Report Information - Report Title: Coking Coal Daily Report - Date: October 29, 2025 - Research Team: Black Team of the Research Center [1] Key Data Summary Price - LiuLin Main Coking Coal: The latest price is 1575.00, with no daily change, no weekly change, a monthly increase of 72.00, and an annual increase of 5.00% [2] - Raw Coal Port Pick - up Price: The latest price is 1131.00, a daily decrease of 4.00, a weekly increase of 31.00, a monthly increase of 93.00, and an annual decrease of 2.92% [2] - ShaHeYi Meng 5: The latest price is 1470.00, with no daily change, a weekly increase of 50.00, a monthly increase of 80.00, and an annual decrease of 12.50% [2] - AnZe Main Coking Coal: The latest price is 1600.00, with no daily change, a weekly increase of 50.00, a monthly increase of 20.00, and an annual decrease of 7.51% [2] - Peak Downs: The latest price is 209.70, with no daily change, a weekly increase of 5.20, a monthly increase of 4.70, and an annual decrease of 5.70 [2] - Goonyella: The latest price is 209.70, with no daily change, a weekly increase of 5.20, a monthly increase of 4.20, and an annual decrease of 5.70 [2] - Futures Contract 05: The latest price is 1321.00, a daily increase of 6.00, a weekly increase of 49.00, a monthly decrease of 2.00, and an annual decrease of 9.27% [2] - Futures Contract 09: The latest price is 1393.50, a daily increase of 9.00, a weekly increase of 42.50, a monthly increase of 4.00, and an annual decrease of 5.24% [2] - Futures Contract 01: The latest price is 1258.00, a daily increase of 6.50, a weekly increase of 61.00, a monthly increase of 29.00, and an annual decrease of 9.40% [2] Inventory - Total Inventory: The latest value is 3303.53, a weekly decrease of 14.87, a monthly decrease of 43.88, and an annual decrease of 12.73% [2] - Coal Mine Inventory: The latest value is 189.54, a weekly decrease of 15.87, a monthly decrease of 21.42, and an annual decrease of 27.22% [2] - Port Inventory: The latest value is 272.71, a weekly decrease of 22.28, a monthly decrease of 9.48, and an annual decrease of 33.58% [2] - Steel Mill Coking Coal Inventory: The latest value is 788.32, a weekly increase of 7.19, a monthly decrease of 2.02, and an annual increase of 7.16% [2] - Coking Plant Coking Coal Inventory: The latest value is 997.37, a weekly increase of 38.31, a monthly increase of 56.96, and an annual increase of 4.17% [2] - Coking Plant Coke Inventory: The latest value is 85.03, a weekly increase of 0.31, a monthly decrease of 0.61, and an annual decrease of 1.72% [2] Other Indicators - Coking Capacity Utilization Rate: The latest value is 73.47, a weekly decrease of 0.77, a monthly decrease of 1.96, and an annual decrease of 0.66% [2] - 05 Basis: The latest value is - 74.10, a daily decrease of 6.00, a weekly decrease of 20.26, a monthly increase of 119.24, and an annual decrease of 0.63 [2] - 09 Basis: The latest value is - 146.60, a daily decrease of 9.00, a weekly decrease of 13.76, a monthly increase of 113.24, and an annual increase of 0.67 [2] - 01 Basis: The latest value is - 11.10, a daily decrease of 6.50, a weekly decrease of 32.26, a monthly increase of 88.24, and an annual increase of 0.86 [2] - 5 - 9 Spread: The latest value is - 72.50, a daily decrease of 3.00, a weekly increase of 6.50, a monthly decrease of 6.00, and an annual increase of 4.00 [2] - 9 - 1 Spread: The latest value is 135.50, a daily increase of 2.50, a weekly decrease of 18.50, a monthly decrease of 25.00, and an annual increase of 0.65 [2] - 1 - 5 Spread: The latest value is - 63.00, a daily increase of 0.50, a weekly increase of 12.00, a monthly increase of 31.00, and an annual decrease of 0.07 [2]

Group 1 - The company, Ruida Futures, responded to investor inquiries on September 23, indicating that as of the equity registration date of September 19, 2025, the total number of shareholders (excluding merged margin trading accounts) was 20,228 [2]

Core Viewpoint - The futures industry is undergoing a significant transformation with the introduction of a new classification evaluation regulation by the China Securities Regulatory Commission (CSRC), effective from 2025, aimed at scientifically measuring the comprehensive strength of futures companies [1] Group 1: Changes in Evaluation Criteria - The new regulation has restructured the scoring system, moving away from a one-size-fits-all approach to a more detailed and specific evaluation framework [3] - The "market competitiveness" category has been divided into three major categories and nine sub-items, including net profit, brokerage business net income, futures trading consulting income, market-making and derivative trading indicators, average margin of asset management products, and average net capital [3] - New items such as "market-making" and "derivative trading" have been added, indicating that companies excelling in these innovative areas will achieve higher scores in the classification evaluation [3] Group 2: Focus on Innovation and Service - The previous indicators for "cost management ability" and "return on equity" have been removed, reflecting a regulatory shift towards encouraging futures companies to innovate and grow rather than merely focusing on improving scores through cost-cutting [4] - The new scoring system has optimized the deduction mechanism, ensuring that only the most severe violation results in a score deduction, thus promoting fairness in evaluation [6] - A new scoring item has been introduced to penalize companies if their controlling shareholders or actual controllers violate regulations, aiming to extend compliance pressure to the leadership level [6] Group 3: Emphasis on Serving the Real Economy - The new regulation places greater emphasis on the ability to serve the real economy, with indicators such as "average daily positions of industrial clients" being added and adjustments made to the scoring of "average daily positions of institutional clients" [6] - The "insurance + futures" service model has been separated from the general "service to the real economy" scoring item, allowing for a more precise reflection of each company's capabilities in this specialized area [8] Group 4: Industry Trends and Future Competition - The futures industry is shifting from a model focused on quick profits to one emphasizing high-quality service and diversified income streams, as evidenced by the performance of leading firms in the first half of the year [8] - Companies like Ruida Futures have improved overall revenue through asset management, while Nanhua Futures has increased income through international business, contrasting with Yong'an Futures, which saw a 44.6% year-on-year decline in net profit due to reliance on traditional brokerage [8] - Future competition among futures companies will be redefined, focusing on who can better serve industrial clients and who has stronger derivative capabilities, rather than merely on client numbers or profit levels [10]

Core Viewpoint - As of the equity registration date of August 20, 2025, the total number of shareholders (excluding merged margin trading accounts) for Ruida Futures is 21,627 [1] Company Summary - Ruida Futures reported a total of 21,627 shareholders as of the specified date [1]