Group 1: Report Overview - Report Title: Glass Soda Ash Industry Risk Management Daily Report [1] - Date: May 16, 2025 [1] - Author: Shou Jialu (Investment Consulting License No.: Z0020569) [1] - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Group 2: Price Forecast and Volatility - Glass price range forecast (monthly): 900 - 1200, current volatility (20 - day rolling): 34.52%, current volatility historical percentile (3 - year): 77.1% [2] - Soda ash price range forecast (monthly): 1100 - 1400, current volatility (20 - day rolling): 19.66%, current volatility historical percentile (3 - year): 10.9% [2] Group 3: Hedging Strategies Glass - For inventory management with high finished - product inventory and fear of price decline, short glass futures (FG2509) to lock in profits and cover production costs, with a 50% hedging ratio and recommended entry at 1100; sell call options (FG509C1200) to collect premiums, with a 50% hedging ratio and recommended entry at 20 - 30 [2] Soda Ash - For inventory management with high finished - product inventory and fear of price decline, short soda ash futures (SA2509) to lock in profits and cover production costs, with a 50% hedging ratio and recommended entry at 1350; sell call options (SA509C1400) to collect premiums, with a 50% hedging ratio and recommended entry at 40 - 50 [2] Group 4: Core Contradictions and Factors Glass - Core contradictions: Demand off - season; over - supply pressure in the industrial chain [3] - Bullish factors: Supply remains low and stable; futures price approaching full - industry loss; potential cost increase due to coal - to - gas conversion [3] - Bearish factors: Potential supply ignition; weak actual demand; high social inventory and approaching off - season [3] Soda Ash - Core contradictions: Consistent over - supply expectation; declining costs with remaining industrial chain profits [3] - Bullish factors: Manufacturer maintenance from May to June; better - than - expected exports alleviating domestic over - supply [3] - Bearish factors: New capacity addition; historically high social inventory; remaining industrial chain profits [3] Group 5: Price and Spread Data Glass - On May 16, 2025, glass 05 contract price was 991 (down 38 or 3.69% from the previous day), 09 contract was 1005 (down 31 or 2.99%), 01 contract was 1062 (down 23 or 2.12%) [3] - Various glass spot prices in different regions showed some declines on May 16, 2025, with the average price of沙河交割品 dropping by 12.6 [5] Soda Ash - On May 16, 2025, soda ash 05 contract price was 1264 (down 21 or 1.63% from the previous day), 09 contract was 1289 (down 41 or 3.08%), 01 contract was 1286 (down 22 or 1.68%) [6] - Soda ash spot prices in different regions remained stable on May 16, 2025 [7]

Report Information - Report Title: Ferroalloy Industry Risk Management Daily Report - Report Date: May 15, 2025 - Analysts: Yuan Ming (Z0012648), Chen Mintao (F03118345) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - Silicon manganese maintains a trend of production - cut pricing. Although the pressure of high supply has eased, supply still exceeds demand due to weak downstream demand. There is still high - inventory pressure, but there is a possibility of a short - term rebound as many short - sellers take profits and leave the market. Silicon iron increased production this week, with inventory reduction and an increase in warrant registration. Although high hot metal in downstream demand still provides some support, the high - inventory pattern of ferroalloys remains unchanged. With the cooling of macro - optimistic sentiment in the short term, ferroalloys are expected to show bottom - range fluctuations [3] Summary by Directory Ferroalloy Price Range Forecast - Silicon iron price range (monthly): 5700 - 6000, current volatility (20 - day rolling): 10.69%, current volatility historical percentile (3 - year): 6.9% - Silicon manganese price range (monthly): 5500 - 6000, current volatility (20 - day rolling): 12.73%, current volatility historical percentile (3 - year): 27.9% [2] Ferroalloy Hedging - **Inventory Management**: For enterprises with high finished - product inventory worried about ferroalloy price drops, they can short ferroalloy futures (SF2509, SM2509) to lock in profits and cover production costs, with a hedging ratio of 15% and recommended entry intervals of SF: 6200 - 6250, SM: 6400 - 6500 [2] - **Procurement Management**: For enterprises with low regular procurement inventory aiming to purchase based on orders, they can buy ferroalloy futures (SF2509, SM2509) at present to lock in procurement costs in advance, with a hedging ratio of 25% and recommended entry intervals of SF: 5300 - 5400, SM: 5300 - 5400 [2] 利多解读 Silicon Iron - High hot metal supports the demand for silicon iron - After continuous decline, low - valued silicon iron may rebound - Uncertainty of tariffs is greatly reduced in the short - term due to Sino - US tariff negotiations, warming market sentiment - Silicon iron factory inventory decreased by 11.8% compared with the previous period [7] Silicon Manganese - Decline in开工率 and production, with increased losses of producers recently, strengthening the willingness to cut production and some areas having shutdown for maintenance - Strict government control policies on high - energy - consuming industries may lead to industrial structure adjustment and upgrading in the silicon manganese industry - Uncertainty of tariffs is greatly reduced in the short - term due to Sino - US tariff negotiations, warming market sentiment [7] 利空解读 Silicon Iron - Silicon iron production increased by 3.9% this week, and warrants increased by 7.77% compared with the previous period - High inventory level of silicon iron suppresses prices as market demand recovery lags behind supply growth [12] Silicon Manganese - Silicon manganese factory inventory continued to accumulate, with a 13.9% increase compared with the previous period as of May 11 - High factory inventory combined with high warrants increases the total inventory, suppressing price increases due to oversupply [12] Daily Data Silicon Iron - On May 14, 2025, the basis in Ningxia was 114, with a daily - on - daily change of - 104 and a weekly - on - weekly change of - 146; the 01 - 05 spread was 82, with a daily - on - daily change of 18 and a weekly - on - weekly change of 0; the 05 - 09 spread was - 32, with a daily - on - daily change of - 8 and a weekly - on - weekly change of - 6; the 09 - 01 spread was - 50, with a daily - on - daily change of - 10 and a weekly - on - weekly change of 6 - Silicon iron spot prices in different regions had different changes, and the number of warrants was 19189, with a daily - on - daily increase of 141 and a weekly - on - weekly increase of 161 [10] Silicon Manganese - On May 14, 2025, the basis in Inner Mongolia was 64, with a daily - on - daily change of - 78 and a weekly - on - weekly change of - 184; the 01 - 05 spread was 128, with a daily - on - daily change of - 2 and a weekly - on - weekly change of - 24; the 05 - 09 spread was - 74, with a daily - on - daily change of - 2 and a weekly - on - weekly change of 0; the 09 - 01 spread was - 54, with a daily - on - daily change of 4 and a weekly - on - weekly change of 24 - Silicon manganese spot prices in different regions had different changes, and the number of warrants was 118553, with a daily - on - daily decrease of 140 and a weekly - on - weekly decrease of 1621 [11]

Sector Investment Rating - No investment rating information is provided in the report. Core Views - The polyester industry chain was significantly affected by US tariff hikes on textile and clothing exports. After the China-US tariff negotiation signals, market sentiment has improved. The China-US joint statement's results exceeded expectations, and further negotiations are possible [3]. - On the supply side, recent maintenance of PX, TA, and EG has been concentrated, leading to a significant supply contraction. Combined with the expectation of trade easing, the willingness to hold goods has strengthened, tightening spot liquidity and strengthening the near-month basis [3]. - On the demand side, polyester demand is resilient. The current polyester operating rate is at a historical high due to the resilience of filament and better-than-expected bottle chip exports. After the China-US joint statement, the polyester operating rate is expected to remain high in the short term [3]. Summary by Relevant Catalogs Polyester Price Range Forecast - The monthly price range forecasts for different polyester products are as follows: ethylene glycol (EG) is 4,250 - 4,750 yuan/ton, PX is 6,400 - 7,000 yuan/ton, PTA is 4,500 - 5,000 yuan/ton, and bottle chips are 5,750 - 6,350 yuan/ton. The current 20-day rolling volatility and its 3-year historical percentile are also provided [2]. Polyester Hedging Strategy - **Inventory Management**: When the finished product inventory is high and there are concerns about EG price drops, companies can short EG futures to lock in profits and cover production costs, with a 25% hedging ratio and an entry range of 4,550 - 4,600 yuan/ton. They can also buy put options to prevent price drops and sell call options to reduce costs, with a 50% hedging ratio and an entry range of 4,375 - 4,400 yuan/ton [2]. - **Procurement Management**: When the procurement inventory is low and companies want to purchase based on orders, they can buy EG futures to lock in procurement costs, with a 50% hedging ratio and an entry range of 4,350 - 4,400 yuan/ton. They can also sell put options to collect premiums and lock in the purchase price if the price drops, with a 75% hedging ratio and an entry range of 4,460 - 4,490 yuan/ton [2]. Core Contradictions - The polyester industry chain was affected by US tariff hikes on textile and clothing exports. After the China-US tariff negotiation signals, market sentiment improved. The joint statement's results exceeded expectations, and further negotiations are possible [3]. - On the supply side, recent maintenance of PX, TA, and EG has been concentrated, leading to a significant supply contraction. Combined with the expectation of trade easing, the willingness to hold goods has strengthened, tightening spot liquidity and strengthening the near-month basis [3]. - On the demand side, polyester demand is resilient. The current polyester operating rate is at a historical high due to the resilience of filament and better-than-expected bottle chip exports. After the China-US joint statement, the polyester operating rate is expected to remain high in the short term [3]. 利多解读 - No specific content is provided in the report. 利空解读 - Price data for various products on May 15, 2025, May 14, 2025, and May 8, 2025, are presented, including daily and weekly changes [5][8]. 利多因素 - The China-US joint statement led to an unexpected reduction in tariffs, improving macro sentiment [7]. - Polyester load reached a historical high. Before the holiday, filament inventory decreased significantly due to downstream stocking, alleviating inventory pressure [7]. - Terminal orders to the US partially recovered due to tariff reduction, and there are signs of recovery in terminal demand during the exemption period [7]. - Unexpected shutdowns at Hengli and a slight reduction in production at Sheng Hong led to a supply contraction, widening the supply-demand gap in May and June and tightening liquidity expectations [7]. 利空因素 - Polyester profit margins have been continuously compressed, which may reduce production efficiency and enthusiasm [7]. - The price of动力煤has been declining, weakening cost support [7]. - EG's profit margins have significantly improved, and its valuation has increased from a low level [7].

Core Viewpoint - The legal opinion issued by Jincheng Tongda & Neal Law Firm confirms that Nanhua Futures Co., Ltd.'s differentiated dividend distribution plan complies with relevant laws and regulations, ensuring no harm to the interests of the company or its shareholders [2][7]. Group 1: Differentiated Dividend Distribution - Nanhua Futures plans to implement a differentiated dividend distribution based on the total share capital after deducting shares held in the repurchase account, resulting in a base of 604,384,659 shares for the distribution [4][5]. - The company intends to distribute a cash dividend of 0.76 yuan per 10 shares, totaling approximately 45,933,234.08 yuan (including tax) [4][5]. Group 2: Legal Compliance and Verification - The law firm conducted thorough verification of the authenticity, accuracy, and completeness of the materials provided by Nanhua Futures regarding the differentiated dividend distribution [3][6]. - The legal opinion asserts that the differentiated dividend distribution aligns with the Company Law, Securities Law, and the guidelines for share repurchase, confirming no detrimental effects on the company or shareholders [7]. Group 3: Impact on Share Price - The reference price for ex-dividend is calculated based on the last closing price of 11.87 yuan per share, adjusted for the cash dividend, resulting in a minimal impact of approximately 0.0059% on the ex-dividend reference price [6].

Core Viewpoint - The company has announced a cash dividend distribution plan for the fiscal year 2024, with a proposed cash dividend of 0.0760 CNY per share, approved during the annual shareholders' meeting on March 31, 2025 [2][3]. Dividend Distribution Plan - The total number of shares eligible for the dividend distribution is 604,384,659, calculated from the total share capital of 610,065,893 shares minus 5,681,234 shares that have been repurchased [3]. - The total cash dividend to be distributed amounts to 45,933,234.08 CNY (including tax) [3]. - The cash dividend will be distributed based on the shares registered as of the close of trading on May 22, 2025, with the ex-dividend date set for May 23, 2025 [2][3]. Taxation and Payment Details - Individual shareholders will not have personal income tax withheld at the time of cash dividend distribution; however, tax will be calculated based on the holding period when shares are sold [5]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied to the cash dividend [6]. - For Hong Kong investors holding shares through the Stock Connect program, a 10% withholding tax will also be applied, resulting in a net cash dividend of 0.0684 CNY per share [6]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's board office at 0571-87833551 [6].

证券代码：603093 证券简称：南华期货 公告编号：2025-030 调整前回购价格上限：不超过人民币 13.90 元/股 调整后回购价格上限：不超过人民币 13.82 元/股 回购价格调整起始日：2025 年 5 月 23 日（2024 年年度权益分派除权除 息日） 次分配实施前总股本 610,065,893 股扣除已回购股份 5,681,234 股）为基数，每 10 股派发现金股利 0.76 元（含税），合计派发现金股利 45,933,234.08 元（含 税）。本次权益分派实施的具体情况详见公司于同日在上海证券交易所网站 （www.sse.com.cn）披露的《南华期货股份有限公司 2024 年年度权益分派实施 公告》（公告编号：2025-029）。 南华期货股份有限公司关于 2024 年年度权益分派实施后调整回购股份价格上限 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。 重要内容提示： 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 ...

北京金诚同达律师事务所 关于 南华期货股份有限公司 2024 年度差异化分红事项 之 法律意见书 北京市建国门外大街1号国贸大厦A座十层 100004 电话：010—57068585 传真：010—85150267 金诚同达律师事务所 法律意见书 对本所出具的法律意见书，本所律师声明如下： 1. 本所律师依据本法律意见书出具日前已经发生或存在的事实和中华人民 共和国（以下简称"中国"，但就本法律意见书而言，不包括香港特别行政区、 澳门特别行政区及台湾）正式公布、实施且有效的法律、法规和规范性文件发表 法律意见。 北京金诚同达律师事务所 关于南华期货股份有限公司 2024 年度差异化分红事项之 法律意见书 金证法意[2025]字 0506 第 0413 号 致：南华期货股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上海证券交易所上市公司自律 监管指引第7号——回购股份（2025年3月修订）》（以下简称"《回购股份指引》"） 等法律、法规和规范性文件以及《南华期货股份有限公司章程》（以下简称"《公 司章程》"）的规定，本所受南华期货股 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-029 南华期货股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.0760元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/22 | － | 2025/5/23 | 2025/5/23 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 3 月 31 日的2024年年度股东大会审议通过。 （2）差异化分红除权除息的处理依据及计算公式 公司根据《上海证券交易所交易规则》等相关规定，将按照以下公司计算除权除息开盘 参考价： 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据 ...

南华期货特邀恒生电子（600570）首席科学家、公司副总裁白硕将分享"衍生品市场如何应用AI技术赋 能实体产业"，探讨人工智能在衍生品交易、风险管理等方面的应用前景与实践案例。杭州热联集团高 级副总裁劳洪波则将围绕"新生态新思路，服务实体新需求"，阐述衍生品市场在服务实体经济中的创新 模式与成功经验。 第八届西湖大会即将于5月21日在杭州洲际酒店盛大启幕。作为大会的亮点之一，南华期货（603093） 主办的"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"备受瞩目。在全球化 与金融科技深度融合的背景下，南华期货汇聚行业精英，共同探讨金融如何服务新质生产力，拓展 AI、金融科技为产业服务的边界，把握最新市场脉络，共谋衍生品市场、AI技术在服务实体经济中的 新角色与新路径。 南华期货首席经济学家朱斌将登场带来题为"大变局背景下大宗商品怎么走？"的主题演讲，届时将深入 分析全球经济格局变化对大宗商品市场的影响，帮助投资者和企业更好地了解如何在此背景下把握机 遇、应对挑战。 论坛还特别设置圆桌讨论环节，由南华期货牵头，联合东方财富（300059）、晨实科技、正泰电气等企 业代表，围绕"AI时代， ...

玻璃纯碱产业风险管理日报 2025/05/14 寿佳露（投资咨询证号：Z0020569） 投资咨询业务资格：证监许可【2011】1290号 玻璃纯碱价格区间预测 | | 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（3年） | | --- | --- | --- | --- | | 玻璃 | 900-1200 | 34.52% | 77.1% | | 纯碱 | 1200-1400 | 19.66% | 10.9% | source： 南华研究 玻璃纯碱套保策略表 | | 行为 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 导向 | | | | | | （%） | | | | 库存 管理 | 产成品库存偏 高，担心玻璃 | 多 | 为了防止存货叠加损失，可以根据 企业的库存情况，做空玻璃期货来 卖出看涨期权收取权利金降低成 | FG2509 | 卖出 | 25% | 1070-1110 | | | | ...