Core Viewpoint - Nanhua Futures Co., Ltd. is set to list on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, highlighting its growth and strategic internationalization efforts in the financial services sector [1][4]. Company Overview - Nanhua Futures is a leading futures company in China, ranked eighth among all futures companies by total revenue in 2024, and first among non-financial institution-related futures companies [4]. - Established in 1996 and headquartered in Hangzhou, China, the company has evolved from a domestic futures brokerage to a comprehensive global financial services platform [4]. - The company offers a wide range of services, including domestic futures brokerage, risk management, wealth management, and overseas financial services, covering the entire value chain of futures and derivatives [5]. Business Development - Since 2006, Nanhua Futures has actively pursued internationalization, establishing a network of overseas branches in major financial centers, which allows it to provide cross-market trading services [4]. - The company has maintained a diversified business layout, covering major value chains in the futures and derivatives markets, with a product portfolio that includes various asset classes such as commodities, stocks, and fixed-income securities [5]. Client Growth - The number of registered corporate clients in Nanhua's domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 by December 31, 2023, representing a growth of 9.5% [6]. - Financial institution clients also grew significantly, from 1,140 as of December 22, 2022, to 1,488 by December 31, 2023, a 30.5% increase [6]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Nanhua Futures reported operating revenues of approximately RMB 954 million, RMB 1.29 billion, and RMB 1.36 billion, respectively [7]. - The net profit for the same periods was approximately RMB 246 million, RMB 403 million, and RMB 458 million [7]. - The company's client equity in its domestic futures brokerage business reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from December 31, 2022 [6].

Core Viewpoint - Nanhua Futures (603093.SH) is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1: Company Actions - The company announced that it is working on the application for H-share issuance and listing on the Hong Kong Stock Exchange [1] - A listing hearing was held by the Hong Kong Stock Exchange Listing Committee on November 20, 2025, to review the company's application for this issuance and listing [1] - Following the hearing, the company published a post-hearing information package on the Hong Kong Stock Exchange website, which is intended to provide information to the public and qualified investors [1] Group 2: Regulatory Compliance - The post-hearing information package was published in accordance with the requirements of the Hong Kong Stock Exchange and the Securities and Futures Commission of Hong Kong [1] - The information contained in the package is a draft version and may be subject to updates and changes [1]

智通财经APP讯，南华期货(603093.SH)发布公告，公司正在进行申请发行境外上市股份(H股)并在香港 联合交易所主板上市的相关工作。 2025年11月20日，香港联合交易所上市委员会举行上市聆讯，审议了公司本次发行上市的申请。根据本 次发行上市的时间安排，公司按照有关规定在香港联合交易所网站刊登本次发行聆讯后资料集，该聆讯 后资料集为公司根据香港联合交易所、香港证券及期货事务监察委员会的要求而刊发，刊发目的仅为提 供资讯予香港公众人士和合资格的投资者。同时，该聆讯后资料集为草拟版本，其所载资料可能会适时 作出更新和变动。 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-070 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。 上市及公司的其他相关信息，现提供该聆讯后资料集在香港联合交易所网站的查 询链接： 中文： 南华期货股份有限公司（以下简称"公司"）正在进行申请发行境外上市股 份（H 股）并在香港联合交易所有限公司（以下简称"香港联合交易所"）主板 上市（以下简称"本次发行上市"）的相关工作。 2025 年 4 月 17 日，公司向香港联合交易所递交了本次发行上市的申请，于 同日在香港联合交易所网站刊登了本次发行并上市的申请资料。根据本次发行上 市计划并根据香港联合交易所的相关规定，公司已于 2025 年 10 月 31 日向香港 联合交易所更新递交本次发行上市的申请，并于同日在香港联合交易所网站刊登 了本次发行上市的更新申请材料。 2025 年 9 月 19 日，中国证券监督管理委员会（以下简称"中国证监会"） 出具《关于南华期货股份有限公司境外发行上市备案通知书》（国合函〔2025〕 1618 号），中国证监会对公司本次发 ...

据港交所文件：南华期货股份有限公司通过港交所上市聆讯。 本文源自：金融界AI电报 ...

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report Macro - In the short - term, the profit growth rate of large - scale industrial enterprises will face great pressure and likely maintain a weak and volatile pattern. In the long - term, the profit of industrial enterprises is expected to enter a recovery channel in 2025. The RMB is likely to continue a stable and relatively strong trend in the short - term, with a slower appreciation speed and more obvious two - way fluctuations. In the long - term, it is expected to start a gentle appreciation channel [1][3][4] Stock Index - Overseas market fluctuations may disturb the A - share market, but the impact is limited. In the short - term, it is expected to be mainly volatile [4][5] Treasury Bonds - The central bank's bond - buying scale should be focused on. Mid - term long positions can be held, and short - term long positions can be gradually closed for profit [6] Container Shipping to Europe - The supply - demand pattern is still loose, and the short - term price fluctuation is intensified [6][8] Commodities Precious Metals - In the medium - to - long - term, central bank gold purchases and investment demand growth will boost the price of precious metals. In the short - term, silver has set a new high, and platinum and palladium mainly follow the trend of gold and silver [10][14] Copper - If there is no new contradiction in the short - term, the futures price will maintain a high - level shock after the breakthrough [17] Aluminum Industry Chain - Aluminum shows a strong and volatile trend, alumina is in a weak operation, and cast aluminum alloy is strong and volatile [18][19] Zinc - It shows a strong and volatile trend [19] Nickel and Stainless Steel - They are strong in the short - term, but the upward momentum of stainless steel is limited [20][21] Tin - It is not recommended to short in the short - term, and the strategy of entering the market on dips is maintained [22] Lithium Carbonate - There may be a short - term correction, but there are opportunities to go long on dips in the medium - to - long - term [24] Industrial Silicon and Polysilicon - Industrial silicon is in a volatile state, and polysilicon is expected to have an enlarged fluctuation range [26] Lead - There is support below, and it is expected to fluctuate between 16900 - 17300 [27] Black Metals Rebar and Hot - Rolled Coil - The profit is improving, and they are in a strong and volatile trend [29][30] Iron Ore - The price will maintain a high - level shock, and it is recommended to take profit on long positions at high prices [33][34] Coking Coal and Coke - The macro - sentiment is improving. Coking coal prices are under short - term pressure, and coke may face inventory accumulation pressure [35][36] Ferrosilicon and Silicomanganese - They are in a weak and volatile trend [38] Energy and Chemicals Crude Oil - In the short - term, it is in a volatile pattern, and in the long - term, it is in a downward trend [40] LPG - It is in a volatile state [41][43] PTA - PX - The speculation on blending for oil has cooled down, and it is recommended to go long on dips [44][47] MEG - Bottle Chips - The downward driving force is weakening, and it is recommended to sell call options [49][50] PP - The cost support is strong, and the fundamental situation is expected to improve marginally [52][53] PE - The upward space is limited due to insufficient self - driving force [54][56] Pure Benzene - Styrene - Pure benzene shows a near - weak and far - strong pattern, while styrene shows a near - strong and far - weak pattern [58] Fuel Oil - The cracking is weak, and the high - sulfur cracking is still bearish in the short - term [59] Low - Sulfur Fuel Oil - The cracking is weakening, and it may rebound after the Dar Blend discount stabilizes [60] Asphalt - The bottom space is limited, and the winter storage policy should be focused on [61][62] Rubber and 20 - Number Rubber - The weather speculation sentiment has subsided, and it is recommended to wait and see [63] 3. Summaries According to Related Catalogs Macro - **Market Information**: China's November Manufacturing PMI was 49.9, with the new export order growing at the fastest rate in 8 months. The US November ISM Manufacturing PMI shrank at the largest rate in four months. Japan's central bank governor hinted at a December interest - rate hike [1] - **Core Logic**: Domestically, the profit of large - scale industrial enterprises decreased year - on - year in October. In the short - term, the profit growth rate will face pressure, and in the long - term, it is expected to recover. Overseas, the US dollar index is expected to be volatile at a high level [1] RMB Exchange Rate - **Market Review**: The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [2] - **Important Information**: The US November ISM Manufacturing PMI declined, and the Japanese central bank governor signaled a possible interest - rate hike [2] Stock Index - **Market Review**: The stock index closed up, and the trading volume in the two markets increased. The futures index showed different volume changes [4] - **Important Information**: The US November ISM Manufacturing PMI shrank, and the Japanese central bank governor hinted at a December interest - rate hike [4][5] - **Core Logic**: The expectation of the Fed's interest - rate cut and the easing of geopolitical risks strengthen the support for the stock index. The hawkish remarks of the Japanese central bank may affect the A - share market [5] Treasury Bonds - **Market Review**: The bond futures rebounded on Monday, and the funds were loose [5] - **Important Information**: The Japanese central bank governor said to evaluate the pros and cons of raising interest rates [5][6] - **Core Logic**: The signal of the Japanese central bank's interest - rate hike may affect the A - share market and increase the rebound power of the bond market. Attention should be paid to the central bank's bond - buying data [6] Container Shipping to Europe - **Market Review**: The futures market of container shipping to Europe strengthened, and the SCFIS declined after the market closed [7][8] - **Information Sorting**: Positive factors include the expectation of China - EU trade cooperation and the warming of the shipping sector. Negative factors include the loose supply - demand pattern, the expectation of Red Sea shipping resumption, and macro - risks [8] Commodities Precious Metals - **Market Review**: Silver set a new high, and gold and platinum fluctuated after rising [10] - **Interest - Rate Cut Expectation and Fund Holdings**: The expectation of the Fed's interest - rate cut is stable, and the holdings of some ETFs have changed [12] - **This Week's Focus**: Pay attention to the US data and the speeches of Fed officials [13] Copper - **Market Review**: The prices of copper futures in different markets showed different trends, and the basis and cross - border ratio changed [15] - **Industry Information**: The copper inventory decreased, and the CSPT planned to reduce the copper ore production capacity in 2026 [15][16][17] Aluminum Industry Chain - **Market Review**: The prices of aluminum, alumina, and cast aluminum alloy showed different trends [17] - **Core Logic**: Aluminum is affected by macro - sentiment and copper and silver. Alumina is in an oversupply situation, and cast aluminum alloy follows the trend of aluminum [18] Zinc - **Market Review**: The price of zinc futures was strong [19] - **Industry Performance**: A zinc - lead mine project in a certain country is expected to start production [19] - **Core Logic**: The macro - sentiment has improved, and the smelting end has a willingness to reduce production due to raw material problems. The demand is in the off - season, and the inventory situation is different at home and abroad [19][20] Nickel and Stainless Steel - **Market Review**: The price of nickel futures rose, and that of stainless steel futures fell [20] - **Industry Performance**: The prices of nickel and stainless steel in the spot market changed, and the inventory situation was reported [20] - **Market Analysis**: They are affected by copper, and the prices of nickel ore are stable. Nickel iron has a tendency to reduce production, and the upward momentum of stainless steel is limited [21] Tin - **Market Review**: The price of tin futures was blocked from rising [22] - **Core Logic**: The supply - side raw material problem is difficult to solve, and the price is expected to fluctuate at a high level. It is not recommended to short in the short - term [22] Lithium Carbonate - **Market Review**: The price of lithium carbonate futures rose, and the trading volume decreased while the open interest increased [22] - **Industry Performance**: The spot market sentiment of the lithium - battery industry chain was weak, and the prices of some products changed [23] - **Core Logic**: The supply - demand game in the lithium carbonate market will intensify, and there may be a short - term correction [24] Industrial Silicon and Polysilicon - **Market Review**: The prices of industrial silicon and polysilicon futures changed, and the trading volume and open interest showed different trends [25] - **Industry Performance**: The spot market sentiment of the industrial silicon and photovoltaic industries was general, and the prices of some products changed [25][26] - **Core Logic**: Industrial silicon is in a supply - demand weak pattern, and polysilicon will have greater fluctuations [26] Lead - **Market Review**: The price of lead futures fluctuated narrowly [27] - **Industry Performance**: A new national standard for electric bicycles will be implemented in 2025 [27] - **Core Logic**: The raw material problem of primary lead has not been solved, and the production willingness of recycled lead has decreased. The import window is open, and the price is expected to fluctuate between 16900 - 17300 [27] Black Metals Rebar and Hot - Rolled Coil - **Market Review**: The prices of rebar and hot - rolled coil were strong and volatile [29] - **Core Logic**: The supply - demand balance is improving marginally, the profit is improving, and the risk of negative feedback is increasing. The price is expected to be strong and volatile [30][31] Iron Ore - **Market Information**: The global iron ore shipment volume increased, and the arrival volume in China changed [32][33] - **Core Logic**: The short - term fundamentals have improved, the demand is supported, the valuation is repaired, and the price is expected to be volatile at a high level [33][34] Coking Coal and Coke - **Market Review**: They were in a strong and volatile trend [35] - **Information Sorting**: The purchase price of coke by some steel mills was lowered, and there were environmental protection problems in some regions [35] - **Core Logic**: The supply of coking coal has limited marginal changes and is in a slight surplus. The supply of coke is expected to increase, and attention should be paid to the price - cut rhythm of steel mills [36] Ferrosilicon and Silicomanganese - **Market Review**: They rebounded slightly, driven by coking coal and finished products [37] - **Core Logic**: The demand is expected to decline, the inventory is high, the production profit is declining, and the price is expected to be weak and volatile [38] Energy and Chemicals Crude Oil - **Market Dynamics**: The prices of WTI and Brent crude oil rose. There were attacks on Russian energy infrastructure, and Chevron signed an exploration agreement [39] - **Core Logic**: The supply concern has increased, and the price is in a volatile pattern. In the long - term, the supply surplus pressure remains, and attention should be paid to OPEC+ policies and the Russia - Ukraine peace talks [40] LPG - **Market Dynamics**: The prices of LPG futures and related benchmarks changed [42] - **Spot Feedback**: The average prices in different regions changed [42] - **Fundamentals**: The supply increased slightly, the demand changed little, and the inventory decreased [42][43] PTA - PX - **Fundamentals**: The supply of PX decreased, and the supply of PTA had some changes. The demand of polyester was expected to be high, and the processing fee of PTA was repaired [44][45][46] - **Core Logic**: The speculation on blending for oil has cooled down, and the PTA - PX supply - demand structure is relatively good. Attention should be paid to the implementation of maintenance plans and the actual situation of blending for oil [46][47] MEG - Bottle Chips - **Inventory**: The inventory in East China ports increased [48] - **Device**: Some devices were restarted and some were shut down [48] - **Fundamentals**: The supply increased, the profit of each route was repaired, and the inventory was expected to increase. The demand of polyester was expected to be high [48][49] - **Core Logic**: The downward driving force of ethylene glycol is weakening, and the inventory accumulation expectation in December is revised to a tight balance. In the long - term, the cost support will weaken, and the short - term strategy is to sell call options [49][50] PP - **Market Dynamics**: The price of PP futures decreased slightly [51] - **Spot Feedback**: The spot prices in different regions were reported [51] - **Fundamentals**: The supply is expected to increase, the demand is differentiated, and the inventory decreased [52] - **Core Logic**: The cost support is strong, the fundamental situation is expected to improve marginally, and attention should be paid to the PDH device status and the basis change [53] PE - **Market Dynamics**: The price of PE futures increased slightly [54] - **Spot Feedback**: The spot prices in different regions were reported [54] - **Fundamentals**: The supply is expected to increase, the demand is in the off - season, and the inventory decreased [54][55][56] - **Core Logic**: The self - driving force is insufficient, the supply - demand pressure is large, and the price is expected to continue to be volatile after the rebound. Attention should be paid to the spot and the basis [56] Pure Benzene - Styrene - **Market Review**: The prices of pure benzene and styrene futures decreased [57] - **Spot Feedback**: The spot prices and basis of pure benzene and styrene changed [57] - **Inventory Situation**: The inventory of pure benzene increased, and that of styrene in some places decreased and in some places increased [57] - **Core Logic**: Pure benzene shows a near - weak and far - strong pattern, and styrene shows a near - strong and far - weak pattern [58] Fuel Oil - **Market Review**: The price of fuel oil futures was reported [59] - **Industry Performance**: The supply and demand of fuel oil in different regions changed in November, and the inventory situation was reported [59] - **Core Logic**: The supply of high - sulfur fuel oil increased in November, the demand for power generation was weak, and the high - sulfur cracking is still bearish in the short - term [59] Low - Sulfur Fuel Oil - **Market Review**: The price of low - sulfur fuel oil futures was reported [60] - **Industry Performance**: The supply and demand of low - sulfur fuel oil in different regions changed in November, and the inventory situation was reported [60] - **Core Logic**: The supply of low - sulfur fuel oil was affected by some factors in November, the cracking was compressed, and it may rebound after the Dar Blend discount stabilizes [60] Asphalt - **Market Review**: The price of asphalt futures was reported [61] - **Spot Performance**: The average price of asphalt in the domestic market decreased, and the prices in different regions changed [61] - **Fundamentals**: The supply increased, the demand increased, and the inventory decreased [61] - **Core Logic**: The spot and futures prices were stable near the integer mark, and the winter storage may face the problem of insufficient volume. After the winter storage policy is introduced, it may be the valuation anchor for BU01. In the short - term, it is expected to be weakly volatile [62] Rubber and 20 - Number Rubber - **Related Information**: China's November PMI data, the Fed's interest - rate cut expectation, and the rubber inventory situation were reported [64]

Core Viewpoint - The domestic futures market for non-ferrous metals is experiencing a significant upward trend, particularly in nickel futures, which have shown a slight increase amid macroeconomic factors and demand challenges [1] Macroeconomic Factors - The U.S. government has resumed operations, leading to increased expectations for interest rate cuts in December - High-level communications between China and the U.S. have raised market hopes for new domestic stimulus policies to support the economy [1] Supply and Demand Dynamics - According to Nanhua Futures, the Philippines is shipping nickel ore according to orders without significant fluctuations - There are indications that Indonesia may reduce its quota for the upcoming year, but no concrete figures have been reported yet, suggesting limited immediate impact [1] - Southwest Futures notes that downstream nickel-iron plants are facing increased losses, leading to some high-cost nickel-iron plants in Indonesia halting production for maintenance - The stainless steel sector is entering a traditional off-peak consumption season, compounded by weak demand in the real estate sector, resulting in a bearish sentiment among steel mills [1] Market Outlook - Jinrui Futures anticipates that nickel ore prices in Indonesia are likely to remain stable in December - There are signs of price stabilization for nickel-iron and stainless steel in the short term, with a potential confirmation of a bottom in the off-peak season - Expectations of stability in the mining sector may alleviate short-term pressure on primary nickel prices, with the price center expected to stabilize around 117,000 yuan per ton - Short-term focus will be on the resumption of Indonesian projects, with the core trading range for nickel futures set between 115,000 and 120,000 yuan per ton [1]

Core Viewpoint - Fertilizer stocks showed strong performance today, with notable increases in share prices for several companies following the agreement on potash import prices for 2026, which supports domestic supply and price stability [1] Group 1: Company Performance - China Heartland Fertilizer (01866) rose by 4.55%, reaching HKD 8.74 [1] - Sinochem Fertilizer (00297) increased by 4.58%, reaching HKD 1.6 [1] - CNOOC Chemical (03983) gained 4.53%, reaching HKD 2.54 [1] Group 2: Market Developments - On November 23, the Chinese potash import negotiation team reached an agreement with major international potash suppliers, setting the 2026 contract price at USD 348 per ton (CFR), a USD 2 increase from 2025 [1] - This price adjustment continues to maintain a "price lowland" for global potash, ensuring domestic supply and price stability [1] Group 3: Industry Insights - Nanhua Futures (603093) indicated that in November, supported by policies for supply assurance and profit recovery, daily urea production is expected to remain high, exerting significant pressure on prices [1] - However, timely and continuous adjustments to export policies have alleviated downward pressure on prices, leading to a more stable short-term domestic urea market [1] - Rising coal prices are also contributing to support for urea prices, as the cash flow cost line for coal-based production increases [1]

南华期货尿素产业周报 在政策保供与生产利润修复的支撑下，尿素日产预计将维持高位，高供应对价格构成显著压力。然而出口 政策的适时、连续调节，持续为基本面泄压，从而削弱了价格的下行驱动强度。在出口政策调控背景下，短 期现货价格受到明显支撑，业内情绪有提升，短线国内尿素行情稳中偏强。由于目前东北地区已经连续补库 两周，复合肥工厂及贸易商追高意愿逐步减弱，但尿素显性库存连续去库，基本面对价格形成支撑。总体而 言，尿素市场处于基本面与政策的区间内。短期其下行空间受到有力支撑，但上方同样承压，预计将延续震 荡走势。 ∗ 近端交易逻辑 尿素现货日产销与尿素期货收盘价 元/吨 尿素平均产销(右轴) 尿素期货主力合约收盘价 1 2 3 1600 1800 2000 2200 2400 尿素山东产销季节性 2023 2024 2025 2 4 6 | | | | | | | | 0 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 23/12 | 24/04 | 24/08 | 24/12 ...

期货策略周报 I 2025 年 12 月 01 日 底部漫长反复 本周主要观点： 前一段时间的商品共振下跌，但是化工和黑色等品种的估值 偏低，并不认为它们仍然有较大的下跌空间，追空的价值不大。 尽管焦煤持续下跌，但是，大的框架仍然服从于反内卷，不宜过 度看空。农产品仍然维持震荡的判断，目前不具备持续上涨的基 本面预期。棕榈油阶段性的供应增加，并不能改变油脂板块整体 的供需逻辑，未来仍然是逢低做多的思路去对待油脂板块。在本 轮调整结束后，可以考虑一些基本面尚可的品种博反弹，比如油 脂和聚酯板块。 风险点：宏观政策变化、产业政策变化、移仓换月变化； 重要声明：本报告内容及观点仅供参考，不构成任何投资建议 顾双飞 投资咨询证号：Z0013611 王建锋 投资咨询证号：Z0010946 胡乐克 投资咨询证号：Z0013991 陈敏涛 期货从业证号：Z0022731 请务必阅读正文之后的免责条款部分 南华研究院 投资咨询业务资格： 证监许可【2011】1290 号 底部漫长反复 期货策略周报 I 2025 年 12 月 01 日 资料来源：WIND 南华研究 请务必阅读正文之后的免责条款部分 第 1 页 周行情观点综述 ...