Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The medium - to long - term trend of precious metals may be bullish, while the short - term is in an overall oscillatory consolidation. For London gold, the support levels are at 3330 and then the 3300 integer mark, with resistance levels in the 3350 area, 3370, and 3400. For London silver, the support is at 37.5 and the resistance is in the 38.1 area and 39. The operation strategy is to maintain the idea of buying on dips [4]. 3) Summary by Relevant Catalogs [行情回顾] - On Monday, the precious metals market had a narrow - range oscillatory consolidation with light trading. The market is focused on the guidance of the Jackson Hole Global Central Bank Symposium on the Fed's future interest - rate cut prospects. Multiple investment banks on Monday evening dampened the optimistic expectations. Before the mid - September FOMC, one PCE, one non - farm payroll, and one CPI will be announced. Nomura expects Powell not to give a "clear commitment" on Friday; BofA expects Powell to hold a hawkish stance; Morgan Stanley expects Powell to emphasize inflation risks and resist the market's interest - rate cut expectations. The US dollar index rebounded, short - term US bonds oscillated, yields on medium - and long - term bonds rose, Bitcoin fell, crude oil oscillated, the Chinese stock market was strong, and European and American stock markets oscillated. Finally, the COMEX gold 2512 contract closed at $3378 per ounce, down 0.14%; the US silver 2509 contract closed at $38.065 per ounce, up 0.24%. The SHFE gold 2510 main contract was at 777.66 yuan per gram, up 0.32%; the SHFE silver 2510 contract was at 9204 yuan per kilogram, down 1.23%. Geopolitically, after the "Trump - Zelensky meeting", Trump called Putin and said he was arranging a tri - party meeting, and both Russia and the US support direct Russia - Ukraine negotiations; Hamas agreed to a new Gaza cease - fire agreement proposed by the mediator [2]. [降息预期与基金持仓] - Expectations for the number of interest - rate cuts within the year have cooled, and the fantasy of a 50 - basis - point cut in September has been dashed. According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in September is 7.9%, and the probability of a 25 - basis - point cut is 92.1%; in October, the probability of keeping rates unchanged is 3.2%, the probability of a cumulative 25 - basis - point cut is 41.7%, and the probability of a cumulative 50 - basis - point cut is 55.2%; in December, the probability of keeping rates unchanged is 0.8%, the probability of a cumulative 25 - basis - point cut is 12.6%, the probability of a cumulative 50 - basis - point cut is 45%, and the probability of a cumulative 75 - basis - point cut is 41.6%. In terms of long - term funds, the SPDR Gold ETF holdings decreased by 2.86 tons to 961.36 tons; the iShares Silver ETF holdings decreased by 28.25 tons to 15071.31 tons. In terms of inventory, SHFE silver inventory decreased by 15.7 tons to 1150.8 tons per day; as of the week ending August 8, SGX silver inventory decreased by 64.5 tons to 1304.5 tons per week [3]. [本周关注] - This week's data is light. Moderate attention should be paid to the US weekly initial jobless claims, housing data, and the US S&P manufacturing and services PMI. In terms of events, focus on the Jackson Hole Global Central Bank Symposium. At 22:00 on Friday, Fed Chairman Powell will give a speech at the symposium. Additionally, at 23:00 on Wednesday, Fed Governor Waller will give a speech at a blockchain seminar in Wyoming. At 02:00 on Thursday, the Fed will release the minutes of its monetary policy meeting; at 03:00, 2027 FOMC voter and Atlanta Fed President Bostic will give a speech on the economic outlook [4]. [贵金属期现价格表] - The table shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures and spot contracts, as well as the CME gold - silver ratio [5]. [库存持仓表] - The table presents the latest values, daily changes, and daily change rates of SHFE, CME, and SGX gold and silver inventories, as well as SHFE gold and silver positions and SPDR gold and SLV silver ETF holdings [16][17]. [股债商汇总览] - The table shows the latest values, daily changes, and daily change rates of the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot, LmeS copper 03, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 - year US Treasury yield spread [23].

Investment Rating - The report maintains an "Accumulate" rating for Nanhua Futures [1] Core Views - The company's domestic brokerage business is under pressure, while its overseas business is expanding steadily [8] - In H1 2025, the company reported total revenue of 1.101 billion yuan, a year-on-year decrease of 58.3%, and a net profit attributable to shareholders of 231 million yuan, a year-on-year increase of 0.5% [8] - The decline in revenue is primarily due to the adoption of net income recognition for certain trading businesses, which did not impact net profit [8] - The overseas financial services revenue accounted for over 50% of total revenue, with a year-on-year increase of 1.8% to 327 million yuan [8] Summary by Sections Revenue and Profitability - Total revenue for 2023 is projected at 6.247 billion yuan, with a year-on-year decrease of 8.45% [1] - The net profit attributable to shareholders for 2023 is estimated at 402 million yuan, reflecting a year-on-year increase of 63.32% [1] - The earnings per share (EPS) for 2023 is expected to be 0.66 yuan [1] Business Segments - The brokerage business revenue in H1 2025 was 191 million yuan, down 25.7% year-on-year [8] - Wealth management business revenue decreased by 30.3% to 28 million yuan in H1 2025 [8] - The risk management business revenue fell by 72.6% to 552 million yuan in H1 2025 due to changes in revenue recognition methods [8] Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 471 million, 537 million, and 587 million yuan respectively, with growth rates of 2.95%, 13.96%, and 9.23% [8] - The current market capitalization corresponds to price-to-earnings ratios of 31.99, 28.07, and 25.70 for 2025-2027 [8]

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 2.64 billion, a slight decrease from 2.64 billion in the same period last year [1] - The total profit for the same period was approximately 257 million, down from 271 million year-on-year [1] - The net profit attributable to shareholders was approximately 231 million, slightly up from 230 million year-on-year [1] - The net cash flow from operating activities was negative 5.11 billion, a significant decrease from 2.55 billion in the previous year [1][29] - The total assets at the end of the reporting period were approximately 46.88 billion, down from 48.86 billion at the end of the previous year [1] Profitability Metrics - The weighted average return on equity for the first half of 2025 was 5.51%, a decrease of 0.52 percentage points year-on-year [26] - The company's price-to-earnings ratio (TTM) is approximately 32.85, and the price-to-book ratio (LF) is about 3.52 [1] Cash Flow Analysis - The net cash flow from financing activities was 110 million, an increase of 2.78 million year-on-year [29] - The net cash flow from investment activities was 703 million, compared to negative 638 million in the same period last year [29] Asset and Liability Changes - As of the end of the first half of 2025, cash and cash equivalents decreased by 14.6%, while other assets increased by 16.35% [37] - The company's total liabilities were approximately 42.59 billion, down from 44.74 billion at the end of the previous year [1] - Significant changes in liabilities included a 45.31% decrease in payable margin deposits and a 38.5% increase in bonds payable [40] Shareholder Composition - The top ten shareholders at the end of the first half of 2025 included new shareholder Sun Guodong, replacing the previous QDII single asset management plan [45] - The shareholding proportions of Hong Kong Central Clearing Limited and Southern CSI 1000 ETF increased, while the National Social Security Fund's holdings decreased [45]

2025年8月19日，南华期货(603093.SH)发布2025年中报。 公司最新ROE为5.40%。 公司摊薄每股收益为0.38元。 公司营业总收入为11.01亿元。归母净利润为2.31亿元，较去年同报告期归母净利润增加106.99万元，实现3年连续上涨，同比较去年同期上涨0.46%。经营活 动现金净流入为-51.08亿元。 公司最新资产负债率为90.84%。 公司股东户数为4.32万户，前十大股东持股数量为4.94亿股，占总股本比例为80.98%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 横店集团控股有限公司 | 69.6 | | 2 | 东阳市横华投资合伙企业(有限合伙) | 4.01 | | 3 | 浙江横店进出口有限公司 | 1.64 | | 4 | 横店集团东磁股份有限公司 | 1.64 | | 5 | 南华期货股份有限公司回购专用证券账户 | 0.93 | | 6 | 杨热烈 | 0.90 | | 7 | 香港中央结算有限公司 | 0.90 | | 8 | 全国社保基金四一三组合 | 0.66 | | 9 | 孙国栋 | ...

Core Viewpoint - In the first half of 2025, Nanhua Fund reported a net loss of 6.18 million CNY, indicating a significant decline in financial performance compared to the previous year, where it achieved a slight profit of 0.34 million CNY [2][4]. Financial Performance - Nanhua Fund's operating income for the first half of 2025 was 24.02 million CNY, a decrease of over 35% year-on-year [4]. - Cumulative losses since its establishment in 2016 have approached 120 million CNY, with only one profitable year in 2023, where it reported a net profit of 1.19 million CNY [4][5]. - The total assets and net assets of Nanhua Fund as of June 30, 2025, were 139 million CNY and 132 million CNY, respectively [4]. Business Structure and Growth - As of the second quarter of 2025, Nanhua Fund's public fund management scale reached 21.51 billion CNY, a year-on-year increase of 45.4% [8]. - The company has no money market funds, with bond funds accounting for approximately 97% of the total public fund scale, while equity funds represent only about 3% [8]. Recent Developments - Nanhua Futures announced a capital increase of 100 million CNY for Nanhua Fund to enhance its capital strength, raising its registered capital from 250 million CNY to 350 million CNY [5][6]. - Despite the capital increase, the company acknowledged that the benefits of this move are uncertain due to various influencing factors [6]. Fund Performance - Most of Nanhua Fund's products have not shown significant performance highlights, with many funds experiencing net redemptions [7][12]. - Among the bond funds, the annual net value growth rate has generally been below 1%, with the best-performing equity fund achieving a growth rate of over 38% [11].

南华期货2025半年报 ...

Group 1 - The company reported total assets of approximately 46.88 billion RMB, a decrease of 4.06% compared to the previous year [1] - The net assets attributable to shareholders increased to approximately 4.28 billion RMB, reflecting a growth of 4.06% year-on-year [1] - The operating income for the reporting period was approximately 1.10 billion RMB, representing a significant decline of 58.27% compared to the same period last year [1] - The total profit for the period was approximately 257.45 million RMB, down by 5.07% from the previous year [1] - The net profit attributable to shareholders was approximately 231.25 million RMB, showing a slight increase of 0.46% year-on-year [1] - The net cash flow from operating activities was negative at approximately -5.11 billion RMB, a drastic decline of 300.08% compared to the previous year [1] - The weighted average return on equity decreased by 0.52 percentage points to 5.51% [1] - Basic and diluted earnings per share remained unchanged at 0.38 RMB [1] Group 2 - The total number of shareholders as of the reporting period was 43,170 [1] - The top ten shareholders include various entities, with the largest being Hong Kong Central Clearing Limited holding approximately 0.90% of shares [2] - The company has no profit distribution plan or capital reserve transfer plan for the reporting period [1]

Core Viewpoint - Nanhua Futures Co., Ltd. has reported that all regulatory indicators for the first half of 2025 meet the required standards, indicating a stable financial position and compliance with regulatory requirements [1][2]. Regulatory Indicators Summary - The net capital of the company as of June 30, 2025, is CNY 1,434.39 million, exceeding the minimum requirement of CNY 30 million and the warning threshold of CNY 36 million [1]. - The ratio of net capital to total risk capital reserves is 180%, which meets the required standard [1]. - The ratio of net capital to net assets is 46%, surpassing the minimum requirement of 20% and the warning threshold of 24% [2]. - The ratio of current assets (excluding client equity) to current liabilities (excluding client equity) is 641%, well above the minimum requirement of 100% and the warning threshold of 120% [2]. - The ratio of liabilities (excluding client equity) to net assets is 34%, which is below the maximum limit of 150% and the warning threshold of 120% [2]. - The settlement reserve balance as of June 30, 2025, is CNY 1,072.71 million, exceeding the regulatory requirement of CNY 26.8 million [2].

证券代码：603093 证券简称：南华期货 公告编号：2025-056 二、董事会会议审议情况 本次会议审议并通过如下议案： （一）审议通过《关于公司<2025 年半年度报告>及摘要的议案》 具体内容详见公司同日披露的《南华期货股份有限公司 2025 年半年度报告》。 本议案已经公司董事会审计委员会审议通过。 南华期货股份有限公司 第五届董事会第二次会议决议公告 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。 一、董事会会议召开情况 南华期货股份有限公司（以下简称"公司"）第五届董事会第二次会议于 2025 年 8 月 15 日以现场结合通讯表决方式召开，本次会议的通知于 2025 年 8 月 5 日以电话、电子邮件等方式向全体董事发出，由董事长罗旭峰先生主持。本次会 议应出席董事 9 人，实际出席董事 9 人。公司董事会秘书出席本次会议。公司高 级管理人员列席会议。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律、 行政法规和部门规章以及《公司章程》的规定，会议决议合法有效。 南华期货股份有限公司董事会 表 ...

Core Viewpoint - Nanhua Futures Co., Ltd. announced that its wholly-owned subsidiary, Nanhua Financial (UK) Co Limited, has been approved as a clearing member of the Intercontinental Exchange (ICEU), enabling it to trade and clear futures, options, and related products listed on ICEU [1] Group 1 - The announcement was made on August 18, 2025, according to UK time [1] - The company assures that the announcement contains no false records, misleading statements, or major omissions, and takes legal responsibility for the authenticity, accuracy, and completeness of the content [1] - The approval allows the subsidiary to engage in trading and clearing activities on the ICEU platform [1]