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].

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3994.10, 48.70, 1562.00, 1405.00, 59.75, and 10715.00 respectively, with changes of 7.60, 0.01, 6.00, -12.00, 0.32, and -52.00 [1] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.55, 1.16, 1.32, 153.43, and 1.83 respectively, with changes of -0.15, 0.00, 0.00, 0.36, and 0.00 [1] Group 2: Trading Data - The latest inventories of COMEX Silver and SHFE Silver are 14933.28 and 623.05 respectively, with changes of -42.05 and -16.89 [2] - The latest holdings of Gold ETF and Silver ETF are 1042.06 and 15088.63 respectively, with changes of 1.71 and -25.40 [2] - The latest deferred - fee payment directions of SGE Silver and SGE Gold are both 2, with changes of 0.00 [2]

Core Viewpoint - The initiative by Galaxy Futures, in collaboration with Yong'an Futures and Donghai Futures, aims to support education in Xinjiang as part of the national rural revitalization strategy, emphasizing the importance of education in breaking the cycle of poverty [1][7]. Group 1: Educational Support Initiatives - The program focuses on two main areas: establishing a special scholarship fund for students and upgrading school infrastructure [3][5]. - A total of 70,000 yuan from Galaxy Futures and 30,000 yuan from Yong'an Futures will be allocated for scholarships for 48 students in Hetian Pishan County and 72,000 yuan from Galaxy Futures and 48,000 yuan from Yong'an Futures for 24 students in Kashgar Pahatakili Township [3]. - An additional 70,000 yuan from Galaxy Futures and 30,000 yuan from Donghai Futures will be used for upgrading outdated school facilities in Hetian Moyu County [3]. Group 2: Community Engagement and Commitment - The donation ceremony included representatives from local government, schools, and futures companies, highlighting the collaborative effort in promoting education [5]. - Galaxy Futures emphasized that educational support is a long-term commitment to social responsibility, aiming to provide a broader growth platform for children in Hetian and Kashgar [5]. - A student expressed gratitude for the scholarship, stating it boosts confidence for future university life and a desire to contribute to hometown development after graduation [5]. Group 3: Future Plans and Corporate Responsibility - Galaxy Futures plans to continue focusing on rural education and industry development, exploring diverse and sustainable support models [7]. - The initiative reflects the company's alignment with national strategies and its commitment to contributing to rural revitalization and common prosperity [7].

Report Industry Investment Rating - No relevant content found. Core Viewpoints of the Report - The 12 - contract has multiple price increase announcements in the follow - up, driven by positive factors such as long - term agreement signing from November to December, but the valuation is not low. It is recommended to adopt a "buy on dips" strategy, following the spot market [3][16]. - The valuation of the 02 - contract is difficult to determine with high uncertainty. It is expected to mainly follow the 12 - contract in the next month, and also adopt a "buy on dips" strategy [3][16]. - The 04 - contract is a off - season contract. It maintains a wide - range oscillation in the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of flights, a "short - selling on highs" strategy is recommended [3][16]. Summary by Related Catalogs Futures Contract Information - **Closing Prices and Changes**: EC2512 closed at 1848.2 with a - 5.03% change; EC2602 at 1601.0 with - 3.09% and - 1.80% changes; EC2604 at 1178.0; EC2606 at 1414.2 with a - 0.83% change; EC2608 at 1484.0 with a - 0.88% change; EC2610 at 1140.0 with a - 0.25% change [2][15]. - **Volume and Open Interest**: EC2512 had a volume of 35518 and an open interest of 28412 with a change of - 5560; EC2602 had a volume of 9591 and an open interest of 22625 with a change of 273 - 3749; EC2604 had a volume of 2051 and an open interest of 14208; EC2606 had a volume of 132 and an open interest of 1455 with a change of - 9; EC2608 had a volume of 120 and an open interest of 1306 with a change of - 31; EC2610 had a volume of 269 and an open interest of 1432 with a change of 156 [2][15]. - **Monthly Spreads**: EC2512 - 2504 spread was 670.2 with a day - on - day change of - 76.2 and a week - on - week change of - 6.4; EC2512 - 2602 spread was 247.2 with a day - on - day change of - 46.8 and a week - on - week change of - 17.8; EC2502 - 2604 spread was 423.0 with a day - on - day change of - 29.4 and a week - on - week change of 11.4 [2][15]. Index Information - **SCFI (European Line)**: Updated weekly on Mondays and the ninth day of the week. On 2025/11/3, it was 1208.71 points with a - 7.92% change from the previous period; on 2025/10/31, it was 1344 dollars/TEU with a 7.87% change [2][15]. - **CCFI**: Updated weekly on the ninth day of the week. On 2025/10/31, it was 1323.81 points with a 2.37% change [2][15]. - **NCFI**: Updated weekly on the ninth day of the week. On 2025/10/31, it was 965.62 points with a 17.43% change [2][15]. Recent European Line Quotation - Downstream is booking cabins for early November (week 45 - 46). In week 46, PA slightly improved, and shipping companies could fill all cabins, but the capacity was very low. After week 45's cargo - booking ended, the pressure increased in the second half of November. The average price was about 2050 dollars (equivalent to 1430 points on the futures). In the first half of November, PA had the largest price cut. Shipping companies mostly announced price increases to 2500 - 3100 dollars in the second half of November, and MSK quoted 2250 dollars [4][17]. Shipping Company Price Announcements - On Monday, the freight rate remained unchanged. MSC and HPL announced price increases for the second half of November to 3000 and 3100 dollars/FEU respectively. MSK's opening price for the second half of November was 2250 (+50) dollars/FEU, lower than the previous market expectation of 2400 - 2500 dollars. MSK also announced a price increase to 3200 dollars for December on the European line, while MSC's price dropped to 2365 dollars [5][18]. - On Thursday, ONE opened at 2600 dollars, and YML opened at 2550 dollars [6][19].

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/11/07 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/10/31 | 3200 | 3210 | 3220 | 3170 | 3320 | 3290 | | 2025/11/03 | 3200 | 3210 | 3210 | 3150 | 3320 | 3250 | | 2025/11/04 | 3150 | 3190 | 3170 | 3150 | 3280 | 3220 | | 2025/11/05 | 3130 | 3170 | 3160 | 3150 | 3260 | 3210 | | 2025/11/06 | 3190 | 3200 | 3160 | 3220 | 3260 | 3210 | | 变化 | 60 | 30 | 0 | 70 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600927 证券简称：永安期货 公告编号：2025-064 永安期货股份有限公司关于召开2025年第三季度业绩说明会的公告 一、说明会召开的时间、地点和方式 董事长：黄志明先生 总经理：马志伟先生 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： 会议召开时间：2025年11月14日(星期五)上午10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 投资者可于2025年11月14日前访问网址https://eseb.cn/1sVCd4zvK9y或扫描下方小程序码进行会前提问， 公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 ■ 永安期货股份有限公司（以下简称"公司"）已于2025年10月29日发布2025年第三季度报告，为便于广大 投资者更全面深入地了解公司的财务状况以及经营成果，公司定于2025年11月14日上午10:00-11:00召开 2025年第三季度业绩 ...

黄志明介绍，永安期货秉承"党建引领人才"，践行"期货黄埔、成事成才"育人理念，通过开展"黄埔联 盟"、校企合作、设立博士后工作站及"永动"系列四级培训体系等，着力构建投研人才、营销人才和管 理人才三类核心人才梯队。 大会上，中粮期货党委副书记黎志峰分享了中粮期货在人才培养方面的经验。他表示，中粮期货依托服 务中粮集团农产品全产业链的独特优势，全面培养对现代产业链有深入理解、服务实体经济的复合型人 才。同时，中粮期货打通了专业型、管理型人才双向培养通道，助力公司人才转型发展。 期货行业作为典型的智力和资本密集型行业，人才始终是其核心竞争力。在近日举办的2025金融街论坛 年会分论坛暨第十七届期货高管大会上，与会嘉宾围绕现阶段期货及衍生品人才培养情况展开分享，并 就期货行业人才供需矛盾深入探讨了人才生态的优化路径。 人才建设成效与短板并存 "人才是期货行业发展的基石，也是影响行业未来发展的核心竞争力。"永安期货董事长黄志明在大会上 表示，目前期货行业已初步形成政策引导、行业协同和机构实践的"三位一体"人才发展格局。数据显 示，目前，期货行业从业人员数量已突破8.8万人，比五年前增长了26%，人才队伍呈现出"年轻化 ...