Core Viewpoint - The diversified financial sector experienced a slight increase of 0.37% on October 23, with Ruida Futures leading the gains. The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1]. Group 1: Market Performance - The diversified financial sector's stocks showed varied performance, with Ruida Futures closing at 23.13, up 6.34%, and Zhejiang Dongfang at 6.31, up 4.30% [1]. - The trading volume for Ruida Futures was 294,400 hands, with a transaction value of 674 million yuan [1]. - Other notable performers included Hongye Futures, which rose by 3.14% to 11.50, and Nanhua Futures, which increased by 2.79% to 21.73 [1]. Group 2: Capital Flow - The diversified financial sector saw a net outflow of 137 million yuan from major funds, while retail investors contributed a net inflow of 152 million yuan [2]. - Major funds showed a significant net inflow in Ruida Futures, amounting to 99.64 million yuan, representing 14.79% of its total trading [3]. - In contrast, Zhejiang Dongfang experienced a net outflow of 18.60 million yuan from major funds, indicating a negative sentiment among institutional investors [3].

Core Viewpoint - The stock of Yong'an Futures (600927) has shown a slight increase in price, but the company's financial performance has significantly declined, indicating potential challenges ahead [1][2]. Financial Performance - As of the latest report, Yong'an Futures has a total market value of 21.848 billion yuan, with a net asset value of 12.859 billion yuan and a net profit of 170 million yuan, all of which are below the industry averages [2]. - The company's main revenue for the first half of 2025 was 5.556 billion yuan, a year-on-year decrease of 54.12%, while the net profit dropped by 44.69% [2]. - The second quarter of 2025 saw a single-quarter main revenue of 3.279 billion yuan, down 57.81% year-on-year, and a net profit of 161 million yuan, down 29.96% [2]. Market Activity - On October 23, 2025, Yong'an Futures closed at 15.01 yuan, with a trading volume of 84,100 hands and a total transaction amount of 125 million yuan [1]. - The net inflow of main funds on that day was 938,100 yuan, accounting for 0.75% of the total transaction amount, while retail investors saw a net outflow of 6.3063 million yuan, representing 5.05% of the total [1]. Institutional Ratings - In the last 90 days, four institutions have provided ratings for Yong'an Futures, with three giving a "buy" rating and one an "increase" rating, while the average target price set by institutions is 19.81 yuan [3].

Core Viewpoint - The A-share market's futures sector experienced a significant rally, with notable increases in various futures companies [1] Group 1: Market Performance - The futures sector in the A-share market saw a surge, with Ruida Futures hitting the upper limit of its trading range [1] - Nanhua Futures rose over 6%, indicating strong investor interest and market momentum [1] - Other companies such as Hongye Futures and Yong'an Futures also experienced upward movement, reflecting a broader trend in the sector [1]

Report Information - Report Title: Coking Coal Daily Report - Report Date: October 23, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalog Price Information - **Domestic Coking Coal**: The latest price of Liulin Main Coking Coal is 1575.00, with no daily change, a weekly increase of 25.00, a monthly increase of 72.00, and an annual decrease of 1.56%. The price of Yuanmei Port Delivery Price is 1095.00, with a daily decrease of 5.00, a weekly increase of 52.00, a monthly increase of 105.00, and an annual decrease of 7.98%. The price of Shaheyi Meng 5 is 1470.00, with a daily and weekly increase of 50.00, a monthly increase of 120.00, and an annual decrease of 13.53%. The price of Anze Main Coking Coal is 1550.00, with no daily change, a weekly increase of 20.00, a monthly increase of 50.00, and an annual decrease of 11.43% [2]. - **Foreign Coking Coal**: The latest price of Peak Downs is 204.50, with no daily change, a weekly increase of 0.50, a monthly increase of 2.50, and an annual decrease of 7.70%. The price of Goonyella is 204.50, with no daily change, a weekly increase of 0.50, a monthly increase of 1.50, and an annual decrease of 7.70% [2]. - **Futures Market**: The latest price of Futures Contract 05 is 1272.00, with a daily increase of 7.00, a weekly increase of 28.00, a monthly decrease of 52.00, and an annual decrease of 9.24%. The price of Futures Contract 09 is 1351.00, with a daily increase of 13.00, a weekly increase of 23.50, a monthly decrease of 20.50, and an annual decrease of 4.69%. The price of Futures Contract 01 is 1197.00, with a daily increase of 4.50, a weekly increase of 35.00, a monthly decrease of 31.50, and an annual decrease of 11.33% [2]. Inventory Information - **Total Inventory**: The total coking coal inventory is 3318.39, with a weekly increase of 24.01, a monthly decrease of 64.08, and an annual decrease of 12.29% [2]. - **Sub - Inventory**: Coal mine inventory is 205.41, with a weekly increase of 9.55, a monthly decrease of 27.38, and an annual decrease of 19.47%. Port inventory is 294.99, with no weekly change, a monthly increase of 23.88, and an annual decrease of 27.62%. Steel mill coking coal inventory is 781.13, with a weekly decrease of 6.93, a monthly decrease of 12.60, and an annual increase of 6.33%. Coking plant coking coal inventory is 959.06, with a weekly decrease of 78.65, a monthly increase of 75.52, and an annual increase of 2.55% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 74.24, with a weekly decrease of 0.94, a monthly decrease of 1.63, and no annual change [2]. - **Coking Coke Inventory**: The coking coke inventory is 84.72, with a weekly decrease of 0.81, a monthly decrease of 1.31, and an annual decrease of 2.06% [2]. - **Futures Basis and Spread**: The basis of Futures Contract 05 is - 53.84, with a daily decrease of 7.00, a weekly increase of 27.17, a monthly increase of 232.46, and an annual decrease of 57.86%. The basis of Futures Contract 09 is - 132.84, with a daily decrease of 13.00, a weekly increase of 31.67, a monthly increase of 200.96, and an annual increase of 10.09%. The basis of Futures Contract 01 is 21.16, with a daily decrease of 4.50, a weekly increase of 20.17, a monthly increase of 211.96, and an annual decrease of 0.62%. The 5 - 9 spread is - 79.00, with a daily decrease of 6.00, a weekly increase of 4.50, a monthly decrease of 31.50, and an annual increase of 3.94%. The 9 - 1 spread is 154.00, with a daily increase of 8.50, a weekly decrease of 11.50, a monthly increase of 11.00, and an annual increase of 1.28%. The 1 - 5 spread is - 75.00, with a daily decrease of 2.50, a weekly increase of 7.00, a monthly increase of 20.50, and an annual increase of 0.46% [2]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - Not provided in the given content 3) Summary by Relevant Catalogs Price and Profit - The report provides the spot prices of various steel products (including different types of rebar and hot - rolled, cold - rolled coils) in multiple locations from October 16th to October 22nd, 2025, along with the price changes during this period [1] Basis and Spread - Not provided in the given content Output and Inventory - Not provided in the given content

Group 1: Spot Market - Newman powder price is 778, with a daily change of 2 and a weekly change of 6; its import profit is -26.32 [1] - PB powder price is 781, with a daily change of 4 and a weekly change of 6; its import profit is -22.41 [1] - Mac powder price is 777, with a daily change of 1 and a weekly change of 7; its import profit is 7.00 [1] - Jinbuba powder price is 749, with a daily change of 2 and a weekly change of 4; its import profit is 9.43 [1] - Mainstream mixed powder price is 744, with a daily change of 5 and a weekly change of -1; its import profit is -1.17 [1] - Super special powder price is 705, with a daily change of 3 and a weekly change of 2; its import profit is 6.32 [1] - Carajás powder price is 905, with a daily change of 1 and a weekly change of 2; its import profit is -9.09 [1] - Brazilian blend price is 816, with a daily change of 3 and a weekly change of 6; its import profit is -11.12 [1] - IOC6 price is 782, with a daily change of 4 and a weekly change of 3 [1] - SSFG price is 787, with a daily change of 4 and a weekly change of 3 [1] - Ukrainian concentrate price is 903, with a daily change of 6 and a weekly change of 3 [1] - 61% Indian powder price is 738, with a daily change of 2 and a weekly change of 4 [1] - Karara concentrate price is 903, with a daily change of 6 and a weekly change of 3 [1] - Roy Hill powder price is 768, with a daily change of 4 and a weekly change of 6; its import profit is 4.25 [1] - KUMBA powder price is 840, with a daily change of 4 and a weekly change of 6 [1] - 57% Indian powder price is 638, with a daily change of 3 and a weekly change of 2 [1] - Atlas powder price is 739, with a daily change of 5 and a weekly change of -1 [1] - Tangshan iron concentrate price is 1021, with a daily change of 0 and a weekly change of 8 [1] Group 2: Futures Market - i2601 price is 774.0, with a daily change of 4.5 and a weekly change of -2.5; its monthly spread is -43.0 [1] - i2605 price is 753.0, with a daily change of 3.5 and a weekly change of -1.0; its monthly spread is 21.0 [1] - i2609 price is 731.0, with a daily change of 1.5 and a weekly change of -2.0; its monthly spread is 22.0 [1] - FE01 price is 100.25, with a daily change of 0.10 and a weekly change of -1.25; its monthly spread is -4.06 [1] - FE05 price is 98.24, with a daily change of 0.04 and a weekly change of -0.79; its monthly spread is 2.01 [1] - FE09 price is 96.19, with a daily change of 0.02 and a weekly change of -0.67; its monthly spread is 2.05 [1]

永安期货股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 10 月 27 日杭州 会议须知 为维护股东的合法权益，确保股东大会的正常秩序和议事效 率，根据《公司法》《上市公司股东会规则》等法律法规和《公司 章程》等规定，现就会议须知通知如下： 一、股东及股东代理人（以下简称"股东"）请提前十五分钟 进入会场，办理登记手续，领取会议资料，由工作人员安排入座。 二、为保证本次大会的严肃性和正常秩序，除出席或列席现 场会议的股东、董事、监事、高级管理人员、公司聘请的律师及 公司董事会认可的人员以外，公司有权依法拒绝其他人士入场。 三、股东参加股东大会，应认真履行其法定权利和义务，尊 重和维护其他股东的合法权益。会议开始后请将手机铃声置于震 动或静音状态，保障大会的正常秩序。 《股东发言登记表》。股东发言应围绕本次大会所审议的议案， 简明扼要，发言时应当先介绍姓名或股东单位，每位发言时间不 超过 3 分钟。由于本次股东大会时间有限，公司不能保证填写《股 东发言登记表》的股东均能在本次股东大会上发言，发言顺序按 照登记时间先后安排。在大会进行表决时，股东不再进行发言。 若股东违反上述规定，大会主持人 ...

Report Summary 1. Report Information - The report is the Pulp Morning Report, released by the Energy and Chemicals Team of the Research Center on October 22, 2025 [2] 2. SP Main Contract Closing Price - On October 21, 2025, the SP main contract closing price was 5170.00. The closing prices and related data from October 15 - 21, 2025, are as follows: - Closing prices: 4856.00 (Oct 15 - 16), 5122.00 (Oct 17), 5156.00 (Oct 20), 5170.00 (Oct 21) - Dollar - converted prices: 594.54 (Oct 15), 594.45 (Oct 16), 627.35 (Oct 17), 631.87 (Oct 20 - 21) - Daily price changes: 0.20636% (Oct 15), 0.00000% (Oct 16), 5.47776% (Oct 17), 0.66380% (Oct 20), 0.27153% (Oct 21) - Shandong Yinxing basis: 734 (Oct 15), 744 (Oct 16), 478 (Oct 17), 444 (Oct 20), 430 (Oct 21) - Jiangsu, Zhejiang, and Shanghai Yinxing basis: 729 (Oct 15 - 16), 438 (Oct 17), 404 (Oct 20), 390 (Oct 21) [3] 3. Import Price and Profit - With a 13% VAT calculation, the import prices and profits of different pulp brands are as follows: - Canadian Golden Lion (CFR): port dollar price 780, Shandong RMB price 6200, import profit - 145.57 - Canadian Lion (CFR): port dollar price 730, Shandong RMB price 5350, import profit - 593.29 - Chilean Yinxing (CFR letter of credit 90 days): port dollar price 700, Shandong RMB price 5600, import profit - 101.92 [4] 4. Pulp and Paper Price and Margin - Pulp prices (Oct 15 - 21, 2025): - 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 - Shandong average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - Paper prices and margins: - Cultural paper (Oct 16 - 21, 2025): double - offset index and double - copper index remained at 5725 and 5670 respectively; double - offset profit margin remained at - 0.0774%, double - copper profit margin remained at 12.9677% - Packaging paper (Oct 16 - 21, 2025): white - card index remained at 4350, white - card profit margin remained at - 10.3133% - Tissue paper (Oct 16 - 21, 2025): tissue index increased from 839 to 841, tissue profit margin changed from 6.9359% (Oct 16) to 7.0696% (Oct 21) [4] 5. Pulp Price Spreads - From October 15 - 21, 2025, the price spreads between different types of pulp were as follows: - Softwood - hardwood spread: 1330 (Oct 15), 1340 (Oct 16 - 17), 1350 (Oct 20 - 21) - Softwood - natural spread: 190 (Oct 15), 200 (Oct 16 - 21) - Softwood - chemimechanical spread: 1790 (Oct 15), 1800 (Oct 16 - 21) - Softwood - waste paper spread: 4014 (Oct 15), 4024 (Oct 16 - 21) [4]

焦煤日报 2025/10/22 研究中心黑色团队 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1575.00 | 0.00 | 25.00 | 72.00 | -1.56% Peak Downs | 204.50 | 0.00 | -0.50 | 1.50 | -7.70 | | 原煤口岸库提价 | 1100.00 | -15.00 | 58.00 | 100.00 | -7.17% Goonyella | 204.50 | 0.00 | 0.50 | 0.50 | -7.70 | | 沙河驿蒙5# | 1420.00 | 0.00 | 0.00 | 70.00 | -16.47% 盘面05 | 1265.00 | -32.00 | 43.00 | 0.50 | -10.60% | | 安泽主焦 | 1550.00 | 0.00 | 20.00 | 50.00 | -13.89% ...

Core Insights - The Chinese futures market has reached a milestone with total funds exceeding 2 trillion yuan, reflecting a 24% increase from the end of 2024 [1] - There has been a significant increase in new account openings, driven by interest in precious metals and stock index futures [1] - The overall performance of the futures industry is recovering, with net profits for the first eight months of 2025 reaching 76.5 billion yuan, a new high in recent years [7] Market Growth - As of September 2025, the number of effective clients in the market has surpassed 2.7 million, a 14% increase year-on-year, with 650,000 new clients added in the first three quarters [2] - Institutional clients have shown steady growth of 3%, while overseas clients have increased by 11%, with traders distributed across 40 countries and regions [2] Client Segmentation - Industrial clients and overseas clients are identified as key growth drivers in the domestic futures market, with industrial clients focusing on risk management and strategic planning [3][5] - A record 1,583 A-share listed companies have issued hedging announcements this year, surpassing the total for 2024, indicating a growing engagement in risk management [3] Service Enhancement - Futures companies are enhancing the service capabilities of frontline staff to meet the increasing demands of industrial and institutional clients [4] - Staff are required to possess in-depth knowledge of industry structures, market dynamics, and risk points, along with strong communication skills to effectively address client needs [4] International Engagement - The acceleration of the Chinese futures market's opening has led to significant interest from overseas clients, with many potential clients ready to participate actively [6] - Feedback from European client interactions indicates a strong familiarity with market entry rules and a readiness to engage in trading [6] Financial Performance - As of August 2025, the total trading volume reached 65.23 trillion yuan, with a net profit of 12.34 billion yuan for the period [7] - There is a notable performance disparity among futures companies, with profits concentrated in a few firms, while traditional brokerage competition remains intense [7] - Specific A-share listed futures companies have shown varied performance, with some experiencing significant profit increases while others have reported losses [7][8]