Group 1: Report Summary - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center, dated November 13, 2025 [1] Group 2: SP Main Contract Information - The closing price of the SP main contract on November 12, 2025, was 5482.00 [1] - The closing prices on previous days were 5484.00 (November 11), 5468.00 (November 10), 5394.00 (November 7), and 5368.00 (November 6) [1] - The corresponding dollar - converted prices were 672.85 (November 12 and 11), 671.16 (November 10), 661.50 (November 7), and 658.32 (November 6) [1] - The daily price changes were - 0.03647% (November 12), 0.29261% (November 11), 1.37189% (November 10), 0.48435% (November 7), and 0.14925% (November 6) [1] - The Shandong Yinxing basis was 58 (November 12), 56 (November 11), 57 (November 10), 106 (November 7), and 132 (November 6) [1] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 83 (November 12), 81 (November 11), 57 (November 10), 131 (November 7), and 157 (November 6) [1] Group 3: Import Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, with a Shandong - area RMB price of 6200 and an import profit of - 145.57; the CFR price of Lion was 730 dollars, with a Shandong - area RMB price of 5500 and an import profit of - 443.29 [2] - For Chilean pulp, the CFR price of Silver Star (90 - day letter of credit) was 680 dollars, with a Shandong - area RMB price of 5540 and an import profit of - 1.01 [2] Group 4: Pulp Price Averages - From November 6 to November 12, 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 [2] - The Shandong - area average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] Group 5: Paper Index and Profit Margin - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 7 to November 12, 2025 [2] - The profit margins of double - offset, double - copper, white - card, and living paper changed from November 7 to November 12, and remained unchanged on November 11 and 12 [2] Group 6: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper changed from November 6 to November 12, 2025 [2]

Group 1: Report Overview - Report Name: Coking Coal Daily Report [1] - Date: November 13, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - **Coking Coal Prices** - Liulin Main Coking Coal: The latest price is 1,645.00, with a monthly increase of 95.00 and an annual increase of 3.46% [2] - Raw Coal Port Warehouse Pick - up Price: The latest price is 1,100.00, with a daily decrease of 11.00, a weekly decrease of 65.00, and an annual decrease of 3.51% [2] - Shaheyi Mongolian No. 5: The latest price is 1,550.00, with a monthly increase of 130.00 and an annual decrease of 5.49% [2] - Anze Main Coking Coal: The latest price is 1,700.00, with a daily and weekly increase of 40.00, a monthly increase of 170.00, and an annual increase of 4.29% [2] - Peak Downs: The latest price is 211.50, with a daily decrease of 0.50, a monthly increase of 5.50, and an annual decrease of 7.00 [2] - Goonyella: The latest price is 210.50, with a daily and weekly decrease of 1.00, a monthly increase of 5.00, and an annual decrease of 8.00 [2] - **Futures Prices** - Futures Contract 05: The latest price is 1,276.00, with a daily decrease of 13.00, a weekly decrease of 66.00, and an annual decrease of 4.74% [2] - Futures Contract 09: The latest price is 1,347.00, with a daily decrease of 5.50, a weekly decrease of 57.50, and an annual decrease of 2.81% [2] - Futures Contract 01: The latest price is 1,217.50, with a daily decrease of 24.50, a weekly decrease of 65.00, and an annual decrease of 5.11% [2] Group 3: Inventory Information - **Total Inventory**: The latest total inventory is 3,370.26, with a weekly increase of 47.67, a monthly increase of 75.88, and an annual decrease of 13.00% [2] - **Coal Mine Inventory**: The latest coal mine inventory is 165.59, with a weekly increase of 1.06, a monthly decrease of 30.27, and an annual decrease of 43.01% [2] - **Port Inventory**: The latest port inventory is 290.15, with a weekly increase of 14.50, a monthly decrease of 4.84, and an annual decrease of 31.77% [2] - **Steel Mill Coking Coal Inventory**: The latest steel mill coking coal inventory is 796.32, with a weekly increase of 13.36, a monthly increase of 8.26, and an annual increase of 7.26% [2] - **Coking Plant Coking Coal Inventory**: The latest coking plant coking coal inventory is 1,052.48, with a weekly increase of 22.78, a monthly increase of 14.77, and an annual increase of 15.19% [2] - **Coking Plant Coke Inventory**: The latest coking plant coke inventory is 84.99, with a monthly decrease of 0.54 and an annual decrease of 1.87% [2] Group 4: Other Information - **Coking Capacity Utilization Rate**: The latest coking capacity utilization rate is 72.31, with a weekly decrease of 1.13, a monthly decrease of 2.87, and an annual decrease of 1.61% [2] - **Basis and Spread Information** - 05 Basis: The latest 05 basis is 88.14, with a daily increase of 13.00, a weekly increase of 66.00, and an annual increase of 79.59 [2] - 09 Basis: The latest 09 basis is 17.14, with a daily increase of 5.50, a weekly increase of 57.50 [2] - 01 Basis: The latest 01 basis is 146.64, with a daily increase of 24.50, a weekly increase of 65.00, and an annual increase of 1.25 [2] - 5 - 9 Spread: The latest 5 - 9 spread is - 71.00, with a daily decrease of 7.50, a weekly decrease of 8.50 [2] - 9 - 1 Spread: The latest 9 - 1 spread is 129.50, with a daily increase of 19.00, a weekly increase of 7.50 [2] - 1 - 5 Spread: The latest 1 - 5 spread is - 58.50, with a daily decrease of 11.50, a weekly increase of 1.00 [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On Tuesday, the EC2602 contract's price rose due to early rumors of the 02 pricing index, and other contracts were also driven up. However, in the afternoon, the EC2512 contract dropped significantly because MSK opened cabins and lowered prices. The EC2512 contract has a neutral valuation and will gradually follow the delivery logic. The freight rate in late November will determine the implementation of the price - holding strategy in December. It is expected to fluctuate in the short - term following the spot price and shipping companies' announcements. The EC2602 contract's valuation is harder to determine and is expected to mainly follow the EC2512 contract in the short - term. If the shipping volume during the peak season is gradually realized, the EC2602 contract may have more upside potential. The EC2604 contract is a slack - season contract. It will maintain a narrow - range oscillation in the short - term during the peak - season logic. Considering the greater supply pressure and the slack season in April next year, a short - selling strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contracts - **Contract Prices and Changes**: The EC2512 contract closed at 1746.1, down 1.81%; the EC2602 contract closed at 1690.5, up 5.33%; the EC2604 contract closed at 1187.8, up 1.86%; the FC2606 contract closed at 1423.9, up 2.06%; the EC2608 contract closed at 1545.0, up 3.33%; the EC2610 contract closed at 1137.5, up 0.30% [2]. - **Open Interest Changes**: The open interest of the EC2512 contract decreased by 1475 to 25205; the EC2602 contract increased by 4654 to 29350; the EC2604 contract increased by 279 to 14730; the FC2606 contract decreased by 23 to 1423; the EC2608 contract decreased by 73 to 1213; the EC2610 contract increased by 122 to 1607 [2]. - **Month - to - Month Spreads**: The EC2512 - 2504 spread was 558.3, down 56.8 from the previous day and 109.0 from the previous week; the EC2512 - 2602 spread was 55.6, down 117.7 from the previous day and 203.9 from the previous week; the EC2502 - 2604 spread was 502.7, up 63.9 from the previous day and 94.9 from the previous week [2]. 3.2 Spot Indices - **SCEIS**: Updated every Monday, as of November 10, 2025, it was 1504.80 points, up 24.50% from the previous period and down - 7.92% from two periods ago [2]. - **SCFI (European Line)**: Updated weekly, as of November 7, 2025, it was 1323 dollars/TEU, down - 1.56% from the previous period and up 7.87% from two periods ago [2]. - **CCFI**: Updated weekly, as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period and up 2.37% from two periods ago [2]. - **NCFI**: Updated weekly, as of November 7, 2025, it was 911.73 points, down - 5.58% from the previous period and up 17.43% from two periods ago [2]. 3.3 Recent European Line Freight Quotes - **45th Week**: The average freight rate was about 2050 US dollars (equivalent to 1450 points on the futures disk) [2]. - **46th Week**: The average freight rate was 2000 US dollars (equivalent to 1400 points on the futures disk) [2]. - **Shipping Companies' Quotes**: Shipping companies announced a price increase to 2365 - 2950 US dollars for mid - to - late November, but MSK opened cabins at 2250 US dollars (a 50 - dollar increase from the previous period). It is expected that other shipping companies will gradually lower their quotes this week and may announce a price increase for December. OOCL lowered its online quote for November by 300 US dollars to 2600 US dollars. MSK's cabin - opening quote for the 48th week was 1900 - 2000 US dollars, equivalent to 1340 - 1400 US dollars on the futures disk [2]. 3.4 Related News - **Geopolitical News**: As of November 10, the first - stage cease - fire agreement in Gaza has expired. Israel and Hamas accused each other of violating the agreement, and the second - stage cease - fire negotiation is still "far from sight" [3]. - **Policy News**: Starting from 13:01 on November 10, 2025, China will suspend the implementation of relevant regulations on charging special port fees for US ships for one year, synchronizing with the US suspension of the final measures of the 301 investigation on China's maritime, logistics, and shipbuilding industries [4].

Price Performance - London Gold's latest price is 4090.25 with no change [1] - London Silver's latest price is 50.04 with no change [1] - London Platinum's latest price is 1554.00 with no change [1] - London Palladium's latest price is 1414.00, up 18.00 [1] - WTI Crude's latest price is 60.13 with no change [1] - LME Copper's latest price is 10809.00, up 29.50 [1] - US Dollar Index's latest value is 99.62 with no change [1] - Euro to US Dollar's latest exchange rate is 1.16 with no change [1] - British Pound to US Dollar's latest exchange rate is 1.32 with no change [1] - US Dollar to Japanese Yen's latest exchange rate is 154.13 with no change [1] - US 10 - year TIPS's latest value is 1.84 with no change [1] Trading Data - COMEX Silver inventory is 14901.82 with no change [1] - SHFE Silver inventory is 591.88, down 18.10 [1] - Gold ETF holdings are 1042.06 with no change [1] - Silver ETF holdings are 15088.63 with no change [1] - SGE Silver inventory is 905.24 with no change [1] - SGE Gold deferred - fee payment direction is 1 with no change [1] - SGE Silver deferred - fee payment direction is 2 with no change [1]

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 in different regions from November 5th to 11th, 2025, including Beijing, Shanghai, Chengdu, etc. For example, the price of Beijing's rebar increased from 3130 on November 5th to 3200 on November 11th, with a change of 10. The price of Shanghai's hot - rolled coil decreased by 40, while the price of Le Cong's hot - rolled coil increased by 110 [1] Basis and Spread - No information provided Output and Inventory - No information provided

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: November 12, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - Shanxi Standard First - Wet Quenching Coke Price: 1591.62, with daily change 0.00, weekly change 54.61, monthly change 109.23, and year - on - year change - 15.71% [2] - Hebei Standard First - Dry Quenching Coke Price: 1845.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change 1.93% [2] - Shandong Standard First - Dry Quenching Coke Price: 1770.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change - 14.29% [2] - Jiangsu Standard First - Dry Quenching Coke Price: 1810.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change - 14.01% [2] Group 3: Production and Utilization Information - Blast Furnace Operating Rate: 87.81, with weekly change - 0.80, monthly change - 2.74, and year - on - year change - 0.67% [2] - Average Daily Hot Metal Output: 234.22, with weekly change - 2.14, monthly change - 7.32, and year - on - year change 0.07% [2] - Coking Capacity Utilization Rate: 72.74, with weekly change - 0.42, monthly change - 2.26, and year - on - year change - 0.49% [2] - Average Daily Coke Output: 53.14, with weekly change - 0.16, monthly change 0.83, and year - on - year change 5.19% [2] Group 4: Inventory Information - Coking Plant Inventory: 36.50, with weekly change - 1.02, monthly change - 6.04, and year - on - year change - 17.16% [2] - Port Inventory: 202.11, with weekly change - 8.99, monthly change 7.02, and year - on - year change 16.73% [2] - Steel Mill Inventory: 626.64, with weekly change - 2.41, monthly change - 24.18, and year - on - year change 7.76% [2] - Steel Mill Inventory Days: 11.07, with weekly change - 0.50, monthly change - 0.35, and year - on - year change - 0.81% [2] Group 5: Futures Market Information - Futures Contract 05 Price: 1856.5, with daily change - 18.50, weekly change - 26.00, monthly change 59.50, and year - on - year change - 8.61% [2] - Futures Contract 09 Price: 1939.5, with daily change - 13.50, weekly change - 28.00, monthly change 60.00, and year - on - year change - 6.71% [2] - Futures Contract 01 Price: 1722, with daily change - 26.00, weekly change - 18.50, monthly change 73.50, and year - on - year change - 11.76% [2] - 05 Basis: 48.47, with daily change 18.50, weekly change 26.00, monthly change 74.08, and year - on - year change - 71.21 [2] - 09 Basis: - 34.53, with daily change 13.50, weekly change 28.00, monthly change 73.58, and year - on - year change - 106.71 [2] - 01 Basis: 182.97, with daily change 26.00, weekly change 18.50, monthly change 60.08, and year - on - year change - 16.71 [2] - 5 - 9 Spread: - 134.50, with daily change - 7.50, weekly change 7.50, monthly change 14.00, and year - on - year change - 54.50 [2] - 9 - 1 Spread: - 83.00, with daily change - 5.00, weekly change 2.00, monthly change - 0.50, and year - on - year change - 35.50 [2] - 1 - 5 Spread: 217.50, with daily change 12.50, weekly change - 9.50, monthly change - 13.50, and year - on - year change 90.00 [2]

Report Information - Report Title: Coke Daily Report - Report Date: November 11, 2025 - Research Team: Black Team of the Research Center [1] Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Data Coke Prices - The latest price of Shanxi quasi - first wet quenching coke is 1591.62, with no daily change, a weekly increase of 54.61, a monthly increase of 109.23, and a year - on - year decrease of 15.71% [2] - The latest price of Hebei quasi - first dry quenching coke is 1845.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year increase of 1.93% [2] - The latest price of Shandong quasi - first dry quenching coke is 1770.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year decrease of 14.29% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1810.00, with no daily change, a weekly increase of 55.00, a monthly increase of 110.00, and a year - on - year decrease of 14.01% [2] - The latest price of Inner Mongolia second - grade coke is 1280.00, with no daily change, a weekly increase of 50.00, a monthly increase of 100.00, and a year - on - year decrease of 17.42% [2] Production and Utilization Rates - The blast furnace operating rate is 87.81, with a weekly decrease of 0.80, a monthly decrease of 2.74, and a year - on - year decrease of 0.67% [2] - The daily average iron water output is 234.22, with a weekly decrease of 2.14, a monthly decrease of 7.32, and a year - on - year increase of 0.07% [2] - The coking capacity utilization rate is 72.74, with a weekly decrease of 0.42, a monthly decrease of 2.26, and a year - on - year decrease of 0.49% [2] - The daily average coke output is 53.14, with a weekly decrease of 0.16, a monthly increase of 0.83, and a year - on - year increase of 5.19% [2] Inventory Data - The coking plant inventory is 36.50, with a weekly decrease of 1.02, a monthly decrease of 6.04, and a year - on - year decrease of 17.16% [2] - The port inventory is 202.11, with a weekly decrease of 8.99, a monthly increase of 7.02, and a year - on - year increase of 16.73% [2] - The steel mill inventory is 626.64, with a weekly decrease of 2.41, a monthly decrease of 24.18, and a year - on - year increase of 7.76% [2] - The steel mill inventory days are 11.07, with a weekly decrease of 0.50, a monthly decrease of 0.35, and a year - on - year decrease of 0.81% [2] Futures Market Data - The latest price of the 05 futures contract is 1875, with a daily decrease of 20.50, a weekly decrease of 10.00, a monthly increase of 61.50, and a year - on - year decrease of 11.05% [2] - The latest price of the 09 futures contract is 1953, with a daily decrease of 22.50, a weekly decrease of 9.50, a monthly increase of 48.00, and a year - on - year decrease of 8.80% [2] - The latest price of the 01 futures contract is 1748, with a daily decrease of 16.50, a weekly decrease of 5.50, a monthly increase of 86.50, and a year - on - year decrease of 13.81% [2] - The 05 basis is 29.97, with a daily increase of 20.50, a weekly increase of 68.72, a monthly increase of 72.08, and a year - on - year decrease of 13.21 [2] - The 09 basis is - 48.03, with a daily increase of 22.50, a weekly increase of 68.22, a monthly increase of 85.58, and a year - on - year decrease of 57.71 [2] - The 01 basis is 156.97, with a daily increase of 16.50, a weekly increase of 64.22, a monthly increase of 47.08, and a year - on - year increase of 33.79 [2] - The 5 - 9 spread is - 127.00, with a daily increase of 4.00, a weekly increase of 4.50, a monthly increase of 25.00, and a year - on - year decrease of 47.00 [2] - The 9 - 1 spread is - 78.00, with a daily increase of 2.00, a weekly decrease of 0.50, a monthly increase of 13.50, and a year - on - year decrease of 44.50 [2] - The 1 - 5 spread is 205.00, with a daily decrease of 6.00, a weekly decrease of 4.00, a monthly decrease of 38.50, and a year - on - year increase of 91.50 [2]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View - Not provided in the given content 3) Summary by Relevant Sections Price Performance - Latest prices: London Gold at 4090.25, London Silver at 50.04, London Platinum at 1554.00, London Palladium at 1396.00, LME Copper at 10779.50; Dollar Index at 99.62, Euro to US Dollar at 1.16, British Pound to US Dollar at 1.32, US Dollar to Japanese Yen at 154.13 [1] - Price changes: London Gold up 96.15, London Silver up 1.34, London Platinum down 8.00, London Palladium down 9.00, LME Copper up 64.50; Dollar Index up 0.07, Euro to US Dollar unchanged, British Pound to US Dollar unchanged, US Dollar to Japanese Yen up 0.71 [1] Trading Data - Latest inventory and持仓 data: COMEX Silver inventory at 14901.82, SHFE Silver inventory at 609.98, Gold ETF持仓 at 1042.06, Silver ETF持仓 at 15088.63, SGE Silver inventory at 905.24, SGE Gold deferred - fee payment direction at 1, SGE Silver deferred - fee payment direction at 2 [1] - Changes: COMEX Silver inventory down 31.46, SHFE Silver inventory down 13.07, Gold ETF持仓 unchanged, Silver ETF持仓 unchanged, SGE Silver inventory unchanged, SGE Gold deferred - fee payment direction down 1.00, SGE Silver deferred - fee payment direction unchanged [1] Data Sources - Data sources include Bloomberg, Yong'an Yuandian Information, and Wind [7]

Core Insights - The Zhejiang state-owned enterprise reform sector saw a rise of 0.39% on November 10, with Zhejiang Dongri leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance Summary - Zhejiang Dongri (600113) closed at 48.43, with a significant increase of 9.99% and a trading volume of 92,100 shares, amounting to a transaction value of 430 million yuan [1] - Dongwang Times (600052) rose by 5.80% to close at 5.11, with a trading volume of 615,500 shares and a transaction value of 317 million yuan [1] - Guyue Longshan (600059) increased by 4.07% to 9.98, with a trading volume of 293,900 shares and a transaction value of 290.6 million yuan [1] - Sanbian Technology (002112) saw a 4.04% increase, closing at 16.49 with a trading volume of 804,900 shares and a transaction value of 1.276 billion yuan [1] - Other notable performers included Yong'an Futures (600927) with a 3.70% increase and a transaction value of 153 million yuan, and Chuangyuan Co. (300703) with a 3.63% increase and a transaction value of 295 million yuan [1] Capital Flow Analysis - The Zhejiang state-owned enterprise reform sector experienced a net outflow of 503 million yuan from institutional investors, while retail investors saw a net inflow of 292 million yuan [2] - The capital flow data indicates that major stocks like Juhua Co. (600160) had a net inflow of 1.14 billion yuan from institutional investors, while retail investors had a net outflow of 787.9 million yuan [3] - Ningbo Jingda (603088) had a net inflow of 62.29 million yuan from institutional investors, but a significant outflow of 877.8 million yuan from retail investors [3]

Core Viewpoint - Yong'an Futures has shown a mixed performance in stock price and financial metrics, with a notable increase in net profit year-on-year despite a lack of revenue in the first nine months of 2025 [1][2]. Financial Performance - As of November 10, Yong'an Futures' stock price increased by 2.12% to 15.44 CNY per share, with a market capitalization of 22.474 billion CNY [1]. - The company has experienced a 17.68% increase in stock price year-to-date, with a slight decline of 0.90% over the last five trading days [1]. - For the period from January to September 2025, Yong'an Futures reported a net profit of 475 million CNY, reflecting a year-on-year growth of 13.31% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 39,500, up by 6.87% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 6.43% to 36,873 shares [2]. Business Operations - Yong'an Futures primarily engages in risk management services, which account for 90.17% of its revenue, followed by futures brokerage at 6.90% [1]. - The company has been listed on the stock market since December 23, 2021, and has a history of dividend distribution, totaling 1.006 billion CNY since its A-share listing [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 9.5517 million shares, a decrease of 1.5842 million shares from the previous period [3]. - Southern CSI 500 ETF ranks as the eighth-largest circulating shareholder, with a holding of 4.2586 million shares, down by 107,600 shares [3].