Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View Market confidence is continuously being restored, and stock index continues to rise. In the future, on one hand, the Sino-US trade war is escalating with tariff hikes up to 125%, and external shocks remain. On the other hand, under the increasing downward pressure on external demand, the expectation of domestic favorable policies strengthens, providing some support for the stock index. Currently, positive and negative factors at home and abroad are intertwined, with pressure above and support below. Today, the trading volume of the two markets shrank significantly. As the stock index continued to rebound and filled the gap, the upward momentum of the index also weakened. It is expected to mainly fluctuate within a range. Continue to pay attention to the progress of tariff negotiations, the fluctuations of US trade policies, and domestic countermeasures [6]. 3. Summary by Relevant Catalogs Market Review Today, the stock index fluctuated strongly. Taking the CSI 300 Index as an example, it closed up 0.41%. In terms of capital flow, the trading volume of the two markets decreased by 260.802 billion yuan. All stock index futures rose with shrinking volume [4]. Important Information - The US CPI in March increased by 2.4% year-on-year, significantly down from 2.8% last month, hitting a six - month low and lower than the market forecast of 2.6%. The CPI in March unexpectedly decreased by 0.1% month - on - month, far lower than the market forecast (increase of 0.1%), with the previous value being an increase of 0.2% [5]. - European Commission President von der Leyen said that the EU agreed to suspend the counter - measures against US tariffs originally scheduled for April 15 for 90 days [5]. - The Tariff Policy Commission of the State Council announced an adjustment to the additional tariffs on imported goods originating from the US, raising it from 84% to 125% [5]. Strategy Recommendation Hold positions and wait and see [7]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.37% | 0.52% | 0.85% | 1.69% | | Trading volume | 12.9987 | 5.9083 | 10.7233 | 31.7638 | | Trading volume change compared to previous period | - 2.776 | - 1.9677 | - 2.8014 | - 5.1689 | | Open interest | 275461 | 98562 | 221477 | 354821 | | Open interest change compared to previous period | - 6171 | - 2192 | - 1713 | - 5047 | [7] Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index change (%) | 0.45 | | | Shenzhen Component Index change (%) | 0.82 | | | Ratio of rising to falling stocks | 1.72 | | | Trading volume of the two markets (billion yuan) | 1348.665 | | | Trading volume change compared to previous period (billion yuan) | - 260.802 | [8]

证券代码：603093 证券简称：南华期货 公告编号：2025-024 南华期货股份有限公司 关于股份回购进展公告 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。 一、 回购股份的基本情况 南华期货股份有限公司（以下简称"公司"）于 2024 年 7 月 8 日召开第四届 董事会第十五次会议，审议通过《关于回购股份方案的议案》，同意以不低于人民 币 5,000 万元（含本数），不超过人民币 10,000 万元（含本数）的自有资金通过 集中竞价交易方式回购公司股份，拟用于后续实施员工持股计划。回购股份价格 不超过 13.90 元/股（含本数），回购期限自董事会审议通过回购方案之日起 12 个 月内。具体内容详见公司披露的《南华期货股份有限公司关于以集中竞价交易方 式回购股份的方案》（公告编号：2024-024）、《南华期货股份有限公司关于以集中 竞价交易方式回购股份的回购报告书》（公告编号：2024-028）。 二、 回购股份的进展情况 截至 2025 年 3 月 31 日，公司通过上海证券交易所系统以集中竞价交易方式 已累计回 ...

Group 1 - The legal opinion letter was issued by Beijing Jincheng Tongda Law Firm regarding the annual shareholders' meeting of Nanhua Futures Co., Ltd. scheduled for March 31, 2025 [1][2] - The meeting will adopt a combination of on-site and online voting methods, allowing shareholders to vote through the Shanghai Stock Exchange's online voting system [2][4] - The meeting will be held at 2:30 PM on March 31, 2025, at the 9th floor conference room of Hengdian Building, Hangzhou, Zhejiang Province [3] Group 2 - A total of 141 participants attended the meeting, representing 453,977,800 shares, which is 75.1141% of the total shares with voting rights [4][5] - The meeting's attendees included 139 small shareholders, representing 4,376,900 shares, or 0.7242% of the total shares with voting rights [5] - The meeting was convened by the company's board of directors, and all attendees met the qualifications required by relevant laws and regulations [5][6] Group 3 - The agenda included 21 proposals, such as the 2024 annual report, financial budget for 2025, and the issuance of H shares [6][7][8] - The proposals were consistent with the items listed in the meeting notice, and no new proposals were introduced [7][11] - The voting results showed overwhelming support for all proposals, with the majority receiving over 99% approval [10][11] Group 4 - The voting process adhered to the requirements of the Company Law and the rules governing shareholder meetings, ensuring the legality and validity of the results [11] - The final voting results confirmed that all proposals were approved, with significant majorities for each item [10][11]

2024 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 141 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 453,977,800 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 75.1141 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 证券代码：603093 证券简称：南华期货 公告编号：2025-023 南华期货股份有限公司 本次股东大会由公司董事会召集，采取现场投票和网络投票相结合的方式召 开，现场会议由董事长罗旭峰先生主持。本次会议的召集、召开及表决方式符合 《公司法》和《公司章程》等有关法律、法规及规范性文件的规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的 ...

北京金诚同达律师事务所 关于 南华期货股份有限公司 2024 年年度股东大会的 法律意见书 北京市朝阳区建国门外大街 1 号国贸大厦 A 座 10 层 电话：010-5706 8585 传真：010-6518 5057 金诚同达律师事务所 法律意见书 金证法意[2025]字 0331 第 0216 号 致：南华期货股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受南华期货股份有限公司（以 下简称"南华期货"或"公司"）的聘请，指派本所律师出席公司 2024 年年度股 东大会（以下简称"本次股东大会"）并对会议的相关事项出具法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）《律师事 务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规和规范性文件的要求以及《南华期货股份有限公司章程》（以下 简称"《公司章程》"）的规定，对本次股东大会的召集、召开程序，出席会议人员 的资格、召集人资格，会议的表决程序、表决结果等重要事项进行核验，出具本 法律意见书。 本所律师声 ...

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 12.88 [1] Core Insights - The report highlights the company's differentiated development capabilities, with a focus on its overseas business advantages and steady growth in risk management services [1][6][7] - The company achieved a revenue of 1.324 billion yuan, a year-on-year increase of 3.60%, and a net profit of 458 million yuan, a year-on-year increase of 13.96% [4][5] - The report anticipates continued high interest rates in overseas markets, which will support the company's growth [7] Financial Performance - The company reported a weighted average ROE of 11.71%, an increase of 0.25 percentage points year-on-year [4] - Domestic futures brokerage business client equity reached 31.561 billion yuan, up 48.54% year-on-year, although net income from brokerage fees decreased by 11.33% to 446 million yuan [5] - Interest income increased by 25.01% to 682 million yuan, driven primarily by overseas interest income [6] Future Projections - Revenue projections for 2025-2027 are 5.960 billion, 6.271 billion, and 6.643 billion yuan respectively, with net profits of 552 million, 614 million, and 666 million yuan [8] - The estimated EPS for the same period is 0.90, 1.01, and 1.09 yuan, with corresponding PE ratios of 14.24, 12.80, and 11.81 [8]

Investment Rating - The report maintains a "Buy" rating for Nanhua Futures (603093) with a target price based on the last closing price of 12.88 [1] Core Views - Nanhua Futures demonstrated differentiated development capabilities, with a reported operating income of 1.324 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 458 million yuan, up 13.96% year-on-year [4][6] - The company is expected to benefit from a high interest rate environment abroad, with net interest income increasing by 25.01% to 682 million yuan, driven primarily by overseas operations [6][7] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its capital strength and expand its overseas business [6] Summary by Sections Financial Performance - For the reporting period, Nanhua Futures achieved an operating income of 1.324 billion yuan and a net profit of 458 million yuan, with a weighted average ROE of 11.71%, an increase of 0.25 percentage points year-on-year [4][5] - The company’s domestic futures brokerage business client equity reached 31.561 billion yuan, a year-on-year increase of 48.54%, although net income from brokerage fees decreased by 11.33% to 446 million yuan due to increased competition [5] - The wealth management business saw a significant decline, with the management scale of Nanhua Fund down 29.87% to 14.805 billion yuan [5] Business Segments - The overseas business showed strong performance, with net income from overseas operations increasing by 15.32% to 654 million yuan, supported by a favorable high-interest environment [6] - The risk management business faced challenges, with basis trading revenue down 9.17% and off-exchange derivatives business nominal principal decreasing by 18.60% [5] Future Projections - Revenue projections for 2025-2027 are estimated at 5.960 billion yuan, 6.271 billion yuan, and 6.643 billion yuan respectively, with net profits expected to be 552 million yuan, 614 million yuan, and 666 million yuan [7][8] - The estimated EPS for the same period is projected to be 0.90 yuan, 1.01 yuan, and 1.09 yuan, with corresponding PE ratios of 14.24, 12.80, and 11.81 [7][8]

关于南华期货股份有限公司 向不特定对象 发行可转债申请文件的 审核问询函的回复 （浙江省杭州市上城区横店大厦 301 室、401 室、501 室、701 室、901 室、 1001 室、1101 室、1201 室） 保荐机构（主承销商） 住所：广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 关于南华期货股份有限公司 向不特定对象 发行可转债申请文件的 审核问询函的回复 上海证券交易所： 贵所于 2023 年 6 月 1 日签发的《关于南华期货股份有限公司向不特定对象发行可 转债申请文件的审核问询函》（上证上审（再融资）〔2023〕364 号）（以下简称"问询 函"）及 2023 年 6 月 28 日发出的修改回函意见已收悉。按照问询函要求，南华期货股 份有限公司（以下简称"发行人"或"公司"）已会同中信证券股份有限公司（以下简 称"保荐机构"或"中信证券"）、天健会计师事务所（特殊普通合伙）（以下简称"发 行人会计师"或"会计师"）和北京金诚同达律师事务所（以下简称"发行人律师"或 "律师"）对问询函的问题逐项进行了落实，并按照问询函的要求对所涉及的事项进行 了资料补充和问题回复，现提交贵所，请予以审 ...

南华期货股份有限公司 Nanhua Futures Co.,Ltd. （浙江省杭州市上城区横店大厦 301 室、401 室、501 室、701 室、 901 室、1001 室、1101 室、1201 室） 向不特定对象发行可转换公司债券 募集说明书 保荐人（主承销商） 二〇二五年三月 南华期货股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 南华期货股份有限公司 向不特定对象发行可转换公司债券募集说明书 | | | | 声 明 … | | --- | | 目 求…… | | 重大事项提示 . | | 一、关于可转换公司债券的性质… | | 二 ...

| | | | 一、关于融资必要性……………………………………………… 第 | 1—47 | 页 | | --- | --- | --- | | 二、附件……………………………………………………………第 | 48—52 | 页 | | （一）本所营业执照复印件………………………………………第 | 48 | 页 | | （二）本所执业证书复印件………………………………………第 | 49 | 页 | | （三）本所从事证券服务业务备案完备证明材料………………第 | 50 | 页 | | （四）本所签字注册会计师执业证书复印件………………第 | 51—52 | 页 | 7-2-2-1 关于南华期货股份有限公司 向不特定对象发行可转债审核问询函中 有关财务事项的说明 关于南华期货股份有限公司 向不特定对象发行可转债审核问询函中 有关财务事项的说明 天健函〔2025〕149 号 天健函〔2025〕149 号 上海证券交易所： 上海证券交易所： 我们已对《关于南华期货股份有限公司向不特定对象发行可转债申请文件 的第二轮审核问询函》（上证上审（再融资）〔2023〕526 号，以下简称审核 问询函）所提及的南华期货股份有限公 ...