南华期货股份有限公司 章 程 | | | | 第一章 | 总 则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股份 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 | 4 | | 第三节 | 股份转让 5 | | | 第四章 | 股东和股东会 6 | | | 第一节 | 股东的一般规定 | 6 | | 第二节 | 控股股东和实际控制人 | 10 | | 第三节 | 股东会的一般规定 11 | | | 第四节 | 股东会的召集 | 13 | | 第五节 | 股东会的提案与通知 | 14 | | 第六节 | 股东会的召开 | 16 | | 第七节 | 股东会的表决和决议 | 19 | | 第五章 | 董事和董事会 23 | | | 第一节 | 董事的一般规定 | 23 | | 第二节 | 董事会 27 | | | 第三节 | 独立董事 31 | | | 第四节 | 董事会专门委员会 | 33 | | 第六章 | 高级管理人员 35 | | | 第一节 | 一般规定 35 | | | 第二节 | 首席风险官 37 ...

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。 2025 年 7 月 14 日，南华期货股份有限公司（以下简称"公司"）召开了 2025 年第二次临时股东大会，审议并通过了《关于修订公司于 H 股发行上市后适用的 <公司章程（草案）>及相关议事规则（草案）的议案》。该次股东大会授权董事 会及其授权人士，为本次发行上市之目的，根据境内外有关政府部门和监管机构 的要求与建议以及本次发行上市的实际情况等，对《南华期货股份有限公司章程 （草案）》（以下称"《公司章程（草案）》"）进行调整和修改。 2025 年 11 月 28 日，公司召开了第五届董事会第四次会议，根据上述股东 大会的授权，审议通过了根据香港中央结算有限公司的修改意见修订的《公司章 程（草案）》。具体条款修订情况如下： | 修订前 | 修订后 | | --- | --- | | 第二十七条 公司的股份应当依法转让。 | 第二十七条 公司的股份应当依法转让。所 | | | 有 H 股的转让皆应采用一般或普通格式或 | | | 任何其他为董事会接受的格式的书面转让 | | ...

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"）第五届董事会第四次会议于 2025 年 11 月 28 日以现场和通讯相结合的方式召开，本次会议的通知于 2025 年 11 月 24 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。 证券代码：603093 证券简称：南华期货 公告编号：2025-068 南华期货股份有限公司 第五届董事会第四次会议决议公告 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。 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《关于确定 H 股全球发售（香港公开发售及国际发售）及在 香港联合交易所有限公司上市相关事宜之议案》 董事会同意公司 H 股全球发售及在香港联合交易所有限公司上市的相关安 排，包括但不限于：（1） ...

Core Viewpoint - Nanhua Futures has approved two key proposals regarding the global offering of H-shares and related matters for listing on the Hong Kong Stock Exchange [1] Group 1 - The first proposal involves the determination of the global offering of H-shares, including both public and international offerings, with a unanimous vote of 9 in favor, and it does not require submission to the shareholders' meeting for further approval [1] - The second proposal pertains to the amendment of the company's articles of association to comply with the requirements following the H-share issuance and listing, also receiving a unanimous vote of 9 in favor, and similarly does not require submission to the shareholders' meeting for approval [1]

现货市场，据铜冠金源期货介绍，周四上海市场驰宏铅17000-17060元/吨，对沪铅2512合约升水0-50元/ 吨。 11月28日，国内期市有色金属板块大面积飘红。其中，沪铅期货盘面表现偏强，主力合约小幅收涨 1.09%，报17090.00元/吨。 展望后市，西南期货表示，铅精矿供应偏紧，副产品收益支撑原生铅企业生产。北方部分地区管制严 格，影响废电瓶市场流通量，再生铅产量增长缓慢。储能蓄电池订单旺盛，汽车蓄电池替换需求回暖， 但电动自行车蓄电池需求由旺转淡，且经销商库存偏高。上周，电解铅社会库存增加2800吨。行情将围 绕供应端的扰动与需求端的韧性展开博弈，或呈现宽幅震荡格局。 基本面上，南华期货（603093）指出，国内冶炼端增减不一，原生铅原料问题暂未解决，TC继续走 弱。再生铅河北区域性偏紧，且再生铅冶炼利润再次走弱，开工意愿下降，目前再生铅成品库存处历史 低位。 需求方面，广州期货分析称，SMM铅蓄电池厂周度开工率持平于70.56%，近日铅市终端需求表现平 稳，铅蓄电池厂逢低接货，现货成交氛围略好转。 ...

Core Viewpoint - The company expresses deep sorrow and concern over the severe fire incident in Hong Kong, leading to significant casualties and property damage, and has decided to donate 1 million HKD for relief efforts [1] Group 1: Company Response - Nanhua Futures Co., Ltd. emphasizes its commitment to social responsibility by donating funds to support fire rescue and emergency assistance for affected residents [1] - The company highlights its connection to the local community through its wholly-owned subsidiary, Honghua International, which has been actively engaged in the Hong Kong market [1] Group 2: Call for Collective Action - The company encourages other individuals and organizations to join in providing support to help the residents of Hongfu Garden rebuild their homes and restore normalcy [1] - Nanhua Futures and Honghua International plan to monitor the situation closely and mobilize volunteer resources as needed to assist residents [1] Group 3: Condolences - The company extends heartfelt condolences to the victims of the tragedy, wishing for peace for the departed souls and a swift recovery for the affected [1]

Core Viewpoint - Nanhua Futures has shown significant stock performance with a year-to-date increase of 61.61%, despite recent fluctuations in trading volume and price [1][2]. Company Overview - Nanhua Futures Co., Ltd. was established on May 28, 1996, and listed on August 30, 2019. The company is based in Hangzhou, Zhejiang Province, and its main business includes futures brokerage, wealth management, risk management, overseas financial services, and futures investment consulting [2]. - The revenue composition of Nanhua Futures is as follows: risk management business 50.19%, overseas financial services 29.70%, futures brokerage 17.32%, wealth management 2.51%, and other businesses 0.28% [2]. Financial Performance - As of September 30, 2025, Nanhua Futures reported a net profit of 351 million yuan, a year-on-year decrease of 1.92%. The company had zero operating revenue for the same period [2]. - The company has distributed a total of 173 million yuan in dividends since its A-share listing, with 120 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Nanhua Futures was 37,600, a decrease of 12.94% from the previous period. The average circulating shares per person increased by 14.86% to 16,231 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.0049 million shares, a decrease of 2.4675 million shares from the previous period [3].

Core Viewpoint - The transformation of the futures industry is driven by new productive forces, leveraging advanced technologies such as big data, artificial intelligence, and blockchain to reconstruct industry infrastructure and service processes, shifting from a trading channel to a comprehensive risk management service provider [1] Group 1: Challenges in the Futures Industry - The development of new productive forces in the industry faces significant bottlenecks, including insufficient technological integration, a lack of AI-based real-time risk warning systems, and a high proportion of basic brokerage services that fail to meet the personalized hedging needs of enterprises [1] - There is a notable shortage of innovative derivative tools to address the complex risk exposures of emerging industries such as new energy and semiconductors [1] - The scarcity of high-end, cross-disciplinary talent proficient in financial engineering, industry logic, and technology applications poses a challenge to the industry's growth [1] Group 2: Technological Empowerment and Service Innovation - The company emphasizes the need to invest heavily in intelligent trading and risk control systems, deploying machine learning algorithms for real-time market monitoring and risk assessment [2] - Blockchain technology is being explored to enhance trust and efficiency in commodity financing and credit security through immutable records of warehouse receipts and delivery tracing [2] - A data hub is being developed to integrate diverse data sources, creating industry-specific risk maps to guide dynamic hedging strategies [2] Group 3: Product Innovation - The company is accelerating the development of innovative futures and options products linked to emerging fields such as new energy metals, electricity, and weather derivatives to provide tailored financial tools for various industries [4] - There is a focus on promoting "futures+" combination products, such as integrating minimum guaranteed return options into insurance and futures collaborations [4] Group 4: Service Model Restructuring - The company advocates for "embedded advisory" services, integrating professional teams into the decision-making processes of enterprises to offer comprehensive solutions for inventory management and cost locking [5] - A vertical industry service platform is being developed to consolidate price information and logistics resources, creating an ecosystem for industry risk management [5] Group 5: Risk Control System Enhancement - A multi-level stress testing matrix is being established to simulate the impact of unforeseen events on investment portfolios and market liquidity [7] - The company has developed a risk management system that effectively measures credit and price risks in real-time, enhancing risk control efficiency [7] Group 6: Talent Development and Innovation - The company is implementing a dual-track training mechanism to cultivate both traditional trading skills and industry-specific knowledge through hands-on experience [8] - The "Spark Program" aims to create a talent ecosystem in the financial derivatives field, fostering modern financial talent with cross-market analysis capabilities [9]

Core Insights - The launch of platinum and palladium futures on November 27 at the Guangzhou Futures Exchange marks a significant breakthrough in China's precious metals derivatives system, providing domestic enterprises with independent risk management tools and reducing reliance on foreign futures instruments [1][2] - The introduction of these futures is expected to help establish a more comprehensive and authoritative domestic pricing system for platinum and palladium [1] Group 1: Industry Impact - Platinum and palladium are critical raw materials for the automotive, refining, and new energy industries, with their price fluctuations significantly affecting production costs for companies in these sectors [2] - Prior to the domestic futures launch, companies relied on NYMEX platinum and palladium futures for cross-border revenue swap transactions, indicating a need for more localized risk management solutions [2] Group 2: Company Initiatives - Nanhua Futures and its risk management subsidiary, Nanhua Capital, have actively responded to client needs, achieving the first off-exchange options transaction on the listing day of platinum futures [1] - The collaboration with a domestic high-tech enterprise specializing in advanced coating and functional materials demonstrates the effective use of financial derivatives to enhance product price competitiveness and operational efficiency [2] - Nanhua Futures and Nanhua Capital are committed to serving the real economy by providing comprehensive risk management services across the entire platinum and palladium industry chain, aiming to foster new productive forces in China's modernization efforts [2]

Core Insights - The gold jewelry market in China is experiencing a significant decline in demand, with a reported consumption of 278 tons in the first three quarters of 2025, representing a 25% year-on-year decrease [1] - Despite high international gold prices, retail companies in the gold jewelry sector are facing structural challenges, including a "store closure wave" and pressure on inventory management and profitability [1][4] - The pricing mechanism in the gold jewelry supply chain exposes retailers to risks due to price fluctuations, leading to a dual challenge of high prices reducing operational efficiency and suppressing consumer demand [2] Industry Performance - Major gold jewelry retailers, such as Chow Tai Fook and Luk Fook, have reported significant store closures, with Chow Tai Fook closing 296 stores and Chow Sang Sang reducing 333 stores in the first nine months of the year [1] - The retail sector is under pressure from high costs and low consumer demand, impacting profitability and operational strategies [1][4] Risk Management Strategies - A "laddered" risk management solution has been designed for gold jewelry retailers, incorporating put option protection strategies and zero-cost collar strategies to mitigate price fluctuation risks [2][3] - The put option strategy offers a safety net for retailers against price declines while allowing them to benefit from price increases, although it comes with high premium costs [2][3] - The zero-cost collar strategy provides downside protection while capping upside potential, allowing retailers to manage their financial exposure effectively without initial costs [3] Market Outlook - The gold market is expected to remain in a long-term bullish trend due to factors such as central bank purchases, geopolitical risks, and production cost support [2] - The industry is encouraged to explore market-based compensation mechanisms and innovative pricing models to adapt to the current economic environment [4]