证券代码：603093 证券简称：南华期货 公告编号：2025-032 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。 重要内容提示： 南华期货股份有限公司 关于股份回购进展公告 截至 2025 年 5 月 31 日，公司通过上海证券交易所系统以集中竞价交易方式 | 回购方案首次披露日 | 2024/7/9 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过后 12 个月 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 568.12万股 | | 累计已回购股数占总股本比例 | 0.93% | | 累计已回购金额 | 5,008.88万元 | | 实际回购价格区间 | 8.55元/股~9.37元/股 | 一、回购股份的基本情况 南华期货股份有限公司（以下简称"公司"）于 2024 年 7 月 8 日召开第四届 董事会第十五次会 ...

Group 1 - The multi-financial concept is gaining strength, with companies such as Xiangyi Rongtong (600830) and Nanhua Futures (603093) hitting the daily limit up [1] - Other companies like Luxin Venture Capital (600783), Sichuan Shuangma (000935), Xinli Finance (600318), and Zhongyou Capital (000617) are also experiencing upward movement [1]

南华煤焦产业风险管理日报 2025/05/30 南华研究院 黑色研究团队 袁铭：Z0012648 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 | 700-800 | 23.89% | 41.04% | | 焦炭 | 1280-1380 | 20.14% | 27.92% | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 锁定售价 | 钢厂对焦炭提降，担心焦炭价格下跌 | 多 | 做空焦炭2509合约 | J2509 | 卖出 | 25% | 1350-1400 | | | | | | | | 50% | 1400-1450 | | 锁定售价 | 焦煤现货库存高企，担心价格进 ...

Group 1: Report Information - Report Name: Nanhua Futures Silicon Industry Chain Enterprise Risk Management Daily [1] - Date: May 30, 2025 [1] - Analysts: Dai Hongxu, Yu Weihan [1] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - Industrial silicon: The fundamentals remain weak, but the open interest has reached a record high. Be vigilant about the market fluctuations caused by short - covering. The overall industry is in the cycle of eliminating backward production capacity, with continuous supply surplus pressure. The approaching flood season may lead to further inventory accumulation, and the demand side is weak [2][3]. - Polysilicon: The fundamentals are also weak. The spread between the 06 - 07 contracts is strengthening. Be cautious about the spread of the delivery logic of the PS2506 contract to the PS2507 contract. The market is in a state where fundamentals and delivery logic alternate, with wide - range fluctuations on the futures market [3]. - Arbitrage: Pay attention to the arbitrage opportunities between SI and PS [3] Group 4: Price Forecast and Volatility - Industrial silicon: The price of the main contract has a strong resistance level at 7900 yuan/ton, with a current 20 - day rolling volatility of 26.7% and a historical percentile of 83.5% over 3 years [2]. - Polysilicon: The price of the main contract is expected to oscillate widely between 34000 - 38000 yuan/ton, with a current 20 - day rolling volatility of 26.78% and a historical percentile of 65% over 3 years [2] Group 5: Risk Management Strategies Inventory Management - To prevent inventory impairment, short industrial silicon/polysilicon futures (SI2507/PS2507) to lock in profits and cover production costs, with a hedging ratio of 60% and a strategy rating of 3 [2]. - If product inventory is high and there is a risk of inventory impairment, sell call options with a hedging ratio of 80% and a strategy rating of 4, and buy out - of - the - money put options with a strategy rating of 3 [2]. Procurement Management - If the company has a production plan and there is a risk of rising raw material prices, buy forward contracts of industrial silicon/polysilicon to lock in procurement costs, with a hedging ratio based on the procurement plan and a strategy rating of 1 [2]. - Sell put options with a hedging ratio based on the procurement plan and a strategy rating of 2, and buy out - of - the - money call options with a hedging ratio based on the procurement plan and a strategy rating of 1 [2] Group 6: Core Contradictions Industrial Silicon - Supply: The industry is in the stage of eliminating backward production capacity, with continuous supply surplus pressure. The approaching flood season may lead to increased production in Southwest China and further inventory accumulation [3]. - Demand: The demand side is weak, with downstream enterprises bargaining for lower prices. There are still expectations of production cuts in polysilicon and organic silicon, the main downstream consumers [3]. Polysilicon - Supply: The production remains stable, and high - inventory pressure persists. Potential capacity integration may improve the industry situation [3]. - Demand: The support from downstream demand has weakened significantly after the end of the PV installation rush, and the demand - side support is insufficient [3]. - Futures Market: As the delivery month approaches, the contradiction between open interest and warehouse receipts will become more prominent, and the price fluctuations will increase [3] Group 7:利多 and利空 Factors Industrial Silicon - Bullish factors: Positive domestic macro - policies may stimulate power demand, and the cost side has strong support as the short - term collapse space is limited [4]. - Bearish factors: The production capacity in Southwest China is expected to be released as the flood season approaches, and there are actual production cuts in downstream polysilicon enterprises, with inventory continuing to accumulate and weak demand [6][7] Polysilicon - Bullish factors: Potential capacity integration may improve the industry situation, and the low willingness of enterprises for delivery may lead to a delivery - based market logic [4]. - Bearish factors: The failure of enterprise integration and continued inventory accumulation with weak demand [15] Group 8: Market Data Futures Market - Industrial silicon: The latest price of the main contract is 7215 yuan/ton, with a daily decline of 125 yuan, a weekly decline of 665 yuan (- 8.44%), and an annual decline of 41.53%. The trading volume is 539683 lots, and the open interest is 224146 lots [7]. - Polysilicon: The latest price of the main contract is 35280 yuan/ton, with a daily increase of 180 yuan, a weekly decline of 800 yuan (- 2.22%). The trading volume is 145339 lots, and the open interest is 78271 lots [7] Spot Market - Industrial silicon: The prices of various grades in different regions are provided, such as 8500 yuan/ton for East China 553, 9200 yuan/ton for East China 421, etc. The basis and price spreads are also given [14][16] Warehouse Receipts and Inventory - Industrial silicon: The total number of warehouse receipts is 63868 lots, with a decrease of 418 lots (- 3.22%). The inventory in different delivery warehouses is reported, such as 8.8 million tons in the Kunming delivery warehouse (weekly) [24]

Report Industry Investment Rating - Not provided Core View - The near - term contradictions of caustic soda are limited. The supply - side maintenance and strong near - term demand support the spot. But in the medium term, the market logic may shift to the resumption of maintenance and the third - quarter production expectations. Demand has an increase but is insufficient to reverse the situation, and the acceptance of high - price caustic soda by downstream industries such as non - aluminum is limited. The upside of caustic soda is limited, and it may wait for signs of weakness on the spot side [6] Summary by Related Catalogs Price Forecast - The monthly price range forecast for caustic soda is 2400 - 2600, with a current 20 - day rolling volatility of 24.25% and a 3 - year historical percentile of 47.9% [3] Risk Management Strategy Inventory Management - For high finished - product inventory, to prevent inventory depreciation, short caustic soda futures (SH2509) at 50% hedging ratio in the range of 2600 - 2650; sell call options (SH509C2600) at 50% hedging ratio in the range of 60 - 70 to collect premiums and lock in the spot selling price if the price rises [3] Procurement Management - For low regular inventory, to prevent price increases in procurement, buy caustic soda futures (SH2509) at 50% hedging ratio in the range of 2350 - 2400; sell put options (SH509P2400) at 50% hedging ratio in the range of 70 - 80 to collect premiums and lock in the spot purchase price if the price falls [3] Core Contradiction - In the short term, the fundamentals are supported, there is no obvious pressure on the spot, and there is no obvious downward driving force. In the long - term, there is production pressure, which limits the price ceiling. The short - term is generally treated as a sideways trend [4] 利多解读 - In the short term, the fundamentals have no obvious pressure; there are still many maintenance plans in June; the profit of the alumina on the demand side has improved, with a resumption of production expectation; the non - aluminum export rush has improved [4] 利空解读 - In the long - term, there is an oversupply pressure, with a concentrated production expectation on the supply side, and the demand increment is insufficient to support a market reversal [5] Caustic Soda Disk Price/Month Spread | | 2025 - 05 - 29 | 2025 - 05 - 28 | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Caustic Soda 05 Contract | 2428 | 2408 | 20 | 0.83% | | Caustic Soda 09 Contract | 2479 | 2456 | 23 | 0.94% | | Caustic Soda 01 Contract | 2380 | 2363 | 17 | 0.72% | | Month Spread (5 - 9) | - 51 | - 48 | - 3 | | | Month Spread (9 - 1) | 99 | 93 | 6 | | | Month Spread (1 - 5) | - 48 | - 45 | - 3 | | | 05 Contract Basis (Shandong Jinling) | 384.5 | 404.5 | - 20 | | | 09 Contract Basis (Shandong Jinling) | 333.5 | 356.5 | - 23 | | [6] Liquid Caustic Soda/Flake Caustic Soda Spot Situation - Most prices of liquid caustic soda (32% and 50%) and flake caustic soda in different regions remained unchanged on May 29, 2025, compared with the previous day, except for a 1.2% increase in the 32% liquid caustic soda price of Shandong Lutai and a 0.7% increase in the flake caustic soda price in the Southwest region [7] Caustic Soda Grade/Regional Spread - Most caustic soda grade/regional spreads remained unchanged on May 29, 2025, compared with the previous day, except for a 10 - point increase in the 50% caustic soda spread between Guangdong and Shandong [8]

Report Overview - Report Name: Glass and Soda Ash Industry Risk Management Daily - Date: May 29, 2025 - Author: Shou Jialu (Investment Consultation License No.: Z0020569) - Investment Consultation Business Qualification: CSRC License [2011] No. 1290 1. Price Range Forecast - Glass price range (monthly): 900 - 1200, current volatility (20 - day rolling): 27.81%, current volatility historical percentile (3 - year): 46.6% [2] - Soda ash price range (monthly): 1100 - 1350, current volatility (20 - day rolling): 25.00%, current volatility historical percentile (3 - year): 30.3% [2] 2. Hedging Strategies Glass - For inventory management with high finished - product inventory and fear of price decline, sell FG2509 futures at a 50% ratio when the price reaches 1100 to lock in profits and cover production costs [2] - Sell FG509 C1200 call options at a 50% ratio with an entry range of 20 - 30 to collect premiums, reduce costs, and lock in the spot selling price if the price rises [2] Soda Ash - For inventory management with high finished - product inventory and fear of price decline, sell SA2509 futures at a 50% ratio when the price reaches 1300 to lock in profits and cover production costs [2] - Sell SA509 C1300 call options at a 50% ratio with an entry range of 30 - 40 to collect premiums, reduce costs, and lock in the spot selling price if the price rises [2] 3. Core Contradictions Glass - Supply chain faces over - supply pressure; in the off - season of demand with weak expectations, but no new cold - repair expectations have been triggered [3] Soda Ash - There is a consensus on over - supply expectations, and new production capacity is expected in the long - term; costs are continuously decreasing, and there are still profits in the supply chain [3] 4. Bullish Factors Glass - Supply remains in a low - level fluctuation state; the futures price is approaching the full - supply - chain loss state; low prices lead to cold - repair expectation disturbances [3] Soda Ash - Manufacturer maintenance from May to June is gradually being realized; exports exceed expectations, alleviating domestic over - supply pressure [3] 5. Bearish Factors Glass - There are still ignition expectations on the supply side, and no large - scale cold - repair expectations; actual demand is weak; overall social inventory is high, and the off - season is approaching [3] Soda Ash - New production capacity continues to be put into operation; social inventory is at an absolute historical high; there are still profits in the supply chain [3] 6. View Summaries Glass - If the low price persists, focus on the increase in cold - repair expectations. Although the glass valuation is relatively low, the short - term fundamentals and cost support are weak [3] Soda Ash - The futures market is under continuous pressure. New production capacity may gradually release output, and maintenance fails to provide short - term support. With cost reduction and remaining supply - chain profits, it should be treated bearishly. Further price cuts from soda ash manufacturers are needed to drive the price down [3] 7. Price and Spread Data Glass - On May 29, 2025, the 05 - contract price was 1101 (down 13 from the previous day, - 1.17%); the 09 - contract price was 985 (down 24, - 2.38%); the 01 - contract price was 1049 (down 19, - 1.78%) [3][5] - The 5 - 9 month - spread was 116 (up 11 from the previous day); the 9 - 1 month - spread was - 64 (down 5); the 1 - 5 month - spread was - 52 (down 6) [5] - The 05 - contract basis in Shahe was 50 (up 8.4); in Hubei, it was 19 (up 73); the 09 - contract basis in Shahe was 165.6 (up 19.4); in Hubei, it was 55 (up 4) [5] - The average spot price of glass in Shahe was 1150.6 (down 4.6 from the previous day) [6] Soda Ash - On May 29, 2025, the 05 - contract price was 1253 (down 7 from the previous day, - 0.56%); the 09 - contract price was 1203 (down 12, - 0.99%); the 01 - contract price was 1201 (down 6, - 0.5%) [7] - The 5 - 9 month - spread was 50 (up 5 from the previous day, 11.11%); the 9 - 1 month - spread was 2 (down 6, - 75%); the 1 - 5 month - spread was - 52 (up 1, - 1.89%) [7] - The heavy - alkali basis in Shahe was 52 (up 12); in Qinghai, it was - 103 (up 12) [7] - The heavy - alkali market price in Shahe on May 29 was 1243 (down 12 from the previous day) [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Industrial silicon: The fundamentals remain weak, but the trading volume has reached a record high. Be vigilant of market fluctuations caused by short - covering. There is a supply surplus, and the demand is weak. Consider shorting industrial silicon and longing polysilicon for arbitrage opportunities [3]. - Polysilicon: The fundamentals are still weak. The price difference between the 06 - 07 contracts is strengthening. Be cautious of the spread of the delivery logic of the PS06 contract to the PS07 contract. Look for positive arbitrage opportunities between the 07 - 08/07 - 09 contracts of polysilicon. The market is in a state of alternating fundamentals and delivery logic, with wide - range fluctuations [3]. 3. Summary by Related Catalogs 3.1 Price and Volatility - Industrial silicon: The price of the main contract faces strong resistance at 8000. The current 20 - day rolling volatility is 27.3%, and the historical percentile of volatility in the past 3 years is 83.7% [2]. - Polysilicon: The price of the main contract fluctuates widely between 34000 - 38000. The current 20 - day rolling volatility is 28.94%, and the historical percentile of volatility in the past 3 years is 85% [2]. 3.2 Risk Management Strategies 3.2.1 Inventory Management - To prevent inventory impairment, sell industrial silicon/polysilicon futures (SI2507/PS2507) with a hedging ratio of 60% and a strategy level of 3 [2]. - When product inventory is high and there is a risk of impairment, sell call options with a hedging ratio of 80% and a strategy level of 4, and buy out - of - the - money put options with a strategy level of 3 [2]. 3.2.2 Procurement Management - To prevent future raw material price increases, buy far - month industrial silicon/polysilicon contracts according to the production plan, with a strategy level of 1. Sell put options with a strategy level of 2, and buy out - of - the - money call options with a strategy level of 1 [2]. 3.3 Core Contradictions 3.3.1 Industrial Silicon - Supply: In the process of eliminating backward production capacity, with the approaching of the wet season, enterprises in the southwest are increasing furnace operation, and there is a risk of further inventory accumulation [3]. - Demand: Overall weak, downstream enterprises are bargaining for purchases, and there are still expectations of production cuts in the future [3]. 3.3.2 Polysilicon - Supply: Production is stable, but high - inventory pressure persists. If there are plans for capacity integration and elimination, it may improve the industry situation [3]. - Demand: The support from downstream demand has significantly weakened after the end of the photovoltaic installation rush [3]. - Futures: As the delivery month approaches, the contradiction between the number of positions and warehouse receipts will become prominent, and the price fluctuations will increase [3]. 3.4利多解读 3.4.1 Industrial Silicon - Macro - policy support may stimulate power demand growth, and the long - term industry is in an upward cycle. The cost has limited room for further decline, providing strong cost support [4]. 3.4.2 Polysilicon - There may be plans for capacity integration and elimination in the industry, which could improve the industry situation. Enterprises are not very willing to deliver, and the market follows the delivery logic [4]. 3.5利空解读 3.5.1 Industrial Silicon - With the approaching of the wet season, production capacity is being released, and downstream enterprises are rumored to jointly cut production, further weakening demand [7]. 3.5.2 Polysilicon - The capacity integration and elimination plan fails, and the inventory continues to accumulate with weak demand [16]. 3.6 Market Data 3.6.1 Futures Market - Industrial silicon: The latest price of the main contract is 7340 yuan/ton, with a weekly decline of 6.85%. The trading volume is 624841 lots, a weekly increase of 199.83%. The position is 226069 lots, a weekly increase of 23.07% [8]. - Polysilicon: The latest price of the main contract is 35100 yuan/ton, with a weekly decline of 2.72%. The trading volume is 153272 lots, a weekly increase of 21.39%. The position is 79868 lots, a weekly increase of 3.33% [8]. 3.6.2 Spot Market - Industrial silicon: The prices of different grades in various regions are provided, such as 8500 yuan/ton for East China 553 and 9200 yuan/ton for East China 421. The basis and price difference data are also given [15][17].

Report Summary 1. Core View - The current market is in the new Brazilian sugarcane crushing season, with the main focus on the expected increase in Brazilian production. Indian sugar production has decreased and Thai production has increased. After the restrictions on domestic syrup and premixes and the completion of domestic sugar crushing, the overall situation has few variables [4]. 2. Industry Investment Rating - No investment rating information is provided in the report. 3. Summary by Related Catalogs 3.1 Price Forecast and Strategy - **Price Forecast**: The monthly price range of sugar is predicted to be between 5600 - 5800, with a current 20 - day rolling volatility of 8.04% and a historical percentile of 3.1% over 3 years [3]. - **Risk Management Strategies** - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can sell SR2507 futures at a 50% hedging ratio in the 5900 - 5950 range and sell SR507C6000 call options at a 75% ratio in the 10 - 20 range [3]. - **Procurement Management**: For those with low regular inventory and aiming to purchase based on orders, they can buy SR2507 futures at a 25% hedging ratio in the 5750 - 5800 range and sell SR509P5600 put options at a 75% ratio in the 30 - 40 range [3]. 3.2 Core Contradictions - The market is mainly debating the current and future sugar production in Brazil. Indian production decline and Thai production increase are established facts. After restrictions on domestic syrup and premixes and domestic sugar crushing completion, the situation is relatively stable. The recent market is trading on the expected increase in Brazilian production [4]. 3.3利多解读 (Positive Factors) - India's sugar production has declined this season, but the expected ending inventory of 480 - 500 million tons can meet domestic consumption from October to November 2025 [6]. - China has suspended the import of Thai syrup and premixes [6]. - In the second half of April in Brazil's central - southern region, the sugarcane crushing volume was 17.725 million tons, a 49.35% year - on - year decrease, sugar production was 856,000 tons, a 53.79% year - on - year decrease, and ethanol production decreased by 35.37% to 985 million liters. The sugar - cane ratio was 45.82% compared to 44.22% in the previous season. Rainfall in late April led to lower - than - expected crushing [6]. 3.4利空解读 (Negative Factors) - Heavy rainfall in Guangxi since May 9 has alleviated the previous drought [7]. - Analysis firm JOB predicts a 5% increase in Brazil's 25/26 sugar production to 46 million tons [7]. - Thailand's 24/25 sugar production is expected to increase to 10.39 million tons [7]. 3.5 Market Data - **Sales Data**: As of the end of April, the cumulative national sugar sales volume was 7.2446 million tons, a year - on - year increase of 1.4981 million tons (26.07%), and the cumulative sugar sales rate was 65.22% (the highest in the same period in the past 25 sugar - making seasons), 7.49 percentage points faster than the same period last year [9]. - **Basis Data**: On May 28, 2025, the basis between different regions and futures contracts showed various changes. For example, the basis of Nanning - SR01 was 481, with a daily increase of 34 and a weekly increase of 59 [10]. - **Futures Price and Spread Data**: On May 28, 2025, the closing prices of different sugar futures contracts showed different daily and weekly changes. For example, SR01 closed at 5674, with a daily decline of 0.6% and a weekly decline of 0.94% [11]. - **Spot Price and Regional Spread Data**: On May 28, 2025, the spot prices of sugar in different regions also changed. For example, the price in Nanning was 6155, with no daily change and a weekly increase of 5 [12]. - **Import Price Data**: On May 28, 2025, the import prices of Brazilian and Thai sugar decreased. For example, the in - quota price of Brazilian sugar was 4680, with a daily decrease of 16 and a weekly decrease of 106 [13].

Core Viewpoint - The overall pressure on the futures industry has increased due to regulatory adjustments, intensified competition, and a low-interest-rate environment, impacting revenue and operational strategies of listed futures companies [1][2]. Group 1: Industry Overview - The adjustment of the trading rules by the China Futures Association will significantly affect the revenue recognition of futures companies starting in 2025, despite not altering the actual profit and loss situation [1]. - The first quarter of 2025 saw a significant revenue decline for South China Futures, with a 46.20% year-on-year drop to 534 million yuan, primarily due to the impact of new regulations on its risk management business [2]. - Despite revenue fluctuations, South China Futures reported a slight increase in net profit, reaching 85.74 million yuan in the first quarter of 2025, a 0.13% year-on-year growth, leading among its peers [2]. Group 2: Business Strategy and Innovation - In response to the competitive landscape and declining fees, South China Futures has shifted its business focus towards institutional and industrial clients, enhancing communication and collaboration through various initiatives [3]. - The company has launched multiple market cultivation activities in collaboration with exchanges to address challenges faced by enterprises, injecting new vitality into its brokerage business [3][4]. Group 3: Regional Expansion and Service to the Real Economy - The opening of a new branch in Wuhan in 2024 enhances South China Futures' coverage in the central and western regions, providing new growth opportunities [4]. - The company has effectively utilized its expertise in risk management to support agricultural enterprises through innovative models like "insurance + futures," providing 3.46 billion yuan in risk protection across over 160 projects [4]. Group 4: International Business Development - South China Futures has established a presence in major international cities, including Hong Kong, Chicago, Singapore, and London, covering key global time zones [5]. - As of the end of 2024, the total scale of its overseas brokerage business reached 13.8 billion HKD, with asset management totaling 2.5 billion HKD, indicating a robust international business strategy [5]. - The company aims to further expand its clearing business and localize its brokerage operations, enhancing its revenue structure and demonstrating resilience amid regulatory changes [5].

在复杂多变的外部环境下，中国期货市场如何更好服务实体经济，赋能新质生产力，助力经济高质量发展？我国期货市场正在给出自己的解答，以"变革""重 构"应对"不确定性"。 5月21日，由证券时报社主办、中国上市公司协会支持的第八届（2025）西湖大会在杭州盛大召开。当天下午，南华期货携手浙江南华资本管理有限公司，联合主 办第八届（2025）西湖大会分论坛"智链实体新生态·数驱产融新未来——2025中国衍生品市场数智生态论坛"。 这场盛会不仅会聚了金融行业的精英翘楚，更通过深度的思想交流与智慧碰撞，为衍生品市场服务实体经济的创新与发展开辟新思路、探索新策略，为行业的发展 注入新的活力与智慧。 大宗商品"大变局" 2025年大宗商品波动率会怎样？在本次分论坛主旨演讲环节，南华期货首席经济学家朱斌给出了他的判断："2025年大宗商品波动率低不应该是常态，理论上来说， 具备低波动率转成高波动率的条件。" 大宗商品是期货市场服务实体经济、助力打造新质生产力与实现健康内循环的直接载体。过去数月，商品的行情演绎了"大变局"。 "2025年，大家关注的全球经济问题，更多集中在政治方面。当下，社会政治对经济影响显著，政治经济学愈发重 ...