（文章来源：证券日报） 证券日报网讯 12月22日晚间，永安期货发布公告称，公司2025年第三次临时股东大会审议通过《关于 变更注册地址、修订并取消监事会的议案》等多项议案。 ...

证券代码：600927 证券简称：永安期货 公告编号：2025-080 公司于 2025 年 12 月 22 日召开了第四届职工代表大会第十七 次会议，选举张兰女士为第四届董事会职工董事，任期自职工代 表大会选举通过之日起至第四届董事会成员任期届满之日止。张 兰女士简历详见附件。 张兰女士担任公司职工董事后，公司董事会中兼任公司高级 管理人员职务的董事以及由职工代表担任的董事人数总计未超过 公司董事总数的二分之一，符合相关法律法规、规范性文件及《公 司章程》的规定。 特此公告。 永安期货股份有限公司董事会 2025 年 12 月 22 日 永安期货股份有限公司 关于选举职工董事的公告 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。 永安期货股份有限公司（以下简称"公司"）2025 年第三次 临时股东大会审议通过了《关于变更注册地址、修订<公司章程> 并取消监事会的议案》，同意公司不再设监事会。同时根据《公 司法》及修订后的《公司章程》，董事会中设职工董事一名，职 工董事由职工代表大会选举或更换。 附件 张兰，女，1975 年 ...

证券代码：600927 证券简称：永安期货 公告编号：2025-079 永安期货股份有限公司 2025年第三次临时股东大会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 243 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,240,646,331 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 85.3115 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，黄志明先生主持，采用现场投票和网络投票相 结合的表决方式。会议的召集、召开符合《公司法》及《公司章程》的有关规定。 (一) 股东大会召开的时间：2025 年 12 月 22 日 (二) 股东大会召开的地点：浙江省杭州市上城区东霞巷永安国富大厦 A 楼 506 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) 公司董事、监事和董事会秘书的出席情况 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 ...

法律意见书 浙江天册律师事务所 关于 永安期货股份有限公司 2025 年第三次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 永安期货股份有限公司 2025 年第三次临时股东大会的 法律意见书 浙江天册律师事务所 关于 法律意见书 编号：TCYJS2025H2185 致：永安期货股份有限公司 浙江天册律师事务所（以下简称：本所）接受永安期货股份有限公司（以下 简称：公司）的委托，指派本所刘斌律师、郑忻律师（以下简称：本所律师）出 席公司2025年第三次临时股东大会。本所律师依据《中华人民共和国公司法》（以 下简称：《公司法》）、《中华人民共和国证券法》（以下简称：《证券法》）、 《上市公司股东会规则》（以下简称：《股东会规则》）等法律、法规和其他有 关规范性文件的要求，以及《永安期货股份有限公司章程》（以下简称：《公司 章程》）的有关规定，对公司本次股东大会的召集和召开程序、出席会议人员资 格、表决方式、表决程序的合法性、有效性进行了审查。 本所律师根据知悉的相关事实和法律规定，按照律师行业 ...

Core Insights - The 2026 strategy conference held by Yong'an Futures in Hangzhou focused on exploring wealth management strategies amid complex macroeconomic changes, emphasizing the importance of collaboration and innovation in the financial sector [1] - Yong'an Futures aims to become a leading derivatives investment bank, focusing on six key areas: deepening industry services, enhancing wealth management, accelerating internationalization, strengthening research capabilities, promoting digital transformation, and adhering to long-term investment principles [1] Macroeconomic Environment and Asset Allocation - The chief economist of Caitong Securities highlighted the divergence between nominal and real economic indicators, suggesting reliance on fiscal and monetary policies to navigate the complexities of the macroeconomic landscape [2] - A multi-asset allocation strategy was proposed, emphasizing the importance of balancing risk and return while adapting to changing economic conditions and enhancing residents' risk appetite [2] Commodity Market Outlook - The head of Yong'an Futures Research Center projected a recovery in commodity prices driven by proactive domestic policies and external demand, particularly in the non-ferrous metals sector, which is supported by AI and new energy demands [3] - Structural opportunities in the market were identified, with a focus on sectors experiencing supply disruptions and increased demand [3] Investment Philosophy and Strategies - Investment strategies discussed included a focus on "probability thinking" and "low correlation" to create resilient portfolios capable of withstanding economic cycles [2][3] - The importance of a balanced investment approach was emphasized, with a focus on redemptive assets as a foundation for navigating market fluctuations [3] Discussions on Asset Management and Technology - Roundtable discussions addressed the transition from product-centric to client-centric investment approaches, highlighting the need for collaboration and innovation in asset management [5] - The role of AI in enhancing quantitative investment processes and risk management was a key topic, with insights into how AI can redefine investment strategies [5] Future Directions - Yong'an Futures plans to reshape its research ecosystem with a focus on customer-centric services and data-driven decision-making, aiming to set a benchmark in the commodity research field [6]

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Group 1: Report Investment Rating - No information provided Group 2: Core Views - There is no obvious trend in the recent market, and the futures market fluctuates widely around the MSK cabin opening news. For contracts after 02, the focus is on the spot price trend. The contradiction lies in the peak height and time of freight rates in January. Historically, freight rate highs often occur 4 - 5 weeks before the Spring Festival, but high capacity in January may suppress the increase. Currently, the profit - loss ratio for both short and long positions is not high, so it is recommended to wait and see. For contract 04, the short - term downside space is limited, and attention should be paid to short - selling opportunities when it follows the spot price or recovers the basis. For far - month contracts, a positive spread strategy is recommended, and attention should be paid to short - selling opportunities for contract 10 [3][13] Group 3: Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: On December 18, 2025, EC2512 closed at 1632.0 with a 0.03% increase; EC2602 closed at 1699.8 with a 0.77% increase; EC2604 closed at 1124.1 with a 1.02% increase; EC2606 closed at 1283.7 with a 0.49% decrease; EC2608 closed at 1448.1 with a 0.98% decrease; EC2610 closed at 1045.2 with a 0.38% increase [2][12] - **Trading Volume and Open Interest**: The trading volume of EC2512 was 390, and the open interest was 2218 with a decrease of 348; EC2602 had a trading volume of 24199, and the open interest was 31971 with a decrease of 512; EC2604 had a trading volume of 4585, and the open interest was 19059 with a decrease of 869; EC2606 had a trading volume of 223, and the open interest was 2306 with an increase of 1; EC2608 had a trading volume of - (not clear), and the open interest was 1325 with a decrease of 26; EC2610 had a trading volume of 417, and the open interest was 4795 with an increase of 84 [2][12] - **Monthly Spreads**: The spread of EC2512 - 2504 was 507.9, a decrease of 10.9 compared to the previous day and 83.2 compared to the previous week; EC2512 - 2602 was - 67.8, a decrease of 12.5 compared to the previous day and 112.7 compared to the previous week; EC2502 - 2604 was 5/5.7, an increase of 1.6 compared to the previous day and 29.5 compared to the previous week [2][12] Spot Market - **European Line Spot Freight Rates**: In Week 51, MSK opened at 2400 (a month - on - month increase of 200), MSC and OA quoted 2600 - 2700, and PA quoted 2400 US dollars. The current central price was 1760 US dollars, equivalent to about 1760 points on the futures market. In Week 52, MSK opened at 2300 (a month - on - month decrease of 100), and other companies mainly followed the prices in Week 51. MSC opened at 2864 US dollars (a month - on - month increase of 200), equivalent to 2000 points on the futures market. MSK's opening quotes for the China - Europe line to London were 2700 US dollars/FEU (2800 for 40 - foot high - cube containers), and 2500 US dollars/FEU for European base ports such as Rotterdam (2600 for 40 - foot high - cube containers) [4][14] - **Spot Freight Rate Indexes**: As of December 15, 2025, the SCFI (European Line) was 1510.56 points, a 0.10% increase from the previous period; the freight rate was 1538 US dollars/TEU, a 9.86% increase. As of December 12, 2025, the CCFI was 1470.55 points, a 1.59% increase; the NCFI was 1064.13 points, a 9.98% increase [2][12] Related News - On December 17, the head of the Mossad claimed that Iran still desired to build nuclear weapons, increasing the possibility of further conflict between the two countries [5][15]

焦煤日报 2025/12/18 研究中心黑色团队 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1505.00 | 0.00 | 0.00 | -140.00 | -2.90% Peak Downs | 228.00 | 2.00 | 6.00 | 17.50 | 22.00 | | 原煤口岸库提价 | 919.00 | -51.00 | -33.00 | -121.00 | -5.26% Goonyella | 229.00 | 2.00 | 8.00 | 19.50 | 23.00 | | 沙河驿蒙5# | 1360.00 | 0.00 | -40.00 | -190.00 | -8.72% 盘面05 | 1062.00 | 3.50 | -0.50 | -163.00 | -12.48% | | 安泽主焦 | 1500.00 | 0.00 | 0.00 | -160.00 | ...

Core Viewpoint - Recent significant decline in coking coal futures and spot prices, with the 2601 contract experiencing the largest drop, attributed to three main factors [1][2][3]. Group 1: Market Dynamics - Coking coal futures are under pressure due to delivery warehouse inventory issues, with the current cost of Mongolian coal at 952 CNY/ton leading to a theoretical warehouse cost of approximately 1050 CNY/ton, resulting in a delivery discount of about 100 CNY/ton [1]. - The increase in Mongolian coal imports, with weekly truck traffic reaching nearly 14,000 vehicles, represents a 58% month-on-month growth, reversing previous supply shortages [2]. - Weak demand from downstream steel production, with iron output decreasing by approximately 19,000 tons since early November, has led to a significant reduction in inventory replenishment needs [2]. Group 2: Price Influences - The decline in coking coal prices is exacerbated by a weaker thermal coal market, with national electricity consumption showing a negative year-on-year growth rate [2][4]. - The price drop in coking coal is estimated to be influenced by warehouse factors (approximately 100 CNY/ton), thermal coal price declines (around 75 CNY/ton), and market sentiment (about 205 CNY/ton), with respective contributions of 26.3%, 19.7%, and 53.9% [4]. - The price ratio between coking coal and thermal coal has fluctuated, indicating that the decline in coking coal prices is not solely driven by thermal coal [4]. Group 3: Supply Outlook - The potential for reduced imports of seaborne coal is increasing as the profitability of Australian coal imports has shifted from a profit of 155 CNY/ton to a loss, while the profit margin for long-term Mongolian coal contracts has narrowed to 190 CNY/ton [4]. - The overall supply situation is expected to remain weak, with domestic production typically declining towards the end of the year, limiting further increases in Mongolian coal supply [3].

永安期货股份有限公司 2025 年第三次临时股东大会 会议资料 2025 年 12 月 22 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 ...