General Provisions - The company aims to protect the legal rights of shareholders, employees, creditors, and clients, and to regulate its organization and behavior according to relevant laws and regulations [2][4] - The company is established as a joint-stock company in accordance with the Company Law and is registered in Zhejiang Province with a unified social credit code [2][3] - The company was approved by the China Securities Regulatory Commission (CSRC) to issue 70 million shares to the public and was listed on the Shanghai Stock Exchange on August 30, 2019 [2][3] Company Structure - The registered capital of the company is RMB 610.065893 million [3] - The company is a permanent joint-stock company, and the board of directors elects the legal representative [3][4] - The legal representative is responsible for civil activities conducted in the company's name, and the company bears the legal consequences of these activities [3][4] Business Objectives and Scope - The company's business objectives include meeting diverse needs, enhancing customer satisfaction, promoting innovation, and increasing company value [5] - The business scope includes commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and securities investment fund distribution [5] Shares - The company's shares are issued in the form of stocks, with all shares being ordinary shares [7][8] - The total number of issued shares is 610.065893 million, with a nominal value of RMB 1 per share [7][8] - The company prohibits financial assistance for acquiring its shares, except for employee stock ownership plans [9] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, supervision, and access to company documents [13][14] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed shares [39][40] - Major shareholders must notify the company of significant changes affecting their shares within two trading days [19][20] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [47][48] - Shareholder meetings require a quorum and decisions are made based on majority or supermajority votes depending on the type of resolution [79][81] - The company must provide legal opinions on the validity of the meeting procedures and decisions [49]

南华期货股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为进一步完善南华期货股份有限公司（以下简称"公司"）的选聘（含 续聘、改聘，下同）会计师事务所的行为，切实维护股东利益，提高审计工作和 财务信息的质量，保证财务信息的真实性和连续性，依据《中华人民共和国公司 法》 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当具备以下资格： （一）具有独立的法人资格，具备国家行业主管部门和中国证券监督管理委 员会（以下简称"中国证监会"）规定的开展证券期货相关业务所需的执业资格； （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制度； （三）熟悉国家有关财务会计方面的法律法规、规章和政策； 《国有企业、上市公司选聘会计师事务所管理办法》 《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律 法规、规范性文件和《南华期货股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，结合公司实际情况，制定本制度。 第二条 公司选聘会计师事务所对财务会计报告发表审计意见、出具审计报 告的行为，应当遵照本制度履行选聘程序。公司聘任会计师事 ...

南华期货股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善公司治理结构，切实保护股东的利益，促进公司规范 运作，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公 司独立董事管理办法》（以下简称"《管理办法》"）、《上市公司治理准则》、 上海证券交易所相关业务规则、《香港联合交易所有限公司证券上市规则》（以 下简称"《联交所上市规则》"）等有关法律、法规、规范性文件以及《南华期 货股份有限公司章程》（以下简称"《公司章程》"）的有关规定，特制定本制 度。 第二条 公司独立董事是指不在公司担任除董事外的其他职务，并与公司及 主要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响其进行独 立客观判断的关系的董事。本制度中"独立董事"的含义与《联交所上市规则》 中"独立非执行董事"的含义一致，独立董事须同时符合《联交所上市规则》要 求的独立性。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、公司股 票上市地证券监管规则和《公司章程》的规定，认真履行职责，在董事会中发挥 参与决策、监督制衡、专业 ...

Core Viewpoint - The document outlines the external investment management system of Nanhua Futures Co., Ltd., aiming to standardize investment behavior, enhance investment efficiency, and mitigate risks associated with external investments [1][2]. Group 1: General Principles - The external investment refers to long-term investments made by the company to obtain future returns, involving monetary funds, equity, and assessed physical or intangible assets, with a duration exceeding one year [1]. - The company must comply with national laws and regulations, align with national industrial policies, and adhere to the company's development strategy while effectively controlling investment risks [1]. Group 2: Organizational Structure for Investment Management - The investment management departments are responsible for the daily management of investment projects and tracking their progress [2]. - The audit committee has the authority to supervise investment projects and propose corrective actions for any violations [2]. - The finance department is responsible for coordinating the necessary procedures for investment, including capital contributions, business registration, tax registration, and bank account opening [2]. Group 3: Approval Authority for External Investments - Investment decisions are made by the shareholders' meeting, board of directors, and chairman within their respective authority [3]. - Certain thresholds must be met for investments to be submitted for board approval, including asset totals exceeding 10% of the company's audited total assets or net assets, and transaction amounts exceeding 10% of the audited net assets with a minimum of 10 million [3][4]. Group 4: Information Disclosure - The company must manage and disclose investment information in accordance with relevant laws and regulations [5]. - The finance department is tasked with reviewing approval documents and ensuring timely accounting treatment of investment disposals [5]. Group 5: Miscellaneous Provisions - Any matters not covered by this system will be executed according to national laws and regulations [6]. - The board of directors is responsible for interpreting this system, which takes effect upon approval by the shareholders' meeting [6].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The impact of geopolitical factors on ethylene glycol prices is gradually subsiding, and price influence is now mainly driven by fundamentals [3]. - The easing of the Israel - Iran conflict led to a significant rise in crude oil prices, pushing up the polyester sector. Coal - based profits are expected to expand, but the additional supply increase is limited [3]. - The US requirement for export licenses for ethane to China poses a long - term risk to the raw material supply of ethane - to - ethylene glycol plants, but the impact on the supply side before August is expected to be limited [3]. - The planned production cuts by bottle - chip factories will weaken the demand for ethylene glycol [4]. - With the easing of the situation, crude oil prices have dropped, mainly affecting coal - based production profits, but the impact on production plans is limited, mainly leading to a downward shift in the absolute price range [6]. - The previous expectation of reduced ethylene glycol imports may be overestimated, with the main loss expected in August. Future focus should be on the recovery of Iranian plants and port shipments [6]. 3. Detailed Summaries by Section 3.1 Polyester Price Forecast and Hedging Strategies - **Price Range Forecast**: The monthly price ranges for ethylene glycol, PX, PTA, and bottle - chip are 4000 - 4600, 6400 - 7300, 4400 - 5300, and 5700 - 6400 respectively. Their 20 - day rolling volatilities are 20.02%, 30.37%, 28.78%, and 22.42%, and the historical percentiles of volatility over 3 years are 49.6%, 86.2%, 83.7%, and 70.4% [2]. - **Hedging Strategies**: - **Inventory Management**: For high finished - product inventory and concerns about ethylene glycol price drops, short ethylene glycol futures (EG2509) at 25% hedging ratio in the 4400 - 4500 range. Buy put options (EG2509P4200) and sell call options (EG2509C4500) with a 50% hedging ratio in the 20 - 40 and 40 - 60 ranges respectively [2]. - **Procurement Management**: For low procurement inventory, long ethylene glycol futures (EG2509) at a 50% hedging ratio in the 4200 - 4250 range. Sell put options (EG2509P4150) at a 75% hedging ratio in the 50 - 80 range [2]. 3.2 Core Contradictions - The direct impact of the Israel - Iran conflict on ethylene glycol is mainly on cost - end crude oil price fluctuations and supply - end disruptions. Currently, the influence of geopolitics is fading, and price influence is back to being fundamentally driven [3]. 3.3利多解读 - The easing of the Israel - Iran conflict led to a sharp rise in crude oil prices, driving up the polyester sector. Coal - based profits are expected to expand, but the additional supply increase is limited due to factors like device operating conditions [3]. - The US requirement for export licenses for ethane to China poses a long - term risk to the raw material supply of ethane - to - ethylene glycol plants, but the impact on the supply side before August is expected to be limited [3]. 3.4利空解读 - The planned production cuts by bottle - chip factories, expected to affect 230 - 300 million tons of total capacity, will weaken the demand for ethylene glycol [4]. - With the easing of the situation, crude oil prices have dropped, mainly affecting coal - based production profits. Although coal - based profits have been compressed, they remain at a good level, and the impact on production plans is limited, mainly leading to a downward shift in the absolute price range [6]. - The previous expectation of reduced ethylene glycol imports may be overestimated. Iran's ethylene glycol production is about 1.9 billion tons, with about half exported to China. The actual monthly supply to the Chinese market is about 80,000 tons, accounting for about 10% of China's imports. The main loss is expected in August, and future focus should be on the recovery of Iranian plants and port shipments [6]. 3.5 Polyester Daily Data - **Price and Spread**: The report provides price data for various polyester - related products such as Brent crude oil, naphtha, PX, PTA, ethylene glycol, and polyester fibers, as well as their daily and weekly changes, and data on spreads and basis [7][8]. - **Processing Fees and Production - Sales Ratios**: It also includes data on processing fees for different products and production - sales ratios of polyester filaments and short - fibers [8].

Report Summary 1. Index Performance - The Nanhua Composite Index rose 0.16% based on the closing prices of adjacent trading days [1][4]. - Among the sector indices, only the Nanhua Precious Metals Index fell -0.71%, while the rest rose. The Nanhua Black Index had the largest increase of 1.07%, and the Nanhua Energy - Chemical Index had the smallest increase of 0.02% [1][4]. - Among the theme indices, the Black Raw Materials Index had the largest increase of 1.41%, and the Mini - Composite Index had the smallest increase of 0.02%. The Energy Index had the largest decline of -0.28%, and the Petrochemical Index had the smallest decline of -0.01% [1][4]. - In the commodity futures single - variety indices, the Industrial Silicon index had the largest increase of 4.02%, and the Natural Rubber index had the largest decline of -1.15% [1][4]. 2. Index Data Details | Index Name | Today Close | Pre. Close | Points | Daily % | ARR | An. Vol | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCl | 2449.47 | 2445.63 | 3.84 | 0.16% | -6.46% | 13.94% | -0.46 | | Precious Metals Index NHPMI | 1225.37 | 1234.09 | -8.72 | -0.71% | 27.57% | 17.47% | 1.58 | | Industrial Products Index NHII | 3533.86 | 3518.77 | 15.08 | 0.43% | -13.09% | 15.87% | -0.82 | | Metal Index NHMI | 6150.34 | 6096.11 | 54.23 | 0.89% | -7.58% | 14.94% | -0.51 | | Energy - Chemical Index NHECI | 1647.50 | 1647.11 | 0.40 | 0.02% | -17.78% | 17.91% | -0.99 | | Non - Ferrous Metals Index NHNF | 1666.87 | 1652.05 | 14.82 | 0.90% | -2.07% | 13.67% | -0.15 | | Black Index NHFI | 2358.92 | 2333.97 | 24.95 | 1.07% | -21.21% | 21.24% | -1.00 | | Agricultural Products Index NHAI | 1078.11 | 1077.63 | 0.48 | 0.04% | 1.92% | 9.75% | 0.20 | | Mini - Composite Index NHCIMi | 1133.71 | 1133.53 | 0.18 | 0.02% | -0.66% | 16.23% | -0.04 | | Energy Index NHEI | 1052.31 | 1055.27 | -2.96 | -0.28% | 1.47% | 33.50% | 0.04 | | Petrochemical Index NHPCI | 952.38 | 952.48 | -0.10 | -0.01% | 2.43% | 17.25% | 0.14 | | Coal - Chemical Index NHCCI | 1037.31 | 1039.38 | -2.06 | -0.20% | 1.23% | 16.56% | 0.07 | | Black Raw Materials Index NHFM | 951.79 | 938.54 | 13.26 | 1.41% | -1.43% | 18.24% | -0.08 | | Building Materials Index NHBMI | 722.76 | 717.71 | 5.05 | 0.70% | -2.25% | 14.06% | -0.16 | | Oilseeds and Oils Index NHOOI | 1201.42 | 1200.02 | 1.39 | 0.12% | 0.31% | 10.27% | 0.03 | | Economic Crops Index NHAECI | 892.00 | 892.08 | -0.08 | -0.01% | 0.81% | 7.00% | 0.12 | [4] 3. Single - Variety Index in Agricultural Sector - In the agricultural products sector, the single - variety index daily returns include: soybean oil 0.19%, rapeseed oil - 0.17%, soybean meal 0.34%, rapeseed - 0.33%, live pigs - 0.25%, palm oil 0.35%, and corn [7]. 4. Single - Variety Index in Energy - Chemical Sector - In the energy - chemical sector, the single - variety index daily returns include: synthetic ammonia 0.03%, ethylene - 0.25%, LPG - 0.21%, hydrocarbons - 0.87%, and low - sulfur fuel oil - 0.06% [12].

独立董事提名人声明与承诺 提名人南华期货股份有限公司董事会，现提名刘玉龙为南华 期货股份有限公司第五届董事会独立董事候选人，并已充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无 重大失信等不良记录等情况。被提名人已同意出任南华期货股份 有限公司第五届董事会独立董事候选人（参见该独立董事候选人 声明）。提名人认为，被提名人具备独立董事任职资格，与南华 期货股份有限公司之间不存在任何影响其独立性的关系，具体声 明并承诺如下： （四）中共中央纪委、中共中央组织部《关于规范中管干部 1 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关规定（如适用）； 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人 ...

（二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关规定（如适用）； 独立董事候选人声明与承诺 本人刘玉龙，已充分了解并同意由提名人南华期货股份有限 公司董事会提名为南华期货股份有限公司第五届董事会独立董 事候选人。本人公开声明，本人具备独立董事任职资格，保证不 存在任何影响本人担任南华期货股份有限公司独立董事独立性 的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、本人任职资格符合下列法律、行政法规和部门规 ...

被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 本人李晶，已充分了解并同意由提名人南华期货股份有限公 司董事会提名为南华期货股份有限公司第五届董事会独立董事 候选人。本人公开声明，本人具备独立董事任职资格，保证不存 在任何影响本人担任南华期货股份有限公司独立董事独立性的 关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； 独立董事候选人声明与承诺 （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关 ...

独立董事提名人声明与承诺 提名人南华期货股份有限公司董事会，现提名李晶为南华期 货股份有限公司第五届董事会独立董事候选人，并已充分了解被 提名人职业、学历、职称、详细的工作经历、全部兼职、有无重 大失信等不良记录等情况。被提名人已同意出任南华期货股份有 限公司第 XX 届董事会独立董事候选人（参见该独立董事候选人 声明）。提名人认为，被提名人具备独立董事任职资格，与南华 期货股份有限公司之间不存在任何影响其独立性的关系，具体声 明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料（如有）。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （六）中共中央纪委、教育部、监察部《关于加强高等学校 反腐倡廉建设的意见》的相关规定（如适用）； （七）中国人民银行《股份制商业银行独立董事和外部监事 制度指引》等的相关规定（如适用）； （八）中国证监会《 ...