Core Viewpoint - The diversified financial sector experienced a decline of 0.95% on September 30, with COFCO Capital leading the drop, while the Shanghai Composite Index rose by 0.52% and the Shenzhen Component Index increased by 0.35% [1] Group 1: Market Performance - The diversified financial sector's stocks showed mixed performance, with notable gainers including Ruida Futures (up 3.06%) and ST Rendong (up 2.89%), while several stocks like ST Xiongmao and ST Rendong faced declines [1][2] - The trading volume for Ruida Futures reached 77,600 lots, with a transaction value of approximately 166 million yuan [1] Group 2: Capital Flow - The diversified financial sector saw a net outflow of 570 million yuan from major funds, while retail investors contributed a net inflow of 464 million yuan [2] - The capital flow data indicates that stocks like Haide Co. and ST Xiongmao experienced significant net inflows from retail investors, despite overall negative trends in major and speculative funds [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report - After the holiday, there are multiple upward drivers, including multiple price - hike announcement nodes, high operational space for shipping companies to reduce speed and suspend voyages, and the long - term contract signing season from December to January. Meanwhile, the economy in Northwest Europe is deteriorating, and new ships are being launched successively. Overall, the valuations of contracts 12 and 02 are still high, but they may fluctuate in the short term due to the poor implementation expectation in late October and the price - hike announcement expectation in November. Contract 04 has a currently high valuation, and as an off - season contract, it is more suitable for short - selling in the short term, but attention should be paid to the fact that its low liquidity may make it vulnerable to short - term disturbances [2][26]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: On September 30, 2025, the closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1115.0, 1756.3, 1667.0, 1253.0, and 1452.7 respectively, with changes of - 2.11%, - 1.16%, - 1.07%, - 1.23%, and - 2.08% [2][26]. - **Open Interest Changes**: The open interests of EC2510, EC2512, EC2602, EC2604, and EC2606 changed by - 3117, - 1012, 84, 11, and - 8 respectively [2][26]. - **Monthly Spreads**: For EC2510 - 2512, the spread was - 641.3, with a day - on - day change of - 3.3 and a week - on - week change of - 11749. For FC2512 - 2602, the spread was 89.3, with a day - on - day change of - 2.7 and a week - on - week change of 1.5 [2][26]. 3.2 Spot Market - **Spot Freight Indexes**: As of September 26, 2025, the SCFI (European Line) was 971 US dollars/TEU, down 7.70% from the previous period; the CCFI was 1401.91 points, down 4.69%; the NCFI was 614.14 points, down 8.85% [2][26]. 3.3 Short - term European Line Quotations - **Week 40 - 41**: Two - week joint cabin release, with an average quotation of 1450 US dollars (equivalent to 1020 points on the futures market). MSK quoted 1400, PA quoted 1300 - 1500, YML's 1300 was the lowest price of the year, and OA quoted 1400 - 1600 US dollars [2][26]. - **Week 42**: MSK's cabin - opening quotation was 1800 US dollars (a 400 - dollar increase from the previous period). ONE, OOCL, COSCO, and HPL successively announced price hikes to 2000 US dollars after the holiday, while CMA and MSC announced price hikes to 2200 US dollars [2][26].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Key Points from the Report SP Main Contract Closing Price - On September 29, 2025, the SP main contract closing price was 4,878.00, with a -2.75120% change from the previous day [3]. - The closing prices from September 23 - 29, 2025, showed fluctuations, with the highest at 5,060.00 on September 25 and the lowest at 4,878.00 on September 29 [3]. Import Profit and Price Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -$145.57, for Canadian Lion pulp was -$518.29, and for Chilean Silver Star pulp was -$136.92 [4]. - The exchange rate on the previous day was 7.12, and the data was sourced from Zhuochuang [4]. Pulp Price Averages - From September 23 - 29, 2025, the national and Shandong region pulp price averages for various types (coniferous, broad - leaf, etc.) remained unchanged [4]. Paper Index and Profit Margin - From September 24 - 29, 2025, the cultural paper (double - offset, double - copper), packaging paper (white card), and living paper indices remained unchanged [4]. - The profit margins of different papers changed during this period, with the double - offset profit margin changing by -1.9528, double - copper by -0.7458, white card by 0.1091, and living paper by 0.2865 [4]. Pulp Price Spreads - The price spreads between different types of pulp (coniferous - broadleaf, coniferous -本色, etc.) showed some changes from September 23 - 29, 2025, such as the coniferous - broadleaf spread decreasing from 1,370 to 1,325 [4].

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: September 30, 2025 [1] Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1550.00, with a daily change of 47.00, weekly change of 47.00, and monthly change of 140.00 [2] - **原煤口岸库提价**: The latest price is 1018.00, with a daily change of -22.00, weekly change of -22.00, monthly change of 98.00, and annual change of -13.36% [2] - **沙河驿蒙5**: The latest price is 1390.00, with a weekly change of 40.00, monthly change of 10.00, and annual change of -14.20% [2] - **安泽主焦**: The latest price is 1590.00, with a weekly change of 90.00, monthly change of 140.00, and annual change of -8.09% [2] Inventory - **总库存**: The latest inventory is 3359.19, with a weekly change of -13.79, monthly change of -148.46, and annual change of -12.87% [2] - **煤矿库存**: The latest inventory is 210.96, with a weekly change of -21.83, monthly change of -72.66, and annual change of -24.21% [2] - **港口库存**: The latest inventory is 282.19, with a weekly change of 11.08, monthly change of 20.70, and annual change of -30.34% [2] - **钢厂焦煤库存**: The latest inventory is 790.34, with a weekly change of -3.39, monthly change of -21.97, and annual change of 9.33% [2] - **焦化焦煤库存**: The latest inventory is 940.41, with a weekly change of 56.87, monthly change of -26.00, and annual change of 7.95% [2] Coking Data - **焦化产能利用率**: The latest utilization rate is 75.43, with a weekly change of -0.44, monthly change of 2.07, and annual change of 8.30% [2] - **焦化焦炭库存**: The latest inventory is 85.64, with a weekly change of -0.39, monthly change of 0.65, and annual change of -0.55% [2] Futures Data - **盘面05**: The latest price is 1258.50, with a daily change of -45.50, weekly change of -42.50, monthly change of 93.00, and annual change of -18.33% [2] - **盘面09**: The latest price is 1333.50, with a daily change of -40.50, weekly change of -37.00, monthly change of 370.50, and annual change of -14.44% [2] - **盘面01**: The latest price is 1171.50, with a daily change of -43.00, weekly change of -38.00, monthly change of 50.00, and annual change of -21.53% [2] - **05基差**: The latest value is -65.63, with a daily change of 45.50, weekly change of 42.50, monthly change of 32.29, and annual change of 161.81 [2] - **09基差**: The latest value is -140.63, with a daily change of 40.50, weekly change of 37.00, monthly change of -245.21, and annual change of -0.43 [2] - **01基差**: The latest value is 21.37, with a daily change of 43.00, weekly change of 38.00, monthly change of 75.29, and annual change of -1.12 [2] - **5 - 9价差**: The latest value is -75.00, with a daily change of -5.00, weekly change of -5.50, monthly change of -277.50, and annual change of 3.29 [2] - **9 - 1价差**: The latest value is 162.00, with a daily change of 2.50, weekly change of 1.00, monthly change of 320.50, and annual change of 1.47 [2] - **1 - 5价差**: The latest value is -87.00, with a daily change of 2.50, weekly change of 4.50, monthly change of -43.00, and annual change of 0.81 [2]

Group 1: Report Information - Report Name: Coke Daily Report [1] - Report Date: September 30, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price and Production Data - **Coke Prices**: - Shanxi quasi - first wet - quenched coke price is 1427.78, with no daily change, no weekly change, a monthly decrease of 108.16, and a year - on - year decrease of 17.12% [2] - Hebei quasi - first dry - quenched coke price is 1680.00, with no daily change, no weekly change, a monthly decrease of 110.00, and a year - on - year increase of 1.20% [2] - Shandong quasi - first dry - quenched coke price is 1605.00, with no daily change, no weekly change, a monthly decrease of 110.00, and a year - on - year decrease of 15.53% [2] - Jiangsu quasi - first dry - quenched coke price is 1645.00, with no daily change, no weekly change, a monthly decrease of 110.00, and a year - on - year decrease of 15.21% [2] - Inner Mongolia second - grade coke price is 1080.00, with no daily change, no weekly change, a monthly decrease of 100.00, and a year - on - year decrease of 16.92% [2] - **Production and Utilization**: - Blast furnace operating rate is 90.86, with a weekly increase of 0.51, a monthly increase of 0.84, and a year - on - year increase of 8.09% [2] - Daily average hot metal output is 242.36, with a weekly increase of 1.34, a monthly increase of 2.23, and a year - on - year increase of 7.78% [2] - Coking plant capacity utilization rate is 75.35, with a weekly decrease of 0.23, a monthly increase of 1.18, and a year - on - year increase of 9.78% [2] - Daily average coke output is 52.02, with a weekly increase of 0.19, a monthly increase of 0.73, and a year - on - year decrease of 2.80% [2] Group 3: Inventory Data - **Inventory Quantities**: - Coking plant inventory is 39.54, with a weekly decrease of 2.67, a monthly decrease of 0.27, and a year - on - year decrease of 10.62% [2] - Port inventory is 196.06, with a weekly decrease of 8.04, a monthly decrease of 16.03, and a year - on - year increase of 4.73% [2] - Steel mill inventory is 661.31, with a weekly increase of 16.64, a monthly increase of 51.24, and a year - on - year increase of 17.95% [2] - **Inventory Days**: Steel mill inventory days are 11.66, with a weekly increase of 0.24, a monthly increase of 0.88, and a year - on - year increase of 4.95% [2] Group 4: Futures Data - **Futures Prices**: - Futures contract 05 price is 1808, with a daily decrease of 54.50, a weekly decrease of 39.00, a monthly increase of 63.00, and a year - on - year decrease of 17.14% [2] - Futures contract 09 price is 1890.5, with a daily decrease of 43.00, a weekly decrease of 43.00, a monthly increase of 358.50, and a year - on - year decrease of 15.81% [2] - Futures contract 01 price is 1666.5, with a daily decrease of 52.00, a weekly decrease of 44.00, a monthly increase of 13.50, and a year - on - year decrease of 23.48% [2] - **Basis and Spreads**: - 05 basis is - 79.20, with a daily increase of 54.50, a weekly increase of 39.00, a monthly decrease of 168.55, and a year - on - year increase of 56.82 [2] - 09 basis is - 161.70, with a daily increase of 43.00, a weekly increase of 43.00, a monthly decrease of 464.05, and a year - on - year increase of 37.82 [2] - 01 basis is 62.30, with a daily increase of 52.00, a weekly increase of 44.00, a monthly decrease of 119.05, and a year - on - year increase of 194.32 [2] - 5 - 9 spread is - 141.50, with a daily increase of 2.50, a weekly decrease of 5.00, a monthly decrease of 49.50, and a year - on - year decrease of 137.50 [2] - 9 - 1 spread is - 82.50, with a daily decrease of 11.50, a weekly increase of 4.00, a monthly decrease of 295.50, and a year - on - year decrease of 19.00 [2] - 1 - 5 spread is 224.00, with a daily increase of 9.00, a weekly increase of 1.00, a monthly increase of 345.00, and a year - on - year increase of 156.50 [2]

Market Performance - The diversified financial sector rose by 2.2% on September 29, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Ruida Futures (002961) closed at 20.91, with a gain of 4.86% and a trading volume of 75,600 lots, totaling a transaction value of 156 million [1] - Nanhua Futures (603093) closed at 21.29, up 4.72%, with a trading volume of 143,200 lots and a transaction value of 301 million [1] - Yong'an Futures (600927) closed at 15.09, increasing by 3.85%, with a trading volume of 108,600 lots and a transaction value of 162 million [1] - Other notable performers include Jianyuan Trust (600816) up 3.62%, Zhongyou Capital (000617) up 3.19%, and Yukuang Capital (600390) up 3.09% [1] Capital Flow Analysis - The diversified financial sector saw a net inflow of 254 million from main funds, while retail investors experienced a net outflow of approximately 96.58 million [2][3] - Main funds showed significant net inflows in stocks like Zhonghai Capital (000617) with 71.1 million and Yuexiu Capital (000987) with 64.07 million [3] - Conversely, retail investors withdrew from stocks such as Zhonghai Capital and Yuexiu Capital, with outflows of 34.12 million and 33.85 million respectively [3]

Core Viewpoint - The inaugural "Yongan Day" event emphasizes Yongan Futures' commitment to its enduring spirit and its strategic transition towards higher quality and resilience in the future [1]. Group 1: Company Development and History - Yongan Futures officially moved into a new headquarters covering 22,000 square meters, marking a significant milestone in its development journey [3]. - The company's history of five relocations reflects its growth trajectory, starting from its inception in 1994 to its current position as a leading player in the financial sector [3]. - The new headquarters is seen as a critical node in Yongan Futures' journey to build a first-class derivatives investment bank [3]. Group 2: Strategic Planning and Future Direction - Over the past 20 years, Yongan Futures has achieved multidimensional breakthroughs through four five-year plans, focusing on various aspects such as market expansion and the establishment of an investment research ecosystem [4]. - The company plans to shift from a license-centered approach to a customer-centric model during the "14th Five-Year Plan" period, aiming to create value through collaboration and resource aggregation [5]. - Four key reform initiatives were announced, including the "ESG brand" to demonstrate social responsibility, a comprehensive risk control platform, a research empowerment brand, and a full lifecycle service system to support high-quality development for enterprises [5].

Core Viewpoint - The inaugural "Yongan Day" event marks a significant milestone for Yongan Futures, emphasizing its commitment to customer-centric reforms and the establishment of a new operational base in Wangjiang New City, which symbolizes the start of a new development journey for the company [1][2][3] Group 1: Event Highlights - The event featured a plaque unveiling ceremony, signifying Yongan Futures' official move to its new headquarters, which is seen as a pivotal point in its development strategy [1] - Key figures, including the Deputy Secretary of the Party Committee of Caitong Securities, acknowledged Yongan Futures' achievements over the past 30 years and encouraged the company to continue its mission of contributing to the real economy and enhancing group collaboration [1] - The event also included the launch of the "Yongan Day" initiative, which is part of a broader strategy to focus on customer needs and enhance service offerings [2] Group 2: Strategic Initiatives - Yongan Futures aims to create a more agile and resilient organization by adopting a customer-centric approach and leveraging digital intelligence as a core engine for sustainable growth [2] - Four key reform outcomes were announced, including the "ESG Brand" to demonstrate social responsibility, a comprehensive risk control platform, a research brand to empower client decision-making, and a lifecycle service system for enterprises [2] - The company also promoted its "family culture" by launching a union brand and recognizing outstanding teams and individuals in cultural initiatives [2] Group 3: Employee Engagement - Employees shared personal growth stories with Yongan Futures, highlighting the company's commitment to fostering a culture of continuous improvement and innovation [3] - A "Time Capsule" ceremony was held to symbolize the collective memory and future aspirations of the company's workforce [3] - The event concluded with a choir performance of the company anthem, reinforcing the collective spirit and commitment to achieving greater success in the future [3]

示 沥青早报 示 贸易商基差 ( +80 华朱皋芳 川朱本 500 400 700 300 300 500 200 100 300 100 -100 100 10/1 11/1 12/1 -100 -300 -100 -200 -300 -500 -300 华东基差(镇江库) 2019 2020 2021 2022 2021 2022 山东县差 2019 2020 华南基差(佛山库) 2023 2024 2025 2023 2024 ·2025 BU10-12 700 500 400 300 500 300 200 300 100 100 -100 100 9/19 10/3 -300 -100 -100 -500 -300 -200 2019 -2022 2019 2020 2021 2020 2022 2021 ·2019 -2020 -2021 2022 2023 -2023 -2024 2024 2025 2025 =2023 - 2024 -2025 BU12-03 BU11-01 BU连 -连_ 300 400 200 150 300 200 100 200 50 100 100 0 -50 -1 ...

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: September 26, 2025 [2] Group 2: Spot Market Information Price and Changes - The latest price of the Platts 62 Index is 106.50, with a daily change of 0.30 and a weekly change of 0.90 [3] - For Australian mainstream ores: Newman powder is 792 (daily change: 2, weekly change: 3), PB powder is 795 (daily change: 2, weekly change: 3), etc [3] - For Brazilian mainstream ores: BHP Blend is 830 (daily change: 3, weekly change: 9), etc [3] Import Profit - Import profit of Newman powder is -34.69, PB powder is -16.23, etc [3] Group 3: Forward Market Information Price and Changes - On the DCE: i2601 is 805.5 (daily change: 2.0, weekly change: 5.5), i2605 is 785.5 (daily change: 2.5, weekly change: 7.0), etc [3] - On the SGX: FE01 is 103.03 (daily change: 0.00, weekly change: -0.23), FE05 is 100.91 (daily change: -0.05, weekly change: -0.33), etc [3] Spread - The monthly spread of i2601 is -40.5, i2605 is 20.0, etc [3] Group 4: Other Information - Data Source: MYSTEEL [6]