Group 1 - The A-share financial sector has seen a significant rally, with notable increases in stocks such as Nanhua Futures, which has achieved two consecutive trading limits [1] - Other companies that experienced gains include Yuexiu Capital, China National Petroleum Capital, Hongye Futures, Bohai Leasing, and Shaanxi Guotou A [1]

Market Overview - A-shares experienced a pullback after initially rising, with the Shanghai Composite Index briefly surpassing 3500 points, closing at 3493.05, down 0.13% [2] - The Shenzhen Component Index closed at 10581.80, down 0.06%, while the ChiNext Index rose 0.16% to 2184.67 [2] - Total market turnover reached 15.274 billion, an increase of 528 million from the previous trading day [2] Financial Sector Performance - The financial sector showed strong performance, with notable gains in banking, futures, and brokerage stocks [3] - Industrial and Commercial Bank of China (ICBC) closed up 1.16%, reaching a historical high with a market capitalization of 2.8 trillion [3] - The recent rally in the banking sector is attributed to three main factors: the appeal of bank dividends in a low-interest environment, increased capital inflow from public funds, and accelerated conversion of bank bonds [3] Cultural and Media Sector Dynamics - The cultural and media sector was notably active, particularly in the short drama and gaming segments, with stocks like Fengshang Culture and Zhongwen Online seeing significant gains [5] - The short drama market is experiencing explosive growth, with current annual market size estimated between 30 billion to 35 billion, expected to exceed 50 billion next year [5] - The film industry is also showing positive trends, with box office revenues reaching 30 billion by July 8, marking the fastest pace in five years [5] Market Outlook - Analysts maintain a positive outlook for A-shares, with expectations of a steady upward trend despite recent fluctuations [6] - The potential for a Federal Reserve interest rate cut in Q3 and a loosening of domestic monetary policy could enhance asset valuations [6] - The "anti-involution" policy is expected to drive structural changes in the market, benefiting both technology and cyclical sectors [6]

南华期货硅产业链企业风险管理日报 2025年07月09日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 日涨跌 | 当前波动率历史百分位（3年） | 日涨跌 | | --- | --- | --- | --- | --- | --- | | 工业硅主力合约 | 强压力位7600 | 33.1% | 0.16% | 95.4% | 0.2% | | 多晶硅主力合约 | 强压力位33000 | 42.77% | 0.17% | 84.37% | 0.1% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行为 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | | --- | --- | --- | --- | --- | | 库存 产品库存偏高，有存 | 为了防止存货减值，根据企业库存情况，做空期货来 锁定利润，弥补企业的生产成本 | SI2509/PS25 ...

南华煤焦产业风险管理日报 2025/07/09 南华研究院 黑色研究团队 严志妮：Z0022076 张泫：F03118257 投资咨询业务资格：证监许可【2011】1290号 双焦价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | --- | | 焦煤 | 780-900 | 31.17% | 60.79% | | 焦炭 | 1350-1500 | 23.97% | 44.10% | source： 南华研究,wind 双焦风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存套保 | 焦炭盘面大幅升水现货，交割利润可观 | 多 | 做空J2509 | J2509 | 卖出 | 25% | 1425-1450 | | | | | | | | 50% | 1450-1500 | source： 南华研究 黑色仓单日报 | | ...

南华贵金属日报: 金跌银震 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年7月9日 【行情回顾】 周二贵金属市场金跌银震，关税贸易战在7月9日最后暂停期到来前版图清晰化，且博弈与反制暂可控，谈 判时间窗口继续拉长至8月1日，削弱黄金避险需求。周边资产看，美指、美股、原油和比特币震荡，美债收 益率收涨，南华有色金属上涨。最终COMEX黄金2508合约收报3311美元/盎司，-0.95%；美白银2509合约 收报于36.925美元/盎司，+0.06%。 SHFE黄金2510主力合约收报776.22元/克，+0.43%；SHFE白银2510 合约收8953元/千克，+0.22%。消息面，美国贸易政策引发多国关注与回应。特朗普表示，美国将从8月1日 起实施对等关税，且不会再推迟，同时警告欧盟的征税函即将发出。对此，多国作出不同反应：日本和韩国 表示希望继续通过谈判解决问题；南非则辩称其关税水平仍有下调空间；巴西则对美国的做法表示强烈不 满，并强调将采取反制措施。与此同时，美国财政部长与日本首席谈判代表进行了电话沟通，且有消息称美 国财政部长下周可能访问日本。德国 ...

Core Viewpoint - The event organized by the Shandong Futures Association aims to enhance communication and cooperation among futures companies, focusing on high-quality development and service to the real economy, in line with national policies [1][3]. Group 1: Event Overview - The Shandong Futures Association organized a learning exchange activity involving over 20 representatives from local futures companies, visiting Zhejiang-based firms to share experiences and strategies [1]. - The event was guided by the Shandong Securities Regulatory Bureau and aimed to build a communication bridge for mutual learning and development among futures institutions [1]. Group 2: Company Strategies and Insights - Hu Jun, Chairman of Zhejiang Merchants Futures, emphasized compliance as a cornerstone for sustainable development, focusing on research and innovation to simplify futures trading through technology integration [3]. - Jia Xiaolong, General Manager of Nanhua Futures, highlighted the company's commitment to serving national strategies and local economies, developing overseas business and wealth management as dual engines for growth [3]. - Ma Zhiwei, General Manager of Yong'an Futures, stated the company's mission of "finance for good, futures for reality," outlining three strategic focuses: commodity investment banking, asset allocation expertise, and leadership in international business [3]. Group 3: Outcomes and Future Directions - The Shandong delegation engaged in discussions on key topics such as serving the real economy, empowering rural revitalization, and fostering industry culture, gaining insights from Zhejiang's advanced practices in strategic determination and social responsibility [4]. - Participants expressed that the event broadened their perspectives and inspired innovative service models, reinforcing the importance of collaboration in contributing to national strategies and economic development [4]. - The Shandong Futures Association plans to continue enhancing work efficiency and service levels under the guidance of the Shandong Securities Regulatory Bureau, aiming to support member development and contribute to China's modernization journey [4].

智通财经7月9日电，证券、银行、多元金融等大金融股集体走强，大智慧2连板，越秀资本涨停，工商 银行、邮储银行再创新高，第一创业、永安期货涨超5%，南华期货、湘财股份、广发证券等跟涨。 大金融股持续活跃 大智慧2连板 ...

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个别及连带责任。 美国时间 2025 年 7 月 7 日，公司境外全资孙公司 Nanhua USA LLC 收到芝加 哥期权交易所清算所（以下简称"Cboe clear"）的通知，获批成为 Cboe clear 清算会员，具备其清算资格，可以清算 Cboe clear 上市的期货期权和相关产品。 特此公告。 证券代码：603093 证券简称：南华期货 公告编号：2025-047 南华期货股份有限公司关于境外孙公司 获得芝加哥期权交易所清算所清算会员资格的公告 南华期货股份有限公司董事会 2025 年 7 月 9 日 ...

Group 1: Report Industry Investment Rating - No relevant information provided. Group 2: Report's Core View - The medium to long - term trend of precious metals may be bullish, but since late April, London gold has been trading in a range. For London gold, short - term support levels are at 3300 - 3320 and then 3200, with resistance at 3365 and then 3400. For London silver, support is at 36.4, strong support at 35.3, and resistance at 37 - 37.3. The trading strategy is to buy on dips [5]. Group 3: Summary by Related Catalogs 1. Market Review - On Monday, the precious metals market was highly volatile. The U.S. stock market declined, while the U.S. Treasury yield and the U.S. dollar index both rose. Bitcoin fell, crude oil rose, and the South China Non - ferrous Metals index declined. COMEX gold 2508 contract closed at $3346.4 per ounce, up 0.1%; U.S. silver 2509 contract closed at $36.94 per ounce, down 0.39%. SHFE gold 2508 main contract closed at 771.3 yuan per gram, down 0.54%; SHFE silver 2508 contract closed at 8872 yuan per kilogram, down 0.5% [2]. 2. Interest Rate Cut Expectations and Fund Holdings - According to CME "FedWatch" data, the probability of the Fed keeping interest rates unchanged in July is 95.3%, and the probability of a 25 - basis - point rate cut is 4.7%. In September, the probability of keeping rates unchanged is 35.3%, the probability of a cumulative 25 - basis - point rate cut is 61.8%, and the probability of a cumulative 50 - basis - point rate cut is 2.9%. In October, the probability of keeping rates unchanged is 13.4%, the probability of a cumulative 25 - basis - point rate cut is 45.4%, the probability of a cumulative 50 - basis - point rate cut is 39.4%, and the probability of a cumulative 75 - basis - point rate cut is 1.8%. The SPDR Gold ETF holdings remained at 947.66 tons, and the iShares Silver ETF holdings remained at 14868.7 tons. SHFE silver inventory decreased by 9 tons to 1330.7 tons, and SGX silver inventory decreased by 34.6 tons to 1323.2 tons in the week ending June 27 [3]. 3. This Week's Focus - This week's economic data is relatively light. The main focus is on the determination of U.S. tariff rates on other countries before the end of the U.S. reciprocal tariff suspension period on July 9. Key events include the Reserve Bank of Australia's interest rate decision on Tuesday at 12:30, the Fed's release of its monetary policy meeting minutes on Thursday at 2:00, a speech by 2025 FOMC voter and St. Louis Fed President Musalem on the U.S. economy and monetary policy at 21:00 on Thursday, a speech by 2027 FOMC voter and San Francisco Fed President Daly on the U.S. economic outlook at 02:30 on Friday. Also, U.S. Secretary of State Rubio will visit Japan this week [4]. 4. Precious Metal Price Data - SHFE gold main - continuous contract is at 771.3 yuan per gram, down 0.74%. SGX gold TD is at 767.8 yuan per gram, down 0.49%. CME gold main contract is at $3346.4 per ounce, up 0.31%. SHFE silver main - continuous contract is at 8872 yuan per kilogram, down 0.53%. SGX silver TD is at 8860 yuan per kilogram, down 0.28%. CME silver main contract is at $36.94 per ounce, down 0.53%. SHFE - TD gold is at 3.5 yuan per gram, down 36.25%. SHFE - TD silver is at 12 yuan per kilogram, up 126.67%. CME gold - to - silver ratio is 90.5901, up 0.58% [6][7]. 5. Inventory and Position Data - SHFE gold inventory is 21456 kilograms, unchanged. CME gold inventory is 1142.0304 tons, down 0.19%. SHFE gold position is 175760 lots, up 0.41%. SPDR gold position is 947.66 tons, unchanged. SHFE silver inventory is 1330.695 tons, down 0.68%. CME silver inventory is 15499.0707 tons, down 0.2%. SGX silver inventory is 1323.225 tons, down 2.55%. SHFE silver position is 229481 lots, down 8.47%. SLV silver position is 14868.735488 tons, unchanged [17][18]. 6. Other Market Data - The U.S. dollar index is at 97.5464, up 0.58%. The U.S. dollar - to - RMB exchange rate is 7.1741, up 0.76%. The Dow Jones Industrial Average is at 44828.53 points, up 0.77%. WTI crude oil spot is at $66.5 per barrel, down 0.75%. LmeS copper 03 is at $9852 per ton, down 1%. The 10 - year U.S. Treasury yield is 4.35%, up 1.16%. The 10 - year U.S. real interest rate is 2.05%, up 1.49%. The 10 - 2 year U.S. Treasury yield spread is 0.47%, down 9.62% [23].

南华期货锡风险管理日报 2025年7月8日 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 锡价格波动率（日度） | 最新收盘价 | 价格区间预测（月度） | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | | 263520 | 245000-263000 | 11.01% | 13.9% | source： 同花顺,南华研究 锡风险管理建议（日度） | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心价格下跌 | 多 | 做空沪锡主力期货合约 | 沪锡主力期货合约 | 卖出 | 75% | 275000附近 | | | | | 卖出看涨期权 | SN2509C275000 | 卖出 | 25% | 波动率合适时 | | 原料管理 | 原料库存较低，担心价格上涨 | 空 | 做多沪锡主力期货合约 | ...