Report Industry Investment Rating No relevant content provided. Core View of the Report - The anti-involution theme has cooled down from its initial fervor, with volatility decreasing. The market outlook is short-term bearish and long-term bullish. The anti-involution theme is a long-term concept, and it's unlikely for prices to return to the levels of mid-June. A 5% increase in price can be considered as a bottom-line support. The recent market adjustment is seen as a technical one driven by delivery and exchange position limits [3][4]. - In terms of specific sectors and varieties, the feed and black sectors are bullish [3]. Summary by Relevant Catalogs 1. Market Overview - The anti-involution theme has gradually calmed down after emotional release and exchange position limits. Near-month contracts face delivery pressure, and high-inventory varieties like glass and soda ash still have hedging needs. The 09 contract's position transfer affects the 2601 contract's price [4]. - The adjustment in the past week was mainly due to two factors: the delivery logic of high-inventory varieties and the adjustment caused by capital position transfer under exchange position limits. Minor market rumors may cause disturbances but won't affect the long-term anti-involution trend [3][5]. 2. Variety Adjustment - Different varieties have different adjustment amplitudes, which are related to their current inventory levels. For example, high-inventory glass and soda ash have seen the 2509 contract dragging down far-month contracts, with the 9-1 spread declining and far-month contracts showing resistive declines [5]. 3. Data Tables - **Plate Capital Flow**: The total capital outflow is 21.902 billion yuan. Among them, precious metals outflow 2.429 billion yuan, non-ferrous metals 5.912 billion yuan, black metals 2.681 billion yuan, energy 0.051 billion yuan, chemicals 2.061 billion yuan, feed and breeding 0.52 billion yuan, and soft commodities 1.663 billion yuan. The feed and oil sector has an inflow of 0.646 billion yuan [8]. - **Black and Non-ferrous Weekly Data**: Provides price, inventory, valuation, position, position difference, and annualized basis data for various black and non-ferrous varieties [8]. - **Energy and Chemical Weekly Data**: Presents price, inventory, valuation, position, position difference, and annualized basis data for various energy and chemical varieties [10]. - **Agricultural Product Weekly Data**: Offers price, inventory, valuation, position, position difference, and annualized basis data for various agricultural products [11].

Report Summary 1. Report Industry Investment Rating No investment rating was provided in the report. 2. Core Viewpoints - This week, Zhengzhou cotton entered a narrow - range oscillation. The current low inventory of old cotton supports cotton prices, but the downstream sales have not recovered, resulting in insufficient driving force for cotton prices. In the short term, it may maintain an oscillatory trend. Attention should be paid to downstream restocking and the adjustment of the next week's USDA supply - demand forecast report [4]. 3. Summary by Relevant Catalogs Domestic Market - **Supply**: As of July 31, the national new cotton sales rate was 97.1%, 7.3 percentage points higher year - on - year and 8.3 percentage points higher than the average of the past four years [1]. - **Import**: In June, China's cotton import volume was 30,000 tons, a decrease of 10,000 tons month - on - month and 130,000 tons year - on - year. The cotton yarn import volume was 110,000 tons, an increase of 10,000 tons month - on - month and flat year - on - year. The cotton cloth import volume was 4,289.55 tons, a decrease of 3.44% month - on - month and 24.37% year - on - year [1]. - **Demand**: In June, domestic textile and clothing retail sales were 127.54 billion yuan, an increase of 4.08% month - on - month and 3.10% year - on - year. In July, the export volume of textile and clothing was 26.766 billion US dollars, a decrease of 2.01% month - on - month and 0.06% year - on - year [1]. - **Inventory**: As of the end of July, the total industrial and commercial cotton inventory in China was 3.0882 million tons, a decrease of 644,600 tons from the end of June. Among them, the commercial inventory was 2.1898 million tons, a decrease of 640,000 tons from the end of June, and the industrial inventory was 898,400 tons, a decrease of 4,600 tons from the end of June [1]. International Market - **US Supply**: As of August 3, the cotton budding rate in the US was 87%, 3 percentage points behind year - on - year and 2 percentage points behind the five - year average. The boll - setting rate was 55%, 4 percentage points behind year - on - year and 3 percentage points behind the five - year average. The flocculation rate was 5%, 2 percentage points behind year - on - year and 1 percentage point behind the five - year average. The overall good - quality rate of cotton plants was 55%, flat month - on - month and 10 percentage points higher year - on - year [1][2]. - **US Demand**: From July 25 - 31, the net signing of US 24/25 - year - old upland cotton was - 3,901 tons, and the shipment of upland cotton was 41,345 tons. There was no signing of Pima cotton, and the shipment of Pima cotton was 2,041 tons. 135,715 tons of cotton were carried over to the 25/26 season, with a net signing of 24,789 tons of 25/26 - year - old upland cotton and 1,202 tons of Pima cotton. The shipment for the 25/26 season has not started [2]. - **Southeast Asia Supply**: As of August 1, the sown area of new - season cotton in India reached 10.6 million hectares, a decrease of about 1.9% year - on - year [2]. - **Southeast Asia Demand**: In July, Vietnam's textile and clothing export volume was 3.911 billion US dollars, an increase of 8.7% month - on - month and 5.3% year - on - year. In June, Bangladesh's clothing export volume was 2.788 billion US dollars, a decrease of 28.87% month - on - month and 6.31% year - on - year. India's clothing export volume was 1.31 billion US dollars, a decrease of 13.30% month - on - month and an increase of 1.23% year - on - year. Pakistan's textile and clothing export volume was 1.522 billion US dollars, a decrease of 0.60% month - on - month and an increase of 7.59% year - on - year [2]. Market Trends and Forecast - **Domestic**: Xinjiang's new cotton is growing fast with good overall growth, but pest and disease problems in some cotton fields have intensified. The downstream spinning mills' profits are poor, with the overall load further declining. The fabric mill load has increased slightly, with a slight increase in sample - making orders, but overall sales are still sluggish, and finished products are slightly accumulating. As the "Golden September and Silver October" peak season approaches, downstream restocking willingness is expected to improve marginally [4]. - **International**: As of August 2, Brazil's national cotton picking progress was about 29.7%, relatively slow. In India, the national cotton sowing progress is still slower than last year, and as of August 5, the cumulative rainfall of the southwest monsoon was 508mm, 3.4% higher than the annual average. Attention should be paid to the impact of heavy rainfall on India's new cotton area [4].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint - In the short - term, the price trend of ferroalloys mainly follows the price fluctuations of coal. The current good profit situation of steel mills and high hot metal production support ferroalloy demand. However, in the long - term, the real estate market is persistently sluggish, and the support from the home appliance and automotive sectors for steel depends on policy stimulus and cannot be sustained. With the gradual recovery of Australian ore shipments, the supply of manganese ore is relatively sufficient, and the support from the ore end for ferromanganese is insufficient. It is recommended to try to go long with a light position after a callback [4][5]. 3. Summary by Directory 3.1 Spot Market - **Silicon Ferrosilicon**: In the main production areas, the price of 72 - grade silicon ferrosilicon in Inner Mongolia is 5550 yuan/ton (- 50), and in Ningxia is 5500 yuan/ton (- 150). In trading areas, the price in Hebei and Tianjin is 5900 yuan/ton (+ 0) [2]. - **Silicon Manganese**: In the northern production area (Inner Mongolia), the market price of 6517 - grade silicon manganese is 5800 yuan/ton (+ 80), in the southern production area (Guangxi) is 5870 yuan/ton (+ 70), and in the trading area (Jiangsu) is 6000 yuan/ton (+ 50) [2]. 3.2 Cost and Profit - **Silicon Ferrosilicon**: In Inner Mongolia, the profit is - 49 yuan/ton (- 134); in Ningxia, the profit is 48 yuan/ton (- 234) [2]. - **Silicon Manganese**: In the northern region, the profit is - 98.14 yuan/ton (+ 70.51); in the southern region, the profit is - 425.86 yuan/ton (+ 85.56) [2]. 3.3 Supply - **Silicon Ferrosilicon**: The weekly operating rate of production enterprises is 34.32%, a week - on - week increase of 0.56%. The weekly output is 10.91 tons, a week - on - week increase of 4.5% [2]. - **Silicon Manganese**: The weekly operating rate of production enterprises is 43.43%, a week - on - week increase of 1.25%. The weekly output is 19.58 tons, a week - on - week increase of 2.62% [2]. 3.4 Demand - Steel mills have good profits, and high hot metal production supports the demand for silicon ferrosilicon and silicon manganese. However, the inventory build - up of five major steel products limits the further production space of steel mills, and the growth space for silicon ferrosilicon and silicon manganese is limited. In June, the production of magnesium metal was 8.55 tons, a month - on - month increase of 6.63%. In the long - term, due to the sluggish real estate market, the demand for silicon manganese is relatively weak. This week, the demand for five major steel products of silicon ferrosilicon is 2.03 tons, a week - on - week increase of 2.01%; the demand for five major steel products of silicon manganese is 12.52 tons, a week - on - week increase of 1.25% [3]. 3.5 Inventory - **Silicon Ferrosilicon**: The enterprise inventory this week is 7.18 tons, a week - on - week increase of 9.45%; the warehouse - receipt inventory is 9.82 tons, a week - on - week decrease of 10.89%; the total inventory is 17 tons, a week - on - week decrease of 3.3% [3]. - **Silicon Manganese**: The enterprise inventory is 16.15 tons, a week - on - week decrease of 1.52%; the warehouse - receipt inventory is 38.02 tons, a week - on - week decrease of 2.34%; the total inventory is 54.15 tons, a week - on - week decrease of 2.1% [3]. 3.6 Data Overview - **Silicon Ferrosilicon Daily Data**: It includes data such as basis, futures spreads, spot prices, and warehouse - receipt inventory from August 1st to August 8th, 2025, showing different daily and weekly changes [6]. - **Silicon Manganese Daily Data**: It includes data such as basis, futures spreads, spot prices, manganese ore prices, and warehouse - receipt inventory from August 1st to August 8th, 2025, showing different daily and weekly changes [7]. - **Ferroalloy Weekly Data**: It includes data such as production, operating rate, daily average hot metal production, and inventory of five major steel products, with week - on - week and year - on - year comparisons from August 1st to August 8th, 2025 [8].

Core Viewpoint - Nanhua Futures announced a capital reduction for its wholly-owned subsidiary, Zhejiang Nanhua Capital Management Co., Ltd., reducing its registered capital from 700 million to 600 million yuan, aimed at optimizing capital structure and resource allocation [1] Group 1 - The capital reduction will not change the ownership structure of Nanhua Capital, which will remain a wholly-owned subsidiary of Nanhua Futures [1] - This action aligns with the company's overall development strategy and is expected to enhance capital efficiency [1] - The company will comply with relevant approval procedures and disclose progress in a timely manner [1] Group 2 - The capital reduction is intended to optimize resource allocation and is consistent with the long-term development goals and shareholder interests of the company [1] - It will not lead to changes in the scope of the company's consolidated financial statements and will not significantly impact the company's normal operations and financial status [1] - The capital reduction does not constitute a related party transaction or a major asset restructuring as defined by regulations [1] Group 3 - The company will need to complete business registration changes and other procedures for the capital reduction, which introduces some uncertainty regarding the specific implementation amount and progress [1] - Nanhua Futures will enhance management of Nanhua Capital's operations to mitigate and control risks while closely monitoring the progress of related matters [1]

Report Summary 1. Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View - The view is to hold long positions. In the short term, it is advisable to be optimistic [1]. 3. Summary by Relevant Content 3.1 Market Performance - Treasury bond futures opened higher and then declined in the morning, turned negative during the session, fluctuated weakly in the afternoon, and rebounded to close in positive territory at the end of the session, with all contracts except TL closing up. Liquidity improved further, with 126 billion yuan in open - market operations maturing and a net withdrawal of 400 million yuan after central bank hedging. After the announcement of the outright repurchase, market sentiment was boosted, and the funding rate dropped further, with the overnight anonymous rate falling below 1.3% to 1.25% for the first time recently [1]. 3.2 News and Market Analysis - The Supreme People's Court issued a guiding opinion on implementing the Private Economy Promotion Law to provide legal protection for the development of the private economy [2]. - There were two key points in the bond market throughout the day. First, liquidity improved further, including the large - scale net injection of outright repurchase and the rumor of a 5 - basis - point cut in the outright repurchase rate, and the overnight anonymous rate in the inter - bank market dropped below 1.3%. Second, in the afternoon's primary market, the newly issued local bonds reflected the impact of the VAT adjustment. The issuance rates of two 10 - year general bonds in Hebei were 1.87%, with an over - subscription ratio of about 20 times. The spread with a similar bond was about 5bp, lower than the previously estimated 10bp, indicating that investors and the Ministry of Finance shared the tax impact and market demand was good, which was conducive to short - term sentiment repair [2]. 3.3 Data Overview | Contract | Opening Price | Closing Price | Change | Lowest Price | Contract Position (Lots) | Opening Position | Closing Position | Change in Position | Trading Volume | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | TS2509 | 102.37 | 102.37 | 0 | 102.352 | | 106938 | 107982 | - 1044 | 35510 | | TF2509 | 105.82 | 105.815 | 0.005 | 105.73 | | 179748 | 183677 | - 3929 | 189483 | | T2509 | 108.61 | 108.61 | 0 | 108.45 | | 237318 | 235701 | 1617 | 230356 | | TL2509 | 119.25 | 119.34 | - 0.09 | 119.09 | | 152566 | 152143 | 423 | 160646 | | TS Basis (CTD) | 0.0187 | 0.0113 | 0.0074 | 0.0139 | TS Main Contract Trading Volume (Lots) | 26388 | 31989 | - 5601 | 30691 | | TF Basis (CTD) | 0.0463 | 0.0194 | 0.0269 | 0.044 | TF Main Contract Trading Volume (Lots) | 48873 | 50196 | - 1323 | 52177 | | T Basis (CTD) | 0.0524 | 0.0444 | 0.008 | 0.1371 | T Main Contract Trading Volume (Lots) | 59254 | 57041 | 2213 | 64489 | | TL Basis (CTD) | 0.265 | 0.2678 | - 0.0028 | 0.1371 | TL Main Contract Trading Volume (Lots) | 88744 | 99214 | - 10470 | 118932 | | DR001 | 1.3151 | 1.3153 | - 0.0002 | - 0.0806 | DR001 Trading Volume (Billion Yuan) | 28839.0677 | 28816.6772 | 22.3905 | 16228.0355 | | DR007 | 1.4515 | 1.4557 | - 0.0042 | - 0.1027 | DR007 Trading Volume (Billion Yuan) | 730.6164 | 825.6957 | - 95.0793 | 472.1132 | | DR014 | 1.4939 | 1.4866 | 0.0073 | - 0.0662 | DR014 Trading Volume (Billion Yuan) | 119.5696 | 155.5992 | - 36.0296 | 82.66 | [3]

Overview - The company announced a capital reduction of its wholly-owned subsidiary, Zhejiang Nanhua Capital Management Co., Ltd., reducing its registered capital from RMB 700 million to RMB 600 million [1][2]. Capital Reduction Details - The capital reduction amount is RMB 100 million, aimed at optimizing the capital structure and resource allocation of Nanhua Capital [1][3]. - The shareholding structure of Nanhua Capital will remain unchanged post-reduction, with Nanhua Futures holding 100% of the shares [2][3]. Company Background - Zhejiang Nanhua Capital Management Co., Ltd. is a limited liability company established on May 20, 2013, with a registered capital of RMB 700 million before the reduction [2]. - The company operates in various sectors, including import and export of goods, technology import and export, and sales of food and automotive parts, among others [2]. Financial Performance - As of March 31, 2025, Nanhua Capital reported total assets of RMB 1.77 billion and net assets of RMB 723.77 million, with a revenue of RMB 277.81 million and a net loss of RMB 909,700 for the first quarter of 2025 [3][4]. Impact of Capital Reduction - The capital reduction is expected to enhance the company's resource allocation and aligns with the long-term development goals and shareholder interests [3][4]. - The reduction will not affect the company's consolidated financial statements or its normal operations [4].

本次减资完成后，南华资本仍为公司全资子公司，股权结构保持不变。该事项符合公司整体发展战略， 有助于提升资本使用效率。公司将依法履行相关审批程序并及时披露进展。（编辑 胡群） 经济观察网 8月8日，南华期货（603093）股份有限公司发布公告称，为进一步优化资本结构和资源配 置，公司拟对全资子公司浙江南华资本管理有限公司（以下简称"南华资本"）进行减资，注册资本由7 亿元人民币减少至6亿元人民币。 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-054 南华期货股份有限公司 关于全资子公司减资的公告 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。 重要内容提示： 减资标的名称：南华期货股份有限公司（以下简称"公司"）的全资子 公司浙江南华资本管理有限公司（以下简称"南华资本"） 减资金额：人民币 10,000 万元。本次减资事项完成后，南华资本注册 资本由 70,000 万元减少至 60,000 万元，公司持有南华资本股权比例仍为 100.00%。 本次减资事项不构成关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。本次减资不会导致公司合并报表范围发生变化。 一、本次减资概况 南华资本系公司全资子公司，为了进一步优化资本结构和资源配置，拟将南 华资本注册资本由 70,000 万元减少至 60,000 万元。本次减资完成后，南华资 本股权结构不变。 按照《公司章程》等的有关规定，本次金额未达到需提交公司董事会、股东 会审议标准，无需提交公司董事会、股东会审议。上述行为已经公司审批同意， ...

Report Overview - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: August 8, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - No investment rating information is provided in the report. Core View - Tin prices showed a slight increase on Thursday, indicating strong resilience. Supply - side issues are not easily resolved, and there are uncertainties in Myanmar's resumption of production. If the delay persists, tin prices may continue to rise slightly. The impact of weak demand on tin prices has not been fully reflected [3] Key Points by Category 1. Price and Volatility - The latest closing price of tin is 267,940 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] - On the tin futures market, the prices of Shanghai Tin Main, Shanghai Tin Continuous 1, and Shanghai Tin Continuous 3 remained unchanged at 267,940 yuan/ton, 267,940 yuan/ton, and 268,250 yuan/ton respectively. The price of LME Tin 3M was 33,835 US dollars/ton, up 605 US dollars or 1.82%. The Shanghai - London ratio was 8.02, unchanged [7] 2. Risk Management Suggestions Inventory Management - For high finished - product inventory and concerns about price drops, with a long spot position, it is recommended to short the Shanghai Tin main futures contract at a hedging ratio of 75% around 275,000 yuan/ton and sell call options (SN2509C275000) at a hedging ratio of 25% when volatility is appropriate [2] Raw Material Management - For low raw - material inventory and concerns about price increases, with a short spot position, it is recommended to long the Shanghai Tin main futures contract at a hedging ratio of 50% around 230,000 yuan/ton and sell put options (SN2509P245000) at a hedging ratio of 25% when volatility is appropriate [2] 3. Factors Affecting Prices Bullish Factors - Sino - US tariff policy easing, the semiconductor sector still in the expansion cycle, and Myanmar's resumption of production falling short of expectations [8] Bearish Factors - Repeated tariff policies, the inflow of Myanmar's tin ore into China, and the slowdown of the semiconductor sector's expansion and transition to the contraction cycle [5][6] 4. Spot and Inventory Data Spot Data (Weekly) - The price of Shanghai Non - ferrous tin ingots was 267,200 yuan/ton, up 1,700 yuan or 0.64%. The 1 tin premium was 400 yuan/ton, down 300 yuan or 42.86%. The prices of 40% and 60% tin concentrates were 255,200 yuan/ton and 259,200 yuan/ton respectively, both up 1,700 yuan [13] Inventory Data (Daily) - The total warehouse receipt quantity of tin on the Shanghai Futures Exchange was 7,332 tons, down 26 tons or 0.35%. Among them, the warehouse receipt quantity in Guangdong was 4,919 tons, up 14 tons or 0.29%, and in Shanghai was 1,542 tons, down 40 tons or 2.53%. The total LME tin inventory was 1,755 tons, down 120 tons or 6.4% [20] 5. Import and Processing Data - The tin import profit and loss was - 15,412.62 yuan/ton, up 9.49%. The processing fees for 40% and 60% tin ore were 12,200 yuan/ton and 10,050 yuan/ton respectively, unchanged [21]

Report Overview - Report Name: Nanhua Futures Copper Risk Management Daily Report - Date: August 8, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - No investment rating for the industry is provided in the report Core View - Copper prices have been mainly fluctuating recently. The price difference between LME copper and COMEX copper has basically stabilized. In the short term, it's hard to see LME copper prices continuously higher than COMEX copper prices. However, there are still undercurrents in the spot market and inventory. The sharp decline led by COMEX copper may slightly boost the valuations of the other two copper markets, and investors should be wary of the negative impact of weak copper demand [3] Copper Price and Volatility - The latest copper price is 78,460 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] Risk Management Suggestions Inventory Management - When finished product inventory is high and there are concerns about price drops, with a long spot exposure, it's recommended to short 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton and sell 25% of the CU2509C82000 call option when volatility is relatively stable [2] Raw Material Management - When raw material inventory is low and there are concerns about price increases, with a short spot exposure, it's recommended to long 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2] Factors Affecting Copper Prices Bullish Factors - The US and other countries have reached an agreement on tariff policies - The US dollar index has declined due to employment data - There is obvious support at the lower level [4] Bearish Factors - Tariff policies are inconsistent - Global demand has decreased due to tariff policies - The adjustment of the US copper tariff policy has led to an extremely high virtual inventory in COMEX [5][6] Copper Market Data Futures Market - Shanghai Copper main contract: 78,460 yuan/ton, unchanged, 0% daily change - Shanghai Copper continuous - one contract: 78,460 yuan/ton, up 180 yuan, 0.23% daily change - Shanghai Copper continuous - three contract: 78,440 yuan/ton, unchanged, 0% daily change - LME 3M copper: 9,670.5 US dollars/ton, down 3.5 US dollars, - 0.04% daily change - Shanghai - London ratio: 8.15, unchanged, 0% daily change [6] Spot Market - Shanghai Non - ferrous 1 copper: 78,500 yuan/ton, up 150 yuan, 0.19% daily change - Shanghai Wumaomao: 78,465 yuan/ton, up 135 yuan, 0.17% daily change - Guangdong Southern Reserve: 78,330 yuan/ton, up 140 yuan, 0.18% daily change - Yangtze Non - ferrous: 78,600 yuan/ton, up 100 yuan, 0.13% daily change [7] Refined - Scrap Spread - Current refined - scrap spread (tax - included): 660.43 yuan/ton, down 173.61 yuan, - 20.82% daily change - Reasonable refined - scrap spread (tax - included): 1,483.2 yuan/ton, down 2.8 yuan, - 0.19% daily change - Price advantage (tax - included): - 822.77 yuan/ton, down 170.81 yuan, 26.2% daily change [9] Warehouse Receipts and Inventory - Shanghai Futures Exchange copper warehouse receipts: total 20,145 tons, down 201 tons, - 0.99% daily change - LME copper inventory: total 156,000 tons, down 125 tons, - 0.08% daily change - COMEX copper inventory: total 263,296 tons, up 5,381 tons, 2.09% weekly change [13][15][18] Import and Processing - Copper import profit and loss: - 141.8 yuan/ton, up 120.22 yuan, - 45.88% daily change - Copper concentrate TC: - 41 US dollars/ton, unchanged, 0% daily change [19]