Report Overview - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: July 8, 2025 - Research Team: Nanhua Nonferrous Metals Research Team [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The fundamentals of the tin market remain stable. There are both positive and negative factors affecting the market [3][4]. Key Points by Section 1. Tin Price Volatility and Risk Management - The latest closing price of tin is 263,520 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 11.01%, and the historical percentile of the current volatility is 13.9% [2]. - For inventory management, when the finished - product inventory is high and there are 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 SN2509C275000 call options when the volatility is appropriate. - For raw material management, when the raw material inventory is low and there are 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 SN2509P245000 put options when the volatility is appropriate [2]. 2. Important News - **Positive Factors**: Sino - US tariff policy relaxation, the semiconductor sector still being in an expansion cycle, and lower - than - expected resumption of production in Myanmar [3]. - **Negative Factors**: Tariff policy reversals, resumption of production in Myanmar, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [4][5]. 3. Tin Futures and Spot Data - **Futures Data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are all 263,520 yuan/ton, 263,520 yuan/ton, and 263,360 yuan/ton respectively, with no daily change. The price of LME Tin 3M is 33,770 US dollars/ton, down 35 US dollars (-0.1%), and the Shanghai - London ratio is 7.92, down 0.02 (-0.25%) [5]. - **Spot Data**: The latest price of Shanghai Non - ferrous tin ingots is 266,800 yuan/ton, down 400 yuan (-0.15%). The 1 tin premium is 400 yuan/ton, down 200 yuan (-33.33%). The prices of 40% and 60% tin concentrates are 254,800 yuan/ton and 258,800 yuan/ton respectively, both down 400 yuan (-0.16% and -0.15% respectively). The prices of various types of solder bars and lead - free solder also show declines [8][11]. 4. Tin Import and Processing - The latest tin import loss is 17,666.1 yuan/ton, down 2,311.69 yuan (15.06%). The processing fees for 40% and 60% tin ore remain unchanged at 12,200 yuan/ton and 10,550 yuan/ton respectively [13]. 5. Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6,868 tons, up 61 tons (0.9%). The warehouse receipt quantity in Guangdong is 4,343 tons, up 105 tons (2.48%), and in Shanghai is 1,600 tons, down 44 tons (-2.68%). The total LME tin inventory is 2,085 tons, down 25 tons (-1.18%) [18].

南华期货（603093）公告，美国时间2025年7月7日，公司境外全资孙公司Nanhua USA LLC收到芝加哥 期权交易所清算所的通知，获批成为Cboe clear清算会员，具备其清算资格，可以清算Cboe clear上市的 期货期权和相关产品。 ...

Report Information - Report Name: Nanhua Futures Copper Risk Management Daily Report - Date: July 8, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Copper Price and Volatility - Latest copper price: 79,270 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 9.97%, and the historical percentile of the current volatility is 13.6% [2] Copper Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline: With a long spot exposure, it is recommended to sell 75% of Shanghai Copper main futures contracts at around 82,000 yuan/ton and sell 25% of call options (CU2509C82000) when volatility is relatively stable [2] Raw Material Management - For low raw material inventory and fear of price increase: With a short spot exposure, it is recommended to buy 75% of Shanghai Copper main futures contracts at around 75,000 yuan/ton [2] News and Factors - Fundamental situation: Stable [3] - Bullish factors: Sino - US tariff policy relaxation and a decrease in LME inventory levels [4] - Bearish factors: Tariff policy fluctuations, a decrease in global demand due to tariff policies, the Fed maintaining high interest rates, the US dollar index hovering at a low level [5][6][8] Copper Futures and Spot Data Futures Data - Shanghai Copper main contract: 79,270 yuan/ton, with no daily change (0%) - Shanghai Copper continuous - one contract: 79,270 yuan/ton, down 460 yuan (- 0.58%) - Shanghai Copper continuous - three contract: 78,870 yuan/ton, with no daily change (0%) - LME Copper 3M: 9,852 US dollars/ton, down 99.5 US dollars (- 1%) - Shanghai - London ratio: 8.08, up 0.04 (0.5%) [7] Spot Data - Shanghai Non - ferrous 1 copper: 79,885 yuan/ton, down 650 yuan (- 0.81%) - Shanghai Wumaotrade: 79,850 yuan/ton, down 575 yuan (- 0.71%) - Guangdong Nanchu: 79,790 yuan/ton, down 620 yuan (- 0.77%) - Yangtze Non - ferrous: 79,980 yuan/ton, down 600 yuan (- 0.74%) [9] Premium and Discount Data - Shanghai Non - ferrous copper spot premium: 95 yuan/ton, down 20 yuan (- 17.39%) - Shanghai Wumaotrade copper spot premium: 10 yuan/ton, down 25 yuan (- 71.43%) - Guangdong Nanchu copper spot premium: 50 yuan/ton, down 25 yuan (- 33.33%) - Yangtze Non - ferrous copper spot premium: 75 yuan/ton, down 20 yuan (- 21.05%) [9] Scrap - to - Refined Copper Price Difference Tax - included - Current scrap - to - refined copper price difference: 1,507.13 yuan/ton, down 198.08 yuan (- 11.62%) - Reasonable scrap - to - refined copper price difference: 1,498.05 yuan/ton, down 7.3 yuan (- 0.48%) - Price advantage: 9.08 yuan/ton, down 190.78 yuan (- 95.46%) [10] Tax - excluded - Current scrap - to - refined copper price difference: 6,205 yuan/ton, down 230 yuan (- 3.57%) - Reasonable scrap - to - refined copper price difference: 6,238.47 yuan/ton, down 50.66 yuan (- 0.81%) - Price advantage: - 33.47 yuan/ton, down 179.34 yuan (- 122.95%) [11] Copper Warehouse Receipts and Inventories Shanghai Futures Exchange (SHFE) - Total Shanghai Copper warehouse receipts: 21,682 tons, down 625 tons (- 2.8%) - Total International Copper warehouse receipts: 3,404 tons, with no change (0%) - Shanghai Copper warehouse receipts in Shanghai: 11,616 tons, down 500 tons (- 4.13%) - Total bonded Shanghai Copper warehouse receipts: 0 tons, with no change (- 100%) - Total duty - paid Shanghai Copper warehouse receipts: 21,682 tons, down 625 tons (- 2.8%) [14] LME - Total LME copper inventory: 97,400 tons, up 2,125 tons (2.23%) - LME copper inventory in Europe: 31,225 tons, down 50 tons (- 0.16%) - LME copper inventory in Asia: 64,050 tons, up 1,000 tons (1.59%) - Total LME copper registered warehouse receipts: 60,525 tons, down 800 tons (- 1.3%) - Total LME copper cancelled warehouse receipts: 36,875 tons, up 2,925 tons (8.62%) [16] COMEX - Total COMEX copper inventory: 220,954 tons, up 13,063 tons (6.28%) - Total COMEX copper registered warehouse receipts: 102,553 tons, down 6,004 tons (- 4.13%) - Total COMEX copper cancelled warehouse receipts: 118,401 tons, up 12,201 tons (11.49%) [18] Copper Import Profit and Processing - Copper import profit: - 1,146.49 yuan/ton, down 186.63 yuan (19.44%) - Copper concentrate TC: - 43.33 US dollars/ton, with no change (0%) [19]

双焦价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | --- | | 焦煤 | 780-900 | 31.00% | 60.43% | | 焦炭 | 1350-1500 | 24.12% | 44.76% | source： 南华研究,wind 双焦风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存套保 | 焦炭盘面大幅升水现货，交割利润可观 | 多 | 做空J2509 | J2509 | 卖出 | 25% | 1425-1450 | | | | | | | | 50% | 1450-1500 | source： 南华研究 黑色仓单日报 南华煤焦产业风险管理日报 2025/07/07 南华研究院 黑色研究团队 严志妮：Z0022076 张泫：F03118257 投资咨询业务资格：证监许可【2011】1290号 | | ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Industrial Silicon**: In the second half of the year, the industrial silicon industry is in a cycle of accelerating the elimination of backward production capacity, with continuous supply - surplus pressure. Supply will increase due to lower electricity costs during the wet season, while downstream demand is weak. Although there are some short - term positive factors, the industry still faces significant adjustment pressure [4]. - **Polysilicon**: The polysilicon market in the second half of the year is in a stage where fundamental and "anti - involution" logics alternate. Fundamentally, supply may increase due to lower costs, while demand is limited, and high inventory persists. The "anti - involution" logic offers potential for improvement if effective industry integration occurs [7]. 3. Summary by Directory Industrial Silicon - **Futures Data** - **Price and Volatility**: The strong pressure level of the industrial silicon main contract is 7600 yuan/ton, with a 20 - day rolling volatility of 32.6%, a daily decline of 0.99%, and a 3 - year historical volatility percentile of 94.8%. The main contract's closing price is 8045 yuan/ton, up 0.81% from the previous period, with a decrease in trading volume and open interest [2][9]. - **Spread**: The SI09 - 11 spread is 70 yuan/ton, up 7.69% from the previous period, and the SI11 - 12 spread is - 325 yuan/ton, up 2.99% [11]. - **Spot Data** - **Prices**: The prices of 553 and 421 industrial silicon in different regions show little change, except for a 1.05% decline in Sichuan's 421 silicon. The spread between 421 and 553 in East China is 300 yuan/ton, unchanged [13]. - **Downstream Prices**: The prices of downstream products such as N - type polysilicon, granular silicon, DMC, and SMM aluminum alloy ADC12 are presented in the report [15]. - **Basis and Warehouse Receipts** - **Basis**: The basis of East China's 421 and 553 industrial silicon main contracts has decreased. The 421 basis is 1005 yuan/ton, down 6.07%, and the 553 basis is 705 yuan/ton, down 8.44% [13]. - **Warehouse Receipts**: The total warehouse receipts are 51349 lots, a decrease of 352 lots. The inventory in different delivery warehouses shows various changes [20]. Polysilicon - **Futures Data** - **Price and Volatility**: The strong pressure level of the polysilicon main contract is 33000 yuan/ton, with a 20 - day rolling volatility of 39.90%, a daily increase of 0.57%, and a 3 - year historical volatility percentile of 84.12%. The main contract's closing price is 36515 yuan/ton, up 2.83% from the previous period, with changes in trading volume and open interest [2][23]. - **Spread**: The PS08 - 09 spread is 150 yuan/ton, down 71.43% from the previous period; the PS08 - 11 spread is 305 yuan/ton, down 63.25%; and the PS09 - 11 spread is 155 yuan/ton, down 49.18% [25]. - **Spot Data** - **Prices**: The prices of different types of polysilicon, such as N - type, cauliflower, and dense materials, show no daily change. The prices of silicon wafers and battery chips also remain stable [30][32]. - **Basis and Warehouse Receipts** - **Basis**: The basis of the polysilicon main contract and other contracts has decreased significantly. The main contract's basis is - 915 yuan/ton, down 1116.67% [38]. - **Warehouse Receipts**: The warehouse receipts in different regions remain unchanged [40]. 4. Risk Management Strategies - **Inventory Management**: For enterprises with high product inventory and risk of inventory impairment, it is recommended to short futures (30% hedging ratio) and sell call options (70% hedging ratio) using SI2509/PS2509 and over - the - counter/on - exchange options. Buying out - of - the - money put options is also suggested [2]. - **Procurement Management**: For enterprises with future production plans and the risk of rising raw material prices, it is recommended to buy long - term futures contracts according to the production plan, sell put options, and buy out - of - the - money call options using over - the - counter/on - exchange options [2].

重要内容提示： 证券代码：603093 证券简称：南华期货 公告编号：2025-046 南华期货股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 | 回购方案首次披露日 | 2024/7/9 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 7 8 年 7 月 7 | 月 | 日~2025 | 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | 回购价格上限 | 13.82元/股 | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 实际回购股数 | 568.12万股 | | | | | 实际回购股数占总股本比例 | 0.93% | | | | | 实际回购金额 | 5,008.88万元 | | | | | 实际回购价格区间 | 8.5 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-046 南华期货股份有限公司（以下简称"公司"）于 2024 年 7 月 8 日召开第四届 董事会第十五次会议，审议通过《关于回购股份方案的议案》，同意以不低于人民 币 5,000 万元（含本数），不超过人民币 10,000 万元（含本数）的自有资金通过 集中竞价交易方式回购公司股份，拟用于后续实施员工持股计划。回购股份价格 不超过 13.90 元/股（含本数），回购期限自董事会审议通过回购方案之日起 12 个 月内。具体内容详见公司于 2024 年 7 月 9 日及 2024 年 7 月 11 日披露的《南华 期货股份 有限公司关于 以集中竞价交易方式回购股份的方案》（公告编号： 告书》（公告编号：2024-028）。 二、 回购实施情况 （一）2024 年 7 月 11 日，公司首次实施回购股份，具体内容详见公司于 2024 年 7 月 12 日在上海证券交易所官网（www.sse.com.cn）披露的《南华期货股份有 限公司关于以集中竞价交易方式首次回购公司股份的公告》 （公告编号：2024-030）。 （二）截至本公告披露日，公司已完成回 ...

南华贵金属日报: 美非农超预期 焦点重转7月9日关税期限 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7月7日 【行情回顾】 上周贵金属市场整体仍小涨，尽管降息预期受美国强劲非农就业报告影响降温，引发美债收益率走高，但 美国贸易关税政策不确定性，特别是美经济回归货币财政路径仍削弱美指，并利多贵金属。周四晚间公布的 美国6非农就业报告强于预期，新增就业人数录得14.7万人，预期11万，前值上修0.5万至14.4万人；失业率 录得4.1%，数据意外下降，预期4.3%，前值4.2%。数据后交易员不再押注美联储7月降息，9月降息概率下 降。另外，周二晚间公布的美6月ISM制造业PMI小幅回升至49，高于预期和前值；5月职位空缺数776.9，高 于预期和前值，一定程度削弱降息预期。美国虽与英国、越南达成贸易协议，但与日本、欧盟与印度等主要 经济体谈判仍僵持，且美越协议中携带第三方关税条款。特朗普表示已签署12封贸易信函，计划周一发 出。"大而美"法案已获通过，将美国联邦政府的法定债务上限提高5万亿美元，国会预算办公室（CBO）估 计，这可能会让政府预算赤字未来十 ...

南华贵金属日报: 非农超预期 贵金属分化 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7月4日 【行情回顾】 周四贵金属市场金跌银涨。周边资产看，美股、美债收益率、美指皆收涨，比特币、原油、南华有色金属 震荡或微跌。最终COMEX黄金2508合约收报3336美元/盎司，-0.71%；美白银2509合约收报于37.04美元/ 盎司，+0.85%。 SHFE黄金2508主力合约收报781.28元/克，+0.47%；SHFE白银2508合约收8944元/千 克，+1.83%。数据方面，周四晚间公布的美国6非农就业报告强于预期，新增就业人数录得14.7万人，预期 11万，前值上修0.5万至14.4万人；失业率录得4.1%，数据意外下降，预期4.3%，前值4.2%。数据后交易员 不再押注美联储7月降息，9月降息概率下降。消息面，"大漂亮"法案在美国众议院以四票优势涉险过关， 特朗普将于当地时间7月4日17时签署"大漂亮"法案。 本次"大漂亮"法案将美国联邦政府的法定债务上限 提高5万亿美元，国会预算办公室（CBO）估计，这可能会让政府预算赤字未来十年内增加3.4 ...

Group 1 - The company plans to cancel the supervisory board and amend its articles of association and related rules to enhance corporate governance in accordance with the revised Company Law and relevant regulations [4][10][18] - The company will hold its second extraordinary general meeting of shareholders in 2025 on July 14 at 14:30 in Hangzhou, Zhejiang Province [3][4] - The meeting will be conducted with a combination of on-site and online voting, and the results will be announced promptly after the meeting [2][4] Group 2 - Shareholders attending the meeting must register in advance and comply with the established procedures to ensure orderly conduct [2][4] - The company has established a meeting service team to manage the procedures and services related to the meeting [2] - Legal opinions will be provided by a law firm to ensure compliance with legal requirements during the meeting [2][4] Group 3 - The proposed amendments to the articles of association include changing the term "supervisory board" to "audit committee" and updating the governance structure accordingly [4][10] - The company aims to protect the rights of shareholders and ensure efficient decision-making during the general meeting [1][2] - The articles of association will be revised to reflect changes in the roles and responsibilities of the board and shareholders [4][10]