（文章来源：证券日报） 证券日报网讯 9月1日晚间，南华期货发布公告称，公司将于2025年9月8日举行2025年半年度业绩说明 会。 ...

Core Viewpoint - The futures industry is experiencing significant revenue declines and profit differentiation among companies, driven by factors such as the implementation of "net method" for revenue recognition, declining interest rates, and increased market volatility [1][3][4]. Group 1: Revenue and Profit Trends - Four A-share futures companies reported a general decline in revenue in the first half of the year, with total revenue dropping by 17.6 billion yuan [3][4]. - Yong'an Futures led in revenue at 5.56 billion yuan, but this represented a 54.1% year-on-year decrease [4][5]. - Rui Da Futures achieved a revenue increase of 4.49% to 1.05 billion yuan, with a net profit growth of 66.5% to 227.81 million yuan [9]. Group 2: Company-Specific Performance - Yong'an Futures has seen a continuous decline in revenue for three consecutive years, with net profit down 44.6% to 170.15 million yuan in the first half of the year [4][6]. - Hongye Futures reported a revenue drop of 68.6% to 323 million yuan, resulting in a net loss of 3.61 million yuan [6][5]. - Nanhua Futures experienced a revenue decline of 58.3%, but managed a slight net profit increase to 201 million yuan [5][10]. Group 3: Industry Transformation and Future Outlook - The futures industry is undergoing a transformation phase, moving away from reliance on commission-based competition towards diversified profit models [7][8]. - Companies are focusing on asset management, international business, and industry chain services as key areas for growth [8][9]. - The overall market environment remains complex, with geopolitical tensions and economic adjustments impacting futures trading, necessitating innovation and international expansion for sustained performance [10].

Core Viewpoint - The futures industry in China is experiencing significant revenue declines and profit differentiation among companies, driven by factors such as the implementation of the "net method" for revenue recognition, declining interest rates, and increased market volatility [1][3][4]. Group 1: Company Performance - Yong'an Futures reported a revenue of 55.57 billion yuan, a decrease of 54.1% year-on-year, marking a continuous decline for three consecutive years [4][5]. - Hongye Futures transitioned from profit to loss, with a net profit of -0.036 billion yuan, compared to a profit of 0.13 billion yuan in the same period last year, reflecting a 68.6% drop in revenue [5][6]. - Ruida Futures achieved a net profit increase of 66% year-on-year, with a revenue of 10.47 billion yuan, up 4.49% from the previous year, primarily driven by asset management business growth [6][7]. Group 2: Industry Trends - The overall industry net profit showed a mixed trend with two companies increasing profits while two others saw declines, resulting in a total revenue drop of 17.6 billion yuan [3][4]. - The futures industry is undergoing a transformation from traditional brokerage to diversified profit models, with asset management, overseas clearing, and supply chain services becoming key differentiators for profitability [1][6]. - The futures market's trading volume reached 40.76 billion contracts with a total transaction value of 339.73 trillion yuan in the first half of 2025, reflecting a year-on-year increase of 17.82% and 20.68% respectively [7].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Comprehensive Index fell by -0.03% today [1][2] - Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 2.77%, and the Nanhua Agricultural Products Index had the smallest increase of 0.08%. The Nanhua Black Index had the largest decline of -1.9%, and the Nanhua Non - Ferrous Metals Index had the smallest decline of -0.06% [1][2] - Among the theme indices, only the Oilseeds and Oils Index rose by 0.17%, while the rest declined. The Black Raw Materials Index had the largest decline of -2.53%, and the Coal - based Chemical Index had the smallest decline of -0.07% [1][2] - Among the single - variety indices of commodity futures, the Silver index had the largest increase of 4.12%, and the Glass index had the largest decline of -3.81% [2] Group 3: Summary by Related Catalog Market Data of Nanhua Commodity Index - **Nanhua Comprehensive Index (NHCI)**: The index value was 3614.48, with an annualized return of -0.03% [2] - **Nanhua Precious Metals Index (NHPMI)**: The index value was 1273.01, with an annualized return of 4.17%, and a daily increase of 2.77% [2] - **Nanhua Industrial Products Index (NHII)**: The index value was 1273.01, with an annualized return of 33.89%, and a daily decline of -0.6% [2] - **Nanhua Metal Index (NHMI)**: The index value was 6346.75, with an annualized return of 2.91%, and a daily increase of 2.77% [2] Single - Variety Index Performance - **Silver**: Increased by 4.12% [2] - **Glass**: Declined by -3.81% [2] Contribution of Each Variety's Daily Rise and Fall to Index Rise and Fall - The document shows the contribution of each variety's daily rise and fall to the Nanhua Industrial Products Index and the Nanhua Mini - Comprehensive Index, but specific data is not comprehensively summarized here [2] Historical Trend Chart - There are historical trend charts of the Nanhua Comprehensive Index, sector indices, and theme indices (normalized) [2] Industry Chain Diagram and Single - Variety Index Daily Rise and Fall - There are industry chain diagrams of energy - chemical, black, and agricultural product sectors, showing the daily rise and fall of single - variety indices [2]

Report Summary 1. Core Viewpoints - The current domestic supply-demand situation of urea remains weak. Towards the weekend, due to the positive expectations of demand after the military parade and the Indian tender, the low-price transactions in some regions improved significantly, and upstream quotes were tentatively raised. The new round of Indian urea tender on September 2nd is generally considered bullish, and attention should be paid to the 15 reverse spread opportunity. In the medium term, the second batch of urea exports will support the demand side to some extent. Although factory inventory and pending orders pressure increase, with the opening of the export channel, there may be a phased rebound. However, agricultural demand is gradually weakening, and the fundamentals will face pressure in the second half of the year. The 01 contract is expected to fluctuate between 1650 - 1850 [4]. - Urea exports have been confirmed. In a market with strong speculative sentiment, urea futures are mainly priced speculatively, so they are expected to show a wide - range oscillation pattern with stronger downside support [4]. - Domestic policies suppress the market. The association requires factories to sell urea at low prices, which has a negative impact on spot sentiment [4]. 2. Price Range Forecast | Product | Price Range Forecast (Monthly) | Current Volatility (20 - day Rolling) | Current Volatility Historical Percentile (3 years) | | --- | --- | --- | --- | | Urea | 1650 - 1950 | 27.16% | 62.1% | | Methanol | 2250 - 2500 | 20.01% | 51.2% | | Polypropylene | 6800 - 7400 | 10.56% | 42.2% | | Plastic | 6800 - 7400 | 15.24% | 78.5% | [3] 3. Urea Hedging Strategies Inventory Management - **Scenario**: High finished - product inventory, worried about urea price decline. - **Strategy 1**: Short urea futures to lock in profits and make up for production costs according to inventory. Sell UR2601 and buy UR2601P1850, with a hedging ratio of 25% and an entry range of 1800 - 1950. - **Strategy 2**: Buy put options to prevent sharp price drops and sell call options to reduce capital costs. Sell UR2601C1950, with a hedging ratio of 50% and an entry range of 45 - 60 [3]. Procurement Management - **Scenario**: Low procurement of regular inventory, hope to purchase according to orders. - **Strategy 1**: Buy urea futures at present to lock in procurement costs in advance. Buy UR2601, with a hedging ratio of 50% and an entry range of 1650 - 1750. - **Strategy 2**: Sell put options to collect premiums and reduce procurement costs. If the urea price drops, the purchase price of spot urea can be locked. Sell UR2601P1650, with a hedging ratio of 75% and an entry range of 20 - 25 [3].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - Today, the futures prices of each contract of the Container Shipping Index (European Line) opened higher, moved up, and then fluctuated. By the close, the prices of all EC contracts had rebounded. The ruling by the US Federal Circuit Court of Appeals that most of the global tariff measures implemented by former President Trump were illegal brought positive macro - sentiment, leading to a recovery in futures prices. However, the current container shipping market is in the off - season, with relatively insufficient demand support, and the spot cabin quotes on the European line are still on a downward trend. For the future, it is more likely that EC will continue to fluctuate, and attention should be paid to the risk of some contracts falling from high levels [1]. 3) Summary by Relevant Contents EC Risk Management Strategy Advice - For those with existing cabin positions but full capacity or poor booking volume and worried about falling freight rates, they can short the container shipping index futures (EC2510) at 1350 - 1450 to lock in profits [1]. - For those who want to book cabins according to order situations due to increased blank sailings by shipping companies or the approaching peak season, they can buy the container shipping index futures (EC2510) at 1150 - 1250 to determine booking costs in advance [1]. Market Data - **EC Contract Positions and Trading Volume**: In the EC2510 contract, long positions decreased by 433 to 27,805, short positions increased by 583 to 30,516, and trading volume increased by 4,936 to 32,358 (bilateral) [1]. - **EC Basis Changes**: On September 1, 2025, the basis of EC2510 was 482.20, down 30.40 from the previous day and 150.00 from the previous week; other contracts also showed different degrees of decline [4]. - **EC Prices and Spreads**: On September 1, 2025, the closing price of EC2510 was 1291.4, up 2.41% from the previous day and down 4.90% from the previous week; different contract spreads also changed [4]. - **Global Freight Rate Index**: The SCFIS European route decreased by 10.88% to 1773.6; the SCFIS US - West route decreased by 5.87% to 1041.38; the SCFI European route decreased by 11.21% to 1481; the SCFI US - West route increased by 16.97% to 1923; other indices also had corresponding changes [8]. Shipping Company Quotes - **Maersk**: On September 11, the total quote for 20GP from Shanghai to Rotterdam was $1165, up $5 from the previous period; the total quote for 40GP was $1950, up $10 from the previous period [6]. - **MSC**: In early September, the total quote for 20GP from Shanghai to Rotterdam was $1280, down $126 from the previous period; the total quote for 40GP was $2140, down $212 from the previous period [6]. - **Herbert**: In early September, the average total quote for 20GP from Shanghai to Rotterdam was $1185, down $75 from the previous period; the average total quote for 40GP was $1935, down $150 from the previous period [7]. - **ONE**: In early September, the total quote for 20GP from Shanghai to Rotterdam was $2004, up $330 from the previous week; the total quote for 40GP was $2643, up $500 from the previous week [7]. Port and Ship - related Data - **Global Major Port Waiting Times**: On August 31, 2025, the waiting time at Hong Kong Port was 0.439 days, down 0.012 from the previous day; Shanghai Port was 1.340 days, down 0.341; other ports also had corresponding changes [15]. - **Ship Speeds and Waiting Ships in Suez Canal**: On August 31, 2025, the speed of 8000 + container ships was 15.826 knots, down 0.044 from the previous day; the number of ships waiting at the Suez Canal port anchor was 17, down 2 from the previous day [23]. Market News - **Positive News**: The US Federal Circuit Court of Appeals ruled that most of the global tariff measures implemented by former President Trump were illegal, which brought positive macro - sentiment [1][2]. - **Negative News**: Some shipping schedules of Mediterranean Shipping and Herbert on the European line in early September continued to lower their quotes, and the SCFIS European route accelerated its decline [3].

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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 ...

| | | | 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 | | （一）本所营业执照复印件………………………………………第 | 62 | 页 | | （二）本所执业证书复印件………………………………………第 | 63 | 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 | 7-2-1-1 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 ...

（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） 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 的 回 复 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 第二轮审核问询函的回复 上海证券交易所： 贵所于 2023 年 7 月 28 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 转债申请文件的第二轮审核问询函》（上证上审（再融资）〔2023〕526 号）（以下简 称"问询函"）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 ...