Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy on June 25, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5100 yuan, with no daily change and a weekly increase of 50 yuan; the main contract price was 5288 yuan, a daily decrease of 28 yuan and a weekly increase of 24 yuan [2]. - The latest price of Tianjin 72 silicon ferroalloy export (in US dollars) was 1020, with no daily change and a weekly decrease of 35 [2]. - For silicon manganese, the latest ex - factory price of Inner Mongolia 6517 was 5500 yuan, with no daily change and a weekly increase of 50 yuan; the main contract price was 5556 yuan, a daily decrease of 54 yuan and a weekly increase of 20 yuan [2]. Supply - The production volume of 136 silicon ferroalloy enterprises in China (monthly) and the production volume of 136 silicon ferroalloy enterprises in China (weekly, with a production capacity share of 95%) are presented from 2021 - 2025 [4]. - The production volume of silicon manganese in China (weekly) is shown from 2021 - 2025 [6]. Demand - The estimated and revised monthly production volume of crude steel in China from 2021 - 2025 is provided, which reflects the demand situation to some extent [4][7]. - The demand volume of silicon manganese in China (in ten thousand tons, according to the Steel Union's data) from 2021 - 2025 is presented [4][7]. Inventory - The inventory of 60 sample silicon ferroalloy enterprises in China (weekly) and the inventory of silicon ferroalloy in Ningxia (weekly) from 2021 - 2025 are shown [5]. - The total number of silicon manganese warehouse receipts (daily), effective forecasts (daily), and the sum of warehouse receipts and effective forecasts (daily) from 2021 - 2025 are presented [7]. Cost and Profit - The electricity prices of ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025 are provided, which are important cost factors [5]. - The production cost and profit of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025 are presented [5]. - The profit of silicon manganese in Inner Mongolia, Guangxi, and other regions from 2021 - 2025 is shown [7].

Core Viewpoint - The liquefied petroleum gas (LPG) futures market shows a significant increase in trading volume and a shift towards net short positions among the top 20 holders as of June 24, 2025, indicating a bearish sentiment in the market [1][2]. Trading Data Summary - As of June 24, 2025, the main contract for LPG (2508) experienced a price change of -5.98% with a trading volume of 176,300 contracts and a total open interest showing a net short position of 1,439 contracts among the top 20 holders [1]. - The total trading volume for all LPG contracts reached 271,600 contracts, an increase of 58,100 contracts from the previous day [1]. - Among the top 20 holders, long positions totaled 98,200 contracts, an increase of 6,427 contracts, while short positions totaled 101,200 contracts, an increase of 10,100 contracts [1]. Position Changes - The top three long positions were held by: - CITIC Futures with a total holding of 19,436 contracts, an increase of 1,339 contracts - Guotai Junan with a total holding of 12,750 contracts, an increase of 1,012 contracts - Dongzheng Futures with a total holding of 11,666 contracts, an increase of 737 contracts [1][3]. - The top three short positions were held by: - Guotai Junan with a total holding of 14,874 contracts, an increase of 1,488 contracts - CITIC Futures with a total holding of 13,714 contracts, an increase of 589 contracts - Dongzheng Futures with a total holding of 10,416 contracts, an increase of 239 contracts [1][4]. Market Sentiment - The increase in short positions among major players suggests a bearish outlook on the LPG market, as indicated by the significant rise in both long and short positions among the top 20 holders [1][3].

Core Viewpoint - In the second quarter, the silicon iron market experienced weak price performance primarily due to a downward shift in cost dynamics, with prices dropping from 6000 CNY/ton to approximately 5300 CNY/ton as electricity costs decreased and demand remained weak [1][4]. Supply and Demand Analysis - From June to July, the silicon iron supply side showed a mix of production resumption and maintenance, while downstream demand was weak due to the off-season, leading to a slight weakening of the supply-demand balance [1][4]. - The demand from downstream steel mills remains resilient in the short term, but non-steel demand has shown signs of fatigue, particularly with magnesium production facing profit declines, resulting in maintenance at magnesium plants in Shaanxi and Xinjiang [4]. Cost Dynamics - The mid-term electricity prices are expected to show a stable but slight downward trend, with risks of narrow declines in the cost side [2][3]. - The price of Shanxi lump coal has decreased from 655 CNY/ton to 600 CNY/ton, contributing to the downward shift in silicon iron costs [3]. - The electricity price adjustment in the Ningxia region, which saw a reduction of 0.02 to 0.06 CNY/kWh, significantly impacted silicon iron costs, with expectations of a potential cost reduction of 80 CNY/ton based on projected electricity price declines [3]. Market Outlook - The overall supply pressure may slightly increase due to the resumption of production in the Ningxia region, while some factories in other regions may undergo short-term maintenance due to profit pressures [4]. - The silicon iron market is expected to face a weakening supply-demand balance, with inventory depletion rates likely slowing down [4]. - Despite potential short-term rebounds in silicon iron prices, the combination of weakening supply-demand dynamics and declining costs suggests a bearish outlook for the market [4].

Core Viewpoint - The company intends to repurchase its shares through a centralized bidding process to enhance shareholder value and investor confidence, with a proposed repurchase amount between 0.5 billion and 1 billion RMB [4][9]. Group 1: Share Repurchase Proposal - The board of directors has approved a share repurchase plan, which will be executed within 12 months after the shareholders' meeting approval [4][6]. - The maximum repurchase price is set at 18.63 RMB per share, and the total number of shares to be repurchased is estimated to be between 2,683,844 and 5,367,686 shares, representing 0.18% to 0.37% of the total share capital [4][7]. - The funds for the repurchase will come from the company's own resources, and the repurchased shares will be used to reduce registered capital [4][9]. Group 2: Financial Impact and Conditions - As of March 31, 2025, the company's total assets are 62.061 billion RMB, with net assets of 12.812 billion RMB, indicating that the repurchase will have a minimal impact on the company's financial health [9]. - The repurchase will not affect the company's operational capabilities or its ability to meet debt obligations, ensuring that the company maintains its listing status [9][12]. - The company has confirmed that there are no insider trading or market manipulation issues related to the share repurchase plan [10][11]. Group 3: Board and Management Changes - The company has proposed to add a new board member, Mr. Ma Zhiwei, who has extensive experience within the company and meets all qualifications for the position [13][14]. - Mr. Ma does not hold any shares in the company and has no conflicts of interest with existing board members or major shareholders [14].

2025 年 6 月 30 日杭州 会议须知 为维护股东的合法权益，确保股东大会的正常秩序和议事效 率，根据《公司法》《上市公司股东大会规则》等法律法规和《公 司章程》等规定，现就会议须知通知如下： 一、股东及股东代理人（以下简称"股东"）请提前十五分钟 进入会场，办理登记手续，领取会议资料，由工作人员安排入座。 二、为保证本次大会的严肃性和正常秩序，除出席或列席现 场会议的股东、董事、监事、高级管理人员、公司聘请的律师及 公司董事会认可的人员以外，公司有权依法拒绝其他人士入场。 三、股东参加股东大会，应认真履行其法定权利和义务，尊 重和维护其他股东的合法权益。会议开始后请将手机铃声置于震 动或静音状态，保障大会的正常秩序。 四、股东需要在股东大会上发言，应于会议召开一个工作日 前向董事会办公室登记或于会议开始前在签到处登记，并填写 《股东发言登记表》。股东发言应围绕本次大会所审议的议案， 简明扼要，发言时应当先介绍姓名或股东单位，每位发言时间不 超过 3 分钟。由于本次股东大会时间有限，公司不能保证填写《股 东发言登记表》的股东均能在本次股东大会上发言，发言顺序按 照登记时间先后安排。在大会进行表决时，股东 ...

证券代码：600927 证券简称：永安期货 公告编号：2025-034 永安期货股份有限公司 永安期货股份有限公司监事会 关于职工监事辞职的公告 史品先生任职期间始终勤勉尽责、恪尽职守，公司监事会对 史品先生为公司发展所做出的贡献表示衷心的感谢！ 特此公告。 本公司监事会及全体监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。 永安期货股份有限公司（以下简称"公司"）监事会于近日 收到职工监事史品先生提交的辞职报告，史品先生因工作调整原 因辞去公司第四届监事会职工监事一职。 2025 年 6 月 20 日 ...

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。 永安期货股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日召开第四届董事会第十二次会议，审议通过了《关于聘 任公司高级管理人员的议案》。按照《公司法》《公司章程》等 规定，经董事长提名，公司聘任马志伟先生为公司总经理，黄志 明先生不再担任总经理职务。经总经理提名，公司聘任史品先生 为公司首席风险官。 证券代码：600927 证券简称：永安期货 公告编号：2025-032 永安期货股份有限公司 关于聘任公司高级管理人员的公告 马志伟，男，汉族，1984 年出生，中国国籍，无境外永久 居留权，本科学历。曾任浙江省永安期货经纪有限公司计划财务 总部员工，永安期货股份有限公司余杭营业部经理，财富管理服 务中心经理，杭州分公司总经理，党委委员、总经理助理兼杭州 分公司总经理，党委委员、副总经理。现任永安期货股份有限公 司党委副书记、副总经理，兼任浙江永安资本管理有限公司董事 长。 史品，男，汉族，1985 年出生，中国国籍，无境外永久居 留权，研究生学历。曾任浙江省浙商资 ...

证券代码：600927 证券简称：永安期货 公告编号：2025-031 永安期货股份有限公司 永安期货股份有限公司董事会 根据《公司法》《公司章程》等有关规定，经股东财通证券 股份有限公司研究决定，提名马志伟先生为永安期货股份有限公 司（以下简称"公司"）董事候选人。公司董事会提名与薪酬考 核委员会事前审查了马志伟先生的董事任职资格条件，同意此次 董事人员增补事项。公司于 2025 年 6 月 17 日召开第四届董事会 第十二次会议，审议通过了《关于增补公司董事的议案》，马志 伟先生任期将自股东大会选举通过之日起，至本届董事会成员任 期届满之日止。 会议还审议通过了《关于选举马志伟先生担任公司第四届董 事会战略与可持续发展委员会委员的议案》 ，同意马志伟先生担 任公司第四届董事会战略与可持续发展委员会委员，任期与马志 伟先生担任公司第四届董事会非独立董事之任期一致。 特此公告。 关于增补公司董事的公告 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。 附件 简历 马志伟，男，汉族，1984 年出生，中国国籍，无境外永久 居留权 ...

证券代码：600927 证券简称：永安期货 公告编号：2025-030 永安期货股份有限公司 第四届董事会第十二次会议决议公告 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。 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 第十二次会议于 2025 年 6 月 17 日以通讯表决方式召开。会议通 知于 2025 年 6 月 11 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 9 人，实际参加表决董事 9 人。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 表决结果：9 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，尚 需提交股东大会审议。 具体内容详见公司同日披露的《永安期货股份有限公司关于 增补公司董事的公告》（公告编号：2025-031）。 （二）审议通过《关于选举马志伟先生担任公司第四届董事 会战略与可持续发展委员会委员的议案》 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案在股 ...

Summary of Key Points Core Viewpoint - The trading data for the Shanghai Stock Exchange 50 Index futures as of June 20 shows a slight increase in the main contract price, with a closing value of 2509, reflecting a change of +0.70%. The overall trading volume decreased compared to the previous day, indicating a shift in market sentiment towards net short positions among the top 20 participants [1][4]. Group 1: Trading Data - The total trading volume for all contracts was 54,500 contracts, a decrease of 2,399 contracts from the previous day [1]. - The top 20 long positions totaled 47,500 contracts, down by 3,671 contracts, while the top 20 short positions totaled 58,100 contracts, down by 3,268 contracts [1][4]. Group 2: Major Participants - The top three long positions were held by Guotai Junan with a total of 8,301 contracts, CITIC Futures with 6,996 contracts, and Zhongtai Futures with 3,162 contracts [1]. - The top three short positions were held by CITIC Futures with 9,964 contracts, Guotai Junan with 9,941 contracts, and GF Futures with 7,739 contracts [1]. Group 3: Position Changes - Among the top 20 long positions, the largest increases were seen in Dongzheng Futures (+648 contracts), CITIC Futures (+576 contracts), and Everbright Futures (+427 contracts) [1]. - The largest decreases in long positions were recorded by Guotai Junan (-230 contracts), GF Futures (-159 contracts), and Zheshang Futures (-81 contracts) [1]. - For short positions, the largest increases were in Guoxin Futures (+512 contracts), CITIC Futures (+491 contracts), and Haitong Futures (+394 contracts) [1].