1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.53% today. All sector indices declined, with the Nanhua Precious Metals Index having the largest decline of -1.49% and the Nanhua Agricultural Products Index having the smallest decline of -0.37%. Among the theme indices, only the Oilseeds and Oils Index rose by 0.04%, while the rest declined. The Black Raw Materials Index had the largest decline of -1.15%, and the Mini Composite Index had the smallest decline of -0.2%. Among the single - variety indices of commodity futures, the Rapeseed Index had the largest increase of 0.99%, and the Coking Coal Index had the largest decline of -4.21% [1][3] 3. Summary by Relevant Catalogs 3.1 Nanhua Commodity Index Market Data - The Nanhua Composite Index (NHCI) closed at 2528.48, down 13.38 points or -0.53% from the previous trading day, with an annualized return of -2.02% and an annualized volatility of 11.60% [3] - The Nanhua Precious Metals Index (NHPMI) closed at 1523.63, down 23.05 points or -1.49%, with an annualized return of 49.14% and an annualized volatility of 18.59% [3] - The Nanhua Industrial Products Index (MHII) closed at 3505.01, down 26.96 points or -0.76%, with an annualized return of -9.46% and an annualized volatility of 13.86% [3] - Other indices such as the Nanhua Energy and Chemical Index (NHECI), Nanhua Non - ferrous Metals Index (NHNF), etc., also had corresponding closing prices, changes, annualized returns, and annualized volatilities [3] 3.2 Contribution of Each Variety's Daily Rise and Fall to the Index's Rise and Fall - For the Nanhua Mini Composite Index, Iron Ore had a positive contribution of 5.72%, while Palm Oil had a negative contribution of -2.14% [3] - For the Nanhua Industrial Products Index, Iron Ore had a positive contribution of 14.98%, and PVC had a negative contribution of -21.80% [3] - For the Nanhua Composite Index, Iron Ore had a positive contribution of 4.83%, and Coke had a negative contribution of -4.05% [3] - For the Nanhua Metal Index, Iron Ore had a positive contribution of 9.10%, and Stainless Steel had a negative contribution of -6.11% [3] 3.3 Single - Variety Index Daily Rise and Fall - In the energy and chemical sector, Synthetic Ammonia rose 1.17%, while Polyethylene fell -0.85% [3] - In the black sector, Coke rose 1.05%, while Coal fell -1.67% [3][4] - In the agricultural products sector, Rapeseed rose 0.99%, while Live Pigs fell -1.37% [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Policy interventions are frequent, potentially affecting the long - term supply of live pigs. Long - term strategic view is bullish, but short - to medium - term is still based on fundamentals. The policy bottom has emerged, but the market bottom may need a production cycle to form. The current fundamental situation is oversupply. Policy expectations, along with issues like disease and transportation, led to concentrated slaughter during holidays, causing a short - term decline in pig prices. Although there were signs of a bottom in the futures market, the weakening of second - fattening has increased supply pressure again [3]. 3. Summary by Relevant Catalogs 3.1 Pig Price Forecast - The predicted price range for the main contract is 11,000 - 13,500. The current 20 - day rolling volatility is 12.64%, and its historical percentile over 3 years is 21.34% [2]. 3.2 Risk Management Strategies for Pig Enterprises - **Inventory Management**: For high product inventory and fear of inventory impairment, strategies include short - selling LH2601 futures (10% recommended), selling LH2601 - C - 13000 call options (10% recommended), and buying LH2601 - P - 11000 put options [2]. - **Procurement Management**: For future procurement plans and fear of price increases, strategies include buying long - term pig contracts according to the procurement plan, selling LH2601 - P - 11000 put options, and buying LH2601 - C - 13000 call options [2]. 3.3 Core Contradictions - Policy interventions are frequent, affecting long - term supply. The policy bottom has appeared, but the market bottom needs time. The current supply exceeds demand, and short - term price drops are due to concentrated slaughter and other factors. Although there were signs of a bottom in the futures market, supply pressure has increased again [3]. 3.4 Bullish and Bearish Factors - **Bullish**: Macro sentiment has improved, the standard - fat price spread is at a high level, and there is an expectation of capacity reduction in the medium - to long - term [6]. - **Bearish**: The inventory of breeding sows is still high, the inventory of large - scale enterprises is at a three - year high, downstream consumption is weak, and second - fattening has weakened recently [6]. 3.5 Pig Prices - **Spot Prices**: The national average is 11.47 yuan/kg, down 0.02 yuan (- 0.17%). Prices in different provinces vary, with some rising, some falling, and some unchanged [9]. - **Futures Prices**: All contracts except for the November contract declined. The January contract closed at 11,535 yuan/ton, down 1.37%; the March contract at 11,355 yuan/ton, down 1%; the May contract at 12,040 yuan/ton, down 0.82%; the July contract at 12,735 yuan/ton, down 0.93%; the September contract at 13,560 yuan/ton, down 0.62%; and the November contract remained unchanged at 11,800 yuan/ton [10]. 3.6 Pig Price Spreads and Basis - Spreads and basis between different contracts and regions have changed, with some increasing and some decreasing. For example, the LH01 - 03 spread increased by 7.14% to 225 yuan/ton [18][20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current demand on the demand side is strong, with prices of core battery materials like lithium iron phosphate, ternary materials, and lithium hexafluorophosphate rising. However, there may be a seasonal decline in downstream power cell production near December, and whether energy - storage cell production can offset this decline is a key factor. Overall, the subsequent price volatility of lithium carbonate is expected to increase, and the lithium carbonate futures price this week is predicted to show a "widely fluctuating and weakly downward" trend in the range of 82,000 - 97,000 yuan/ton, with short - term correction risks [3][5]. - On the supply side, the arrival of more lithium concentrate at ports this month can ease the tight supply of lithium ore, and the release of salt - lake production capacity will continuously supplement the lithium salt market. The resumption speed of "Jianxiaowo" is a crucial variable. If its resumption exceeds market expectations, it will expand the lithium salt supply scale and potentially suppress prices [3]. - The concentrated cancellation of warehouse receipts at the end of November needs attention. A significant reduction in warehouse receipts may lead to speculation in the market, directly affecting lithium carbonate prices [5]. 3. Summary According to Relevant Catalogs 3.1 Futures Data - **Price Forecast and Volatility**: The strong pressure level of the lithium carbonate LC2601 contract is 100,000 yuan/ton, with a current volatility (20 - day rolling) of 45.5% and a historical percentile (3 - year) of 78.9%. It is expected that the lithium carbonate futures price this week will be in the range of 82,000 - 97,000 yuan/ton, showing a "widely fluctuating and weakly downward" trend [2][5]. - **Contract Data**: The closing price of the lithium carbonate futures main contract is 93,520 yuan/ton, with a daily decrease of 1,680 yuan (-1.76%) and a weekly increase of 6,980 yuan (8.07%). The trading volume is 1,487,724 lots (an 8.84% daily increase and a 64.85% weekly increase), and the open interest is 484,357 lots (a 13.96% daily decrease and an 8.00% weekly decrease). Other contract spreads and warehouse receipt data also show corresponding changes [8]. 3.2 Spot Data - **Lithium Ore and Lithium Salt Prices**: Prices of various lithium ores such as lithium mica, lithium spodumene, and lithium phosphate aluminum stone have increased to varying degrees, with daily increases ranging from 0.60% to 6.13%. Lithium salt prices, including industrial - grade and battery - grade lithium carbonate and lithium hydroxide, have also risen, with daily increases between 1.04% and 1.49% [23]. - **Cell Material Prices**: Prices of core cell materials like lithium iron phosphate, ternary materials, and lithium hexafluorophosphate have increased, with the price of lithium hexafluorophosphate rising by 2.48% daily [23]. 3.3 Basis and Warehouse Receipt Data - **Basis**: The basis of the lithium carbonate main continuous contract shows certain fluctuations. The average basis quotes of different brands for the LC2601 contract range from -1,600 to 0 yuan [33][34]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts is 26,953 lots, a decrease of 217 lots from the previous day. Warehouse receipts at different warehouses also show corresponding changes [36]. 3.4 Cost and Profit - **Production and Import Profit**: The production profit from purchasing lithium ore to produce lithium carbonate shows a certain trend, and the import profit of lithium carbonate also has corresponding changes over time [38]. - **Theoretical Delivery Profit**: The theoretical delivery profit of lithium carbonate fluctuates within a certain range over time [40]. 3.5 Risk Management Strategies for Lithium - Battery Enterprises - **Procurement Management**: For enterprises with no correlation between product prices, when worried about rising procurement costs, they can buy 10% of far - month futures contracts, sell 10% of LC2601 - P - 80,000, and use an option combination strategy (sell put options + buy call options) at a 20% ratio. For enterprises with correlated product prices, they can sell 60% of the main futures contracts according to the procurement progress and use a combination option strategy (buy put options + sell call options) at a 30% ratio [2]. - **Sales Management**: Enterprises worried about falling sales profits can sell 60% of corresponding futures contracts and use a combination option strategy (buy put options + sell call options) at a 30% ratio [2]. - **Inventory Management**: Enterprises with high lithium carbonate inventory can sell 60% of the main futures contracts and 30% of LC2601 - C - 100,000 to lock in inventory value [2].

Overall Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The recent commodity market shows that most varieties lack trend continuity, with major sectors like black, energy - chemical, and agricultural products in a volatile pattern. It's advisable to use options or futures arbitrage strategies instead of unilateral trend strategies due to low winning rates. Consider selling near - month deep out - of - the - money options to earn time value. Focus on varieties with continuous divergence structures and those that increase positions, volume during decline and are resistant to drops. Be cautious with the inter - month reverse arbitrage strategy during the upcoming position transfer period [2][5]. - The commodity market is in a volatile state this week, with a balance between bulls and bears. Valuations are low and the real - world situation is weak. Different sectors have different performances: non - ferrous metals are oscillating at high levels under the influence of precious metals; agricultural products like domestic corn and soybeans are rising, but the US soybean market is facing an oversupply issue; the energy - chemical sector has some varieties with loose supply - demand conditions; and in the black sector, except for coking coal protected by policies, steel demand remains weak and iron ore may experience a supplementary decline due to potential steel mill production cuts [4]. Summary by Catalog Market Overview - The overall commodity market is in a volatile pattern this week, with K - lines showing alternating yin and yang, indicating a balance between bulls and bears. Valuations are low and the real - world situation is weak [4]. Sector Analysis - **Non - ferrous Metals**: Under the influence of precious metals, non - ferrous metals are oscillating at high levels. Aluminum continues to strengthen due to capacity bottlenecks, and the tight supply of electrolytic aluminum in Europe and the US has not been alleviated [4]. - **Agricultural Products**: Domestic corn and soybeans are rising, but the US USDA report has lowered US soybean export volume, leading to a plunge in US soybean prices on Friday night. It's not recommended to chase high prices of US soybeans or domestic soybean meal [4]. - **Energy - Chemical Sector**: Some varieties in the energy - chemical sector have loose supply - demand conditions. Methanol's production profit was previously high, and the market has reduced it first due to weak demand. Currently, the valuations of energy - chemical varieties are low [4]. - **Black Sector**: Except for coking coal protected by policies, steel demand remains weak, and iron ore may experience a supplementary decline due to potential steel mill production cuts [4]. Data Tables - **Plate Capital Flow**: The total capital flow is 8.746 billion. Precious metals have a capital inflow of 4.291 billion (53.2%), non - ferrous metals 4.153 billion (70.2%), black metals 349 million (7.8%), energy - 51 million (- 3.4%), chemical - 143 million (- 4.4%), feed breeding 1.04 billion (50.0%), oilseeds 1.884 billion (41.8%), and soft commodities 254 million (15.3%) [9]. - **Black and Non - ferrous Weekly Data**: It includes price, inventory, valuation, position, position difference, and annualized basis data for various black and non - ferrous metal varieties such as iron ore, rebar, and copper [9]. - **Energy - Chemical Weekly Data**: It provides price, inventory, valuation, position, position difference, and annualized basis data for energy - chemical varieties like fuel oil, low - sulfur oil, and asphalt [11]. - **Agricultural Product Weekly Data**: It contains price, inventory, valuation, position, position difference, and annualized basis data for agricultural products such as soybean meal, rapeseed meal, and soybean oil [12].

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。 ...