1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - The current market is in the new Brazilian sugar - crushing season, with a focus on the current and future Brazilian sugar production. The 24/25 Indian sugar production decrease and Thai increase are established facts. After the restriction of domestic syrup and premixes and the completion of domestic sugar crushing, the overall situation has little change. Recently, the market is mainly trading on the expected increase in production in Brazil, India, and Thailand in the 25/26 sugar - crushing season [4]. 3. Summary by Related Catalogs 3.1 Sugar Price Forecast and Risk Management Strategy - **Price Range Forecast**: The predicted monthly price range for sugar is 5600 - 5800, with a current 20 - day rolling volatility of 6.45% and a 3 - year historical percentile of 1.6% [3]. - **Inventory Management Strategy**: For enterprises with high finished - product inventory worried about sugar price drops, they can short Zhengzhou sugar futures (SR2507) with a 25% hedging ratio at an entry range of 5800 - 5850 to lock in profits and cover production costs. They can also sell call options (SR509C6000) with a 75% hedging ratio at an entry range of 20 - 30 to collect premiums and reduce costs [3]. - **Procurement Management Strategy**: For enterprises with low regular procurement inventory aiming to purchase based on orders, they can buy Zhengzhou sugar futures (SR2507) with a 50% hedging ratio at an entry range of 5630 - 5680 to lock in procurement costs. They can also sell put options (SR509P5600) with a 75% hedging ratio at an entry range of 30 - 40 to collect premiums and reduce procurement costs [3]. 3.2 Market Situation Analysis 3.2.1 Core Contradiction - The market is currently focused on the current and future Brazilian sugar production during the new Brazilian sugar - crushing season. The 24/25 Indian sugar production decrease and Thai increase are established, and after domestic restrictions and the end of domestic sugar crushing, the situation is relatively stable. The market is trading on the expected production increase in Brazil, India, and Thailand in the 25/26 sugar - crushing season [4]. 3.2.2 Bullish Factors - As of the end of May, Guangxi's cumulative sugar sales reached 464.53 million tons, a year - on - year increase of 53.71 million tons, and the sales - to - production ratio was 71.85%, a year - on - year increase of 5.39 percentage points [5]. - The Indian National Federation of Cooperative Sugar Factories (NFCSF) expects India's 2024/25 sugar - crushing season's ending sugar inventory to be between 480 - 500 million tons, sufficient to meet domestic sugar consumption from October to November 2025 [5]. - China has suspended imports of Thai syrup and premixes [5]. - From the beginning of the 2025/26 sugar - crushing season to the first half of May, the cumulative sugar - cane crushing volume in the central - southern region of Brazil was 76.714 million tons, a year - on - year decrease of 19.466 million tons (20.24%); the sugar - making ratio was 48.61%, a year - on - year increase of 1.01%; the cumulative sugar production was 3.989 million tons, a year - on - year decrease of 1.17 million tons (22.68%) [5]. 3.2.3 Bearish Factors - In the 2024/25 sugar - crushing season, Guangxi's cumulative sugar - cane crushing volume was 48.5954 million tons, a year - on - year decrease of 2.5847 million tons, but the mixed - sugar production was 6.465 million tons, a year - on - year increase of 0.2836 million tons, and the sugar - making rate was 13.30%, a year - on - year increase of 1.22 percentage points [6]. - Analysis firm JOB predicts that Brazil's sugar production in the 25/26 sugar - crushing season will increase by 5% to 46 million tons [6]. - Thailand's 24/25 sugar - crushing season production is expected to increase to 10.39 million tons [6]. - The Indian monsoon has arrived 3 - 4 days earlier than usual. The chairman of the federation expects a strong recovery in India's sugar production in the 2025/26 sugar - crushing season, reaching about 35 million tons due to good monsoon conditions, expanded sugar - cane planting areas in major producing regions, and the government's increase in the minimum sugar - cane purchase price [6]. 3.3 Sugar Price Data 3.3.1 Sugar Basis Daily Changes - On June 9, 2025, the basis of Nanning - SR01 was 490, with a daily decrease of 10 and a weekly increase of 13; the basis of Kunming - SR01 was 310, with a daily decrease of 15 and a weekly increase of 3 [7]. 3.3.2 Sugar Futures Prices and Spreads - On June 10, 2025, the closing price of SR01 was 5580, with a daily decrease of 0.18% and a weekly decrease of 0.66%; the closing price of SR03 was 5554, with a daily decrease of 0.18% and a weekly decrease of 0.66%; etc. [9]. 3.3.3 Sugar Spot Prices and Regional Spreads - On June 10, 2025, the price of Nanning sugar was 6080, with no daily change and a weekly decrease of 10; the price of Liuzhou sugar was 6130, with no daily change and a weekly decrease of 15; the price of Kunming sugar was 5900, with no daily change and a weekly decrease of 45 [10]. 3.3.4 Sugar Import Price Daily Changes - On June 10, 2025, the in - quota price of Brazilian sugar imports was 4543, with a daily decrease of 12 and a weekly decrease of 48; the out - of - quota price was 5774, with a daily decrease of 15 and a weekly decrease of 62 [10].

Group 1: Company Overview - Nanhua Capital completed its first over-the-counter options transaction for casting aluminum alloy, showcasing its rapid response capability and innovative advantages in industrial financial services [1] - Shuaiyichi New Materials Group Co., Ltd. focuses on the research, production, and sales of green, low-carbon recycled aluminum alloy materials, with a maximum annual production capacity of 1 million tons and over 400,000 tons of recycled aluminum utilized annually [2] - Nanhua Futures (603093) is a leading comprehensive service provider of derivatives in China, committed to helping enterprises reduce costs and increase efficiency through the use of on-exchange and off-exchange derivative tools [3] Group 2: Industry Insights - China is a major player in the global aluminum industry, with an estimated casting aluminum alloy (recycled) production capacity of approximately 13 million tons and a production volume of about 6.2 million tons in 2024, accounting for 26.2% of global output [3] - The industry faces structural challenges, including tight upstream scrap aluminum supply increasing costs and intense price competition in downstream products compressing profit margins, alongside demand contraction and high inventory levels [3] - The listing of casting aluminum alloy futures provides industry chain enterprises with more precise risk management tools, aiding in cost reduction and efficiency improvement [3]

南华期货股份有限公司股票交易异常波动公告 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个别及连带责任。 重要内容提示： 南华期货股份有限公司（以下简称"公司"）股票于 2025 年 6 月 5 日、6 月 6 日、6 月 9 日连续三个交易日内日收盘价格涨幅偏离值累计达到 20%，根据 《上海证券交易所交易规则》的相关规定，属于股票交易异常波动情形。公司特 别提醒广大投资者注意二级市场交易风险，理性决策，审慎投资。 经公司自查并书面问询公司控股股东、实际控制人，截止本公告披露日， 不存在应披露而未披露的重大信息。 证券代码：603093 证券简称：南华期货 公告编号：2025-037 请广大投资者注意投资风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 6 月 5 日、6 月 6 日、6 月 9 日连续三个交易日内日收盘 价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的相关规定， 属于股票交易异常波动情形。 二、公司关注并核实的相关情况 根据上海证券交易所相关规定，公司对相关问题进行 ...

关于对《南华期货股份有限公司股票交易 异常波动问询函》的回复 南华期货股份有限公司: 本公司于205年 6月 7日收到贵司发出的《南华期货股份有限 公司股票交易异常波动问询函》,经认真自查核实,现就相关情况回 复如下: 截至本函发出之时,作为南华期货股份有限公司(以下简称"南 华期货")的控股股东,除贵公司已披露事项外,不存在影响南华期 货股票交易异常波动的重大事项,不存在其他涉及南华期货应披露而 未披露的重大信息,不存在股票交易异常波动期间买卖南华期货股票 的情形。 特此回复。 实际控制人:东 企业联合会 特此回复 控股股东 限公司 关于对《南华期货股份有限公司股票交易 异常波动问询函》的回复 南华期货股份有限公司: 本会已于必6 年 √ 月 丨日收到贵司发出的《南华期货股份有限 公司股票交易异常波动问询函》,经认真自查核实,现就相关情况回 复如下: 截至本函发出之时,作为南华期货股份有限公司(以下简称"南 华期货")的实际控制人,除贵公司已披露事项外,不存在影响南华 期货股票交易异常波动的重大事项,不存在其他涉及南华期货应披露 而未披露的重大信息,不存在股票交易异常波动期间买卖南华期货股 票的情形。 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-036 南华期货股份有限公司 关于聘任高级管理人员的公告 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个别及连带责任。 南华期货股份有限公司（以下简称"公司"）于 2025 年 6 月 9 日召开第四届 董事会第二十一次会议，审议通过《关于聘任高级管理人员的议案》。经总经理 提名，董事会决定聘任王正浩先生、钟益强先生为公司副总经理（简历详见附件）， 任期自董事会审议通过之日起至本届董事会届满换届之日止。 上述高级管理人员任职资格已经公司董事会提名委员会审查，认为拟聘任的 高级管理人员王正浩先生、钟益强先生具备担任公司高级管理人员的任职资格和 能力，不存在法律、法规和《公司章程》等规定不得担任公司高级管理人员的情 形，不存在被中国证监会确定为市场禁入者且禁入尚未解除的情况。同意聘任王 正浩先生、钟益强先生为公司副总经理。 王正浩先生、钟益强先生简历详见附件。 特此公告。 南华期货股份有限公司董事会 2025 年 6 月 10 日 附件： 王正浩先生：1970 年 12 月出 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-035 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 第四届董事会第二十一次会议决议公告 一、董事会会议召开情况 南华期货股份有限公司（以下简称"公司"）第四届董事会第二十一次会议 于 2025 年 6 月 9 日以现场结合通讯表决方式召开，本次会议的通知于 2025 年 6 月 6 日以电话、电子邮件等方式向全体董事发出，由董事长罗旭峰先生主持。本 次会议应出席董事 7 人，实际出席董事 7 人。公司董事会秘书出席本次会议。公 司监事、高级管理人员列席会议。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律、 行政法规和部门规章以及《公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 本次会议审议并通过如下议案： 2025 年 6 月 10 日 同意聘任王正浩先生、钟益强先生为公司副总经理，任期自董事会审议通过 之日起至本届董事会届满换届之日止。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - After the China-US joint statement, terminal textile and clothing orders recovered, downstream sentiment improved, and polyester raw materials were strong. However, the actual demand boost from rush exports was lower than expected, and there is a high possibility of polyester production cuts. The demand outlook has weakened marginally, and the polyester sector has become a choice for capital short allocation to reduce valuations. The tight spot market has loosened, and the previously high valuation of ethylene glycol has come under pressure. With uncertainties in the China-US talks and the polyester production cuts, and the potential for significant swings in macro expectations and sentiment, shorting at the current position is not cost-effective. It is recommended to wait for the macro situation to become clearer before making further observations [2] Summary by Related Catalogs Polyester Price Range Forecast - The price range forecast for ethylene glycol in the next month is 4150 - 4650 yuan, with a current 20 - day rolling volatility of 18.69% and a 3 - year historical percentile of 42.7%. For PX, it is 6300 - 6900 yuan, with a volatility of 25.01% and a historical percentile of 80.1%. For PTA, it is 4400 - 4900 yuan, with a volatility of 23.92% and a historical percentile of 71.7%. For bottle chips, it is 5700 - 6250 yuan, with a volatility of 19.33% and a historical percentile of 63.7% [1] Polyester Hedging Strategy - **Inventory Management**: When the finished - product inventory of ethylene glycol is high and there are concerns about price drops, to prevent inventory losses, 25% of the inventory can be hedged by short - selling ethylene glycol futures (EG2509) in the range of 4400 - 4500 yuan. 50% can be hedged by buying put options (EG2509P4200) to prevent large price drops and selling call options (EG2509C4450) to reduce capital costs [1] - **Procurement Management**: When the regular inventory for procurement is low and procurement is based on orders, to prevent rising ethylene glycol prices from increasing procurement costs, 50% of the procurement can be hedged by buying ethylene glycol futures (EG2509) at 4200 - 4250 yuan. 75% can be hedged by selling put options (EG2509P4200) to collect option premiums and lock in the purchase price if the price drops [1] Core Contradictions - After the China - US joint statement, the polyester industry chain showed positive signs. However, the actual demand boost from rush exports was insufficient, and there is a high possibility of polyester production cuts. The demand outlook has weakened, and the polyester sector has become a target for short - selling to reduce valuations. The tight spot market has loosened, and the high valuation of ethylene glycol has faced pressure. Due to uncertainties in the China - US talks and production cuts, shorting at the current position is not advisable [2] Bullish Factors - The US Department of Commerce requires ethane export enterprises to obtain licenses to export ethane to China, posing a long - term risk to the raw material supply of ethane - to - ethylene glycol plants. However, the impact on the ethylene glycol supply before the 09 contract is expected to be limited. Also, the prices of crude oil and coal at the cost end have stopped falling [3] Bearish Factors - **Price Changes**: On June 9, 2025, compared with June 6, 2025, the price of Brent crude oil increased by 0.2 dollars to 66.7 dollars per barrel, while the prices of naphtha CFR Japan, toluene FOB Korea, and MX Korea decreased [4] - **Industry News**: There are rumors of production cuts by major filament manufacturers. If implemented, polyester production will be further reduced, and the expected weakening of ethylene glycol demand will be realized in advance. The outflow of bonded warehouse receipts has led to a significant decline in holders' willingness to hold, and the basis has weakened. The decline in the freight index indicates that the intensity of rush exports is lower than expected [6] Market Data - **Price and Spread**: The prices of various polyester - related products such as PX, PTA, ethylene glycol, and polyester fibers showed different degrees of change on June 9, 2025, compared with previous dates. The basis and spreads between different contracts also changed [7] - **Processing Fees and Profits**: The processing fees and profits of products such as gasoline reforming, aromatics reforming, and polyester filaments also changed. The production and sales rates of polyester filaments, short fibers, and polyester chips also showed fluctuations [7][8]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The main logic of the external market lies in the speculation on the planting weather of US soybeans, which is gradually recovering under the China-US peace talks. The domestic market is under continuous pressure from the actual supply, suppressing the near - month and spot prices of meal products. However, the long - position speculation on the weather market and the unfalsifiable expectation of supply gap due to the trade war in the far - month contracts lead to a stronger far - month trend [4]. - The supply pressure in the second quarter and the third quarter is relatively large, resulting in a weak performance of the spot basis. The supply in the second and third quarters is still abundant, but there is a gap in fourth - quarter ship purchases. On the rapeseed meal side, the spot supply pressure remains, and it is difficult to reduce inventory. The far - month supply has the expectation of Sino - Canadian relations improvement [4]. 3. Summary by Relevant Catalogs 3.1 Oilseed Price Range Forecast - Monthly price range forecasts: The price range for soybean meal is 2800 - 3300, with a current 20 - day rolling volatility of 11.1% and a historical percentile (3 - year) of 11.5%. The price range for rapeseed meal is 2450 - 2750, with a current volatility of 0.1765 and a historical percentile (3 - year) of 0.3218 [3]. 3.2 Oilseed Hedging Strategy | Behavior Orientation | Spot Exposure | Strategy Recommendation | Hedging Tool | Buying/Selling Direction | Hedging Ratio (%) | Suggested Entry Interval | | --- | --- | --- | --- | --- | --- | --- | | Trader Inventory Management | Long | Short soybean meal futures according to enterprise inventory to lock in profits and make up for production costs | M2509 | Sell | 25 | 3300 - 3400 | | Feed Mill Procurement Management | Short | Buy soybean meal futures at present to lock in procurement costs in advance | M2509 | Buy | 50 | 2850 - 3000 | | Oil Mill Inventory Management | Long | Short soybean meal futures according to enterprise situation to lock in profits and make up for production costs | M2509 | Sell | 50 | 3100 - 3200 | [3] 3.3 Oilseed Futures Prices | Futures Contract | Closing Price | Daily Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3060 | 12 | 0.39% | | Soybean Meal 05 | 2728 | 7 | 0.26% | | Soybean Meal 09 | 3010 | 52 | 1.76% | | Rapeseed Meal 01 | 2347 | 34 | 1.47% | | Rapeseed Meal 05 | 2360 | 9 | 0.38% | | Rapeseed Meal 09 | 2608 | 41 | 1.6% | | CBOT Yellow Soybeans | 1058 | 0 | 0% | | Offshore RMB | 7.1862 | 0 | 0% | [5][8] 3.4 Bean and Rapeseed Meal Spreads | Spread Type | Price | Daily Change | | --- | --- | --- | | M01 - 05 | 327 | 0 | | M05 - 09 | - 289 | - 26 | | M09 - 01 | - 38 | 7 | | RM01 - 05 | - 4 | 12 | | RM05 - 09 | - 257 | - 19 | | RM09 - 01 | 261 | 7 | | Soybean Meal Rizhao Spot | 2840 | 40 | | Soybean Meal Rizhao Basis | - 170 | - 12 | | Rapeseed Meal Fujian Spot | 2492 | - 2 | | Rapeseed Meal Fujian Basis | - 116 | - 43 | | Bean and Rapeseed Meal Spot Spread | 348 | 42 | | Bean and Rapeseed Meal Futures Spread | 402 | 0 | [9] 3.5 Oilseed Import Costs and Crushing Profits | Import Item | Price (Yuan/Ton) | Daily Change | Weekly Change | | --- | --- | --- | --- | | US Gulf Soybean Import Cost (23%) | 4498.7624 | 0 | - 0.0375 | | Brazilian Soybean Import Cost | 3780.97 | 55.27 | 122.8 | | Cost Difference between US Gulf (3%) and US Gulf (23%) | - 731.5061 | - 5.6889 | - 7.639 | | US Gulf Soybean Import Profit (23%) | - 704.3824 | 0 | 61.638 | | Brazilian Soybean Import Profit | 248.0694 | 3.278 | - 0.0526 | | Canadian Rapeseed Import Futures Profit | 39 | 117 | 94 | | Canadian Rapeseed Import Spot Profit | 23 | 120 | 91 | [10]

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.40亿元，其中，买入成交额为1.72亿 元，卖出成交额为6799.98万元，合计净买入1.04亿元。 南华期货(603093)今日涨停，全天换手率6.65%，成交额7.79亿元，振幅19.05%。龙虎榜数据显示，沪 股通净买入403.41万元，营业部席位合计净买入9962.50万元。 上交所公开信息显示，当日该股因日振幅值达19.05%上榜，沪股通净买入403.41万元。 4月22日公司发布的一季报数据显示，一季度公司共实现营业收入5.34亿元，同比下降46.20%，实现净 利润8573.83万元，同比增长0.13%。（数据宝） 南华期货6月9日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 中国银河证券股份有限公司大连黄河路证券营业部 | 6415.80 | | | 买二 | 沪股通专用 | 4017.23 | | | 买三 | 粤开证券股份有限公司深圳深南大道证券营业部 | 2358.29 | | | 买四 | ...

智通财经6月9日电，南华期货(603093.SH)发布异动公告，公司发行H股股票并在香港联交所主板挂牌上 市尚需取得中国证监会、香港证监会和香港联交所等相关政府机关、监管机构、证券交易所的批准、核 准或备案，该事项仍存在不确定性。 5天4板南华期货：发行H股股票并在香港联交所主板挂牌上市事项仍存在不确定性 ...