Group 1 - The multi-financial concept has seen significant movement, with Jiuding Investment (600053) hitting the daily limit up, and Hainan Huate (603300) rising over 7% [1] - Other companies such as Cuiwei Co. (603123), Nanhua Futures (603093), Ruida Futures (002961), and Xinli Finance (600318) also experienced gains [1]

Core Viewpoint - Nanhua Futures Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, after being listed on the Shanghai Stock Exchange [1][4]. Company Overview - Nanhua Futures is a financial services provider based in China, focusing on futures and derivatives, offering customized risk management services to industrial clients, financial institutions, and individual investors [4]. - The company aims to provide diversified wealth management services for both domestic and overseas investors [4]. Products and Services - The main products and services include domestic futures brokerage, risk management services, wealth management in China, and overseas financial services [5]. - As of December 31, 2024, the company's domestic futures brokerage client equity reached RMB 31.6 billion, a 65.4% increase from December 31, 2022, while the compound annual growth rate for the Chinese futures industry was 1.9% [5]. Financial Performance - The company's operating income for 2022, 2023, and 2024 was approximately RMB 6.82 billion, RMB 6.25 billion, and RMB 5.71 billion, respectively [6]. - The annual profit for the same years was approximately RMB 246 million, RMB 403 million, and RMB 458 million [6][11]. - Net commission and fee income for 2022, 2023, and 2024 were RMB 498 million, RMB 612 million, and RMB 542 million, respectively [9]. - Interest income for the same years was RMB 366 million, RMB 605 million, and RMB 726 million, while interest expenses were RMB 39 million, RMB 60 million, and RMB 44 million [9]. Market Position - According to a report by Frost & Sullivan, Nanhua Futures ranked 8th among all futures companies in China by total revenue in 2023 and ranked 1st among non-financial institution-related futures companies [5]. - The company also ranked 1st in overseas income among all futures companies in China in 2023 [5]. Technology and Infrastructure - Nanhua Futures has established a robust and innovative IT infrastructure to enhance business operations, corporate governance, and risk management [6]. - The company utilizes advanced systems for high-frequency monitoring and risk management, ensuring secure and efficient trading through a resilient data center architecture [6].

Company Performance - In 2024, the company achieved a revenue of 5.712 billion yuan, showing a slight year-on-year decline [2] - The net profit attributable to shareholders increased by 13.96% year-on-year, reaching 458 million yuan [2] - Basic earnings per share for 2024 were 0.75 yuan, up 13.64% compared to the previous year [2] - The weighted average return on equity was 11.71%, an increase of 0.25 percentage points from 2023 and a significant rise of 3.96 percentage points from 2022, marking the best level in nearly a decade [2] Cost Management - The company demonstrated significant cost reduction, with operating costs decreasing by 9.83% year-on-year [3] Industry Environment - The overall environment for the futures industry in 2024 was challenging, with the cumulative trading volume in the national futures market declining by 9.08% year-on-year [3] - Increased competition in the futures brokerage business and a continuous decline in domestic interest rates have put considerable operational pressure on futures firms [3] - The strong regulatory environment has further deepened its impact on the industry [3] Shareholder Returns - The company announced a cash dividend of 0.076 yuan per share (tax included), totaling 45.9332 million yuan, which is a 14% increase compared to 2023 [3] - This dividend represents the largest cash distribution since the company went public [3] - The company has also been actively repurchasing shares, having bought back 5.68 million shares, accounting for 0.93% of the total share capital, with a total expenditure of 50.0888 million yuan (excluding transaction fees) [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View Market confidence is continuously being restored, and stock index continues to rise. In the future, on one hand, the Sino-US trade war is escalating with tariff hikes up to 125%, and external shocks remain. On the other hand, under the increasing downward pressure on external demand, the expectation of domestic favorable policies strengthens, providing some support for the stock index. Currently, positive and negative factors at home and abroad are intertwined, with pressure above and support below. Today, the trading volume of the two markets shrank significantly. As the stock index continued to rebound and filled the gap, the upward momentum of the index also weakened. It is expected to mainly fluctuate within a range. Continue to pay attention to the progress of tariff negotiations, the fluctuations of US trade policies, and domestic countermeasures [6]. 3. Summary by Relevant Catalogs Market Review Today, the stock index fluctuated strongly. Taking the CSI 300 Index as an example, it closed up 0.41%. In terms of capital flow, the trading volume of the two markets decreased by 260.802 billion yuan. All stock index futures rose with shrinking volume [4]. Important Information - The US CPI in March increased by 2.4% year-on-year, significantly down from 2.8% last month, hitting a six - month low and lower than the market forecast of 2.6%. The CPI in March unexpectedly decreased by 0.1% month - on - month, far lower than the market forecast (increase of 0.1%), with the previous value being an increase of 0.2% [5]. - European Commission President von der Leyen said that the EU agreed to suspend the counter - measures against US tariffs originally scheduled for April 15 for 90 days [5]. - The Tariff Policy Commission of the State Council announced an adjustment to the additional tariffs on imported goods originating from the US, raising it from 84% to 125% [5]. Strategy Recommendation Hold positions and wait and see [7]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.37% | 0.52% | 0.85% | 1.69% | | Trading volume | 12.9987 | 5.9083 | 10.7233 | 31.7638 | | Trading volume change compared to previous period | - 2.776 | - 1.9677 | - 2.8014 | - 5.1689 | | Open interest | 275461 | 98562 | 221477 | 354821 | | Open interest change compared to previous period | - 6171 | - 2192 | - 1713 | - 5047 | [7] Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index change (%) | 0.45 | | | Shenzhen Component Index change (%) | 0.82 | | | Ratio of rising to falling stocks | 1.72 | | | Trading volume of the two markets (billion yuan) | 1348.665 | | | Trading volume change compared to previous period (billion yuan) | - 260.802 | [8]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - On April 10, 2025, the Nanhua Composite Index rose 2.66% based on the closing prices of adjacent trading days. All sector indices and theme indices increased. Among sector indices, the Nanhua Energy and Chemical Index had the largest increase of 3.28%, and the Nanhua Agricultural Products Index had the smallest increase of 0.58%. Among theme indices, the Energy Index had the largest increase of 3.66%, and the Oilseeds and Oils Index had the smallest increase of 0.38%. In the single - variety index of commodity futures, the 20 - rubber index had the largest increase of 5.97%, and the Rapeseed Meal index had the largest decline of - 2.3% [1][4][5] Summary by Related Catalogs Market Data of Nanhua Commodity Index - The Nanhua Composite Index closed at 2415.62, up 2.66% from the previous trading day, with an annualized return of - 4.30% and an annualized volatility of 13.93%. Other indices such as the Precious Metals Index, Industrial Products Index, etc., also had corresponding closing prices, daily changes, annualized returns, and annualized volatilities [4] Contribution of Varieties to Indices - For the Nanhua Composite Index, varieties like crude oil had a positive contribution of 24.96%, while some had negative contributions. Similar situations existed for the Nanhua Mini - Composite Index, Nanhua Industrial Products Index, and Nanhua Metal Index [9] Historical Trend of Indices - There are historical trend charts of the Nanhua Composite Index, sector indices, and theme indices (normalized), which can reflect the historical performance of these indices [11][13] Industrial Chain and Single - Variety Index Changes - In the energy and chemical sector, some varieties such as 20 - rubber had a significant increase of 5.97% on the day, and the industrial chain relationship between varieties was presented. In the agricultural products sector, the Rapeseed Meal index had the largest decline of - 2.3%, and the industrial chain relationship between agricultural products was also shown [15][19]

Report Date - The report date is April 3, 2025 [1] Industry Investment Rating - Not provided Core Views - Recent urea spot transactions are active, and the spot price has been rising. The small-grain prices in Shandong and Henan are around 1900. As the price rises, the trading volume weakens. The strong expectation has been gradually reflected in the valuation, and it is necessary to observe whether the grass-roots demand around the Tomb-Sweeping Festival can exceed expectations. The urea price will continue to fluctuate. This week, the domestic daily urea production is expected to be around 190,000 tons, running at a high level. In terms of demand, the rice planting in the south is advancing, and agricultural demand is following up. In the industrial sector, compound fertilizer plants are in the high-nitrogen fertilizer production stage, and their purchases are relatively good, but the high-price raw materials have increased the fear of high prices among compound fertilizer plants, and they are becoming more cautious in replenishing stocks. Overall, the urea price will continue to fluctuate, and the expected price range will be maintained. During the agricultural demand season, the market is highly speculative, and the fundamentals are in a gradually balanced supply-demand pattern [4][5] Price Range Forecast - Urea price range is predicted to be 1800 - 2000, with a current 20-day rolling volatility of 19.65% and a 3-year historical percentile of 20.1% - Methanol price range is predicted to be 2400 - 2600, with a current 20-day rolling volatility of 18.49% and a 3-year historical percentile of 42.6% - Polypropylene price range is predicted to be 7200 - 7500, with a current 20-day rolling volatility of 6.49% and a 3-year historical percentile of 6.3% - Plastic price range is predicted to be 7500 - 7800, with a current 20-day rolling volatility of 6.93% and a 3-year historical percentile of 1.4% [3] Urea Hedging Strategy Inventory Management - For high finished product inventory and fear of price decline, sell 25% of UR2505 and UR2505P1 at 1850 - 1950 to lock in profits and cover production costs; buy 50% of put options and sell 50% of UR2505P1850 to prevent price drops and reduce costs; sell 45 - 60% of UR2505C1950 - For high finished product inventory and fear of price rise, buy 50% of UR2505 at 1750 - 1850 to lock in procurement costs [3] Procurement Management - For low procurement inventory and procurement based on orders, sell 75% of UR2505P1750 at 20 - 25 to collect premiums, reduce procurement costs, and lock in the purchase price if the price drops [3] Core Contradictions - Spot transactions are active and prices are rising, but trading volume weakens as prices go up. The strong expectation is reflected in the valuation, and the follow-up demand around the Tomb-Sweeping Festival needs to be observed. Daily production is high, agricultural demand is following up, and industrial demand is cautious. The price will continue to fluctuate [4] 利多解读 - Agricultural demand continues to maintain extremely high demand [5] 利空解读 - Agricultural demand will weaken before and after the Tomb-Sweeping Festival [6]

证券代码：603093 证券简称：南华期货 公告编号：2025-024 南华期货股份有限公司 关于股份回购进展公告 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。 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 董事会第十五次会议，审议通过《关于回购股份方案的议案》，同意以不低于人民 币 5,000 万元（含本数），不超过人民币 10,000 万元（含本数）的自有资金通过 集中竞价交易方式回购公司股份，拟用于后续实施员工持股计划。回购股份价格 不超过 13.90 元/股（含本数），回购期限自董事会审议通过回购方案之日起 12 个 月内。具体内容详见公司披露的《南华期货股份有限公司关于以集中竞价交易方 式回购股份的方案》（公告编号：2024-024）、《南华期货股份有限公司关于以集中 竞价交易方式回购股份的回购报告书》（公告编号：2024-028）。 二、 回购股份的进展情况 截至 2025 年 3 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 已累计回 ...

Group 1 - The legal opinion letter was issued by Beijing Jincheng Tongda Law Firm regarding the annual shareholders' meeting of Nanhua Futures Co., Ltd. scheduled for March 31, 2025 [1][2] - The meeting will adopt a combination of on-site and online voting methods, allowing shareholders to vote through the Shanghai Stock Exchange's online voting system [2][4] - The meeting will be held at 2:30 PM on March 31, 2025, at the 9th floor conference room of Hengdian Building, Hangzhou, Zhejiang Province [3] Group 2 - A total of 141 participants attended the meeting, representing 453,977,800 shares, which is 75.1141% of the total shares with voting rights [4][5] - The meeting's attendees included 139 small shareholders, representing 4,376,900 shares, or 0.7242% of the total shares with voting rights [5] - The meeting was convened by the company's board of directors, and all attendees met the qualifications required by relevant laws and regulations [5][6] Group 3 - The agenda included 21 proposals, such as the 2024 annual report, financial budget for 2025, and the issuance of H shares [6][7][8] - The proposals were consistent with the items listed in the meeting notice, and no new proposals were introduced [7][11] - The voting results showed overwhelming support for all proposals, with the majority receiving over 99% approval [10][11] Group 4 - The voting process adhered to the requirements of the Company Law and the rules governing shareholder meetings, ensuring the legality and validity of the results [11] - The final voting results confirmed that all proposals were approved, with significant majorities for each item [10][11]

2024 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 141 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 453,977,800 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 75.1141 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 证券代码：603093 证券简称：南华期货 公告编号：2025-023 南华期货股份有限公司 本次股东大会由公司董事会召集，采取现场投票和网络投票相结合的方式召 开，现场会议由董事长罗旭峰先生主持。本次会议的召集、召开及表决方式符合 《公司法》和《公司章程》等有关法律、法规及规范性文件的规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的 ...

北京金诚同达律师事务所 关于 南华期货股份有限公司 2024 年年度股东大会的 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 金证法意[2025]字 0331 第 0216 号 致：南华期货股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受南华期货股份有限公司（以 下简称"南华期货"或"公司"）的聘请，指派本所律师出席公司 2024 年年度股 东大会（以下简称"本次股东大会"）并对会议的相关事项出具法律意见书。 本所律师根据《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》《上市公司股东会规则》（以下简称"《股东会规则》"）《律师事 务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规和规范性文件的要求以及《南华期货股份有限公司章程》（以下 简称"《公司章程》"）的规定，对本次股东大会的召集、召开程序，出席会议人员 的资格、召集人资格，会议的表决程序、表决结果等重要事项进行核验，出具本 法律意见书。 本所律师声 ...