Report Summary 1. Market Performance - The Nanhua Composite Index declined by -0.57% based on the closing prices of adjacent trading days [1][4]. - All sector indices decreased, with the Nanhua Energy and Chemical Index having the largest decline of -1.08% and the Nanhua Precious Metals Index having the smallest decline of -0.2% [1][4]. - Among theme indices, only the Oilseeds and Oils Index rose by 0.37%, while the rest declined. The Coal - Chemical Index had the largest decline of -1.16%, and the Economic Crops Index had the smallest decline of -0.09% [1][4]. - In the single - variety commodity futures indices, the Rapeseed Index had the largest increase of 1.64%, and the Glass Index had the largest decline of -3.19% [1][4]. 2. Contribution and Other Information - Lithium carbonate had a positive contribution of 3.24% [4]. 3. Industry Chain and Variety Performance - In the energy and chemical sector, some varieties' single - variety index daily price changes were as follows: Synthetic nitrogen -1.91%, polyethylene -2.17%, ethylene glycol -1.66%, LPG -0.55%, aromatic hydrocarbons -1.42%, crude oil -0.54%, and refined oil -1.61% [4][11]. - In the black sector, cotton rose by 0.86%, coal had no change (0.00%), and another coal - related item declined by -0.47% [6]. - In the agricultural products sector, soybean oil -0.16%, rapeseed oil -0.24%, rapeseed had an increase of 1.64%, rapeseed meal 1.18%, and live pigs -2.50% [8].

Group 1: Overall Index Performance - The Nanhua Composite Index dropped by -0.92% compared to the previous trading day's closing price [1][3] Group 2: Sector Index Performance - Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.03%, while the rest declined. The Nanhua Precious Metals Index had the largest decline of -3.32%, and the Nanhua Black Index had the smallest decline of -0.25% [1][3] Group 3: Theme Index Performance - The Economic Crops Index had the largest increase of 1.21% among the theme indices, and the Oilseeds and Oils Index had the smallest increase of 0.15%. The Energy Index had the largest decline of -1.15%, and the Building Materials Index had the smallest decline of -0.01% [1][3] Group 4: Single - Variety Index Performance - The Apple single - variety index had the largest increase of 3.38%, and the Gold single - variety index had the largest decline of -3.53% [1][4] Group 5: Agricultural Products Sector Single - Variety Performance - In the agricultural products sector, rapeseed had an increase of 2.61%, corn had an increase of 0.52%, while palm oil declined by -1.56%, live pigs declined by -1.38%, and rapeseed oil declined by -0.18% [8] Group 6: Energy and Chemical Sector Single - Variety Performance - In the energy and chemical sector, synthetic ammonia had an increase of 0.56%, polyethylene had an increase of 0.36%, while coal declined by -1.50%, and crude oil declined by -1.23% [6][12]

Group 1: Market Performance Overview - The Nanhua Composite Index rose by 1.31% based on the closing prices of adjacent trading days [1] - Among the sector indices, only the Nanhua Energy and Chemical Index declined by -0.8%, while the rest increased. The Nanhua Precious Metals Index had the largest increase of 3.66%, and the Nanhua Agricultural Products Index had the smallest increase of 0.2% [1] - Among the theme indices, the Oilseeds and Oils Index had the largest increase of 1.89%, the Building Materials Index had the smallest increase of 0.34%, the Coal - based Chemical Index had the largest decline of -1.52%, and the Petrochemical Index had the smallest decline of -0.69% [1] - Among the single - variety commodity futures indices, the Gold index had the largest increase of 4.57%, and the Live Pig index had the largest decline of -5.15% [1][4] Group 2: Other Information - The calculation method of the price change ratio in the article is the ratio of today's closing price to yesterday's closing price, and the contribution degree is the product of the price change ratio and the weight [9] - The Nanhua Commodity Index excludes the price difference during the contract roll - over, reflecting the real return of investing in the commodity system [9] - The calculation method of the contribution degree used in the article is a certain variety's daily price change ratio divided by the sum of all varieties' daily price change ratios. Yellow data bars represent rising varieties, and blue data bars represent falling varieties [9]

Core Viewpoint - In December 2024, Galaxy Securities issued a yield certificate product linked to the 10-year China government bond futures yield index to meet the increasing diversification needs of clients in financial products and services [1] Group 1: Product Development - The issuance of the yield certificate enriches the product line of Galaxy Securities' FICC business, with approximately 30 yield certificates issued to date, covering various professional investors across multiple industries, including state-owned enterprises, private enterprises, and individual investors [1] - The "small giant" high-tech enterprises recognized as national-level specialized and innovative firms have shown active subscription interest [1] Group 2: Market Impact - The China Government Bond Futures Yield Index series launched by the China Securities Index Company fills a gap in the domestic government bond futures index market, providing a productizable index that is investable and easily replicable, which is beneficial for developing off-exchange products linked to the index [1] - The index reflects the supply-demand relationship and price changes in the government bond futures market, complementing existing government bond spot indices and offering investors a more comprehensive market tracking benchmark [1] Group 3: Future Plans - In addition to the 10-year yield certificate, Galaxy Securities plans to introduce yield certificates linked to the 5-year and 2-year government bond futures yield indices, as well as yield swaps and off-exchange options [2] - The development of index productization is supported by policies and market demand, with the "14th Five-Year Plan" and the State Council's opinions on promoting high-quality development of the futures and derivatives market clearly supporting innovation in index tools [2] - Future integration of government bond futures indices and commodity indices is anticipated, exploring "government bond + commodity" inflation hedging combinations, which may play a more significant role in serving national strategies and wealth management for residents [2]

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The report shows that the Nanhua Commodity Index had a widespread increase during the period from April 18 to April 25, 2025, with the non - ferrous metals leading the rise [7][8]. 3. Summary by Directory 3.1 Nanhua Commodity Index Series Weekly Review - **Market Data**: In the week from April 18 - 25, 2025, most of the Nanhua commodity indices rose. The comprehensive index (NHCI) closed at 2452.83, up 31.41 points or 1.30% from last week. The non - ferrous metal index (NHNFI) increased by 1.45%, showing strong performance. Other indices like the metal index (NHMI), industrial products index (NHII), etc., also had varying degrees of increase [7]. - **Index Ratio Comparison**: Ratios such as the non - ferrous metal index/industrial products index increased by 0.002, while the precious metal index/comprehensive index decreased by 0.005. Some ratios are close to historical tops or bottoms as indicated by the ranking index [8]. - **Futures Contract Position Ranking**: The average position of some futures contracts changed. For example, the average position of soybean meal decreased by 3.25% week - on - week, while that of iron ore increased by 4.42% [17]. 3.2 Weekly Data of Nanhua's Sub - sector Indices - **Industrial Products Index**: It closed at 3539.28, up 38.06 points or 1.09% from last week. There were also data on related supplementary indicators [18]. - **Metal Index**: It closed at 6148.72, up 68.33 points or 1.12% from last week, with corresponding supplementary data [20]. - **Energy and Chemical Index**: It closed at 1656.60, up 13.05 points or 0.79% from last week, along with related supplementary information [24]. - **Agricultural Products Index**: It closed at 1087.74, up 15.42 points or 1.44% from last week, and had supplementary data [27]. - **Black Index**: It closed at 2434.57, up 0.79% from last week. The three varieties with the largest contributions were iron ore, rebar, and coke [29]. - **Non - ferrous Index**: It closed at 1645.52, up 1.45% from last week. The three varieties with the largest contributions were 미, aluminum, and zinc [31].