Core Viewpoint - The domestic futures industry in China is accelerating its internationalization and moving towards high-quality development, driven by policy guidance and market demand [1] Group 1: Industry Trends - The Chinese futures market is the largest commodity futures market globally, covering over 140 products across 41 industries, with a projected CAGR of 9.1% from 2020 to 2024, expected to reach 986.8 trillion yuan by 2029 [1] - The demand for risk hedging in the real economy is increasing, particularly due to heightened volatility in commodity prices and rising hedging needs among industrial chain enterprises [1] - The cross-border risk management demand remains strong as Chinese companies accelerate their internationalization, with A-share listed companies' overseas business revenue growing by 12.8% year-on-year in the first half of 2024 [1] Group 2: Company Overview - Nanhua Futures is set to officially list on the Hong Kong Stock Exchange on December 22, becoming a pioneer in the internationalization of the domestic futures industry [1] - According to Frost & Sullivan, Nanhua Futures ranks eighth among all domestic futures companies in total revenue for 2024 and first among non-financial institution-related futures companies, with the highest overseas revenue among domestic futures firms [1] Group 3: Financial Performance - Nanhua Futures' overseas financial services revenue is expected to double from 2022 to 2024, with over 50% of total revenue coming from this segment by the first half of 2025, contributing over 90% of operating profit [2] - The company plans to issue 108 million H-shares at a price range of 12-16 HKD, aiming to raise approximately 1.41 billion HKD, with funds allocated to enhance global business layout [2] Group 4: Strategic Initiatives - The company aims to establish an "A+H" dual listing structure to optimize its capital layout and enhance cross-border financial services, which is expected to boost its international brand influence and accelerate overseas business expansion [3] - Nanhua Futures is focusing on increasing investments in risk management, OTC derivatives, and wealth management to capitalize on global derivatives market opportunities [3] Group 5: Profit Forecast and Valuation - Revenue projections indicate a decline in total revenue from 6.247 billion yuan in 2023 to 2.256 billion yuan in 2025, followed by a recovery to 2.738 billion yuan by 2027, with a significant year-on-year decrease of 60.5% in 2025 [4] - The net profit attributable to the parent company is forecasted to grow from 402 million yuan in 2023 to 587 million yuan in 2027, reflecting a steady growth trajectory [4] Group 6: Market Insights - Analysts believe that Nanhua Futures' internationalization strategy, high-margin business structure, and solid customer base will not only create long-term value for investors but also provide valuable insights for the internationalization of the domestic futures industry [5]

Core Viewpoint - Nanhua Futures (2691.HK) is set to raise approximately HKD 1.203 billion through its global offering of 107,659,000 H-shares priced at HKD 12.00 each, marking a significant step in its international expansion strategy [1] Group 1: IPO Details - The Hong Kong public offering accounted for 15% of the total shares, with a subscription rate of 1.91 times, while the international offering made up 85% with a subscription rate of 0.99 times [1] - The shares are expected to officially list on the Hong Kong Stock Exchange on December 22, 2023, with a trading unit of 500 shares [1] Group 2: Company Background - Nanhua Futures is a leading comprehensive futures company in China, established in 1996 and headquartered in Hangzhou, offering services in domestic futures brokerage, risk management, wealth management, and overseas financial services [1] - The company was listed on the Shanghai Stock Exchange in 2019 and aims to use the net proceeds from the Hong Kong IPO to strengthen its overseas capital base and expand its international business [1] Group 3: Market Implications - As the first Chinese futures company to list in Hong Kong this year, Nanhua Futures' industry-leading position and international potential may lead to a re-evaluation of its valuation in the capital markets [1]

来源：新浪港股-好仓工作室 南华期货股份有限公司（股份代号：2691，简称"南华期货"）今日公布全球发售结果，最终发售价厘定 为每股12.00港元，处于12.00港元至16.00港元发行价区间的下限。本次全球发售共计107,659,000股H 股，无超额配售安排，预计募集资金总额约12.9亿港元，扣除上市开支后净额约12.0亿港元。 本次发行的独家保荐人为中信证券。根据安排，南华期货H股预计将于2025年12月22日在香港联合交易 所开始买卖，每手交易单位为500股。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 公告显示，本次全球发售中，香港公开发售部分最终获配股份16,148,500股，国际配售部分最终获配股 份91, ...

Core Viewpoint - Nanhua Futures Co., Ltd. has successfully completed its global offering of approximately 108 million H-shares, raising a net amount of approximately HKD 1.203 billion [1] Group 1: Offering Details - The global offering consists of 15% allocated for public offering in Hong Kong and 85% for international offering [1] - The offering price is set at HKD 12 per share, with trading expected to commence on December 22, 2025, at 9:00 AM Hong Kong time [1] Group 2: Subscription Results - The Hong Kong public offering was oversubscribed by 1.91 times, while the international offering was subscribed at a rate of 0.99 times [1]

其中，香港公开发售获1.91倍认购，国际发售获0.99倍认购。 南华期货（603093）股份(02691)公布配发结果，公司全球发售约1.08亿股H股，香港公开发售占15%， 国际发售占85%。每股发售价12港元，全球发售净筹约12.03亿港元。每手500股H股，预期股份将于 2025年12月22日上午九时正(香港时间)开始在联交所买卖。 ...

Group 1 - The company, Nanhua Futures Co., Ltd. (02691.HK), announced a global offering of 107,659,000 H-shares at a price of HKD 12.00 per share, with a net proceeds of HKD 1.203 billion [1] - The public offering in Hong Kong accounted for 15% of the total global offering and was oversubscribed by 1.91 times, while the international offering, which made up 85% of the total, was subscribed at a rate of 0.99 times [1] - If the global offering becomes unconditional by December 22, 2025, trading of the H-shares is expected to commence on the Hong Kong Stock Exchange at 9:00 AM on the same day, with a trading unit of 500 shares [1]

12月19日，国内期市有色金属板块涨多跌少。其中，沪铜期货盘中震荡运行为主，截至发稿主力合约报 93050.00元/吨，涨幅0.32%。 宏观面，据广州期货介绍，美国11月CPI数据明显低于预期，但由于政府关门导致10月数据采集缺失， 本次CPI数据缺少环比分项细节，市场怀疑数据有所失真，美元指数前期明显下跌后偏震荡为主。 从基本面来看，宁证期货分析称，"强预期、弱现实"格局未变，供应端的紧张叙事仍是价格的核心支 撑。高铜价对下游的抑制效应持续，需求端呈现结构性分化。 库存方面，光大期货指出，LME铜库存下降2650吨至164275吨；COMEX铜仓单增加2339吨至416914 吨；SHFE铜仓单下降227吨至44650吨；BC铜下降5127吨至1053吨。 展望后市，南华期货（603093）表示，美通胀增幅不及预期，降息概率增加，铜价盘中走势偏谨慎，从 调整情况看，每当触及91500-92000区间，买盘积极。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in lithium carbonate futures prices, with the main contract rising by 5.02% to 112,640.0 yuan/ton as of the report date [1] - The supply side indicates a slight increase in domestic lithium carbonate production, which rose by 59 tons to 22,000 tons last week, while spodumene production saw a minor increase and salt lake production experienced seasonal declines [2] - On the demand side, despite the increasing penetration rate of new energy vehicles, there is a potential risk of decreased automobile sales in late 2025, which could impact the growth of the power battery market and overall demand for lithium carbonate [2] Group 2 - The short-term outlook suggests that lithium carbonate futures prices will be driven by market optimism, but there are concerns about supply shocks from unexpected resumption of production and potential declines due to downstream maintenance [3] - The long-term perspective remains positive, as the demand growth logic in core applications such as new energy power batteries and energy storage has not fundamentally changed, supporting the long-term value of lithium carbonate [3] - There are still opportunities for buying on dips in lithium carbonate, indicating a favorable investment sentiment in the sector [3]

金融期货早评 宏观：美国通胀超预期放缓 【市场资讯】1）吴清出席中国资本市场学会学术委员会成立会议并召开资本市场"十五五" 规划专家座谈会。2）特朗普：下一任美联储主席必须是"超级鸽派"，将很快公布人选。特 朗普称赞沃勒和鲍曼。3）美国通胀超预期放缓，11 月核心 CPI 同比上涨 2.6%，创 2021 年 以来最低。美联储主席最热人选哈塞特：CPI 报告好得令人震惊，美联储有很大空间可以 降息。然而，经济学家怀疑政府关门导致数据失真，有人指明显出错。4）美国上周首申人 数回落至 22.4 万人，扭转此前激增趋势。5）10 月日本、英国增持美债超百亿美元，中国 持仓下降，加拿大大降。6）欧央行连续第四次按兵不动，重申通胀将在中期回归 2%目标， 未释放明确宽松指引。拉加德暗示欧央行不急行动：政策处于有利位置，未预设利率路径， 任何选项都应考虑。报道：欧央行官员们表示，降息周期很有可能结束了。7）英国央行 "鹰派"降息 25 个基点，5 比 4 惊险过关，称进一步判断宽松将更艰难。8）德国史无前例， 上调明年发债规模至 5120 亿欧元，为基建和国防输血。 【核心逻辑】海外方面，美联储 12 月议息会议如期降 ...

南华期货成立于1996年，目前公司注册资本6.1亿元。今年三季报显示，南华期货前三季度营业总收入 9.41亿元，同比下跌8.27%；归母净利润为3.51亿元，同比下跌1.92%。12月18日，南华期货A股收盘价 为19.12元/股，年内累计涨逾61%，最新市值超116亿元。 除了即将上市的南华期货H股，目前已有中泰期货和弘业期货（001236）两家国内期货公司在港股市场 上市。 12月18日傍晚，南华期货（603093）公告，公司已确定H股发行最终价格为12港元/股，预计于下周一 (12月22日)在香港联交所主板挂牌交易。 据了解，南华期货H股上市已筹备多时。今年4月17日，南华期货向香港联交所首次递交了发行上市的 申请。9月19日，中国证监会出具的《关于南华期货境外发行上市备案通知书》显示，此次南华期货拟 发行不超过约1.24亿股境外上市普通股并在香港联交所上市。10月31日，南华期货向香港联交所更新递 交发行上市的申请。12月2日，南华期货在港交所网站刊发H股发行聆讯后资料集，这意味着其通过了 交易所聆讯。12月12日，南华期货按照有关规定刊登并派发此次发行上市H股招股说明书。 ...