东吴证券给予南华期货增持评级，2025年中报点评：国内经纪业务相对承压，境外业务稳健扩张

Group 1 - The core viewpoint of the report is that Dongwu Securities has given Nanhua Futures (603093.SH) an "accumulate" rating based on various factors [2] - The company's net income from fees and commissions, as well as net interest income, both experienced a year-on-year decline in the first half of 2025 [2] - The domestic futures brokerage business is under relative pressure, indicating challenges in the current market environment [2] - The wealth management business has seen an increase in scale, suggesting potential growth opportunities despite other pressures [2]