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].

编者按：为了展示机构在服务实体经济、促进产创融合方面的成果，推动形成"金融赋能创新、创新驱 动产业"的良性循环，期货日报推出"期货赋能产业创新"优秀投教案例系列报道，助力期货行业在深化 工具应用、支持产业升级中实现高质量发展。 华东一家碳酸锂湿法回收企业的负责人去年没睡过几个安稳觉。2024年，新能源汽车产业狂飙突进，但 作为关键原料的碳酸锂的价格却大幅波动，让这位在行业耕耘多年的"老将"感到心力交瘁。"原料采购 和成品销售两端受压，价格波动直接吞噬我们本就微薄的利润。"他坦言，在接触期货工具之前，企业 面对市场风险几乎是在"裸奔"。 数百公里之外，一家刚刚中标国家电网项目的电缆企业同样面临抉择。2024年年初，铝价处于高位，若 按传统模式在现货市场采购，高达70%的原材料成本占比将把项目利润侵蚀殆尽。如何保证供货并控制 成本，成为横亘在企业面前的一道难题。 这些看似孤立的困境，实则折射出制造业面临的共同挑战。而在不确定性成为新常态的今天，期货公司 正通过创新金融工具，为实体企业装上应对市场波动的"稳压器"。 精准套保：为新能源产业链系上"安全带" 该方案通过累购期权结构，巧妙地在锁定采购成本上限的同时，保留 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals. In the short - term, precious metals are strengthening. London gold's resistance has moved up to 4200, and if broken, it may retest the previous high of 4380. Its support is at 4120. Silver has skyrocketed due to the slow transfer of the COMEX 2512 main contract, with a resistance level moved up to 54.5, support at 51, and strong support at 49.5 - 50 [5]. 3) Summary by Relevant Catalogs **Market Quotes Review** - On Wednesday, precious metal prices rose strongly due to the expected passage of the US temporary spending bill and the Fed's internal personnel adjustment favoring loose - money expectations. However, the possible absence of the US October CPI and non - farm payroll reports restricts the Fed's possibility of cutting interest rates at the December FOMC meeting. COMEX gold 2512 contract closed at $4201.4 per ounce, up 2.07%; COMEX silver 2512 contract closed at $53.23 per ounce, up 4.9%. SHFE gold 2512 main contract closed at 945.76 yuan per gram, up 0.16%; SHFE silver 2512 contract closed at 12073 yuan per kilogram, up 2.02% [2]. **Interest Rate Cut Expectations and Fund Holdings** - Interest rate cut expectations have slightly rebounded. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged on December 11 is 40.6%, and the probability of a 25 - basis - point cut is 59.4%. For January 29, the probability of keeping rates unchanged is 23.5%, a cumulative 25 - basis - point cut is 51.5%, and a cumulative 50 - basis - point cut is 25%. For March 19, the probability of unchanged rates is 13.4%, a cumulative 25 - basis - point cut is 39.4%, and a cumulative 50 - basis - point cut is 36.4%. SPDR Gold ETF holdings increased by 0.28 tons to 1046.64 tons, while iShares Silver ETF holdings remained at 15088.63 tons. SHFE silver inventory decreased by 8.8 tons to 583.1 tons, and SGX silver inventory decreased by 7.9 tons to 822.4 tons as of the week ending November 7 [3]. **This Week's Focus** - In terms of data, focus on the US CPI report on Thursday evening. Regarding events, on Friday at 01:15, 2025 FOMC voter and St. Louis Fed President Musalem will speak on monetary policy; at 01:20, 2026 FOMC voter and Cleveland Fed President Hammack will participate in a fireside chat; at 23:05, 2025 FOMC voter and Kansas City Fed President Schmid will speak on economic outlook and monetary policy. On Saturday at 03:30, 2026 FOMC voter and Dallas Fed President Logan will participate in a fireside chat [4]. **Price and Inventory Data Tables** - **Precious Metal Price Table**: It shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures, as well as the CME gold - silver ratio [6]. - **Inventory and Position Table**: It presents the latest values, daily changes, and daily change rates of SHFE, CME, and SGX gold and silver inventories, as well as SHFE and fund positions in gold and silver [16][18]. - **Stock - Bond - Commodity Summary Table**: It includes the latest values, daily changes, and daily change rates of the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot, LmeS copper 03, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 - year US Treasury yield spread [21].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall cotton harvest in Xinjiang is nearing completion. New - cotton costs are fixed at around 14,600 - 15,000 yuan/ton. The increasing new - season supply will pressure cotton prices. Downstream demand is tepid, but there's a rigid restocking demand from yarn mills. Short - term cotton prices may fluctuate, with attention on hedging pressure around 13,600 - 13,800 [4]. 3. Summary by Related Catalogs 3.1 Cotton Price Forecast and Risk Management - **Price Forecast**: The monthly price range for cotton is predicted to be 13,400 - 13,800, with a current 20 - day rolling volatility of 0.0543 and a 3 - year historical percentile of 0.0346 [3]. - **Risk Management Strategies**: - **Inventory Management**: For enterprises with high inventory worried about price drops, they can short Zhengzhou cotton futures (CF2601) at 13,700 - 13,800 with a 50% hedging ratio, and sell call options (CF601C13800) at 250 - 300 with a 75% ratio [3]. - **Procurement Management**: For those with low inventory and planning to purchase, they can buy Zhengzhou cotton futures (CF2601) at 13,300 - 13,400 with a 50% hedging ratio, and sell put options (CF601P13400) at 150 - 200 with a 50% ratio [3]. 3.2 Core Contradictions and Influencing Factors - **Likely Positive Factors**: Some southern Xinjiang areas have lower - than - expected yields and lower lint percentage, supporting the purchase price. Yarn mills have a rigid restocking demand, and positive market sentiment is driven by Sino - US trade talks [4][6]. - **Likely Negative Factors**: The new - season cotton output has increased year - on - year, leading to high hedging pressure. As of the end of October, domestic cotton industrial and commercial inventories reached 3818,800 tons, a year - on - year increase of 109,000 tons. In October 2025, textile and clothing exports were 22.262 billion US dollars, a year - on - year decrease of 12.59% and a month - on - month decrease of 8.84%, indicating weak downstream demand [6][7]. 3.3 Cotton and Cotton Yarn Price Information - **Futures Prices**: Cotton 01, 05, and 09 closed at 13,560, 13,560, and 13,735 respectively, all down 20 with a - 0.15% change. Cotton yarn 01 closed at 19,855, down 10 (- 0.05%), while cotton yarn 05 and 09 had significant drops [8]. - **Price Spreads**: Cotton basis was 1282, up 18; the flower - yarn spread was 6280, up 15; the internal - external cotton spread was 1872, up 100 [8]. - **Internal and External Cotton Price Indexes**: CCI 3128B, 2227B, and 2129B decreased slightly, while FCI Index S, M, and L had relatively large drops [9].

Report Industry Investment Rating - Not provided Core View - The potential end of the US government shutdown boosted market sentiment, causing stock indices to open higher today. However, they trended downward after the opening and fluctuated until the close, with the total trading volume of the two markets falling below 2 trillion yuan again. The basis of stock index futures declined, and the open interest decreased, indicating a stronger willingness among long - position holders to exit. With a relatively quiet information environment, on one hand, the long - term high - level oscillation has increased the willingness of funds to take profits, leading to a correction pressure on the index; on the other hand, policy expectations provide relatively strong support at the lower level of the index. Therefore, the index is expected to maintain a volatile pattern in the short term. Attention should be paid to the economic data to be released this week to further verify the recovery of the fundamentals [4] Market Review - Stock indices closed lower today. Taking the CSI 300 index as an example, it closed down 0.91%. In terms of funds, the trading volume of the two markets decreased by 180.868 billion yuan. Stock index futures all declined with reduced trading volume [2] Important Information - The State Council General Office issued 13 measures to further promote private investment, including expanding market access, removing bottlenecks, and strengthening guarantees - There is a glimmer of hope in the US government shutdown crisis! The Senate passed a temporary appropriation bill on Sunday to fund the government until next January [3] Strategy Recommendation - Hold positions and wait and see [5] Futures Market Observation | Index | Main Contract Intraday Change (%) | Trading Volume (10,000 lots) | Trading Volume MoM (10,000 lots) | Open Interest (10,000 lots) | Open Interest MoM (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | -0.84 | 11.04 | 0.3615 | 26.3184 | -0.5129 | | IH | -0.58 | 5.0142 | 0.4232 | 9.4744 | -0.1967 | | IC | -0.79 | 11.2484 | -1.0252 | 24.1256 | -0.8077 | | IM | -0.30 | 18.6082 | -0.8391 | 35.4095 | -0.0582 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index Change (%) | -0.39 | | Shenzhen Component Index Change (%) | -1.03 | | Ratio of Rising to Falling Stocks | 1.11 | | Total Trading Volume of the Two Markets (100 million yuan) | 19935.86 | | Trading Volume MoM (100 million yuan) | -1808.68 | [6]