远月来看，建议仍以逢高空10为主，主要基于淡季与退税利空逻辑。06和08估值难描定，合理范围内宽幅震荡，地缘犹动下建议谨慎操作。 欧线现货情况: 本周下游正预定2月初（week6-7）的舱位。当下船舶整体收货情况良好，但揽货压力有所增加，且船公司需要为春节假期发出船舶进行揽货, Week7价格中枢2140美金, 折盘面1500点。Week8-9MSK开舱1950美金（环比持平）, 其它船司报价暂时也以沿用为主。 相关新闻 2/1 据路透社：伊朗官员表示，有关伊朗革命卫队计划在霍尔木兹海峡举行军事演习的媒体报道是错误的。革命卫队尚未就霍尔木兹海峡军演事 消息面 宜发布官方声明。 | | | | | | | 研究中心能化团队 | | | 2026/2/2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 | 基差 | 昨日成交量 | | 昨日持仓量 | 持仓变动 | | | EC2602 | | 1716.7 | -0.05% | 142.6 | 453 | | 2551 | -261 | | ...

纸浆早报 研究中心能化团队 2026/02/02 SP主力合约收盘价： 5300.00 | 日期 | 2026/01/30 | 2026/01/29 | 2026/01/28 | 2026/01/27 | 2026/01/26 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5300.00 | 5388.00 | 5374.00 | 5342.00 | 5374.00 | | 折美元价 | 666.08 | 677.54 | 675.82 | 670.56 | 674.67 | | 距上一日涨跌 | -1.63326% | 0.26051% | 0.59903% | -0.59546% | -0.44461% | | 山东银星基差 | 75 | 12 | 26 | 58 | 26 | | 江浙沪银星基差 | 90 | 12 | 26 | 58 | 26 | 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 ...

Group 1 - The core point of the announcement is that Zhejiang Zhongbang Industrial Development Co., Ltd. has signed a new maximum guarantee contract with Industrial Bank Co., Ltd. Shanghai Nanhui Branch to provide a guarantee of 100 million yuan for its subsidiary Shanghai Yong'an Ruimeng Trading Co., Ltd. [2] - The total amount of guarantees provided by Zhongbang Company for Yong'an Capital Management Co., Ltd. and its subsidiaries after this guarantee will be 5.49 billion yuan, which includes the new guarantee [2] - The guarantee is within the approved limit and scope of the shareholders' meeting, ensuring no harm to the company and shareholders, especially minority shareholders [2] Group 2 - The internal decision-making process involved the board meeting on April 22, 2025, and the annual shareholders' meeting on May 20, 2025, which approved an increase in the guarantee limit to 8 billion yuan for Zhongbang Company [3] - The guarantee agreement specifies that the guarantee covers all debts arising from various financial services provided to the debtor, including principal, interest, penalties, and costs incurred by the creditor [4] - The guarantee is a joint liability guarantee with a period of three years from the maturity of each financing obligation [5] Group 3 - The necessity and reasonableness of the guarantee are justified by the operational needs of Yong'an Ruimeng, ensuring stable business development and aligning with the company's overall interests and strategic goals [6] - The board of directors believes that both Yong'an Capital and Zhongbang Company have good repayment capabilities, and providing the guarantee will facilitate the subsidiaries' business without adversely affecting the company's operations or financial status [7] Group 4 - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is 5.49 billion yuan, which accounts for 42.87% of the latest audited net assets attributable to the shareholders of the listed company, with no overdue guarantees reported [8]

Core Viewpoint - Yong'an Futures (600927) has clarified its role in the market, emphasizing that its subsidiary, New Yong'an Futures, participates in the European Futures Exchange (EUREX) to provide overseas derivative trading and risk management services, without engaging in the direct production or export of tangible goods abroad [1]. Group 1 - Yong'an Futures operates through its subsidiary, New Yong'an Futures, which is a participant in the European Futures Exchange (EUREX) [1]. - The company focuses on providing clients with overseas derivative trading and risk management services [1]. - There is no involvement in the direct production or export of tangible goods to foreign markets [1].

Group 1 - The core viewpoint of the article is that Yong'an Futures' subsidiary, New Yong'an Futures, participates in the European Futures Exchange (EUREX) but does not engage in the direct production or export of tangible goods to overseas markets [1] - Yong'an Futures clarified that its services primarily involve providing overseas derivative trading and risk management services to clients [1] - Investors are encouraged to refer to the company's periodic reports published on the Shanghai Stock Exchange for detailed operational information [1]

证券代码：600927 证券简称：永安期货 公告编号：2026-004 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 为子公司上海永安瑞萌商贸有限公司 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 | 被担保人名称 | 本次担保金额 | 实际为其提供的 担保余额（不含本 | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | | | | 次担保金额） | | 额度内 | 反担保 | | 上海永安瑞萌商贸 | | | | | | | 有限公司（以下简称 | 10,000.00 万元 | 15,991.77 | 万元 | 是 | 否 | | "永安瑞萌"） | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 无 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 549,000.00 | | 对外担保总额占上市公司最近一 期 ...

Market Performance - The diversified financial sector increased by 1.06% on January 23, with Lakala leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Top Gainers - Lakala (300773) closed at 29.20, up 4.70% with a trading volume of 926,800 shares and a transaction value of 2.682 billion [1] - Hainan Huatie (603300) closed at 7.65, up 3.24% with a trading volume of 1,021,600 shares and a transaction value of 776 million [1] - Wukuang Rongben (600390) closed at 6.04, up 3.07% with a trading volume of 1,507,800 shares and a transaction value of 927 million [1] Top Losers - Jiuding Investment (600053) closed at 22.20, down 5.57% with a trading volume of 176,800 shares and a transaction value of 401 million [2] - ST Nengmao (600599) closed at 8.55, down 1.16% with a trading volume of 38,300 shares and a transaction value of 32.738 million [2] - Jiangsu Jinzu (600901) closed at 6.13, down 0.97% with a trading volume of 230,600 shares and a transaction value of 142 million [2] Capital Flow - The diversified financial sector experienced a net outflow of 13.5995 million from institutional investors, while retail investors saw a net inflow of 186 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Lakala saw a net inflow of 16.8 million from institutional investors, but a net outflow of 78.8714 million from speculative funds and 89.5493 million from retail investors [3] - Hainan Huatie had a net inflow of 63.0874 million from institutional investors, with outflows from both speculative and retail investors [3] - Zhejiang Dongfang (600120) had a net inflow of 32.0632 million from institutional investors, while also experiencing outflows from speculative and retail investors [3]

Core Viewpoint - Zhejiang Dongfang Holdings plans to reduce its stake in Yong'an Futures by up to 43,666,666 shares, representing 3% of the total share capital, due to its operational needs [1] Group 1: Shareholder Reduction Plan - Zhejiang Dongfang intends to reduce its holdings from February 24, 2026, through centralized bidding and block trading [1] - The reduction includes a maximum of 14,555,555 shares via centralized bidding and 29,111,111 shares via block trading [1] - As of the announcement date, Zhejiang Dongfang holds 166,427,690 shares, accounting for 11.43% of the total share capital, all of which are unrestricted circulating shares [1] Group 2: Company Listing and Financials - Yong'an Futures was listed on the Shanghai Stock Exchange on December 23, 2021, with an initial public offering of 146 million shares at a price of 17.97 yuan per share [2] - The total funds raised from the IPO amounted to 2.616 billion yuan, with a net amount of 2.507 billion yuan after deducting issuance costs [2] - The total issuance costs (excluding VAT) were 108 million yuan, with underwriting and sponsorship fees amounting to 86.7925 million yuan [2] Group 3: Stock Performance - Yong'an Futures reached its highest price of 41.69 yuan on the sixth trading day after listing but has since experienced a decline and is currently in a state of stock price drop [2]

Core Viewpoint - The article emphasizes the importance of integrating "investment in material" and "investment in people" as a strategic upgrade for high-quality economic development in China, highlighting the need for both hard support through infrastructure and technology, and soft support through talent cultivation and service capabilities [1]. Group 1: Investment in Material - The futures market is expanding its product offerings to include new energy and green finance, enhancing participation from industrial clients and providing hard support for "investment in material" through innovative models like "insurance + futures" [2]. - The infrastructure of the futures market is deeply integrated with the real economy, with delivery warehouses evolving into hubs that link spot and futures markets, and tools being innovatively aligned with industry needs [2][3]. - The futures market provides risk management tools and venues for enterprises, with derivatives like options and swaps catering to personalized hedging needs, while also addressing the challenges of usage among enterprises [3]. Group 2: Investment in People - The focus on "investment in people" aims to address the pain points of enterprises that struggle with using futures effectively, by cultivating analysts and client managers who understand both financial derivatives and the industry chain [3]. - The industry faces a structural shortage of composite talents and lacks dedicated risk management teams within enterprises, which hampers the effective integration of "investment in material" and "investment in people" [4]. - The futures industry is encouraged to prioritize talent investment, extending services to broader areas that require financial support, and transitioning from mere transaction facilitation to comprehensive risk management services [5]. Group 3: Challenges and Recommendations - The current collaboration between "investment in material" and "investment in people" is still in its early stages, with a need for deeper integration and a systematic approach to overcome existing challenges [4]. - Recommendations include leveraging AI and digital platforms to lower professional barriers, fostering composite talent development, and creating a robust mechanism to support long-term integration [6]. - The futures industry should evolve from being a mere tool provider to a strategic partner, enhancing service models to cater to both large enterprises and small businesses, while also focusing on technology and talent development [7].

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: January 22, 2026 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - **Shanxi Standard First Wet Quenching Coke**: The latest price is 1430.97, with no daily or weekly changes, a monthly change of -54.61, and a year-on-year change of -11.18% [2] - **Hebei Standard First Dry Quenching Coke**: The latest price is 1680.00, with no daily or weekly changes, a monthly change of -55.00, and a year-on-year change of 7.69% [2] - **Shandong Standard First Dry Quenching Coke**: The latest price is 1625.00, with no daily or weekly changes, a monthly change of -35.00, and a year-on-year change of -9.22% [2] - **Jiangsu Standard First Dry Quenching Coke**: The latest price is 1645.00, with no daily or weekly changes, a monthly change of -55.00, and a year-on-year change of -10.11% [2] - **Inner Mongolia Second - Grade Coke**: The latest price is 1130.00, with no daily or weekly changes, a monthly change of -50.00, and a year-on-year change of -13.08% [2] Group 3: Production and Capacity Information - **Blast Furnace Operating Rate**: The latest rate is 85.48, with a weekly change of -0.56, a monthly change of 0.55, and a year-on-year change of 1.47% [2] - **Daily Average Hot Metal Output**: The latest output is 228.01, with a weekly change of -1.49, a monthly change of 1.46, and a year-on-year change of 1.57% [2] - **Coking Capacity Utilization Rate**: The latest rate is 71.61, with a weekly change of 0.87, a monthly change of -0.31, and a year-on-year change of -1.28% [2] - **Daily Average Coke Output**: The latest output is 50.40, with a weekly change of 0.65, a monthly change of -0.90, and a year-on-year change of -5.41% [2] Group 4: Inventory Information - **Coking Plant Inventory**: The latest inventory is 40.61, with a weekly change of -3.56, a monthly change of -11.29, and a year-on-year change of -39.01% [2] - **Port Inventory**: The latest inventory is 188.07, with a weekly change of 3.97, a monthly change of 12.42, and a year-on-year change of 1.87% [2] - **Steel Mill Inventory**: The latest inventory is 650.33, with a weekly change of 4.60, a monthly change of 16.60, and a year-on-year change of -4.83% [2] - **Steel Mill Inventory Days**: The latest number of days is 11.97, with a weekly change of -0.05, a monthly change of 0.25, and a year-on-year change of -11.79% [2] Group 5: Futures Information - **Futures Contract 05**: The latest price is 1674, with a daily change of -19.50, a weekly change of -69.50, a monthly change of -56.00, and a year-on-year change of -5.26% [2] - **Futures Contract 09**: The latest price is 1748, with a daily change of -21.50, a weekly change of -70.50, a monthly change of -55.50, and a year-on-year change of -4.48% [2] - **Futures Contract 01**: The latest price is 1861, with a daily change of -16.00, a weekly change of 361.00, a monthly change of 272.50, and a year-on-year change of 0.59% [2] - **05 Basis**: The latest basis is 52.85, with a daily change of 19.50, a weekly change of 69.50, a monthly change of -50.69, and a year-on-year change of -52.75% [2] - **09 Basis**: The latest basis is -21.15, with a daily change of 21.50, a weekly change of 70.50, a monthly change of -51.19, and a year-on-year change of -63.75% [2] - **01 Basis**: The latest basis is -134.15, with a daily change of 16.00, a weekly change of -361.00, a monthly change of -379.19, and a year-on-year change of -156.75% [2] - **5 - 9 Spread**: The latest spread is 187.00, with a daily change of 3.50, a weekly change of 430.50, a monthly change of 328.50, and a year-on-year change of 104.00% [2] - **9 - 1 Spread**: The latest spread is -74.00, with a daily change of 2.00, a weekly change of 1.00, a monthly change of -0.50, and a year-on-year change of -11.00% [2] - **1 - 5 Spread**: The latest spread is -113.00, with a daily change of -5.50, a weekly change of -431.50, a monthly change of -328.00, and a year-on-year change of -93.00% [2]