Core Viewpoint - The Guangdong Securities and Futures Industry Association organized a research activity in Hangzhou to enhance the service capabilities and core competitiveness of local futures institutions by learning from the advanced experiences of the Zhejiang futures market in serving the real economy [1][8]. Group 1: Research Activities - The research team, consisting of 26 representatives from local futures institutions, visited leading enterprises such as Everbright Futures Co., Ltd. and Zhejiang Zhongtuo Group Co., Ltd. to establish a communication bridge for collaborative development between the futures industry and the real economy [1][4]. - The team engaged in in-depth discussions and site visits, effectively accumulating valuable experiences for better service to the real economy [1][4]. Group 2: Insights from Everbright Futures - Everbright Futures shared its development status, industry characteristics, and practical experiences in serving upstream and downstream enterprises, emphasizing a compliance-based and customer-centric development philosophy [2]. - The discussions included topics such as differentiated development paths, enhancing service efficiency, talent cultivation, and incentive mechanisms [2]. Group 3: Engagement with Real Enterprises - The research team focused on the practical experiences of real enterprises in participating in the futures market, discussing their successful practices in risk management, inventory optimization, cost locking, and profit expansion [4]. - Constructive suggestions for collaborative development were provided by the enterprises during the discussions [4]. Group 4: Experience Exchange with Zhejiang Futures Association - The team visited the Zhejiang Futures Industry Association to exchange experiences on high-quality development led by party building, industry culture construction, digital empowerment, and dispute resolution mechanisms [6]. - The effective work outcomes of the Zhejiang Futures Association inspired the research team and highlighted the importance of inter-association exchanges for enhancing professional standards [6]. Group 5: Outcomes of the Research Activity - Participants expressed that the activity was fruitful, providing insights into advanced strategies and service concepts from Zhejiang futures institutions, which will aid in optimizing their own business practices [8]. - The association plans to systematically organize the research findings and establish a regular communication platform to enhance the core competitiveness of local futures institutions and deepen collaboration with the real economy [8].

| | 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 | 1645.00 | 0.00 | 0.00 | 70.00 | 3.46% Peak Downs | 214.00 | 7.00 | 2.50 | 9.50 | -3.00 | | 原煤口岸库提价 | 997.00 | -43.00 | -103.00 | -130.00 | -6.82% Goonyella | 213.00 | 8.00 | 2.50 | 8.50 | -4.00 | | 沙河驿蒙5# | 1550.00 | 0.00 | 0.00 | 80.00 | -1.90% 盘面05 | 1183.50 | -41.50 | -69.00 | -119.50 | -11.15% | | 安泽主焦 | 1660.00 | 0.00 | -40.00 | 60.00 | 3.75% 盘面09 | 1244.50 | -48.00 ...

1. Price Performance - London Gold's latest price is 4090.60 with a change of -36.35 [1] - London Silver's latest price is 50.85 with a change of -1.35 [1] - London Platinum's latest price is 1557.00 with a change of 23.00 [1] - London Palladium's latest price is 1408.00 with a change of -3.00 [1] - WTI Crude's latest price is 59.44 with no change [1] - LME Copper's latest price is 10759.00 with a change of 17.00 [1] - The latest US Dollar Index is 100.22 with a change of 0.09 [1] - The latest Euro to US Dollar exchange rate is 1.15 with no change [1] - The latest British Pound to US Dollar exchange rate is 1.31 with no change [1] - The latest US Dollar to Japanese Yen exchange rate is 157.46 with a change of 0.28 [1] - The latest yield of US 10 - year TIPS is 1.86 with no change [1] 2. Trading Data - COMEX Silver inventory is 14367.02 with a change of -19.27 [1] - SHFE Silver inventory is 535.09 with a change of -12.60 [1] - Gold ETF holdings are 1039.43 with a change of -4.29 [1] - Silver ETF holdings are 15246.63 with a change of 19.75 [1] - SGE Silver inventory is 830.31 with no change [1] - The SGE Gold deferred - fee payment direction has no change of 0.00 [1] - The SGE Silver deferred - fee payment direction has a change of 1.00 [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Relevant Catalog Spot Market Information - **Australian Mainstream Iron Ore**: Newman powder is priced at 789, with a daily change of -3 and a weekly change of 9; PB powder is 792, with -3 daily and 9 weekly changes; Mac powder is 784, -2 daily and 8 weekly. Their import profits are -8.02, -7.31, and 18.09 respectively [1] - **Brazilian Mainstream Iron Ore**: Ba Hun is 831, with -3 daily and 13 weekly changes; Ba Coarse IOC6 is 769, -3 daily and -14 weekly; Ba Coarse SSFG is 774, -3 daily and -14 weekly. Ba Hun's import profit is 7.30 [1] - **Other Iron Ores**: Ukrainian fine powder is 876, -4 daily and 1 weekly; 61% Indian powder is 732, -3 daily and 9 weekly; Karara fine powder is 878, -4 daily and 1 weekly; Roy Hill powder is 779, -3 daily and 9 weekly, with an import profit of 22.61; KUMBA powder is 851, -3 daily and 9 weekly; 57% Indian powder is 610, -3 daily and 3 weekly; Atlas powder is 722, -1 daily and 2 weekly; Tangshan iron concentrate powder is 1014, -6 daily and 6 weekly [1] Futures Market Information - **Dalian Commodity Exchange Contracts**: i2601 is 788.5, -3.0 daily and 16.0 weekly, with a monthly spread of -60.5; i2605 is 753.0, -2.0 daily and 7.5 weekly, with a monthly spread of 35.5; i2609 is 728.0, -2.0 daily and 5.0 weekly, with a monthly spread of 25.0 [1] - **Singapore Exchange Contracts**: FE01 is 101.20, -0.07 daily and 1.52 weekly, with a monthly spread of -4.73; FE05 is 98.60, -0.13 daily and 1.21 weekly, with a monthly spread of 2.60; FE09 is 96.47, -0.13 daily and 1.09 weekly, with a monthly spread of 2.13 [1]

Group 1 - The Shanghai Gold Exchange has issued a notice urging member units to enhance market risk control due to increasing volatility in international gold prices, with gold jewelry prices in China surpassing 1300 RMB per gram [1] - As of November 19, the international spot gold price briefly exceeded 4100 USD per ounce, with a year-to-date increase of over 55%, making gold one of the best-performing asset classes this year [1] - Major Chinese gold jewelry brands have reported prices for 24K gold jewelry exceeding 1300 RMB per gram, with specific brands like Chow Sang Sang and Chow Tai Fook pricing at 1307 RMB and 1305 RMB per gram respectively [1] Group 2 - Global central banks have shown increased enthusiasm for gold purchases, with a net purchase of 220 tons in Q3 2025, a 28% increase from Q2 and a 10% year-on-year rise [2] - As of the end of October, China's gold reserves reached approximately 2304.457 tons, marking a continuous increase for 12 months, although the recent increment was slightly lower than previous months [2] - Morgan Stanley suggests that many central banks, especially in emerging markets, will continue to increase their gold holdings despite potential reductions in buying intensity due to rising prices [3]

Core Insights - The integration of futures and spot markets is essential for the high-quality development of the new energy industry, transitioning from an optional strategy to a necessary one [3][12] - The futures market has become an indispensable risk management platform for new energy companies, helping them stabilize operations amid price volatility [2][8] Group 1: Industry Overview - Sichuan is a key clean energy base in China, with nearly 200 new energy companies and 11 local listed firms, generating approximately 207.9 billion yuan in revenue [2] - The province has established a strong industrial framework supported by solar, wind, and hydrogen energy, with significant contributions from leading companies like Tongwei Group and others [2] Group 2: Challenges and Solutions - The new energy sector faces challenges such as rapid technological changes, price fluctuations of raw materials, and complex global trade environments [3] - Futures integration provides innovative financial tools to stabilize production and optimize resource allocation, essential for the industry's healthy development [3][12] Group 3: Economic Insights - The macroeconomic landscape is characterized by K-shaped differentiation, with growth in technology and energy transition sectors, while traditional industries face adjustment pressures [4] - By 2026, the replacement of traditional fuels by new energy sources is expected to accelerate significantly, indicating a shift in market dynamics [4] Group 4: Financial Strategies - The practice of hedging through futures is increasingly recognized, with a 60% year-on-year increase in commodity hedging amounts among A-share listed companies [8] - Companies are encouraged to adopt comprehensive risk management strategies that align with their core business operations to effectively mitigate risks [8] Group 5: Future Directions - The integration of futures markets into the energy sector is seen as a critical opportunity for companies to enhance their competitive advantage [12] - There is a consensus among industry experts that deep integration and ecological co-construction will be the mainstream direction for future development [13]

证券代码：600927 证券简称：永安期货 公告编号：2025-065 永安期货股份有限公司 关于承租永安国富新大楼办公场地暨关联交易的 进展公告 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。 重要内容提示： 永安期货股份有限公司（以下简称"公司"或"永安期货"）、 子公司浙江永安资本管理有限公司（以下简称"永安资本"）近 日已与永富置业有限公司（以下简称"永富置业"）签署房屋租 赁协议。 一、关联交易概述 公司第三届董事会第二十五次会议及第三届监事会第十八 次会议分别审议通过了《关于承租永安国富新大楼办公场地的议 案》，同意公司向永安国富资产管理有限公司（以下简称"永安 国富"）之全资子公司永富置业承租永安国富大厦 A 座 1-11 层 作为办公场地。公司第四届董事会第四次会议及第四届监事会第 四次会议审议通过了《关于增租永安国富新大楼办公场地的议 案》，同意公司增租永安国富大厦 A 座 12 层房屋作为办公场地。 公司第四届董事会第五次会议及第四届监事会第五次会议分别 审议通过了《关于永安资本承租永安国富新大楼办公场地 ...

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纸浆早报 研究中心能化团队 2025/11/18 SP主力合约收盘价： 5474.00 | 日期 | 2025/11/17 | 2025/11/14 | 2025/11/13 | 2025/11/12 | 2025/11/11 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5474.00 | 5480.00 | 5534.00 | 5482.00 | 5484.00 | | 折美元价 | 674.24 | 674.24 | 681.44 | 672.93 | 672.85 | | 距上一日涨跌 | -0.10949% | -0.97579% | 0.94856% | -0.03647% | 0.29261% | | 山东银星基差 | 76 | 70 | 31 | 58 | 56 | | 江浙沪银星基差 | 76 | 70 | 66 | 83 | 81 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 ...

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