Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term supply - demand of domestic styrene is expected to remain in tight balance, and the visible inventory may maintain a downward trend. The non - integrated device losses decrease, and the integrated device profit is relatively considerable. In the short term, there are no news of large - scale device shutdown or restart, so the domestic styrene output and capacity utilization rate are expected to change little. The downstream EPS maintains low - level operation due to the off - season demand and high inventory, the PS device operation rate is expected to continue to increase, and the ABS pre - sale performance is good with the operation rate expected to increase slightly. The short - term EB2602 is expected to show a volatile trend, with the daily range expected to be around 6,650 - 6,850 [2][3] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract is 6,781 yuan/ton, up 44 yuan; the trading volume is 328,179, down 121,936; the long position of the top 20 holders is 336,085 hands, down 45 hands; the short position of the top 20 holders is 370,539 hands, up 1,635 hands; the net long position of the top 20 holders is - 34,454 hands, down 1,680 hands; the warehouse receipt quantity is 757 hands, down 600 hands; the closing price of the January contract is 6,700 yuan/ton [2] Spot Market - The spot price of styrene is 6,728 yuan/ton, up 40 yuan; the FOB South Korea intermediate price is 841.5 US dollars/ton, up 12.5 US dollars; the CFR China intermediate price is 851.5 US dollars/ton, up 12 US dollars; the mainstream price in Northeast China is 6,525 yuan/ton, up 50 yuan; the mainstream price in South China is 6,965 yuan/ton, up 70 yuan; the mainstream price in North China is 6,640 yuan/ton; the mainstream price in East China is 6,810 yuan/ton, up 35 yuan [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene is 746 US dollars/ton; the CFR Southeast Asia intermediate price is 726 US dollars/ton; the CIF Northwest Europe intermediate price is 676 US dollars/ton, up 2.5 US dollars; the FD US Gulf price is 408 US dollars/ton. The spot price of pure benzene in the US Gulf is 280 cents/gallon, up 1 cent; the CIF Taiwan price is 661.17 US dollars/ton; the FOB Rotterdam price is 739 US dollars/ton; the South China market price is 5,300 yuan/ton; the East China market price is 5,360 yuan/ton, up 35 yuan; the North China market price is 5,170 yuan/ton [2] Industry Situation - The total styrene operating rate is 70.7%, up 1.57 percentage points; the national styrene inventory is 171,760 tons, up 800 tons; the total East China main port inventory is 13.88 tons, down 0.05 tons; the East China main port trade inventory is 8.33 tons, down 0.12 tons [2] Downstream Situation - The operating rate of EPS is 52.56%, up 0.75 percentage points; the operating rate of ABS is 69.4%, down 0.7 percentage points; the operating rate of PS is 58.6%, up 4.1 percentage points; the operating rate of UPR is 38%, up 2 percentage points; the operating rate of styrene - butadiene rubber is 79.38%, up 0.15 percentage points [2] Industry News - From December 19th to 25th, styrene output increased by 2.25% month - on - month to 354,600 tons, and capacity utilization increased by 1.57% month - on - month to 70.70%. The consumption of EPS, PS, and ABS increased by 2.79% month - on - month to 269,100 tons. As of December 25th, the styrene factory inventory increased by 0.47% month - on - month to 171,800 tons; as of December 29th, the East China port inventory decreased by 0.36% month - on - month to 138,800 tons, and the South China port inventory increased by 70% month - on - month to 18,700 tons. As of December 24th, the non - integrated profit increased to - 177 yuan/ton compared with last week; as of December 26th, the integrated profit was 627.63 yuan/ton [2]

Core Viewpoint - Nanhua Futures has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD1.29 billion to support its international growth strategy [1][5][6] Company Overview - Nanhua Futures is a subsidiary of Hengdian Group and is recognized as China's first publicly listed futures firm, having previously listed in Shanghai in 2019 [3][6] - The company aims to enhance its global competitiveness and influence through this dual listing [7] IPO Details - The IPO involved the issuance of 107.65 million shares, raising approximately USD165.8 million [5] - The shares opened at HKD8.70, below the listing price of HKD12, and closed at HKD9.53, reflecting a 20% decrease from the listing price [5] Use of Proceeds - Proceeds from the IPO will be allocated to HGNH International Financial, Nanhua's Hong Kong subsidiary, to strengthen its capital base and increase liquidity for overseas operations in Hong Kong, the UK, the US, and Singapore [9][10] Financial Performance - In 2024, Nanhua Futures ranked first among non-financial institution-affiliated futures companies in China and eighth among all domestic futures companies based on total revenue [11] - The company's overseas business has shown significant growth, with customer equity for overseas services reaching HKD17.8 billion, a 50% increase from 2022, and AUM for overseas asset management growing by 70% to HKD3.4 billion [12] - Operating income increased from RMB954 million in 2022 to RMB1.35 billion in 2024, with net profit rising from RMB246 million to RMB458 million during the same period [13]

Core Viewpoint - StoneX Group Inc. has successfully completed the acquisition of R.J. O'Brien, making it the largest non-bank Futures Commission Merchant in the U.S. and enhancing its position in the global derivatives market [1][4]. Company Overview - StoneX Group Inc. operates a global financial services network, connecting various market participants through digital platforms and execution services [6][7]. - The company serves over 54,000 commercial and institutional clients, along with more than 260,000 self-directed retail accounts [7]. Acquisition Details - R.J. O'Brien, founded in 1914, supports over 75,000 client accounts and has generated $766 million in revenue and approximately $170 million in EBITDA during 2024 [2][8]. - The acquisition is expected to create significant revenue synergies through cross-selling opportunities in OTC derivatives, physical commodity trading, and fixed income products [4]. Financial Impact - StoneX targets $50 million in expense savings and aims to unlock at least $50 million in capital synergies through operational consolidation [4]. - The acquisition is projected to expand StoneX's client float by nearly $6 billion, enhancing margins and return on equity while being accretive to earnings [4]. Strategic Benefits - The combined company will provide clients access to nearly every major global derivatives exchange and a comprehensive multi-asset platform [3]. - The integration of technologies and tools from both companies is expected to deliver significant benefits in risk management and trading execution across multiple asset classes [5].

Core Viewpoint - StoneX Group Inc. has announced a definitive agreement to acquire R.J. O'Brien for an equity value of approximately $900 million, which will enhance its position as a leading Futures Commission Merchant (FCM) and strengthen its role in the global financial market structure [1][8]. Acquisition Details - The acquisition will be financed through a combination of $625 million in cash and approximately 3.5 million shares of StoneX common stock, with StoneX also assuming up to $143 million of RJO debt [1][6]. - The transaction is expected to close in the second half of 2025, pending regulatory approvals [7]. Client and Market Impact - RJO's client base of over 75,000 accounts will benefit from StoneX's extensive range of markets, products, and services, including OTC hedging and physical commodities [2][3]. - The acquisition is projected to expand StoneX's client float by nearly $6 billion and increase cleared listed derivatives volume by approximately 190 million contracts annually [4][8]. Financial Performance - RJO generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024, contributing an attractive financial profile to StoneX [4]. - The consolidation of operations is expected to drive more than $50 million in expense synergies and unlock at least $50 million in capital synergies [8]. Strategic Commentary - Executives from both companies emphasized the transformational nature of the acquisition, highlighting the complementary capabilities and commitment to client service and risk management [5][8].

Core Viewpoint - StoneX Group Inc. has announced a definitive agreement to acquire R.J. O'Brien for an equity value of approximately $900 million, which will enhance its position as a leading Futures Commission Merchant (FCM) and strengthen its role in the global financial market structure [1][7]. Financial Details - The acquisition will be financed through a combination of $625 million in cash and approximately 3.5 million shares of StoneX common stock, with StoneX also assuming up to $143 million of RJO debt [1][6]. - R.J. O'Brien generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024 [4]. Client and Market Impact - The acquisition will expand StoneX's client float by nearly $6 billion and add nearly 300 introducing brokers (IBs) to its network, increasing the total client accounts to over 75,000 [4][7]. - It is projected to increase cleared listed derivatives volume by approximately 190 million contracts annually [4]. Strategic Benefits - The transaction is expected to create significant revenue synergies, particularly in over-the-counter (OTC) derivatives, physical commodity trading, and fixed income products [7]. - The consolidation of operations is anticipated to drive more than $50 million in expense synergies and unlock at least $50 million in capital synergies [7]. Leadership and Future Outlook - Gerry Corcoran, the CEO of R.J. O'Brien, will continue in a senior leadership role at StoneX, emphasizing the complementary capabilities and commitment to client service [5]. - The transaction is expected to close in the second half of 2025, subject to regulatory approvals [8].