Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The supply - demand structure of asphalt shows a weakening trend, with weekly production increasing by 28% year - on - year and demand growing by 10% year - on - year. The inventory structure shows factory inventory accumulation and social inventory depletion, and speculative demand is weakening. The basis in Shandong and East China has weakened due to increased operating rates, while the crack spread remains high. Currently, the supply increase exceeds expectations slightly, and the demand is still in the off - season due to rainfall. The overall fundamentals have weakened month - on - month. In the medium to long term, demand is expected to pick up as construction conditions improve in August, and the peak season is still worth looking forward to. Short - term attention should be paid to the cargo flow situation and the details and authenticity of the fuel oil consumption refund policy in Shandong [2] - There are both positive and negative factors for asphalt. Positive factors include low factory inventory pressure, seasonal peak demand, low operating rates and the expectation of catch - up construction in the South. Negative factors include the resumption of production in some refineries after maintenance, short - term demand drag from the plum rain season in the South, and weakening basis [3][6] Group 3: Summary by Relevant Catalogs 1. Asphalt Price and Volatility - The price range forecast for the asphalt main contract in the month is 3400 - 3750, with a current 20 - day rolling volatility of 22.98% and a 3 - year historical percentile of 40.88% [1] 2. Asphalt Risk Management Strategy - For inventory management, when the finished product inventory is high and there are concerns about asphalt price drops, enterprises with long spot positions can short the bu2509 asphalt futures at a hedging ratio of 25% in the price range of 3650 - 3750 to lock in profits and make up for production costs [1] - For procurement management, when the regular procurement inventory is low and enterprises want to purchase according to orders, enterprises with short spot positions can buy the bu2509 asphalt futures at a hedging ratio of 50% in the price range of 3300 - 3400 to lock in procurement costs in advance [1] 3. Asphalt Spot and Futures Prices and Related Indicators - **Spot prices**: On July 14, 2025, the Shandong spot price was 3810 yuan/ton (unchanged from the previous day, - 10 yuan/ton week - on - week), the Yangtze River Delta spot price was 3780 yuan/ton (unchanged from the previous day, - 50 yuan/ton week - on - week), the North China spot price was 3750 yuan/ton (unchanged from the previous day and week - on - week), and the South China spot price was 3610 yuan/ton (unchanged from the previous day, - 20 yuan/ton week - on - week) [4] - **Spot 09 basis**: The Shandong, Yangtze River Delta, North China, and South China spot 09 basis all decreased by 40 yuan/ton compared to the previous day, with weekly decreases of - 90, - 130, - 80, and - 100 yuan/ton respectively [4] - **Crack spread**: The Shandong spot crack spread against Brent was 153.4511 yuan/barrel, a daily decrease of - 0.2613 yuan/barrel and a weekly decrease of - 9.1929 yuan/barrel. The futures main contract crack spread against Brent was 125.0318 yuan/barrel, a daily increase of 6.6702 yuan/barrel and a weekly increase of 6.4031 yuan/barrel [7]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report Industrial Silicon - In the second half of the year, the industrial silicon industry will be in a cycle of accelerating the clearance of backward production capacity and entering the de - stocking process. The supply pressure will be released with the implementation of production plans in Southwest China during the wet season. The downstream demand is expected to strengthen, with the photovoltaic industry potentially boosting demand, while organic silicon and aluminum alloy enterprises maintaining stable demand. The price will show a wide - range fluctuation. Suggestions include looking for opportunities to go long on industrial silicon at low prices, SI2509 - SI2511 positive spread trading, and going long on industrial silicon while shorting polysilicon [4]. - Positive factors are the "anti - involution" policy, limited downward space for costs, and better - than - expected demand. Negative factors are the release of production capacity in Southwest China during the wet season and potential weakening of demand due to industrial integration in the polysilicon industry [5][6]. Polysilicon - In the second half of the year, the polysilicon market is in a stage where fundamental and "anti - involution" logics alternate. Fundamentally, lower electricity prices and higher profits may increase production capacity. However, demand growth is limited, and high inventory persists. If industry integration is effective, it may drive prices up. The suggestion is to focus on PS2508 - PS2511 positive spread trading [8]. - Positive factors are potential industry integration and increased external demand from the US. Negative factors are inventory accumulation if integration fails [9][10]. 3. Summary by Relevant Catalogs Industrial Silicon Futures Data - The industrial silicon main contract shows wide - range fluctuations, with a 20 - day rolling volatility of 34.7%, a daily increase of 1.09%, and the current volatility at the 96.4% historical percentile in 3 years. The main contract closing price is 8695 yuan/ton, up 3.33% from the previous period; the trading volume is 1473993 lots, up 54.58%; the open interest is 402890 lots, up 9.54%. SI09 - 11 spread is 90 yuan/ton, up 28.57% [2][13][15]. Spot Data - The prices of 553 and 421 industrial silicon in different regions have increased to varying degrees. For example, the price of East China 553 is 8850 yuan/ton, up 1.14%. The East China 553 basis is 435 yuan/ton, up 55.36%, and the East China 421 - 553 spread is 350 yuan/ton, unchanged [17]. Basis and Warehouse Receipts - The total warehouse receipts are 50090 lots, down 139 lots or 3.58% from the previous period. The warehouse receipt inventories in different delivery warehouses have different changes [24]. Polysilicon Futures Data - The polysilicon main contract also shows wide - range fluctuations, with a 20 - day rolling volatility of 44.99%, a daily increase of 0.01%, and the current volatility at the 84.73% historical percentile in 3 years. The main contract closing price is 41765 yuan/ton, up 1.05%. The trading volume and open interest of different contracts have different changes. PS08 - 09 spread is 320 yuan/ton, down 3.03% [2][27][29]. Spot Data - The prices of different types of polysilicon, such as P - type and N - type, have different daily changes. For example, the N - type polysilicon price index is 43.45 yuan/kg, down 3.01% [34]. Basis and Warehouse Receipts - The polysilicon main contract basis is 1685 yuan/ton, down 51.44% from the previous period. The warehouse receipts in different regions remain unchanged [41][43]. Risk Management Strategies - For inventory management of industrial silicon and polysilicon, when product inventory is high, strategies include shorting futures, selling call options, and buying out - of - the - money put options. For procurement management, when there is a risk of rising raw material prices, strategies include buying forward futures contracts, selling put options, and buying out - of - the - money call options [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The overall commodity market is strong, showing a resonant upward trend. Fundamentally, caustic soda has strengthened in the near - term, and the decline in liquid chlorine has led to cost increases. Shandong's liquid caustic soda inventory is low year - on - year, with little spot pressure, and the market may anticipate the peak season. In the short - term, attention should be paid to the improvement of downstream demand and the enthusiasm of downstream inventory replenishment. In the medium - to - long - term, as production resumes and new production capacity is gradually put into operation, supply - side pressure may gradually emerge [4]. 3. Summary by Related Catalogs 3.1 Caustic Soda Price Range Forecast - The monthly price range forecast for caustic soda is 2200 - 2600. The current 20 - day rolling volatility is 15.38%, and the historical percentile of the current volatility over 3 years is 6.6% [3]. 3.2 Caustic Soda Risk Management Strategy Suggestions - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can sell SH2509 call options at a 50% hedging ratio in the 2600 - 2650 range to collect premiums and short caustic soda futures to lock in profits and cover production costs. They can also sell SH509C2600 call options at a 50% hedging ratio in the 60 - 70 range to lock in the spot selling price if the price rises [3]. - **Procurement Management**: For enterprises with low regular inventory and aiming to purchase according to orders, they can buy SH2509 futures at a 50% hedging ratio in the 2350 - 2400 range to prevent price increases and lock in procurement costs. They can also sell SH509P2400 put options at a 50% hedging ratio in the 40 - 50 range to collect premiums and lock in the spot purchase price if the price drops [3]. 3.3 Caustic Soda Futures and Spot Price Information - **Futures Prices and Monthly Spreads**: On July 14, 2025, the price of the caustic soda 05 contract was 2564 (up 28 or 1.1% from July 11), the 09 contract was 2496 (down 11 or - 0.44%), and the 01 contract was 2509 (up 33 or 1.33%). The monthly spread (5 - 9) was 40 (up 6), (9 - 1) was 20 (up 5), and (1 - 5) was - 60 (down 11) [5]. - **Base Prices**: The 05 contract base price (Shandong Jinling) was - 36 (up 5), the 09 contract was 4 (up 11), and the 01 contract was 54 (up 30) [6]. - **Factory Prices**: The 32% caustic soda factory price in Shandong Jinling on July 14, 2025, was 2563 (up 62.5 or 2.5% from July 11). The 50% caustic soda factory price of Jinling was 2660 (up 80 or 3.1%) [6][7]. - **Market Prices**: The flake caustic soda market prices in various regions remained unchanged on July 14, 2025, compared with July 11 [7]. 3.4 Caustic Soda Brand/Regional Spreads - On July 14, 2025, the spread between Shandong 50% caustic soda and 32% caustic soda was 98 (up 17.5), the spread between Jiangsu 49% caustic soda and 32% caustic soda was 13 (up 71), and the spread between Jiangsu - Shandong (32% caustic soda converted to 100%) was 244 (down 31.25) [8]. 3.5 Caustic Soda Futures Monthly Spread Seasonality - Seasonal charts of caustic soda futures monthly spreads (07 - 09), (09 - 11), (11 - 01), and (09 - 1) are provided, sourced from wind and Nanhua Research [10][11].

Core Viewpoint - On July 14, the Shanghai Composite Index rose by 0.27%, with institutional investors appearing on the trading lists of 35 stocks, net buying 19 and net selling 16 [1] Institutional Trading Summary - Institutional special seats net bought the most in Xiangyang Bearing, which closed at the daily limit with a turnover rate of 27.67% and a transaction amount of 2.076 billion yuan, net buying 110.74 million yuan [2] - San Chuan Wisdom closed up 15.27% with a turnover rate of 32.50%, net buying 75.27 million yuan, but had a net outflow of 35.2 million yuan [2] - Zhongke Magnetic Industry closed down 5.10% with a turnover rate of 45.77%, net buying 53.99 million yuan, but had a net outflow of 49.77 million yuan [2] Market Performance - The average increase of stocks with institutional net purchases was 2.36%, outperforming the Shanghai Composite Index [3] - Stocks like Changrong Co. and Xinling Electric showed strong performance, closing at the daily limit [3] - Historical data indicates a 52.06% probability of stocks with institutional net purchases rising the next day, and a 39.70% probability of rising in the following three days [3] Earnings Forecasts - Among the stocks with institutional net purchases, four have released half-year earnings forecasts, with Yuhua Development expected to have a net profit of 200 million yuan, a year-on-year increase of 708% [3] Net Selling Summary - The stock with the highest net selling by institutions was Siyuan Electric, with a net selling amount of 162.84 million yuan, while also seeing a net inflow of 98.77 million yuan [3] - Dazhihui was noted for a net selling of 120.24 million yuan, with a significant net outflow of 433 million yuan [4] Deep and Shanghai Stock Connect - On July 14, 15 stocks on the trading list had appearances from the Deep and Shanghai Stock Connect, with Siyuan Electric and Zhongke Jincai seeing net purchases of 139 million yuan and 113 million yuan respectively [7][8] - Stocks like Hengbao Co. and Greenland Holdings experienced significant net selling amounts of 193 million yuan and 79.38 million yuan respectively [8]

南华期货(603093)今日跌停，全天换手率8.00%，成交额12.58亿元，振幅11.96%。龙虎榜数据显示，沪股通净卖出3251.91万元，营业部席位合计净卖出8596.90万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-10.27%上榜，沪股通净卖出3251.91万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交4.11亿元，其中，买入成交额为1.47亿元，卖出成交额为2.65亿元，合计净卖出1.18亿元。 具体来看，今日上榜的营业部中，沪股通为第一大买入营业部及第一大卖出营业部，买入金额为6639.88万元，卖出金额为9891.80万元，合计净卖出3251.91万元。 近半年该股累计上榜龙虎榜12次，上榜次日股价平均涨2.59%，上榜后5日平均涨4.11%。 资金流向方面，今日该股主力资金净流出2.63亿元，其中，特大单净流出2.35亿元，大单资金净流出2790.83万元。近5日主力资金净流入8704.53万元。 4月22日公司发布的一季报数据显示，一季度公司共实现营业收入5.34亿元，同比下降46.20%，实现净利润8573.83万元，同比增长0.13%。 机构评级来看，近5日共 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-051 南华期货股份有限公司 关于选举职工董事的公告 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。 根据《中华人民共和国公司法》和《南华期货股份有限公司章程》等相关法 律法规规定，南华期货股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开职工代表大会，选举孙颖婷女士（简历详见附件）为公司职工董事，任期 与公司第五届董事会任期一致。 孙颖婷女士与公司其他董事、高级管理人员、实际控制人及持股 5%以上的 股东不存在关联关系，未持有公司股份，不存在上海证券交易所《上市公司自律 监管指引第 1 号——规范运作》3.2.2 条所列的不得被提名担任上市公司董事的 情形。 南华期货股份有限公司董事会 2025 年 7 月 15 日 附：职工董事简历： 孙颖婷女士，1988 年 11 月出生，中国国籍，本科，高级会计师、注册会计 师、获得中国法律职业资格证书。曾任横华国际金融股份有限公司财务专员、财 务部经理助理，浙江南华资本管理有限公司财务部经理等职务，现 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-053 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。 南华期货股份有限公司关于 董事会完成换届选举及聘任高级管理人员的公告 一、会议召开情况 南华期货股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 2025 年第二次临时股东大会及职工代表大会，选举产生公司第五届董事会董事。同日， 公司召开第五届董事会第一次会议，审议通过选举公司董事长、选举董事会专门 委员会委员、聘任公司高级管理人员等议案。现将相关情况公告如下： 二、公司第五届董事会组成情况 公司第五届董事会共由九名董事组成，其中独立董事三名，相关人员如下： 董事长：罗旭峰先生 非独立董事：罗旭峰先生、吕跃龙先生、徐文财先生、胡天高先生、厉宝平 先生、孙颖婷女士 独立董事：徐林先生、刘玉龙先生、李晶女士 三、公司第五届董事会各专门委员会组成情况 公司第五届董事会下设五个专门委员会，其组成人员如下： （1）审计委员会（3 人）：独立董事李晶女士、董事徐文财先生、独立董 事刘玉龙先生，其中独 ...

北京金诚同达律师事务所 关于 南华期货股份有限公司 二○二五年第二次临时股东大会 之 法律意见书 北京市建国门外大街1号国贸大厦A座十层 100004 电话：010—57068585 传真：010—85150267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 致：南华期货股份有限公司 受南华期货股份有限公司（以下简称"南华期货"或"公司"）聘请和北京 金诚同达律师事务所（以下简称"本所"）委派，本所律师出席南华期货二○二 五年第二次临时股东大会并对会议的相关事项出具法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）《律师事 务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规和规范性文件的要求以及《南华期货股份有限公司章程》（以 下简称"《公司章程》"）的规定，对本次股东大会的召集、召开程序，出席会议 人员的资格、召集人资格，会议的表决程序、表决结果等重要事项进行核验，出 具本法律意见书。 本所律师声明： 1. 本所律师仅就本次股东大会的召集、召开程序，出 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-050 南华期货股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 14 日 (二)股东大会召开的地点：浙江省杭州市上城区横店大厦 9 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东大会由公司董事会召集，采取现场投票和网络投票相结合的方式召 开，现场会议由董事长罗旭峰先生主持。本次会议的召集、召开及表决方式符合 《公司法》和《公司章程》等有关法律、法规及规范性文件的规定。 | 1、出席会议的股东和代理人人数 | 196 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 454,337,307 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 75.1735 | | 份总数的比例（%） | | (四)表决方式 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-052 南华期货股份有限公司 第五届董事会第一次会议决议公告 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"）第五届董事会第一次会议于 2025 年 7 月 14 日以现场结合通讯表决方式召开，经第五届全体董事一致同意，本次 会议豁免会议通知时限要求，会议当日通过口头、通讯等方式通知全体参会董事。 会议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。 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《关于选举公司董事长、代表公司执行公司事务董事的议 案》 本次会议选举罗旭峰先生为公司第五届董事会董事长、代表公司执行公司事 务董事，任期三年，自本次董事会审议通过之日起至第五届 ...