Core Points - The document outlines the internal audit management system of Nanhua Futures Co., Ltd, aiming to standardize internal audit practices and enhance internal control and corporate governance [1][8] - It defines the roles and responsibilities of the audit department, audit personnel, and the audit committee, ensuring independence and objectivity in the audit process [1][2][3] Group 1: Internal Audit Definition and Scope - Internal audit refers to the independent, objective evaluation and supervision of the company's internal control and governance processes [1] - The internal audit management system applies to the company's headquarters, branches, and subsidiaries [1] Group 2: Audit Department Structure - The audit committee is established under the board of directors, and the internal audit department reports to this committee [4] - The audit department must be staffed with qualified personnel possessing the necessary skills and knowledge [4] Group 3: Responsibilities and Authority of Audit Personnel - Audit personnel must adhere to professional ethics and maintain confidentiality regarding the information obtained during audits [2][3] - They have the authority to review and assess the legality, reasonableness, and effectiveness of financial and operational activities [3][4] Group 4: Audit Procedures - The internal audit process includes preparation, implementation, reporting, and follow-up audits [5][6] - Audit reports must be objective and factual, and feedback from audited departments should be considered before finalizing reports [6][7] Group 5: Legal Responsibilities - The company can take action against departments or individuals obstructing the audit process, including disciplinary measures [29] - Audit personnel who abuse their power or disclose confidential information may face legal consequences [30][31] Group 6: Miscellaneous Provisions - The management system will be revised and interpreted by the board of directors, and it will take effect upon approval [32][34] - Any issues not covered by this management system will be governed by relevant laws and company regulations [32][33]

北京金诚同达律师事务所 关于 南华期货股份有限公司 二○二五年第二次临时股东大会 之 法律意见书 北京市建国门外大街1号国贸大厦A座十层 100004 电话：010—57068585 传真：010—85150267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于南华期货股份有限公司 二○二五年第二次临时股东大会之 法律意见书 金证法意2025字 0714 第 0679 号 致：南华期货股份有限公司 （以下简称"《股东会规则》"） 受南华期货股份有限公司（以下简称"南华期货"或"公司"）聘请和北京 金诚同达律师事务所（以下简称"本所"）委派，本所律师出席南华期货二○二 五年第二次临时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》 《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 ...

Market Overview - The A-share market showed a slight increase with the Shanghai Composite Index rising by 0.27%, while the Shenzhen Component and ChiNext Index experienced minor declines. The North Exchange 50 Index increased by 0.55%. Overall trading volume in the Shanghai and Shenzhen markets was 1.48 trillion, down by over 200 billion from the previous day, indicating a temporary market consolidation [1][3]. Sector Performance - Despite minor index fluctuations, over 3,000 stocks saw gains, suggesting a generally positive performance among individual stocks. The robot concept sector stood out, with humanoid robots and reducers experiencing significant gains, driven by market optimism regarding the integration of AI and manufacturing, supported by government policies [3]. - The precious metals sector also performed well, with Hunan Silver hitting the daily limit and Zhongjin Gold reaching near the limit during trading. This is attributed to high international gold prices and increased investor interest due to inflation expectations [3]. - The paper industry saw a sudden surge in the afternoon, with companies like Forest Packaging and Yibin Paper hitting the daily limit, likely due to anticipated price increases and low industry inventory levels [3]. - The electric power sector experienced high volatility, with companies like Jiantou Energy and Yunnan Energy hitting the daily limit, driven by rising electricity demand as temperatures increase [4]. Market Sentiment - The market reflects a dual sentiment: investors are seeking sectors with policy support and strong earnings expectations, such as robotics and electricity, while gradually withdrawing from previously high-flying sectors lacking earnings support, such as the financial sector and gaming stocks [4][5].

南华期货沥青风险管理日报 2025年7月14日 凌川惠（投资咨询证号：Z0019531） 投资咨询业务资格：证监许可【2011】1290号 沥青价格区间 | 品种 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 沥青主力合约 | 3400-3750 | 22.98% | 40.88% | source： wind,南华研究,同花顺 沥青风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 套保比例（%） 建议入场区间 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心沥青价格 | 多 | 为了防止存货叠加损失，可以根据企业的库存情况，做空 | bu2509 | 卖出 | 25% | 3650-3750 | | | 下跌 | | 沥青期货来锁定利润，弥补企业的生产成本 | | | | | | 采购管理 | 采购常备库存偏低，希望根据订 | 空 | 为了防止沥青价格上 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report Industrial Silicon - In the second half of the year, the industrial silicon industry will be in a cycle of accelerating the clearance of backward production capacity and entering the de - stocking process. The supply pressure will be released with the implementation of production plans in Southwest China during the wet season. The downstream demand is expected to strengthen, with the photovoltaic industry potentially boosting demand, while organic silicon and aluminum alloy enterprises maintaining stable demand. The price will show a wide - range fluctuation. Suggestions include looking for opportunities to go long on industrial silicon at low prices, SI2509 - SI2511 positive spread trading, and going long on industrial silicon while shorting polysilicon [4]. - Positive factors are the "anti - involution" policy, limited downward space for costs, and better - than - expected demand. Negative factors are the release of production capacity in Southwest China during the wet season and potential weakening of demand due to industrial integration in the polysilicon industry [5][6]. Polysilicon - In the second half of the year, the polysilicon market is in a stage where fundamental and "anti - involution" logics alternate. Fundamentally, lower electricity prices and higher profits may increase production capacity. However, demand growth is limited, and high inventory persists. If industry integration is effective, it may drive prices up. The suggestion is to focus on PS2508 - PS2511 positive spread trading [8]. - Positive factors are potential industry integration and increased external demand from the US. Negative factors are inventory accumulation if integration fails [9][10]. 3. Summary by Relevant Catalogs Industrial Silicon Futures Data - The industrial silicon main contract shows wide - range fluctuations, with a 20 - day rolling volatility of 34.7%, a daily increase of 1.09%, and the current volatility at the 96.4% historical percentile in 3 years. The main contract closing price is 8695 yuan/ton, up 3.33% from the previous period; the trading volume is 1473993 lots, up 54.58%; the open interest is 402890 lots, up 9.54%. SI09 - 11 spread is 90 yuan/ton, up 28.57% [2][13][15]. Spot Data - The prices of 553 and 421 industrial silicon in different regions have increased to varying degrees. For example, the price of East China 553 is 8850 yuan/ton, up 1.14%. The East China 553 basis is 435 yuan/ton, up 55.36%, and the East China 421 - 553 spread is 350 yuan/ton, unchanged [17]. Basis and Warehouse Receipts - The total warehouse receipts are 50090 lots, down 139 lots or 3.58% from the previous period. The warehouse receipt inventories in different delivery warehouses have different changes [24]. Polysilicon Futures Data - The polysilicon main contract also shows wide - range fluctuations, with a 20 - day rolling volatility of 44.99%, a daily increase of 0.01%, and the current volatility at the 84.73% historical percentile in 3 years. The main contract closing price is 41765 yuan/ton, up 1.05%. The trading volume and open interest of different contracts have different changes. PS08 - 09 spread is 320 yuan/ton, down 3.03% [2][27][29]. Spot Data - The prices of different types of polysilicon, such as P - type and N - type, have different daily changes. For example, the N - type polysilicon price index is 43.45 yuan/kg, down 3.01% [34]. Basis and Warehouse Receipts - The polysilicon main contract basis is 1685 yuan/ton, down 51.44% from the previous period. The warehouse receipts in different regions remain unchanged [41][43]. Risk Management Strategies - For inventory management of industrial silicon and polysilicon, when product inventory is high, strategies include shorting futures, selling call options, and buying out - of - the - money put options. For procurement management, when there is a risk of rising raw material prices, strategies include buying forward futures contracts, selling put options, and buying out - of - the - money call options [2]

2025/07/14 寿佳露（投资咨询证号：Z0020569） 日报 . 烧碱产业风险管理日报 投资咨询业务资格：证监许可【2011】1290号 烧碱价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 烧碱 | 2200-2600 | 15.38% | 6.6% | source： 南华研究,同花顺 烧碱风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 产成品库存偏高，担心烧碱价格下 | 跌 | 多 | 为了防止存货跌价损失，可 以根据企业的库存情况，做 卖出看涨期权收取权利金降 | SH2509 | 卖出 | 50% | 2600-2650 | | | | | 空烧碱期货来锁定利润，弥 | | | | | | | | | 补企业的生产成本 | | | | | | | | | 低成本，若烧碱 ...

Core Viewpoint - On July 14, the Shanghai Composite Index rose by 0.27%, with institutional investors appearing on the trading lists of 35 stocks, net buying 19 and net selling 16 [1] Institutional Trading Summary - Institutional special seats net bought the most in Xiangyang Bearing, which closed at the daily limit with a turnover rate of 27.67% and a transaction amount of 2.076 billion yuan, net buying 110.74 million yuan [2] - San Chuan Wisdom closed up 15.27% with a turnover rate of 32.50%, net buying 75.27 million yuan, but had a net outflow of 35.2 million yuan [2] - Zhongke Magnetic Industry closed down 5.10% with a turnover rate of 45.77%, net buying 53.99 million yuan, but had a net outflow of 49.77 million yuan [2] Market Performance - The average increase of stocks with institutional net purchases was 2.36%, outperforming the Shanghai Composite Index [3] - Stocks like Changrong Co. and Xinling Electric showed strong performance, closing at the daily limit [3] - Historical data indicates a 52.06% probability of stocks with institutional net purchases rising the next day, and a 39.70% probability of rising in the following three days [3] Earnings Forecasts - Among the stocks with institutional net purchases, four have released half-year earnings forecasts, with Yuhua Development expected to have a net profit of 200 million yuan, a year-on-year increase of 708% [3] Net Selling Summary - The stock with the highest net selling by institutions was Siyuan Electric, with a net selling amount of 162.84 million yuan, while also seeing a net inflow of 98.77 million yuan [3] - Dazhihui was noted for a net selling of 120.24 million yuan, with a significant net outflow of 433 million yuan [4] Deep and Shanghai Stock Connect - On July 14, 15 stocks on the trading list had appearances from the Deep and Shanghai Stock Connect, with Siyuan Electric and Zhongke Jincai seeing net purchases of 139 million yuan and 113 million yuan respectively [7][8] - Stocks like Hengbao Co. and Greenland Holdings experienced significant net selling amounts of 193 million yuan and 79.38 million yuan respectively [8]

南华期货(603093)今日跌停，全天换手率8.00%，成交额12.58亿元，振幅11.96%。龙虎榜数据显示，沪股通净卖出3251.91万元，营业部席位合计净卖出8596.90万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-10.27%上榜，沪股通净卖出3251.91万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交4.11亿元，其中，买入成交额为1.47亿元，卖出成交额为2.65亿元，合计净卖出1.18亿元。 具体来看，今日上榜的营业部中，沪股通为第一大买入营业部及第一大卖出营业部，买入金额为6639.88万元，卖出金额为9891.80万元，合计净卖出3251.91万元。 近半年该股累计上榜龙虎榜12次，上榜次日股价平均涨2.59%，上榜后5日平均涨4.11%。 资金流向方面，今日该股主力资金净流出2.63亿元，其中，特大单净流出2.35亿元，大单资金净流出2790.83万元。近5日主力资金净流入8704.53万元。 4月22日公司发布的一季报数据显示，一季度公司共实现营业收入5.34亿元，同比下降46.20%，实现净利润8573.83万元，同比增长0.13%。 机构评级来看，近5日共 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-051 南华期货股份有限公司 关于选举职工董事的公告 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法律责任。 根据《中华人民共和国公司法》和《南华期货股份有限公司章程》等相关法 律法规规定，南华期货股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开职工代表大会，选举孙颖婷女士（简历详见附件）为公司职工董事，任期 与公司第五届董事会任期一致。 孙颖婷女士与公司其他董事、高级管理人员、实际控制人及持股 5%以上的 股东不存在关联关系，未持有公司股份，不存在上海证券交易所《上市公司自律 监管指引第 1 号——规范运作》3.2.2 条所列的不得被提名担任上市公司董事的 情形。 南华期货股份有限公司董事会 2025 年 7 月 15 日 附：职工董事简历： 孙颖婷女士，1988 年 11 月出生，中国国籍，本科，高级会计师、注册会计 师、获得中国法律职业资格证书。曾任横华国际金融股份有限公司财务专员、财 务部经理助理，浙江南华资本管理有限公司财务部经理等职务，现 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-053 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。 南华期货股份有限公司关于 董事会完成换届选举及聘任高级管理人员的公告 一、会议召开情况 南华期货股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 2025 年第二次临时股东大会及职工代表大会，选举产生公司第五届董事会董事。同日， 公司召开第五届董事会第一次会议，审议通过选举公司董事长、选举董事会专门 委员会委员、聘任公司高级管理人员等议案。现将相关情况公告如下： 二、公司第五届董事会组成情况 公司第五届董事会共由九名董事组成，其中独立董事三名，相关人员如下： 董事长：罗旭峰先生 非独立董事：罗旭峰先生、吕跃龙先生、徐文财先生、胡天高先生、厉宝平 先生、孙颖婷女士 独立董事：徐林先生、刘玉龙先生、李晶女士 三、公司第五届董事会各专门委员会组成情况 公司第五届董事会下设五个专门委员会，其组成人员如下： （1）审计委员会（3 人）：独立董事李晶女士、董事徐文财先生、独立董 事刘玉龙先生，其中独 ...