Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: August 29, 2025 [1] Price Information - **Coal Types Price**: The latest price of Liulin Main Coking Coal is 1505.00, with a weekly increase of 52.00 and a monthly increase of 94.00; the latest price of Raw Coal Port Delivery Price is 959.00, with a daily decrease of 19.00 and a monthly increase of 27.00; the latest price of Shaheyi Mongolian No. 5 is 1380.00, with a monthly increase of 160.00; the latest price of Anze Main Coking Coal is 1470.00, with a monthly decrease of 30.00 [2]. - **Peak Downs and Goonyella Price**: The latest price of Peak Downs is 201.00, with a weekly decrease of 4.00 and a monthly increase of 9.00; the latest price of Goonyella is 203.00, with a weekly decrease of 5.30 and a monthly increase of 10.00 [2]. - **Futures Price**: The latest price of Futures 05 is 1194.00, with a daily decrease of 10.00 and a monthly decrease of 18.50; the latest price of Futures 09 is 1005.50, with a daily decrease of 19.50 and a monthly decrease of 75.50; the latest price of Futures 01 is 1152.50, with a daily decrease of 12.00 and a monthly decrease of 26.50 [2]. Inventory Information - **Total Inventory**: The total inventory is 3507.66, with a weekly increase of 34.05 and a monthly increase of 57.08 [2]. - **Sub - Inventory**: The coal mine inventory is 283.62, with a weekly increase of 7.98 and a monthly increase of 35.36; the port inventory is 261.49, with a weekly increase of 6.00 and a monthly decrease of 30.85; the steel mill coking coal inventory is 812.31, with a weekly increase of 6.51 and a monthly increase of 12.80; the coking coking coal inventory is 966.41, with a weekly decrease of 10.47 and a monthly decrease of 18.97 [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization is 73.36, with a weekly decrease of 1.06 and a monthly decrease of 0.33 [2]. - **Coking Coke Inventory**: The coking coke inventory is 84.99, with a weekly decrease of 1.18 and a monthly decrease of 1.63 [2]. - **Basis and Spread**: The 05 basis is 43.59, with a daily increase of 10.00; the 09 basis is 232.09, with a daily increase of 19.50; the 01 basis is 85.09, with a daily increase of 12.00; the 5 - 9 spread is 188.50, with a daily increase of 9.50; the 9 - 1 spread is - 147.00, with a daily decrease of 7.50; the 1 - 5 spread is - 41.50, with a daily decrease of 2.00 [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting adjustments and challenges in investment income, although there are signs of recovery in Q2 [1][6]. Group 1: Financial Performance - The company achieved operating revenue of 5.556 billion yuan in the first half of 2025, a year-on-year decrease of 54.12% [1]. - The net profit attributable to shareholders was 170 million yuan, down 44.69% year-on-year, with Q2 showing improvement with a net profit of 161 million yuan, a year-on-year decline of 29.96% but a quarter-on-quarter increase of 1630.64% [1][6]. - The company plans to distribute a cash dividend of 0.02 yuan per share (tax included) for the interim period [1]. Group 2: Business Segments - The futures brokerage and fund sales segments showed steady growth, with the company achieving 102 million domestic futures agency transactions, a year-on-year increase of 13%, and a transaction amount of 7.25 trillion yuan, up 7% [3]. - The net income from brokerage fees reached 210 million yuan, reflecting a 4% year-on-year growth [3]. - The fund sales business generated revenue of 28.9 million yuan, marking a 21% increase year-on-year [4]. Group 3: Risk Management and International Expansion - The company maintained a leading position in the commodity risk management sector, achieving a total spot trade volume of 19.646 billion yuan [5]. - The off-exchange derivatives business saw a nominal amount of 160.3 billion yuan, a 72% increase year-on-year, while market-making business transactions reached 601.8 billion yuan, up 23% [5]. - The company is expanding its international presence, planning to invest up to 536 million Hong Kong dollars to establish a subsidiary in the UK, which has received regulatory approval [5]. Group 4: Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.35, 0.39, and 0.42 yuan, representing increases of 21%, 15%, and 9% respectively [6]. - The target price for the company is set at 20.84 yuan, based on a price-to-book (PB) ratio of 1.7 times for 2025, reflecting a discount compared to comparable companies [6].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with a focus on the performance of its futures brokerage and asset management businesses [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 5.56 billion yuan, a decrease of 54.1% year-on-year, while the net profit attributable to shareholders was 170 million yuan, down 44.7% year-on-year, resulting in an EPS of 0.12 yuan and an ROE of 1.32%, a decline of 1.1 percentage points [1]. - In Q2 2025, revenue was 3.28 billion yuan, a year-on-year decrease of 57.8%, with a net profit of 160 million yuan, down 30.0% year-on-year but showing a 16-fold increase quarter-on-quarter [1]. - The company's net assets attributable to shareholders were 12.9 billion yuan, reflecting a 0.4% increase from the beginning of the year and the end of Q1 [1]. Business Segments Futures Brokerage - The futures brokerage business remains the core profit driver, with a revenue of 3.8 billion yuan in the first half, down 22% year-on-year, and net commission income of 2.1 billion yuan, up 4.2% year-on-year [1][2]. - The total trading volume for domestic futures agency transactions was 102 million contracts, an increase of 13.3% year-on-year, with a transaction value of 7.25 trillion yuan, up 6.8% year-on-year [2]. Risk Management - The risk management business reported a revenue of 5 billion yuan, down 56% year-on-year, primarily due to a change in revenue recognition method, although this did not impact profitability [2]. - The nominal principal of off-exchange business reached 160.3 billion yuan, a year-on-year increase of 72%, while market-making business transaction volume exceeded 601.8 billion yuan, up 23% year-on-year [2]. Asset Management & Fund Sales - The asset management business generated revenue of 10 million yuan, down 11% year-on-year, with net commission income declining by 63% [2]. - Fund sales revenue increased by 21% year-on-year to 29 million yuan, with 34 new cooperative managers and 65 new products introduced during the reporting period, achieving an average annualized return of 11.26% [2]. Overseas Business - The overseas business revenue was 120 million yuan, down 59% year-on-year, while the trading volume for overseas futures brokerage increased by 22% year-on-year [2]. - The overseas fund sales saw a significant increase, with new sales amounting to 172 million USD, a year-on-year growth of 186% [2]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025, expecting net profits attributable to shareholders to be 470 million yuan, 590 million yuan, and 660 million yuan for 2025-2027, respectively, with a current market capitalization corresponding to a 2025E PE of 48x, maintaining a "buy" rating [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit improved on a quarter-on-quarter basis, with positive trends in fund sales and asset management business profitability [7] - The report maintains previous profit forecasts, expecting net profits for 2025-2027 to be 4.7 billion, 5.9 billion, and 6.6 billion respectively, with a current market value corresponding to a 2025E PE of 48x [7] Financial Performance Summary - Total revenue for 2023 is projected at 23.823 billion, with a year-on-year decrease of 31.5% [1] - The net profit attributable to the parent company for 2023 is expected to be 729 million, reflecting an 8.3% year-on-year increase [1] - The latest diluted EPS for 2023 is estimated at 0.50 yuan per share [1] - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 5.56 billion, down 54.1% year-on-year, and a net profit of 170 million, down 44.7% year-on-year [7] - The second quarter of 2025 saw a net profit of 160 million, a 30% year-on-year decrease but a 16-fold increase quarter-on-quarter [7] Business Segment Performance - The futures brokerage business remains the core profit driver, with net income from fees and interest reported at 240 million and 210 million respectively for the first half of 2025 [7] - The asset management and fund sales segments showed profitability improvements, with fund sales revenue increasing by 21% year-on-year [7] - The offshore business experienced a significant growth in fund sales, with a 186% year-on-year increase in new sales [7] Market Data - The closing price of the stock is 15.65 yuan, with a market capitalization of approximately 22.779 billion [5] - The company has a price-to-book ratio of 1.77 [5] - The company's total assets are projected to reach 71.510 billion by 2025 [18]

Group 1 - The core viewpoint is that multiple companies are engaging in stock repurchase activities, with varying amounts proposed and completed [4] - Beijing Keri plans to repurchase up to 100 million yuan, while Haimu Star and Haike Xinyuan plan to repurchase 36 million yuan and 22 million yuan respectively [1] - Kangchen Pharmaceutical's repurchase plan was approved at the shareholders' meeting, with a maximum repurchase amount of 3.3228 million yuan [2] Group 2 - AoFei Entertainment and Yong'an Futures have reported repurchase progress, with amounts of 80.802 million yuan and 9.9985 million yuan respectively [3] - WuXi AppTec, Tongyu Heavy Industry, and Weihai Guangtai have completed repurchases, with the highest amounts being 1 billion yuan, 110 million yuan, and 59.9844 million yuan respectively [3] - On August 28, 27 companies released 28 stock repurchase-related updates, including 18 companies disclosing new repurchase plans, 1 company having its plan approved, 2 companies reporting progress, and 6 companies completing their repurchase plans [4]

证券之星消息，近日永安期货披露，截至2025年6月30日公司股东户数为3.69万户，较3月31日增加 3013.0户，增幅为8.88%。户均持股数量由上期的4.29万股减少至3.94万股，户均持股市值为58.36万 元。 在多元金融行业个股中，永安期货股东户数低于行业平均水平，截至6月30日，多元金融行业平均股东 户数为8.03万户。户均持股市值方面，多元金融行业A股上市公司户均持股市值为23.8万元，永安期货 高于行业平均水平。 从股价来看，2025年3月31日至2025年6月30日，永安期货区间涨幅为14.67%，在此期间股东户数增加 3013.0户，增幅为8.88%。 根据统计，永安期货2025年3月31日至2025年6月30日，主力资金净流入49.28万元，游资资金净流出 9095.52万元，散户资金净流入9046.25万元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) | | | 户均持股数(股) | | --- | --- | - ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7][5]. Core Views - The company reported a significant improvement in Q2 performance, with a notable recovery in investment income compared to Q1, leading to a Q2 net profit of 1.61 billion RMB, a year-on-year decrease of 29.96% but a quarter-on-quarter increase of 1630.64% [1]. - The company initiated a share buyback of 626,800 shares on August 27, signaling confidence to investors [1]. - The company is focusing on enhancing its brokerage and fund sales operations, achieving a 13% increase in domestic futures trading volume and a 4% increase in brokerage fee income year-on-year [2]. - The risk management business remains strong, with a 72% year-on-year growth in off-exchange derivatives business nominal amount, reaching 1,603 billion RMB [3]. - The overseas business is also growing steadily, with a 5% increase in revenue and a significant 185.5% growth in new fund sales [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 55.56 billion RMB, a year-on-year decrease of 54.12%, primarily due to accounting adjustments [1]. - The net profit attributable to shareholders was 1.70 billion RMB, down 44.69% year-on-year, but Q2 showed a recovery with a net profit of 1.61 billion RMB [1][5]. Business Segments - The brokerage business is showing steady growth, with a daily average equity scale improvement and a 4% increase in net income from brokerage fees [2]. - The risk management business is leading the industry, with a total spot trading volume of 196.46 billion RMB and a 23% increase in market-making business volume [3]. - The overseas business segment reported a revenue of 1.24 billion RMB, with a 5% year-on-year increase, and plans to establish a subsidiary in the UK [4]. Earnings Forecast and Valuation - The company adjusted its earnings per share (EPS) estimates for 2025-2027 to 0.35, 0.39, and 0.42 RMB respectively, reflecting an increase of 21%, 15%, and 9% [5]. - The target price is set at 20.84 RMB, corresponding to a price-to-book (PB) ratio of 1.7 times for 2025 [5].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Currently, downstream businesses are booking shipping space for the end of August and early September (week 35 - 36). The average final potential price in week 35 is $2,550 (1,800 points), and the current average quote in week 36 is $2,300. Most shipping companies face pressure to accept cargo at the end of the month. [1][5] - The overall shipping capacity in September has been adjusted downward, but on August 26th, the cancelled sailings of PA Alliance's FE4 route in week 38 of September were filled by HMM AOUAMARINE, increasing the average weekly shipping capacity in September to 305,000 TEU. [1][5] - Fundamentally, the shipping capacity in September is generally ample, and the subsequent market drivers remain weak. However, the valuation in October has gradually approached the annual low (1,250 - 1,300), with limited downward space. Investors can focus on long - position opportunities in the December contract. [1][5] 3. Summary by Relevant Catalogs Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Yesterday's Trading Volume | Yesterday's Open Interest | | ---- | ---- | ---- | ---- | ---- | | EC2510 | 1,316.0 | -0.22 | 674.2 | 18,011 | | EC2512 | 1,620.5 | -1.94 | 5,472 | - | | EC2602 | 1,440.8 | - | 549.4 | 4,558 | | EC2604 | 1,248.8 | -1.91 | 974 | 6,242 | | EC2606 | 1,405.7 | -0.77 | 584.5 | 88 | [1][5] Spot Index Information | Index | Update Frequency | Current Value | Previous Value | Previous Two - Period Value | Current Change | Previous Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | SCEIS | Weekly | 2,180.17 | 2,235.48 | - | -8.71% | -2.47% | | SCEI (European Line) | Every Friday | 1,668 | 1,820 | 1,961 | -8.35% | -7.19% | | CCFI | Weekly | 1,757.74 | 1,790.47 | 1,799.05 | -1.83% | -0.48% | | NCFI | Every Friday | 1,083.74 | 1,257.71 | 1,188.69 | -8.83% | -5.49% | [1][5] Recent European Line Quote Information - Week 36: The latest quotes from shipping companies range from $2,120 to $2,420, with an average of $2,250 (1,550 points). PA Alliance quotes $2,200 - $2,300, MSK initially quoted $2,100 (later increased to $2,200), and OA Alliance quotes $2,300 - $2,400. [1][5] - Week 37: The current average quote is $2,200 (1,500 points). MSK opened with a quote of $1,900 (1,300 points), most of PA Alliance and OA Alliance have not adjusted their prices, and OOCL has lowered its quote to $2,100. [1][5] News - On August 23rd, US President Trump announced a major tariff investigation on imported furniture, to be completed within the next 50 days, with the tariff rate yet to be determined. [1][5] - On August 26th, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if the export of rare - earth magnets is restricted. [1][5] - On August 28th, the Israeli military chief of staff stated that the Israeli army is advancing ground operations in Gaza City. [1][5]

证券之星消息，永安期货2025年中报显示，公司主营收入55.56亿元，同比下降54.12%；归母净利润1.7 亿元，同比下降44.69%；扣非净利润1.71亿元，同比下降43.18%；其中2025年第二季度，公司单季度主 营收入32.79亿元，同比下降57.81%；单季度归母净利润1.61亿元，同比下降29.96%；单季度扣非净利 润1.62亿元，同比下降28.84%；负债率79.4%，投资收益2.64亿元。 财报数据概要请见下图: 2023 2024 2025 ■ 单季度营业总收入-第二季度(亿) ■ 营业总收入-中报(亿) 一 归母净利润 一 归母净利润-中报(亿) 1.70 同比 -44.68% 单季度归母净利润-第二季度(亿) 1.61 同比 -29.95% 4.12 3.07 2.29 2.03 1.7 1.6 2023 2024 2025 ■ 归母净利润-中报(亿) ■ 单季度归母净利润-第二季度(亿) 一 扣非净利润 一 扣非净利润-中报(亿) 1.71 同比 -43.18% 单季度扣非净利润-第二季度(亿) 1.62 安全边际 相对成长性 估值倍数 未来回报率 股是这 l 股东情况 一 十大流 ...

| 永安期货股份有限公司2025 | 年半年度报告摘要 | | | | --- | --- | --- | --- | | 公司代码：600927 | | 公司简称：永安期货 | | | 永安期货股份有限公司 | | | | | 永安期货股份有限公司2025 | 年半年度报告摘要 | | | | 第一节 重要提示 | | | | | 展规划，投资者应当到 http://www.sse.com.cn | | 网站仔细阅读半年度报告全文。 | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | 数，向全体股东每10股派发现金红利0.20元（含税）。截至2025年6月30日，公司总股本为 | | | | | 母公司股东的净利润比例为17.11%。 | | | | | 第二节 | 公司基本情况 | | | | 公司股票简况 | | | | | 股票种类 股票上市交易所 | 股票简称 | 股票代码 | 变更前股票 | | 简称 | | | | | A股 上海证券交易所 | 永安期货 | 600927 不适用 | | | 联系人和联系方式 | 董事会秘书 | 证券事务代 ...