Core Viewpoint - The performance of four A-share listed futures companies in the third quarter shows significant divergence, with Ruida Futures leading in net profit growth at 42.15% year-on-year, while the overall industry is experiencing substantial growth in market scale and regulatory improvements [2][4]. Group 1: Company Performance - Ruida Futures reported a total operating revenue of 1.62 billion yuan, a year-on-year decrease of 2.87%, with a net profit of 386 million yuan, marking a 42.15% increase [2]. - Yong'an Futures achieved an operating revenue of 8.36 billion yuan, down 55.26% year-on-year, but its net profit rose by 13.31% to 475 million yuan [2]. - Nanhua Futures had an operating revenue of 941 million yuan, a decline of 8.27%, with a net profit of 351 million yuan, down 1.92% [3]. - Hongye Futures reported an operating revenue of 462 million yuan, a significant drop of 76.77%, and a net profit of 209,970 yuan, down 87.27% [3]. Group 2: Market Trends - As of October 9, 2025, the total funds in China's futures market exceeded 2 trillion yuan, reaching approximately 2.02 trillion yuan, a 24% increase from the end of 2024 [4]. - The total client equity of futures companies was about 1.91 trillion yuan, also reflecting a 24% growth compared to the end of 2024 [4]. - The number of effective clients in the market surpassed 2.7 million, a 14% increase year-on-year, with institutional clients growing by 3% and foreign clients by 11% [5]. Group 3: Regulatory Developments - The China Futures Association announced the implementation of the "Futures Market Making Business Management Rules" starting December 1, 2025, which aims to enhance the management and risk prevention of market-making activities [5][6]. - As of September 2023, 38 companies were engaged in market-making for 61 futures varieties, and 33 companies were involved in market-making for 69 options varieties [6].

Core Points - The company Zhejiang Zhongbang Industrial Development Co., Ltd. has signed a new maximum guarantee contract with China Construction Bank Hangzhou Branch to provide a guarantee of 190 million RMB for its subsidiary Yong'an Capital [1][3] - The total amount of guarantees provided by Zhongbang Company for Yong'an Capital and its subsidiaries has reached 5.633 billion RMB, which includes the new guarantee [1][5] - The guarantee is within the approved limit and does not harm the interests of the company and its shareholders, especially minority shareholders [1][5] Internal Decision-Making Process - The company held its fourth board meeting on April 22, 2025, and the annual general meeting on May 20, 2025, where it approved an increase in the guarantee limit to 8 billion RMB for Yong'an Capital and its subsidiaries [2] - The authorized guarantee limit is valid from the date of approval until the next annual general meeting [2] Guarantee Agreement Details - The guarantor is Zhejiang Zhongbang Industrial Development Co., Ltd., and the creditor is China Construction Bank Hangzhou Branch [3] - The guarantee covers the principal balance of up to 190 million RMB, including interest, penalties, and other related costs [3][5] Guarantee Method and Duration - The guarantee is a joint liability guarantee, meaning the guarantor shares responsibility for the debt [4] - The guarantee period is calculated based on the specific credit agreement and can extend for three years after the debt maturity date [5] Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the operational needs of Yong'an Capital, ensuring stable business development [5] - The company maintains effective control over the operational risks and credit status of the guaranteed subsidiary, making the guarantee risk manageable [5] Cumulative External Guarantee Amount - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 5.633 billion RMB, which represents 43.99% of the latest audited net assets attributable to shareholders [5]

Core Points - The company Zhejiang Zhongbang Industrial Development Co., Ltd. has signed a new guarantee contract with China Construction Bank for a total amount of 190 million RMB to support its subsidiary Yong'an Capital [1] - The total amount of guarantees provided by Zhongbang to Yong'an Capital and its subsidiaries has reached 5.633 billion RMB, which includes the new guarantee [1] - The guarantee is within the approved limit from the 2024 annual shareholders' meeting and does not harm the interests of the company or its shareholders, especially minority shareholders [1] Internal Decision-Making Process - The company held a board meeting on April 22, 2025, and an annual shareholders' meeting on May 20, 2025, where it approved an increase in the guarantee limit to 8 billion RMB for Zhongbang to support Yong'an Capital and its subsidiaries [2] - The authorized guarantee limit is valid from the approval date until the next annual shareholders' meeting [2] Guarantee Agreement Details - The guarantor is Zhejiang Zhongbang Industrial Development Co., Ltd., and the creditor is China Construction Bank, Hangzhou Branch [3] - The guarantee covers the principal balance of up to 190 million RMB, including interest, penalties, and other related costs [4][5] - The guarantee is a joint liability guarantee, with a guarantee period extending three years after the debt fulfillment deadline [5] Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational needs of Yong'an Capital, ensuring stable business development and aligning with the company's overall interests and strategic goals [5] - The company maintains effective control over the operational risks and credit status of the guaranteed entity, making the guarantee risk manageable [5] Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 5.633 billion RMB, representing 43.99% of the latest audited net assets attributable to shareholders [5]

Report Information - Report Title: Coking Coal Daily Report - Date: October 31, 2025 - Research Team: Black Team of the Research Center [1] Price Changes - **Domestic Coking Coal Prices**: The price of Liulin Main Coking Coal is 1,575.00, unchanged daily and weekly, up 72.00 monthly, and up 5.00% annually; the price of Raw Coal Port Pick-up is 1,170.00, up 30.00 daily, 43.00 weekly, 120.00 monthly, and up 0.86% annually; the price of Shaheyi Meng 5 is 1,470.00, unchanged daily and weekly, up 80.00 monthly, and down 12.50% annually; the price of Anze Main Coking Coal is 1,600.00, unchanged daily and weekly, up 10.00 monthly, and down 5.88% annually [2]. - **International Coking Coal Prices**: The price of Peak Downs is 211.50, unchanged daily, up 2.40 weekly, up 6.50 monthly, and down 3.90% annually; the price of Goonyella is 211.50, unchanged daily, up 2.40 weekly, up 6.50 monthly, and down 3.90% annually [2]. - **Futures Prices**: The price of Futures 05 is 1,369.00, up 28.50 daily, 51.50 weekly, 53.00 monthly, and down 6.04% annually; the price of Futures 09 is 1,439.00, up 21.50 daily, 52.00 weekly, 53.00 monthly, and down 3.13% annually; the price of Futures 01 is 1,298.00, up 30.50 daily, 46.50 weekly, 75.50 monthly, and down 6.01% annually [2]. Inventory Changes - **Total Inventory**: The total inventory is 3,306.84, down 4.44 weekly, 81.22 monthly, and 13.72% annually [2]. - **Coal Mine Inventory**: The coal mine inventory is 164.53, down 25.01 weekly, 27.01 monthly, and 40.57% annually [2]. - **Port Inventory**: The port inventory is 275.65, up 2.94 weekly, 10.16 monthly, and down 33.84% annually [2]. - **Steel Mill Coking Coal Inventory**: The steel mill coking coal inventory is 782.96, down 5.36 weekly, 13.11 monthly, and up 6.16% annually [2]. - **Coking Plant Coking Coal Inventory**: The coking plant coking coal inventory is 1,029.70, up 32.33 weekly, 30.63 monthly, and 11.53% annually [2]. Other Indicators - **Coking Capacity Utilization Rate**: The coking capacity utilization rate is 73.44, down 0.03 weekly, 1.69 monthly, and 0.33% annually [2]. - **Coking Plant Coke Inventory**: The coking plant coke inventory is 85.21, up 0.18 weekly, down 0.61 monthly, and 1.58% annually [2]. - **Basis and Spread**: The 05 basis is -57.74, down 21.60 daily, up 41.60 weekly, 65.39 monthly, and 22.48% annually; the 09 basis is -127.74, down 14.60 daily, up 41.10 weekly, 65.39 monthly, and 0.17% annually; the 01 basis is 13.26, down 23.60 daily, up 46.60 weekly, 42.89 monthly, and down 4.14% annually; the 5 - 9 spread is -70.00, up 7.00 daily, down 0.50 weekly, unchanged monthly, and up 1.46% annually; the 9 - 1 spread is 141.00, down 9.00 daily, up 5.50 weekly, down 22.50 monthly, and 0.35% annually; the 1 - 5 spread is -71.00, up 2.00 daily, down 5.00 weekly, up 22.50 monthly, and down 0.07% annually [2].

Report Summary 1. Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: October 31, 2025 [2] 2. SP Main Contract Closing Price - On October 30, 2025, the closing price of the SP main contract was 5224.00, with a decrease of 0.34338% from the previous day. The closing prices from October 24 - 29 were 5240.00, 5258.00, 5226.00, 5242.00 respectively, with corresponding daily changes of -0.19048%, 0.34351%, -0.60860%, 0.30616% [3]. - The converted US dollar prices from October 24 - 30 were 642.32, 645.65, 642.60, 644.73, 644.73 respectively [3]. - The Shandong Yinxing basis from October 24 - 30 was 350, 242, 274, 258, 276 respectively; the Jiangsu - Zhejiang - Shanghai Yinxing basis was 310, 277, 309, 268, 286 respectively [3]. 3. Import Price and Profit - Calculated with 13% VAT, for Canadian Golden Lion (CFR), the port US dollar price was 780, the Shandong region RMB price was 6200, and the import profit was -127.94; for Canadian Lion (CFR), the port US dollar price was 730, the Shandong region RMB price was 5350, and the import profit was -576.79; for Chilean Yinxing (CFR letter of credit 90 days), the port US dollar price was 680, the Shandong region RMB price was 5500, and the import profit was -25.64. The previous day's exchange rate was 7.10 [4]. 4. National and Regional Pulp and Paper Prices - From October 24 - 30, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, 3686.25 respectively; the Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, 3600.00 respectively [4]. - The cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged from October 27 - 30, 2025, at 5725, 5670, 4350, 841 respectively [4]. - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper from October 27 - 30, 2025, were 0.2667%, 13.2903%, -9.2823%, 6.9932% (with a change of -0.0191 for living paper) respectively [4]. 5. Pulp Price Spreads - From October 24 - 30, 2025, the softwood - hardwood pulp price spread changed from 1350 to 1250; the softwood - natural pulp price spread changed from 190 to 100; the softwood - chemimechanical pulp price spread changed from 1790 to 1700; the softwood - waste paper price spread changed from 4014 to 3924 [4].

Core Viewpoint - Yong'an Futures announced that the company and its controlling subsidiaries do not have any overdue guarantee situations [2] Group 1 - The announcement was made on the evening of October 30 [2] - The statement emphasizes the financial stability of the company and its subsidiaries [2]

证券代码：600927 证券简称：永安期货 公告编号：2025-062 永安期货股份有限公司 关于子公司浙江中邦实业发展有限公司 为子公司浙江永安资本管理有限公司 提供担保的进展公告 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： 担保对象及基本情况 本次担保事项在 2024 年年度股东大会审议通过的担保额度和被担保对象范 围内，不存在损害公司和股东，特别是中小股东利益的情形。 （二）内部决策程序 公司于 2025 年 4 月 22 日召开第四届董事会第十次会议，并于 2025 年 5 月 20 日召开 2024 年年度股东大会，分别审议通过了《关于担保额度预计的议案》， 同意全资子公司中邦公司增加对全资子公司永安资本及其子公司的担保额度 80 亿元（含前期担保到期续签），并在有效期内，每日担保余额不超过 80 亿元。 授权有效期自2024年年度股东大会审议通过之日起至2025年年度股东大会召开 之日止。 在本次新增担保额度范围内，被担保方可按照实际情况内部调剂使用，公司 合并报表范围内的其他控股子公司和授权期 ...

Core Insights - The number of shareholders for Yong'an Futures increased to 39,474 as of September 30, 2025, representing a growth of 2,537 or 6.87% compared to June 30, 2025 [1][2] - The average shareholding value per shareholder is 558,600 yuan, which is higher than the industry average of 251,700 yuan [1][2] - The stock price of Yong'an Futures saw an increase of 2.3% from June 30, 2025, to September 30, 2025, during which the number of shareholders rose [1][2] Shareholder Statistics - As of September 30, 2025, Yong'an Futures had 39,474 shareholders, an increase of 2,537 or 6.87% from the previous period [2] - The average number of shares held per shareholder decreased from 39,400 shares to 36,900 shares [1][2] - The average market value of shares held per shareholder is 558,600 yuan [1][2] Stock Performance - From June 30, 2025, to September 30, 2025, Yong'an Futures experienced a stock price increase of 2.3% [1][2] - During this period, the net outflow of main funds was 451 million yuan, while retail investors saw a net inflow of 613 million yuan [2] - The stock was listed on the trading board once during this period, with participation from institutional and Shanghai Stock Connect special seats [2]

Core Viewpoint - Yong'an Futures Co., Ltd. reported significant growth in its Q3 2025 performance, achieving a record quarterly profit and demonstrating strong profitability capabilities [2] Financial Performance - In Q3 2025, the company achieved an operating revenue of 2.798 billion yuan and a net profit attributable to shareholders of 305 million yuan, marking a year-on-year increase of 173.39% [2] - For the first three quarters of 2025, Yong'an Futures accumulated an operating revenue of 8.355 billion yuan and a net profit of 475 million yuan, reflecting a year-on-year growth of 13.31% [2] - The quarterly net profits for the first three quarters were 9 million yuan, 161 million yuan, and 305 million yuan, respectively, laying a solid foundation for achieving the annual performance target [2] Business Development - Over its 30 years of development, Yong'an Futures has transformed from a single brokerage business to a diversified financial service system, expanding its business coverage both domestically and internationally [2] - The company emphasizes its core value orientation, maintaining its mission of "finance for good, futures for reality" while continuously expanding its business boundaries [2] Strategic Goals - Yong'an Futures aims to build a first-class derivatives investment platform, positioning itself as a risk manager for the industrial chain, a derivatives asset allocation expert, and a comprehensive financial service expert for cross-border operations [2] - The company plans to enhance compliance and risk control capabilities while strengthening its various business segments to support high-quality development of the real economy and contribute to the construction of a strong financial nation [2]

Core Insights - The company reported a significant decline in revenue for the first three quarters of 2025, with a total operating income of 8.355 billion yuan, down 55.26% year-on-year, primarily due to changes in accounting standards affecting the reporting of commodity risk management business [1] - Despite the revenue drop, the net profit attributable to shareholders increased by 13.31% year-on-year to 475 million yuan, with a notable surge in Q3 net profit of 305 million yuan, reflecting a year-on-year increase of 173.39% and a quarter-on-quarter increase of 89.43% driven by substantial growth in investment income [1] Investment Income Growth - The company's investment income for the first three quarters reached 659 million yuan, marking a 33% increase year-on-year, with Q3 alone showing a dramatic 409% increase to 508 million yuan [2] - The investment income improvement has been consistent throughout the year, with Q1 showing a slight net loss, Q2 generating 204 million yuan, and Q3 further increasing, indicating a strong recovery trend [2] - As of the end of Q3, the company's financial investment assets totaled 8.966 billion yuan, up 3% from the previous quarter, primarily due to a 200 million yuan increase in debt investments [2] Brokerage Fees and Commissions - The net income from brokerage fees and commissions for the first three quarters was 395 million yuan, reflecting a 4% year-on-year increase, with Q3 net income also up 4% to 157 million yuan [3] - The company is focusing on providing tailored services for institutional, industrial, and individual clients, establishing four major industry divisions and a "4+1" service platform to enhance product innovation and meet rapid trading demands [3] - The active trading environment is supported by a 18.29% increase in cumulative trading volume and a 24.11% increase in cumulative trading value in the national futures market from January to September [3] Share Buyback Progress - The company initiated a share buyback program in June 2025, planning to repurchase shares worth between 50 million and 100 million yuan, with the first buyback of 626,800 shares completed on August 27, representing 0.043% of total shares [4] - By September 30, 2025, the company had repurchased a total of 967,400 shares, accounting for 0.066% of total shares, with a total expenditure of approximately 14.9972 million yuan, demonstrating a commitment to boosting investor confidence [4] Earnings Forecast and Valuation - Following the significant growth in investment income, the company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.46, 0.50, and 0.52 yuan, representing increases of 34%, 27%, and 24% respectively from previous estimates [5] - The book value per share (BPS) for 2025 is projected at 9.14 yuan, with a target price set at 21.02 yuan based on a price-to-book (PB) ratio of 2.3, reflecting a slight discount compared to comparable companies [5]