期货策略周报 I 2025 年 11 月 17 日 延续分化 本周主要观点： 商品近期的行情特征，大部分的品种都不具有趋势延续性， 可能会有几个局部品种走出趋势，但是，主流板块（黑色、能 化、农产品等）依然处于震荡格局。面对这种局面，可以考虑用 期权工具或者期货套利策略，避免用单边趋势策略（胜率偏 低）。本身市场波动率就不高，期权可以考虑卖出近月深度虚值 期权，以赚取时间价值。可以关注：一是持续背离结构的品种； 二是下跌增仓放量且抗跌的品种。近期面临移仓，跨月反套策略 要谨慎。 风险点：宏观政策变化、产业政策变化、移仓换月变化； 重要声明：本报告内容及观点仅供参考，不构成任何投资建议 证监许可【2011】1290 号 顾双飞 投资咨询证号：Z0013611 王建锋 投资咨询证号：Z0010946 胡乐克 投资咨询证号：Z0013991 陈敏涛 期货从业证号：Z0022731 请务必阅读正文之后的免责条款部分 南华研究院 投资咨询业务资格： 请务必阅读正文之后的免责条款部分 第 1 页 延续分化 期货策略周报 I 2025 年 11 月 17 日 周行情观点综述 本周商品市场整体呈现震荡格局，K线基本上是阴线和 ...

Core Viewpoint - Nanhua Futures has established a unique path for high-quality development by focusing on "serving the real economy" and "innovation-driven development" in the rapidly growing futures industry [1] Group 1: Business Model Innovation - Nanhua Futures has been deeply engaged in the futures industry for over 20 years, focusing on derivative business as its core, while actively promoting innovative business development [2] - The company has developed a comprehensive financial service platform that includes futures brokerage, asset management, basis trading, OTC derivatives, and public fund services, providing one-stop financial services for clients [2] - Nanhua Futures has helped enterprises transition from passive risk acceptance to proactive risk management, significantly aiding in the high-quality development of businesses [2] Group 2: Internationalization Efforts - Nanhua Futures has made significant strides in internationalization, recently becoming a clearing member of the Intercontinental Exchange (ICEU) in the UK, further expanding its global clearing layout [3] - The company is one of the earliest in the domestic futures industry to pursue internationalization, with a broad overseas financial service network covering Asia, North America, and Europe [3] - Nanhua Futures aims to support Chinese enterprises going global by leveraging its global exchange clearing advantages and enhancing service processes for physical delivery needs [3] Group 3: Social Responsibility and Brand Value - Nanhua Futures has actively engaged in rural revitalization efforts, establishing a leadership group to explore ways to leverage its industry characteristics for local economic development [4] - The company has implemented various forms of assistance, including education and consumption support, to contribute to rural revitalization and has seen significant results in underdeveloped areas [4] - Nanhua Futures has built a strong brand image through extensive media outreach, with over 4,587 content pieces published and 1.068 billion views in domestic media, enhancing its brand value [5] Group 4: Investor Education and Industry Responsibility - Nanhua Futures has committed to enhancing investor education through various channels, including lectures and live broadcasts, to help investors understand the futures market and legal regulations [6] - The company has developed original educational content that has received multiple awards, further solidifying its reputation in the industry [6] - Nanhua Futures' brand-building efforts have increased its attractiveness and influence within the market, contributing to a positive social image [6]

作为中国期货行业的领军企业，南华期货始终积极响应国家"一带一路"倡议，深耕国际化发展道路19 年，构建起由横华国际金融股份有限公司作为境外控股公司，下属10家一级子公司，5家二级子公司， 以期货衍生品交易、清算和服务为核心，覆盖香港、美国、新加坡、英国四个主要国际金融中心金融市 场的综合服务商。 未来，南华期货将持续深化全球清算布局，依托高效的清算体系和多元化的业务平台，全面提升跨境金 融服务能力，致力于为全球投资者提供安全、专业、便捷的一站式综合金融解决方案。 南华期货 美国时间2025年11月13日，南华期货境外全资孙公司Nanhua USA LLC获批成为 Nodal Clear清算会员， 具备 NodalExchange和Coinbase Derivatives 的清算资格，标志着南华期货国际化战略布局再进一步。 来源：市场资讯 （来源：南华期货） ...

（文章来源：证券日报） 证券日报网讯 11月14日晚间，南华期货发布公告称，美国时间2025年11月13日，公司境外全资孙公司 NanhuaUSALLC收到NodalClear，LLC（简称"NodalClear"）的通知，其获批成为NodalClear清算会员， 具备NodalExchange和CoinbaseDerivatives的清算资格。 ...

智通财经APP讯，南华期货(603093.SH)发布公告，美国时间2025年11月13日，公司境外全资孙公司 Nanhua USA LLC 收到Nodal Clear,LLC(简称"Nodal Clear")的通知，其获批成为Nodal Clear清算会员，具 备Nodal Exchange 和 Coinbase Derivatives的清算资格。 ...

南华期货（603093）(603093.SH)发布公告，美国时间2025年11月13日，公司境外全资孙公司Nanhua USA LLC收到Nodal Clear,LLC(简称"Nodal Clear")的通知，其获批成为Nodal Clear清算会员，具备Nodal Exchange和Coinbase Derivatives的清算资格。 ...

格隆汇11月14日丨南华期货(603093.SH)公布，美国时间2025年11月13日，公司境外全资孙公司Nanhua USA LLC 收到Nodal Clear,LLC（以下简称"Nodal Clear"）的通知，其获批成为Nodal Clear清算会员，具 备 Nodal Exchange 和 Coinbase Derivatives 的清算资格。 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-066 南华期货股份有限公司关于境外孙公司 获得美国 Nodal Clear 清算会员资格的公告 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。 美国时间 2025 年 11 月 13 日，公司境外全资孙公司 Nanhua USA LLC 收到 Nodal Clear,LLC（以下简称"Nodal Clear"）的通知，其获批成为 Nodal Clear 清算会员，具备 Nodal Exchange 和 Coinbase Derivatives 的清算资格。 特此公告。 南华期货股份有限公司董事会 2025 年 11 月 15 日 ...

人民财讯11月14日电，南华期货（603093）11月14日公告，公司境外全资孙公司Nanhua USA LLC收到 Nodal Clear,LLC（简称"Nodal Clear"）的通知，其获批成为Nodal Clear清算会员，具备Nodal Exchange 和Coinbase Derivatives的清算资格。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Paper pulp and offset paper futures prices are expected to maintain a slightly oscillating trend in the short term, with the price center slightly shifting downward [3]. - For paper pulp, the futures strategy is to short at high levels in the short term and continue to focus on the 12 - 01 reverse spread, while the options strategy is to wait and see [10]. - For offset paper, the futures strategy is to short at high levels in the short term, and the options strategy is to wait and see [10]. 3. Summary by Related Catalogs Price Forecast and Risk Management - **Price Range Forecast**: The monthly price range forecast for paper pulp is 4750 - 5600, with a current 20 - day rolling volatility of 9.06% and a 3 - year historical percentile of 5.62%. For offset printing paper, the price range is 4150 - 4350, with a volatility of 9.72% and a historical percentile of 50.00% [2]. - **Risk Management Strategies** - **Inventory Management**: When the inventory of finished products (softwood pulp/offset paper) is high and there are concerns about price drops, recommend shorting paper pulp/offset paper futures to lock in profits and cover production costs, with a hedging ratio of 25%. Also, sell call options to collect premiums and lock in the spot selling price if the price rises unexpectedly [2]. - **Procurement Management**: When the inventory of paper - making enterprises is low and they want to purchase according to orders, recommend buying paper pulp/offset paper futures to lock in procurement costs, with a hedging ratio of 25%. Sell put options to collect premiums and lock in the spot purchase price if the price drops [2]. Core Contradiction Analysis - **Paper Pulp**: The paper pulp futures price first dropped significantly and then rebounded. The spot price fell by 10 - 50 yuan/ton, the US government shutdown had a negative macro - impact, and port inventory increased by 10.2 tons. However, the shutdown of some pulp mills provided some support [3]. - **Offset Paper**: The offset paper futures price declined due to the price reaching a high and then correcting, and the lack of fundamental support for the previous price increase, along with insufficient market confidence [3]. 利多 and 利空 Factors - **Likely Positive Factors**: Some pulp mills have shut down, and tariffs on the US remain unchanged [6]. - **Likely Negative Factors**: Macro - sentiment has weakened, port inventory is high and difficult to reduce, and paper pulp spot prices have generally fallen [11]. Price and Spread Data - **Futures Price and Spread**: On November 14, 2025, the closing prices and price changes of paper pulp (SP) and offset printing paper (OP) futures and their spreads are provided, showing daily and weekly fluctuations [14]. - **Spot Price and Regional Spread**: The spot prices and regional spreads of paper pulp and double - offset paper on November 13 and 14, 2025, respectively, are presented, with some prices remaining unchanged and showing certain regional differences [15]. Basis Data - **Paper Pulp Basis**: The daily changes in the basis of paper pulp on November 12, 2025, including daily and weekly changes, are shown for different varieties and contracts [7]. - **Offset Paper Basis**: The daily changes in the basis of offset paper on November 14, 2025, including daily and weekly changes, are provided for different contracts [7].