Report Industry Investment Rating No relevant content provided. Core Views of the Report - The marginal bullish factors under the influence of shipping sanctions are unstable. If the special port charges are mutually cancelled, the current price of the 01 contract may not support the log valuation and is likely to correct downward. [5] - Seasonal inventory reduction continues, but the downstream processing plants feel the market is not booming. The spot price has not increased, indicating a lack of prosperity in the spot market. [5] - The adjustment of delivery premium and discount in Chongqing and Penglai is unlikely to be realized in the 01 contract. If the impact of port charges fades, it may enter a rhythm of deep discount for delivery in mid - to late December. [5] - The near - term trading logic is that the repair of the discounted basis on the futures market is driven by the bullish factors in the far - term. [6] - The far - term trading expectation is the marginal bullish expectation caused by the increase in import costs or the reduction in import volume due to shipping sanctions, but this expectation has weakened. [8] Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The implementation of the special port charges for US ships since October 14, 2025, has led to a short - term price increase in the market. However, the far - term bullish factors may become unstable as the Sino - US trade consultation in Malaysia from October 24 - 27 may propose a phased solution. [5] - Seasonal inventory reduction continues, but the downstream market is not strong, and the spot price has not increased, indicating a weak spot market. [5] - The adjustment of delivery premium and discount in Chongqing and Penglai is unlikely to be realized in the 01 contract, and it may enter a deep - discount delivery rhythm in mid - to late December if the port charge impact fades. [5] 1.2 Trading - Type Strategy Recommendations - The 11 - contract is expected to enter delivery at a discount, and the 01 - contract is expected to rise and then fall, with a focus on short - selling on rallies. [9] - For basis and calendar - spread strategies, industrial customers can consider buying the basis, and the 11 - 01 calendar spread should be on the sidelines. The short 11 - 01 calendar spread has been stopped for profit, and the covered call strategy for the 01 contract has also been stopped for profit. [14] 1.3 Industrial Customer Operation Recommendations - For inventory management, when the log import volume is high and inventory is at a high level, enterprises can short log futures to lock in profits and make up for production costs, with a 25% hedging ratio and an entry range of 820 - 830. [12] - For procurement management, when the procurement inventory is low, enterprises can buy log futures to lock in procurement costs, with a 25% hedging ratio and an entry range of 780 - 800. [12] Chapter 2: This Week's Important Information and Next Week's Concerns 2.1 This Week's Important Information - Bullish information: Inventory is seasonally declining and at a historical low, and the collection of special port charges is bullish for far - term prices. [15] - Bearish information: Low willingness of buyers to take delivery and high delivery costs for sellers in the delivery process, and there is an expectation of Sino - US trade relaxation in the next week's consultation. [15] - Spot transaction information: The report provides the spot prices and basis of different log specifications on October 24, 2025. [16] Chapter 3: Disk Interpretation 3.1 Price - Volume and Fund Interpretation - The 01 - contract added 4520 lots this week, showing a pattern of breaking through and then rising and oscillating technically. [17] - In terms of the calendar - spread structure, the C - structure deepened this week, with the calendar spread reaching a maximum of - 44 from - 30 last week's close and returning to - 32 by Friday's close. No new positions should be added considering the limited trading days. [19] Chapter 4: Valuation and Profit Analysis 4.1 Valuation - The warehouse - receipt cost in the Yangtze River Delta region is around 831, and in Shandong region it is around 836. The willingness of buyers to take delivery is around 792. When the price approaches the warehouse - receipt cost, it is considered overvalued. [28] 4.2 Import Profit - The import profit has been repaired to some extent. Reducing the proportion of imported materials and increasing the proportion of integrated materials can improve the import profit of the whole ship. [29] Chapter 5: Supply - Demand and Inventory Projection - From October 25 to November 3, 16 ships are expected to arrive at the port, with a total cargo volume of 564,000 cubic meters. The trend of inventory reduction is expected to continue. [35] - As of October 17, the daily average outbound volume at the port reached 63,200 cubic meters, a month - on - month increase of 5,900 cubic meters. [35]

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 25.20 CNY [6][13]. Core Insights - The company's revenue and net profit for the first three quarters of 2025 showed significant declines, with revenue down 78.92% year-on-year to 9.41 million CNY and net profit down 1.92% to 3.51 million CNY [13]. - The report highlights that external and internal catalysts are expected to gradually materialize, driving high growth in the company's performance [2][13]. - The company has adjusted its earnings expectations for 2025-2027, with EPS revised to 0.79, 0.95, and 1.12 CNY respectively [13]. Financial Summary - Revenue for 2023 is reported at 6,247 million CNY, with a projected decline of 8.4% in 2024 and a significant drop of 55.7% in 2025, before recovering in subsequent years [4][14]. - Net profit attributable to shareholders is expected to grow from 402 million CNY in 2023 to 683 million CNY by 2027, reflecting a compound annual growth rate [4][14]. - The company’s return on equity (ROE) is projected to improve from 10.8% in 2023 to 13.4% in 2027 [4][14]. Market Context - The report notes that the company's performance has been impacted by declining domestic and international interest rates, which have pressured revenue [2][13]. - The company is planning to list on the Hong Kong Stock Exchange, which is expected to enhance its capital strength and competitive position [13]. - The ongoing internationalization of the Renminbi is anticipated to expand the company's domestic business opportunities [13].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Although in the medium to long - term, central bank gold purchases and growing investment demand will push up the precious metals price, in the short - term, the market has entered an adjustment phase. Investors should look for mid - term opportunities to buy on dips and hold existing long positions cautiously. The resistance for London gold is 4150, and the support is 4000; for silver, the resistance is 50 - 50.5, and the support is 47.5 [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, precious metals prices continued to fluctuate and adjust. The US dollar index fluctuated, the 10Y US Treasury yield rebounded, European and American stock indices rose slightly, Bitcoin rebounded, and crude oil had a large increase. The COMEX gold 2512 contract closed at $4143.2 per ounce, up 1.91%; the US silver 2512 contract closed at $48.65 per ounce, up 2.03%. The SHFE gold 2512 main contract closed at 942.28 yuan per gram, down 0.77%; the SHFE silver 2512 contract closed at 11467 yuan per kilogram, up 1.24% [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations continued to cool slightly. According to CME "FedWatch" data, the probability that the Fed will keep interest rates unchanged in October is 1.7%, and the probability of a 25 - basis - point cut is 98.3%. For December, the probability of a cumulative 25 - basis - point cut is 6.5%, a 50 - basis - point cut is 93.4%, and a 75 - basis - point cut is 0.2%. For January, the probability of a cumulative 25 - basis - point cut is 3.2%, a 50 - basis - point cut is 48.2%, and a 75 - basis - point cut is 48.6%. The SPDR Gold ETF holdings remained at 1052.37 tons, while the iShares Silver ETF holdings decreased by 128.41 tons to 15469.2 tons. The SHFE silver inventory decreased by 28.3 tons to 663.4 tons, and the SGX silver inventory decreased by 57.4 tons to 1050.7 tons as of the week ending October 17 [3]. 3.3 This Week's Focus - In terms of data, pay attention to the US September CPI data, which was postponed due to the US government shutdown and is scheduled to be released tonight. In terms of events, this week is the quiet period before the Fed's October 31 FOMC meeting [4]. 3.4 Price and Inventory Data - **Price Data**: The SHFE gold main - continuous contract was at 942.28 yuan per gram, down 1.08%; SGX gold TD was at 940.14 yuan per gram, down 0.92%; CME gold main contract was at $4143.2 per ounce, up 0.65%. The SHFE silver main - continuous contract was at 11467 yuan per kilogram, up 0.55%; SGX silver TD was at 11463 yuan per kilogram, up 0.72%; CME silver main contract was at $48.65 per ounce, up 0.98%. The SHFE - TD gold spread was 2.14 yuan per gram, down 42.47%; the SHFE - TD silver spread was 4 yuan per kilogram, down 50% [5]. - **Inventory and Position Data**: SHFE gold inventory was 87015 kilograms, unchanged; CME gold inventory was 1211.7586 tons, down 0.02%; SHFE gold positions were 189131 lots, down 1.9%. SHFE silver inventory was 663.366 tons, down 4.09%; CME silver inventory was 15488.954 tons, down 0.61%; SGX silver inventory was 1050.675 tons, down 5.18%. SHFE silver positions were 377229 lots, down 2.33%; SLV silver positions were 15469.202584 tons, down 0.82% [8]. 3.5 Other Market Data - The US dollar index was at 98.9332, up 0.05%; the US dollar against the RMB was at 7.125, down 0.03%. The Dow Jones Industrial Average was at 46734.61 points, up 0.31%. WTI crude oil spot was at $61.79 per barrel, up 5.62%. LmeS copper 03 was at $10817 per ton, up 1.49%. The 10Y US Treasury yield was at 4.01%, up 1.01%; the 10Y US real interest rate was at 1.71%, up 1.79%; the 10 - 2Y US Treasury yield spread was at 0.53%, up 1.92% [11].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - The domestic soybean market is supported by bullish factors in the short term, with strong buying enthusiasm from funds, but the industry should be cautious about hedging after the sharp rise [3] - The current upward trend of the soybean market is due to factors such as the restraint and price - holding of the grain - selling end, disasters in the southern producing areas, and rigid debt - repayment needs. The continuous decoupling from US soybeans due to Sino - US economic and trade relations provides emotional support [3] - The current rise may be based on the current spot logic, and there is no significant expectation for the long - term supply - demand structure. The core issue is how to solve the problem of the shortage of imported soybeans at the beginning of next year [3] Group 3: Summary by Related Catalogs Price Range Forecast - The monthly price range forecast for the soybean No. 1 11 - contract is 3900 - 4100 yuan, with a current 20 - day rolling volatility of 10.16% and a historical percentile of 24.7% [2] Risk Strategies Inventory Management for Sellers - For those with a long spot position, when there is a high demand for selling new soybeans after the autumn harvest and significant short - term selling pressure, they can short the A2601 soybean No. 1 futures contract at a ratio of 30% when the price is above 4100 yuan to lock in planting profits [2] - When soybeans are concentrated on the market and the seller's bargaining power weakens, they can sell the A2511 - C - 4050 call option at a ratio of 30% with a holding range of 30 - 50 to increase the grain - selling price [2] Procurement Management for Buyers - For those with a short spot position who are worried about rising raw material prices and increased procurement costs, they should mainly wait to purchase spot goods in the medium term and focus on long - term procurement management. They can go long on A2603 and A2605 contracts after the price bottoms out in the fourth quarter [2] Market Conditions - On the previous trading day, the soybean market accelerated its rise. The futures market broke through with increasing volume, and the spot prices rose to varying degrees. The 01 - contract on the futures market rose 1.56% to 4113 yuan, with an increase of 24,600 in positions and a trading volume of over 160,000 contracts, both hitting new highs since the contract was listed. The registered warehouse receipts remained at 7090 [3] Bullish and Bearish Factors Bullish Factors - The reduction in production and delayed listing in the southern producing areas have increased the demand for goods from the northeastern producing areas, changing the supply - demand structure seasonally [6] - The restraint in the grain - selling sentiment, debt - repayment needs, and increased rigid purchases in the sales areas due to colder weather support the market [6] Bearish Factors - The selling pressure is scattered, and the subsequent listing volume in the southern producing areas will increase [6] - On October 24 at 10:30, CGSG.com plans to auction 65,201 tons of domestic soybeans from 2022 and 2023 [6] - Currently, the supply of imported soybeans is sufficient, and the rising price suppresses the demand for domestic soybean crushing. The sales of medium - and low - protein soybeans are in trouble [7] Price and Basis Data Spot Price and Basis - On October 23, 2025, the spot prices of domestic third - grade soybeans in Harbin, Nenjiang, Jiamusi, and Changchun were 3890, 3840, 3920, and 3970 yuan respectively, with corresponding basis values of - 213, - 217, - 137, and - 87 yuan [7] Futures Closing Price - From October 22 to 23, 2025, the closing prices of soybean No. 1 11, 01, 03, 05, 07, and 09 contracts all rose, with daily increases of 55, 56, 52, 47, 51, and 55 yuan respectively, and corresponding increases of 1.36%, 1.38%, 1.28%, 1.15%, 1.25%, and 1.34% [7]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1] Core Views - The company reported a slight decline in net profit year-on-year, with a marginal improvement in net commission income in Q3 [1] - The company aims to leverage its international strategy to create differentiated competitive advantages, particularly in overseas clearing [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 941 million yuan, a year-on-year decrease of 8.27%, and a net profit attributable to shareholders of 351 million yuan, down 1.92% year-on-year [7] - In Q3 2025, the company recorded revenue of 347 million yuan, with an adjusted year-on-year decline of 0.98%, and a net profit of 120 million yuan, down 6.21% year-on-year [7] - The earnings per share (EPS) for the first three quarters of 2025 was 0.58 yuan, with a return on equity (ROE) of 8.27%, a decrease of 1.06 percentage points year-on-year [7] Revenue Breakdown - The net commission income showed significant improvement, with a total of 430 million yuan for the first three quarters of 2025, representing a year-on-year increase of 7.5%. Q3 alone saw net commission income of 190 million yuan, up 53.2% year-on-year, attributed to improvements in futures brokerage business [7] - Interest income for the same period was 400 million yuan, down 23.0% year-on-year, primarily due to a significant decline in margin interest income influenced by interest rate policies. Q3 interest income was 150 million yuan, down 13.0% year-on-year [7] - Investment income for the first three quarters was 90 million yuan, showing a year-on-year increase of 154% on a comparable basis [7] Cost Management - Overall expenses decreased in line with revenue scale, with business and management expenses totaling 500 million yuan for the first three quarters, down 4.9% year-on-year. Q3 expenses were 180 million yuan, down 1.4% year-on-year [7] - Credit impairment losses were 9 million yuan, a decrease of 54% year-on-year [7] - Other business costs were adjusted to 9 million yuan, down 67.3% year-on-year, mainly due to a reduction in other business income scale [7] Profit Forecast and Valuation - The company maintains its previous profit forecast, expecting net profits attributable to shareholders for 2025-2027 to be 471 million, 537 million, and 587 million yuan, with year-on-year growth rates of 2.95%, 13.96%, and 9.23% respectively [1] - The current market capitalization corresponds to price-to-earnings (P/E) ratios of 28.12, 24.67, and 22.59 for 2025-2027 [1]

Growth - Yian Technology reported a net profit of 19.03 million yuan in Q3, a year-on-year increase of 10,957% [1] - Hwa Woo Co. achieved a net profit of 24.32 million yuan in Q3, up 4,202% year-on-year [1] - Zhuoyi Information's Q3 net profit reached 17.48 million yuan, reflecting a year-on-year growth of 2,074.65% [1] - Jingrui Electric Materials reported a net profit of 58.61 million yuan in Q3, marking a 938.99% increase year-on-year [1] - Hemei Group's Q3 net profit was 61.75 million yuan, up 706.3% year-on-year [1] - Kelin Electric's Q3 net profit was 56.52 million yuan, a year-on-year increase of 705.48% [1] - Hualu Biological's Q3 net profit reached 70.03 million yuan, reflecting a 619.37% year-on-year growth [1] - Triangle Defense reported a net profit of 105 million yuan in Q3, up 466.32% year-on-year [1] - New Meixing achieved a Q3 net profit of 38.44 million yuan, a year-on-year increase of 357.83% [1] - Hailanxin's Q3 net profit was 5.67 million yuan, reflecting a 342.12% year-on-year growth [1] - Zhenlei Technology reported a net profit of 38.64 million yuan in Q3, up 337.49% year-on-year [1] - Tovey Information's Q3 net profit reached 26.04 million yuan, a year-on-year increase of 239.19% [1] - Wanma Co. reported a net profit of 161 million yuan in Q3, reflecting a 227.70% year-on-year growth [1] - Juhua Co. achieved a Q3 net profit of 1.197 billion yuan, up 186.55% year-on-year [1] - Baofeng Energy reported a net profit of 3.232 billion yuan in Q3, marking a 162.34% increase year-on-year [1] - Sanfu Co. achieved a Q3 net profit of 25.68 million yuan, reflecting a 162.25% year-on-year growth [1] - Chuling Information's Q3 net profit was 248.72 million yuan, up 123.93% year-on-year [1] - Fujilai reported a net profit of 30.32 million yuan in Q3, a year-on-year increase of 113.62% [1] - San Sheng Guojian achieved a Q3 net profit of 209 million yuan, reflecting a 101.41% year-on-year growth [1] - Tianchen Medical reported a net profit of 23.73 million yuan in Q3, up 70.74% year-on-year [1] - Oke Yi's Q3 net profit was 50.35 million yuan, reflecting a 69.31% year-on-year growth [1] - Dingtai High-tech reported a net profit of 123 million yuan in Q3, up 47.05% year-on-year [1] - Yiwei Lithium Energy achieved a Q3 net profit of 1.211 billion yuan, reflecting a 15.13% year-on-year growth [1] - Anpeilong reported a net profit of 30.99 million yuan in Q3, up 14.09% year-on-year [1] - Shengtun Mining's Q3 net profit was 649 million yuan, reflecting an 11.32% year-on-year growth [1] - COSCO Shipping Special reported a net profit of 504 million yuan in Q3, up 6.62% year-on-year [1] - Deep Technology achieved a Q3 net profit of 41.45 million yuan, reflecting a 2.8% year-on-year growth [1] Decline and Loss - Qiaqia Food reported a Q3 net profit of 79.36 million yuan, a year-on-year decrease of 72.58% [2] - Ningbo Jingda's Q3 net profit was 10.83 million yuan, down 65.14% year-on-year [2] - Nanhua Futures reported a Q3 net profit of 120 million yuan, reflecting a year-on-year decline of 6.21% [2] - Zhongwen Online reported a Q3 net loss of 294 million yuan [2] - Tuolisi reported a Q3 net loss of 86.45 million yuan [2] - Taiping Bird reported a Q3 net loss of 49.45 million yuan [2] - COFCO Technology reported a Q3 net loss of 28.06 million yuan [2]

Core Viewpoint - Nanhua Futures (603093.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved a revenue of 941 million yuan, representing a year-on-year decrease of 8.27% [1] - The net profit attributable to shareholders was 351 million yuan, down 1.92% year-on-year [1] - The non-recurring net profit was 352 million yuan, reflecting a year-on-year decline of 1.16% [1] - Basic earnings per share stood at 0.58 yuan [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the third quarter of 2025 compared to the same period last year, indicating potential challenges in its financial performance. Financial Performance - Operating revenue for the current period was approximately 3.47 billion, a decrease of 0.98% compared to the previous year [1] - Net profit attributable to shareholders was approximately 1.20 billion, down 6.21% year-on-year [1] - Basic and diluted earnings per share were both 0.20, a decrease of 4.76% from the previous year [1] - The weighted average return on equity was 2.76%, a decrease of 0.42 percentage points compared to the previous year [1] Cash Flow - The net cash flow from operating activities was approximately 72.7 billion, an increase of 7.51% year-on-year [25] - The net cash flow from financing activities was approximately 8.08 million, an increase of 4.3 billion compared to the previous year [25] - The net cash flow from investing activities was -2.87 billion, compared to 0.23 billion in the same period last year [25] Asset and Liability Changes - As of the end of the third quarter of 2025, cash and cash equivalents increased by 17.09% compared to the end of the previous year, while the proportion of total assets decreased by 7.42 percentage points [32] - The company's payable margin increased by 34.66%, with its proportion of total assets rising by 2.28 percentage points [35] - The total assets at the end of the reporting period were approximately 64.08 billion, compared to 48.86 billion at the end of the previous year [1] Shareholder Structure - The top ten shareholders included a new shareholder, Xu Fengling, who replaced Sun Guodong from the previous quarter [40] - Yang Rele's shareholding increased, while several institutional investors reduced their holdings [40] Valuation Metrics - As of October 23, the company's price-to-earnings ratio (TTM) was approximately 29.39, the price-to-book ratio (LF) was about 3.02, and the price-to-sales ratio (TTM) was around 2.36 [1]

Core Viewpoint - Nanhua Futures (603093.SH) reported a decline in both revenue and net profit for the third quarter of 2025 compared to the same period last year [1] Financial Performance - The company achieved a revenue of 347 million yuan in Q3 2025, representing a year-on-year decrease of 0.98% [1] - The net profit attributable to shareholders was 120 million yuan, down 6.21% year-on-year [1] - Basic earnings per share (EPS) for Q3 2025 stood at 0.2 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, Nanhua Futures reported a total revenue of 941 million yuan, reflecting a year-on-year decline of 8.27% [1] - The net profit attributable to shareholders for the first three quarters was 351 million yuan, a decrease of 1.92% year-on-year [1] - Basic EPS for the first three quarters was 0.58 yuan [1]

证券代码：603093 证券简称：南华期货 公告编号：2025-064 南华期货股份有限公司会计政策变更公告 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： 中国期货业协会制定《期货风险管理公司大宗商品风险管理业务管理规则》 （中期协字【2024】235 号，以下简称"《业务管理规则》"），就期货风险管 理公司大宗商品风险管理业务收入的财务核算作出规范，要求自 2025 年 1 月 1 日起实施。2025 年 7 月 8 日，财政部会计司发布标准仓单交易相关会计处理实 施问答。根据上述要求，公司对原会计政策作相应变更，并按相关要求进行会计 处理及信息披露。 公司第五届董事会第三次会议于 2025 年 10 月 23 日召开，以 9 票同意，0 票反对，0 票弃权，审议通过了《关于公司会计政策变更的议案》。本次会计政 策变更无需提交公司股东会审议。 二、具体情况及对公司的影响 （一）会计政策变更原因及变更前后公司采用的会计政策 （1）会计政策变更的原因 财政部会计司在标准仓单交易相关会计处理实施问答中明确，企业在 ...