Group 1: Price Performance - London Gold's latest price is 3643.70 with no change [3] - London Silver's latest price is 41.86 with no change [3] - London Platinum's latest price is 1369.00 with no change [3] - London Palladium's latest price is 1161.00 with no change [3] - WTI Crude's latest price is 63.57 with no change [3] - LME Copper's latest price is 9962.50 with a change of 20.00 [3] - The US Dollar Index's latest value is 97.37 with no change [3] - Euro to US Dollar's latest exchange rate is 1.18 with no change [3] - Pound to US Dollar's latest exchange rate is 1.36 with no change [3] - US Dollar to Japanese Yen's latest exchange rate is 148.00 with no change [3] - US 10 - year TIPS's latest value is 1.75 with a change of 0.02 [3] Group 2: Trading Data - COMEX Silver's latest inventory is 16300.91 with no change [4] - SHFE Silver's latest inventory is 1159.44, a decrease of 44.08 [4] - Gold ETF's latest holding is 994.56, an increase of 18.90 [4] - Silver ETF's latest holding is 15205.14 with no change [4] - SGE Silver's latest inventory is 1283.61 with no change [4] - SGE Gold's latest deferred fee payment direction is 2, an increase of 1.00 [4] - SGE Silver's latest deferred fee payment direction is 1 with no change [4]

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - The spot market has a risk of price - cutting, and the futures market is expected to continue its weak trend. The current valuation of the December contract is relatively neutral to high, and it may experience a deeper short - term decline. In the medium term, there are multiple upward drivers. In terms of valuation, the February contract has a higher cost - effectiveness for long positions compared to the December contract, while the April contract has a relatively high valuation and is more suitable for short positions in the off - season, but its low liquidity may make it vulnerable to disturbances [2][17]. 3. Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1105.9, down 0.34%, with a trading volume of 19585, an open interest of 47173, and a decrease of 2436 in open interest [2][17]. - EC2512: Yesterday's closing price was 1645.3, down 1.60%, with a trading volume of 9304, an open interest of 20570, and an increase of 133 in open interest [2][17]. - EC2602: Yesterday's closing price was 1566.1, down 0.80%, with a trading volume of 1549, an open interest of 7215, and an increase of 110 in open interest [2][17]. - EC2604: Yesterday's closing price was 1255.2, down 2.32%, with a trading volume of 1289, an open interest of 8534, and an increase of 200 in open interest [2][17]. - FC2606: Yesterday's closing price was 1453.5, down 1.03%, with a trading volume of 68, an open interest of 936, and an increase of 12 in open interest [2][17]. Month - to - Month Spreads - EC2510 - 2512: The previous day's spread was - 539.4, with a daily increase of 22.9 and a weekly decrease of 86.8 [2][17]. - FC2512 - 2602: The previous day's spread was 79.2, with a daily decrease of 14.0 and a weekly decrease of 30.2 [2][17]. Spot Market Indicators - SCHIS: On September 15, 2025, it was 0 points, down 100.00% from the previous period and down 11.68% from the period before the previous one [2][17]. - SCEI: On September 12, 2025, it was 1154 dollars/TEU, down 12.24% from the previous period and down 11.21% from the period before the previous one [2][17]. - CCFI: On September 12, 2025, it was 1537.28 points, down 6.19% from the previous period and down 2.79% from the period before the previous one [2][17]. - NCFI: On September 12, 2025, it was 729.42 points, down 14.78% from the previous period and down 7.92% from the period before the previous one [2][17]. Recent European Line Quotations - Week 39: The average quote was 1600 dollars (equivalent to 1150 points on the futures market). MSK's quote was initially 1500 dollars and then rose to 1570 dollars, PA Alliance's quote was between 1550 - 1600 dollars, and OA Alliance's quote was between 1600 - 1720 dollars [2][17]. - Week 40: The average quote was 1525 dollars (equivalent to 1060 points on the futures market). MSK opened at 1400 dollars, OOCL reduced its price to between 1500 - 1550 dollars, and YML dropped to 1400 dollars [2][17]. - Week 41: MSK kept the price at 1400 dollars. On Thursday, YML reduced the freight rates for Week 39 - 41 to 1300 dollars, the lowest of the year, equivalent to about 900 points on the futures market. CMA reduced the price by 100 to 1600 dollars, and EMC's Week 40 price was 1500 dollars [2][17].

Group 1: Report Overview - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: September 19, 2025 [1] Group 2: Price Information - **Spot Prices**: - LiuLin Main Coking Coal: The latest price is 1503.00, with no daily change, a weekly increase of 102.00, a monthly increase of 50.00, and an annual increase of 7.36% [2] - Raw Coal Port Delivery Price: The latest price is 990.00, a daily decrease of 10.00, a weekly increase of 47.00, a monthly increase of 34.00, and an annual decrease of 13.16% [2] - ShaHeYi Meng 5: The latest price is 1350.00, with no daily change, a weekly decrease of 30.00, a monthly decrease of 30.00, and an annual decrease of 18.18% [2] - AnZe Main Coking Coal: The latest price is 1500.00, with no daily change, a weekly increase of 80.00, a monthly increase of 30.00, and an annual decrease of 10.71% [2] - **Peak Downs and Goonyella**: - Peak Downs: The latest price is 203.00, a daily increase of 0.50, a weekly increase of 1.50, a monthly decrease of 2.50, and an annual increase of 1.00 [2] - Goonyella: The latest price is 204.00, a daily increase of 1.00, a weekly increase of 1.50, a monthly decrease of 5.50, and an annual increase of 2.00 [2] - **Futures Prices**: - Futures 05: The latest price is 1302.50, a daily decrease of 6.50, a weekly increase of 82.00, a monthly increase of 93.00, and an annual increase of 2.24% [2] - Futures 09: The latest price is 1360.50, a daily decrease of 3.00, a weekly increase of 402.50, a monthly increase of 316.00, and an annual increase of 5.92% [2] - Futures 01: The latest price is 1215.50, a daily decrease of 14.00, a weekly increase of 78.00, a monthly increase of 51.50, and an annual decrease of 4.25% [2] Group 3: Inventory and Capacity Utilization - **Inventory**: - Total Inventory: The latest inventory is 3372.99, a weekly increase of 56.61, a monthly decrease of 100.63, and an annual decrease of 10.92% [2] - Coal Mine Inventory: The latest inventory is 232.79, a weekly decrease of 21.73, a monthly decrease of 42.85, and an annual decrease of 15.02% [2] - Port Inventory: The latest inventory is 271.11, a weekly decrease of 4.38, a monthly increase of 15.62, and an annual decrease of 34.53% [2] - Steel Mill Coking Coal Inventory: The latest inventory is 793.73, a weekly decrease of 2.03, a monthly decrease of 12.07, and an annual increase of 10.49% [2] - Coking Plant Coking Coal Inventory: The latest inventory is 883.54, a weekly decrease of 36.51, a monthly decrease of 93.34, and an annual increase of 4.31% [2] - Coking Plant Coke Inventory: The latest inventory is 86.03, a weekly increase of 0.10, a monthly decrease of 0.14, and an annual decrease of 0.06% [2] - **Capacity Utilization**: Coking Capacity Utilization is 75.87, a weekly decrease of 0.05, a monthly increase of 1.45, and an annual increase of 9.88% [2] Group 4: Basis and Spread - **Basis**: - 05 Basis: The latest basis is -18.94, a daily increase of 82.36, a weekly increase of 16.85, a monthly decrease of 61.97, and an annual decrease of 217.01 [2] - 09 Basis: The latest basis is -76.94, a daily increase of 78.86, a weekly decrease of 303.65, a monthly decrease of 284.97, and an annual decrease of 1.41 [2] - 01 Basis: The latest basis is 68.06, a daily increase of 89.86, a weekly increase of 20.85, a monthly decrease of 20.47, and an annual decrease of 0.66 [2] - **Spread**: - 5 - 9 Spread: The latest spread is -58.00, a daily decrease of 3.50, a weekly decrease of 320.50, a monthly decrease of 223.00, and an annual increase of 4.52% [2] - 9 - 1 Spread: The latest spread is 145.00, a daily increase of 11.00, a weekly increase of 324.50, a monthly increase of 264.50, and an annual increase of 8.67% [2] - 1 - 5 Spread: The latest spread is -87.00, a daily decrease of 7.50, a weekly decrease of 4.00, a monthly decrease of 41.50, and an annual increase of 18.33% [2]

1. Report Information - Report Title: Asphalt Morning Report [2][11][20] - Report Date: September 19, 2025 [3][12][21] - Report Team: Research Center Energy and Chemicals Team [3][12][21] 2. Core Data and Changes Futures Contracts - BU main contract: Price on September 18 was 3427, with a daily change of -18 and a weekly change of -23 [4][13][22] - BU06: Price on September 18 was 3358, with a daily change of -12 and a weekly change of -12 [4][13][22] - BU09: Price on September 18 was 3349, with a daily change of -13 and a weekly change of -71 [4][13][22] - BU12: Price on September 18 was 3388, with a daily change of -16 and a weekly change of -11 [4][13][22] - BU03: Price on September 18 was 3377, with a daily change of -1 and a weekly change of 0 [4][13][22] Trading Volume and Open Interest - Trading volume: On September 18, it was 210608, with a daily change of 1178 and a weekly change of -12209 [4][13][22] - Open interest: On September 18, it was 408756, with a daily change of 1203 and a weekly change of -27301 [4][13][22] Spot Market Prices - Shandong market price: On September 18, it was 3520, with a daily change of 0 and a weekly change of -20 [4][13][22] - East China market price: On September 18, it was 3590, with a daily change of -50 and a weekly change of -50 [4][13][22] - South China market price: On September 18, it was 3490, with a daily change of 0 and a weekly change of -30 [4][13][22] - North China market price: On September 18, it was 3660, with a daily change of 0 and a weekly change of 10 [4][13][22] - Northeast market price: On September 18, it was 3850, with a daily change of 0 and a weekly change of -20 [4][13][22] Basis and Calendar Spreads - Shandong basis: On September 18, it was 93, with a daily change of 18 and a weekly change of 3 [4][13][22] - East China basis: On September 18, it was 163, with a daily change of -32 and a weekly change of -27 [4][13][22] - South China basis: On September 18, it was 63, with a daily change of 18 and a weekly change of -7 [4][13][22] - 03 - 06 spread: On September 18, it was 19, with a daily change of 11 and a weekly change of 12 [4][13][22] - 06 - 09 spread: On September 18, it was 1, with a daily change of -7 and a weekly change of 59 [4][13][22] - 09 - 12 spread: On September 18, it was -39, with a daily change of 3 and a weekly change of -60 [4][13][22] - 12 - 03 spread: On September 18, it was 11, with a daily change of -12 and a weekly change of -11 [4][13][22] Crack Spreads and Profits - Asphalt Brent crack spread: On September 18, it was -4, with a daily change of 27 and a weekly change of -93 [4][13][22] - Asphalt Marrow profit: On September 18, it was -71, with a daily change of 24 and a weekly change of -84 [4][13][22] - Ordinary refinery comprehensive profit: On September 18, it was 384, with a daily change of 14 and a weekly change of -76 [4][13][22] - Marrow - type refinery comprehensive profit: On September 18, it was 715, with a daily change of 18 and a weekly change of -79 [4][13][22] - Import profit (South Korea - East China): On September 18, it was -137, with a daily change of -44 and a weekly change of -36 [4][13][22] - Import profit (Singapore - South China): On September 18, it was -939, with a daily change of 0 and a weekly change of -16 [4][13][22] Related Commodity Prices - Brent crude oil: On September 18, it was 68.0, with a daily change of -0.5 and a weekly change of 1.6 [4][13][22] - Shandong gasoline market price: On September 18, it was 7511, with a daily change of -9 and a weekly change of -36 [4][13][22] - Shandong diesel market price: On September 18, it was 6468, with a daily change of -17 and a weekly change of -1 [5][14][23] - Shandong residue oil market price: On September 18, it was 3660, with a daily change of 0 and a weekly change of -40 [5][14][23]

铁合金早报 | | | | | | | | | | 2025/9/19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5350 | 0 | 100 | 5650 | 主力合约 | 5756 | -10 | 130 | | | 内蒙#72 | 5350 | 0 | 40 | 5700 | 01合约 | 5744 | 2 | 156 | | 产区汇总价 | 青海#72 | 5370 | 0 | 120 | 5700 | 05合约 | 5850 | 4 | 158 | | | 陕西#72 | 5350 | 0 | 100 | 5650 | 09合约 | 5930 | 10 | 478 | | | 陕西#75 | 5900 | 0 | -50 | | 主力月基差 | -106 | 10 | -30 | | 硅铁合格块 | 江苏# ...

1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 20 40 60 80 100 120 140 PB - 2022 2023 2024 2025 / 50 100 150 200 250 300 350 PB - 2022 2023 2024 2025 / 0 20 40 60 80 100 120 140 160 -57% 2022 2023 2024 2025 / (200) 50 0 数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司 ...

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]

9月17日，永安期货盘中上涨2.05%，截至13:06，报15.40元/股，成交7687.68万元，换手率0.35%，总市 值224.16亿元。 资金流向方面，主力资金净流入602.81万元，特大单买入338.62万元，占比4.40%，卖出144.29万元，占 比1.88%；大单买入1437.68万元，占比18.70%，卖出1029.20万元，占比13.39%。 永安期货今年以来股价涨17.38%，近5个交易日涨3.01%，近20日跌3.45%，近60日涨5.41%。 截至6月30日，永安期货股东户数3.69万，较上期增加8.88%；人均流通股39406股，较上期减少8.16%。 2025年1月-6月，永安期货实现营业收入0.00元；归母净利润1.70亿元，同比减少44.69%。 分红方面，永安期货A股上市后累计派现10.06亿元。近三年，累计派现5.98亿元。 机构持仓方面，截止2025年6月30日，永安期货十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1113.59万股，相比上期减少48.20万股。南方中证500ETF（510500）位居第八大流通股 东，持股436.62万股，相比上期增加 ...

(200) 50 0 数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。 未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬 件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系 统篡改或伪造变造资料等，我司均不承担任何责任。 声明 15 20 25 30 35 40 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 - 2022 2023 2024 2025 / 5 7 9 ...

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]