Report Summary 1) Report Industry Investment Rating - No information provided. 2) Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.03% today. Among the sector indices, the Nanhua Agricultural Products Index had the largest increase of 0.74%, and the Nanhua Energy and Chemical Index had the smallest increase of 0.04%. The Nanhua Precious Metals Index had the largest decline of -0.11%, and the Nanhua Industrial Products Index had the smallest decline of -0.02%. Among the theme indices, the Oilseeds and Oils Index had the largest increase of 0.7%, and the Energy Index had the smallest increase of 0.24%. The Building Materials Index had the largest decline of -0.67%, and the Coal Chemical Index had the smallest decline of -0.06% [1]. 3) Summary by Relevant Catalog Market Data of Nanhua Commodity Index - The Nanhua Composite Index rose 0.03%. Sector and theme indices had different performances in terms of increases and decreases [1]. Performance of Main Single - Variety Indices - In the agricultural products sector, palm oil decreased by -0.30%, rapeseed oil decreased by -0.38%, rapeseed increased by 0.67%, rapeseed meal increased by 1.60%, and live pigs increased by 2.23%. In the energy and chemical sector, some products like methanol increased by 1.23%, while others had different performance. The largest decline among single - variety indices was caustic soda with a decline of -1.41% [1][7][10].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the Nanhua Composite Index dropped by 6.76 points, a decline of -0.27%. The most influential varieties were crude oil and palm oil, with the crude oil variety index having a change of -1.29% and a contribution of -0.21%, and the palm oil variety index having a change of -3.92% and a contribution of -0.18% [1][2]. - The Nanhua Industrial Products Index fell by 5.58 points, a decrease of -0.16%. The most influential varieties were crude oil and methanol, with the crude oil variety index contributing -0.23% and the methanol variety index contributing -0.14% [1][2]. - The Nanhua Metal Index remained unchanged, with the most influential variety being iron ore, contributing 0.63% [1][2]. - The Nanhua Energy and Chemical Index declined by 15.63 points, a fall of -0.97%. The most influential variety was crude oil, contributing -0.32% [2]. - The Nanhua Agricultural Products Index decreased by 6.53 points, a decline of -0.62%. The most influential variety was palm oil, contributing -0.52% [2]. 3. Summary According to Relevant Catalogs 3.1 Weekly Data Overview | Index Name | This Week's Closing | Last Week's Closing | Change in Points | Change Rate | This Week's Maximum | This Week's Minimum | Volatility | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCI | 2538.87 | 2545.63 | -6.76 | -0.27% | 2563.19 | 2538.87 | 24.32 | | Precious Metals Index NHPMI | 1514.74 | 1524.01 | -9.26 | -0.61% | 1524.01 | 1472.96 | 51.05 | | Industrial Products Index NHII | 3556.67 | 3562.25 | -5.58 | -0.16% | 3606.61 | 3556.67 | 49.94 | | National Index NHMI | 6485.90 | 6439.19 | 46.71 | 0.73% | 6556.67 | 6439.19 | 117.48 | | Energy and Chemical Index NHECI | 1590.82 | 1606.45 | -15.63 | -0.97% | 1617.32 | 1590.82 | 26.50 | | Non - ferrous Metals Index NHNFI | 1747.44 | 1753.74 | -6.30 | -0.36% | 1770.14 | 1746.52 | 23.62 | | Black Index NHFI | 2565.73 | 2516.31 | 49.42 | 1.96% | 2589.39 | 2516.31 | 73.08 | | Agricultural Products Index NHAI | 1049.31 | 1055.84 | -6.53 | -0.62% | 1058.58 | 1049.31 | 9.27 | | Gradual Composite New Index NHCIMi | 1177.34 | 1180.48 | -3.14 | -0.27% | 1190.73 | 1177.34 | 13.40 | | Energy Consumption NHEI | 1034.65 | 1042.63 | -7.98 | -0.77% | 1051.57 | 1034.65 | 16.93 | | Petrochemical New Ammonia NHPCI | 892.65 | 898.37 | -5.72 | -0.64% | 906.02 | 892.65 | 13.38 | | Coal - based Chemical Engineering Investment NHCCI | 945.83 | 962.13 | -16.30 | -1.69% | 965.14 | 945.83 | 19.31 | | Black Raw Materials Consumption NHFMI | 1091.71 | 1066.81 | 24.90 | 2.33% | 1102.09 | 1066.81 | 35.27 | | Building Materials Index NHBMI | 713.22 | 705.61 | 7.61 | 1.08% | 724.32 | 705.61 | 18.71 | | Oilseeds and Oils Index NHOOI | 1227.58 | 1235.04 | -7.45 | -0.60% | 1237.13 | 1226.26 | 10.88 | | Economic Crops Index NHAECI | 916.78 | 905.29 | 11.49 | 1.27% | 918.58 | 905.29 | 13.30 | [3] 3.2 Nanhua Variety Index Arbitrage Data - **Plate Index Ratios**: The ratio of the precious metals index to the composite index decreased from 0.599 to 0.597; the ratio of the metal index to the industrial products index increased from 1.808 to 1.824; the ratio of the industrial products index to the composite index increased from 1.399 to 1.401; the ratio of the energy and chemical index to the industrial products index decreased from 0.451 to 0.447; the ratio of the non - ferrous metals index to the industrial products index decreased from 0.492 to 0.491; the ratio of the black index to the industrial products index increased from 0.706 to 0.721; the ratio of the agricultural products index to the composite index decreased from 0.415 to 0.413 [9]. - **Other Ratios**: The ratio of gold to silver decreased from 2.755 to 2.682; the ratio of copper to the non - ferrous metals index decreased from 4.138 to 4.121; the ratio of aluminum to the non - ferrous metals index increased from 0.667 to 0.672; the ratio of zinc to the non - ferrous metals index increased from 0.523 to 0.525; the ratio of nickel to the non - ferrous metals index decreased from 0.914 to 0.906; the ratio of tin to the non - ferrous metals index increased from 1.365 to 1.369; the ratio of lead to the non - ferrous metals index decreased from 0.659 to 0.654; the ratio of silicon to the non - ferrous metals index increased from 0.182 to 0.186; the ratio of coke to coking coal decreased from 0.553 to 0.543; the ratio of rebar to the black index remained almost unchanged; the ratio of iron ore to the black index increased from 2.778 to 2.827; the ratio of polypropylene to polyethylene decreased from 1.770 to 1.769; the ratio of polypropylene to methanol increased from 2.862 to 2.951; the ratio of PTA to crude oil increased from 0.517 to 0.531; the ratio of asphalt to crude oil decreased from 0.452 to 0.450; the ratio of fuel oil to crude oil decreased from 1.285 to 1.270; the ratio of soybean meal to rapeseed meal increased from 2.433 to 2.506; the ratio of soybean oil to palm oil increased from 1.096 to 1.131; the ratio of soybean oil to rapeseed oil increased from 1.123 to 1.154; the ratio of rapeseed oil to palm oil increased from 0.975 to 0.980; the ratio of soybean oil to soybean meal increased from 2.937 to 3.036; the ratio of rapeseed oil to rapeseed meal decreased from 0.902 to 0.871; the ratio of corn to starch decreased from 1.379 to 1.378 [9] 3.3 Contribution of Each Variety to Index Changes - **Raw Materials and Others**: Raw materials had an average position of 3,685,516 hands, a month - on - month decrease of 8.72%, and a position share of 9.50%; polyethylene had an average position of 654,766 hands, a month - on - month decrease of 2.97%, and a position share of 1.69%; glass had an average position of 2,140,824 hands, a month - on - month increase of 6.65%, and a position share of 5.52%; hot - rolled coils had an average position of 1,989,219 hands, a month - on - month increase of 1.30%, and a position share of 5.13%; soda ash had an average position of 1,839,506 hands, a month - on - month decrease of 3.55%, and a position share of 4.74%; corn had an average position of 1,773,822 hands, a month - on - month increase of 1.19%, and a position share of 4.57%; methanol had an average position of 1,630,675 hands, a month - on - month increase of 11.44%, and a position share of 4.20%; PVC had an average position of 1,488,823 hands, a month - on - month increase of 1.33%, and a position share of 3.84%; PTA had an average position of 1,433,006 hands, a month - on - month decrease of 5.53%, and a position share of 3.69%; coking coal had an average position of 951,003 hands, a month - on - month increase of 8.61%, and a position share of 2.45%; iron ore had an average position of 927,488 hands, a month - on - month decrease of 1.31%, and a position share of 2.39%; cotton had an average position of 913,472 hands, a month - on - month decrease of 0.09%, and a position share of 2.35%; potassium carbonate had an average position of 879,432 hands, a month - on - month increase of 16.36%, and a position share of 2.27%; propylene had an average position of 874,578 hands, a month - on - month increase of 0.69%, and a position share of 2.25%; soybean oil had an average position of 795,020 hands, a month - on - month increase of 0.22%, and a position share of 2.05%; eggs had an average position of 698,987 hands, a month - on - month decrease of 9.85%, and a position share of 1.80%; silver had an average position of 697,383 hands, a month - on - month decrease of 9.82%, and a position share of 1.80%; rapeseed meal had an average position of 694,377 hands, a month - on - month increase of 1.64%, and a position share of 1.79% [13] - **Other Varieties**: Rand had an average position of 623,292 hands, a month - on - month increase of 17.01%, and a position share of 1.61%; styrene had an average position of 621,170 hands, a month - on - month increase of 0.70%, and a position share of 1.60%; powder had an average position of 607,835 hands, a month - on - month increase of 11.14%, and a position share of 1.57%; sugar had an average position of 551,877 hands, a month - on - month decrease of 2.90%, and a position share of 1.42%; palm oil had an average position of 535,294 hands, a month - on - month increase of 8.60%, and a position share of 1.38%; manganese silicon had an average position of 523,182 hands, a month - on - month decrease of 7.21%, and a position share of 1.35%; alumina had an average position of 506,061 hands, a month - on - month increase of 7.05%, and a position share of 1.30%; fuel oil had an average position of 459,791 hands, a month - on - month decrease of 3.88%, and a position share of 1.18%; industrial silicon had an average position of 426,870 hands, a month - on - month decrease of 1.63%, and a position share of 1.10%; rapeseed oil had an average position of 383,029 hands, a month - on - month decrease of 6.51%, and a position share of 0.99%; urea had an average position of 357,549 hands, a month - on - month decrease of 10.70%, and a position share of 0.92%; a certain variety had an average position of 354,585 hands, a month - on - month increase of 4.78%, and a position share of 0.91%; ethylene glycol had an average position of 353,015 hands, a month - on - month decrease of 4.09%, and a position share of 0.91%; gold had an average position of 347,369 hands, a month - on - month decrease of 6.12%, and a position share of 0.89%; asphalt had an average position of 341,230 hands, a month - on - month decrease of 5.78%, and a position share of 0.88%; pulp had an average position of 338,232 hands, a month - on - month decrease of 8.35%, and a position share of 0.87%; silicon iron had an average position of 333,671 hands, a month - on - month decrease of 13.67%, and a position share of 0.86% [13] 3.4 Nanhua Sector Index Weekly Data - **Industrial Products Index**: Closed at 3,556.67 this week, down 0.16% from last week. The most influential varieties were crude oil and methanol, with contributions of - 0.23% and - 0.14% respectively. There were 21 commodities in total, 6 rising, and 14 falling [15] - **Metal Index**: Closed at 6,485.90 this week, up 0.73% from last week. The most influential variety was iron ore, contributing 0.63%. There were 13 commodities in total, 3 rising [15] - **Energy and Chemical Index**: Closed at 1,590.82 this week, down 0.97% from last week. The most influential variety was crude oil, contributing - 0.32%. There were 20 commodities in total [15] - **Agricultural Products Index**: Closed at 1,049.31 this week, down 0.62% from last week. The most influential variety was palm oil, contributing - 0.52%. There were 13 commodities in total, 6 rising [15] - **Black Index**: Closed at 2,565.73 this week, up 1.96% from last week. The most influential varieties were iron ore, rebar, and coke, with contributions of 1.15%, 0.69%, and

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]

南华商品指数：贵金属板块领涨，能化板块下跌 王怡琳 2025-10-09 16:48:27 摘要：依照相邻交易日的收盘价计算，今日南华综合指数上涨1.31%。板块指数中，只有南华能化指数，下 跌-0.8%，其余板块均是上涨，涨幅最大的板块是南华贵金属指数，涨幅为3.66%，涨幅最小的板块是南华农产品指 数，涨幅为0.2%。 主题指数中，涨幅最大的主题指数是油脂油料指数，上涨1.89%，涨幅最小的主题指数是建材指 数，涨幅为0.34%，跌幅最大的主题指数是煤制化工指数，跌幅为-1.52%，跌幅最小的主题指数是石油化工指数， 跌幅为-0.69%。 商品期货单品种指数中，涨幅最大的单品种指数是黄金，上涨4.57%， > 南华期货 igger mind, Bigger fortun 智慧创造财富 南华商品指数日推 南华商品指数日报 2025年10月9日 南华商品指数市场数据 今晚餐 占款 指数名称 Today Clo 2 = ter and the may be see as and the seems of the seems and the sent of the seems and the sent of th ...

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].