Core Viewpoint - The futures market is becoming a crucial support for real enterprises to manage risks and stabilize operations amid a complex macroeconomic environment and domestic economic adjustments [1][2]. Group 1: Challenges Faced by Real Enterprises - Real enterprises are currently facing significant challenges, including severe price fluctuations, restructuring of supply chains, and differentiated macro policies [2]. - The steel industry is particularly affected, with a projected 18% year-on-year decline in average rebar prices for 2024, and over 60% of small and medium-sized steel enterprises having a hedging ratio of less than 20% [2][3]. Group 2: Role of Futures Tools - Futures tools are increasingly seen as a "stabilizer" for enterprises, helping them manage risks through price discovery and hedging operations [3]. - A case study involving the collaboration between Everbright Futures and Liuzhou Steel demonstrates the effectiveness of a comprehensive service model that has helped avoid potential losses and mitigate risks associated with price declines [3]. Group 3: Service Model Innovations - Everbright Futures has been innovating its service models to meet the diverse risk management needs of enterprises, particularly small and medium-sized ones [4]. - The company has established a service brand called "Yongdong Qihang," which covers the entire lifecycle of enterprises, providing tailored solutions for different stages of business development [4]. Group 4: Technological Advancements - The "Yongyiqi" one-stop intelligent service platform has transformed traditional service models by enabling online management of warehouse receipts and delivery processes, significantly reducing processing times [5][6]. - This platform has served over 1,000 enterprises, enhancing efficiency and shifting the focus from offline manual operations to online intelligent solutions [6]. Group 5: Investor Education and Market Perception - Despite the positive impact of the futures market on the real economy, there remains a lack of understanding and recognition of its benefits, which hinders broader adoption [7]. - Everbright Futures is actively working on investor education initiatives to improve market perception and promote the effective use of futures tools for risk management [7][8].

Group 1 - The core point of the article is that Yong'an Futures announced that the company and its controlling subsidiaries do not have any overdue guarantee situations [2]

证券代码：600927 证券简称：永安期货 公告编号：2026-006 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 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 | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | | | | 担保余额（不含本 次担保金额） | | 额度内 | 反担保 | | 浙江永安资本管理 有限公司（以下简称 | 60,000.00 万元 | 486,500.00 | 万元 | 是 | 否 | | "永安资本"） | | | | | | 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） | 554,500.00 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 43.30 | | 特别风险提示（如有请勾选） | □担保金额（含本次）超过上市公司最近一 | | | 期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最 | ...

Group 1: SP Contract Information - The closing price of the SP main contract on February 6, 2026, was 5234.00 [3] - The closing prices of the main contract from February 2 to February 6, 2026, were 5266.00, 5276.00, 5324.00, 5254.00, and 5234.00 respectively, with corresponding percentage changes of -0.64151%, 0.18990%, 0.90978%, -1.31480%, and -0.38066% compared to the previous day [3] - The corresponding converted US dollar prices were 661.49, 664.21, 670.20, 660.96, and 658.48 respectively [3] - The Shandong Yinxing basis on February 6, 2026, was 76, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 106 [3] Group 2: Import Profit Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 113.08, for Canadian Lion pulp was -504.81, and for Chilean Silver Star pulp was -249.54 [4] Group 3: Pulp Price Averages - From February 2 to February 6, 2026, 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; the Shandong regional average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [5] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from February 3 to February 6, 2026 [5] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper on February 6, 2026, were -2.5048%, 7.6750%, -7.9908%, and 8.5041% respectively, with the living paper profit margin increasing by 0.1078 compared to February 3 [5] Group 4: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper on February 6, 2026, were 755.00, -90, 1435, and 3734 respectively [5][6]

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].

Group 1: Global Asset Market Performance - The latest data of 10 - year government bonds in major economies are all marked as '-', while the 1 - year yield of Chinese government bonds in 2 - year government bonds is 1.296 [2] - The latest exchange rates of the US dollar against major emerging - economy currencies are: 5.246 against the Brazilian real, 16.074 against the South African rand, 1459.300 against the South Korean won, 31.640 against the Thai baht, and 3.932 against the Malaysian ringgit. The latest in - shore RMB is 6.944, off - shore RMB is 6.941, RMB central parity rate is 6.953, and RMB 12 - month NDF is 6.806 [2] - The latest values of major economies' stock indices are: S&P 500 at 6882.720, Dow Jones Industrial Index at 49501.300, NASDAQ at 22904.580, etc. [2] - The latest values of credit bond indices are: US investment - grade credit bond index at 3546.690, euro - zone investment - grade credit bond index at 267.839, etc. [2] Group 2: Stock Index Futures Trading Data - For A - shares, the closing price is 4102.20 with a 0.85% increase; for the CSI 300, the closing price is 4698.68 with a 0.83% increase; for the SSE 50, the closing price is 3069.24 with a 1.14% increase; for the ChiNext, the closing price is 3311.51 with a 0.40% decrease; for the CSI 500, the closing price is 8299.06 with a 0.15% increase [3] - The PE (TTM) of the CSI 300 is 14.13 with a 0.16% change, SSE 50 is 11.66 with a 0.14% change, CSI 500 is 37.60 with a 0.15% change, S&P 500 is 27.49 with a - 0.14% change, and German DAX is 19.09 with a - 0.13% change [3] - The latest capital flow values for A - shares are - 306.05, for the main board are 6.14, for the ChiNext are - 248.37, and for the CSI 300 are 198.63. The 5 - day average values are - 455.84 for A - shares, - 358.18 for the main board, - 48.36 for the ChiNext, and - 115.97 for the CSI 300 [3] - The latest trading volume of the Shanghai and Shenzhen stock markets is 24809.71, with a - 632.61 change; for the CSI 300, it is 6360.19 with a - 306.08 change; for the SSE 50, it is 1698.82 with a - 228.98 change; for the small - and medium - sized board, it is 4791.28 with a - 97.11 change; for the ChiNext, it is 6755.89 with a - 17.30 change [4] - The basis of IF is - 5.08 with a - 0.11% change, IH is 2.56 with a 0.08% change, and IC is 14.54 with a 0.18% change [4] Group 3: Treasury Futures Trading Data - The closing prices of T2303, TF2303, T2306, and TF2306 are 108.24, 105.85, 108.24, and 105.90 respectively, with changes of - 0.02%, - 0.05%, - 0.01%, and - 0.03% [4] - The capital interest rates of R001, R007, and SHIBOR - 3M are 1.3962%, 1.5554%, and 1.5846% respectively, with daily changes of - 15.00BP, 1.00BP, and - 1.00BP [4]

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%。 ...