Market Overview - The diversified financial sector experienced a decline of 2.57% on January 15, with Lakala leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Notable performers in the diversified financial sector included: - Sichuan Shuangma (Code: 000935) with a closing price of 27.97, up 1.75% and a trading volume of 74,200 shares [1] - Bohai Leasing (Code: 000415) closed at 4.05, up 0.75% with a trading volume of 993,700 shares [1] - Jiuding Investment (Code: 600053) closed at 21.00, up 0.67% with a trading volume of 87,000 shares [1] - Conversely, Lakala (Code: 300773) saw a significant drop of 5.92%, closing at 30.18 with a trading volume of 1,582,000 shares and a transaction value of 4.804 billion [2] Capital Flow Analysis - The diversified financial sector saw a net outflow of 1.764 billion from institutional investors, while retail investors experienced a net inflow of 1.092 billion [2] - The capital flow for individual stocks showed: - Bohai Leasing had a net inflow of 41.08 million from institutional investors, but a net outflow of 33.48 million from retail investors [3] - Jiuding Investment had a net inflow of 17.84 million from institutional investors, with a net outflow of 14.78 million from retail investors [3] - Sichuan Shuangma had a net inflow of 4.18 million from institutional investors, but a net outflow of 589.49 thousand from retail investors [3]

1. Report Information - Report Name: Coke Daily Report - Research Team: Black Team of the Research Center - Date: January 15, 2026 [1] 2. Core Viewpoints - The report provides comprehensive data on the coke industry including prices, production, inventory, and related indicators, reflecting the current market situation. 3. Key Data Coke Prices - Shanxi quasi - first wet - quenched coke price is 1430.97, unchanged daily and weekly, with a monthly decrease of 109.23 and a year - on - year decrease of 11.18% [2] - Hebei quasi - first dry - quenched coke price is 1680.00, unchanged daily and weekly, with a monthly decrease of 110.00 and a year - on - year decrease of 7.69% [2] - Shandong quasi - first dry - quenched coke price is 1625.00, unchanged daily and weekly, with a monthly decrease of 90.00 and a year - on - year decrease of 9.22% [2] - Jiangsu quasi - first dry - quenched coke price is 1645.00, unchanged daily and weekly, with a monthly decrease of 110.00 and a year - on - year decrease of 10.11% [2] - Inner Mongolia second - grade coke price is 1130.00, unchanged daily and weekly, with a monthly decrease of 100.00 and a year - on - year decrease of 13.08% [2] Production and Utilization - Blast furnace operating rate is 86.04, a weekly increase of 0.78, a monthly increase of 0.12, and a year - on - year increase of 1.76% [2] - Daily average hot metal output is 229.50, a weekly increase of 2.07, a monthly increase of 0.30, and a year - on - year increase of 2.29% [2] - Coking capacity utilization rate is 70.74, a weekly increase of 0.39, a monthly decrease of 1.90, and a year - on - year decrease of 2.45% [2] - Daily average coke output is 49.75, a weekly decrease of 0.39, a monthly decrease of 1.85, and a year - on - year decrease of 6.22% [2] Inventory - Coking plant inventory is 44.17, a weekly decrease of 4.53, a monthly decrease of 5.94, and a year - on - year decrease of 27.48% [2] - Port inventory is 184.10, a weekly increase of 4.01, a monthly increase of 2.90, and a year - on - year increase of 1.61% [2] - Steel mill inventory is 645.73, a weekly increase of 1.74, a monthly increase of 10.45, and a year - on - year decrease of 4.19% [2] - Steel mill inventory days are 12.02, a weekly decrease of 0.08, a monthly increase of 0.36, and a year - on - year decrease of 11.36% [2] Futures Market - Futures contract 05 price is 1747, a daily decrease of 14.00, a weekly decrease of 33.50, a monthly increase of 90.00, and a year - on - year increase of 1.87% [2] - Futures contract 09 price is 1823.5, a daily decrease of 14.00, a weekly decrease of 32.50, a monthly increase of 91.00, and a year - on - year increase of 2.53% [2] - Futures contract 01 price is 1500, unchanged daily and weekly, a monthly increase of 1.00, and a year - on - year decrease of 13.69% [2] - 05 basis is - 20.15, a daily increase of 14.00, a weekly increase of 33.50, a monthly decrease of 196.69, and a year - on - year decrease of 220.35 [2] - 09 basis is - 96.65, a daily increase of 14.00, a weekly increase of 32.50, a monthly decrease of 197.69, and a year - on - year decrease of 233.35 [2] - 01 basis is 226.85, unchanged daily and weekly, a monthly decrease of 107.69, and a year - on - year increase of 49.65 [2] - 5 - 9 spread is - 247.00, a daily increase of 14.00, a weekly increase of 33.50, a monthly decrease of 89.00, and a year - on - year decrease of 270.00 [2] - 9 - 1 spread is - 76.50, unchanged daily, a weekly decrease of 1.00, a monthly decrease of 1.00, and a year - on - year decrease of 13.00 [2] - 1 - 5 spread is 323.50, a daily decrease of 14.00, a weekly decrease of 32.50, a monthly increase of 90.00, and a year - on - year increase of 283.00 [2]

Core Viewpoint - Yong'an Futures Co., Ltd. has completed the registration of business changes and received a new business license following the approval of changes to its registered address, the cancellation of its supervisory board, and amendments to its articles of association [1] Group 1: Company Changes - The company held its 17th meeting of the fourth board of directors on December 4, 2025, and the third extraordinary general meeting of shareholders on December 22, 2025, to approve the changes [1] - The company has changed its registered address and canceled its supervisory board, along with revising certain provisions of its articles of association [1] Group 2: Business License Information - The new business license was issued by the Zhejiang Provincial Market Supervision Administration, with the following details: - Name: Yong'an Futures Co., Ltd. - Unified Social Credit Code: 9133000010002099X5 - Type: Other joint-stock company (listed) - Legal Representative: Huang Zhiming - Registered Capital: 1.455555 billion yuan - Establishment Date: September 7, 1992 - Address: 14-15th Floor, Yong'an Guofu Building, No. 126 Dongxia Lane, Shangcheng District, Hangzhou, Zhejiang Province [1]

Core Viewpoint - Yong'an Futures has shown a positive performance with a 1.92% increase in stock price, reaching a market capitalization of 23.915 billion yuan, and a trading volume of 324 million yuan on January 14 [1] Company Overview - Yong'an Futures primarily engages in commodity futures brokerage, financial futures brokerage, asset management, and futures investment consulting, with risk management services provided through its wholly-owned subsidiary, Yong'an Capital [2] - The company is state-owned, with its ultimate control held by the Zhejiang Provincial Finance Department [2] - As of September 30, 2025, Yong'an Futures reported a revenue of 8.355 billion yuan, a year-on-year decrease of 55.26%, while net profit attributable to shareholders was 475 million yuan, reflecting a year-on-year increase of 13.31% [6] Financial Performance - The main revenue sources for Yong'an Futures include risk management services (90.17%), futures brokerage (6.90%), overseas business (2.24%), fund sales (0.52%), and asset management (0.17%) [6] - The company has distributed a total of 1.035 billion yuan in dividends since its A-share listing, with 627 million yuan distributed over the past three years [7] Market Activity - On January 14, the main net inflow of funds into Yong'an Futures was 26.5499 million yuan, accounting for 0.08% of the total, with no significant trend in the main force observed [3][4] - The average trading cost of Yong'an Futures shares is 15.35 yuan, with the stock price approaching a resistance level of 16.55 yuan, indicating potential for upward movement if this level is surpassed [5]

Core Viewpoint - Yong'an Futures announced changes to its corporate structure, including a change of registered address and the cancellation of its supervisory board, which have been approved in recent board and shareholder meetings [2] Group 1 - The fourth meeting of the fourth board of directors is scheduled for December 4, 2025, and the third extraordinary general meeting of shareholders will be held on December 22, 2025 [2] - The company has completed the registration changes and the filing of the revised articles of association with the Zhejiang Provincial Market Supervision Administration [2] - A new business license has been issued following the changes [2]

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 12 月 4 日召开第四届董事会第十七次会议，并于 2025 年 12 月 22 日召 开 2025 年第三次临时股东大会，审议通过了《关于变更注册地址、 修订<公司章程>并取消监事会的议案》，同意变更注册地址、取消 监事会，并结合公司实际情况，对《公司章程》部分条款进行了 修订完善。根据上述决议，公司向浙江省市场监督管理局申请办 理工商变更登记。 证券代码：600927 证券简称：永安期货 公告编号：2026-002 永安期货股份有限公司 关于完成工商变更登记及换发营业执照的公告 注册资本：壹拾肆亿伍仟伍佰伍拾伍万伍仟伍佰伍拾陆元 成立日期：1992 年 09 月 07 日 住所：浙江省杭州市上城区东霞巷 126 号（永安国富大厦） 14-15 层 经营范围：商品期货经纪、金融期货经纪、期货投资咨询， 资产管理，基金销售。（依法须经批准的项目，经相关部门批准后 方可开展经营活动） 特此公告。 近日，工商变更登记和《公司 ...

Market Overview - The diversified financial sector experienced a decline of 1.73% on January 13, with Ailian Development leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable gainers in the diversified financial sector included: - *ST Nengmao: Closed at 8.72, up 4.93% with a trading volume of 73,800 shares and a turnover of 63.17 million yuan [1] - Jianyuan Trust: Closed at 3.05, up 4.45% with a trading volume of 2.8035 million shares and a turnover of 871 million yuan [1] - *ST Rendo: Closed at 8.87, up 2.78% with a trading volume of 313,500 shares and a turnover of 281 million yuan [1] - Conversely, significant decliners included: - Yelian Youzhan: Closed at 5.65, down 10.03% with a trading volume of 371,400 shares and a turnover of 217 million yuan [2] - Lakala: Closed at 26.73, down 6.54% with a trading volume of 903,500 shares and a turnover of 2.471 billion yuan [2] - Ruida Futures: Closed at 25.41, down 5.82% with a trading volume of 178,900 shares and a turnover of 466 million yuan [2] Capital Flow - The diversified financial sector saw a net outflow of 1.042 billion yuan from institutional investors, while retail investors contributed a net inflow of 833 million yuan [2] - Key stocks in terms of capital flow included: - Jianyuan Trust: Experienced a net inflow of 139 million yuan from institutional investors, but a net outflow of 91 million yuan from retail investors [3] - Wukuang Capital: Had a net inflow of 20.94 million yuan from institutional investors, with a net outflow of 36.21 million yuan from retail investors [3] - Sichuan Shuangma: Recorded a net inflow of 10.96 million yuan from institutional investors, but a net outflow of 28.99 million yuan from retail investors [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Copper prices have significantly increased recently, driven by the expected US refined copper tariff and investment fund inflows. The future performance of copper prices will depend on terminal demand, US restocking, and China's demand recovery. It is expected to accumulate inventory steeply before the Spring Festival and deplete inventory quickly after the festival [1] - For aluminum, expected trading dominates the changes in futures and spot prices, with amplified price fluctuations. The actual domestic apparent demand is weaker than previously estimated, but strong expectations can support the current high prices [1][2] - Zinc's domestic fundamentals are poor, but there is a temporary reduction in supply at the end of the year. The price may not decline significantly. It is recommended to wait and see for unilateral trading, focus on reverse arbitrage opportunities for internal - external trading, and positive arbitrage opportunities for monthly spreads [5] - Nickel's short - term fundamentals are weak, and there is a continuation of the game between short - term policies and fundamentals [7] - Stainless steel's fundamentals remain weak, and recent price movements are mainly driven by news of Indonesian quotas, following nickel prices in the short term [11] - Lead prices are expected to fluctuate. There are risks associated with low warehouse receipts, and attention should be paid to them [12] - Tin prices are expected to rise in the short term, with strong support from fundamentals. In the long term, demand determines the upside potential [13] - Industrial silicon prices are expected to fluctuate with costs in the short term and oscillate at the cycle bottom in the long term [16] - Lithium carbonate prices have risen recently, driven by potential disturbances in the resource end, increased processing fees, and macro - sentiment [19] Group 3: Summary by Metal Copper - **Price and Inventory Data**: From January 5 - 9, 2026, the spot premium of Shanghai copper decreased by 0, the waste - refined copper spread decreased by 1105, the SHFE inventory increased by 68840, and the LME inventory decreased by 2100 [1] - **Market Outlook**: The increase in copper prices is due to the expected US tariff and investment inflows. Future performance depends on demand and restocking [1] Aluminum - **Price and Inventory Data**: From January 5 - 9, 2026, the Shanghai aluminum ingot price increased by 30, the Yangtze River aluminum ingot price increased by 30, and the domestic aluminum oxide price decreased by 9. The SHFE social inventory increased by 15320 [1] - **Market Outlook**: Expected trading dominates price changes, with domestic apparent demand weaker than expected but high - price support from strong expectations [1][2] Zinc - **Price and Inventory Data**: From January 5 - 9, 2026, the spot premium decreased by 10, the Shanghai zinc ingot price decreased by 140, and the SHFE inventory increased by 889 [5] - **Supply and Demand**: Supply is tight in the fourth quarter to the first quarter of next year. Domestic smelters are competing for zinc ore inventory. Demand is seasonally weak domestically and generally average overseas [5] - **Strategy**: Wait and see for unilateral trading, focus on reverse arbitrage for internal - external trading, and positive arbitrage for monthly spreads [5] Nickel - **Price and Inventory Data**: From January 5 - 9, 2026, the Shanghai nickel spot price decreased by 9400, and the LME inventory increased by 8490 [6] - **Market Outlook**: Short - term fundamentals are weak, and there is a game between policies and fundamentals [7] Stainless Steel - **Price and Inventory Data**: From January 5 - 9, 2026, the 304 cold - rolled coil price decreased by 100, and the 304 hot - rolled coil price decreased by 125 [11] - **Market Outlook**: Fundamentals are weak, and prices are mainly driven by news of Indonesian quotas, following nickel prices in the short term [11] Lead - **Price and Inventory Data**: From January 5 - 9, 2026, the spot premium decreased by 10, the SHFE inventory increased by 3016, and the LME inventory decreased by 3725 [12] - **Supply and Demand**: Supply is expected to increase, and demand is expected to weaken. There is a short - term supply - demand mismatch, but it is gradually being alleviated [12] - **Market Outlook**: Prices are expected to oscillate, and attention should be paid to the risk of low warehouse receipts [12] Tin - **Price and Inventory Data**: From January 5 - 9, 2026, the spot import return decreased by 16694.67, and the LME inventory increased by 10 [12] - **Market Outlook**: Prices are expected to rise in the short term, with strong fundamental support. In the long term, demand determines the upside potential [13] Industrial Silicon - **Price and Inventory Data**: From January 5 - 9, 2026, the 421 Yunnan basis decreased by 180, and the warehouse receipt quantity increased by 96 [16] - **Market Outlook**: Prices are expected to fluctuate with costs in the short term and oscillate at the cycle bottom in the long term [16] Lithium Carbonate - **Price and Inventory Data**: From January 5 - 9, 2026, the SMM electric carbon price increased by 1500, and the warehouse receipt quantity decreased by 410 [19] - **Market Outlook**: Prices have risen recently, driven by resource - end disturbances, increased processing fees, and macro - sentiment [19]

焦煤日报 研究中心黑色团队 2026/1/12 | | 最新 | 日变化 | 周变化 | 月变化 年变化 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1403.00 | 0.00 | -47.00 | -102.00 | 0.21% Peak Downs | 229.50 | 0.00 | 1.00 | 7.50 | 27.50 | | 原煤口岸库提价 | 1040.00 | 6.00 | 80.00 | 118.00 | 12.43% Goonyella | 230.50 | 0.00 | 1.00 | 9.50 | 26.50 | | 沙河驿蒙5# | 1340.00 | 0.00 | 0.00 | -60.00 | -4.29% 盘面05 | 1204.00 | 68.00 | 88.50 | 120.00 | 5.29% | | 安泽主焦 | 1500.00 | 0.00 | 0.00 | 0.00 | 5.63% 盘面09 | ...

Core Viewpoint - The central economic work conference emphasizes the importance of advancing the construction of a unified national market, with a focus on formulating regulations and addressing "involution" competition, highlighting the role of the futures market in supporting this initiative [2][3]. Group 1: Role of Futures Market - The futures market can facilitate the construction of a centralized, efficient, and comprehensive pricing system at the national level, which helps reduce storage and logistics costs for enterprises and enhances the circulation efficiency of bulk commodities [3]. - The core functions of the futures market, including price discovery, risk management, and resource allocation, are essential for helping the economy face challenges by providing authoritative price signals, enabling cost and profit locking for enterprises, and guiding efficient resource allocation [2][3]. Group 2: Financial Services for Enterprises - The futures industry aims to provide comprehensive financial services throughout the lifecycle of enterprises, focusing on personalized and professional services based on the development stage and trading preferences of different enterprises [4]. - Specific strategies include promoting basis trading for startups, integrating futures with production and sales for growing enterprises, and offering mature risk management systems for established companies [4]. Group 3: Technological Empowerment - The industry recognizes the value of technological innovation in enhancing traditional business models, aiming to create a new service ecosystem that fosters a virtuous cycle among technology, industry, and finance [4]. - Continuous investment in technology, including AI and knowledge graphs, is essential for building a more precise, intelligent, and efficient service system for the futures market [4]. Group 4: Addressing Involution in the Industry - The futures industry faces challenges such as a single business model and intensified competition, with many firms relying heavily on brokerage services and facing pressure from low-price competition [5]. - Recommendations to address these issues include improving regulatory frameworks to curb harmful low-price competition and encouraging leading firms to explore innovative business models, such as futures financing and overseas brokerage [5].