根据《期货公司风险监管指标管理办法》（证监会令第 202 号）等相关规定，永安期货股份有限公司（指母公司,下同）2025 年半年度各项监管指标均符合标准，2025 年 6 月 30 日相关指标 具体报告如下： （1）净资本不得低于 3,000 万元，该指标的预警标准为 3,600 万元。 公司 2025 年 6 月 30 日净资本为 387,550.34 万元，符合标准。 （2）净资本与风险资本准备总额的比例（净资本/风险资本 准备总额）不得低于 100%，该指标的预警标准为 120%。 公司 2025 年 6 月 30 日净资本与风险资本准备总额的比例 （净资本/风险资本准备总额）为 342%，符合标准。 证券代码：600927 证券简称：永安期货 公告编号：2025-049 永安期货股份有限公司 2025 年半年度风险监管指标专项报告 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。 资产）为 34%，符合标准。 （4）流动资产与流动负债的比例不得低于 100%，该指标的 预警标准为 120%。 公司 2025 年 6 月 ...

永安期货公告，2025年上半年营业收入为55.56亿元，同比下降54.12%；净利润为1.7亿元，同比下降 44.69%。公司拟采用现金分红方式，每10股派发现金红利0.20元（含税），共派发现金红利2911.11万 元，占公司2025年半年度合并报表归属于母公司股东的净利润比例为17.11%。 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The overall situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October has gradually approached the annual low (1250 - 1300), and the downside space may be limited. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary According to Related Catalogs Futures Market - **Futures Contracts**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 decreased by 2.88%, 3.11%, 1.84%, 0.85%, and 2.01% respectively. The trading volume of EC2510 was 25,779, and the open - interest changes of different contracts varied, with EC2510 increasing by 52, EC2604 increasing by 133, etc. [2] - **Month - to - Month Spreads**: The spread of EC2510 - 2512 increased by 13.7 compared with the previous day and 95.9 compared with the previous week. The spread of EC2512 - 2602 decreased by 25.2 compared with the previous day and 69.3 compared with the previous week [2] Spot Market - **Spot Prices**: The prices of Telinit SCH (European Line) on August 25th and 22nd were 1990.2 and 1668 dollars/TEU respectively, with a decrease of 8.71% and 8.35% compared with the previous periods. The CCFI on August 22nd was 1757.74 points, a decrease of 1.85% compared with the previous period, and the NCFI was 1083.74 points, a decrease of 8.83% compared with the previous period [2] Shipping Market Weekly Situation - **Booking Situation**: Downstream is currently booking shipping space for the end of August and early September (week35 - 36). The final average price of week35 is 2550 dollars (1800 points), and the current average quoted price of week36 is 2300 dollars (1600 points). Different alliances and shipping companies have different price ranges [2] - **Capacity Situation**: The weekly average capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended sailings, it is 290,000 and 290,000 TEU. On August 26th, the suspension of the FE4 route of the PA alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average capacity in September to 305,000 TEU [2] Recent European Line Quotation Situation - **Week35**: The average landed price is 2575 dollars (1770 points) [3] - **Week36**: The latest quoted price of shipping companies ranges from 2120 to 2420 dollars, with an average of 2250 dollars (1550 points). Different alliances and shipping companies have different price ranges [3] - **Week37**: The opening quoted price of MSK is 1900 dollars (1300 points) [3] Related News - On August 23rd, US President Trump announced a major tariff investigation on imported furniture, and the tax rate is to be determined. On August 26th, Trump said dealing with Netanyahu was difficult and expected a good and clear outcome in 2 - 3 weeks. Also on August 26th, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if rare - earth magnet exports were restricted [4]

Report Information - Report Title: Asphalt Morning Report [2][10][18] - Research Team: Research Center Energy and Chemicals Team [3][11][19] - Report Date: August 26, 2025 [3][11][19] - Data Sources: Mysteel, Wind [14][22] Futures Market Futures Contracts - The BU main contract price was 3,512 on August 25, with a daily increase of 29 and a monthly increase of 51 [4][12][20]. - BU06 was 3,372, up 12 daily and 54 monthly [4][12][20]. - BU09 was 3,545, with an unspecified daily change and a monthly increase of 48 [4][12][20]. - BU12 was 3,432, up 32 daily and 62 monthly [4][12][20]. - BU03 was 3,394, up 32 daily and 72 monthly [4][12][20]. Trading Volume and Open Interest - The trading volume on August 25 was 257,555, an increase of 46,827 from the previous day and 43,392 from the previous month [4][12][20]. - The open interest was 411,487, a decrease of 9,629 from the previous day and 24,832 from the previous month [4][12][20]. Futures Inventory - The futures inventory was 30,940, unchanged from the previous day and a decrease of 700 from the previous month [4][12][20]. Spot Market Market Prices - The Shandong market price was 3,520, up 20 from the previous day and down 100 from the previous month [4][12][20]. - The East China market price was 3,720, unchanged from the previous day and down 10 from the previous month [4][12][20]. - The South China market price was 3,480, unchanged from the previous day and down 40 from the previous month [4][12][20]. - The North China market price was 3,650, unchanged from the previous day and down 30 from the previous month [4][12][20]. - The Northeast market price was 3,880, unchanged from the previous day and the previous month [4][12][20]. Price Differences - The price difference between Shandong and East China was -200, up 20 from the previous day and down 90 from the previous month [4][12][20]. - The price difference between Shandong and Northeast was -360, up 20 from the previous day and down 100 from the previous month [4][12][20]. - The price difference between East China and South China was 240, unchanged from the previous day and up 30 from the previous month [4][12][20]. Basis and Calendar Spread Basis - The Shandong basis was 8, down 9 from the previous day and down 151 from the previous month [4][12][20]. - The East China basis was 208, down 29 from the previous day and down 61 from the previous month [4][12][20]. - The South China basis was -32, down 29 from the previous day and down 91 from the previous month [4][12][20]. Calendar Spread - The 03 - 06 spread was 22, up 20 from the previous day and 18 from the previous month [4][12][20]. - The 06 - 09 spread was -173, down 13 from the previous day and up 6 from the previous month [4][12][20]. - The 09 - 12 spread was 113, down 7 from the previous day and down 14 from the previous month [4][12][20]. - The 12 - 03 spread was 38, unchanged from the previous day and down 10 from the previous month [4][12][20]. - The spread between the first and second contracts was 29, down 6 from the previous day and 7 from the previous month [4][12][20]. Crack Spread and Profit Crack Spread - The asphalt - Brent crack spread data was unavailable after August 15, with a value of -30 on July 25 and 28 on August 15 [4][12][20]. Profit - The asphalt - Marrow profit data was unavailable after August 15, with a value of -96 on July 25 and -42 on August 15 [4][12][20]. - The ordinary refinery comprehensive profit data was unavailable after August 15, with a value of 436 on July 25 and 511 on August 15 [4][12][20]. - The Marrow - type refinery comprehensive profit data was unavailable after August 15, with an unspecified value on July 25 and 754 on August 15 [4][12][20]. - The import profit from South Korea to East China was -126 on August 25, up 3 from the previous day [4][12][20]. - The import profit from Singapore to South China was -1,061 on August 25, up 4 from the previous day and down 26 from the previous month [4][12][20]. Related Prices - Brent crude oil was $67.7 on August 25, up $0.1 from the previous day and $1.1 from the previous month [4][12][20]. - The Shandong gasoline market price was 7,618 on August 25, down 51 from the previous day and 121 from the previous month [4][12][20]. - The Shandong diesel market price was 6,476 on August 25, down 25 from the previous day and 5 from the previous month [5][13][21]. - The Shandong residue market price was 3,635 on August 25 [5][13][21].

Group 1 - The core viewpoint is that the integration of financial tools with the traditional pig industry is transforming operational methods and risk management practices, enhancing the industry's ability to withstand risks [1] - The introduction of basis trading allows companies to lock in profits and reduce financial pressure, enabling them to focus on production rather than market fluctuations [2] - The successful implementation of digital models to connect small family farms with larger markets demonstrates the potential for financial resources to flow to smaller entities, providing solutions to mitigate cyclical volatility [3] Group 2 - The introduction of tiered service upgrades by Zhongji Commerce (Zhejiang) Co., Ltd. addresses diverse risk management needs of pig farming enterprises through innovative futures and spot business models [4] - The 1.0 version of the forward price locking order has successfully completed the delivery of 208,000 pigs in 2024, with contracts for 1.191 million pigs in 2025, covering 32 enterprises across 20 provinces [4] - The 2.0 version enhances flexibility through financial tools, allowing for dynamic adjustments in contract volumes based on market conditions, and introduces a "pig bank" service to lower hedging thresholds for high-cost enterprises [4][5] Group 3 - The 2.5 version optimizes delivery mechanisms, allowing clients to flexibly price based on pre-sale or repurchase needs, thus enabling timely realization of hedging profits [5] - The three-tiered model creates a comprehensive risk management system that covers basic price locking, dynamic hedging, and flexible delivery, empowering farming enterprises to tackle price volatility challenges [5]

上期所"服务实体经济创新案例"系列报道（二） 2024年6月的山东淄博，造纸企业A的总经理盯着电脑屏幕上跳动的纸浆期货行情，指尖无意识地敲着 桌面。7月要交付的一批高档文化用纸订单已经签了，客户报的价格勉强能覆盖成本，但此刻仓库里的 纸浆库存已见底，市面上纸浆现货价格仍高悬在6400元/吨。 更让他心慌的是，刚收到的行业报告显示，2024年上半年，全球浆纸市场风云变幻。国外纸浆厂频遭各 类供应端突发状况冲击，木材供应受限、生产设备故障、运输环节受阻等问题频发，纸浆供应稳定性大 打折扣，供应缺口隐现，推动纸浆期现货价格持续上扬。同时，国内消费市场活跃度不足，下游成品纸 需求疲软，尤其在文化用纸、包装用纸等领域，订单量较往年同期下滑明显。此时看到纸浆期货价格回 落到6050元/吨附近，他想做点什么，却又不知如何下手。 在造纸产业有一定集群规模的山东地区，A企业与众多中小型造纸企业遇到的问题一样：缺乏专业的期 货团队与完善的风险管理体系，面对复杂多变的市场，不知如何利用金融工具对冲价格风险，处于"不 敢做"的迷茫境地。即便有心尝试，也因专业知识匮乏、操作经验欠缺，陷入"不会做"的尴尬局面。企 业只能在传统采购模式下 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The overall logic of shorting on rallies remains unchanged. This is mainly because the market pattern in September is loose, and the subsequent driving forces are weak. The current October contract is at a discount of about 450 points to the spot price, and there is still expected room for decline. The valuation of far - month contracts is unclear, more affected by driving forces, and due to low open interest, they are greatly influenced by macro and capital behaviors [2][16]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **EC2508**: Yesterday's trading volume was 156, and the change in open interest was - 109 [2][16]. - **EC2510**: The closing price was 2125.0, down 2.21%. The base was 55.2 - 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2][16]. - **EC2512**: The closing price was 1721.4, down 3.07%. The base was 458.8, the trading volume was 7519, and the open interest was 12209 [2][16]. - **EC2602**: The closing price was 1513.0, down 1.24%. The base was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2][16]. - **EC2604**: The closing price was 1289.5, down 1.89%. The base was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2][16]. - **EC2606**: The closing price was 1470.1, down 0.67%. The base was 710.1, the open interest was 820, and the change in open interest was - 6 [2][16]. 3.2 Month - to - Month Spread Information - **EC2508 - 2510**: The spread was 800.0, with a day - on - day increase of 32.0 and a comparison increase of 89.8 [2][16]. - **EC2510 - 2512**: The spread was - 396.4, with a day - on - day increase of 24.5 and a comparison decrease of 7.0 [2][16]. - **EC2512 - 2602**: The spread was 208.4, with a day - on - day decrease of 35.5 and a comparison decrease of 24.5 [2][16]. 3.3 Index Information - **SCF (European Line)**: Updated on August 18, 2025, the index was 2180.17 (1820 in a certain unit), down 2.47% compared to the previous period and 2.71% compared to the period before the previous one [2][16]. - **CCFI (European Line)**: Updated on August 15, 2025, the index was 1790.47, down 0.48% compared to the previous period and up 0.53% compared to the period before the previous one [2][16]. - **NCFI (European Line)**: Updated on August 15, 2025, the index was 1188.69, down 5.49% compared to the previous period and down 8.57% compared to the period before the previous one [2][16]. 3.4 Booking and Shipping Capacity Information - **Week34**: The final landing average price was 2850 US dollars (2000 points). In Week 33, the cargo collection of MSK was good, OA was average, and PA was poor. In Week 34, cargo collection declined significantly, and some shipping companies faced pressure in accepting cargo [2][16]. - **Week35**: The current average quoted price is 2625 US dollars (1840 points after conversion). The average price in the spot market is 2575 US dollars (1770 points after conversion). The PA alliance quoted 2500 US dollars, MSK opened at 2300 US dollars (later raised to 2490 US dollars), and the OA alliance quoted 2700 - 2800 US dollars [2][3][16][17]. - **Week36**: The latest quoted prices of shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). MSK opened at 2100 US dollars, and some routes increased to 2200 US dollars; CMA's quote dropped from 3420 to 2620 US dollars [3][17]. - **Shipping Capacity**: The weekly average shipping capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as cancellations, they are 38,000, 297,000, and 283,000 TEU respectively [2][16].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - No relevant information provided Summary by Directory Price and Profit - The report presents the spot prices of various steel products from August 15 to August 21, 2025 including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar, as well as Tianjin, Shanghai, and Lecong's hot - rolled and cold - rolled coils. For rebar, Shanghai's price increased by 50, while others remained unchanged. For hot - rolled coils, Tianjin and Lecong's prices decreased by 10, and Shanghai's remained the same. Cold - rolled coil prices were mostly unchanged [1] Production and Inventory - No relevant information provided Basis and Spread - No relevant information provided

Group 1: Report Information - Report title: Pulp Morning Report [2] - Report date: August 22, 2025 [2] - Research team: Energy and Chemicals Team of the Research Center [2] Group 2: SP Main Contract Information - Closing price on August 21, 2025: 5130.00 [3] - Closing price trends from August 15 - 21, 2025: Decreased from 5306.00 to 5130.00 [3] - Dollar - converted price trends from August 15 - 21, 2025: Decreased from 645.15 to 623.85 [3] - Daily price change rates from August 15 - 21, 2025: - 0.22565%, - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682% [3] - Shandong Yinxing basis trends from August 15 - 21, 2025: Increased from 544 to 670 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis trends from August 15 - 21, 2025: Increased from 579 to 685 [3] Group 3: Pulp Price and Profit Information - Canadian Lion brands (Golden Lion, Lion) and Chilean Silver Star price, import profit: Golden Lion (CFR, port price 780 dollars, Shandong price 6350 yuan, profit - 48.45 yuan); Lion (CFR, port price 730 dollars, Shandong price 5500 yuan, profit - 442.78 yuan); Silver Star (CFR 90 - day letter of credit, port price 720 dollars, Shandong price 5800 yuan, profit - 111.65 yuan) [4] Group 4: Pulp and Paper Product Price and Margin Information - National and Shandong regional pulp average prices from August 15 - 21, 2025: No change in all types of pulp (coniferous, broad - leaf, natural color, chemimechanical) [4] - Paper product index (cultural, packaging, living paper) from August 18 - 21, 2025: No change [4] - Paper product profit margin trends from August 18 - 21, 2025: Double - offset paper margin increased from 4.8673% to 5.0306%; Double - copper paper margin increased from 22.6786% to 22.8214%; White - card paper margin increased from - 13.4568% to - 13.3333%; Living paper margin increased from 6.8022% to 7.4515% [4] Group 5: Pulp Price Difference Information - Coniferous - broadleaf, coniferous - natural color, coniferous - chemimechanical, coniferous - waste paper price differences from August 15 - 21, 2025: Coniferous - broadleaf price difference decreased from 1650 to 1620; Coniferous - natural color price difference decreased from 450 to 400; Coniferous - chemimechanical price difference decreased from 2025 to 1975; Coniferous - waste paper price difference decreased from 4274 to 4224 [4]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoint There is no explicit core viewpoint presented in the given report. The report mainly provides a series of data on asphalt, including futures prices, trading volumes, positions, spot prices, and various spreads and profit margins. 3. Summary by Relevant Catalogs Futures Market - **Contract Prices**: The BU main contract price decreased from 3609 on 7/22 to 3454 on 8/20, a weekly change of -52. Other contracts like BU06, BU09, BU12, and BU03 also showed different degrees of decline [20]. - **Trading Volume and Position**: The trading volume increased by 53,888 week - on - week to 222,537 on 8/20, and the position decreased by 16,607 to 429,967 [20]. Spot Market - **Market Prices**: The Shandong market price dropped from 3845 on 7/22 to 3530 on 8/20, a weekly decline of -120. The East China market price decreased by -10, the South China market price by -20, and the Northeast market price by -20 [20]. - **Price Spreads**: The Shandong - East China spread widened to -190 on 8/20 from -80 on 8/12, a change of -110. The Shandong - Northeast spread widened to -350 from -250, a change of -100 [20]. Basis and Monthly Spreads - **Basis**: The Shandong basis decreased from 236 on 7/22 to 76 on 8/20, a weekly change of -68. The East China basis increased by 42, and the South China basis increased by 32 [20]. - **Monthly Spreads**: The 06 - 09 spread changed from -224 on 7/22 to -178 on 8/20, a change of 21. The 09 - 12 spread increased by 6 [20]. Spreads and Profits - **Spreads**: The asphalt Brent spread was -6 on 7/22 and 71 on 8/20, with a weekly change of -5. - **Profits**: The asphalt MRE profit increased by 38 week - on - week to -4 on 8/20. The ordinary refinery comprehensive profit decreased by 37, and the MRE - type refinery comprehensive profit decreased by 23 [20]. Related Prices - **Crude Oil and Other Products**: The Brent crude oil price decreased by 0.8 on 8/20 compared to 8/19, with a weekly change of 0.2. The Shandong gasoline market price decreased by 90 week - on - week to 7648 on 8/20 [20].