1. Report Industry Investment Rating - No relevant content found 2. Core Views of the Report - In the short - term, there is a risk of price - cutting in the spot market, and the futures market is expected to remain weak. The current high position of the October contract has the risk of pre - holiday position reduction or subsequent position transfer fluctuations. In the medium - term, there are multiple upward drivers. From a valuation perspective, the 02 contract has a higher cost - performance ratio for long - position allocation than the 12 contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The 04 contract is currently over - valued and is more suitable for short - position allocation in the short - term as it is a off - season contract, but its low liquidity may make it vulnerable to disturbances. Therefore, attention can be paid to the reverse spread of 12 - 02 and the positive spread of 02 - 04 [2][20] 3. Summary by Relevant Catalogs Futures Market - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and FC2606 on the previous trading day were 1050.5, 1630.0, 1562.5, 1250.0, and 1439.1 respectively, with changes of - 5.01%, - 0.93%, - 0.23%, - 0.41%, and 6600F respectively. The trading volumes were 33110, 11583, 2298, 1293, and 132 respectively, and the open interest changes were 542, 1510, 61, 307, and 52 respectively [2][20] - **Monthly Spread**: The spreads of EC2510 - 2512, EC2512 - 2602 on the previous day were - 579.5 and 67.5 respectively, with daily changes of - 40.1 and - 11.7 respectively, and weekly changes of - 86.4 and - 71.8 respectively [2][20] Spot Market - **Spot Price Index**: The SCFIS SCFI index (updated every Monday) on September 15, 2025 was 0 points, a decrease of 100.00% from the previous period; the SCFIS SCFI (in US dollars/TEU, updated every Friday) on September 19, 2025 was 1052 US dollars, a decrease of 8.84% from the previous period. The CCFI index on September 19, 2025 was 1470.97 points, a decrease of 4.31% from the previous period. The NCFI index on September 19, 2025 was 673.61 points, a decrease of 7.65% from the previous period [2][20] - **Spot Booking and Quotation**: Currently, downstream customers are booking shipping space for the first ten days of October (week 39 - 41). The average quotation for week 39 is 1640 US dollars (equivalent to 1150 points on the futures market). For weeks 40 - 41, the shipping space is released together (because most of the cargo volume in week 41 has been diverted during the holiday). The average quotation is 1500 US dollars (equivalent to 1050 points on the futures market). Among them, MSK quotes 1450 US dollars, PA (excluding YML) quotes between 1400 - 1600 US dollars, YML quotes 1300 US dollars (the lowest price of the year), and OA quotes between 1500 - 1600 US dollars [2][20] Shipping Capacity - **Shipping Capacity Adjustment**: This week, the shipping capacities in October and November have been adjusted downwards. The main changes are that OA has added one more sailing suspension in the schedule of week 41, and PA & MSC have added 2 and 1 more sailing suspensions in weeks 46 and 47 respectively. The average weekly shipping capacities in September, October, and November are 290,000, 271,400, and 313,900 TEU respectively. After classifying all TBN as sailing suspensions, they are 290,000, 271,400, and 293,400 TEU respectively [2][20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products from September 15 - 19, 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, the price changes from September 15 - 19 were 40 in Beijing, 50 in Shanghai, and 0 in other regions. For hot - rolled coils, the price change was 0 in Tianjin and Lecong, and 60 in Shanghai. For cold - rolled coils, the price change was 0 in all regions [1]. Basis and Spread No information provided. Output and Inventory No information provided.

Group 1: Price Performance - London Gold's latest price is 3643.70 with no change [3] - London Silver's latest price is 41.86 with no change [3] - London Platinum's latest price is 1369.00 with no change [3] - London Palladium's latest price is 1161.00 with no change [3] - WTI Crude's latest price is 63.57 with no change [3] - LME Copper's latest price is 9962.50 with a change of 20.00 [3] - The US Dollar Index's latest value is 97.37 with no change [3] - Euro to US Dollar's latest exchange rate is 1.18 with no change [3] - Pound to US Dollar's latest exchange rate is 1.36 with no change [3] - US Dollar to Japanese Yen's latest exchange rate is 148.00 with no change [3] - US 10 - year TIPS's latest value is 1.75 with a change of 0.02 [3] Group 2: Trading Data - COMEX Silver's latest inventory is 16300.91 with no change [4] - SHFE Silver's latest inventory is 1159.44, a decrease of 44.08 [4] - Gold ETF's latest holding is 994.56, an increase of 18.90 [4] - Silver ETF's latest holding is 15205.14 with no change [4] - SGE Silver's latest inventory is 1283.61 with no change [4] - SGE Gold's latest deferred fee payment direction is 2, an increase of 1.00 [4] - SGE Silver's latest deferred fee payment direction is 1 with no change [4]

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - The spot market has a risk of price - cutting, and the futures market is expected to continue its weak trend. The current valuation of the December contract is relatively neutral to high, and it may experience a deeper short - term decline. In the medium term, there are multiple upward drivers. In terms of valuation, the February contract has a higher cost - effectiveness for long positions compared to the December contract, while the April contract has a relatively high valuation and is more suitable for short positions in the off - season, but its low liquidity may make it vulnerable to disturbances [2][17]. 3. Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1105.9, down 0.34%, with a trading volume of 19585, an open interest of 47173, and a decrease of 2436 in open interest [2][17]. - EC2512: Yesterday's closing price was 1645.3, down 1.60%, with a trading volume of 9304, an open interest of 20570, and an increase of 133 in open interest [2][17]. - EC2602: Yesterday's closing price was 1566.1, down 0.80%, with a trading volume of 1549, an open interest of 7215, and an increase of 110 in open interest [2][17]. - EC2604: Yesterday's closing price was 1255.2, down 2.32%, with a trading volume of 1289, an open interest of 8534, and an increase of 200 in open interest [2][17]. - FC2606: Yesterday's closing price was 1453.5, down 1.03%, with a trading volume of 68, an open interest of 936, and an increase of 12 in open interest [2][17]. Month - to - Month Spreads - EC2510 - 2512: The previous day's spread was - 539.4, with a daily increase of 22.9 and a weekly decrease of 86.8 [2][17]. - FC2512 - 2602: The previous day's spread was 79.2, with a daily decrease of 14.0 and a weekly decrease of 30.2 [2][17]. Spot Market Indicators - SCHIS: On September 15, 2025, it was 0 points, down 100.00% from the previous period and down 11.68% from the period before the previous one [2][17]. - SCEI: On September 12, 2025, it was 1154 dollars/TEU, down 12.24% from the previous period and down 11.21% from the period before the previous one [2][17]. - CCFI: On September 12, 2025, it was 1537.28 points, down 6.19% from the previous period and down 2.79% from the period before the previous one [2][17]. - NCFI: On September 12, 2025, it was 729.42 points, down 14.78% from the previous period and down 7.92% from the period before the previous one [2][17]. Recent European Line Quotations - Week 39: The average quote was 1600 dollars (equivalent to 1150 points on the futures market). MSK's quote was initially 1500 dollars and then rose to 1570 dollars, PA Alliance's quote was between 1550 - 1600 dollars, and OA Alliance's quote was between 1600 - 1720 dollars [2][17]. - Week 40: The average quote was 1525 dollars (equivalent to 1060 points on the futures market). MSK opened at 1400 dollars, OOCL reduced its price to between 1500 - 1550 dollars, and YML dropped to 1400 dollars [2][17]. - Week 41: MSK kept the price at 1400 dollars. On Thursday, YML reduced the freight rates for Week 39 - 41 to 1300 dollars, the lowest of the year, equivalent to about 900 points on the futures market. CMA reduced the price by 100 to 1600 dollars, and EMC's Week 40 price was 1500 dollars [2][17].

Group 1: Report Overview - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: September 19, 2025 [1] Group 2: Price Information - **Spot Prices**: - LiuLin Main Coking Coal: The latest price is 1503.00, with no daily change, a weekly increase of 102.00, a monthly increase of 50.00, and an annual increase of 7.36% [2] - Raw Coal Port Delivery Price: The latest price is 990.00, a daily decrease of 10.00, a weekly increase of 47.00, a monthly increase of 34.00, and an annual decrease of 13.16% [2] - ShaHeYi Meng 5: The latest price is 1350.00, with no daily change, a weekly decrease of 30.00, a monthly decrease of 30.00, and an annual decrease of 18.18% [2] - AnZe Main Coking Coal: The latest price is 1500.00, with no daily change, a weekly increase of 80.00, a monthly increase of 30.00, and an annual decrease of 10.71% [2] - **Peak Downs and Goonyella**: - Peak Downs: The latest price is 203.00, a daily increase of 0.50, a weekly increase of 1.50, a monthly decrease of 2.50, and an annual increase of 1.00 [2] - Goonyella: The latest price is 204.00, a daily increase of 1.00, a weekly increase of 1.50, a monthly decrease of 5.50, and an annual increase of 2.00 [2] - **Futures Prices**: - Futures 05: The latest price is 1302.50, a daily decrease of 6.50, a weekly increase of 82.00, a monthly increase of 93.00, and an annual increase of 2.24% [2] - Futures 09: The latest price is 1360.50, a daily decrease of 3.00, a weekly increase of 402.50, a monthly increase of 316.00, and an annual increase of 5.92% [2] - Futures 01: The latest price is 1215.50, a daily decrease of 14.00, a weekly increase of 78.00, a monthly increase of 51.50, and an annual decrease of 4.25% [2] Group 3: Inventory and Capacity Utilization - **Inventory**: - Total Inventory: The latest inventory is 3372.99, a weekly increase of 56.61, a monthly decrease of 100.63, and an annual decrease of 10.92% [2] - Coal Mine Inventory: The latest inventory is 232.79, a weekly decrease of 21.73, a monthly decrease of 42.85, and an annual decrease of 15.02% [2] - Port Inventory: The latest inventory is 271.11, a weekly decrease of 4.38, a monthly increase of 15.62, and an annual decrease of 34.53% [2] - Steel Mill Coking Coal Inventory: The latest inventory is 793.73, a weekly decrease of 2.03, a monthly decrease of 12.07, and an annual increase of 10.49% [2] - Coking Plant Coking Coal Inventory: The latest inventory is 883.54, a weekly decrease of 36.51, a monthly decrease of 93.34, and an annual increase of 4.31% [2] - Coking Plant Coke Inventory: The latest inventory is 86.03, a weekly increase of 0.10, a monthly decrease of 0.14, and an annual decrease of 0.06% [2] - **Capacity Utilization**: Coking Capacity Utilization is 75.87, a weekly decrease of 0.05, a monthly increase of 1.45, and an annual increase of 9.88% [2] Group 4: Basis and Spread - **Basis**: - 05 Basis: The latest basis is -18.94, a daily increase of 82.36, a weekly increase of 16.85, a monthly decrease of 61.97, and an annual decrease of 217.01 [2] - 09 Basis: The latest basis is -76.94, a daily increase of 78.86, a weekly decrease of 303.65, a monthly decrease of 284.97, and an annual decrease of 1.41 [2] - 01 Basis: The latest basis is 68.06, a daily increase of 89.86, a weekly increase of 20.85, a monthly decrease of 20.47, and an annual decrease of 0.66 [2] - **Spread**: - 5 - 9 Spread: The latest spread is -58.00, a daily decrease of 3.50, a weekly decrease of 320.50, a monthly decrease of 223.00, and an annual increase of 4.52% [2] - 9 - 1 Spread: The latest spread is 145.00, a daily increase of 11.00, a weekly increase of 324.50, a monthly increase of 264.50, and an annual increase of 8.67% [2] - 1 - 5 Spread: The latest spread is -87.00, a daily decrease of 7.50, a weekly decrease of 4.00, a monthly decrease of 41.50, and an annual increase of 18.33% [2]

1. Report Information - Report Title: Asphalt Morning Report [2][11][20] - Report Date: September 19, 2025 [3][12][21] - Report Team: Research Center Energy and Chemicals Team [3][12][21] 2. Core Data and Changes Futures Contracts - BU main contract: Price on September 18 was 3427, with a daily change of -18 and a weekly change of -23 [4][13][22] - BU06: Price on September 18 was 3358, with a daily change of -12 and a weekly change of -12 [4][13][22] - BU09: Price on September 18 was 3349, with a daily change of -13 and a weekly change of -71 [4][13][22] - BU12: Price on September 18 was 3388, with a daily change of -16 and a weekly change of -11 [4][13][22] - BU03: Price on September 18 was 3377, with a daily change of -1 and a weekly change of 0 [4][13][22] Trading Volume and Open Interest - Trading volume: On September 18, it was 210608, with a daily change of 1178 and a weekly change of -12209 [4][13][22] - Open interest: On September 18, it was 408756, with a daily change of 1203 and a weekly change of -27301 [4][13][22] Spot Market Prices - Shandong market price: On September 18, it was 3520, with a daily change of 0 and a weekly change of -20 [4][13][22] - East China market price: On September 18, it was 3590, with a daily change of -50 and a weekly change of -50 [4][13][22] - South China market price: On September 18, it was 3490, with a daily change of 0 and a weekly change of -30 [4][13][22] - North China market price: On September 18, it was 3660, with a daily change of 0 and a weekly change of 10 [4][13][22] - Northeast market price: On September 18, it was 3850, with a daily change of 0 and a weekly change of -20 [4][13][22] Basis and Calendar Spreads - Shandong basis: On September 18, it was 93, with a daily change of 18 and a weekly change of 3 [4][13][22] - East China basis: On September 18, it was 163, with a daily change of -32 and a weekly change of -27 [4][13][22] - South China basis: On September 18, it was 63, with a daily change of 18 and a weekly change of -7 [4][13][22] - 03 - 06 spread: On September 18, it was 19, with a daily change of 11 and a weekly change of 12 [4][13][22] - 06 - 09 spread: On September 18, it was 1, with a daily change of -7 and a weekly change of 59 [4][13][22] - 09 - 12 spread: On September 18, it was -39, with a daily change of 3 and a weekly change of -60 [4][13][22] - 12 - 03 spread: On September 18, it was 11, with a daily change of -12 and a weekly change of -11 [4][13][22] Crack Spreads and Profits - Asphalt Brent crack spread: On September 18, it was -4, with a daily change of 27 and a weekly change of -93 [4][13][22] - Asphalt Marrow profit: On September 18, it was -71, with a daily change of 24 and a weekly change of -84 [4][13][22] - Ordinary refinery comprehensive profit: On September 18, it was 384, with a daily change of 14 and a weekly change of -76 [4][13][22] - Marrow - type refinery comprehensive profit: On September 18, it was 715, with a daily change of 18 and a weekly change of -79 [4][13][22] - Import profit (South Korea - East China): On September 18, it was -137, with a daily change of -44 and a weekly change of -36 [4][13][22] - Import profit (Singapore - South China): On September 18, it was -939, with a daily change of 0 and a weekly change of -16 [4][13][22] Related Commodity Prices - Brent crude oil: On September 18, it was 68.0, with a daily change of -0.5 and a weekly change of 1.6 [4][13][22] - Shandong gasoline market price: On September 18, it was 7511, with a daily change of -9 and a weekly change of -36 [4][13][22] - Shandong diesel market price: On September 18, it was 6468, with a daily change of -17 and a weekly change of -1 [5][14][23] - Shandong residue oil market price: On September 18, it was 3660, with a daily change of 0 and a weekly change of -40 [5][14][23]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No specific core viewpoints are presented in the given content 3. Summary by Related Catalogs Price - For silicon ferroalloy, on September 19, 2025, the latest spot price of Ningxia 72 silicon ferroalloy natural block was 5350 yuan, with no daily change and a weekly increase of 100 yuan; the latest price of the main contract on the disk was 5756 yuan, a daily decrease of 10 yuan and a weekly increase of 130 yuan. Similar price data are provided for other regions and varieties [2]. - For silicon manganese, on September 19, 2025, the ex - factory price of Inner Mongolia 6517 silicon manganese was 5730 yuan, with no daily change and a weekly increase of 50 yuan; the latest price of the main contract on the disk was 5970 yuan, a daily decrease of 20 yuan and a weekly increase of 132 yuan [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and the capacity utilization rate of enterprises in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are provided, including weekly production and the start - up rate of enterprises [6]. Demand - The demand data of silicon ferroalloy and silicon manganese in China from 2021 - 2025 are presented, including the demand for silicon manganese (in ten thousand tons) and the procurement volume and price of Hebei Iron and Steel Group for silicon ferroalloy and silicon manganese [4][6][7]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are provided, including weekly inventory in different regions, and the inventory data of silicon manganese, such as the inventory of 63 sample enterprises in China (in tons) [5][7]. Cost and Profit - The cost and profit data of silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including electricity prices in different regions, the market price of raw materials such as blue charcoal and manganese ore, and the production cost, profit on the disk, and spot profit of silicon ferroalloy and silicon manganese in different regions [5][6][7].

1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 20 40 60 80 100 120 140 PB - 2022 2023 2024 2025 / 50 100 150 200 250 300 350 PB - 2022 2023 2024 2025 / 0 20 40 60 80 100 120 140 160 -57% 2022 2023 2024 2025 / (200) 50 0 数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司 ...

Group 1 - The event organized by the Ningbo Securities and Futures Industry Association aimed to promote financial education with the theme "Protecting Financial Rights to Enhance Quality of Life" [1] - Various interactive activities were conducted to enhance public awareness and ability to prevent risks, including exhibitions, games, and distribution of educational materials [1][2] - The event highlighted the dangers of illegal securities and futures activities through real-life case studies, helping investors improve their risk recognition and resistance skills [1] Group 2 - The association created a "Financial Market" to engage citizens, featuring various educational games and activities to disseminate anti-fraud knowledge [2] - Different companies participated with unique approaches, such as combining traditional crafts with fraud prevention education and using mascots to convey messages [2] - The association plans to continue diverse financial education initiatives to deepen and broaden outreach, aiming to foster a harmonious and healthy capital market environment [2]

Core Viewpoint - Yong'an Futures has shown a positive stock performance with a year-to-date increase of 17.38%, despite a recent decline over the past 20 days [1] Group 1: Stock Performance - As of September 17, Yong'an Futures' stock price increased by 2.05% to 15.40 CNY per share, with a trading volume of 76.88 million CNY and a turnover rate of 0.35% [1] - The company has experienced a net inflow of main funds amounting to 6.03 million CNY, with significant buying from large orders [1] - The stock has fluctuated with a 3.01% increase over the last five trading days, a 3.45% decrease over the last 20 days, and a 5.41% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Yong'an Futures reported zero operating revenue and a net profit attributable to shareholders of 170 million CNY, reflecting a year-on-year decrease of 44.69% [2] - The company has distributed a total of 1.006 billion CNY in dividends since its A-share listing, with 598 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, Yong'an Futures had 36,900 shareholders, an increase of 8.88% from the previous period, with an average of 39,406 circulating shares per shareholder, a decrease of 8.16% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]