Nanhua Futures(603093)

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南华期货发行H股获中国证监会备案
Zhi Tong Cai Jing· 2025-09-22 11:34
Core Viewpoint - Nanhua Futures is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company has received a notification from the China Securities Regulatory Commission regarding the filing for overseas issuance and listing [1] - Nanhua Futures intends to issue no more than 124 million ordinary shares for overseas listing [1] - The company is actively working on the relevant procedures for the listing on the Hong Kong Stock Exchange [1]
南华期货(603093.SH)发行H股获中国证监会备案
智通财经网· 2025-09-22 11:25
Core Viewpoint - Nanhua Futures is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company has recently received a notice from the China Securities Regulatory Commission regarding the filing for overseas issuance and listing [1] - Nanhua Futures intends to issue no more than 124 million overseas listed ordinary shares [1] - The listing will take place on the Hong Kong Stock Exchange [1]
南华期货(603093) - 南华期货股份有限公司关于发行境外上市股份(H股)获得中国证监会备案的公告
2025-09-22 11:15
证券代码:603093 证券简称:南华期货 公告编号:2025-062 境外上市股份(H 股)获得中国证监会备案的公告 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。 南华期货股份有限公司(以下简称"公司")正在进行申请发行境外上市股 份(H 股)并在香港联合交易所有限公司(以下简称"香港联交所")主板挂牌 上市的相关工作,公司于近日收到中国证券监督管理委员会(以下简称"中国证 监会")出具的《关于南华期货股份有限公司境外发行上市备案通知书》(国合函 〔2025〕1618 号)(以下简称"备案通知书")。备案通知书主要内容如下: 一、公司拟发行不超过 123,807,500 股境外上市普通股并在香港联交所上市。 三、公司完成境外发行上市后 15 个工作日内,应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 四、公司自备案通知书出具之日起 12 个月内未完成境外发行上市,拟继续 推进的,应当更新备案材料。 备案通知书仅对公司境外发行上市备案信息予以确认,不表明中 ...
南华期货:发行境外上市股份(H 股)获得中国证监会备案
Xin Lang Cai Jing· 2025-09-22 10:53
Core Viewpoint - Nanhua Futures is applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1: Company Actions - The company has received a notice from the China Securities Regulatory Commission regarding the filing for overseas issuance and listing [1] - The filing notice includes plans to issue no more than 124 million overseas listed ordinary shares [1] - The company must complete the overseas issuance and listing within 12 months, or it will need to update its filing materials [1] Group 2: Regulatory Information - The filing notice only confirms the filing information and does not guarantee investment value or returns [1]
南华期货国债期货日报-20250922
Nan Hua Qi Huo· 2025-09-22 09:02
Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report suggests paying attention to the central bank's attitude. It anticipates that the central bank will mainly use open - market operations to maintain a stable money market before the holiday. Traders should adopt a range - bound trading strategy and avoid chasing high prices [1][3]. 3. Key Points from Different Sections 3.1. Market Review - On Monday, bond futures rebounded across the board, and spot bond yields declined. The central bank started to inject cross - quarter funds through 7 - day and 14 - day reverse repurchase operations, with a total of 540.5 billion yuan and a net injection of 260.5 billion yuan. The money market continued to ease compared to last week, and the DR001 rate dropped to 1.43% [1]. 3.2. Intraday News - The September LPR quotes remained unchanged, with the 5 - year - plus LPR at 3.5% and the 1 - year LPR at 3%. - Pan Gongsheng stated that the financial reform content for the "15th Five - Year Plan" and beyond will be further communicated after the central government's unified deployment [2]. 3.3. Market Analysis - There was no incremental positive news in the market today. The unchanged LPR quote in the morning met expectations, and the press conference in the afternoon on the achievements of the 14th Five - Year Plan for financial development had no incremental policy information. The market rebound was mainly a correction of the pessimistic sentiment on Friday [3]. 3.4. Futures Data | Contract | 2025 - 09 - 22 Price | 2025 - 09 - 19 Price | Price Change | 2025 - 09 - 22 Position (Lots) | 2025 - 09 - 19 Position (Lots) | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.396 | 102.358 | 0.038 | 76,728 | 75,499 | 1,229 | | TF2512 | 105.76 | 105.63 | 0.13 | 151,551 | 148,476 | 3,075 | | T2512 | 107.945 | 107.755 | 0.19 | 251,433 | 249,865 | 1,568 | | TL2512 | 115.09 | 114.88 | 0.21 | 169,375 | 169,501 | - 126 | | TS Basis (CTD) | - 0.0141 | - 0.0347 | 0.0206 | TS Main Contract Volume (Lots) | 28,858 | 35,797 | - 6,939 | | TF Basis (CTD) | 0.0369 | - 0.0542 | 0.0911 | TF Main Contract Volume (Lots) | 50,317 | 92,239 | - 41,922 | | T Basis (CTD) | 0.1268 | 0.019 | 0.1078 | T Main Contract Volume (Lots) | 79,097 | 140,197 | - 61,100 | | TL Basis (CTD) | 0.6336 | 0.4458 | 0.1878 | TL Main Contract Volume (Lots) | 113,691 | 179,539 | - 65,848 | [4][5]
新股消息 | 南华期货港股IPO获中国证监会备案
智通财经网· 2025-09-22 08:48
Group 1 - The China Securities Regulatory Commission has issued a notice regarding Nanhua Futures Co., Ltd.'s plan to issue up to 123,807,500 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - Nanhua Futures is a financial service provider focused on futures and derivatives, headquartered in China, offering comprehensive and customized derivative and risk management services to industrial clients, financial institutions, and individual investors [3] - According to a Frost & Sullivan report, Nanhua Futures ranks 8th among all futures companies in China by total revenue in 2023, and 1st among all non-financial institution-related futures companies; it ranks 12th by futures brokerage commission income and 1st in overseas income among all futures companies in China [3]
新股消息 | 南华期货(603093.SH)港股IPO获中国证监会备案
智通财经网· 2025-09-22 08:45
Group 1 - The China Securities Regulatory Commission has issued a notice regarding Nanhua Futures Co., Ltd.'s plan to issue up to 123,807,500 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - Nanhua Futures is a financial service provider focused on futures and derivatives, headquartered in China, offering comprehensive and customized derivative and risk management services to industrial clients, financial institutions, and individual investors [3] - According to a Frost & Sullivan report, Nanhua Futures ranks 8th among all futures companies in China by total revenue in 2023, and ranks 1st among all non-financial institution-related futures companies; it ranks 12th by futures brokerage commission income and 1st by overseas income among all futures companies in China [3]
南华期货港股IPO获中国证监会备案
Zhi Tong Cai Jing· 2025-09-22 08:45
Group 1 - The China Securities Regulatory Commission has issued a notice regarding Nanhua Futures Co., Ltd.'s application for overseas listing, allowing the company to issue up to 123,807,500 shares for listing on the Hong Kong Stock Exchange [1] - Nanhua Futures is a financial service provider headquartered in China, focusing on futures and derivatives, offering comprehensive and customized risk management services to industrial clients, financial institutions, and individual investors [3] - According to a Frost & Sullivan report, Nanhua Futures ranks 8th among all futures companies in China by total revenue in 2023, and ranks 1st among non-financial institution-related futures companies [3] Group 2 - In terms of futures brokerage commission income, Nanhua Futures ranks 12th among all futures companies in China for 2023 [3] - The company ranks 1st among all futures companies in China based on overseas income for 2023 [3]
商品策略周报:节前观望-20250922
Nan Hua Qi Huo· 2025-09-22 05:41
Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Due to the anti - involution theme, exchange measures like position limits and fee hikes, and the delivery logic of the 2509 contract, some varieties with weak supply - demand fundamentals have seen continuous declines. In September, some varieties started to stabilize after losing the downward guidance of the 09 contract. The impact of the anti - involution theme is limited. With the National Day holiday approaching, it's advisable to control positions and operate cautiously [2][3][5]. - Anti - involution varieties are relatively strong, while the non - ferrous sector is bearish [3]. - The anti - involution is a long - term theme. After a sharp rise in July, trading volume and open interest of anti - involution varieties decreased due to position limits and fee hikes, and some varieties with weak industrial supply - demand in the real - world declined in mid - and late - August. After September 1st, these varieties showed signs of stopping the decline and stabilizing. The implementation of anti - involution policies in the industrial end is a key influencing factor. The Fed's interest - rate cut cycle led to the outflow of profit - taking funds, causing a downward adjustment in the non - ferrous sector. For agricultural products, if the Sino - US tariff negotiation progresses smoothly, domestic agricultural products will face pressure [4]. 3. Directory Summaries 3.1. Capital Flow - The total capital flow is - 5.637 billion yuan, with significant outflows in non - ferrous metals (- 3.211 billion yuan) and precious metals (- 224 million yuan), and inflows in soft commodities (239 million yuan) and oils and fats (123 million yuan) [8]. 3.2. Weekly Data of Black and Non - ferrous Metals - Data such as price percentile, inventory percentile, valuation percentile, open interest percentile, open interest change percentile, and annualized basis are provided for various black and non - ferrous metal varieties. For example, iron ore has a price percentile of 21.5%, a inventory percentile of 55.0%, etc. [8] 3.3. Weekly Data of Energy and Chemicals - Similar data is presented for energy and chemical varieties. For instance, fuel oil has a price percentile of 4.9%, a inventory percentile of 36.7%, etc. [10] 3.4. Weekly Data of Agricultural Products - Data for agricultural product varieties are shown, like soybean meal with a price percentile of 6.1%, a inventory percentile of 77.4%, etc. [11] 3.5. Capital Flow Diagrams - There are diagrams showing the capital flow of black varieties, olefin varieties, polyester varieties, other chemical varieties, energy varieties, oils and fats and oilseeds, agricultural and sideline products, and non - ferrous sectors [12][16][17][19][21][22][26]
聚酯产业风险管理日报:成本与情绪双杀,价格积弱-20250919
Nan Hua Qi Huo· 2025-09-19 11:47
Report Overview - Report Title: Polyester Industry Risk Management Daily - Cost and Sentiment Double Blow, Prices Weakening - Date: September 19, 2025 - Analysts: Dai Yifan, Zhou Jiawei 1. Report Industry Investment Rating - No information provided 2. Report's Core View - The ethylene glycol market currently has limited supply - demand drivers and is expected to oscillate in the range of 4200 - 4400. Price breakthroughs depend on cost - side and macro - drivers. With short - term sentiment causing an over - decline, there is price support, and it is advisable to moderately sell out - of - the - money put options [3]. 3. Summary by Relevant Contents Polyester Price and Volatility - The monthly price ranges for different polyester products are: ethylene glycol 4150 - 4450, PX 6300 - 7000, PTA 4400 - 5000, and bottle chips 5500 - 6100. The 20 - day rolling current volatilities are 9.62% for ethylene glycol, 11.03% for PX, 10.04% for PTA, and 7.59% for bottle chips. Their 3 - year historical percentile of current volatility are 2.5%, 7.8%, 7.2%, and 0.8% respectively [2]. Polyester Hedging Strategies Inventory Management - For high finished - product inventory and concerns about ethylene glycol price drops, with a long spot exposure, it is recommended to short ethylene glycol futures (EG2601) with a 25% hedging ratio at an entry range of 4320 - 4420 to lock in profits and cover production costs. Also, buy put options (EG2601P4100) and sell call options (EG2601C4500) with a 50% hedging ratio at entry ranges of 20 - 30 and 50 - 80 respectively to prevent price drops and reduce capital costs [2]. Procurement Management - For low procurement inventory and purchasing based on orders, with a short spot exposure, it is recommended to buy ethylene glycol futures (EG2601) with a 50% hedging ratio at an entry range of 4180 - 4250 to lock in procurement costs. Sell put options (EG2601P4100) with a 75% hedging ratio at an entry range of 50 - 80 to collect premiums and lock in the purchase price of spot ethylene glycol [2]. Core Contradiction of Ethylene Glycol - Ethylene glycol has limited fundamental drivers recently. Under the expectation of continuous inventory accumulation after October, it has become a concentrated short - position target for funds. The inventory accumulation expectation in the fourth quarter is advanced and magnified due to new capacity, putting pressure on valuation. With much of the inventory - accumulation expectation already priced in, chasing short positions is not recommended before its realization. The supply side has no significant incremental capacity, lacking supply elasticity. Considering low inventory, low valuation, and inelastic supply, the short - term downward space is limited, while upward price movement is more elastic with unexpected drivers. It is expected to oscillate between 4200 - 4400, and price breakthroughs depend on cost and macro - drivers [3]. 利多解读 (Positive Factors) - The increase in thermal coal prices has compressed the profit of marginal coal - based production units to near the cost line [4]. 利空解读 (Negative Factors) - The 200,000 - ton ethylene glycol plant of Ningxia Kunpeng is planned to start trial production at the end of October, and its progress should be monitored. The new 800,000 - ton ethylene glycol capacity of Yulong is expected to be put into operation ahead of schedule at the end of September or early October, with an additional 50,000 - 60,000 tons of output in October [6]. Polyester Daily Data - The report provides price, price difference, processing fee, and sales rate data for various polyester - related products such as Brent crude oil, naphtha, PX, PTA, ethylene glycol, polyester filaments, and polyester chips on September 19, 2025, compared with previous days and weeks [8][9].