公司 2025 年 6 月 30 日净资本为 387,550.34 万元， 符合标准。 （2）净资本与风险资本准备总额的比例（净资本/风险资本 准备总额）不得低于 100%，该指标的预警标准为 120%。 公司 2025 年 6 月 30 日净资本与风险资本准备总额的比例 （净资本/风险资本准备总额）为 342%，符合标准。 （3）净资本与净资产的比例不得低于 20%，该指标的预警 标准为 24%。 公司 2025 年 6 月 30 日净资本与净资产的比例（净资本/净 资产）为 34%，符合标准。 证券代码：600927 证券简称：永安期货 公告编号：2025-049 永安期货股份有限公司 （4）流动资产与流动负债的比例不得低于 100%，该指标的 预警标准为 120%。 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。 根据《期货公司风险监管指标管理办法》（证监会令第 202 号）等相关规定，永安期货股份有限公司（指母公司,下同）2025 年半年度各项监管指标均符合标准，2025 年 6 月 30 日相关指标 具体报告如下： ...

Group 1 - The company, Yong'an Futures, announced its first share buyback on August 27, 2023, repurchasing approximately 630,000 shares, which represents 0.043% of its total share capital [1] - The buyback was conducted through centralized bidding, with a maximum price of 16.09 CNY per share and a minimum price of 15.8 CNY per share [1] - The total amount spent on the buyback was approximately 10 million CNY [1] Group 2 - The news also highlights a significant medical advancement with the world's first successful transplantation of gene-edited pig lungs into a human [1] - The article includes a dialogue with key participants discussing the timeline for clinical application of this breakthrough [1]

永安期货股份有限公司2025 年半年度报告 公司代码：600927 公司简称：永安期货 永安期货股份有限公司 2025 年半年度报告 三、 本半年度报告未经审计。 四、 公司负责人黄志明、主管会计工作负责人黄峥嵘及会计机构负责人（会计主管人员）朱金 娟声明：保证半年度报告中财务报告的真实、准确、完整。 1 / 158 永安期货股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、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。 二、 公司全体董事出席董事会会议。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度利润分配拟采用现金分红方式，以实施权益分派股权登记日登记的总股本为基 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 1,455,555,556股，以此计算共派发现金红利29,111,111.12元，占公司2025年半年度合并报表归属于 母公司股东的净利润比例为17.11%。 六、 前瞻性陈述的风险声明 √适用 □不适用 ...

根据《期货公司风险监管指标管理办法》（证监会令第 202 号）等相关规定，永安期货股份有限公司（指母公司,下同）2025 年半年度各项监管指标均符合标准，2025 年 6 月 30 日相关指标 具体报告如下： （1）净资本不得低于 3,000 万元，该指标的预警标准为 3,600 万元。 公司 2025 年 6 月 30 日净资本为 387,550.34 万元，符合标准。 （2）净资本与风险资本准备总额的比例（净资本/风险资本 准备总额）不得低于 100%，该指标的预警标准为 120%。 公司 2025 年 6 月 30 日净资本与风险资本准备总额的比例 （净资本/风险资本准备总额）为 342%，符合标准。 证券代码：600927 证券简称：永安期货 公告编号：2025-049 永安期货股份有限公司 2025 年半年度风险监管指标专项报告 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。 资产）为 34%，符合标准。 （4）流动资产与流动负债的比例不得低于 100%，该指标的 预警标准为 120%。 公司 2025 年 6 月 ...

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 5.556 billion yuan, a year-on-year decrease of 54.12%, and net profit at 170 million yuan, down 44.69% [1] Financial Performance - Revenue for the first half of 2025 was 5.556 billion yuan, reflecting a 54.12% decrease compared to the previous year [1] - Net profit for the same period was 170 million yuan, which represents a 44.69% decline year-on-year [1] Dividend Announcement - The company plans to distribute a cash dividend of 0.20 yuan per share (before tax), totaling 29.111 million yuan [1] - The cash dividend distribution accounts for 17.11% of the net profit attributable to the shareholders of the parent company for the first half of 2025 [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The overall situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October has gradually approached the annual low (1250 - 1300), and the downside space may be limited. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary According to Related Catalogs Futures Market - **Futures Contracts**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 decreased by 2.88%, 3.11%, 1.84%, 0.85%, and 2.01% respectively. The trading volume of EC2510 was 25,779, and the open - interest changes of different contracts varied, with EC2510 increasing by 52, EC2604 increasing by 133, etc. [2] - **Month - to - Month Spreads**: The spread of EC2510 - 2512 increased by 13.7 compared with the previous day and 95.9 compared with the previous week. The spread of EC2512 - 2602 decreased by 25.2 compared with the previous day and 69.3 compared with the previous week [2] Spot Market - **Spot Prices**: The prices of Telinit SCH (European Line) on August 25th and 22nd were 1990.2 and 1668 dollars/TEU respectively, with a decrease of 8.71% and 8.35% compared with the previous periods. The CCFI on August 22nd was 1757.74 points, a decrease of 1.85% compared with the previous period, and the NCFI was 1083.74 points, a decrease of 8.83% compared with the previous period [2] Shipping Market Weekly Situation - **Booking Situation**: Downstream is currently booking shipping space for the end of August and early September (week35 - 36). The final average price of week35 is 2550 dollars (1800 points), and the current average quoted price of week36 is 2300 dollars (1600 points). Different alliances and shipping companies have different price ranges [2] - **Capacity Situation**: The weekly average capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended sailings, it is 290,000 and 290,000 TEU. On August 26th, the suspension of the FE4 route of the PA alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average capacity in September to 305,000 TEU [2] Recent European Line Quotation Situation - **Week35**: The average landed price is 2575 dollars (1770 points) [3] - **Week36**: The latest quoted price of shipping companies ranges from 2120 to 2420 dollars, with an average of 2250 dollars (1550 points). Different alliances and shipping companies have different price ranges [3] - **Week37**: The opening quoted price of MSK is 1900 dollars (1300 points) [3] Related News - On August 23rd, US President Trump announced a major tariff investigation on imported furniture, and the tax rate is to be determined. On August 26th, Trump said dealing with Netanyahu was difficult and expected a good and clear outcome in 2 - 3 weeks. Also on August 26th, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if rare - earth magnet exports were restricted [4]

Report Information - Report Title: Asphalt Morning Report [2][10][18] - Research Team: Research Center Energy and Chemicals Team [3][11][19] - Report Date: August 26, 2025 [3][11][19] - Data Sources: Mysteel, Wind [14][22] Futures Market Futures Contracts - The BU main contract price was 3,512 on August 25, with a daily increase of 29 and a monthly increase of 51 [4][12][20]. - BU06 was 3,372, up 12 daily and 54 monthly [4][12][20]. - BU09 was 3,545, with an unspecified daily change and a monthly increase of 48 [4][12][20]. - BU12 was 3,432, up 32 daily and 62 monthly [4][12][20]. - BU03 was 3,394, up 32 daily and 72 monthly [4][12][20]. Trading Volume and Open Interest - The trading volume on August 25 was 257,555, an increase of 46,827 from the previous day and 43,392 from the previous month [4][12][20]. - The open interest was 411,487, a decrease of 9,629 from the previous day and 24,832 from the previous month [4][12][20]. Futures Inventory - The futures inventory was 30,940, unchanged from the previous day and a decrease of 700 from the previous month [4][12][20]. Spot Market Market Prices - The Shandong market price was 3,520, up 20 from the previous day and down 100 from the previous month [4][12][20]. - The East China market price was 3,720, unchanged from the previous day and down 10 from the previous month [4][12][20]. - The South China market price was 3,480, unchanged from the previous day and down 40 from the previous month [4][12][20]. - The North China market price was 3,650, unchanged from the previous day and down 30 from the previous month [4][12][20]. - The Northeast market price was 3,880, unchanged from the previous day and the previous month [4][12][20]. Price Differences - The price difference between Shandong and East China was -200, up 20 from the previous day and down 90 from the previous month [4][12][20]. - The price difference between Shandong and Northeast was -360, up 20 from the previous day and down 100 from the previous month [4][12][20]. - The price difference between East China and South China was 240, unchanged from the previous day and up 30 from the previous month [4][12][20]. Basis and Calendar Spread Basis - The Shandong basis was 8, down 9 from the previous day and down 151 from the previous month [4][12][20]. - The East China basis was 208, down 29 from the previous day and down 61 from the previous month [4][12][20]. - The South China basis was -32, down 29 from the previous day and down 91 from the previous month [4][12][20]. Calendar Spread - The 03 - 06 spread was 22, up 20 from the previous day and 18 from the previous month [4][12][20]. - The 06 - 09 spread was -173, down 13 from the previous day and up 6 from the previous month [4][12][20]. - The 09 - 12 spread was 113, down 7 from the previous day and down 14 from the previous month [4][12][20]. - The 12 - 03 spread was 38, unchanged from the previous day and down 10 from the previous month [4][12][20]. - The spread between the first and second contracts was 29, down 6 from the previous day and 7 from the previous month [4][12][20]. Crack Spread and Profit Crack Spread - The asphalt - Brent crack spread data was unavailable after August 15, with a value of -30 on July 25 and 28 on August 15 [4][12][20]. Profit - The asphalt - Marrow profit data was unavailable after August 15, with a value of -96 on July 25 and -42 on August 15 [4][12][20]. - The ordinary refinery comprehensive profit data was unavailable after August 15, with a value of 436 on July 25 and 511 on August 15 [4][12][20]. - The Marrow - type refinery comprehensive profit data was unavailable after August 15, with an unspecified value on July 25 and 754 on August 15 [4][12][20]. - The import profit from South Korea to East China was -126 on August 25, up 3 from the previous day [4][12][20]. - The import profit from Singapore to South China was -1,061 on August 25, up 4 from the previous day and down 26 from the previous month [4][12][20]. Related Prices - Brent crude oil was $67.7 on August 25, up $0.1 from the previous day and $1.1 from the previous month [4][12][20]. - The Shandong gasoline market price was 7,618 on August 25, down 51 from the previous day and 121 from the previous month [4][12][20]. - The Shandong diesel market price was 6,476 on August 25, down 25 from the previous day and 5 from the previous month [5][13][21]. - The Shandong residue market price was 3,635 on August 25 [5][13][21].

Group 1 - The core viewpoint is that the integration of financial tools with the traditional pig industry is transforming operational methods and risk management practices, enhancing the industry's ability to withstand risks [1] - The introduction of basis trading allows companies to lock in profits and reduce financial pressure, enabling them to focus on production rather than market fluctuations [2] - The successful implementation of digital models to connect small family farms with larger markets demonstrates the potential for financial resources to flow to smaller entities, providing solutions to mitigate cyclical volatility [3] Group 2 - The introduction of tiered service upgrades by Zhongji Commerce (Zhejiang) Co., Ltd. addresses diverse risk management needs of pig farming enterprises through innovative futures and spot business models [4] - The 1.0 version of the forward price locking order has successfully completed the delivery of 208,000 pigs in 2024, with contracts for 1.191 million pigs in 2025, covering 32 enterprises across 20 provinces [4] - The 2.0 version enhances flexibility through financial tools, allowing for dynamic adjustments in contract volumes based on market conditions, and introduces a "pig bank" service to lower hedging thresholds for high-cost enterprises [4][5] Group 3 - The 2.5 version optimizes delivery mechanisms, allowing clients to flexibly price based on pre-sale or repurchase needs, thus enabling timely realization of hedging profits [5] - The three-tiered model creates a comprehensive risk management system that covers basic price locking, dynamic hedging, and flexible delivery, empowering farming enterprises to tackle price volatility challenges [5]

Core Viewpoint - The article discusses how a paper manufacturing company in Shandong, China, successfully utilized financial innovation solutions from Yong'an Futures to manage price risks associated with raw material procurement, specifically paper pulp, amidst a volatile market environment. Group 1: Market Conditions - In the first half of 2024, the global pulp and paper market faced significant disruptions due to supply chain issues, including limited wood supply, production equipment failures, and transportation obstacles, leading to a rising pulp price of 6400 yuan/ton [1] - Domestic demand for finished paper products, particularly cultural and packaging paper, has weakened, with order volumes significantly declining compared to the same period last year [1] Group 2: Challenges Faced by Companies - Many small and medium-sized paper companies in Shandong, including Company A, lack professional futures teams and comprehensive risk management systems, leaving them uncertain on how to hedge against price fluctuations [2] - Companies are often trapped in a passive procurement model, suffering from profit erosion due to pulp price volatility without the knowledge or experience to engage in futures trading [2] Group 3: Financial Solutions Provided - Yong'an Futures, through its risk management subsidiary Yong'an Capital, provided tailored financial solutions to help the company lock in pulp procurement costs and mitigate future market risks [2] - A customized forward pricing model was developed, allowing the company to secure a pulp price of 6250 yuan/ton, thus stabilizing procurement costs and ensuring profitability on existing orders [2][3] Group 4: Supply Chain Coordination - Yong'an Capital ensured stable supply of the specified brand of bleached softwood pulp by coordinating closely with upstream suppliers and managing logistics effectively [3] - The company utilized its own and partnered storage facilities to optimize warehousing and ensure timely delivery of raw materials [3] Group 5: Impact on Business Operations - The comprehensive service provided by Yong'an Capital improved the operational efficiency and risk resilience of the entire paper industry chain, facilitating collaborative development [3] - The successful implementation of the forward pricing model transformed the company's perception of the futures market from a high-risk tool to a manageable and effective means of addressing operational challenges [4] Group 6: Long-term Benefits - The new risk management approach allows companies to proactively establish operational safety margins, laying a foundation for sustainable growth [4] - The use of standardized pulp futures contracts through the forward pricing model enables companies to transfer price volatility risks to the futures market without directly engaging in complex derivative transactions [4][5]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The overall logic of shorting on rallies remains unchanged. This is mainly because the market pattern in September is loose, and the subsequent driving forces are weak. The current October contract is at a discount of about 450 points to the spot price, and there is still expected room for decline. The valuation of far - month contracts is unclear, more affected by driving forces, and due to low open interest, they are greatly influenced by macro and capital behaviors [2][16]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **EC2508**: Yesterday's trading volume was 156, and the change in open interest was - 109 [2][16]. - **EC2510**: The closing price was 2125.0, down 2.21%. The base was 55.2 - 855.2, the trading volume was 35008, the open interest was 54293, and the change in open interest was 2566 [2][16]. - **EC2512**: The closing price was 1721.4, down 3.07%. The base was 458.8, the trading volume was 7519, and the open interest was 12209 [2][16]. - **EC2602**: The closing price was 1513.0, down 1.24%. The base was 667.2, the trading volume was 1211, the open interest was 4403, and the change in open interest was 35 [2][16]. - **EC2604**: The closing price was 1289.5, down 1.89%. The base was 890.7, the trading volume was 1160, the open interest was 5716, and the change in open interest was 89 [2][16]. - **EC2606**: The closing price was 1470.1, down 0.67%. The base was 710.1, the open interest was 820, and the change in open interest was - 6 [2][16]. 3.2 Month - to - Month Spread Information - **EC2508 - 2510**: The spread was 800.0, with a day - on - day increase of 32.0 and a comparison increase of 89.8 [2][16]. - **EC2510 - 2512**: The spread was - 396.4, with a day - on - day increase of 24.5 and a comparison decrease of 7.0 [2][16]. - **EC2512 - 2602**: The spread was 208.4, with a day - on - day decrease of 35.5 and a comparison decrease of 24.5 [2][16]. 3.3 Index Information - **SCF (European Line)**: Updated on August 18, 2025, the index was 2180.17 (1820 in a certain unit), down 2.47% compared to the previous period and 2.71% compared to the period before the previous one [2][16]. - **CCFI (European Line)**: Updated on August 15, 2025, the index was 1790.47, down 0.48% compared to the previous period and up 0.53% compared to the period before the previous one [2][16]. - **NCFI (European Line)**: Updated on August 15, 2025, the index was 1188.69, down 5.49% compared to the previous period and down 8.57% compared to the period before the previous one [2][16]. 3.4 Booking and Shipping Capacity Information - **Week34**: The final landing average price was 2850 US dollars (2000 points). In Week 33, the cargo collection of MSK was good, OA was average, and PA was poor. In Week 34, cargo collection declined significantly, and some shipping companies faced pressure in accepting cargo [2][16]. - **Week35**: The current average quoted price is 2625 US dollars (1840 points after conversion). The average price in the spot market is 2575 US dollars (1770 points after conversion). The PA alliance quoted 2500 US dollars, MSK opened at 2300 US dollars (later raised to 2490 US dollars), and the OA alliance quoted 2700 - 2800 US dollars [2][3][16][17]. - **Week36**: The latest quoted prices of shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). MSK opened at 2100 US dollars, and some routes increased to 2200 US dollars; CMA's quote dropped from 3420 to 2620 US dollars [3][17]. - **Shipping Capacity**: The weekly average shipping capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After considering all TBN as cancellations, they are 38,000, 297,000, and 283,000 TEU respectively [2][16].