1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The strengthening of tin prices on Tuesday afternoon may be related to smelter production cut expectations, but both macro and fundamental factors have limited impact. Macroscopically, the US retail sales data in July met expectations. Fundamentally, the repeated delay of the full resumption of production in Myanmar's tin mines has been providing obvious support for tin prices and may have a continuous impact. In the short term, tin prices may remain volatile, with a stable macro environment and room for speculation on supply - side topics [3] 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 268,090 yuan/ton, the monthly price range forecast is 245,000 - 263,000 yuan/ton, the current volatility is 14.36%, and the current volatility's historical percentile is 26.1% [2] - For inventory management with high finished - product inventory and fear of price decline, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw material inventory and fear of price increase, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2] 3.2 Factors Affecting Tin Prices - **Likely Positive Factors**: Sino - US tariff policy easing, the semiconductor sector still being in an expansion cycle, and Myanmar's resumption of production falling short of expectations [4] - **Likely Negative Factors**: Repeated tariff policies, the inflow of Myanmar's tin ore into China, and the semiconductor sector's expansion slowing down and gradually moving from an expansion cycle to a contraction cycle [5] 3.3 Tin Futures and Spot Data - **Futures Data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 268,090 yuan/ton, 268,320 yuan/ton, and 268,290 yuan/ton respectively, with no daily change. The latest price of LME Tin 3M is 33,770 US dollars/ton, with a daily increase of 100 US dollars and a daily increase rate of 0.3%. The Shanghai - London ratio is 7.92, with a daily increase of 0.01 and a daily increase rate of 0.13% [6] - **Spot Data**: The latest prices of Shanghai Non - Ferrous tin ingots, 40% tin concentrate, 60% tin concentrate, etc. have weekly declines, with the Shanghai Non - Ferrous tin ingot price at 266,200 yuan/ton, a weekly decline of 4,400 yuan and a weekly decline rate of 1.63% [12] 3.4 Tin Import and Inventory Data - **Import Data**: The latest tin import profit and loss is - 18,244.92 yuan/ton, with a daily decline of 855.39 yuan and a daily decline rate of 4.92%. The processing fees of 40% and 60% tin ore remain unchanged [16] - **Inventory Data**: The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,513 tons, with a daily decline of 74 tons and a daily decline rate of 0.98%. The total LME tin inventory remains unchanged at 1,655 tons [18]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Copper prices continued to fluctuate on Tuesday and are expected to remain volatile in the short term. The previous support level of 77,000 yuan per ton has been raised to 78,000 yuan per ton. The Fed's meeting minutes and Powell's speech may have limited impact on copper prices, while the strong support of the US dollar index exerts pressure on the overall valuation of non - ferrous metals [3]. - There are both利多 and利空 factors for copper prices.利多 factors include reaching a tariff agreement, a decline in the US dollar index due to increased interest - rate cut expectations, and the upward shift of the support level.利空 factors include tariff policy fluctuations, reduced global demand due to tariffs, and an extremely high COMEX inventory caused by US copper tariff policy adjustments [4][5][7]. 3. Summary by Relevant Catalogs Copper Price and Volatility - The latest copper price is 78,890 yuan per ton, with a monthly price range forecast of 73,000 - 80,000 yuan per ton. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2]. Copper Risk Management Suggestions - For inventory management with high finished - product inventory and concerns about price drops, sell 75% of Shanghai Copper main futures contracts around 82,000 yuan per ton and sell 25% of CU2510C82000 call options when volatility is relatively stable. - For raw material management with low raw material inventory and concerns about price increases, buy 75% of Shanghai Copper main futures contracts around 77,000 yuan per ton [2]. Copper Futures Market Data | Futures Contract | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Copper Main | Yuan/ton | 78,890 | 0 | 0% | | Shanghai Copper Continuous 1 | Yuan/ton | 78,870 | - 40 | - 0.05% | | Shanghai Copper Continuous 3 | Yuan/ton | 78,850 | 0 | 0% | | LME Copper 3M | US dollars/ton | 9,684.5 | - 67.5 | - 0.69% | | Shanghai - London Ratio | Ratio | 8.21 | 0.03 | 0.37% | [6] Copper Spot Data | Spot Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous 1 Copper | Yuan/ton | 79,100 | - 180 | - 0.23% | | Shanghai Wumaotong | Yuan/ton | 79,050 | - 230 | - 0.29% | | Guangdong Southern Reserve | Yuan/ton | 78,970 | - 180 | - 0.23% | | Yangtze River Non - ferrous | Yuan/ton | 79,220 | - 210 | - 0.26% | | Shanghai Non - ferrous Premium | Yuan/ton | 195 | - 30 | - 13.33% | | Shanghai Wumaotong Premium | Yuan/ton | 130 | - 40 | - 23.53% | | Guangdong Southern Reserve Premium | Yuan/ton | 155 | - 45 | - 22.5% | | Yangtze River Non - ferrous Premium | Yuan/ton | 185 | - 5 | - 2.63% | [12] Copper Scrap - to - Refined Spread | Spread Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Current Scrap - to - Refined Spread (Tax - included) | Yuan/ton | 1,049.89 | 36.38 | 3.59% | | Reasonable Scrap - to - Refined Spread (Tax - included) | Yuan/ton | 1,491.35 | - 0.7 | - 0.05% | | Price Advantage (Tax - included) | Yuan/ton | - 441.46 | 37.08 | - 7.75% | | Current Scrap - to - Refined Spread (Tax - excluded) | Yuan/ton | 5,735 | 30 | 0.53% | | Reasonable Scrap - to - Refined Spread (Tax - excluded) | Yuan/ton | 6,191.97 | - 4.86 | - 0.08% | | Price Advantage (Tax - excluded) | Yuan/ton | - 456.97 | 34.86 | - 7.09% | [17] Copper Warehouse Receipts and Inventories - Shanghai Copper warehouse receipts total 25,498 tons (unchanged), and International Copper warehouse receipts total 8,780 tons, a decrease of 5,571 tons (- 38.82%). - LME copper inventory totals 155,150 tons, a decrease of 450 tons (- 0.29%). - COMEX copper inventory totals 269,943 tons, an increase of 4,054 tons (1.52%) [21][23][24]. Copper Import Profit and Processing - The copper import profit is 332.39 yuan per ton, an increase of 3.25 yuan (0.99%). The copper concentrate TC is - 37.67 US dollars per ton, unchanged [25].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint The medium to long - term outlook for precious metals is potentially bullish, while the short - term trend is weak and consolidating. After London gold breaks below the 3330 mark, it may further retrace to the 3300 integer level, with resistance in the 3350 area. London silver has broken below 37.5, with support shifting down to 37 and resistance in the 37.7 - 38 areas. The operation strategy remains to buy on dips [4]. 3. Summary by Directory 3.1 Market Review - On Tuesday, the precious metals market was in weak consolidation. The rising US dollar index exerted pressure, and the expectation of peace talks between Russia and Ukraine reduced the geopolitical risk premium. The market is focused on the guidance of the global central bank annual meeting on the future interest - rate cut prospects of the Federal Reserve. COMEX gold 2512 contract closed at $3358.9 per ounce, down 0.57%; COMEX silver 2509 contract closed at $37.33 per ounce, down 1.84%. SHFE gold 2510 main contract was at 775.06 yuan per gram, down 0.13%; SHFE silver 2510 contract was at 9187 yuan per kilogram, down 0.25% [2]. 3.2 Interest - Rate Cut Expectations and Fund Holdings - Interest - rate cut expectations remained stable. According to CME's "FedWatch" data, the probability of the Fed keeping interest rates unchanged in September is 13.9%, and the probability of a 25 - basis - point cut is 86.1%. In October, the probability of unchanged rates is 6.5%, the probability of a cumulative 25 - basis - point cut is 47.5%, and the probability of a cumulative 50 - basis - point cut is 46%. In December, the probability of unchanged rates is 1.2%, the probability of a cumulative 25 - basis - point cut is 14%, the probability of a cumulative 50 - basis - point cut is 47.2%, and the probability of a cumulative 75 - basis - point cut is 37.6%. - Long - term fund holdings: SPDR Gold ETF holdings decreased by 3.2 tons to 962.2 tons; iShares Silver ETF holdings decreased by 17 tons to 15339.6 tons. SHFE silver inventory increased by 11 tons to 1149.4 tons, and SGX silver inventory decreased by 17.7 tons to 1286.8 tons as of the week ending August 15 [3]. 3.3 This Week's Focus - This week's data is light. Pay moderate attention to the US weekly initial jobless claims, housing data, and the US S&P manufacturing and services PMI. The key event is the Jackson Hole Global Central Bank Annual Meeting. On Friday at 22:00, Fed Chairman Jerome Powell will speak at the meeting. Additionally, on Wednesday at 23:00, Fed Governor Christopher Waller will speak at a blockchain seminar in Wyoming. On Thursday at 02:00, the Fed will release the minutes of its monetary policy meeting, and at 03:00, 2027 FOMC voter and Atlanta Fed President Raphael Bostic will speak on the economic outlook [4]. 3.4 Price and Inventory Data - **Precious Metals Futures and Spot Prices**: SHFE gold main - continuous contract was at 775.06 yuan per gram, down 0.33%; SGX gold TD was at 772.4 yuan per gram, down 0.31%; CME gold main contract was at $3358.9 per ounce, down 0.57%. SHFE silver main - continuous contract was at 9187 yuan per kilogram, down 0.77%; SGX silver TD was at 9183 yuan per kilogram, down 0.48%; CME silver main contract was at $37.33 per ounce, down 1.93% [4][5]. - **Inventory and Position Data**: SHFE gold inventory was 36333 kilograms, down 0.03%; CME gold inventory was 1201.5012 tons, down 0.05%; SHFE gold position was 191435 lots, down 1.32%; SPDR gold position was 962.21 tons, down 0.33%. SHFE silver inventory was 1149.446 tons, up 0.97%; CME silver inventory was 15805.2897 tons, up 0.12%; SGX silver inventory was 1286.835 tons, down 1.35%; SHFE silver position was 342500 lots, down 2.35%; SLV silver position was 15339.657474 tons, down 0.11% [15]. 3.5 Other Market Data - **Stock, Bond, and Commodity Overview**: The US dollar index was at 98.2652, up 0.12%; the US dollar - to - RMB exchange rate was 7.1865, unchanged. The Dow Jones Industrial Average was at 44922.27 points, up 0.02%. WTI crude oil spot was at $62.35 per barrel, down 1.69%. LmeS copper 03 was at $9684.5 per ton, down 0.69%. The 10 - year US Treasury yield was 4.3%, down 0.92%; the 10 - year US real interest rate was 1.95%, down 0.51%; the 10 - 2 year US Treasury yield spread was 0.55%, down 3.51% [18].

格隆汇8月19日｜东吴证券研报指出，南华期货2025年上半年公司实现营业总收入11.01亿元，同 比-58.3%；归母净利润2.31亿元，同比+0.5%。公司营收降幅较大，主要系公司对若干交易业务采用净 额法确认收入，但该项变动对公司净利润不产生影响。公司投资净收益（投资收益+公允价值变动收 益）同比+571%至0.84亿元，主要系风险管理业务期货平仓损益增加。截至2025H1，公司境内期货经纪 业务客户权益为273.47亿元，同比+6.1%。境外业务收入占比超50%，截至25H1，公司境外经纪业务客 户权益总规模同比+32.25%至177.68亿港元。南华期货凭借国际化战略先发优势打造差异化竞争力，尤 其在境外清算方面拥有显著优势。公司有望持续兑现发展潜力，维持"增持"评级。 ...

Group 1 - Nanhua Financial (UK) has been officially approved as a clearing member of the Intercontinental Exchange (ICEU), marking its second major global exchange clearing membership [2] - Nanhua International has now obtained membership qualifications from 16 major global exchanges and 13 clearing memberships, further expanding its global clearing layout [2] - Nanhua Futures has been one of the earliest companies in the futures industry to pursue internationalization, establishing its first overseas subsidiary in Hong Kong in 2006 [3] Group 2 - By 2024, Nanhua Futures' overseas business revenue reached 654 million yuan, a year-on-year increase of 15.32%, with significant profit growth over the past five years [4] - The gross profit margin of Nanhua Futures' overseas business has improved dramatically, reaching 71.26% in 2024, up from -5.76% in 2020 [4] - As of June 2025, the total equity of Nanhua Futures' overseas brokerage business reached 17.768 billion HKD, while the total scale of its overseas asset management business was 3.376 billion HKD [4] Group 3 - Nanhua Futures aims to actively respond to the Belt and Road Initiative, providing support for Chinese enterprises going abroad [5] - The company has successfully assisted overseas rubber industry clients in pricing and completing international delivery of natural rubber futures, enhancing market competitiveness [6] - Nanhua Futures has noted an increasing demand from foreign investors to participate in the domestic market, providing opportunities for business expansion [6]

1. Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the given content. 2. Core View of the Report - The tin price rose slightly in the recent period and then declined. Both macro and fundamental factors have limited impact on it. The US retail sales data in July met expectations. The repeated postponement of the full resumption of tin mines in Myanmar has significantly supported the tin price and may have a continuous impact. In the short term, the tin price may continue to fluctuate, with a stable macro - environment and room for speculation on supply - side topics [3]. 3. Summary by Related Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 267,020 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2]. - For inventory management with high finished - product inventory and concern about price decline, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw - material inventory and concern about price increase, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2]. 3.2 Influencing Factors - **Likely to be positive**: Sino - US tariff policy relief, the semiconductor sector still being in an expansion cycle, and the resumption of production in Myanmar falling short of expectations [4]. - **Likely to be negative**: The tariff policy being inconsistent, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and gradually moving from an expansion cycle to a contraction cycle [5]. 3.3 Tin Futures and Spot Data - **Futures data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 267,020 yuan/ton, 267,290 yuan/ton, and 267,400 yuan/ton respectively, with no daily change. The price of LME tin 3M is 33,670 US dollars/ton, up 60 US dollars or 0.18% daily. The Shanghai - London ratio is 7.91, down 0.15 or 1.86% [6]. - **Spot data**: The latest prices of Shanghai Non - ferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, 60A solder bar, 63A solder bar, and lead - free solder are 266,800 yuan/ton, 400 yuan/ton, 254,800 yuan/ton, 258,800 yuan/ton, 173,250 yuan/ton, 180,750 yuan/ton, and 272,750 yuan/ton respectively. Their weekly changes are - 1,200 yuan/ton, 0 yuan/ton, - 1,200 yuan/ton, - 1,200 yuan/ton, - 500 yuan/ton, - 1,000 yuan/ton, and - 1,500 yuan/ton respectively [12]. 3.4 Tin Import and Processing - The latest tin import profit and loss is - 17,389.53 yuan/ton, with a daily increase of 7.6%. The 40% and 60% tin ore processing fees are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [14]. 3.5 Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,587 tons, an increase of 161 tons or 2.17% daily. The warehouse receipt quantity of tin in Guangdong is 5,230 tons, an increase of 267 tons or 5.38% daily, and in Shanghai is 1,486 tons, a decrease of 106 tons or - 6.66% daily. The total LME tin inventory is 1,655 tons, with no daily change [17].

Report Overview - The report is the Copper Risk Management Daily Report of Nanhua Futures, dated August 19, 2025, prepared by Nanhua's non-ferrous metals research team [1] Investment Rating - Not mentioned in the report Core Viewpoints - The slight decline of copper prices on Monday was a bit unexpected, possibly related to the decline in the valuation of the entire commodity market. The stock market's unexpected strength on Monday did not drive the futures market. In the short term, copper prices may continue to fluctuate, or slightly strengthen. The previous support level of 77,000 yuan per ton can be raised to 78,000 yuan per ton. Powell's speech at the global central bank annual meeting may have limited impact on copper prices [3] Summary by Directory Copper Price Volatility and Risk Management Suggestions - The latest copper price is 78,950 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2] - For inventory management (high finished product inventory, worried about price decline), it is recommended to short 75% of the Shanghai copper main futures contract at around 82,000 yuan/ton and sell 25% of the call option CU2510C82000 when the volatility is relatively stable. For raw material management (low raw material inventory, worried about price increase), it is recommended to long 75% of the Shanghai copper main futures contract at around 77,000 yuan/ton [2] Factors Affecting Copper Prices - **Likely to increase prices**: The US reaches an agreement on tariff policies with other countries; the increase in interest rate cut expectations leads to a decline in the US dollar index, pushing up the valuation of non-ferrous metals; the support level is raised [4][5] - **Likely to decrease prices**: The tariff policy fluctuates; global demand decreases due to tariff policies; the adjustment of the US copper tariff policy leads to an extremely high COMEX inventory [5][7] Copper Futures and Spot Data - **Futures data**: The latest price of the Shanghai copper main contract is 78,950 yuan/ton, with no daily change. The Shanghai copper continuous one contract decreased by 150 yuan/ton (-0.19%), and the London copper 3M contract decreased by 8 US dollars/ton (-0.08%). The Shanghai-London ratio is 8.18, a decrease of 0.02 (-0.24%) [6] - **Spot data**: The latest prices of Shanghai Nonferrous 1 copper, Shanghai Wumei, Guangdong Nanchu, and Yangtze Nonferrous are 79,280 yuan/ton, 79,280 yuan/ton, 79,150 yuan/ton, and 79,430 yuan/ton respectively, with daily increases of 0.13%, 0.14%, 0.18%, and 0.16% [13] Copper Scrap Price Difference - The current scrap price difference (tax-included) is 1,013.51 yuan/ton, a decrease of 85 yuan (-7.74%); the reasonable scrap price difference (tax-included) is 1,492.05 yuan/ton, a decrease of 0.85 yuan (-0.06%) [15] Copper Warehouse Receipts and Inventories - **Warehouse receipts**: The total Shanghai copper warehouse receipts are 25,498 tons, an increase of 938 tons (3.82%); the total international copper warehouse receipts are 14,351 tons, an increase of 6,929 tons (93.36%) [19] - **Inventories**: The total LME copper inventory is 155,600 tons, a decrease of 200 tons (-0.13%); the total COMEX copper inventory is 269,070 tons, an increase of 3,874 tons (1.46%) [22][23] Copper Import Profit and Processing Fees - The copper import profit is 329.14 yuan/ton, an increase of 184.22 yuan (127.12%); the copper concentrate TC is -37.67 US dollars/ton, with no change [24]

Report Industry Investment Rating - Not provided Core Viewpoints - The freight index (European Line) futures contracts generally showed an opening increase, followed by a volatile decline, and a slight recovery near the close. Most contracts ended slightly higher, except for EC2604. The EC2510 contract saw a reduction in long and short positions, and trading volume decreased. The market sentiment was relatively calm, with some short - positions taking profits. In early September, the spot freight quotes of some shipping companies on the European Line stopped falling and rebounded, supporting the futures prices. The EC is likely to continue its oscillating trend, and some contracts may recover from low levels [1]. Summary by Related Content EC Risk Management Strategy - For those with existing shipping space but facing full capacity or poor booking volume and worried about falling freight rates, it is recommended to short the container shipping index futures (EC2510) at 1450 - 1550 to lock in profits [1]. - For those aiming to manage costs and concerned about rising freight rates, it is advisable to buy the container shipping index futures (EC2510) at 1200 - 1300 to pre - determine booking costs [1]. EC Contract Data - As of August 19, 2025, the EC2508 contract had a base of 91.97 points, a daily decline of 4.40 points, and a weekly decline of 63.51 points. The EC2510 contract had a base of 807.07 points, a daily increase of 0.50 points, and a weekly decline of 19.61 points. Different contracts had various price changes and spreads [3][5]. Freight Quotes - On August 28, Maersk's 20GP total quote for Shanghai - Rotterdam was $1450, up $45 from the previous period, and 40GP was $2450, up $80. In late August, CMA CGM's 20GP quote decreased by $150, and 40GP by $300. In early September, CMA CGM's 20GP quote recovered by $600, and 40GP by $700. ONE's 20GP quote in early September increased by $330 on average, and 40GP by $500 [7]. Global Freight Index - The SCFIS European Line decreased by 2.47% to 2180.17 points; the SCFIS US West Line increased by 2.23% to 1106.29 points. Other indices also showed different degrees of increase or decrease [8]. Port Waiting Time - On August 18, 2025, the waiting time at Hong Kong Port was 0.493 days, up 0.074 days from the previous day; Shanghai Port was 2.029 days, up 0.476 days. Different ports had different waiting time changes [15]. Ship Speed and Waiting Ships - On August 18, 2025, the speed of 8000 + container ships was 15.98 knots, down 0.04 knots from the previous day. The number of ships waiting at the Suez Canal port anchor decreased by 1 to 15 [24].

事件：南华期货发布2025年中报。1）2025年上半年公司实现营业总收入11.01亿元，同比-58.3%；归母净利润2.31亿元，同比+0.5%。公司营收降幅较大，主要系公司对若干交易业务采用 25H1公司手续费及佣金净收入、利息净收入均同比下滑：2025H1公司手续费及佣金净收入同比-14%至2.35亿元，主要系期货经纪手续费下滑。利息净收入同比-29%至2.53亿元，主要系保证 境内期货经纪业务相对承压：受市场环境及利率政策等方面因素影响，2025H1公司国内经纪业务仍面临一定的挑战。2025H1公司实现期货经纪业务收入1.91亿元，同比-25.7%，截至2025H 财富管理业务规模有所提升：2025H1公司财富管理业务收入同比30.3%至0.28亿元，环比基本持平。截至2025H1，南华基金存续公募基金规模为215.27亿元，较上年末增长45.4%；公司资管 风险管理业务收入降幅较大，主要系收入确认方法变更影响：2025H1公司风险管理业务收入5.52亿元，同比-72.6%，主要系若干交易业务采用净额法确认收入。 境外业务收入占比超50%：境外业务已成为公司经营的主要支撑，25H1公司境外金融服务业务收 ...

Group 1 - The core viewpoint of the report is that Dongwu Securities has given Nanhua Futures (603093.SH) an "accumulate" rating based on various factors [2] - The company's net income from fees and commissions, as well as net interest income, both experienced a year-on-year decline in the first half of 2025 [2] - The domestic futures brokerage business is under relative pressure, indicating challenges in the current market environment [2] - The wealth management business has seen an increase in scale, suggesting potential growth opportunities despite other pressures [2]