南华期货8月11日晚间发布公告称，为提升全资子公司南华基金资本实力，决定以现金方式对其增资1亿 元。增资完成后，南华基金注册资本将由2.5亿元增加至3.5亿元。南华基金成立于2016年11月，是国内 首家期货系公募基金管理公司，2025年一季度实现营业收入1169.61万元，净利润亏损271.88万元。 南华期货最新股价为23.20元，较前一交易日收盘价上涨1.28元。开盘价为21.90元，最高价为23.32元， 最低价为21.88元，成交量为424922.0手，成交额为9.72亿元。 南华期货属于多元金融板块，是国内首家由期货公司全资控股的公募基金管理公司。公司经营范围包括 基金募集、基金销售、资产管理等业务。 数据显示，南华期货主力资金净流入9843.73万元，近五日主力资金净流入9363.83万元。 风险提示：投资有风险，入市需谨慎。 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View - The market's optimistic sentiment continued as expected, but there is resistance above. The number of falling stocks was higher than that of rising stocks, and the overall futures index volume shrank, indicating that the upward momentum has been consumed and the further upward space may be limited. The market reaction to the Sino-US joint statement was limited as it was within expectations. The upward industries were mainly robotics and lithium battery concepts, and pro-cyclical industries such as finance, real estate, and consumer goods also had significant gains. The long - term upward trend showed signs of weakness, and risk management should be done under a cautiously optimistic background [4] 3. Summary by Relevant Catalogs Market Review - The stock index continued to rise with increasing volume, and the market trend was strong. The trading volume of the two markets increased by 545.47 billion yuan. In the futures index market, each variety rose with shrinking volume, and the decline in open interest indicated that short - covering was the main activity [2] Important Information - The Ministry of Finance and eight other departments prohibited service business entities from using loan funds for real estate development, investment, or arbitrage activities such as wealth management. They also provided interest subsidies to business entities based on the loan principal, with a subsidy period of no more than 1 year and an annual subsidy ratio of 1 percentage point. China and the United States issued a joint statement to suspend the implementation of a 24% tariff for 90 days starting today [3] Strategy Recommendation - Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.51 | 0.61 | 0.52 | 0.31 | | Trading volume (10,000 lots) | 10.3585 | 5.7355 | 7.9041 | 17.441 | | Trading volume change compared to the previous day (10,000 lots) | - 0.1165 | 0.8277 | - 1.4462 | - 3.8939 | | Open interest (10,000 lots) | 25.6148 | 9.4866 | 21.3885 | 33.9249 | | Open interest change compared to the previous day (10,000 lots) | - 0.8595 | - 0.172 | - 0.9999 | - 2.049 | [5] Strategy Recommendation - Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.50 | | Shenzhen Component Index change (%) | 0.53 | | Ratio of rising to falling stocks | 0.68 | | Trading volume of the two markets (billion yuan) | 18815.20 | | Trading volume change compared to the previous day (billion yuan) | 545.47 | [6]

从资金流向上来看，当日多元金融板块主力资金净流入6.06亿元，游资资金净流入7046.85万元，散户资 金净流出6.76亿元。多元金融板块个股资金流向见下表： 证券之星消息，8月12日多元金融板块较上一交易日上涨1.39%，九鼎投资领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。多元金融板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600053 | 九鼎投资 | 19.67 | 10.01% | 5.28万 | | 1.04亿 | | 603093 | 南华期货 | 23.20 | 5.84% | 42.49万 | | 9.72亿 | | 600318 | 新力金融 | 10.39 | 4.95% | 103.26万 | | 10.72亿 | | 300773 | 拉卡拉 | 28.05 | 4.70% | 80.41万 | | 22.07亿 | | 002316 | ST亚联 | 5.73 | 4. ...

Core Insights - The overall net profit of futures companies in China saw significant growth last year, with 12 companies reporting a year-on-year increase of over 100% [1][2] - The total net profit of 149 futures companies reached 13.705 billion yuan, marking a nearly 60% increase compared to the previous year [3] - The increase in net profit is attributed to a rise in market management scale and growing demand for derivative products among residents [1][2] Group 1: Financial Performance - A total of 149 futures companies reported a combined net profit of 13.705 billion yuan, up 59.3% from 8.603 billion yuan in 2020 [3] - The total operating income for the industry was 49.464 billion yuan, reflecting a year-on-year growth of 40.34% [3] - Brokerage business revenue reached 31.498 billion yuan, with a significant increase of 64.06% year-on-year [3] Group 2: Market Dynamics - The trading volume and value in the futures market reached record highs, with a total of 7.514 billion contracts traded and a transaction value of 581.2 trillion yuan, representing increases of 22.13% and 32.84% respectively [4] - The number of listed futures and options products increased to 94, with 84 in commodities and 10 in financials [4] - The demand for risk management services has surged due to increased volatility in commodity prices and a complex economic environment [5] Group 3: Competitive Landscape - Brokerage firms continue to dominate the futures market, with several companies reporting substantial profit growth, including Guangzhou Futures with a nearly 450% increase and Lubei Futures with a 260% increase [2] - The capital strength of the industry improved, with total assets reaching 1.38 trillion yuan and net assets at 161.446 billion yuan, reflecting growth of 40.8% and 19.56% respectively [2] - The competition in the brokerage business is intensifying, leading to a decline in commission rates and raising concerns about profitability [4]

8月12日，A股三大指数早间小幅高开。深证成指、创业板指盘初跳水翻绿，随后大幅拉升。截至发稿，三大指数集体飘红。 | 3662.31 | | --- | 盘面上，上午大金融持续发力，医疗保健、贵金属、煤炭、航运等板块走高，光模块、消费电子代工、鸡产业等概念股活跃；稀土、锂 矿板块明显回调。 | | | Wind热门概念指数 | | | --- | --- | --- | --- | | 医疗器械 2.79% | 光模块(CPO) 1.92% | 脑机接口 1.87% | 鸡产业 1.67% | | 射频及天线 1.66% | 消费电子代工 1.49% | 液冷服务器 1.30% | 央企银行 1.16% | | 航运 1.14% | 煤炭开采 1.07% | 锂电正极 -1.30% | 硅脂源 -1.33% | | 超硬材料 -1.36% | 水泥制造 -1.38% | PEEK材料 -1.45% | 卫星互联网 -1.50% | | 锂矿 -1.83% | 培育钻石 -1.85% | 點期標題 -1.90% | 稀土 -2.03% | 港股市场上午窄幅震荡，截至发稿，三大指数小幅下跌；康师傅控股跌超3%，领 ...

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The downstream terminals are hesitant about the negative demand feedback in August caused by US tariffs and believe the current price has mostly priced in previous expectations. The lower support for copper prices has been raised from 77,000 yuan per ton to 78,000 yuan per ton [3]. - The impact of the mine accident at Chile's El Teniente copper mine may exceed expectations, and Coldeco needs to allocate more resources to address copper supply issues. The increase in the US dollar index on Monday evening slightly suppressed the valuation of the non - ferrous metals sector [3]. 3. Summary by Relevant Catalogs Copper Price and Volatility - The latest copper price is 79,020 yuan, with a monthly price range forecast of 73,000 - 80,000 yuan. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2]. Copper Risk Management Suggestions - **Inventory Management**: For high finished - product inventory and fear of price decline, sell 75% of the Shanghai copper main futures contract at around 82,000 yuan and sell 25% of the CU2510C82000 call option when the volatility is relatively stable [2]. - **Raw Material Management**: For low raw material inventory and fear of price increase, buy 75% of the Shanghai copper main futures contract at around 77,000 yuan [2]. Factors Affecting Copper Prices - **Likely Positive Factors**: Agreement on tariff policies between the US and other countries; decline of the US dollar index due to employment data; obvious lower support [4]. - **Likely Negative Factors**: Repeated tariff policies; reduced global demand due to tariff policies; extremely high COMEX inventory caused by US copper tariff policy adjustments [4][5]. Copper Futures and Spot Data - **Futures Data**: The latest price of Shanghai copper main is 79,020 yuan/ton (0% daily change), Shanghai copper continuous one is 79,020 yuan/ton (0.68% daily increase), Shanghai copper continuous three is 79,030 yuan/ton (0% daily change), LME copper 3M is 9,726.5 US dollars/ton (- 0.42% daily change), and the Shanghai - London ratio is 8.15 (0% daily change) [4]. - **Spot Data**: The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaohui, Guangdong Nanchu, and Yangtze Non - ferrous are 79,150 yuan/ton (0.79% daily increase), 79,130 yuan/ton (0.8% daily increase), 78,950 yuan/ton (0.73% daily increase), and 79,190 yuan/ton (0.7% daily increase) respectively [6]. Copper Scrap Price Difference - The current含税 refined - scrap price difference is 1,074.89 yuan/ton (37.1% daily increase), and the reasonable含税 refined - scrap price difference is 1,491.6 yuan/ton (0.41% daily increase) [8]. Copper Warehouse Receipts and Inventory - **SHFE Copper Warehouse Receipts**: The total Shanghai copper warehouse receipts are 23,275 tons (9.42% daily increase), and the total international copper warehouse receipts are 1,553 tons (0% daily change) [12]. - **LME Copper Inventory**: The total LME copper inventory is 155,700 tons (- 0.1% daily change), and the registered warehouse receipts are 143,725 tons (- 0.73% daily change) [14]. - **COMEX Copper Inventory**: The total COMEX copper inventory is 265,196 tons (1.54% weekly increase), and the registered warehouse receipts are 121,933 tons (- 1.91% weekly change) [15]. Copper Import Profit and Processing - The copper import profit and loss is - 100.28 yuan/ton (- 59.08% daily change), and the copper concentrate TC is - 38 US dollars/ton (0% daily change) [16].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - Tin prices remained volatile on Monday, in line with expectations. Macro factors have limited impact. On the supply side, the repeated postponement of the full resumption of production in Myanmar's tin mines has significantly supported tin prices and may have a continuous impact. There is no significant change in demand [3] 3. Summary According to Related Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 268,380 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 concerns about price drops, 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 concerns about price increases, 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 remaining in the expansion cycle, and Myanmar's production resumption falling short of expectations [8] - **Likely Negative Factors**: Repeated tariff policies, the inflow of Myanmar's tin ore into China, and the slowdown of the semiconductor sector's expansion speed and its transition from the expansion cycle to the contraction cycle [5][6] 3.3 Tin Futures and Spot Data - **Futures Data (Daily)**: The latest prices of Shanghai Tin main, Shanghai Tin continuous - one, and Shanghai Tin continuous - three are all 268,380 yuan/ton, with no daily change. The price of LME Tin 3M is 33,715 US dollars/ton, up 110 US dollars or 0.33%. The Shanghai - London ratio is 7.98, up 0.08 or 1.01% [7] - **Spot Data (Weekly)**: The latest prices of Shanghai Non - Ferrous tin ingots, 40% tin concentrate, 60% tin concentrate, etc. have different degrees of weekly increases, with ranges from 0.58% to 0.92% [14] 3.4 Tin Inventory and Other Data - **Inventory Data (Daily)**: The total warehouse receipt quantity of tin in the Shanghai Futures Exchange decreased by 143 tons to 7,326 tons, a decrease of 1.91%. The LME tin inventory decreased by 60 tons to 1,710 tons, a decrease of 3.39% [21] - **Other Data**: Tin import profit and loss is - 16,576.95 yuan/ton, up 1.01%. The processing fees for 40% and 60% tin ore remain unchanged [22]

【本周关注】 本周数据关注周二20:30美7月CPI数据。事件方面主要关注密集美联储官员讲话，周二22：00，2027年 FOMC票委、里奇蒙联储主席巴尔金发表讲话 ；周三19：30，2027年FOMC票委、里奇蒙联储主席巴尔金 发表讲话；周四01：00，2025年FOMC票委、芝加哥联储主席古尔斯比就货币政策发表讲话，01：30， 2027年FOMC票委、亚特兰大联储主席博斯蒂克就美国经济前景发表讲话。 南华贵金属日报:贵金属回调 关注晚间美CPI 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年8月12日 【行情回顾】 周一贵金属市场大幅回调，美国黄金进口关税被否决，贸易关税担忧降温，以及数字货币资产价格上涨、国 内股市表现良好黄金ETF呈现流出，一定程度影响资金投资偏好和资产配置。最终COMEX黄金2512合约收报 3393.7美元/盎司，-2.8%；美白银2509合约收报于37.645美元/盎司，-2.33%。 SHFE黄金2510主力合约 779.48元/克，-0.81%；SHFE白银2510合约收9210元/千克，-0.72%。特朗普表示，黄金 ...

Group 1 - The company Nanhua Futures (603093) announced on the evening of August 11 that it will increase its capital to Nanhua Fund by 100 million yuan in cash [1] - After the capital increase, Nanhua Fund will remain a wholly-owned subsidiary of Nanhua Futures [1]

Group 1 - The latest stock price of Nanhua Futures is 21.92 yuan, an increase of 1.53% compared to the previous trading day [1] - The opening price was 21.22 yuan, with a highest point of 21.98 yuan and a lowest point of 21.22 yuan, and the trading volume reached 3.82 billion yuan [1] - Nanhua Futures operates in the diversified financial sector, primarily engaged in futures brokerage and asset management, and is one of the earliest established futures companies in the industry [1] Group 2 - The company announced a plan to increase the capital of its wholly-owned subsidiary, Nanhua Fund, by 100 million yuan, raising its registered capital from 250 million yuan to 350 million yuan [1] - This capital increase is expected to promote the healthy operation and sustainable development of Nanhua Fund [1] - Data indicates that the main capital outflow for Nanhua Futures on that day was 8.08 million yuan, with a total outflow of 31.38 million yuan over the past five days [1]