Group 1 - The core viewpoint of the article highlights the significant changes in stock holdings by securities firms during the second quarter, with a focus on industries such as basic chemicals, machinery, automotive, and pharmaceuticals [1] - Securities firms collectively increased their positions in 63 stocks during the second quarter, with notable additions including Zhongke Titanium White, New Mileage, Jiangzhong Pharmaceutical, and Yuntianhua [1] - Several companies, including Chuanheng Co., Furan Energy, Ruida Futures, and Zhejiang Huaye, received attention from at least three securities firms, indicating strong interest [1] Group 2 - In terms of holding scale, data from Choice shows that Jiangsu Bank, Yong'an Futures, CITIC Securities, and Sinopec have the highest total shareholdings among securities firms [1] - As of the closing price on June 30, 2025, Jiangsu Bank leads with a holding market value of 11.026 billion yuan, followed by CITIC Securities and Yong'an Futures with 9.208 billion yuan and 6.507 billion yuan respectively [1] - Other companies such as Muyuan Foods, Cangge Mining, Sinopec, and Guangqi Technology also have significant market values in securities holdings [1]

Core Viewpoint - The rapid development of overseas business by futures companies is significantly contributing to their profits and accelerating the internationalization of China's futures market [1][2]. Group 1: Factors Driving Development - As of June 2025, there are 22 first-level overseas subsidiaries, 39 second-level subsidiaries, and 6 third-level subsidiaries established by mainland Chinese futures companies, located in major financial centers such as Hong Kong, Singapore, the UK, and the US [2]. - The overseas business expansion is driven by multiple factors, including favorable policy support and the increasing demand for risk management from Chinese enterprises going abroad [3][4]. - Major companies like Nanhua Futures, Yong'an Futures, and GF Futures have made significant strides in their overseas business [2][3]. Group 2: Importance of Strengthening Overseas Business - Strengthening overseas business is crucial for futures companies as it diversifies their business types and income sources, enhancing international competitiveness [4][5]. - The development of overseas business helps alleviate intense domestic competition and promotes high-quality growth and value creation within the industry [5][6]. - By expanding into overseas markets, futures companies can better meet the growing cross-border risk management needs of Chinese enterprises [6][7]. Group 3: Opportunities and Challenges - The rapid growth of overseas business presents both opportunities and challenges for futures companies, including a relatively simple business structure and the need for enhanced service innovation [7]. - There are higher demands for risk compliance management due to varying legal and regulatory frameworks across different countries [7]. - The competitive international landscape and the need for significant investment in system construction pose additional challenges for futures companies [7].

近年来，期货公司海外业务加速发展。这一进程不仅为公司自身贡献了利润，更在推动中国期货市场 "引进来" 与 "走出去"、加快其国际化步伐方面发挥了重要作用。 期货公司海外业务，发展迅猛！背后原因有这些…… 期货公司海外业务为何能保持高速发展势头？未来又有哪些新动向？券商中国记者近日对多位行业资深 人士进行了采访。 据了解，政策层面的利好支持与中国企业的集中出海，共同加速了本轮期货公司海外业务的拓展进程； 与此同时，如何开展全方位能力建设、应对日益激烈的竞争环境，已成为这些期货公司必须面对的新课 题。 多因素推动发展 据中国期货业协会数据，截至2025年6月，中国内地期货公司共设立境外一级子公司22家，二级子公司 39家，三级子公司6家。这些子公司的注册地涵盖了中国香港、新加坡、英国、美国等主要金融中心， 并获得了包括香港期货交易所、新加坡交易所、芝加哥商业交易所、欧洲洲际交易所、伦敦金属交易所 等全球主流交易所的交易和清算会员资质。业务范围也已从传统的期货经纪扩展到证券、外汇、资产管 理等多元领域。 期货公司海外业务加快发展，背后有着多重因素推动。就具体公司而言，南华期货、永安期货、广发期 货、中粮期货等在海外 ...

近年来，期货公司海外业务加速发展。这一进程不仅为公司自身贡献了利润，更在推动中国期货市场 "引进来" 与 "走 出去"、加快其国际化步伐方面发挥了重要作用。 期货公司海外业务为何能保持高速发展势头？未来又有哪些新动向？券商中国记者近日对多位行业资深人士进行了采 访。 据了解，政策层面的利好支持与中国企业的集中出海，共同加速了本轮期货公司海外业务的拓展进程；与此同时，如何 开展全方位能力建设、应对日益激烈的竞争环境，已成为这些期货公司必须面对的新课题。 多因素推动发展 据中国期货业协会数据，截至2025年6月， 中国内地 期货公司共设立境外一级子公司22家，二级子公司39家，三级子公 司6家。这些子公司的注册地涵盖了中国香港、新加坡、英国、美国等主要金融中心，并获得了包括香港期货交易所、新 加坡交易所、芝加哥商业交易所、欧洲洲际交易所、伦敦金属交易所等全球主流交易所的交易和清算会员资质。业务范 围也已从传统的期货经纪扩展到证券、外汇、资产管理等多元领域。 前述广发期货相关负责人表示，通过促进境外业务发展，有利于丰富期货公司业务类型，拓展收入来源，增强期货行业 国际竞争力。一方面，丰富期货公司业务类型，扩展收入来 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 19.80 CNY [6][13]. Core Views - The company has shown a recovery in investment performance in Q2 2025, with active market trading leading to a year-on-year increase in commission income [2][13]. - As an industry leader, the company is expected to seize opportunities arising from the internationalization of the RMB and the expansion of the futures market [2][13]. Financial Summary - Revenue is projected to decline significantly from 23,823 million CNY in 2023 to 11,663 million CNY in 2025, reflecting a decrease of 46.3% [4][14]. - Net profit attributable to shareholders is expected to stabilize around 578 million CNY in 2025, with a slight increase to 702 million CNY by 2027 [4][14]. - The earnings per share (EPS) forecast for 2025 is set at 0.40 CNY, with a gradual increase to 0.48 CNY by 2027 [4][14]. Market Position and Opportunities - The company is positioned to benefit from policy support and the anticipated expansion of the futures market due to RMB internationalization [13]. - The report highlights the potential for increased trading volume in commodity futures priced in RMB, enhancing market opportunities for the company [13].

Core Viewpoint - Yong'an Futures reported a significant decline in revenue and net profit for the first half of 2025, but showed improvement in Q2 net profit and positive trends in fund sales and asset management business, leading to a "buy" rating from Dongwu Securities [1][2]. Financial Performance - For the first half of 2025, Yong'an Futures recorded operating revenue of 5.56 billion yuan, a year-on-year decrease of 54.1%, and a net profit attributable to shareholders of 170 million yuan, down 44.7%, with an EPS of 0.12 yuan and ROE of 1.32%, a decline of 1.1 percentage points year-on-year [1]. - In Q2, the company achieved operating revenue of 3.28 billion yuan, a year-on-year decrease of 57.8%, but a net profit of 160 million yuan, a year-on-year decrease of 30.0%, showing a 16-fold increase quarter-on-quarter [1]. Business Segments - Futures brokerage remains the core profit driver, with net income from commissions and interest at 240 million yuan and 210 million yuan respectively, showing increases of 4.5% and decreases of 13.5% year-on-year. Investment income and fair value changes totaled 160 million yuan, down 63% year-on-year [2]. - The futures brokerage business reported an operating profit of 150 million yuan, a year-on-year decrease of 10%, while risk management shifted from profit to a loss of 60 million yuan [2]. - Fund sales and asset management showed positive growth, with profits of 20 million yuan and 5 million yuan respectively, increasing by 105% and 40% year-on-year [2]. Market Trends - The company’s offshore business saw a revenue of 120 million yuan, down 59% year-on-year, but the trading volume in offshore futures brokerage increased by 22%, with institutional clients making up 78% of the client structure [3]. - Fund sales significantly increased, with new sales reaching 172 million USD, a year-on-year growth of 186% [3]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025, expecting net profits of 470 million yuan, 590 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively, with a current market value corresponding to a PE of 48 times for 2025 [2].

2025 二季度公司投资业绩修复，市场交投活跃下手续费收入同比正增长。1）2025H1 公司投资业务净 收同比-63.27%至1.57 亿元，贡献了调整后营收（营业收入-其他业务支出）增量的-93.60%，主因是 2025Q1 投资业绩同比下滑。2025Q2 公司实现投资收益2.01亿元，同比-17.36%，相较2025Q1 显著改 善。2）期货市场交投活跃，公司手续费收入同比增长4.48%至2.39 亿元，支撑业绩。3）此外，公司自 2025 年1 月1 日起对若干交易业务采用净额法确认收入，影响公司其他业务收入和营业收入的计量口 径。 本报告导读： 2025 二季度公司投资业绩修复，市场交投活跃下手续费收入同比正增长。公司作为行业龙头有望把握 住人民币国际化下期货市场扩容发展机遇。 投资要点： 维持"增持"评级，目标价 19.80元。公司 2025H1营收/归母净利润55.56/1.70 亿元，同 比-54.12%/-44.69%；加权平均ROE 同比-1.13pct 至1.32%。结合最新市场环境与经营情况，下调盈利预 期2025-2026 年EPS 为0.40/0.45 元（此前为0.45/0.48 ...

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: August 29, 2025 [1] Price Information - **Coal Types Price**: The latest price of Liulin Main Coking Coal is 1505.00, with a weekly increase of 52.00 and a monthly increase of 94.00; the latest price of Raw Coal Port Delivery Price is 959.00, with a daily decrease of 19.00 and a monthly increase of 27.00; the latest price of Shaheyi Mongolian No. 5 is 1380.00, with a monthly increase of 160.00; the latest price of Anze Main Coking Coal is 1470.00, with a monthly decrease of 30.00 [2]. - **Peak Downs and Goonyella Price**: The latest price of Peak Downs is 201.00, with a weekly decrease of 4.00 and a monthly increase of 9.00; the latest price of Goonyella is 203.00, with a weekly decrease of 5.30 and a monthly increase of 10.00 [2]. - **Futures Price**: The latest price of Futures 05 is 1194.00, with a daily decrease of 10.00 and a monthly decrease of 18.50; the latest price of Futures 09 is 1005.50, with a daily decrease of 19.50 and a monthly decrease of 75.50; the latest price of Futures 01 is 1152.50, with a daily decrease of 12.00 and a monthly decrease of 26.50 [2]. Inventory Information - **Total Inventory**: The total inventory is 3507.66, with a weekly increase of 34.05 and a monthly increase of 57.08 [2]. - **Sub - Inventory**: The coal mine inventory is 283.62, with a weekly increase of 7.98 and a monthly increase of 35.36; the port inventory is 261.49, with a weekly increase of 6.00 and a monthly decrease of 30.85; the steel mill coking coal inventory is 812.31, with a weekly increase of 6.51 and a monthly increase of 12.80; the coking coking coal inventory is 966.41, with a weekly decrease of 10.47 and a monthly decrease of 18.97 [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization is 73.36, with a weekly decrease of 1.06 and a monthly decrease of 0.33 [2]. - **Coking Coke Inventory**: The coking coke inventory is 84.99, with a weekly decrease of 1.18 and a monthly decrease of 1.63 [2]. - **Basis and Spread**: The 05 basis is 43.59, with a daily increase of 10.00; the 09 basis is 232.09, with a daily increase of 19.50; the 01 basis is 85.09, with a daily increase of 12.00; the 5 - 9 spread is 188.50, with a daily increase of 9.50; the 9 - 1 spread is - 147.00, with a daily decrease of 7.50; the 1 - 5 spread is - 41.50, with a daily decrease of 2.00 [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting adjustments and challenges in investment income, although there are signs of recovery in Q2 [1][6]. Group 1: Financial Performance - The company achieved operating revenue of 5.556 billion yuan in the first half of 2025, a year-on-year decrease of 54.12% [1]. - The net profit attributable to shareholders was 170 million yuan, down 44.69% year-on-year, with Q2 showing improvement with a net profit of 161 million yuan, a year-on-year decline of 29.96% but a quarter-on-quarter increase of 1630.64% [1][6]. - The company plans to distribute a cash dividend of 0.02 yuan per share (tax included) for the interim period [1]. Group 2: Business Segments - The futures brokerage and fund sales segments showed steady growth, with the company achieving 102 million domestic futures agency transactions, a year-on-year increase of 13%, and a transaction amount of 7.25 trillion yuan, up 7% [3]. - The net income from brokerage fees reached 210 million yuan, reflecting a 4% year-on-year growth [3]. - The fund sales business generated revenue of 28.9 million yuan, marking a 21% increase year-on-year [4]. Group 3: Risk Management and International Expansion - The company maintained a leading position in the commodity risk management sector, achieving a total spot trade volume of 19.646 billion yuan [5]. - The off-exchange derivatives business saw a nominal amount of 160.3 billion yuan, a 72% increase year-on-year, while market-making business transactions reached 601.8 billion yuan, up 23% [5]. - The company is expanding its international presence, planning to invest up to 536 million Hong Kong dollars to establish a subsidiary in the UK, which has received regulatory approval [5]. Group 4: Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.35, 0.39, and 0.42 yuan, representing increases of 21%, 15%, and 9% respectively [6]. - The target price for the company is set at 20.84 yuan, based on a price-to-book (PB) ratio of 1.7 times for 2025, reflecting a discount compared to comparable companies [6].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with a focus on the performance of its futures brokerage and asset management businesses [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 5.56 billion yuan, a decrease of 54.1% year-on-year, while the net profit attributable to shareholders was 170 million yuan, down 44.7% year-on-year, resulting in an EPS of 0.12 yuan and an ROE of 1.32%, a decline of 1.1 percentage points [1]. - In Q2 2025, revenue was 3.28 billion yuan, a year-on-year decrease of 57.8%, with a net profit of 160 million yuan, down 30.0% year-on-year but showing a 16-fold increase quarter-on-quarter [1]. - The company's net assets attributable to shareholders were 12.9 billion yuan, reflecting a 0.4% increase from the beginning of the year and the end of Q1 [1]. Business Segments Futures Brokerage - The futures brokerage business remains the core profit driver, with a revenue of 3.8 billion yuan in the first half, down 22% year-on-year, and net commission income of 2.1 billion yuan, up 4.2% year-on-year [1][2]. - The total trading volume for domestic futures agency transactions was 102 million contracts, an increase of 13.3% year-on-year, with a transaction value of 7.25 trillion yuan, up 6.8% year-on-year [2]. Risk Management - The risk management business reported a revenue of 5 billion yuan, down 56% year-on-year, primarily due to a change in revenue recognition method, although this did not impact profitability [2]. - The nominal principal of off-exchange business reached 160.3 billion yuan, a year-on-year increase of 72%, while market-making business transaction volume exceeded 601.8 billion yuan, up 23% year-on-year [2]. Asset Management & Fund Sales - The asset management business generated revenue of 10 million yuan, down 11% year-on-year, with net commission income declining by 63% [2]. - Fund sales revenue increased by 21% year-on-year to 29 million yuan, with 34 new cooperative managers and 65 new products introduced during the reporting period, achieving an average annualized return of 11.26% [2]. Overseas Business - The overseas business revenue was 120 million yuan, down 59% year-on-year, while the trading volume for overseas futures brokerage increased by 22% year-on-year [2]. - The overseas fund sales saw a significant increase, with new sales amounting to 172 million USD, a year-on-year growth of 186% [2]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025, expecting net profits attributable to shareholders to be 470 million yuan, 590 million yuan, and 660 million yuan for 2025-2027, respectively, with a current market capitalization corresponding to a 2025E PE of 48x, maintaining a "buy" rating [3].