Group 1: SP Main Contract Information - The closing price of the SP main contract on October 31, 2025, was 5212.00 [3] - The closing prices from October 27 - 31, 2025, were 5258.00, 5226.00, 5242.00, 5224.00, and 5212.00 respectively [3] - The corresponding dollar - converted prices were 645.65, 642.60, 644.73, 641.44, and 641.44 respectively [3] - The daily price changes were 0.34351%, - 0.60860%, 0.30616%, - 0.34338%, and - 0.22971% respectively [3] - The Shandong Yinxing basis on October 31, 2025, was 263, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 298 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian pulp: the CFR price of Golden Lion was 780 dollars, the Shandong RMB price was 6200, and the import profit was - 136.75; the CFR price of Lion was 730 dollars, the Shandong RMB price was 5350, and the import profit was - 585.04 [4] - For Chilean pulp, the CFR letter of credit (90 - day) price of Yinxing was 680 dollars, the Shandong RMB price was 5475, and the import profit was - 58.32 [4] Group 3: Pulp Price Averages - From October 27 - 31, 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 [4] - The Shandong regional average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Product Indexes and Margins - From October 28 - 31, 2025, the cultural paper indexes (double - offset and double - copper) remained at 5725 and 5670 respectively; the packaging paper index (white card) remained at 4350; the living paper index remained at 841 [4] - The estimated profit margins of double - offset paper remained at 0.2667%, double - copper paper at 13.2903%, white card paper at - 9.2823%, and living paper at 6.9932% from October 28 - 31, 2025 [4] Group 5: Pulp Price Spreads - The softwood - hardwood price spread on October 31, 2025, was 1225.00, and it was 1250 from October 27 - 30, 2025 [4] - The softwood - natural pulp price spread on October 31, 2025, was 75, and it was 100 from October 27 - 30, 2025 [4] - The softwood - chemimechanical pulp price spread on October 31, 2025, was 1675, and it was 1700 from October 27 - 30, 2025 [5] - The softwood - waste paper price spread on October 31, 2025, was 3899, and it was 3924 from October 27 - 30, 2025 [5]

Group 1: Futures Market Data - EC2512 futures had a closing price of 1804.0, a decline of 2.16% and a volume of -491.3, with an open interest of 31365 [2][13] - EC2602 futures closed at 1553.6, down 1.86% and -240.9 in volume, open interest was 18455 with a change [2][13] - EC2604 futures closed at 1161.1, down 1.26% and 151.6 in volume, open interest was 14910 with an increase of 450 [2][13] Group 2: Spread Data - The spread of EC2512 - 2504 was 642.9, with a daily decrease of 25.0 and a weekly increase of 21.6 [2][13] - The spread of EC2512 - 2602 was 250.4, down 10.4 daily and up 39.3 weekly [2][13] - The spread of EC2502 - 2604 was 392.5, down 14.6 daily and down 17.7 weekly [2][13] Group 3: Spot Index Data - The SCHIS index was 1312.71 on 2025/10/27, up 15.11% from the previous period [2][13] - The SCFI (European line) was 1344 dollars/TEU on 2025/10/31, up 7.87% from the previous period [2][13] - The CCFI (European line) was 1323.81 on 2025/10/31, up 2.37% from the previous period [2][13] - The NCFI was 965.62 on 2025/10/31, up 17.43% from the previous period [2][13] Group 4: Capacity and Market Analysis - In week 49, two ships were postponed. December's average weekly capacity is 290,000 - 336,000 TEU [2][13] - November's Week 45 - 48 capacity was 310,000, 250,000, 277,000, 325,000 TEU respectively, with more pressure in the second half [2][13] - In the first half of November, OA and MSK had no pressure in receiving goods, while PA alliance lacked goods and led price - cuts [2][13] Group 5: Investment Suggestions - Suggest an overall "buy - on - dips" strategy, waiting for next week or trading on PA's price - cuts/MSK's price stability [3][14] - The current valuation of the 12 contract is moderately high, and the 02 contract's valuation is hard to determine, expected to follow the 12 contract [3][14] - The 04 contract is a off - season contract, suggest a "sell - on - rallies" strategy due to greater supply pressure next year [3][14] Group 6: European Line Quotation - This week, downstream is booking November (week 45) space. In early November, PA cut prices the most to 1700 - 1900 dollars, GEMINJ to 2100 - 2200, OA to 2250 dollars, with an average of about 2050 dollars (equivalent to 1430 points) [3][14] Group 7: News - On 10/31, Israel's attacks on Gaza hit the cease - fire agreement. The cease - fire has been in place for three weeks but key issues remain unsolved [3][14] - On 11/1, Qatar warned that Gaza may fall into a "neither war nor peace" situation [4][15] - On 11/3, Houthi rebels said they would strongly respond to any Israeli aggression [4][15]

焦炭日报 研究中心黑色团队 2025/11/3 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1537.01 | 0.00 | 54.61 | 109.23 | -18.60% 高炉开工率 | 88.61 | | -1.33 | -2.04 | 0.15% | | 河北准一干熄 | 1790.00 | 0.00 | 55.00 | 110.00 | -1.10% 铁水日均产量 | 236.36 | | -3.54 | -5.45 | 0.38% | | 山东准一干熄 | 1715.00 | 0.00 | 55.00 | 110.00 | -16.95% 盘面05 | 1930 | -8.50 | 37.00 | 60.50 | -8.68% | | 江苏准一干熄 | 1755.00 | 0.00 | 55.00 | 110.00 | -16.63% 盘面09 | 2018 | -9 ...

铁合金早报 | | | | | | | | | | 2025/11/3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5180 | -40 | -20 | 5480 | 主力合约 | 5500 | -50 | -42 | | | 内蒙#72 | 5250 | 0 | 0 | 5600 | 01合约 | 5500 | -50 | -42 | | 产区汇总价 | 青海#72 | 5220 | -30 | 20 | 5550 | 05合约 | 5566 | -82 | -46 | | | 陕西#72 | 5170 | -30 | 20 | 5470 | 09合约 | 5674 | -58 | -6 | | | 陕西#75 | 5750 | 0 | -50 | | 主力月基差 | -20 | 10 | 22 | | 硅铁合格块 ...

Core Viewpoint - The performance of four A-share listed futures companies in the third quarter shows significant divergence, with Ruida Futures leading in net profit growth at 42.15% year-on-year, while the overall industry is experiencing substantial growth in market scale and regulatory improvements [2][4]. Group 1: Company Performance - Ruida Futures reported a total operating revenue of 1.62 billion yuan, a year-on-year decrease of 2.87%, with a net profit of 386 million yuan, marking a 42.15% increase [2]. - Yong'an Futures achieved an operating revenue of 8.36 billion yuan, down 55.26% year-on-year, but its net profit rose by 13.31% to 475 million yuan [2]. - Nanhua Futures had an operating revenue of 941 million yuan, a decline of 8.27%, with a net profit of 351 million yuan, down 1.92% [3]. - Hongye Futures reported an operating revenue of 462 million yuan, a significant drop of 76.77%, and a net profit of 209,970 yuan, down 87.27% [3]. Group 2: Market Trends - As of October 9, 2025, the total funds in China's futures market exceeded 2 trillion yuan, reaching approximately 2.02 trillion yuan, a 24% increase from the end of 2024 [4]. - The total client equity of futures companies was about 1.91 trillion yuan, also reflecting a 24% growth compared to the end of 2024 [4]. - The number of effective clients in the market surpassed 2.7 million, a 14% increase year-on-year, with institutional clients growing by 3% and foreign clients by 11% [5]. Group 3: Regulatory Developments - The China Futures Association announced the implementation of the "Futures Market Making Business Management Rules" starting December 1, 2025, which aims to enhance the management and risk prevention of market-making activities [5][6]. - As of September 2023, 38 companies were engaged in market-making for 61 futures varieties, and 33 companies were involved in market-making for 69 options varieties [6].

Core Points - The company Zhejiang Zhongbang Industrial Development Co., Ltd. has signed a new maximum guarantee contract with China Construction Bank Hangzhou Branch to provide a guarantee of 190 million RMB for its subsidiary Yong'an Capital [1][3] - The total amount of guarantees provided by Zhongbang Company for Yong'an Capital and its subsidiaries has reached 5.633 billion RMB, which includes the new guarantee [1][5] - The guarantee is within the approved limit and does not harm the interests of the company and its shareholders, especially minority shareholders [1][5] Internal Decision-Making Process - The company held its fourth board meeting on April 22, 2025, and the annual general meeting on May 20, 2025, where it approved an increase in the guarantee limit to 8 billion RMB for Yong'an Capital and its subsidiaries [2] - The authorized guarantee limit is valid from the date of approval until the next annual general meeting [2] Guarantee Agreement Details - The guarantor is Zhejiang Zhongbang Industrial Development Co., Ltd., and the creditor is China Construction Bank Hangzhou Branch [3] - The guarantee covers the principal balance of up to 190 million RMB, including interest, penalties, and other related costs [3][5] Guarantee Method and Duration - The guarantee is a joint liability guarantee, meaning the guarantor shares responsibility for the debt [4] - The guarantee period is calculated based on the specific credit agreement and can extend for three years after the debt maturity date [5] Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the operational needs of Yong'an Capital, ensuring stable business development [5] - The company maintains effective control over the operational risks and credit status of the guaranteed subsidiary, making the guarantee risk manageable [5] Cumulative External Guarantee Amount - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 5.633 billion RMB, which represents 43.99% of the latest audited net assets attributable to shareholders [5]

Core Points - The company Zhejiang Zhongbang Industrial Development Co., Ltd. has signed a new guarantee contract with China Construction Bank for a total amount of 190 million RMB to support its subsidiary Yong'an Capital [1] - The total amount of guarantees provided by Zhongbang to Yong'an Capital and its subsidiaries has reached 5.633 billion RMB, which includes the new guarantee [1] - The guarantee is within the approved limit from the 2024 annual shareholders' meeting and does not harm the interests of the company or its shareholders, especially minority shareholders [1] Internal Decision-Making Process - The company held a board meeting on April 22, 2025, and an annual shareholders' meeting on May 20, 2025, where it approved an increase in the guarantee limit to 8 billion RMB for Zhongbang to support Yong'an Capital and its subsidiaries [2] - The authorized guarantee limit is valid from the approval date until the next annual shareholders' meeting [2] Guarantee Agreement Details - The guarantor is Zhejiang Zhongbang Industrial Development Co., Ltd., and the creditor is China Construction Bank, Hangzhou Branch [3] - The guarantee covers the principal balance of up to 190 million RMB, including interest, penalties, and other related costs [4][5] - The guarantee is a joint liability guarantee, with a guarantee period extending three years after the debt fulfillment deadline [5] Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational needs of Yong'an Capital, ensuring stable business development and aligning with the company's overall interests and strategic goals [5] - The company maintains effective control over the operational risks and credit status of the guaranteed entity, making the guarantee risk manageable [5] Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 5.633 billion RMB, representing 43.99% of the latest audited net assets attributable to shareholders [5]

Report Information - Report Title: Coking Coal Daily Report - Date: October 31, 2025 - Research Team: Black Team of the Research Center [1] Price Changes - **Domestic Coking Coal Prices**: The price of Liulin Main Coking Coal is 1,575.00, unchanged daily and weekly, up 72.00 monthly, and up 5.00% annually; the price of Raw Coal Port Pick-up is 1,170.00, up 30.00 daily, 43.00 weekly, 120.00 monthly, and up 0.86% annually; the price of Shaheyi Meng 5 is 1,470.00, unchanged daily and weekly, up 80.00 monthly, and down 12.50% annually; the price of Anze Main Coking Coal is 1,600.00, unchanged daily and weekly, up 10.00 monthly, and down 5.88% annually [2]. - **International Coking Coal Prices**: The price of Peak Downs is 211.50, unchanged daily, up 2.40 weekly, up 6.50 monthly, and down 3.90% annually; the price of Goonyella is 211.50, unchanged daily, up 2.40 weekly, up 6.50 monthly, and down 3.90% annually [2]. - **Futures Prices**: The price of Futures 05 is 1,369.00, up 28.50 daily, 51.50 weekly, 53.00 monthly, and down 6.04% annually; the price of Futures 09 is 1,439.00, up 21.50 daily, 52.00 weekly, 53.00 monthly, and down 3.13% annually; the price of Futures 01 is 1,298.00, up 30.50 daily, 46.50 weekly, 75.50 monthly, and down 6.01% annually [2]. Inventory Changes - **Total Inventory**: The total inventory is 3,306.84, down 4.44 weekly, 81.22 monthly, and 13.72% annually [2]. - **Coal Mine Inventory**: The coal mine inventory is 164.53, down 25.01 weekly, 27.01 monthly, and 40.57% annually [2]. - **Port Inventory**: The port inventory is 275.65, up 2.94 weekly, 10.16 monthly, and down 33.84% annually [2]. - **Steel Mill Coking Coal Inventory**: The steel mill coking coal inventory is 782.96, down 5.36 weekly, 13.11 monthly, and up 6.16% annually [2]. - **Coking Plant Coking Coal Inventory**: The coking plant coking coal inventory is 1,029.70, up 32.33 weekly, 30.63 monthly, and 11.53% annually [2]. Other Indicators - **Coking Capacity Utilization Rate**: The coking capacity utilization rate is 73.44, down 0.03 weekly, 1.69 monthly, and 0.33% annually [2]. - **Coking Plant Coke Inventory**: The coking plant coke inventory is 85.21, up 0.18 weekly, down 0.61 monthly, and 1.58% annually [2]. - **Basis and Spread**: The 05 basis is -57.74, down 21.60 daily, up 41.60 weekly, 65.39 monthly, and 22.48% annually; the 09 basis is -127.74, down 14.60 daily, up 41.10 weekly, 65.39 monthly, and 0.17% annually; the 01 basis is 13.26, down 23.60 daily, up 46.60 weekly, 42.89 monthly, and down 4.14% annually; the 5 - 9 spread is -70.00, up 7.00 daily, down 0.50 weekly, unchanged monthly, and up 1.46% annually; the 9 - 1 spread is 141.00, down 9.00 daily, up 5.50 weekly, down 22.50 monthly, and 0.35% annually; the 1 - 5 spread is -71.00, up 2.00 daily, down 5.00 weekly, up 22.50 monthly, and down 0.07% annually [2].

Report Summary 1. Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: October 31, 2025 [2] 2. SP Main Contract Closing Price - On October 30, 2025, the closing price of the SP main contract was 5224.00, with a decrease of 0.34338% from the previous day. The closing prices from October 24 - 29 were 5240.00, 5258.00, 5226.00, 5242.00 respectively, with corresponding daily changes of -0.19048%, 0.34351%, -0.60860%, 0.30616% [3]. - The converted US dollar prices from October 24 - 30 were 642.32, 645.65, 642.60, 644.73, 644.73 respectively [3]. - The Shandong Yinxing basis from October 24 - 30 was 350, 242, 274, 258, 276 respectively; the Jiangsu - Zhejiang - Shanghai Yinxing basis was 310, 277, 309, 268, 286 respectively [3]. 3. Import Price and Profit - Calculated with 13% VAT, for Canadian Golden Lion (CFR), the port US dollar price was 780, the Shandong region RMB price was 6200, and the import profit was -127.94; for Canadian Lion (CFR), the port US dollar price was 730, the Shandong region RMB price was 5350, and the import profit was -576.79; for Chilean Yinxing (CFR letter of credit 90 days), the port US dollar price was 680, the Shandong region RMB price was 5500, and the import profit was -25.64. The previous day's exchange rate was 7.10 [4]. 4. National and Regional Pulp and Paper Prices - From October 24 - 30, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, 3686.25 respectively; the Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, 3600.00 respectively [4]. - The cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged from October 27 - 30, 2025, at 5725, 5670, 4350, 841 respectively [4]. - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper from October 27 - 30, 2025, were 0.2667%, 13.2903%, -9.2823%, 6.9932% (with a change of -0.0191 for living paper) respectively [4]. 5. Pulp Price Spreads - From October 24 - 30, 2025, the softwood - hardwood pulp price spread changed from 1350 to 1250; the softwood - natural pulp price spread changed from 190 to 100; the softwood - chemimechanical pulp price spread changed from 1790 to 1700; the softwood - waste paper price spread changed from 4014 to 3924 [4].

Core Viewpoint - Yong'an Futures announced that the company and its controlling subsidiaries do not have any overdue guarantee situations [2] Group 1 - The announcement was made on the evening of October 30 [2] - The statement emphasizes the financial stability of the company and its subsidiaries [2]