Report Overview - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: November 6, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - No core viewpoints are provided in the report. Key Data Summaries Coal Prices - **Domestic Coal**: The latest price of Liulin Main Coking Coal is 1645.00, with no daily change, a weekly increase of 70.00, a monthly increase of 95.00, and an annual increase of 0.30%. The price of Anze Main Coking Coal is 1660.00, with a daily increase of 60.00, a weekly increase of 60.00, a monthly increase of 130.00, and an annual increase of 0.61%. The price of Shaheyi Meng 5 is 1550.00, with no daily change, a weekly increase of 80.00, a monthly increase of 100.00, and an annual decrease of 6.63%. The price of Raw Coal Port Delivery Price is 1165.00, with a daily decrease of 5.00, a weekly increase of 25.00, a monthly increase of 153.00, and an annual increase of 2.19% [2]. - **Imported Coal**: The latest price of Peak Downs is 211.50, with no daily or weekly change, a monthly increase of 6.50, and an annual decrease of 9.50. The price of Goonyella is 211.50, with the same daily, weekly, monthly, and annual changes as Peak Downs [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 1323.00, with a daily decrease of 8.00, a weekly decrease of 46.00, a monthly increase of 91.50, and an annual decrease of 8.57%. The price of Futures Contract 09 is 1392.50, with a daily decrease of 2.00, a weekly decrease of 46.50, a monthly increase of 84.50, and an annual decrease of 5.50%. The price of Futures Contract 01 is 1260.50, with a daily decrease of 14.00, a weekly decrease of 37.50, a monthly increase of 114.50, and an annual decrease of 7.66% [2]. Inventory Data - **Total Inventory**: The total coking coal inventory is 3322.59, with a weekly increase of 19.06, a monthly decrease of 31.74, and an annual decrease of 13.86% [2]. - **Sub - inventories**: Coal mine inventory is 164.53, with a weekly decrease of 25.01, a monthly decrease of 27.01, and an annual decrease of 40.57%. Port inventory is 275.65, with a weekly increase of 2.94, a monthly increase of 10.16, and an annual decrease of 33.84%. Steel mill coking coal inventory is 782.96, with a weekly decrease of 5.36, a monthly decrease of 13.11, and an annual increase of 6.16%. Coking plant coking coal inventory is 1029.70, with a weekly increase of 32.33, a monthly increase of 30.63, and an annual increase of 11.53% [2]. Basis and Spread Data - **Basis**: The 05 basis is 41.14, with a daily increase of 8.00, a weekly increase of 98.87, a monthly increase of 79.76, and an annual increase of 111.36. The 09 basis is - 28.36, with a daily increase of 2.00, a weekly increase of 99.37, a monthly increase of 86.76, and an annual decrease of 0.71. The 01 basis is 103.64, with a daily increase of 14.00, a weekly increase of 90.37, a monthly increase of 56.76, and an annual increase of 7.80 [2]. - **Spread**: The 5 - 9 spread is - 69.50, with a daily decrease of 6.00, a weekly increase of 0.50, a monthly increase of 7.00, and an annual increase of 1.62. The 9 - 1 spread is 132.00, with a daily increase of 12.00, a weekly decrease of 9.00, a monthly decrease of 30.00, and an annual increase of 0.22. The 1 - 5 spread is - 62.50, with a daily decrease of 6.00, a weekly increase of 8.50, a monthly increase of 23.00, and an annual decrease of 0.24 [2]. Other Data - **Coking Capacity Utilization**: Coking capacity utilization is 73.44, with a weekly decrease of 0.03, a monthly decrease of 1.69, and an annual decrease of 0.33% [2]. - **Coking Plant Coke Inventory**: Coking plant coke inventory is 85.21, with a weekly increase of 0.18, a monthly decrease of 0.61, and an annual decrease of 1.58% [2]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: November 5, 2025 [1] 1. Price Changes - **Domestic Coking Coal**: The latest price of Liulin Main Coking Coal is 1645.00, with a weekly increase of 70.00 and a monthly increase of 95.00, an annual change of 0.30%. The price of Anze Main Coking Coal is 1600.00, with a monthly increase of 10.00 and an annual decrease of 3.03%. The price of Shaheyi Meng 5 is 1550.00, with a daily and weekly increase of 80.00, a monthly increase of 100.00, and an annual decrease of 6.63%. The price of raw coal at the port for pick - up is 1170.00, with a weekly increase of 39.00, a monthly increase of 155.00, and an annual change of 0.86% [2]. - **Imported Coking Coal**: The latest price of Peak Downs is 211.50, with a weekly increase of 1.80, a monthly increase of 6.50, and an annual decrease of 10.30%. The price of Goonyella is 211.50, with the same changes as Peak Downs [2]. - **Futures Market**: The price of Futures Contract 05 is 1331.00, with a daily decrease of 18.00, a weekly decrease of 9.50, a monthly increase of 72.50, and an annual decrease of 6.27%. The price of Futures Contract 09 is 1394.50, with a daily decrease of 19.00, a weekly decrease of 23.00, a monthly increase of 61.00, and an annual decrease of 3.99%. The price of Futures Contract 01 is 1274.50, with a daily decrease of 11.00, a weekly increase of 7.00, a monthly increase of 103.00, and an annual decrease of 4.67% [2]. 2. Inventory Changes - **Total Inventory**: The total inventory is 3322.59, with a weekly increase of 19.06, a monthly decrease of 31.74, and an annual decrease of 13.86% [2]. - **Sub - inventories**: Coal mine inventory is 164.53, with a weekly decrease of 25.01, a monthly decrease of 27.01, and an annual decrease of 40.57%. Port inventory is 275.65, with a weekly increase of 2.94, a monthly increase of 10.16, and an annual decrease of 33.84%. Steel mill coking coal inventory is 782.96, with a weekly decrease of 5.36, a monthly decrease of 13.11, and an annual increase of 6.16%. Coking plant coking coal inventory is 1029.70, with a weekly increase of 32.33, a monthly increase of 30.63, and an annual increase of 11.53% [2]. 3. Other Indicators - **Coking Capacity Utilization**: The coking capacity utilization rate is 73.44, with a weekly decrease of 0.03, a monthly decrease of 1.69, and an annual decrease of 0.33% [2]. - **Coking Coke Inventory**: The coking coke inventory is 85.21, with a weekly increase of 0.18, a monthly decrease of 0.61, and an annual decrease of 1.58% [2]. - **Futures Spreads**: The 5 - 9 spread is - 63.50, with a daily increase of 1.00, a weekly increase of 13.50, a monthly increase of 11.50, and an annual increase of 0.95%. The 9 - 1 spread is 120.00, with a daily decrease of 8.00, a weekly decrease of 30.00, a monthly decrease of 42.00, and an annual increase of 0.04%. The 1 - 5 spread is - 56.50, with a daily increase of 7.00, a weekly increase of 16.50, a monthly increase of 30.50, and an annual decrease of 0.32% [2]. - **Basis**: The 05 basis is 33.14, with a daily increase of 37.54, a weekly increase of 69.27, a monthly increase of 98.76, and an annual increase of 76.36%. The 09 basis is - 30.36, with a daily increase of 38.54, a weekly increase of 82.77, a monthly increase of 110.26, and an annual decrease of 0.60%. The 01 basis is 89.64, with a daily increase of 30.54, a weekly increase of 52.77, a monthly increase of 68.26, and an annual increase of 1.25% [2] 4. Other Information - The Mongolia port raw coal pick - up price ranges from 3900.00 to 4400.00. The Shaheyi imported main coking coal has specifications of A11, V26, S0.7, G80, Y15, CSR60 [3]

证券日报网讯11月3日晚间，永安期货（600927）发布公告称，截至2025年10月31日，公司通过集中竞 价交易方式已累计回购公司普通股1，302，200股，占公司总股本的比例为0.089%。 ...

格隆汇11月3日丨永安期货(600927.SH)公布，截至2025年10月31日，公司通过集中竞价交易方式已累计 回购公司普通股130.22万股，占公司总股本的比例为0.089%，回购的最高价为16.09元/股、最低价为 14.59元/股，已支付的资金总额为1999.71万元（不含交易手续费）。 ...

证券代码：600927 证券简称：永安期货 公告编号：2025-063 永安期货股份有限公司 关于股份回购进展的公告 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。 永安期货股份有限公司（以下简称"公司"）于 2025 年 6 月 3 日，2025 年 6 月 30 日分别召开第四届董事会第十一次会议及 2025 年第一次临时股东大会，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有 资金通过集中竞价交易方式回购公司部分人民币普通股（A 股）股票，用于减少 注册资本。本次回购价格不超过 18.63 元/股，回购资金总额不低于人民币 0.5 亿 元（含）且不超过人民币 1 亿元（含），回购期限自股东大会审议通过方案之日起 不超过 12 个月内。 具体内容详见公司于 2025 年 6 月 5 日披露的《关于以集中竞价交易方式回 购公司股份方案的公告》（公告编号：2025-024），2025 年 7 月 1 日披露的《2025 年第一次临时股东大会决议公告》（公告编号：2025-038）及 2025 年 ...

每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 （记者 曾健辉） 每经AI快讯，永安期货11月3日晚间发布公告称，截至2025年10月31日，公司通过集中竞价交易方式已 累计回购公司普通股约130万股，占公司总股本的比例为0.089%，回购的最高价为16.09元/股、最低价 为14.59元/股，已支付的资金总额约为2000万元。 ...

Group 1: SP Main Contract Information - The closing price of the SP main contract on October 31, 2025, was 5212.00 [3] - The closing prices from October 27 - 31, 2025, were 5258.00, 5226.00, 5242.00, 5224.00, and 5212.00 respectively [3] - The corresponding dollar - converted prices were 645.65, 642.60, 644.73, 641.44, and 641.44 respectively [3] - The daily price changes were 0.34351%, - 0.60860%, 0.30616%, - 0.34338%, and - 0.22971% respectively [3] - The Shandong Yinxing basis on October 31, 2025, was 263, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 298 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian pulp: the CFR price of Golden Lion was 780 dollars, the Shandong RMB price was 6200, and the import profit was - 136.75; the CFR price of Lion was 730 dollars, the Shandong RMB price was 5350, and the import profit was - 585.04 [4] - For Chilean pulp, the CFR letter of credit (90 - day) price of Yinxing was 680 dollars, the Shandong RMB price was 5475, and the import profit was - 58.32 [4] Group 3: Pulp Price Averages - From October 27 - 31, 2025, the 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 [4] - The Shandong regional average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Product Indexes and Margins - From October 28 - 31, 2025, the cultural paper indexes (double - offset and double - copper) remained at 5725 and 5670 respectively; the packaging paper index (white card) remained at 4350; the living paper index remained at 841 [4] - The estimated profit margins of double - offset paper remained at 0.2667%, double - copper paper at 13.2903%, white card paper at - 9.2823%, and living paper at 6.9932% from October 28 - 31, 2025 [4] Group 5: Pulp Price Spreads - The softwood - hardwood price spread on October 31, 2025, was 1225.00, and it was 1250 from October 27 - 30, 2025 [4] - The softwood - natural pulp price spread on October 31, 2025, was 75, and it was 100 from October 27 - 30, 2025 [4] - The softwood - chemimechanical pulp price spread on October 31, 2025, was 1675, and it was 1700 from October 27 - 30, 2025 [5] - The softwood - waste paper price spread on October 31, 2025, was 3899, and it was 3924 from October 27 - 30, 2025 [5]

Group 1: Futures Market Data - EC2512 futures had a closing price of 1804.0, a decline of 2.16% and a volume of -491.3, with an open interest of 31365 [2][13] - EC2602 futures closed at 1553.6, down 1.86% and -240.9 in volume, open interest was 18455 with a change [2][13] - EC2604 futures closed at 1161.1, down 1.26% and 151.6 in volume, open interest was 14910 with an increase of 450 [2][13] Group 2: Spread Data - The spread of EC2512 - 2504 was 642.9, with a daily decrease of 25.0 and a weekly increase of 21.6 [2][13] - The spread of EC2512 - 2602 was 250.4, down 10.4 daily and up 39.3 weekly [2][13] - The spread of EC2502 - 2604 was 392.5, down 14.6 daily and down 17.7 weekly [2][13] Group 3: Spot Index Data - The SCHIS index was 1312.71 on 2025/10/27, up 15.11% from the previous period [2][13] - The SCFI (European line) was 1344 dollars/TEU on 2025/10/31, up 7.87% from the previous period [2][13] - The CCFI (European line) was 1323.81 on 2025/10/31, up 2.37% from the previous period [2][13] - The NCFI was 965.62 on 2025/10/31, up 17.43% from the previous period [2][13] Group 4: Capacity and Market Analysis - In week 49, two ships were postponed. December's average weekly capacity is 290,000 - 336,000 TEU [2][13] - November's Week 45 - 48 capacity was 310,000, 250,000, 277,000, 325,000 TEU respectively, with more pressure in the second half [2][13] - In the first half of November, OA and MSK had no pressure in receiving goods, while PA alliance lacked goods and led price - cuts [2][13] Group 5: Investment Suggestions - Suggest an overall "buy - on - dips" strategy, waiting for next week or trading on PA's price - cuts/MSK's price stability [3][14] - The current valuation of the 12 contract is moderately high, and the 02 contract's valuation is hard to determine, expected to follow the 12 contract [3][14] - The 04 contract is a off - season contract, suggest a "sell - on - rallies" strategy due to greater supply pressure next year [3][14] Group 6: European Line Quotation - This week, downstream is booking November (week 45) space. In early November, PA cut prices the most to 1700 - 1900 dollars, GEMINJ to 2100 - 2200, OA to 2250 dollars, with an average of about 2050 dollars (equivalent to 1430 points) [3][14] Group 7: News - On 10/31, Israel's attacks on Gaza hit the cease - fire agreement. The cease - fire has been in place for three weeks but key issues remain unsolved [3][14] - On 11/1, Qatar warned that Gaza may fall into a "neither war nor peace" situation [4][15] - On 11/3, Houthi rebels said they would strongly respond to any Israeli aggression [4][15]

焦炭日报 研究中心黑色团队 2025/11/3 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1537.01 | 0.00 | 54.61 | 109.23 | -18.60% 高炉开工率 | 88.61 | | -1.33 | -2.04 | 0.15% | | 河北准一干熄 | 1790.00 | 0.00 | 55.00 | 110.00 | -1.10% 铁水日均产量 | 236.36 | | -3.54 | -5.45 | 0.38% | | 山东准一干熄 | 1715.00 | 0.00 | 55.00 | 110.00 | -16.95% 盘面05 | 1930 | -8.50 | 37.00 | 60.50 | -8.68% | | 江苏准一干熄 | 1755.00 | 0.00 | 55.00 | 110.00 | -16.63% 盘面09 | 2018 | -9 ...

铁合金早报 | | | | | | | | | | 2025/11/3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5180 | -40 | -20 | 5480 | 主力合约 | 5500 | -50 | -42 | | | 内蒙#72 | 5250 | 0 | 0 | 5600 | 01合约 | 5500 | -50 | -42 | | 产区汇总价 | 青海#72 | 5220 | -30 | 20 | 5550 | 05合约 | 5566 | -82 | -46 | | | 陕西#72 | 5170 | -30 | 20 | 5470 | 09合约 | 5674 | -58 | -6 | | | 陕西#75 | 5750 | 0 | -50 | | 主力月基差 | -20 | 10 | 22 | | 硅铁合格块 ...