Group 1: Price Performance - London Gold latest price is 3429.15, with a change of 21.50 [1] - London Silver latest price is 38.80, with a change of -0.14 [1] - London Platinum latest price is 1345.00, with a change of 6.00 [1] - London Palladium latest price is 1102.00, with a change of 12.00 [1] - WTI Crude latest price is 64.01, with a change of -0.59 [1] - LME Copper latest price is 9883.50, with a change of 85.50 [1] - US Dollar Index latest is 97.85, with a change of -0.02 [1] - Euro to US Dollar latest is 1.17, with a change of 0.00 [1] - British Pound to US Dollar latest is 1.35, with a change of 0.00 [1] - US Dollar to Japanese Yen latest is 147.05, with a change of 0.11 [1] - US 10 - year TIPS latest is 1.82, with a change of 0.01 [1] Group 2: Trading Data - COMEX Silver inventory latest is 16118.83, with a change of 32.27 [1] - SHFE Silver inventory latest is 1196.00, with a change of 17.48 [1] - Gold ETF持仓 latest is 977.68, with a change of 9.74 [1] - Silver ETF持仓 latest is 15310.00, with a change of -22.59 [1] - SGE Silver inventory change not provided, latest not provided [1] - SGE Gold deferred fee payment direction latest is 1, change is 0.00 [1] - SGE Silver deferred fee payment direction latest is 2, change is 1.00 [1] Group 3: Data Source - The above chart data sources are Bloomberg, Yong'an Yuandian Information, and Wind [6]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: September 1, 2025 [1] Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Data Summary Coal Prices - The latest price of Liulin Main Coking Coal is 1410.00, with a daily change of -95.00, a weekly change of -43.00, a monthly change of 98.00, and an annual change of 0.71% [2] - The latest price of Raw Coal Port Delivery Price is 980.00, with a daily change of 21.00, a weekly change of 18.00, a monthly change of 100.00, and an annual change of -15.88% [2] - The latest price of Shaheyi Meng 5 is 1380.00, with no daily or weekly change, a monthly change of 160.00, and an annual change of -16.36% [2] - The latest price of Anze Main Coking Coal is 1470.00, with no daily or weekly change, a monthly change of -30.00, and an annual change of -12.50% [2] Inventory - The total coking coal inventory is 3507.66, with a weekly increase of 34.05, a monthly increase of 57.08, and an annual decrease of 8.73% [2] - The coal mine inventory is 283.62, with a weekly increase of 7.98, a monthly increase of 35.36, and an annual decrease of 14.12% [2] - The port inventory is 261.49, with a weekly increase of 6.00, a monthly decrease of 30.85, and an annual decrease of 26.42% [2] - The steel mill coking coal inventory is 812.31, with a weekly increase of 6.51, a monthly increase of 12.80, and an annual increase of 13.20% [2] - The coking plant coking coal inventory is 966.41, with a weekly decrease of -10.47, a monthly decrease of -18.97, and an annual increase of 20.39% [2] Coking Capacity Utilization and Coke Inventory - The coking capacity utilization rate is 73.36, with a weekly decrease of -1.06, a monthly decrease of -0.33, and an annual increase of 5.37% [2] - The coking plant coke inventory is 84.99, with a weekly decrease of -1.18, a monthly decrease of -1.63, and an annual decrease of -1.98% [2] Futures Market - The latest price of Futures Contract 05 is 1199.50, with a daily increase of 5.50, a weekly decrease of -44.50, a monthly increase of 57.50, and an annual decrease of -12.83% [2] - The latest price of Futures Contract 09 is 990.00, with a daily decrease of -15.50, a weekly decrease of -73.00, a monthly decrease of -27.00, and an annual decrease of -24.77% [2] - The latest price of Futures Contract 01 is 1156.50, with a daily increase of 4.00, a weekly decrease of -42.00, a monthly increase of 41.50, and an annual decrease of -16.38% [2] - The 05 basis is 38.09, with a daily decrease of -5.50, a weekly increase of 29.56, a monthly decrease of -27.61, and an annual decrease of -115.45 [2] - The 09 basis is 247.59, with a daily increase of 15.50, a weekly increase of 58.06, a monthly increase of 56.89, and an annual increase of 0.16 [2] - The 01 basis is 81.09, with a daily decrease of -4.00, a weekly increase of 27.06, a monthly decrease of -11.61, and an annual decrease of -0.45 [2] - The 5 - 9 spread is 209.50, with a daily increase of 21.00, a weekly increase of 28.50, a monthly increase of 84.50, and an annual increase of 2.49 [2] - The 9 - 1 spread is -166.50, with a daily decrease of -19.50, a weekly decrease of -31.00, a monthly decrease of -68.50, and an annual increase of 1.49 [2] - The 1 - 5 spread is -43.00, with a daily decrease of -1.50, a weekly increase of 2.50, a monthly decrease of -16.00, and an annual decrease of -7.14 [2]

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 2021 2022 2023 2024 2025 日照港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 焦炭日报 研究中心黑色团队 2025/9/1 | | 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 | 1535.94 | 0.00 | 54.61 | 163.84 | -5.96% 高炉开工率 | 90.02 | | -0.23 | -0.22 | 6.79% | | 河北准一湿熄 | 1780.00 | 0.00 | 55.00 | 185.00 | -4.30% 铁水日均产量 ...

Group 1 - The core viewpoint of the article highlights the significant changes in stock holdings by securities firms during the second quarter, with a focus on industries such as basic chemicals, machinery, automotive, and pharmaceuticals [1] - Securities firms collectively increased their positions in 63 stocks during the second quarter, with notable additions including Zhongke Titanium White, New Mileage, Jiangzhong Pharmaceutical, and Yuntianhua [1] - Several companies, including Chuanheng Co., Furan Energy, Ruida Futures, and Zhejiang Huaye, received attention from at least three securities firms, indicating strong interest [1] Group 2 - In terms of holding scale, data from Choice shows that Jiangsu Bank, Yong'an Futures, CITIC Securities, and Sinopec have the highest total shareholdings among securities firms [1] - As of the closing price on June 30, 2025, Jiangsu Bank leads with a holding market value of 11.026 billion yuan, followed by CITIC Securities and Yong'an Futures with 9.208 billion yuan and 6.507 billion yuan respectively [1] - Other companies such as Muyuan Foods, Cangge Mining, Sinopec, and Guangqi Technology also have significant market values in securities holdings [1]

Core Viewpoint - The rapid development of overseas business by futures companies is significantly contributing to their profits and accelerating the internationalization of China's futures market [1][2]. Group 1: Factors Driving Development - As of June 2025, there are 22 first-level overseas subsidiaries, 39 second-level subsidiaries, and 6 third-level subsidiaries established by mainland Chinese futures companies, located in major financial centers such as Hong Kong, Singapore, the UK, and the US [2]. - The overseas business expansion is driven by multiple factors, including favorable policy support and the increasing demand for risk management from Chinese enterprises going abroad [3][4]. - Major companies like Nanhua Futures, Yong'an Futures, and GF Futures have made significant strides in their overseas business [2][3]. Group 2: Importance of Strengthening Overseas Business - Strengthening overseas business is crucial for futures companies as it diversifies their business types and income sources, enhancing international competitiveness [4][5]. - The development of overseas business helps alleviate intense domestic competition and promotes high-quality growth and value creation within the industry [5][6]. - By expanding into overseas markets, futures companies can better meet the growing cross-border risk management needs of Chinese enterprises [6][7]. Group 3: Opportunities and Challenges - The rapid growth of overseas business presents both opportunities and challenges for futures companies, including a relatively simple business structure and the need for enhanced service innovation [7]. - There are higher demands for risk compliance management due to varying legal and regulatory frameworks across different countries [7]. - The competitive international landscape and the need for significant investment in system construction pose additional challenges for futures companies [7].

近年来，期货公司海外业务加速发展。这一进程不仅为公司自身贡献了利润，更在推动中国期货市场 "引进来" 与 "走出去"、加快其国际化步伐方面发挥了重要作用。 期货公司海外业务，发展迅猛！背后原因有这些…… 期货公司海外业务为何能保持高速发展势头？未来又有哪些新动向？券商中国记者近日对多位行业资深 人士进行了采访。 据了解，政策层面的利好支持与中国企业的集中出海，共同加速了本轮期货公司海外业务的拓展进程； 与此同时，如何开展全方位能力建设、应对日益激烈的竞争环境，已成为这些期货公司必须面对的新课 题。 多因素推动发展 据中国期货业协会数据，截至2025年6月，中国内地期货公司共设立境外一级子公司22家，二级子公司 39家，三级子公司6家。这些子公司的注册地涵盖了中国香港、新加坡、英国、美国等主要金融中心， 并获得了包括香港期货交易所、新加坡交易所、芝加哥商业交易所、欧洲洲际交易所、伦敦金属交易所 等全球主流交易所的交易和清算会员资质。业务范围也已从传统的期货经纪扩展到证券、外汇、资产管 理等多元领域。 期货公司海外业务加快发展，背后有着多重因素推动。就具体公司而言，南华期货、永安期货、广发期 货、中粮期货等在海外 ...

近年来，期货公司海外业务加速发展。这一进程不仅为公司自身贡献了利润，更在推动中国期货市场 "引进来" 与 "走 出去"、加快其国际化步伐方面发挥了重要作用。 期货公司海外业务为何能保持高速发展势头？未来又有哪些新动向？券商中国记者近日对多位行业资深人士进行了采 访。 据了解，政策层面的利好支持与中国企业的集中出海，共同加速了本轮期货公司海外业务的拓展进程；与此同时，如何 开展全方位能力建设、应对日益激烈的竞争环境，已成为这些期货公司必须面对的新课题。 多因素推动发展 据中国期货业协会数据，截至2025年6月， 中国内地 期货公司共设立境外一级子公司22家，二级子公司39家，三级子公 司6家。这些子公司的注册地涵盖了中国香港、新加坡、英国、美国等主要金融中心，并获得了包括香港期货交易所、新 加坡交易所、芝加哥商业交易所、欧洲洲际交易所、伦敦金属交易所等全球主流交易所的交易和清算会员资质。业务范 围也已从传统的期货经纪扩展到证券、外汇、资产管理等多元领域。 前述广发期货相关负责人表示，通过促进境外业务发展，有利于丰富期货公司业务类型，拓展收入来源，增强期货行业 国际竞争力。一方面，丰富期货公司业务类型，扩展收入来 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 19.80 CNY [6][13]. Core Views - The company has shown a recovery in investment performance in Q2 2025, with active market trading leading to a year-on-year increase in commission income [2][13]. - As an industry leader, the company is expected to seize opportunities arising from the internationalization of the RMB and the expansion of the futures market [2][13]. Financial Summary - Revenue is projected to decline significantly from 23,823 million CNY in 2023 to 11,663 million CNY in 2025, reflecting a decrease of 46.3% [4][14]. - Net profit attributable to shareholders is expected to stabilize around 578 million CNY in 2025, with a slight increase to 702 million CNY by 2027 [4][14]. - The earnings per share (EPS) forecast for 2025 is set at 0.40 CNY, with a gradual increase to 0.48 CNY by 2027 [4][14]. Market Position and Opportunities - The company is positioned to benefit from policy support and the anticipated expansion of the futures market due to RMB internationalization [13]. - The report highlights the potential for increased trading volume in commodity futures priced in RMB, enhancing market opportunities for the company [13].

Core Viewpoint - Yong'an Futures reported a significant decline in revenue and net profit for the first half of 2025, but showed improvement in Q2 net profit and positive trends in fund sales and asset management business, leading to a "buy" rating from Dongwu Securities [1][2]. Financial Performance - For the first half of 2025, Yong'an Futures recorded operating revenue of 5.56 billion yuan, a year-on-year decrease of 54.1%, and a net profit attributable to shareholders of 170 million yuan, down 44.7%, with an EPS of 0.12 yuan and ROE of 1.32%, a decline of 1.1 percentage points year-on-year [1]. - In Q2, the company achieved operating revenue of 3.28 billion yuan, a year-on-year decrease of 57.8%, but a net profit of 160 million yuan, a year-on-year decrease of 30.0%, showing a 16-fold increase quarter-on-quarter [1]. Business Segments - Futures brokerage remains the core profit driver, with net income from commissions and interest at 240 million yuan and 210 million yuan respectively, showing increases of 4.5% and decreases of 13.5% year-on-year. Investment income and fair value changes totaled 160 million yuan, down 63% year-on-year [2]. - The futures brokerage business reported an operating profit of 150 million yuan, a year-on-year decrease of 10%, while risk management shifted from profit to a loss of 60 million yuan [2]. - Fund sales and asset management showed positive growth, with profits of 20 million yuan and 5 million yuan respectively, increasing by 105% and 40% year-on-year [2]. Market Trends - The company’s offshore business saw a revenue of 120 million yuan, down 59% year-on-year, but the trading volume in offshore futures brokerage increased by 22%, with institutional clients making up 78% of the client structure [3]. - Fund sales significantly increased, with new sales reaching 172 million USD, a year-on-year growth of 186% [3]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025, expecting net profits of 470 million yuan, 590 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively, with a current market value corresponding to a PE of 48 times for 2025 [2].

Core Viewpoint - The company is expected to recover its investment performance in Q2 2025, benefiting from active market trading and a year-on-year increase in commission income, positioning itself to seize opportunities from the expansion of the futures market under the internationalization of the RMB [1][3]. Group 1: Financial Performance - In H1 2025, the company's revenue and net profit attributable to shareholders were 55.56 million and 1.70 million yuan, respectively, reflecting a year-on-year decline of 54.12% and 44.69% [2]. - The weighted average ROE decreased by 1.13 percentage points to 1.32% [2]. - The company's investment business net income in H1 2025 fell by 63.27% to 1.57 million yuan, significantly impacting adjusted revenue [3]. Group 2: Market Activity - In Q2 2025, the company achieved investment income of 2.01 million yuan, a year-on-year decrease of 17.36%, showing significant improvement compared to Q1 2025 [3]. - The active trading in the futures market led to a year-on-year increase in commission income by 4.48% to 2.39 million yuan, supporting overall performance [3]. Group 3: Future Opportunities - The company is well-positioned to benefit from the expansion of the futures market driven by the internationalization of the RMB, with potential policy support enhancing its competitive edge [3]. - The Lujiazui Financial Forum proposed expanding the number of tradable futures and options under QFII to 100 and researching the introduction of RMB-denominated foreign exchange futures, which could further promote market expansion [3]. - The internationalization of the RMB is expected to enhance the market space for commodity futures and foreign exchange hedging [3]. Group 4: Investment Rating - The company maintains an "overweight" rating with a target price of 19.80 yuan, based on a 49.9x PE for 2025 and a corresponding 2.17x PB [2]. - The EPS forecasts for 2025 and 2026 have been adjusted to 0.40 and 0.45 yuan, respectively, with a new EPS forecast of 0.48 yuan for 2027 [2].