Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-09-03 01:57Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The old - season market is ending, and the new - season soybeans are gradually coming onto the market. There is a strong wait - and - see attitude, resulting in light spot trading. The double - festival stocking - driven consumption recovery will face pressure from the new - season supply, and prices are mainly under pressure. The short - term trend in the futures market remains unchanged [3]. - There are both positive and negative factors. Positively, the bottoming - out of grass - roots grain reserves, the expected recovery of edible consumption demand, and the reduction of short - side positions drive the futures price rebound. Negatively, the expected increase in the quality and yield of new - season soybeans, the decline in the auction transaction rate, and the continuous double - auctions per week will put pressure on prices [3][4][6]. 3. Summary by Related Catalogs 3.1 Bean One Risk Strategy - Inventory Management for Sellers: For those with long spot positions, such as planting entities with high demand for selling new beans in autumn but facing large short - term selling pressure, it is recommended to short the A2511 bean one futures contract at an entry range of 4000 - 4050 with a hedging ratio of 30% to lock in planting profits. Also, when the seller's bargaining power weakens during the centralized listing period, selling the A2511 - C - 4050 call option at an entry range of 50 - 60 with a hedging ratio of 30% can increase the grain - selling price [2]. - Procurement Management for Buyers: For those with short spot positions worried about rising raw material prices and increased procurement costs, it is recommended to mainly wait to purchase spot goods in the medium - term and focus on forward procurement management. Wait for the autumn price guidance to go long on A2603 and A2605 [2]. 3.2 Core Contradictions and Interpretations - Core Contradictions: The old - season market is closing, the new - season is starting, and there is a wait - and - see attitude. The auction maintains a double - auction rhythm per week, and the transaction rate has declined. The consumption recovery for double - festival stocking will face new - season supply pressure, and the futures market shows a short - term trend [3]. - Positive Factors: The bottoming - out of grass - roots grain reserves restricts price drops. The expected recovery of edible consumption demand in September and the reduction of short - side positions drive the futures price rebound [6]. - Negative Factors: The expected increase in the quality and yield of new - season soybeans will lead to a concentrated supply, putting continuous pressure on prices. The decline in the auction transaction rate and the continued double - auctions per week will impact the old - season price system, and the technical short - term trend of the 11 - contract remains unchanged [4]. 3.3 Bean One Futures Price | Contract | 2025 - 09 - 01 | 2025 - 09 - 02 | Daily Change | Change Rate | | --- | --- | --- | --- | --- | | Bean One 11 Closing Price | 3965 | 3970 | 5 | 0.13% | | Bean One 01 Closing Price | 3964 | 3963 | - 1 | - 0.03% | | Bean One 03 Closing Price | 3963 | 3966 | 3 | 0.08% | | Bean One 05 Closing Price | 4008 | 4012 | 4 | 0.10% | | Bean One 07 Closing Price | 4010 | 4013 | 3 | 0.07% | | Bean One 09 Closing Price | 4111 | 4109 | - 2 | - 0.05% | [4]