Core Viewpoint - The futures market is becoming a crucial support for real enterprises to manage risks and stabilize operations amid a complex international environment and domestic economic adjustments [1][2]. Group 1: Challenges Faced by Real Enterprises - Real enterprises are currently facing unprecedented operational challenges due to severe price fluctuations, supply chain restructuring, and macro policy divergence [1]. - The steel industry, for example, has seen an 18% year-on-year decline in average rebar prices for 2024, with some steel mills' sales profit margins dropping below 1% [2]. - Over 60% of small and medium-sized steel enterprises have a hedging ratio of less than 20%, indicating a significant lack of risk management capabilities [2]. Group 2: Role of Futures Tools - Futures tools are increasingly viewed as a "stabilizer" for enterprises to mitigate risks [2]. - The futures market provides authoritative forward price signals that help enterprises plan production effectively [2]. - By utilizing hedging operations, enterprises can transfer price fluctuation risks, locking in costs and profits [2]. Group 3: Innovative Service Models - The "six-step" full-chain service model developed by Yong'an Futures in collaboration with Liuzhou Steel is a typical example of how futures tools assist enterprises in managing operational risks [3]. - This model includes developing hedging management methods, cultivating delivery qualifications, and creating a complete service ecosystem [3]. - The registration of the first 5,190 tons of rebar warehouse receipts helped Liuzhou Steel avoid potential losses of 1.2456 million yuan [3]. Group 4: Service System Development - Yong'an Futures has established the "Yongdong Qihang" industry service brand, covering the entire lifecycle of enterprises from startup to maturity [4]. - The company has served 16,000 real enterprises and has been recognized as one of the "Top 500 Service Enterprises in China" for five consecutive years [4]. Group 5: Technological Advancements - The "Yongyiqi" one-stop intelligent service platform has transformed traditional service models, significantly improving service efficiency by reducing processing times for warehouse receipts and delivery [5]. - The platform has served over 1,000 enterprises, facilitating a shift from offline manual operations to online intelligent services [5]. Group 6: Investor Education Initiatives - Yong'an Futures is addressing the lack of understanding of the futures market by implementing a comprehensive investor education strategy [6]. - The company has established a national service network and launched various educational products to enhance awareness and understanding of futures tools [6]. Group 7: Future Directions - The futures industry needs to continue enhancing service upgrades and educational innovations to help enterprises better understand and utilize futures tools for risk management [7]. - By promoting professional, diverse, and engaging educational methods, the industry aims to strengthen its role in supporting the real economy and contributing to national strategies [7].

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: February 6, 2026 [1] Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1,483.00, with no daily change. It increased by 80.00 monthly and 13.47% annually [2]. - **原煤口岸库提价**: The latest price is 1,060.00, with no daily change. It increased by 40.00 weekly, 26.00 monthly, and 15.85% annually [2]. - **沙河驿蒙5**: The latest price is 1,400.00, with no daily change. It increased by 60.00 monthly and 3.70% annually [2]. - **安泽主焦**: The latest price is 1,570.00, decreased by 30.00 daily, 70.00 weekly. It increased by 70.00 monthly and 12.14% annually [2]. - **Peak Downs**: The latest price is 224.00, increased by 2.00 daily, decreased by 16.00 weekly, 4.50 monthly, and increased by 25.00 annually [2]. - **Goonyella**: The latest price is 224.00, increased by 2.00 daily, decreased by 16.00 weekly, 5.50 monthly, and increased by 22.90 annually [2]. - **盘面05**: The latest price is 1,182.00, decreased by 17.00 daily, increased by 6.50 weekly, decreased by 22.00 monthly, and increased by 5.49% annually [2]. - **盘面09**: The latest price is 1,256.00, decreased by 20.50 daily, increased by 2.50 weekly, decreased by 19.50 monthly, and increased by 3.89% annually [2]. - **盘面01**: The latest price is 1,422.00, decreased by 16.50 daily, decreased by 8.00 weekly, increased by 258.00 monthly, and increased by 13.53% annually [2]. Inventory Data - **总库存**: The latest inventory is 4,197.93, increased by 67.69 weekly and 145.36 monthly [2]. - **煤矿库存**: The latest inventory is 264.65, decreased by 2.53 weekly, 30.36 monthly, and 30.64% annually [2]. - **港口库存**: The latest inventory is 286.38, decreased by 3.00 weekly, 14.92 monthly, and 36.82% annually [2]. - **钢厂焦煤库存**: The latest inventory is 814.36, increased by 11.12 weekly, 12.09 monthly, and decreased by 2.11% annually [2]. - **焦化焦煤库存**: The latest inventory is 1,234.79, increased by 57.08 weekly, 182.29 monthly, and 17.83% annually [2]. - **焦化产能利用率**: The latest utilization rate is 72.20, increased by 0.34 weekly, decreased by 0.49 monthly, and 1.14% annually [2]. - **焦化焦炭库存**: The latest inventory is 86.33, increased by 0.42 weekly, 0.66 monthly, and decreased by 0.58% annually [2]. Basis and Spread Data - **05基差**: The latest basis is -52.34, increased by 17.00 daily, 50.97 weekly, 56.48 monthly, and 24.71 annually [2]. - **09基差**: The latest basis is -126.34, increased by 20.50 daily, 54.97 weekly, 53.98 monthly, and decreased by 0.24 annually [2]. - **01基差**: The latest basis is -292.34, increased by 16.50 daily, 65.47 weekly, decreased by 223.52 monthly, and increased by 0.40 annually [2]. - **5 - 9价差**: The latest spread is -74.00, increased by 3.50 daily, 4.00 weekly, decreased by 2.50 monthly, and decreased by 0.16 annually [2]. - **9 - 1价差**: The latest spread is -166.00, decreased by 4.00 daily, increased by 10.50 weekly, decreased by 277.50 monthly, and increased by 2.82 annually [2]. - **1 - 5价差**: The latest spread is 240.00, increased by 0.50 daily, decreased by 14.50 weekly, increased by 280.00 monthly, and increased by 0.82 annually [2].

| 源点资讯 | Dan 隔点资讯 | | --- | --- | | SOURCE POINT | SQURCE POINT | | 、永安期货 | | 大类资产早报 研究中心宏观团队 2026/02/05 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | - | - | - | - | - | - | - | - | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | - | - | - | - | - | - | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利 ...

焦炭日报 研究中心黑色团队 2026/2/5 | | 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 | 1485.59 | 0.00 | 54.61 | 54.61 | -4.56% 高炉开工率 | 85.47 | | -0.04 | 0.21 | 0.98% | | 河北准一干熄 | 1735.00 | 0.00 | 55.00 | 55.00 | 14.90% 铁水日均产量 | 227.98 | | -0.12 | 0.55 | #N/A | | 山东准一干熄 | 1680.00 | 0.00 | 55.00 | 55.00 | -3.17% 盘面05 | 1751.5 | 30.50 | 52.00 | 109.50 | 1.13% | | 江苏准一干熄 | 1700.00 | 0.00 | 55.00 | 55.00 | -4.23% 盘面09 | 1817 | 32.50 | 47. ...

| 乖 亦安期货 | | --- | 纸浆早报 研究中心能化团队 2026/02/04 SP主力合约收盘价： 5276.00 | 日期 | 2026/02/03 | 2026/02/02 | 2026/01/30 | 2026/01/29 | 2026/01/28 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5276.00 | 5266.00 | 5300.00 | 5388.00 | 5374.00 | | 折美元价 | 664.21 | 661.49 | 666.08 | 677.54 | 675.82 | | 距上一日涨跌 | 0.18990% | -0.64151% | -1.63326% | 0.26051% | 0.59903% | | 山东银星基差 | 99 | 109 | 75 | 12 | 26 | | 江浙沪银星基差 | 114 | 124 | 90 | 12 | 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 | | --- | --- | --- | -- ...

（文章来源：证券日报） 证券日报网讯 2月2日，永安期货发布公告称，截至2026年1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2，233，300股，占公司总股本的比例为0.153%。 ...

证券代码：600927 证券简称：永安期货 公告编号：2026-005 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。 重要内容提示： | 回购方案首次披露日 | 2025/6/5，由公司董事长黄志明先生提议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 日 2025 6 | 6 | 30 | 日~2026 | 年 | 月 | 29 | | 预计回购金额 | 0.5亿元~1亿元 | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 223.33万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.153% | | | | | | | | 累 ...

格隆汇2月2日丨永安期货(600927.SH)公布，截至2026年1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2,233,300股，占公司总股本的比例为0.153%，回购的最高价为16.48元/股、最低价为14.59 元/股，已支付的资金总额为34,994,871元（不含交易手续费）。 ...

Group 1: Report Overview - The report is from the Energy and Chemicals Team of the Research Center, dated February 2, 2026 [2] Group 2: Contract Data Contract Price and Volume - EC2602: Yesterday's close was 1716.7, down 0.05%, with a basis of 142.6, volume of 453, and open interest of 2551, down 261 [2] - EC2604: Yesterday's close was 1227.0, down 1.82%, with a basis of 632.3, volume of 25237, and open interest of 35881, down 3788 [2] - EC2606: Yesterday's close was 1542.8, down 2.11%, with a basis of 316.5, volume of 5606, and open interest of 12303, up 997 [2] - EC2608: Yesterday's close was 1607.0, down 2.33%, with a basis of 252.3, volume of 694, and open interest of 1594, down 72 [2] - EC2610: Yesterday's close was 1122.5, down 2.49%, with a basis of 736.8, volume of 2674, and open interest of 8134, down 799 [2] Month - Spread Data - EC2502 - 2604: The previous day's spread was 489.7, with a daily increase of 21.9 and a weekly decrease of 36.8 [2] - EC2504 - 2606: The previous day's spread was - 315.8, with a daily increase of 10.5 and a weekly decrease of 68.4 [2] Group 3: Spot Market Data - The spot (European Line) "ટરનાટ" index on January 26, 2026 was 1859.31 points, down 4.86% from the previous period [2] - The SCFI (European Line) on January 30, 2026 was $1418/TEU, down 11.10% from the previous period [2] Group 4: Market Analysis and Recommendations Short - Term Market - Geopolitical tensions, stable Maersk February quotes, and expected March rush shipments may prevent short - term price drops [3] Near - Month Contracts - For the 04 contract, shorting should be done with caution. Watch for significant premiums. Pay attention to PA Alliance quotes and geopolitical situations [3] Far - Month Contracts - Short the 10 contract on rallies, based on the logic of off - season and tax - refund negatives. The valuations of 06 and 08 are hard to determine, and they will fluctuate widely within a reasonable range. Operate with caution under geopolitical uncertainties [3] Group 5: European Line Spot Situation - Downstream is booking February 2 (Week 6 - 7) cabins. Ships are receiving good cargo, but the pressure to attract cargo is increasing, and shipping companies need to attract cargo for ships during the Spring Festival [4] - The price center in Week 7 is $2140, equivalent to 1500 points on the futures. Maersk's Week 8 - 9 quotes are $1950 (unchanged from the previous period), and other shipping companies are also keeping their quotes unchanged for now [4] Group 6: News and Geopolitical Situation Military Exercise News - On February 1, Iranian officials said media reports about an Iranian Revolutionary Guard military exercise in the Strait of Hormuz were false, and no official statement had been issued [5] Diplomatic Negotiation News - On February 2, the US signaled a willingness to negotiate with Iran, and a meeting may be held in Turkey. However, experts believe that although both sides have a willingness to negotiate, there are serious differences, and the negotiation prospects are difficult [5][6]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints - No clear core viewpoints are presented in the provided content 3. Summary by Relevant Catalog SP Main Contract Information - The closing price of the SP main contract on January 30, 2026, was 5300.00 [3] - Compared to the previous day, the price decreased by 1.63326% [3] - The discount to the US dollar price was 666.08 [3] Import Profit Information - For Canadian pulp brands, the import profit of Golden Lion was 104.27, while that of Lion was -448.06 [4] - The import profit of Chilean Silver Star pulp was -192.45 [4] Price Averages and Changes - From January 26 - 30, 2026, the national and Shandong regional average prices of针叶浆,阔叶浆,本色浆, and 化机浆 remained unchanged [5] - During the same period, the indices of cultural paper, packaging paper, and living paper also remained unchanged [5] - The profit margins of double - offset paper, double - copper paper, white cardboard, and living paper showed no changes [5] - The differences between 针叶浆 and other types of pulp (阔叶浆, 本色浆, 化机浆, and waste paper) had minor changes during January 26 - 30, 2026 [5]