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].

Group 1 - The core viewpoint of the articles emphasizes the role of futures companies in providing innovative financial tools to help manufacturing enterprises manage market volatility and enhance their operational resilience [1][2][3][4][5] Group 2 - A lithium carbonate wet recovery company in East China faced significant profit erosion due to price fluctuations in lithium carbonate, a key raw material for the booming electric vehicle industry [1] - Nanhua Futures customized a hedging system for the lithium carbonate company, enabling them to achieve a selling price of 82,490 yuan/ton through an options strategy, which was 490 yuan/ton higher than direct futures selling [2] - Dongwu Futures provided a "price lock without quantity lock" trade solution for a cable company, helping them save 1.2 million yuan in procurement costs by delivering 2,600 tons of aluminum ingots [3] - Guotai Junan Futures assisted a group company in Ningbo, Zhejiang, in managing high funding costs by recommending the use of 30-year government bond futures, which could lower annual funding costs by 0.95% [4][5] - The shift in mindset from passive risk acceptance to proactive risk management is highlighted, showcasing the transformative impact of futures tools on enterprise operations [5]

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]

Core Viewpoint - Nanhua Futures has submitted its second listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, indicating the company's growth and ambition in the financial services sector [1] Company Overview - Nanhua Futures, established in 1996 and headquartered in Hangzhou, China, is a leading futures company providing global financial services [1] - The company ranks second in China for ROE among futures companies and first for overseas income as of 2024 [1] Client Growth - The number of corporate clients in Nanhua's domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 by December 31, 2023, representing a growth of 9.5% [1] - Financial institution clients grew from 1,140 as of December 31, 2022, to 1,488 by December 31, 2023, a 30.5% increase [1] Financial Performance - Client equity in Nanhua's domestic futures brokerage reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from RMB 19.1 billion on December 31, 2022 [2] - The company reported operating revenues of RMB 9.54 billion, RMB 12.93 billion, RMB 13.55 billion, and RMB 5.93 billion for the years ending in 2022, 2023, 2024, and the first half of 2025, respectively [2] Industry Landscape - The Chinese futures market is the largest globally, covering over 140 products across 41 industries, with a significant correlation between futures and spot prices [3] - The demand for Chinese companies to engage in global financial markets is increasing, with A-share listed companies achieving approximately RMB 3.8 trillion in overseas business revenue in the first half of 2024, a 12.8% year-on-year growth [3] Competitive Environment - The financial services industry is highly competitive, with over 150 futures companies operating in China as of August 31, 2025 [4] - Nanhua Futures faces competition from various financial institutions, including other futures companies, securities firms, and investment banks, impacting pricing and market share [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The bullish trend in the lithium carbonate market is clear, but considering the recent rapid price increase, it is necessary to be vigilant against the resistance at the 90,000 yuan/ton mark and guard against potential subsequent correction risks [5]. - The core contradiction lies in the supply - demand mismatch. The arrival of more lithium concentrate at ports this month can ease the tight situation at the lithium ore end. The release of salt lake production capacity will continuously supplement the supply of the lithium salt market, and the "resumption speed of Jianxiaowo" is a key variable. The demand is currently strong, with the prices of core battery materials rising, and the downstream production schedule in November remaining highly prosperous [3]. Summary by Directory 1. Futures Data - **Price Range Forecast**: The strong support level of the lithium carbonate LC2601 contract is 73,000 yuan/ton, with a current 20 - day rolling volatility of 35.2% and a 3 - year historical percentile of 59.0% [2]. - **Futures Contract Data**: For the lithium carbonate futures, the closing price, trading volume, and open interest of the main contract and weighted contract have different daily and weekly changes. For example, the closing price of the main contract is 86,540 yuan/ton, with a daily decrease of 700 yuan (-0.80%) and a weekly increase of 7,980 yuan (10.16%) [8]. - **Spread Data**: The spreads between different contracts such as LC2601 - LC2603, LC2601 - LC2605, and LC2603 - LC2605 also show daily and weekly changes [8]. - **Warehouse Receipt Data**: The Guangzhou Futures Exchange's lithium carbonate warehouse receipts are 28,099 lots, with a daily increase of 608 lots (2.21%) and a weekly increase of 1,609 lots (6.07%) [8]. 2. Spot Data - **Lithium Ore Quotations**: The average daily prices of various lithium ores such as lithium mica, lithium spodumene, and phospho - lithium - aluminite have daily and weekly increases. For example, the latest average price of lithium mica (Li2O: 2 - 2.5%) is 2,220 yuan/ton, with a daily increase of 40 yuan (1.83%) and a weekly increase of 105 yuan (4.96%) [24]. - **Carbonate/Hydroxide Lithium Prices**: The prices of industrial - grade and battery - grade lithium carbonate, as well as different grades of lithium hydroxide, have daily and weekly changes. For example, the latest average price of industrial - grade lithium carbonate is 80,100 yuan/ton, with a daily increase of 1,550 yuan (1.97%) and a weekly increase of 1,400 yuan (1.78%) [27]. - **Lithium Industry Chain Spot Spreads**: The spreads such as the difference between battery - grade and industrial - grade lithium carbonate, the difference between battery - grade lithium carbonate and lithium hydroxide, and the difference between CIF prices in Japan and South Korea and domestic prices of battery - grade lithium hydroxide also show changes [31]. - **Downstream Product Prices**: The prices of downstream products such as phosphoric (manganese) iron lithium, ternary materials, and electrolytes have different daily price changes [32][33]. 3. Basis and Warehouse Receipt Data - **Basis Data**: The basis of the main continuous contract of lithium carbonate and the basis quotations of different brands show different values and changes [35][37]. - **Warehouse Receipt Data**: The total number of lithium carbonate warehouse receipts is 28,099 lots, with an increase of 608 lots compared to yesterday. Different warehouses have different changes in warehouse receipt quantities [40]. 4. Cost and Profit - **Production Profit**: The production profit of lithium carbonate from外购 lithium ore (including lithium spodumene concentrate and lithium mica concentrate), import profit, and theoretical delivery profit are presented in the form of time - series charts [42][44]. Lithium - Battery Enterprise Risk Management Strategy Recommendations - **Procurement Management**: For enterprises worried about cost increases, strategies include buying far - month futures contracts (40% recommended hedging ratio), selling LC2601 - P - 73000 (20% recommended hedging ratio), and using option combination strategies (20% recommended hedging ratio). For those worried about inventory impairment after procurement, strategies include selling the main futures contract (20% recommended hedging ratio) and using combination option strategies (10% recommended hedging ratio) [2]. - **Sales Management**: For enterprises worried about profit reduction due to price drops during sales, strategies include selling corresponding futures contracts (20% recommended hedging ratio), selling LC2601 - C - 90000 (10% recommended hedging ratio), and using combination option strategies (10% recommended hedging ratio) [2]. - **Inventory Management**: For enterprises with high lithium carbonate inventory worried about inventory depreciation, strategies include selling the main futures contract (20% recommended hedging ratio) and selling LC2601 - C - 90000 (10% recommended hedging ratio) [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The price of precious metals is expected to continue rising in the medium and long term due to central bank gold purchases and increasing investment demand. In the short term, precious metals have strengthened. For London gold, the resistance level is at 4150, and the support level is between 4000 - 4050. For silver, the support level is between 49.5 - 50, and the resistance level is at 52.5 [5] Summary by Relevant Catalogs Market Review - On Monday, precious metal prices rose strongly. The potential end of the US government shutdown alleviated the current shortage of market liquidity and supported the Fed's December interest rate cut expectation. COMEX Gold 2512 contract closed at $4123.4 per ounce, up 2.83%; US Silver 2512 contract closed at $50.405 per ounce, up 4.7%. SHFE Gold 2512 main contract closed at 935.98 yuan per gram, up 2%; SHFE Silver 2512 contract closed at 11719 yuan per kilogram, up 2.85% [2] Interest Rate Cut Expectation and Fund Holdings - According to CME "FedWatch" data, the probability that the Fed will keep the interest rate unchanged on December 11 is 35.9%, and the probability of a 25 - basis - point cut is 64.1%. The long - term SPDR Gold ETF holdings remained at 1042.06 tons, and iShares Silver ETF holdings remained at 15088.63 tons. SHFE silver inventory decreased by 14 tons to 610 tons, and SGX silver inventory decreased by 74.9 tons to 830.33 tons in the week ending October 31 [3] This Week's Focus - In terms of data, focus on the US CPI report on Thursday evening. In terms of events, on Wednesday, FOMC permanent voter and New York Fed President Williams will speak at 22:20; 2026 FOMC voter and Philadelphia Fed President Paulson will speak on fintech at 23:00; US Treasury Secretary Bessent will speak at 23:45. On Friday, 2025 FOMC voter and St. Louis Fed President Musalem will speak on monetary policy at 01:15; 2026 FOMC voter and Cleveland Fed President Hamark will participate in a fireside chat at 01:20; 2025 FOMC voter and Kansas City Fed President Schmid will speak on economic outlook and monetary policy at 23:05. On Saturday, 2026 FOMC voter and Dallas Fed President Logan will participate in a fireside chat at 03:30 [4] Precious Metal Spot and Futures Price Table - SHFE Gold Main Continuous contract is at 935.98 yuan per gram, up 1.6%; SGX Gold TD is at 933.02 yuan per gram, up 1.68%. CME Gold Main contract is at $4123.4 per ounce, up 2.88%. SHFE Silver Main Continuous contract is at 11719 yuan per kilogram, up 2.05%; SGX Silver TD is at 11726 yuan per kilogram, up 2.14%; CME Silver Main contract is at $50.405 per ounce, up 4.52%. SHFE - TD Gold is at 2.96 yuan per gram, down 18.23%; SHFE - TD Silver is at - 7 yuan per kilogram, down 33.33%. CME Gold - Silver Ratio is at 81.8054, down 1.57% [6][7] Inventory and Position Table - SHFE Gold inventory is 89616 kilograms, unchanged; CME Gold inventory is 1173.5181 tons, unchanged; SHFE Gold position is 136657 lots, down 3 lots. SPDR Gold position is 1042.06 tons, unchanged. SHFE Silver inventory is 609.978 tons, down 2.1%; CME Silver inventory is 14901.8329 tons, down 0.21%; SGX Silver inventory is 830.31 tons, down 8.28%; SHFE Silver position is 243217 lots, down 0.94%. SLV Silver position is 15088.632696 tons, unchanged [16] Stock, Bond, and Commodity Summary - The US Dollar Index is at 99.6233, up 0.08%; the US Dollar against the Chinese Yuan is at 7.1232, up 0.03%. The Dow Jones Industrial Average is at 47368.63 points, up 0.81%. WTI crude oil spot is at $59.75 per barrel, up 0.54%. LmeS Copper 03 is at $10874.5 per ton, up 1.68%. The 10 - year US Treasury yield is at 4.13%, up 0.49%; the 10 - year US real interest rate is at 1.84%, up 0.55%; the 10 - 2 year US Treasury yield spread is at 0.56%, up 3.7% [22]