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]

Core Viewpoint - The company, Yong'an Futures, is experiencing fluctuations in its stock performance and is focusing on digital transformation and financial technology innovation to enhance its business operations and governance [2][7]. Group 1: Company Overview - Yong'an Futures is primarily engaged in commodity futures brokerage, financial futures brokerage, asset management, and futures investment consulting, with a significant portion of its revenue coming from risk management services [2][7]. - The company is a state-owned enterprise, ultimately controlled by the Zhejiang Provincial Finance Department [3]. - 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 its net profit attributable to shareholders was 475 million yuan, reflecting a year-on-year increase of 13.31% [7]. Group 2: Financial Performance - The stock price of Yong'an Futures has shown a recent decline of 0.37%, with a trading volume of 150 million yuan and a turnover rate of 0.65%, leading to a total market capitalization of 23.303 billion yuan [1]. - The average trading cost of the stock is 15.29 yuan, with the stock price nearing a resistance level of 16.04 yuan, indicating potential for upward movement if this level is surpassed [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 [8]. Group 3: Market Activity - The main capital inflow for the stock today was negative, with a net outflow of 6.4402 million yuan, ranking 18th out of 27 in its industry, indicating a trend of reduced institutional investment over the past three days [4][5]. - The distribution of shares among major investors is highly fragmented, with major transactions accounting for only 2.07% of the total trading volume [5].

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.169, UK 4.476, France 3.562, Germany 2.854, Italy 3.548, Spain 3.286, Switzerland 0.277, Greece 3.439, Japan 2.059, Brazil 6.209, China 1.843, Australia 4.741, New Zealand 4.397 [3] - The latest yields of 2 - year government bonds in major economies: US 3.475, UK 3.714, Germany 2.120, Japan 1.168, Italy 2.194, China (1Y yield) 1.342, Australia 4.056 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil (not fully shown), Russia (not fully shown), South Africa zar 16.561, South Korean won (not fully shown), Thai baht (not fully shown), Malaysian ringgit 4.060 [3] - The latest exchange rates of the RMB: on - shore RMB 6.988, off - shore RMB 6.976, RMB central parity rate 7.029, RMB 12 - month NDF 6.862 [3] - The latest values of major economies' stock indexes: S&P 500 6845.500, Dow Jones Industrial Average 48063.290, Nasdaq 23241.990, Mexican Index 64308.290, UK Index 9931.380, France CAC 8149.500, German DAX (not fully shown), Spanish Index 17307.800, Russian Index (not fully shown), Nikkei (not fully shown), Hang Seng Index 25630.540, Shanghai Composite Index 3968.840, Taiwan Index (not fully shown), South Korean Index (not fully shown), Indian Index (not fully shown), Thai Index (not fully shown), Malaysian Index 1680.110, Australian Index 9018.786, Emerging - economy Index 1404.370 [3] - The latest values of credit - bond indexes: US investment - grade credit - bond index 3545.180, Eurozone investment - grade credit - bond index 265.782, Emerging - economy investment - grade credit - bond index 290.360, US high - yield credit - bond index 2914.490, Eurozone high - yield credit - bond index 410.300, Emerging - economy high - yield credit - bond index 1824.631 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - shares' closing price is 3968.84 with a 0.09% increase; CSI 300's closing price is 4629.94 with a - 0.46% decrease; SSE 50's closing price is 3031.13 with a - 0.18% decrease; ChiNext's closing price is 3203.17 with a - 1.23% decrease; CSI 500's closing price is 7465.57 with a 0.09% increase [4] - Valuation: PE (TTM) of CSI 300 is 14.17 with a - 0.02 change; SSE 50 is 11.85 with a 0.02 change; CSI 500 is 33.80 with a 0.01 change; S&P 500 is 27.34 with a - 0.21 change; German DAX is 18.95 with a 0.00 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.51 with a - 0.02 change; German DAX is 2.42 with a 0.00 change [4] - Fund flow: The latest values for A - shares are - 601.31, for the main board - 430.72, for the ChiNext - 108.75, for CSI 300 - 177.02; the 5 - day average values for A - shares are - 401.18, for the main board - 313.35, for the ChiNext - 66.25, for CSI 300 - 21.09 [4] - Transaction amount: The latest values for the Shanghai and Shenzhen stock markets are 20451.42 with a - 971.84 change; for CSI 300 are 4444.92 with a - 126.93 change; for SSE 50 are 1076.68 with a - 55.07 change; for the small - and - medium - sized board are 4402.75 with a - 233.99 change; for the ChiNext are 5436.92 with a - 158.03 change [5] - Main contract basis and spread: For IF, the basis is - 30.14 with a - 0.65% spread; for IH, the basis is - 6.13 with a - 0.20% spread; for IC, the basis is - 102.77 with a - 1.38% spread [5] Group 3: Treasury Bond Futures Trading Data - Closing prices of treasury bond futures: T2303 is 107.86 with a - 0.07% change; TF2303 is 105.76 with a - 0.05% change; T2306 is 107.88 with a - 0.06% change; TF2306 is 105.75 with a - 0.07% change [5] - Fund interest rates: R001 is 1.4568% with a - 60.00 BP change; R007 is 2.1559% with a 10.00 BP change; SHIBOR - 3M is 1.6000% with a 0.00 BP change [5]

Group 1 - The board of directors of Yong'an Futures Co., Ltd. held its 18th meeting of the 4th session on December 31, 2025, via telecommunication voting, with all 11 directors participating [1] - The meeting was convened in accordance with the Company Law and the Articles of Association, ensuring the legality and validity of the resolutions [1] - The board approved the proposal to sign a performance responsibility letter (position appointment agreement) with the company's management team, with a unanimous vote of 11 in favor [1]

Core Viewpoint - Yong'an Futures (600927.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of its own stock [1] Group 1: Buyback Details - As of December 31, 2025, the company has repurchased a total of 1.6144 million shares, which represents 0.111% of the total share capital [1] - The highest price paid for the repurchased shares was 16.12 CNY per share, while the lowest price was 14.59 CNY per share [1] - The total amount spent on the buyback, excluding transaction fees, is 24,995,875 CNY [1]

Core Viewpoint - Yong'an Futures (600927.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of its own stock [1] Group 1: Buyback Details - As of December 31, 2025, the company has repurchased a total of 1.6144 million shares, which represents 0.111% of the total share capital [1] - The highest price paid for the repurchased shares was 16.12 CNY per share, while the lowest price was 14.59 CNY per share [1] - The total amount spent on the buyback, excluding transaction fees, is 24,995,875 CNY [1]

一、回购股份的基本情况 永安期货股份有限公司（以下简称"公司"）于 2025 年 6 月 3 日，2025 年 6 月 30 日分别召开第四届董事会第十一次会议及 2025 年第一次临时股东大会，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有 资金通过集中竞价交易方式回购公司部分人民币普通股（A 股）股票，用于减少 注册资本。本次回购价格不超过 18.63 元/股，回购资金总额不低于人民币 0.5 亿 元（含）且不超过人民币 1 亿元（含），回购期限自股东大会审议通过方案之日起 不超过 12 个月内。 证券代码：600927 证券简称：永安期货 公告编号：2026-001 永安期货股份有限公司 关于股份回购进展的公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/6/5，由公司董事长黄志明先生提议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期 ...

第四届董事会第十八次会议决议公告 （一）审议通过《关于与公司经营层签订经营业绩责任书（岗 位聘任协议）的议案》 永安期货股份有限公司 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。 一、董事会会议召开情况 永安期货股份有限公司（以下简称"公司"）第四届董事会 第十八次会议于 2025 年 12 月 31 日以通讯表决方式召开。会议 通知于 2025 年 12 月 26 日以书面和电子邮件等方式发出。本次 会议应参加表决董事 11 人，实际参加表决董事 11 人，会议由黄 志明先生主持。会议的召集、召开符合《公司法》和《公司章程》 的有关规定，会议决议合法有效。 二、董事会会议审议情况 本次会议审议并通过如下议案： 证券代码：600927 证券简称：永安期货 公告编号：2025-081 表决结果：11 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会提名与薪酬考核委员会审议通过。 特此公告。 永安期货股份有限公司董事会 2025 年 12 月 31 日 ...

Core Viewpoint - The diversified financial sector experienced a decline of 0.43% on December 31, with Ruida Futures leading the drop, while the Shanghai Composite Index rose by 0.09% and the Shenzhen Component Index fell by 0.58% [1] Group 1: Market Performance - The diversified financial sector's stocks showed mixed performance, with notable gainers including Lakala, which rose by 7.07% to close at 28.48, and ST Rendo, which increased by 2.95% to 8.02 [1] - Conversely, Ruida Futures saw a significant decline of 5.58%, closing at 27.07, marking it as the worst performer in the sector [2] Group 2: Trading Volume and Value - Lakala recorded a trading volume of 1.4885 million shares and a transaction value of 4.168 billion yuan, indicating strong investor interest [1] - The overall net inflow of funds in the diversified financial sector was 64.3125 million yuan, while retail investors contributed a net inflow of 14.8 million yuan [2][3] Group 3: Fund Flow Analysis - Major funds showed a net inflow of 42.3 million yuan into Lakala, while retail investors had a net outflow of 20 million yuan [3] - ST Panda experienced a significant net outflow from major funds, amounting to 1.6663 million yuan, indicating weak institutional support [3]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - No explicit core view presented in the given content. 3. Summary Based on Related Catalogs SP Main Contract Information - The closing price of the SP main contract on December 30, 2025, was 5568.00 [3]. - The closing prices and related data for the previous days (December 24 - 29, 2025) are also provided, including the closing price, converted US - dollar price, daily change, and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions [3]. Import Pulp Information - With a 13% VAT calculation, for Canadian pulp brands like Golden Lion (CFR price 780 in US dollars) and Lion (CFR price 730 in US dollars), and Chilean Silver Star (CFR with 90 - day letter of credit, price 700 in US dollars), their corresponding RMB prices in Shandong and import profits are presented. The import profit for Golden Lion is 69.01, Lion is - 271.05, and Silver Star is - 9.09 [4]. Pulp Price Averages - From December 24 - 30, 2025, the national and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemical mechanical pulp remained unchanged. The changes were all 0.00 [4]. Paper Product Indexes and Margins - The indexes of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) showed little change from December 25 - 30, 2025. The changes were all 0 [4]. - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper also had little change during this period, with the change in living paper profit margin being 0.0000 [4]. Pulp Price Spreads - From December 24 - 30, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemical mechanical pulp, and softwood and waste paper pulp remained constant [4].