1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The trend of the dividend index reversed today, with the banking sector leading the rise and the dividend index rising 0.52%, performing best among domestic important stock index trends. Except for IH, other stock index futures showed volume - increasing declines, indicating mainly short - position additions. Market sentiment changed today. With a military parade tomorrow, there are large differences between bulls and bears in the market. To avoid the risk of market pull - back, short - position hedging increased in the futures market. Meanwhile, funds were more allocated to defensive high - dividend industries, and there were signs of profit - taking in the previously popular TMT industry, with the electronics, communication, and computer industries leading the decline. Although there were changes in market sentiment, trading volume remained high. Except for the basis of some IH contracts declining, the overall discount of other stock index futures narrowed. So, it's hard to say that the short - term outlook has turned optimistic and needs to be verified in the following trading days [6] 3. Summary According to Related Catalogs Market Review - The stock index showed a volume - increasing oscillation today, and large - scale indexes had different performances. For example, the CSI 300 index closed down 0.74%. The trading volume of the two markets increased by 1250.31 billion yuan. In the futures market, IH rose with increasing volume, while other stock index futures declined with increasing volume [4] Important Information - As of the morning of September 2nd, the FedWatch tool of the Chicago Mercantile Exchange showed that the probability of the Fed cutting interest rates by 25 basis points in September had risen to 89.6% [5] Strategy Recommendation - Hold positions and wait and see [7] Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 0.72 | 0.35 | - 1.80 | - 1.85 | | Trading volume (10,000 lots) | 19.5366 | 8.0614 | 17.2836 | 33.7746 | | Trading volume change compared to the previous day (10,000 lots) | 5.1069 | 2.6017 | 4.6175 | 8.5941 | | Open interest (10,000 lots) | 29.8335 | 10.9749 | 25.4784 | 40.1271 | | Open interest change compared to the previous day (10,000 lots) | 2.1717 | 1.2783 | 1.8794 | 2.6043 | [8] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 0.45 | | Shenzhen Component Index change (%) | - 2.14 | | Ratio of rising stocks to falling stocks | 0.26 | | Trading volume of the two markets (billion yuan) | 28749.91 | | Trading volume change compared to the previous day (billion yuan) | 1250.31 | [9]

Core Viewpoint - The stock of Nanhua Futures (603093) has experienced a significant decline, with a closing price of 21.65 yuan on September 2, 2025, down 5.0% from the previous day, indicating a bearish trend in the market [1]. Group 1: Stock Performance - On September 2, 2025, the trading volume was 158,100 hands, with a total transaction value of 346 million yuan [1]. - The net outflow of main funds was 61.32 million yuan, accounting for 17.73% of the total transaction value, while retail investors saw a net inflow of 69.38 million yuan, representing 20.06% of the total [1][2]. Group 2: Recent Fund Flow - Over the past five days, the stock has shown a consistent trend of net outflows from main funds, with the largest outflow recorded on September 1, 2025, at 97.10 million yuan, which was 26.20% of the total transaction value [2]. - The stock's closing price has decreased from 23.12 yuan on August 27 to 21.65 yuan on September 2, reflecting a downward trend [2]. Group 3: Financial Metrics and Industry Comparison - Nanhua Futures has a total market capitalization of 13.208 billion yuan, which is significantly lower than the industry average of 24.614 billion yuan, ranking 12th out of 21 in the diversified financial sector [3]. - The company's net profit for the first half of 2025 was 231 million yuan, a slight increase of 0.46% year-on-year, despite a 58.27% decline in main revenue to 1.101 billion yuan [3]. - The company's debt ratio stands at 90.84%, indicating a high level of leverage [3]. Group 4: Analyst Ratings - In the last 90 days, four institutions have provided ratings for Nanhua Futures, with one buy rating and three hold ratings, and the average target price set at 25.16 yuan [4].

Core Viewpoints - The asphalt futures market is experiencing a strong fluctuation, with the main contract reaching a peak of 3582.00 yuan and currently trading at 3560.00 yuan, reflecting a 1.42% increase [1] - Various institutions have differing views on the short-term outlook for asphalt, with a consensus on cautious trading strategies [1] Group 1: National Insights - Guosen Futures suggests a short-term trading approach for asphalt, driven by recent price increases from major refineries and a rebound in crude oil prices [2] - Demand remains weak due to high temperatures and regional rainfall affecting construction projects, leading to a cautious purchasing attitude among downstream users and traders [2] - The overall supply of asphalt is stable, but demand has not effectively released due to ongoing funding shortages, resulting in a lackluster performance during the peak season [2] Group 2: Regional Analysis - Nanhua Futures indicates that asphalt prices are primarily following cost fluctuations, with stable supply but weak demand due to adverse weather conditions [2] - The inventory structure shows slow de-stocking in social warehouses, while factory inventories are decreasing slightly, with some speculative demand causing inventory shifts [2] - The upcoming rainy weather in southern regions is expected to further weaken the demand outlook, with the peak season not performing as expected [2] Group 3: Market Trends - Donghai Futures notes that while oil prices are slightly rising, asphalt remains weak, with a small decline in basis [3] - The current inventory levels show limited de-stocking, and profits have slightly recovered with noticeable increases in production [3] - The market is likely to continue in a fluctuating pattern due to the anticipated impact of OPEC+ production increases on crude oil prices [3]

Report Information - Report Title: Nanhua Futures Copper Risk Management Daily Report [1] - Date: September 2, 2025 [1] - Research Team: Nanhua Non - ferrous Metals Research Team [1] Report Industry Investment Rating - Not provided Core Viewpoints - Before the Fed's next interest rate decision on September 19, copper prices may continue to fluctuate, with the upper limit around SHFE 80,500/LME 10,000. A low - level purchasing strategy is maintained in the fourth quarter [3]. - The core contradictions affecting copper prices include Fed rate cuts (medium - term bullish), rising domestic spot premiums with copper prices (short - term bullish), relatively low SHFE copper positions (short - term bearish), slightly low refined - scrap spreads (short - term bullish), tight supply (short - to medium - term bullish), and a downward domestic demand outlook (medium - term bearish) [3]. Summary by Content Copper Price Volatility and Risk Management Suggestions - **Price Volatility**: The latest copper price is 79,780 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 7.40%, and the historical percentile is 3.3% [2]. - **Risk Management Suggestions**: For inventory management with high finished - product inventory, sell 75% of SHFE copper main futures contracts around 82,000 yuan/ton and sell 25% of CU2511C82000 call options when volatility is relatively stable. For raw material management with low raw material inventory, buy 75% of SHFE copper main futures contracts around 78,000 yuan/ton [2]. Copper Price Influencing Factors - **Bullish Factors**: Rising copper spot premiums with prices, slightly low refined - scrap spreads, and tight supply. SMM expects a 5.25 - ton drop in September electrolytic copper production and low output in October [3]. - **Bearish Factors**: Relatively low SHFE copper positions, and potential negative impacts from the US copper tariff policy leading to extremely high COMEX inventory [3][4]. Copper Futures and Spot Data - **Futures Data**: The latest price of SHFE copper main contract is 79,780 yuan/ton with no daily change. LME copper 3M is 9,875 dollars/ton, down 0.31% [2][4]. - **Spot Data**: The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaom, Guangdong Nanchu, and Yangtze Non - ferrous are 79,900 yuan/ton, 80,010 yuan/ton, 79,810 yuan/ton, and 80,090 yuan/ton respectively, with daily increases [10]. Copper Inventory Data - **SHFE Warehouse Receipts**: The total SHFE copper warehouse receipts are 20,200 tons, down 5.66% [17]. - **LME Inventory**: The total LME copper inventory is 158,875 tons, down 0.02% [19]. - **COMEX Inventory**: The total COMEX copper inventory is 277,843 tons, up 2.34% week - on - week [20]. Copper Import and Processing Data - The copper import profit is 217.18 yuan/ton, down 20.18% [20]. - The copper concentrate TC is - 41.27 dollars/ton, with no change [20].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The spot market for soybeans has both weak supply and demand. With the upcoming new - season harvest, price pressure is increasing. Regular auctions are effectively increasing the current supply, and discounted auctions are impacting the spot price system. The consumption recovery represented by the double - festival stocking will face pressure from the new - season harvest, making it difficult for prices to rise. The futures market shows an unchanged bearish trend [3]. 3. Summary by Relevant Catalogs 3.1 Risk Strategies for Soybeans - **Inventory Management for Sellers**: For planting entities with a large demand to sell newly harvested soybeans in autumn but facing significant short - term selling pressure, it is recommended to short the A2511 soybean futures contract with a 30% hedging ratio when the price is between 4000 - 4050 to lock in planting profits. Also, when there is a large - scale listing and the seller's bargaining power weakens, sell the A2511 - C - 4050 call option with a 30% ratio at a price of 50 - 60 to increase the selling price [2]. - **Procurement Management for Buyers**: When worried about rising raw material prices and increased procurement costs, as the probability of price decline is high, it is advisable to mainly wait to purchase spot goods in the medium term and pay attention to long - term procurement management. Focus on the A2603 and A2605 contracts and wait for price guidance in autumn [2]. 3.2 Price Analysis - **Technical and Trend Analysis**: The technical side shows significant pressure, and the bearish trend remains unchanged. From August 29, 2025, to September 1, 2025, the closing prices of various soybean futures contracts increased slightly. For example, the A2511 contract rose from 3945 to 3965 (a 0.51% increase), the A2601 contract rose from 3948 to 3964 (a 0.41% increase), etc. [5]. - **Likely Influencing Factors**: - **Positive Factors**: The remaining grain at the grass - roots level is almost exhausted, and traders' inventory clearance may be low, which limits the price decline. In September, the concentrated consumption scenarios are gradually recovering, and the demand for edible consumption is expected to pick up. The short - side positions have decreased, driving the futures price to rebound [6]. - **Negative Factors**: The quality and yield of the new - season soybeans are expected to improve, and the concentrated supply will be the main driving factor for the fundamentals, continuously pressuring prices. Regular auctions are continuously supplementing the current market supply, and low - price auction grains are impacting the price system of old - season commercial grains [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Externally, the weather in the late growth stage of US soybeans has turned slightly dry, and the market's sensitivity to the weather is gradually increasing. In the short term, Sino-US talks have intensified the expectation of a rebound in US soybeans. Domestically, the domestic soybean complex has weakened due to Sino-US talks, and attention should be paid to whether the supply-demand gap in the far - month contracts can open up upward space. The domestic rapeseed complex also has the expectation of Sino - Canadian talks and may show weak sentiment in the short term [4]. - There is a strong bullish sentiment for far - month contracts due to the supply - demand gap. The Brazilian export premium supports the far - month contract prices from the cost side. The Sino - Canadian tariff expectation provides high support for the far - month contracts, but short - term sentiment may suppress the market due to the negotiation expectation. The timing of going long depends on subsequent changes in warehouse receipts [5]. - For soybean meal, the real - world pressure lies in the arrival of the inventory inflection point in September. After the trading logic shifts to far - month contracts, attention should be paid to the subsequent soybean supply. The supply of imported soybeans in China is at a seasonal high, the oil mill crush volume has slightly increased, and soybean meal continues to accumulate inventory seasonally. In terms of demand, the physical inventory has increased seasonally, and consumption remains at a rigid - demand level due to high livestock inventories. The expected soybean arrivals are 10 million tons in September, 9 million tons in October, and 8 million tons in November. Without purchasing US soybeans, a supply gap is expected after the first quarter of next year [6]. 3. Summary by Relevant Catalogs 3.1 Oilseed Price Range Forecast - The price range forecast for soybean meal in the month is 2800 - 3300, with a current 20 - day rolling volatility of 12.5% and a historical percentile of 19.8% over 3 years. The price range forecast for rapeseed meal is 2450 - 2750, with a current 20 - day rolling volatility of 25.4% and a historical percentile of 76.3% over 3 years [3]. 3.2 Oilseed Hedging Strategy | Behavior Orientation | Spot Exposure | Strategy Recommendation | Hedging Tool | Buying/Selling Direction | Hedging Ratio (%) | Suggested Entry Range | | --- | --- | --- | --- | --- | --- | --- | | Trader Inventory Management | Long | Short soybean meal futures to lock in profits and make up for production costs according to enterprise inventory to prevent inventory losses | M2601 | Sell | 25% | 3300 - 3400 | | Feed Mill Procurement Management | Short | Buy soybean meal futures at present to lock in procurement costs in advance on the market to prevent the increase of procurement costs due to rising meal prices | M2601 | Buy | 50% | 2850 - 3000 | | Oil Mill Inventory Management | Long | Short soybean meal futures to lock in profits and make up for production costs according to enterprise situation to prevent losses from imported inventory | M2601 | Sell | 50% | 3100 - 3200 | [3] 3.3 Oilseed Futures Prices | Futures Contract | Closing Price | Daily Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3054 | 0 | 0% | | Soybean Meal 05 | 2814 | 0 | 0% | | Soybean Meal 09 | 3004 | - 18 | - 0.6% | | Rapeseed Meal 01 | 2513 | 0 | 0% | | Rapeseed Meal 05 | 2406 | 0 | 0% | | Rapeseed Meal 09 | 2540 | - 10 | - 0.39% | | CBOT Yellow Soybeans | 1053 | 0 | 0% | | Off - shore RMB | 7.1359 | 0.0324 | 0.46% | [7][9] 3.4 Soybean and Rapeseed Meal Spreads | Spread Type | Price | Daily Change | | --- | --- | --- | | M01 - 05 | 240 | 5 | | M05 - 09 | - 190 | 12 | | M09 - 01 | - 50 | - 17 | | RM01 - 05 | 107 | 18 | | RM05 - 09 | - 134 | - 8 | | RM09 - 01 | 27 | - 10 | | Soybean Meal Rizhao Spot | 3020 | 20 | | Soybean Meal Rizhao Basis | - 34 | 21 | | Rapeseed Meal Fujian Spot | 2516 | - 8 | | Rapeseed Meal Fujian Basis | 3 | - 8 | | Soybean and Rapeseed Meal Spot Spread | 504 | 28 | | Soybean and Rapeseed Meal Futures Spread | 541 | - 1 | [10] 3.5 Oilseed Import Costs and Crushing Profits | Import Item | Price (Yuan/ton) | Daily Change | Weekly Change | | --- | --- | --- | --- | | US Gulf Soybean Import Cost (23%) | 4531.2634 | - 29.8378 | - 0.2236 | | Brazilian Soybean Import Cost | 3992.81 | 19.18 | - 58.48 | | US Gulf (3%) - US Gulf (23%) Cost Difference | - 736.7908 | - 1.8538 | 68.0082 | | US Gulf Soybean Import Profit (23%) | - 589.4934 | - 29.8378 | 424.5052 | | Brazilian Soybean Import Profit | 154.0428 | 0 | 0.4671 | | Canadian Rapeseed Import Futures Profit | 779 | 55 | 166 | | Canadian Rapeseed Import Spot Profit | 870 | 55 | 185 | [11]

Group 1: Investment Rating - No investment rating is provided in the report. Group 2: Core Viewpoints - The recent strength of tin prices is mainly due to tight supply. Yunnan Tin plans to stop production for maintenance from August 30th for 45 days as expected. In August 2025, China's refined tin production decreased both month - on - month and year - on - year, mainly affected by some enterprises' maintenance and the decrease in tin concentrate imports in July. In the short term, with a stable macro - environment, despite demand pressure, tin prices may rise slightly further, with the upper target tentatively set at 276,000 yuan per ton [3]. - There are several利多 factors, including the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's resumption of production falling short of expectations [4][5]. - There are also利空 factors such as the repetition of tariff policies, the inflow of Myanmar's tin ore into China, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [5]. Group 3: Summary by Content Tin Price Volatility and Risk Management - The latest closing price of tin is 273,240 yuan, the monthly price range forecast is 245,000 - 263,000 yuan, the current volatility is 12.98%, and the current volatility's historical percentile is 22.2% [2]. - For inventory management with high finished - product inventory and concern about price drops, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan and sell 25% of the SN2511C275000 call option when the volatility is appropriate. For raw material management with low raw - material inventory and concern about price increases, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan and sell 25% of the SN2511P260000 put option when the volatility is appropriate [2]. Tin Futures盘面 Data - The latest prices of Shanghai Tin main, Shanghai Tin continuous 1, and Shanghai Tin continuous 3 are all 273,240 yuan, 273,240 yuan, and 273,510 yuan respectively, with a daily change of 0. The price of LME Tin 3M is 35,060 US dollars per ton, with a daily increase of 110 US dollars and a daily increase rate of 0.31%. The Shanghai - London ratio is 7.81, with a daily increase of 0.01 and a daily increase rate of 0.13% [6]. Tin Spot Data - The latest prices of Shanghai Non - ferrous tin ingots, 40% tin concentrate, 60% tin concentrate, etc. have weekly increases. For example, the Shanghai Non - ferrous tin ingot price is 272,500 yuan per ton, with a weekly increase of 2,800 yuan and a weekly increase rate of 1.04% [11]. Tin Import Profit and Loss and Processing - The tin import profit and loss is - 20,376.73 yuan per ton, with a daily decrease of 3,089.77 yuan and a daily decrease rate of 17.87%. The 40% and 60% tin ore processing fees are 12,200 yuan per ton and 10,050 yuan per ton respectively, with no daily change [13]. Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,215 tons, a daily decrease of 58 tons and a daily decrease rate of 0.8%. The LME tin inventory is 2,010 tons, a daily increase of 115 tons and a daily increase rate of 6.07% [16].

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| 一、关于本次募投项目…………………………………………… 第 | 1—26 | 页 | | --- | --- | --- | | 二、关于经营情况…………………………………………………第 | 26—42 | 页 | | 三、关于交易性金融资产…………………………………………第 | 42—53 | 页 | | 四、关于其他——与关联方共同投资建设办公楼………………第 | 53—55 | 页 | | 五、关于其他——存货及结构化主体……………………………第 | 55—61 | 页 | | 六、附件……………………………………………………………第 | 62—66 | 页 | | 62 （一）本所营业执照复印件………………………………………第 | | 页 | | 63 （二）本所执业证书复印件………………………………………第 | | 页 | | （三）本所从事证券服务业务备案完备证明材料………………第 64 | | 页 | | （四）本所签字注册会计师执业证书复印件………………第 65—66 | | 页 | | 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 ...

Core Viewpoint - The company is responding to the second round of inquiries regarding its application for issuing convertible bonds, aiming to raise up to 1.2 billion yuan for enhancing various business capabilities and addressing operational funding needs [1][2]. Group 1: Financial Performance - The company reported net profits attributable to shareholders of 246.06 million yuan, 401.85 million yuan, 457.97 million yuan, and 231.25 million yuan over the reporting periods, indicating a steady growth trend [5]. - The company's futures brokerage business revenue was 536 million yuan, 571 million yuan, 494 million yuan, and 191 million yuan during the reporting periods, with a total of 140,800 clients and client equity of 27.347 billion yuan as of June 30, 2025 [7]. - The company's futures brokerage business operating profit fluctuated significantly, with operating revenues of 190.64 million yuan, 493.81 million yuan, and 570.72 million yuan, showing a decrease of 13.48% and an increase of 6.54% in different periods [6][7]. Group 2: Business Segments - The futures brokerage business is a traditional and primary source of profit for the company, with revenue primarily from brokerage fees and client margin interest [6][15]. - The risk management business is crucial for serving the real economy, providing services like forward pricing and basis trading, which help enterprises manage procurement costs and mitigate price volatility risks [18][19]. - The overseas financial services business has shown rapid growth, with client equity in securities, futures, and foreign exchange reaching 17.768 billion HKD, and the business has been providing risk management services to domestic enterprises operating abroad [27][31]. Group 3: Market Position and Strategy - The company has established a strategic layout that radiates nationwide from Zhejiang, focusing on enhancing customer service and expanding its market share in various cities [7][16]. - The company actively increases its marketing efforts and leverages its diversified layout to meet the needs of different customer segments, including risk management services for industrial clients and wealth management for institutional clients [8][19]. - The company’s risk management business has been optimized to enhance liquidity in the futures market, ensuring normal operations through effective market-making strategies [19][24].