Group 1: Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: September 18, 2025 [2] Group 2: Spot Market Price and Changes - The latest price of the Platts 62 Index is 105.90, with a daily change of 0.40 and a weekly change of -1.75 [3] - For Newman powder, the price is 793, with no daily change and a weekly change of -2, and the import profit is -29.98 [3] - PB powder has a price of 795, a daily change of -2, a weekly change of -4, and an import profit of -12.30 [3] Other Spot Products - Various other iron ore products from different regions and types are listed, including their prices, daily and weekly changes, and import profits [3] Group 3: Futures Market Domestic Futures - On the Dalian Commodity Exchange, the latest price of the i2601 contract is 804.5, with a daily change of 1.0 and a weekly change of -0.5, and the monthly spread is -41.0 [3] - The i2605 contract has a price of 782.5, a daily change of 0.5, a weekly change of 1.5, and a monthly spread of 22.0 [3] - The i2509 contract is priced at 763.5, with a daily change of 1.0 and a weekly change of -84.0, and the monthly spread is 19.0 [3] Overseas Futures - On the Singapore Exchange, the FE01 contract has a price of 103.24, a daily change of 0.91, and a weekly change of -0.46, and the monthly spread is 2.48 [3] - The FE05 contract is priced at 101.14, with a daily change of 1.09, a weekly change of -0.12, and a monthly spread of 2.10 [3] - The FE09 contract has a price of 105.72, a daily change of 0.22, and a weekly change of -1.03, and the monthly spread is -4.58 [3] Group 4: Basis and Spread Basis and Spread Information - The basis/inside - outside spread (in RMB) for different contracts is provided, including their latest values, daily and weekly changes [3]

Group 1 - The event organized by the Ningbo Securities and Futures Industry Association aimed to promote financial education with the theme "Protecting Financial Rights to Enhance Quality of Life" [1] - Various interactive activities were conducted to enhance public awareness and ability to prevent risks, including exhibitions, games, and distribution of educational materials [1][2] - The event highlighted the dangers of illegal securities and futures activities through real-life case studies, helping investors improve their risk recognition and resistance skills [1] Group 2 - The association created a "Financial Market" to engage citizens, featuring various educational games and activities to disseminate anti-fraud knowledge [2] - Different companies participated with unique approaches, such as combining traditional crafts with fraud prevention education and using mascots to convey messages [2] - The association plans to continue diverse financial education initiatives to deepen and broaden outreach, aiming to foster a harmonious and healthy capital market environment [2]

Core Viewpoint - Yong'an Futures has shown a positive stock performance with a year-to-date increase of 17.38%, despite a recent decline over the past 20 days [1] Group 1: Stock Performance - As of September 17, Yong'an Futures' stock price increased by 2.05% to 15.40 CNY per share, with a trading volume of 76.88 million CNY and a turnover rate of 0.35% [1] - The company has experienced a net inflow of main funds amounting to 6.03 million CNY, with significant buying from large orders [1] - The stock has fluctuated with a 3.01% increase over the last five trading days, a 3.45% decrease over the last 20 days, and a 5.41% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Yong'an Futures reported zero operating revenue and a net profit attributable to shareholders of 170 million CNY, reflecting a year-on-year decrease of 44.69% [2] - The company has distributed a total of 1.006 billion CNY in dividends since its A-share listing, with 598 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, Yong'an Futures had 36,900 shareholders, an increase of 8.88% from the previous period, with an average of 39,406 circulating shares per shareholder, a decrease of 8.16% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint No information provided. 3. Summary by Relevant Catalog Spot Market - The latest price of the Platts 62 index is 105.50, with a daily change of -0.85 and a weekly change of -0.20 [3]. - For Australian mainstream iron ore, Newman powder is priced at 793, with a daily increase of 8 and a weekly decrease of 2; PB powder is at 797, up 8 daily and down 2 weekly; Mac powder is 785, up 8 daily and unchanged weekly; etc [3]. - Brazilian mainstream iron ore includes Bafang at 823, up 12 daily and down 1 weekly; Baco IOC6 at 802, up 8 daily and down 2 weekly; etc [3]. - Non - mainstream iron ore such as Roy Hill powder is priced at 767, up 8 daily and down 2 weekly [3]. - The price of Tangshan iron concentrate powder (domestic ore) is 1002, up 1 daily and up 1 weekly [3]. Futures Market - For Dalian Commodity Exchange contracts, i2601 is at 803.5, up 7.5 daily and down 1.5 weekly; i2605 is at 782.0, up 7.5 daily and up 1.0 weekly; i2509 is at 762.5, up 5.5 daily and down 87.5 weekly [3]. - For Singapore Exchange contracts, FE01 is at 102.33, down 0.29 daily and up 0.32 weekly; FE05 is at 100.05, down 0.27 daily and up 0.41 weekly; FE09 is at 105.50, down 0.20 daily and up 0.25 weekly [3]. - The monthly spread of i2601 is - 41.0, with a daily change of 34.9, up 5.5 daily and up 0.4 weekly; the monthly spread of i2605 is 21.5, with a daily change of 56.4, up 5.5 daily and down 2.1 weekly; etc [3].

Group 1 - The core viewpoint highlights the increasing demand for asphalt in infrastructure projects, driven by China's "14th Five-Year Plan," which aims for over 5.5 million kilometers of roads and 190,000 kilometers of highways by 2025, making asphalt a critical raw material in the construction sector [1] - Asphalt terminal companies face significant pressure due to the volatility of raw material prices and the need for effective risk management systems to ensure sustainable development [1] - Traditional procurement methods, such as direct purchasing from refineries and stockpiling, are becoming less effective in managing market fluctuations [1] Group 2 - Yong'an Futures established a specialized service team to assess the production operations of asphalt terminal companies in Shandong and Shanxi, creating tailored risk management solutions that incorporate options tools to balance risk management, cost optimization, and capital efficiency [2] - In March 2024, an asphalt terminal company in Shandong prepared for demand by locking in procurement costs below 3,651 yuan/ton using a combination of futures and options, resulting in a total purchase of 2,850 tons [2] - The company received a compensation of 142,500 yuan after the option expired, demonstrating the effectiveness of using futures to stabilize procurement costs [3] Group 3 - A different asphalt terminal company in Shanxi utilized a "circuit breaker cumulative selling option" to manage inventory value amid high prices and low construction demand, resulting in a profit of 239,800 yuan from the option strategy [4] - The use of customized options allows companies to address various risk scenarios, enhancing their risk management strategies and improving profitability [4][5] - The application of off-exchange options in the asphalt industry represents an innovative approach to risk management, providing practical case studies for other entities in the asphalt supply chain [5]

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3629.55, 41.08, 1389.00, 1183.00, 62.37, and 10119.50 respectively. The price of LME Copper has changed by 121.50, while the others remain unchanged [2]. - 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 97.53, 1.17, 1.36, 147.22, and 1.70 respectively. The value of US 10 - year TIPS has changed by 0.03, while the others remain unchanged [2]. Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 16314.19, 1246.57, and 1281.86 respectively. The inventory of SHFE Silver has changed by 6.38, while the others remain unchanged [3]. - The latest holdings of Gold ETF and Silver ETF are 977.95 and 15068.23 respectively, with no change [3]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 1 and 1 respectively. The deferred fee payment direction of SGE Gold has changed by - 1.00, while that of SGE Silver remains unchanged [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Week39 ship - line average is $1660 (equivalent to 1150 points on the disk), the basis of contract 10 is - 53 points, and the spread between contracts 10 and 12 is - 405.3 points. The spot price has little change today. The price of contract 10 on the disk drops significantly because the spot price breaks through the previous low of the year, indicating the edge of ship - line competition. The valuation space below contract 10 decreases significantly, and position reduction can be considered. The price of contract 12 also drops, and the change in the spread between contracts 10 and 12 is small and relatively reasonable. Currently, the cargo is still in the spot downward period, the ship - line loading rate is not high, and the overall driving force is still downward [2][23] 3. Summary by Relevant Catalogs Futures - For EC2510, the closing price is 1203.8, with a change of - 5.02%, trading volume of 32766, open interest of 49507, and an open - interest change of 2187 [2][23] - For EC2512, the closing price is 1609.1, with a change of - 3.88%, trading volume of 10045, open interest of 19025, and an open - interest change of 1417 [2][23] - For EC2602, the closing price is 1497.4, with a change of - 1.75%, trading volume of 1268, open interest of 6001, and an open - interest change of 59 [2][23] - For EC2604, the closing price is 1242.0, with a change of - 0.32%, trading volume of 919, open interest of 7791, and an open - interest change of 279 [2][23] - For FC2606, the closing price is 1430.6, with a change of - 0.92%, trading volume of 67, and open interest of 963 [2][23] Month - to - Month Spreads - The spread of EC2510 - 2512 is - 405.3, compared to - 406.6 the previous day and - 414.2 the day before the previous day, with a change of 1.3 and a week - on - week change of - 5.0 [2][23] - The spread of FC2512 - 2602 is 111.7, compared to 150.0 the previous day and 155.5 the day before the previous day, with a change of - 38.3 and a week - on - week change of - 61.9 [2][23] Indicators - SCHIS is updated weekly, and on September 8, 2025, it is 1566.46 points, down 11.68% from the previous period and 10.88% from the period before the previous period [2][23] - SCFI (European line) is updated at a certain frequency, and on September 5, 2025, it is $1315/TEU, down 11.21% from the previous period and 11.21% from the period before the previous period [2][23] - CCFI is updated at a certain frequency, and on September 5, 2025, it is 1638.77 points, down 2.79% from the previous period and 4.09% from the period before the previous period [2][23] - NCFI is updated at a certain frequency, and on September 5, 2025, it is 855.93 points, down 7.92% from the previous period and 14.23% from the period before the previous period [2][23] Recent European Line Quotations - Week37: The average quotation is $2100 (equivalent to 1450 points on the disk). Among them, MSK quotes $1900 (later raised to $1950), PA quotes $2100 - 2150, and OA quotes $2100 - 2300 [2][23] - Week38: The average quotation is $1800 (equivalent to 1260 points on the disk). Among them, MSK quotes $1700 (later raised to $1760), PA & MSC quote $1800 - 1950, and OA quotes $1650 - 2020 [2][23] - Week39: The average quotation is $1660 (equivalent to 1150 points on the disk). Among them, MSK quotes $1550, PA's quotation drops to $1600 - 1700, and OA quotes $1650 - 1700 [2][23] Related News - On September 11, a Hamas spokesman stated that the cease - fire conditions in Gaza remain unchanged, and the US and Israel are conspiring to undermine the negotiation process - On September 12, Israeli Prime Minister Netanyahu approved a plan to build 3401 housing units in the "E1 area" between the Jewish settlement of Ma'ale Adumim in the West Bank and East Jerusalem. Netanyahu declared that the eastern border of Israel will be the Jordan Valley, not Ma'ale Adumim, and that "everything starting in Gaza will end in Gaza, and we will defeat Hamas, and the Palestinian state will cease to exist." The expansion of Jewish settlements in the "E1 area" will divide the West Bank into two north - south regions, preventing the Palestinian areas of East Jerusalem, Bethlehem, and Ramallah from being connected, and creating a continuous Jewish community between Jerusalem and Ma'ale Adumim. This plan has been opposed by the international community and has also sparked intense controversy within Israel [2][23]

Group 1: Spot Market - Newman powder price is 787, with a daily change of -8 and a weekly change of 6, and the import profit is -35.20 [1] - PB powder price is 790, with a daily change of -9 and a weekly change of 5, and the import profit is -15.48 [1] - Mac powder price is 777, with a daily change of -8 and a weekly change of 6, and the import profit is -11.44 [1] - Jinbuba powder price is 758, with a daily change of -5 and a weekly change of 7, and the import profit is -16.25 [1] - Mainstream mixed powder price is 739, with a daily change of -6 and a weekly change of 14, and the import profit is 3.63 [1] - Super special powder price is 700, with a daily change of -5 and a weekly change of 15, and the import profit is 11.32 [1] - Carajás powder price is 900, with a daily change of -8 and a weekly change of 6, and the import profit is -36.52 [1] - Brazilian mixed powder price is 812, with a daily change of -8 and a weekly change of 2, and the import profit is -23.40 [1] - Brazilian coarse IOC6 price is 795, with a daily change of -9 and a weekly change of 5 [1] - Brazilian coarse SSFG price is 800, with a daily change of -9 and a weekly change of 5 [1] - Ukrainian iron concentrate price is 920, with a daily change of -7 and a weekly change of 10 [1] - 61% Indian powder price is 747, with a daily change of -5 and a weekly change of 7 [1] - Karara iron concentrate price is 920, with a daily change of -7 and a weekly change of 10 [1] - Roy Hill powder price is 760, with a daily change of -9 and a weekly change of 5, and the import profit is -9.15 [1] - KUMBA powder price is 849, with a daily change of -9 and a weekly change of 5 [1] - 57% Indian powder price is 640, with a daily change of -5 and a weekly change of 10 [1] - Atlas powder price is 734, with a daily change of -6 and a weekly change of 14 [1] - Tangshan iron concentrate price is 1001, with a daily change of -3 and a weekly change of 12 [1] Group 2: Futures Market - i2601 contract price is 795.5, with a daily change of -9.5 and a weekly change of 4.0, and the monthly spread is 31.0 with a daily change of 0.9 and a weekly change of -1.8 [1] - i2605 contract price is 773.5, with a daily change of -7.5 and a weekly change of 6.0, and the monthly spread is 53.0 with a daily change of -1.1 and a weekly change of -3.8 [1] - i2509 contract price is 840.5, with a daily change of -7.0 and a weekly change of 9.5, and the monthly spread is -14.0 with a daily change of -1.6 and a weekly change of -7.3 [1] - FE01 contract price is 103.29, with a daily change of -0.41 and a weekly change of 1.76, and the monthly spread is -26.2 with a daily change of 3.3 and a weekly change of 2.3 [1] - FE05 contract price is 100.85, with a daily change of -0.41 and a weekly change of 1.69, and the monthly spread is -30.6 with a daily change of 3.3 and a weekly change of 1.4 [1] - FE09 contract price is 106.37, with a daily change of -0.38 and a weekly change of 1.70, and the monthly spread is -8.5 with a daily change of 0.6 and a weekly change of 11.2 [1]

Group 1 - The "anti-involution" policy in July initially boosted market sentiment, leading to a rapid increase in ferrosilicon prices, but by the end of July, the bullish momentum weakened, resulting in a bearish fluctuation pattern for ferrosilicon futures [1] - As of August, the cost center for ferrosilicon slightly decreased, with production costs in Inner Mongolia dropping from 6036 CNY/ton to approximately 5939 CNY/ton, a decline of about 97 CNY/ton [2] - The profit margin for ferrosilicon in Inner Mongolia fell to -147 CNY/ton by the end of August, a significant drop from 83 CNY/ton at the beginning of the month, although it showed improvement compared to the losses in the second quarter [3] Group 2 - The production volume of ferrosilicon in August was 910,000 tons, an 11% increase month-on-month, while demand remained stable at approximately 860,000 tons [3] - The market is experiencing a "not-so-dull" off-season due to optimistic orders in the plate market, which supports the rigid demand for ferrosilicon [3] - The upcoming "Golden September" season's expectations will be a focal point for the market, as the current ferrosilicon futures have already priced in some negative supply-demand expectations, limiting further downside potential [3]

Core Viewpoint - The futures companies such as Zhongtai Futures, Dongwu Futures, and Yong'an Futures are leveraging technology to build a solid foundation for development and support the real economy amidst "strong regulation, risk prevention, and promotion of high-quality development" [1] Group 1: Technological Foundations - Futures companies are prioritizing financial technology to enhance stability and efficiency in their operations [2] - Dongwu Futures has upgraded its app to improve customer satisfaction by integrating intelligent research and big data analysis [2] - Yong'an Futures has significantly improved business efficiency and reduced operational risks through technology-driven business restructuring and process automation [2][3] Group 2: Risk Management and Compliance - Yong'an Futures emphasizes that innovation should not compromise risk control, implementing AI models with human oversight to ensure compliance with regulatory requirements [3] - Zhongtai Futures focuses on internal service efficiency while ensuring compliance and control in technological innovations [3] - Zhongtai Futures has deployed over 270 RPA processes to enhance operational efficiency and service capabilities [3] Group 3: System Resilience and Performance Testing - The recent surge in trading volume has tested the stability and peak capacity of trading systems, serving as a "test stone" for technological capabilities [5] - Zhongtai Futures has established a three-tier mechanism for risk control, including pre-event simulations and real-time monitoring of system performance [5] - Yong'an Futures employs a closed-loop mechanism for system optimization, focusing on root cause analysis and iterative improvements [6] Group 4: Talent and Resource Challenges - The futures industry faces a significant talent gap, particularly for composite talent, which is in high demand but scarce [7] - System compatibility issues hinder technological development, as different systems require additional permissions for transactions [7] - The rising costs of technology investments, particularly in AI and big data, pose challenges for futures companies [7] Group 5: Future Directions - The three futures companies plan to continue innovating and leveraging financial technology to empower business development [8] - Dongwu Futures aims to deepen business transformation through AI, integrating industry cloud and third-party data resources [8] - Yong'an Futures intends to enhance data governance and application efficiency, targeting a 100% increase in data asset utilization and a 50% improvement in cross-departmental data sharing [8]