Yinxing basis was 58 (November 12), 56 (November 11), 57 (November 10), 106 (November 7), and 132 (November 6) [1] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 83 (November 12), 81 (November 11), 57 (November 10), 131 (November 7), and 157 (November 6) [1] Group 3: Import Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, with a Shandong - area RMB price of 6200 and an import profit of - 145.57; the CFR price of Lion was 730 dollars, with a Shandong - area RMB price of 5500 and an import profit of - 443.29 [2] - For Chilean pulp, the CFR price of Silver Star (90 - day letter of credit) was 680 dollars, with a Shandong - area RMB price of 5540 and an import profit of - 1.01 [2] Group 4: Pulp Price Averages - From November 6 to November 12, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [2] - The Shandong - area average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] Group 5: Paper Index and Profit Margin - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 7 to November 12, 2025 [2] - The profit margins of double - offset, double - copper, white - card, and living paper changed from November 7 to November 12, and remained unchanged on November 11 and 12 [2] Group 6: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper changed from November 6 to November 12, 2025 [2]

Group 1: Report Overview - Report Name: Coking Coal Daily Report [1] - Date: November 13, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - **Coking Coal Prices** - Liulin Main Coking Coal: The latest price is 1,645.00, with a monthly increase of 95.00 and an annual increase of 3.46% [2] - Raw Coal Port Warehouse Pick - up Price: The latest price is 1,100.00, with a daily decrease of 11.00, a weekly decrease of 65.00, and an annual decrease of 3.51% [2] - Shaheyi Mongolian No. 5: The latest price is 1,550.00, with a monthly increase of 130.00 and an annual decrease of 5.49% [2] - Anze Main Coking Coal: The latest price is 1,700.00, with a daily and weekly increase of 40.00, a monthly increase of 170.00, and an annual increase of 4.29% [2] - Peak Downs: The latest price is 211.50, with a daily decrease of 0.50, a monthly increase of 5.50, and an annual decrease of 7.00 [2] - Goonyella: The latest price is 210.50, with a daily and weekly decrease of 1.00, a monthly increase of 5.00, and an annual decrease of 8.00 [2] - **Futures Prices** - Futures Contract 05: The latest price is 1,276.00, with a daily decrease of 13.00, a weekly decrease of 66.00, and an annual decrease of 4.74% [2] - Futures Contract 09: The latest price is 1,347.00, with a daily decrease of 5.50, a weekly decrease of 57.50, and an annual decrease of 2.81% [2] - Futures Contract 01: The latest price is 1,217.50, with a daily decrease of 24.50, a weekly decrease of 65.00, and an annual decrease of 5.11% [2] Group 3: Inventory Information - **Total Inventory**: The latest total inventory is 3,370.26, with a weekly increase of 47.67, a monthly increase of 75.88, and an annual decrease of 13.00% [2] - **Coal Mine Inventory**: The latest coal mine inventory is 165.59, with a weekly increase of 1.06, a monthly decrease of 30.27, and an annual decrease of 43.01% [2] - **Port Inventory**: The latest port inventory is 290.15, with a weekly increase of 14.50, a monthly decrease of 4.84, and an annual decrease of 31.77% [2] - **Steel Mill Coking Coal Inventory**: The latest steel mill coking coal inventory is 796.32, with a weekly increase of 13.36, a monthly increase of 8.26, and an annual increase of 7.26% [2] - **Coking Plant Coking Coal Inventory**: The latest coking plant coking coal inventory is 1,052.48, with a weekly increase of 22.78, a monthly increase of 14.77, and an annual increase of 15.19% [2] - **Coking Plant Coke Inventory**: The latest coking plant coke inventory is 84.99, with a monthly decrease of 0.54 and an annual decrease of 1.87% [2] Group 4: Other Information - **Coking Capacity Utilization Rate**: The latest coking capacity utilization rate is 72.31, with a weekly decrease of 1.13, a monthly decrease of 2.87, and an annual decrease of 1.61% [2] - **Basis and Spread Information** - 05 Basis: The latest 05 basis is 88.14, with a daily increase of 13.00, a weekly increase of 66.00, and an annual increase of 79.59 [2] - 09 Basis: The latest 09 basis is 17.14, with a daily increase of 5.50, a weekly increase of 57.50 [2] - 01 Basis: The latest 01 basis is 146.64, with a daily increase of 24.50, a weekly increase of 65.00, and an annual increase of 1.25 [2] - 5 - 9 Spread: The latest 5 - 9 spread is - 71.00, with a daily decrease of 7.50, a weekly decrease of 8.50 [2] - 9 - 1 Spread: The latest 9 - 1 spread is 129.50, with a daily increase of 19.00, a weekly increase of 7.50 [2] - 1 - 5 Spread: The latest 1 - 5 spread is - 58.50, with a daily decrease of 11.50, a weekly increase of 1.00 [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On Tuesday, the EC2602 contract's price rose due to early rumors of the 02 pricing index, and other contracts were also driven up. However, in the afternoon, the EC2512 contract dropped significantly because MSK opened cabins and lowered prices. The EC2512 contract has a neutral valuation and will gradually follow the delivery logic. The freight rate in late November will determine the implementation of the price - holding strategy in December. It is expected to fluctuate in the short - term following the spot price and shipping companies' announcements. The EC2602 contract's valuation is harder to determine and is expected to mainly follow the EC2512 contract in the short - term. If the shipping volume during the peak season is gradually realized, the EC2602 contract may have more upside potential. The EC2604 contract is a slack - season contract. It will maintain a narrow - range oscillation in the short - term during the peak - season logic. Considering the greater supply pressure and the slack season in April next year, a short - selling strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contracts - **Contract Prices and Changes**: The EC2512 contract closed at 1746.1, down 1.81%; the EC2602 contract closed at 1690.5, up 5.33%; the EC2604 contract closed at 1187.8, up 1.86%; the FC2606 contract closed at 1423.9, up 2.06%; the EC2608 contract closed at 1545.0, up 3.33%; the EC2610 contract closed at 1137.5, up 0.30% [2]. - **Open Interest Changes**: The open interest of the EC2512 contract decreased by 1475 to 25205; the EC2602 contract increased by 4654 to 29350; the EC2604 contract increased by 279 to 14730; the FC2606 contract decreased by 23 to 1423; the EC2608 contract decreased by 73 to 1213; the EC2610 contract increased by 122 to 1607 [2]. - **Month - to - Month Spreads**: The EC2512 - 2504 spread was 558.3, down 56.8 from the previous day and 109.0 from the previous week; the EC2512 - 2602 spread was 55.6, down 117.7 from the previous day and 203.9 from the previous week; the EC2502 - 2604 spread was 502.7, up 63.9 from the previous day and 94.9 from the previous week [2]. 3.2 Spot Indices - **SCEIS**: Updated every Monday, as of November 10, 2025, it was 1504.80 points, up 24.50% from the previous period and down - 7.92% from two periods ago [2]. - **SCFI (European Line)**: Updated weekly, as of November 7, 2025, it was 1323 dollars/TEU, down - 1.56% from the previous period and up 7.87% from two periods ago [2]. - **CCFI**: Updated weekly, as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period and up 2.37% from two periods ago [2]. - **NCFI**: Updated weekly, as of November 7, 2025, it was 911.73 points, down - 5.58% from the previous period and up 17.43% from two periods ago [2]. 3.3 Recent European Line Freight Quotes - **45th Week**: The average freight rate was about 2050 US dollars (equivalent to 1450 points on the futures disk) [2]. - **46th Week**: The average freight rate was 2000 US dollars (equivalent to 1400 points on the futures disk) [2]. - **Shipping Companies' Quotes**: Shipping companies announced a price increase to 2365 - 2950 US dollars for mid - to - late November, but MSK opened cabins at 2250 US dollars (a 50 - dollar increase from the previous period). It is expected that other shipping companies will gradually lower their quotes this week and may announce a price increase for December. OOCL lowered its online quote for November by 300 US dollars to 2600 US dollars. MSK's cabin - opening quote for the 48th week was 1900 - 2000 US dollars, equivalent to 1340 - 1400 US dollars on the futures disk [2]. 3.4 Related News - **Geopolitical News**: As of November 10, the first - stage cease - fire agreement in Gaza has expired. Israel and Hamas accused each other of violating the agreement, and the second - stage cease - fire negotiation is still "far from sight" [3]. - **Policy News**: Starting from 13:01 on November 10, 2025, China will suspend the implementation of relevant regulations on charging special port fees for US ships for one year, synchronizing with the US suspension of the final measures of the 301 investigation on China's maritime, logistics, and shipbuilding industries [4].

Price Performance - London Gold's latest price is 4090.25 with no change [1] - London Silver's latest price is 50.04 with no change [1] - London Platinum's latest price is 1554.00 with no change [1] - London Palladium's latest price is 1414.00, up 18.00 [1] - WTI Crude's latest price is 60.13 with no change [1] - LME Copper's latest price is 10809.00, up 29.50 [1] - US Dollar Index's latest value is 99.62 with no change [1] - Euro to US Dollar's latest exchange rate is 1.16 with no change [1] - British Pound to US Dollar's latest exchange rate is 1.32 with no change [1] - US Dollar to Japanese Yen's latest exchange rate is 154.13 with no change [1] - US 10 - year TIPS's latest value is 1.84 with no change [1] Trading Data - COMEX Silver inventory is 14901.82 with no change [1] - SHFE Silver inventory is 591.88, down 18.10 [1] - Gold ETF holdings are 1042.06 with no change [1] - Silver ETF holdings are 15088.63 with no change [1] - SGE Silver inventory is 905.24 with no change [1] - SGE Gold deferred - fee payment direction is 1 with no change [1] - SGE Silver deferred - fee payment direction is 2 with no change [1]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - No information provided 3) Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from November 5th to 11th, 2025, including Beijing, Shanghai, Chengdu, etc. For example, the price of Beijing's rebar increased from 3130 on November 5th to 3200 on November 11th, with a change of 10. The price of Shanghai's hot - rolled coil decreased by 40, while the price of Le Cong's hot - rolled coil increased by 110 [1] Basis and Spread - No information provided Output and Inventory - No information provided

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: November 12, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - Shanxi Standard First - Wet Quenching Coke Price: 1591.62, with daily change 0.00, weekly change 54.61, monthly change 109.23, and year - on - year change - 15.71% [2] - Hebei Standard First - Dry Quenching Coke Price: 1845.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change 1.93% [2] - Shandong Standard First - Dry Quenching Coke Price: 1770.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change - 14.29% [2] - Jiangsu Standard First - Dry Quenching Coke Price: 1810.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change - 14.01% [2] Group 3: Production and Utilization Information - Blast Furnace Operating Rate: 87.81, with weekly change - 0.80, monthly change - 2.74, and year - on - year change - 0.67% [2] - Average Daily Hot Metal Output: 234.22, with weekly change - 2.14, monthly change - 7.32, and year - on - year change 0.07% [2] - Coking Capacity Utilization Rate: 72.74, with weekly change - 0.42, monthly change - 2.26, and year - on - year change - 0.49% [2] - Average Daily Coke Output: 53.14, with weekly change - 0.16, monthly change 0.83, and year - on - year change 5.19% [2] Group 4: Inventory Information - Coking Plant Inventory: 36.50, with weekly change - 1.02, monthly change - 6.04, and year - on - year change - 17.16% [2] - Port Inventory: 202.11, with weekly change - 8.99, monthly change 7.02, and year - on - year change 16.73% [2] - Steel Mill Inventory: 626.64, with weekly change - 2.41, monthly change - 24.18, and year - on - year change 7.76% [2] - Steel Mill Inventory Days: 11.07, with weekly change - 0.50, monthly change - 0.35, and year - on - year change - 0.81% [2] Group 5: Futures Market Information - Futures Contract 05 Price: 1856.5, with daily change - 18.50, weekly change - 26.00, monthly change 59.50, and year - on - year change - 8.61% [2] - Futures Contract 09 Price: 1939.5, with daily change - 13.50, weekly change - 28.00, monthly change 60.00, and year - on - year change - 6.71% [2] - Futures Contract 01 Price: 1722, with daily change - 26.00, weekly change - 18.50, monthly change 73.50, and year - on - year change - 11.76% [2] - 05 Basis: 48.47, with daily change 18.50, weekly change 26.00, monthly change 74.08, and year - on - year change - 71.21 [2] - 09 Basis: - 34.53, with daily change 13.50, weekly change 28.00, monthly change 73.58, and year - on - year change - 106.71 [2] - 01 Basis: 182.97, with daily change 26.00, weekly change 18.50, monthly change 60.08, and year - on - year change - 16.71 [2] - 5 - 9 Spread: - 134.50, with daily change - 7.50, weekly change 7.50, monthly change 14.00, and year - on - year change - 54.50 [2] - 9 - 1 Spread: - 83.00, with daily change - 5.00, weekly change 2.00, monthly change - 0.50, and year - on - year change - 35.50 [2] - 1 - 5 Spread: 217.50, with daily change 12.50, weekly change - 9.50, monthly change - 13.50, and year - on - year change 90.00 [2]