免责声明 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 临汾出厂价 2022 2023 2024 2025 2026 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 吕梁出厂价 2022 2023 2024 2025 2026 1000.00 ...

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 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。 类型：其他股份有限公司（上市） 法定代表人：黄志明 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《公司章 ...

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]

（文章来源：证券日报） 证券日报网讯 1月14日，永安期货发布公告称，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。近日，工商变更登记和《公司章程》备案已完成，公司领取了浙江省市场监督管理局 换发的《营业执照》。 ...

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].

Market Overview - The diversified financial sector experienced a decline of 0.18% on January 8, with *ST Panda leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Notable gainers in the diversified financial sector included: - Yalian Development (002316) with a closing price of 5.19, up 9.96% and a trading volume of 242,600 shares [1] - *ST Rendo (002647) closed at 8.38, up 5.01% with a trading volume of 175,300 shares [1] - Zhejiang Dongfang (600120) closed at 6.84, up 4.43% with a trading volume of 2,004,800 shares [1] - Other stocks with minor gains included Bohai Leasing (000415), Lakala (300773), and Haide Shares (000567) [1] Capital Flow - The diversified financial sector saw a net outflow of 175 million yuan from institutional investors, while retail investors contributed a net inflow of 256 million yuan [2] - The table of capital flow indicates that Zhejiang Dongfang had a significant net inflow of 158 million yuan from institutional investors, while Yalian Development experienced a net outflow of 25.39 million yuan from retail investors [3]