Report Overview - The report provides an analysis of the performance of the Nanhua Commodity Index on October 21, 2025, including the changes in various sector and theme indices, as well as the performance of individual commodity futures [1][3]. Index Performance Overall Index - The Nanhua Composite Index rose 0.41% based on the closing prices of adjacent trading days [1]. Sector Indices - All sector indices except the Nanhua Black Index rose. The Nanhua Precious Metals Index had the largest increase of 1.68%, while the Nanhua Agricultural Products Index had the smallest increase of 0.02%. The Nanhua Black Index fell 0.24% [1]. Theme Indices - Among the theme indices, the Petrochemical Index had the largest increase of 0.52%, and the Economic Crops Index had the smallest increase of 0.2%. The Black Raw Materials Index had the largest decline of 0.48%, and the Building Materials Index had the smallest decline of 0.04% [1]. Single - Commodity Indices - The Gold single - commodity index had the largest increase of 2.45% [1]. Performance of Specific Commodities Agricultural Products - In the agricultural products sector, palm oil fell 0.26%, rapeseed oil fell 0.54%, rapeseed fell 0.73%, rapeseed meal fell 1.23%, while live pigs rose 0.66% and corn rose 0.28% [8]. Energy and Chemicals - In the energy and chemicals sector, coal rose 0.43%, polyethylene rose 0.09%, and asphalt fell 0.12% [6][11].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.59% today. Among the sector indices, only the Nanhua Precious Metals Index rose by 2.85%, while the rest of the sectors declined. The Nanhua Energy and Chemical Index had the largest decline of -1.75%, and the Nanhua Black Index had the smallest decline of -0.23%. Among the theme indices, only the Economic Crops Index rose by 0.48%, and the rest of the theme indices declined. The Energy Index had the largest decline of -1.87%, and the Black Raw Materials Index had the smallest decline of -0.19%. Among the single - variety indices of commodity futures, the Gold index had the largest increase of 3.45%, and the Glass index had the largest decline of -4.53% [1][3] 3) Summaries by Related Catalogs Market Data of Nanhua Commodity Index - The Nanhua Composite Index (NHCI) closed at 2521.90 today, down 14.87 points or -0.59% from yesterday, with an annualized return of -2.13%, an annualized volatility of 12.01%, and a Sharpe ratio of -0.18. - The Nanhua Precious Metals Index (NHPMI) closed at 1633.24, up 45.20 points or 2.85%, with an annualized return of 62.62%, an annualized volatility of 17.28%, and a Sharpe ratio of 3.62. - The Nanhua Industrial Products Index (NHII) closed at 3466.89, down 42.15 points or -1.20%, with an annualized return of -11.62%, an annualized volatility of 14.31%, and a Sharpe ratio of -0.81. - The Nanhua Metals Index (NHMI) closed at 6349.75, down 20.11 points or -0.32%, with an annualized return of -3.03%, an annualized volatility of 12.68%, and a Sharpe ratio of -0.24. - The Nanhua Energy and Chemical Index (NHECI) closed at 1549.68, down 27.55 points or -1.75%, with an annualized return of -18.55%, an annualized volatility of 16.95%, and a Sharpe ratio of -1.09. - The Nanhua Non - Ferrous Metals Index (NHNF) closed at 1715.43, down 5.25 points or -0.31%, with an annualized return of 0.91%, an annualized volatility of 12.72%, and a Sharpe ratio of 0.07. - The Nanhua Black Index (NHFI) closed at 2486.47, down 5.85 points or -0.23%, with an annualized return of -12.51%, an annualized volatility of 17.70%, and a Sharpe ratio of -0.71. - The Nanhua Agricultural Products Index (NHAI) closed at 1044.65, down 6.97 points or -0.66%, with an annualized return of -2.40%, an annualized volatility of 8.78%, and a Sharpe ratio of -0.27. - The Nanhua Composite Mini Index (NHCIMi) closed at 1169.02, down 5.46 points or -0.46%, with an annualized return of -0.66%, an annualized volatility of 10.88%, and a Sharpe ratio of -0.06. - The Nanhua Energy Index (NHEI) closed at 980.68, down 18.67 points or -1.87%, with an annualized return of -4.50%, an annualized volatility of 18.38%, and a Sharpe ratio of -0.24. - The Nanhua Petrochemical Index (NHPCI) closed at 878.89, down 11.13 points or -1.25%, with an annualized return of -3.44%, an annualized volatility of 8.96%, and a Sharpe ratio of -0.38. - The Nanhua Coal - based Chemical Index (NHCCI) closed at 953.00, down 11.90 points or -1.23%, with an annualized return of -4.21%, an annualized volatility of 8.70%, and a Sharpe ratio of -0.48. - The Nanhua Black Raw Materials Index (NHFM) closed at 1048.30, down 1.95 points or -0.19%, with an annualized return of -0.89%, an annualized volatility of 17.29%, and a Sharpe ratio of -0.05. - The Nanhua Building Materials Index (NHBMI) closed at 704.05, down 7.69 points or -1.08%, with an annualized return of -3.99%, an annualized volatility of 12.11%, and a Sharpe ratio of -0.33. - The Nanhua Oilseeds and Oils Index (NHOOl) closed at 1234.71, down 8.09 points or -0.65%, with an annualized return of -0.56%, an annualized volatility of 12.98%, and a Sharpe ratio of -0.04. - The Nanhua Economic Crops Index (NHAECI) closed at 895.08, up 4.28 points or 0.48%, with an annualized return of 0.24%, an annualized volatility of 6.87%, and a Sharpe ratio of 0.04 [3] Some Single - Variety Indexes - In the agricultural products sector, rapeseed had a 0.00% change, rapeseed meal fell -2.45%, and live pigs fell -1.97%. - In the energy and chemical sector, glass fell -4.53%, synthetic ammonia fell -0.13%, methanol fell -2.03%, styrene fell -1.75%, LPG fell -1.33%, and PTA fell -1.21% [7][11]

Group 1: Report Overview - The South China Commodity Index fell by -0.84% today based on the closing prices of adjacent trading days [1][3] - Among the sector indices, only the South China Black Index rose by 0.32%, while the rest declined. The South China Precious Metals Index had the largest decline of -1.15%, and the South China Metal Index had the smallest decline of -0.4% [1][3] - Among the theme indices, the Black Raw Materials Index had the largest increase of 0.49%, and the Economic Crops Index had the smallest increase of 0.38%. The Energy Index had the largest decline of -1.23%, and the Building Materials Index had the smallest decline of -0.15% [1][3] - Among the single - variety indices of commodity futures, the Wire Rod index had the largest increase of 3.01%, and the Egg index had the largest decline of -3.37% [1][3] Group 2: Index Data Details Comprehensive and Sector Indices | Index Name | Today Close | Pre. Close | Change Points | Change Rate | Annualized Return | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2572.47 | 2550.86 | -21.61 | -0.84% | 4.78% | 12.54% | 0.38 | | Precious Metals Index NHPMI | 1491.73 | 1474.58 | -17.15 | -1.15% | 16.66% | 2.89 | | Industrial Products Index NHII | 3573.12 | 3596.46 | -23.34 | -0.65% | -2.59% | 14.98% | -0.17 | | Metal Index NHMI | 6449.77 | 6475.78 | -26.01 | -0.40% | 4.47% | 13.55% | 0.33 | | Energy and Chemical Index NHECI | 1604.70 | 1618.24 | -13.54 | -0.84% | -9.45% | 17.51% | -0.54 | | Non - ferrous Metals Index NHNF | 1733.94 | 1749.24 | -15.29 | -0.87% | 4.91% | -2.37% | 19.83% | | Black Index NHFI | 2528.55 | 2520.44 | 8.11 | 0.32% | -0.12 | | Agricultural Products Index NHAI | 1060.79 | 1067.92 | -7.14 | -0.67% | -0.14% | 8.89% | -0.02 | | Mini Comprehensive Index NHCIMi | 1196.69 | 1186.06 | -10.63 | -0.89% | 0.74% | 0.07 | | Energy Index NHEI | 1023.68 | 1036.43 | -12.74 | -1.23% | -3.27% | 18.79% | -0.17 | | Petrochemical Index NHPCI | 904.04 | 912.67 | -8.63 | -0.95% | -3.10% | 8.19% | -0.38 | | Refined Chemical Index NHCCI | 970.75 | 974.73 | -3.98 | -0.41% | 4.06% | 7.84% | -0.52 | | Black Raw Materials Index NHFM | 1063.69 | 1058.55 | 5.14 | 0.49% | -0.36% | 18.46% | -0.02 | | Building Materials Index NHBMI | 727.40 | 728.50 | -1.10 | -0.15% | | Oil and Oilseeds Index NHOOI | 1251.56 | 1264.19 | -12.63 | -1.00% | 0.59% | 13.24% | 0.04 | | Economic Crops Index NHAECI | 901.50 | 898.06 | 3.44 | 0.38% | 7.18% | -0.02 | [3] Contribution of Single - variety Indices to Index Changes - For the South China Comprehensive Index, positive - contributing varieties include Iron Ore (14.40%), Methanol (2.66%), etc., and negative - contributing varieties include Palm Oil (-12.11%), Zinc (-19.34%), etc [3] - For the South China Mini Comprehensive Index, positive - contributing varieties include Iron Ore (5.13%), and negative - contributing varieties include PVC (-52.86%) [3] - For the South China Industrial Products Index, positive - contributing varieties include Iron Ore (7.52%), and negative - contributing varieties include Zinc (-19.34%) [3] - For the South China Metal Index, positive - contributing varieties include Coke (4.56%), and negative - contributing varieties include PVC (-3.51%) [3] - For the South China Energy and Chemical Index, positive - contributing varieties include Coke (5.84%), and negative - contributing varieties include Crude Oil (-3.86%) [3] - For the South China Agricultural Products Index, positive - contributing varieties include Apple (8.52%), and negative - contributing varieties include Palm Oil (-6.31%) [3] [6] Single - variety Index Changes in Some Sectors Energy and Chemical Sector - LPG rose by 0.35%, Crude Oil fell by -1.92%, Low - sulfur Fuel Oil fell by -1.87% [9] Black Sector - Coal fell by -1.84% [4] Agricultural Sector - Palm Oil fell by -1.38%, Rapeseed Oil fell by -1.82%, Rapeseed had a 0.02% increase, Live Pigs fell by -0.21%, Rapeseed Meal fell by -1.81% [6]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on several agricultural commodity futures, including soybean meal, soybean oil, and palm oil, with most of them being "oscillating and moderately strong" [5][6][7]. 3. Summary by Variety Soybean Meal (M) - **View**: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [5][6]. - **Core Logic**: The domestic market supply pressure is increasing, and concerns about short - term supply pressure persist. As the National Day holiday approaches, market funds tend to trade short - term logic with poor stability. Without unexpected risk factors, market volatility may decline before the holiday, and a rebound may occur after short - term market sentiment is released [5]. Palm Oil (P) - **View**: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [6][7]. - **Core Logic**: Due to increased production and decreased exports, Indonesia's palm oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons. The EU's one - year delay in implementing the anti - deforestation law has eased the decline of Malaysian palm oil, and palm oil futures prices have rebounded slightly [7]. Soybean Oil (Y) - **View**: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [6]. - **Core Logic**: Influenced by US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].

Group 1: Market Performance Summary - The Nanhua Composite Index rose 0.35% based on the closing prices of adjacent trading days [1]. - Among the sector indices, only the Nanhua Non - Ferrous Metals Index fell by 0.21%, while the rest rose. The Nanhua Precious Metals Index had the largest increase of 0.49%, and the Nanhua Metals Index had the smallest increase of 0.02% [1][3]. - In the theme indices, the Energy Index had the largest increase of 1.17%, the Economic Crops Index had the smallest increase of 0.07%, the Coal - Chemical Index had the largest decrease of 0.59%, and the Oilseeds and Oils Index had the smallest decrease of 0.02% [1]. - Among the single - variety commodity futures indices, the Low - Sulfur Fuel Oil index had the largest increase [1]. Group 2: Sector - Specific Performance Energy and Chemical Sector - In the energy and chemical sector, crude oil rose 1.61%, LPG rose 0.79%, while methanol fell 0.55%, styrene fell 1.05%, etc. [2] Black Sector - In the black sector, some varieties had their respective single - variety index daily changes as shown in the black - sector part of the document, with some falling, e.g., a certain variety fell 0.69% [2]. Agricultural Products Sector - In the agricultural products sector, palm oil rose 0.40%, corn rose 0.32%, while rapeseed meal fell 0.92%, etc. [8]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Comprehensive Index fell by -0.03% today [1][2] - Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 2.77%, and the Nanhua Agricultural Products Index had the smallest increase of 0.08%. The Nanhua Black Index had the largest decline of -1.9%, and the Nanhua Non - Ferrous Metals Index had the smallest decline of -0.06% [1][2] - Among the theme indices, only the Oilseeds and Oils Index rose by 0.17%, while the rest declined. The Black Raw Materials Index had the largest decline of -2.53%, and the Coal - based Chemical Index had the smallest decline of -0.07% [1][2] - Among the single - variety indices of commodity futures, the Silver index had the largest increase of 4.12%, and the Glass index had the largest decline of -3.81% [2] Group 3: Summary by Related Catalog Market Data of Nanhua Commodity Index - **Nanhua Comprehensive Index (NHCI)**: The index value was 3614.48, with an annualized return of -0.03% [2] - **Nanhua Precious Metals Index (NHPMI)**: The index value was 1273.01, with an annualized return of 4.17%, and a daily increase of 2.77% [2] - **Nanhua Industrial Products Index (NHII)**: The index value was 1273.01, with an annualized return of 33.89%, and a daily decline of -0.6% [2] - **Nanhua Metal Index (NHMI)**: The index value was 6346.75, with an annualized return of 2.91%, and a daily increase of 2.77% [2] Single - Variety Index Performance - **Silver**: Increased by 4.12% [2] - **Glass**: Declined by -3.81% [2] Contribution of Each Variety's Daily Rise and Fall to Index Rise and Fall - The document shows the contribution of each variety's daily rise and fall to the Nanhua Industrial Products Index and the Nanhua Mini - Comprehensive Index, but specific data is not comprehensively summarized here [2] Historical Trend Chart - There are historical trend charts of the Nanhua Comprehensive Index, sector indices, and theme indices (normalized) [2] Industry Chain Diagram and Single - Variety Index Daily Rise and Fall - There are industry chain diagrams of energy - chemical, black, and agricultural product sectors, showing the daily rise and fall of single - variety indices [2]

Group 1: Index Performance - The Nanhua Composite Index declined by -0.05% based on the closing prices of adjacent trading days [1][4] - Among the sector indices, the Nanhua Non - ferrous Metals Index had the largest increase of 0.26%, and the Nanhua Agricultural Products Index had the smallest increase of 0.05%. The Nanhua Black Index had the largest decline of -1.04%, and the Nanhua Industrial Products Index had the smallest decline of -0.18% [1][4] - Among the theme indices, the Economic Crops Index had the largest increase of 0.5%, and the Energy Index had the smallest increase of 0.06%. The Building Materials Index had the largest decline of -0.92%, and the Oilseeds and Oils Index had the smallest decline of -0.02% [1][4] - Among the single - variety indices of commodity futures, the Tin Index had the largest increase of 2.16%, and the Industrial Silicon Index had the largest decline of -2.1% [4] Group 2: Sector - Specific Single - Variety Index Performance Energy and Chemical Sector - Synthetic ammonia declined by -0.79%, polyvinyl chloride by -0.66%, styrene by -1.02%, LPG by -0.18%, PTA by -0.17%, and some product increased by 0.52% [2] Black Sector - Some varieties in the black sector had a single - variety index increase of 0.62% [2] Agricultural Products Sector - Palm oil declined by -1.04%, rapeseed meal by -0.20%, rapeseed oil by -0.17%, rapeseed by 0.49%, rapeseed cake by 1.21%, and corn by 0.27% [6]

Report Summary 1. Index Performance - The Nanhua Composite Index declined by -0.34% based on the closing prices of adjacent trading days [1][3]. - Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.09%, while the rest declined. The Nanhua Black Index had the largest decline of -0.62%, and the Nanhua Non - Ferrous Metals Index had the smallest decline of -0.39% [1][3]. - In the theme indices, the Oilseeds and Oils Index had the largest increase of 0.28%, and the Coal Chemical Index had the smallest increase of 0.04%. The Building Materials Index had the largest decline of -1.01%, and the Petrochemical Index had the smallest decline of -0.2% [1]. - For the single - variety commodity futures indices, the Urea Index had the largest increase of 3.50%, and the Building Materials Index had the largest decline of -3.44% [3]. 2. Index Charts - There are historical trend charts of the Nanhua Composite Index, sector indices, and theme indices (normalized) [2]. - There are also industrial chain diagrams and single - variety index daily price change charts for some varieties in the energy - chemical, black, and agricultural product sectors [2][9]

Group 1: Report Summary - The South China Composite Index fell by -0.15% based on the closing prices of adjacent trading days [1]. - Among the sector indices, the South China Precious Metals Index had the largest increase of 0.38%, and the South China Agricultural Products Index had the smallest increase of 0.11%. The South China Black Index had the largest decline of -0.85%, and the South China Non - Ferrous Metals Index had the smallest decline of -0.25% [1]. - Among the theme indices, the Oilseeds and Oils Index had the largest increase of 0.6%, and the Petrochemical Index had the smallest increase of 0.04%. The Black Raw Materials Index had the largest decline of -0.84%, and the Mini Composite Index had the smallest decline of -0.23% [1]. Group 2: Index Data - **South China Composite Index**: Today's close was 2532.31, yesterday's close was 2536.21, with a daily decline of -0.15%, an annualized return of -17.63%, and an annualized volatility of 13.21% [6]. - **Sector Index Performance**: Different sector indices had varying levels of increase and decrease, with precious metals rising and black sectors falling significantly [1]. - **Theme Index Performance**: Oilseeds and oils theme index showed a relatively large increase, while the black raw materials theme index had a large decline [1]. Group 3: Commodity Futures Single - Variety Index - In the agricultural products sector, palm oil had a 1.31% increase, rapeseed had a 1.73% increase, etc. In the energy and chemical sector, synthetic ammonia had a -0.84% decline, methanol had a -0.66% decline, etc. In the black sector, some coal - related products had different levels of increase and decrease [2][7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report Core View - The short - term, medium - term, and intraday views of soybean meal, palm oil, and soybean oil are mostly "oscillating strongly". The core logics involve factors such as raw material cost support, policy influence, and supply - demand relationships [5][6][7]. 3. Summary by Variety Soybean Meal (M) - **View**: Intraday view is oscillating strongly, medium - term view is oscillating, and the reference view is oscillating strongly [5]. - **Core Logic**: Although the high premium of Brazilian soybeans has slightly declined, the pattern is hard to change before the substantial improvement of US soybean exports, providing cost support for domestic soybean meal. Due to the disturbance of Sino - US trade relations and the transfer of funds, the futures price of soybean meal has high - level fluctuations, with short - term oscillation and strong tendency and the repair of internal - external price difference [5]. Palm Oil (P) - **View**: Intraday view is oscillating strongly, medium - term view is oscillating, and the reference view is oscillating strongly [7]. - **Core Logic**: The July supply - demand data of the Malaysian Palm Oil Board is neutral to positive. Indonesia and Malaysia have raised export tariffs, supporting price resilience. The Indonesian biodiesel policy provides long - term support for prices. Domestic palm oil futures prices follow international trends and are prone to rise in the short term [7]. Soybean Oil (2601) - **View**: Short - term is strong, medium - term is oscillating, intraday and reference views are oscillating strongly [6]. - **Core Logic**: It is affected by US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]. Palm (2601) - **View**: Short - term is strong, medium - term is oscillating, intraday and reference views are oscillating strongly [6]. - **Core Logic**: It is related to biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [6]. Soybean Meal (2601) - **View**: Short - term and medium - term are oscillating, intraday and reference views are oscillating strongly [6]. - **Core Logic**: It is affected by import arrival rhythm, customs clearance inspection, oil mill operation rhythm, and stocking demand [6].