南华贵金属日报: 止跌反弹 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年7月1日 据CME"美联储观察"数据显示，美联储7月维持利率不变的概率为79.8%，降息25个基点的概率为 20.2%；美联储9月维持利率不变的概率为5.3%，累计降息25个基点的概率为75.9%，累计降息50个基点的 概率为18.8%；美联储10月维持利率不变的概率1.5%，累计降息25个基点的概率为24.6%，累计降息50个基 点的概率为60.3%，累计降息75个基点的概率为13.7%。长线基金看，SPDR黄金ETF持仓减少2.29吨至 952.53吨；iShares白银ETF持仓减少39.58吨至14826.61吨。库存方面，SHFE银库存日增4.1吨至1299.8 吨；截止6月20日当周的SGX白银库存周减21吨至1357.8吨。 【本周关注】 本周数据方面主要关注周四晚美非农就业报告。事件方面，美国参议院准备对特朗普政府"大漂亮"法案 进行关键性投票，力争于7月4日前通过 。另外，周二21:30，全球主要央行行长（美联储主席鲍威尔、欧洲 央行行长拉加德、英国央行行长贝利、 ...

南华期货锡风险管理日报 2025年7月1日 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 锡价格波动率（日度） | 最新收盘价 | 价格区间预测（月度） | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | | 268110 | 245000-263000 | 15.18% | 28.8% | source： 同花顺,南华研究 锡风险管理建议（日度） | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心价格下跌 | 多 | 做空沪锡主力期货合约 | 沪锡主力期货合约 | 卖出 | 100% | 290000附近 | | | | | 卖出看涨期权 | SN2508C275000 | 卖出 | 25% | 波动率合适时 | | 原料管理 | 原料库存较低，担心价格上涨 | 空 | 做多沪锡主力期货合约 ...

多元金融板块震荡调整，弘业期货（001236）跌超7%，南华期货（603093）、翠微股份（603123）跌 超6%，瑞达期货（002961）、永安期货（600927）跟跌。 ...

Group 1: Commodity Market Overview - Domestic commodity futures experienced mixed performance from June 23 to June 27, with the black and base metal sectors leading gains, influenced by the ceasefire agreement between Israel and Iran, while fuel, crude oil, and European shipping routes faced declines [1] - In the energy and chemical sector, fuel prices fell by 10.73%, crude oil by 12.02%, while lithium carbonate rose by 7.47% [1] - The black metal sector saw increases in coke by 2.67%, coking coal by 6.60%, and iron ore by 1.92% [1] Group 2: Oil Price Dynamics - Brent crude oil prices fell by 12.46% to $66.34 per barrel, while U.S. crude oil dropped by 12.12% to $65.07 per barrel due to supply-demand dynamics [2] - The International Energy Agency (IEA) reported that global oil demand growth is expected to slow, with projections for 2025/2026 revised down to 720,000 to 740,000 barrels per day [2][3] - Analysts noted that while geopolitical tensions may support oil prices in the short term, long-term demand expectations are being adjusted downward, particularly with OPEC+ planning to discuss production levels [4] Group 3: Copper Market Insights - The main copper contract on the Shanghai Futures Exchange saw a weekly increase of 2.47%, closing at 79,920 yuan per ton, with a volatility of 2.42% [5] - Supply remains stable with sufficient copper ore port inventories, but increased export intentions are tightening domestic supply [6] - Global copper demand is projected to double by 2035, but supply may face a significant shortfall of up to 30% [7] Group 4: Industrial Profit Trends - The National Bureau of Statistics reported a 9.1% year-on-year decline in profits for industrial enterprises in May, with a cumulative decline of 1.1% for the first five months [9] - Equipment manufacturing and "new" industries showed profit expansion, while consumer manufacturing remained sluggish [9] - The profit structure remains concentrated in midstream manufacturing, with potential support from improved infrastructure investment and declining raw material prices [9][10] Group 5: U.S. Federal Reserve Policy Outlook - The Federal Reserve is currently in a wait-and-see mode regarding interest rate adjustments, with officials indicating a lack of urgency for rate cuts amid economic uncertainties [12] - Recent data revisions showed a contraction in U.S. GDP for the first quarter, raising concerns about economic growth and influencing market expectations for future Fed actions [13][14]

证券代码：603093 证券简称：南华期货 公告编号：2025-041 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（以下简称"公司"）第四届董事会任期届满。根据 《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上 市规则》及《公司章程》等相关规定，公司进行了董事会的换届选举工作。现将 有关情况公告如下： 吕跃龙先生，1966 年 3 月出生，中国国籍，大专。曾任江山市委书记、衢 州市副市长，现任横店集团控股有限公司董事、党委书记、副总裁。 徐文财先生，1966 年 1 月出生，中国国籍，博士，副教授，注册会计师， 正高级经济师。曾任浙江大学工商管理系副主任；现任横店集团控股有限公司董 事、资深副总裁，兼任普洛药业股份有限公司董事、横店集团东磁股份有限公司 董事、英洛华科技股份有限公司董事、横店集团得邦照明股份有限公司董事、横 店影视股份有限公司董事，南华期货股份有限公司董事、浙江新纳材料科技股份 有限公司董事，杭州海康机器人股份有限公司独立董事。 胡天高先生，1965 年 9 月出 ...

Core Points - Nanhua Futures Co., Ltd. has revised its Articles of Association and related systems applicable after the issuance and listing of H shares in response to regulatory requirements and company needs [1][2][3] - The revisions include changes to the definitions of shareholder meetings, legal representatives, and the responsibilities of directors and senior management [1][2][3] - The company aims to ensure compliance with both domestic and Hong Kong regulations while protecting the rights of shareholders, creditors, and clients [1][2][3] Summary of Articles of Association Revisions - The term "shareholders' meeting" has been changed to "shareholders' assembly" to align with the new regulations [1] - The legal representative of the company will now be elected by the board of directors, and the responsibilities of the legal representative have been clarified [1][2] - The company will bear civil liability for actions taken by the legal representative in the course of their duties, with provisions for recourse against the representative in cases of fault [1][2] - The company’s assets will be divided into equal shares, and shareholders will be liable only to the extent of their subscribed shares [1][2] - The company’s shares will be issued in registered form, ensuring equal rights for all shareholders of the same class [1][2] - The company’s capital structure and the issuance of shares will adhere to principles of openness, fairness, and justice [1][2] - The company will not provide financial assistance for the acquisition of its shares, except under specific conditions approved by the board [1][2] - The company’s operational scope includes futures brokerage, financial futures brokerage, investment consulting, asset management, and securities investment fund distribution [1][2]

南华期货股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为进一步完善南华期货股份有限公司（以下简称"公司"）的选聘（含 续聘、改聘，下同）会计师事务所的行为，切实维护股东利益，提高审计工作和 财务信息的质量，保证财务信息的真实性和连续性，依据《中华人民共和国公司 法》 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当具备以下资格： （一）具有独立的法人资格，具备国家行业主管部门和中国证券监督管理委 员会（以下简称"中国证监会"）规定的开展证券期货相关业务所需的执业资格； （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制度； （三）熟悉国家有关财务会计方面的法律法规、规章和政策； 《国有企业、上市公司选聘会计师事务所管理办法》 《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律 法规、规范性文件和《南华期货股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，结合公司实际情况，制定本制度。 第二条 公司选聘会计师事务所对财务会计报告发表审计意见、出具审计报 告的行为，应当遵照本制度履行选聘程序。公司聘任会计师事 ...

General Provisions - The company aims to protect the legal rights of shareholders, employees, creditors, and clients, and to regulate its organization and behavior according to relevant laws and regulations [2][4] - The company is established as a joint-stock company in accordance with the Company Law and is registered in Zhejiang Province with a unified social credit code [2][3] - The company was approved by the China Securities Regulatory Commission (CSRC) to issue 70 million shares to the public and was listed on the Shanghai Stock Exchange on August 30, 2019 [2][3] Company Structure - The registered capital of the company is RMB 610.065893 million [3] - The company is a permanent joint-stock company, and the board of directors elects the legal representative [3][4] - The legal representative is responsible for civil activities conducted in the company's name, and the company bears the legal consequences of these activities [3][4] Business Objectives and Scope - The company's business objectives include meeting diverse needs, enhancing customer satisfaction, promoting innovation, and increasing company value [5] - The business scope includes commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and securities investment fund distribution [5] Shares - The company's shares are issued in the form of stocks, with all shares being ordinary shares [7][8] - The total number of issued shares is 610.065893 million, with a nominal value of RMB 1 per share [7][8] - The company prohibits financial assistance for acquiring its shares, except for employee stock ownership plans [9] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, supervision, and access to company documents [13][14] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed shares [39][40] - Major shareholders must notify the company of significant changes affecting their shares within two trading days [19][20] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [47][48] - Shareholder meetings require a quorum and decisions are made based on majority or supermajority votes depending on the type of resolution [79][81] - The company must provide legal opinions on the validity of the meeting procedures and decisions [49]

南华期货股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善公司治理结构，切实保护股东的利益，促进公司规范 运作，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公 司独立董事管理办法》（以下简称"《管理办法》"）、《上市公司治理准则》、 上海证券交易所相关业务规则、《香港联合交易所有限公司证券上市规则》（以 下简称"《联交所上市规则》"）等有关法律、法规、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》"）的有关规定，特制定本制 度。 第二条 公司独立董事是指不在公司担任除董事外的其他职务，并与公司及 主要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响其进行独 立客观判断的关系的董事。本制度中"独立董事"的含义与《联交所上市规则》 中"独立非执行董事"的含义一致，独立董事须同时符合《联交所上市规则》要 求的独立性。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、公司股 票上市地证券监管规则和《公司章程》的规定，认真履行职责，在董事会中发挥 参与决策、监督制衡、专业 ...

Core Viewpoint - The document outlines the external investment management system of Nanhua Futures Co., Ltd., aiming to standardize investment behavior, enhance investment efficiency, and mitigate risks associated with external investments [1][2]. Group 1: General Principles - The external investment refers to long-term investments made by the company to obtain future returns, involving monetary funds, equity, and assessed physical or intangible assets, with a duration exceeding one year [1]. - The company must comply with national laws and regulations, align with national industrial policies, and adhere to the company's development strategy while effectively controlling investment risks [1]. Group 2: Organizational Structure for Investment Management - The investment management departments are responsible for the daily management of investment projects and tracking their progress [2]. - The audit committee has the authority to supervise investment projects and propose corrective actions for any violations [2]. - The finance department is responsible for coordinating the necessary procedures for investment, including capital contributions, business registration, tax registration, and bank account opening [2]. Group 3: Approval Authority for External Investments - Investment decisions are made by the shareholders' meeting, board of directors, and chairman within their respective authority [3]. - Certain thresholds must be met for investments to be submitted for board approval, including asset totals exceeding 10% of the company's audited total assets or net assets, and transaction amounts exceeding 10% of the audited net assets with a minimum of 10 million [3][4]. Group 4: Information Disclosure - The company must manage and disclose investment information in accordance with relevant laws and regulations [5]. - The finance department is tasked with reviewing approval documents and ensuring timely accounting treatment of investment disposals [5]. Group 5: Miscellaneous Provisions - Any matters not covered by this system will be executed according to national laws and regulations [6]. - The board of directors is responsible for interpreting this system, which takes effect upon approval by the shareholders' meeting [6].