Core Viewpoint - The inaugural "Yongan Day" event marks a significant milestone for Yongan Futures, emphasizing its commitment to customer-centric reforms and the establishment of a new operational base in Wangjiang New City, which symbolizes the start of a new development journey for the company [1][2][3] Group 1: Event Highlights - The event featured a plaque unveiling ceremony, signifying Yongan Futures' official move to its new headquarters, which is seen as a pivotal point in its development strategy [1] - Key figures, including the Deputy Secretary of the Party Committee of Caitong Securities, acknowledged Yongan Futures' achievements over the past 30 years and encouraged the company to continue its mission of contributing to the real economy and enhancing group collaboration [1] - The event also included the launch of the "Yongan Day" initiative, which is part of a broader strategy to focus on customer needs and enhance service offerings [2] Group 2: Strategic Initiatives - Yongan Futures aims to create a more agile and resilient organization by adopting a customer-centric approach and leveraging digital intelligence as a core engine for sustainable growth [2] - Four key reform outcomes were announced, including the "ESG Brand" to demonstrate social responsibility, a comprehensive risk control platform, a research brand to empower client decision-making, and a lifecycle service system for enterprises [2] - The company also promoted its "family culture" by launching a union brand and recognizing outstanding teams and individuals in cultural initiatives [2] Group 3: Employee Engagement - Employees shared personal growth stories with Yongan Futures, highlighting the company's commitment to fostering a culture of continuous improvement and innovation [3] - A "Time Capsule" ceremony was held to symbolize the collective memory and future aspirations of the company's workforce [3] - The event concluded with a choir performance of the company anthem, reinforcing the collective spirit and commitment to achieving greater success in the future [3]

示 沥青早报 示 贸易商基差 ( +80 华朱皋芳 川朱本 500 400 700 300 300 500 200 100 300 100 -100 100 10/1 11/1 12/1 -100 -300 -100 -200 -300 -500 -300 华东基差(镇江库) 2019 2020 2021 2022 2021 2022 山东县差 2019 2020 华南基差(佛山库) 2023 2024 2025 2023 2024 ·2025 BU10-12 700 500 400 300 500 300 200 300 100 100 -100 100 9/19 10/3 -300 -100 -100 -500 -300 -200 2019 -2022 2019 2020 2021 2020 2022 2021 ·2019 -2020 -2021 2022 2023 -2023 -2024 2024 2025 2025 =2023 - 2024 -2025 BU12-03 BU11-01 BU连 -连_ 300 400 200 150 300 200 100 200 50 100 100 0 -50 -1 ...

Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: September 26, 2025 [2] Group 2: Spot Market Information Price and Changes - The latest price of the Platts 62 Index is 106.50, with a daily change of 0.30 and a weekly change of 0.90 [3] - For Australian mainstream ores: Newman powder is 792 (daily change: 2, weekly change: 3), PB powder is 795 (daily change: 2, weekly change: 3), etc [3] - For Brazilian mainstream ores: BHP Blend is 830 (daily change: 3, weekly change: 9), etc [3] Import Profit - Import profit of Newman powder is -34.69, PB powder is -16.23, etc [3] Group 3: Forward Market Information Price and Changes - On the DCE: i2601 is 805.5 (daily change: 2.0, weekly change: 5.5), i2605 is 785.5 (daily change: 2.5, weekly change: 7.0), etc [3] - On the SGX: FE01 is 103.03 (daily change: 0.00, weekly change: -0.23), FE05 is 100.91 (daily change: -0.05, weekly change: -0.33), etc [3] Spread - The monthly spread of i2601 is -40.5, i2605 is 20.0, etc [3] Group 4: Other Information - Data Source: MYSTEEL [6]

Report Date - The report was released on September 26, 2025, by the macro team of the research center [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - Yields on September 25, 2025, varied widely, from 0.180% in Switzerland to 6.103% in Brazil [3] - Yield changes showed different trends in the latest, weekly, monthly, and yearly periods. For example, the US 10 - year yield increased by 0.023 in the latest change, 0.065 in a week, - 0.034 in a month, and 0.456 in a year [3] 2 - Year Treasury Yields of Major Economies - Yields on September 25, 2025, ranged from 0.929% in Japan to 4.014% in the UK [3] - Yield changes also had diverse trends. The US 2 - year yield decreased by 0.080 in the latest change but increased by 0.020 in a week [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - Exchange rates on September 25, 2025, were presented, such as 5.364 for the dollar against the Brazilian real [3] - Exchange rate changes showed fluctuations, with the dollar against the Brazilian real having a 0.61% latest change and - 0.94% monthly change [3] Major Economies' Stock Indices - Index values on September 25, 2025, were given, like 6604.720 for the S&P 500 [3] - Index changes varied. The S&P 500 had a - 0.50% latest change, - 0.41% weekly change, 1.58% monthly change, and 15.60% yearly change [3] Credit Bond Indices - Index values' latest, weekly, monthly, and yearly changes were provided. For example, the US investment - grade credit bond index had a - 0.20% latest change and 3.04% yearly change [3][4] Stock Index Futures Trading Data Index Performance - Closing prices, percentage changes, and valuations were reported. The A - share index closed at 3853.30 with a - 0.01% change, and the S&P 500 had a PE(TTM) of 27.49 [5] Fund Flows - Latest values and 5 - day average values of fund flows were shown. A - share fund flow had a latest value of - 523.88 and a 5 - day average of - 505.69 [5] Trading Volume - Latest trading volumes and their changes were presented. The trading volume of the Shanghai and Shenzhen stock markets was 23710.90 with a 443.06 change [5] Basis and Spread - Basis and spread percentages of IF, IH, and IC were given. IF had a basis of - 31.29 and a spread of - 0.68% [5] Treasury Bond Futures Trading Data - Closing prices and percentage changes of T00, TF00, T01, and TF01 were reported. T00 closed at 107.610 with a - 0.06% change [6] - Interest rates and their daily changes of R001, R007, and SHIBOR - 3M were provided. R001 had an interest rate of 1.5191% with a - 19.00 BP change [6]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - On Wednesday, the market rose significantly driven by the news of MSK's price increase. The 10 - 12 month spread was -582.1 (-58.7), and the 02 - 04 month spread was 327.1 (+26.1). The 10 - contract basis was around 95 points [1][18]. - In early October, the goods receipt was still weak. After the market closed, MSK raised the post - holiday weekly仓位 to $1800 (+$400). However, the purpose of this price increase was to stabilize prices and encourage downstream shippers to stock up before the holiday, not a real price increase, and the final implementation was expected to be poor. The 10 - contract could be shorted depending on the subsequent upward trend [1][18]. - After the holiday, there were multiple upward drivers, including multiple price - increase announcement nodes and high operational space for shipping companies to reduce speed and suspend voyages. The period from December to January was a long - term favorable period [1][18]. - From a valuation perspective, the valuation of the 12 - contract was not low, but funds might be more concentrated on this contract, so a long - allocation strategy was recommended in the short term. The cost - performance of the 02 - contract might be higher than that of the 12 - contract because the Spring Festival in 2026 was relatively late (February 17, 2026), and the settlement price of the 02 - contract might be high. The 04 - contract was currently in a low - valuation range and was more suitable for short - allocation as an off - season contract, but its low liquidity might make it easily disturbed [1][18]. Group 3: Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1114.4, with a change of 1.31%, yesterday's trading volume was 40940, and the position was 22606 with a change of -568 [1][18]. - EC2512: Yesterday's closing price was 1696.5, with a change of 4.50%, yesterday's trading volume was 26219, and the position was 488 [1][18]. - EC2602: Yesterday's closing price was 1588.1, with a change of 3.42%, yesterday's trading volume was 147.9, and the position was 8043 with a change of 442 [1][18]. - EC2604: Yesterday's closing price was 1261.0, with a change of 2.14%, yesterday's trading volume was 179.2, and the position was 8931 with a change of 77 [1][18]. - EC2606: Yesterday's closing price was 1445.3, with a change of 1.69%, yesterday's trading volume was -6, and the position was 105 [1][18]. Spread between Futures Contracts - FC2510 - 2512: The spread was -582.1, with a previous value of -523.4 and a change of -58.7 [1][18]. - EC2512 - 2602: The spread was 108.4, with a previous value of 87.8 [1][18]. Freight Rate Indexes - SCFIS: Updated weekly. As of September 15, 2025, the index was 1566.46, the previous value was 1440.24, and the value two periods ago was 1773.60, with a current - period decline of 8.06% and a next - period decline of 11.68% [1][18]. - SCFI (European Line): Updated every Friday. As of September 19, 2025, the index was 1052, the previous value was 1154, and the value two periods ago was 1315, with a current - period decline of 8.84% and a next - period decline of 12.24% [1][18]. - CCFI: Updated every Friday. As of September 19, 2025, the index was 1470.97, the previous value was 1638.77, and the value two periods ago was 1537.28, with a current - period decline of 4.31% and a next - period decline of 6.19% [1][18]. - NCFI: Updated every Friday. As of September 19, 2025, the index was 673.61, the previous value was 729.42, and the value two periods ago was 855.93, with a current - period decline of 7.65% and a next - period decline of 14.78% [1][18]. Recent European Line Quotations - Week 39: The average quotation was $1600 (equivalent to 1150 points on the futures market). Among them, MSK quoted $1500 (later raised to $1570), the PA alliance quoted between $1550 - $1600, and the OA alliance quoted between $1600 - $1720 [1][18]. - Week 40 - 41: There were space allocations in these two weeks (because most of the cargo volume in Week 41 was handled through skipping voyages during the holiday). The average quotation was $1450 (equivalent to 1020 points on the futures market). Among them, MSK quoted $1400, the PA alliance quoted between $1300 - $1500 (YML's $1300 was the lowest price of the year), and the OA alliance quoted between $1400 - $1600 [1][18]. - Week 42: MSK opened with a quotation of $1800 (a month - on - month increase of $400), CMA opened with a quotation of $2520 (an increase of $900), and HPL opened with a quotation of $2035 (an increase of $600) [1][18].

| | 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 | 1503.00 | 0.00 | 0.00 | -2.00 | 7.36% Peak Downs | 201.50 | -0.50 | -1.00 | -3.50 | -19.10 | | 原煤口岸库提价 | 1038.00 | -2.00 | 38.00 | 60.00 | -8.95% Goonyella | 202.00 | -1.00 | -1.00 | -6.30 | -15.00 | | 沙河驿蒙5# | 1390.00 | 40.00 | 40.00 | 10.00 | -14.20% 盘面05 | 1316.00 | 15.00 | 13.50 | 112.00 | -1.61% | | 安泽主焦 | 1580.00 | 80.00 | 80.00 | 110.00 | -8.67% 盘面09 | 1386.00 | 1 ...

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on September 25, 2025 [2] SP Main Contract Closing Price - On September 24, 2025, the SP main contract closing price was 5044.00, with a 0.71885% increase from the previous day. The converted US dollar price was 618.06. The Shandong Yinxing basis was 566, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 581 [3] Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion was -145.57, for Canadian Lion was -533.29, and for Chilean Yinxing was -91.92. The previous day's exchange rate was 7.12 [4] Price Averages - From September 18 - 24, 2025, the national average prices for 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 [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from September 19 - 24, 2025 [4] Profit Margins - The double - offset profit margin on September 24, 2025, was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the living paper profit margin was 6.7258%, with a 0.0382 change compared to previous data [4] Price Spreads - On September 24, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1785, and the softwood - waste paper price spread was 4034 [4]

Core Insights - The training program aims to enhance the risk management capabilities of enterprises in the Ningbo region by leveraging futures markets and derivative tools [1][4] - The event is supported by various financial institutions and aims to strengthen the understanding of futures market functions among local businesses [1][2] Group 1: Event Overview - The sixth training session for the commodity industry in Ningbo was launched on September 23, with over a hundred participants from listed companies, prospective listings, and small to medium enterprises [1] - The Dalian Commodity Exchange emphasized the increasing volatility of commodity prices and the urgent need for effective risk management among enterprises [1][2] Group 2: Market Development - The Chinese futures market has seen significant development, with a variety of futures and options products covering major sectors of the national economy, serving as pricing benchmarks and risk management tools [2] - The China Futures Market Monitoring Center aims to contribute to the safety of supply chains and the high-quality development of the real economy [2] Group 3: Risk Management Insights - The training included discussions on the importance of risk management for enterprises, with insights into economic cycles, financial cycles, and industry supply-demand dynamics [2][3] - Various case studies, including those on iron ore and coking coal, were presented to illustrate the application of hedging strategies [2] Group 4: Derivative Tools and Strategies - The session covered the concept and historical development of options markets, highlighting their role as essential tools for enterprises to manage risks and optimize operations [3] - Different trading models based on basis trading were introduced, showcasing how they can address pricing discrepancies and improve procurement efficiency [3] Group 5: Future Directions - Participants expressed that the training enhanced their understanding of futures and derivative tools, which is crucial for improving their competitive edge in a volatile market [4] - The Ningbo Securities and Futures Industry Association plans to continue collaborating with regulatory bodies to foster a conducive environment for the integration of finance and industry [4]

参加培训的企业代表均表示，通过本次系统性的理论授课、前沿的案例分析及深度的同业研讨进一步提 升了企业对期货及衍生品工具的认知水平和应用能力，对于引导树立正确的风险管理理念，有助于企业 在复杂多变的市场环境中增强抗风险能力和核心竞争力。 宁波市证券期货业协会相关负责人也表示，将以本期培训为新的起点，持续深化服务实体经济内涵，积 极联合证监会系统单位等各方力量，共同搭建更广阔的合作平台，为促进宁波期现市场互联互通，营造 良好的产融结合发展环境。 大连商品交易所相关业务负责人在活动中表示，近年来，大宗商品价格波动加剧，实体企业风险管理需 求迫切。大商所在持续完善产品体系、不断丰富市场服务模式、深化场外建设、加快高水平对外开放等 方面努力为实体经济健康发展保驾护航。宁波的经济结构与大商所上市品种关联度较高，一直以来都是 大商所产业服务的重要区域之一。举办本次产业培训活动，就是希望在地方政府部门的支持下，能与证 监会系统单位一起，帮助实体企业进一步认识期货市场的功能与作用，依托衍生品工具强化风险管理能 力、提升企业管理水平，积极为宁波实体经济的高质量发展助力赋能。 中国期货市场监控中心相关部门负责人在致辞中提到，近年来 ...

Group 1: Report's Core View - Singapore 380cst high - sulfur cracking oscillated this week, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again, and recently had wide - range oscillations. The FU internal and external near - month also oscillated. The low - sulfur cracking rebounded slightly but was at a historically low level compared to the same period. The month spread was weakly sorted. The LU internal and external price rebounded slightly to 8 - 9 US dollars/ton, and the MF0.5 basis oscillated [4]. - Fundamentally, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. With logistics reshaping and the support of Singapore's high - sulfur marine fuel demand, the EW spread has completed the repair. Recently, refinery feedstock procurement has supported the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and the domestic FU will have an oscillating and bullish outlook in the short - term. This week, the LU disk was still weak. The issuance of the third batch of export quotas was in line with expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the LU internal and external spread can be expanded on dips, and attention should be paid to the quota usage [5]. Group 2: Data Summary Rotterdam Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 384.75 | 383.35 | 382.97 | 386.97 | 397.95 | 10.98 | | Rotterdam 0.5% VLS FO swap M1 | 441.33 | 434.21 | 427.48 | 427.29 | 435.42 | 8.13 | | Rotterdam HSFO - Brent M1 | - 6.96 | - 6.64 | - 5.82 | - 4.97 | - 4.64 | 0.33 | | Rotterdam 10ppm Gasoil swap M1 | 679.88 | 677.55 | 668.48 | 664.85 | 681.15 | 16.30 | | Rotterdam VLSFO - G O M1 | - 238.55 | - 243.34 | - 241.00 | - 237.56 | - 245.73 | - 8.17 | | LGO - Brent M1 | 24.97 | 25.18 | 24.80 | 24.40 | 25.56 | 1.16 | | Rotterdam VLSFO - HSFO M1 | 56.58 | 50.86 | 44.51 | 40.32 | 37.47 | - 2.85 | [3] Singapore Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 397.55 | 396.06 | 390.12 | 393.02 | 394.24 | 1.22 | | Singapore 180cst M1 | 407.42 | 407.26 | 400.69 | 403.27 | 402.50 | - 0.77 | | Singapore VLSFO M1 | 475.76 | 472.28 | 465.21 | 465.33 | 463.11 | - 2.22 | | Singapore GO M1 | 89.51 | 88.34 | 87.81 | 87.43 | 86.66 | - 0.77 | | Singapore 380cst - Brent M1 | - 5.03 | - 4.97 | - 5.13 | - 4.47 | - 3.74 | 0.73 | | Singapore VLSFO - G O M1 | - 186.61 | - 181.44 | - 184.58 | - 181.65 | - 178.17 | 3.48 | | Singapore Fuel Oil Spot - FOB 380cst | 397.68 | 397.47 | 390.94 | 393.48 | 395.20 | 1.72 | | Singapore Fuel Oil Spot - FOB VLSFO | 477.54 | 472.07 | 464.79 | 463.33 | 461.15 | - 2.18 | | Singapore Fuel Oil Spot - 380 basis | - 0.40 | 0.60 | 0.40 | 0.60 | 1.00 | 0.40 | | Singapore Fuel Oil Spot - High - sulfur internal - external spread | 7.6 | 7.5 | - | 6.0 | 9.7 | 3.7 | | Singapore Fuel Oil Spot - Low - sulfur internal - external spread | 9.3 | 9.7 | - | 9.7 | 9.9 | 0.2 | [3][9] Domestic FU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2831 | 2798 | 2796 | 2784 | 2759 | - 25 | | FU 05 | 2787 | 2754 | 2754 | 2743 | 2718 | - 25 | | FU 09 | 2722 | 2698 | 2699 | 2697 | 2673 | - 24 | | FU 01 - 05 | 44 | 44 | 42 | 41 | 41 | 0 | | FU 05 - 09 | 65 | 56 | 55 | 46 | 45 | - 1 | | FU 09 - 01 | - 109 | - 100 | - 97 | - 87 | - 86 | 1 | [3] Domestic LU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3432 | 3385 | 3362 | 3351 | 3325 | - 26 | | LU 05 | 3405 | 3368 | 3337 | 3342 | 3302 | - 40 | | LU 09 | 3350 | 3322 | 3308 | 3306 | 3286 | - 20 | | LU 01 - 05 | 27 | 17 | 25 | 9 | 23 | 14 | | LU 05 - 09 | 55 | 46 | 29 | 36 | 16 | - 20 | | LU 09 - 01 | - 82 | - 63 | - 54 | - 45 | - 39 | 6 | [4]