南华期货（603093）(603093.SH)公告，公司正在进行申请发行境外上市股份(H股)并在中国香港联交所 主板挂牌上市的相关工作。公司已确定本次H股发行的最终价格为每股12港元。本次发行的H股预计于 2025年12月22日在联交所主板挂牌并开始上市交易。 ...

南华期货公告，公司已确定本次H股发行的最终价格为每股12港元（不包括1%经纪佣金、0.0027%香港 证券及期货事务监察委员会交易征费、0.00565%香港联交所交易费及0.00015%香港会计及财务汇报局 交易征费）。公司本次发行的H股预计于2025年12月22日在香港联交所主板挂牌并开始上市交易。 ...

转自：新华财经 •申银万国期货：降息和技术性扩表结合有助于改善市场流动性 贵金属长期上行趋势不改 •南华期货表示，目前白银市场仍受益于需求韧性以及供给约束和流通库存紧张影响而呈现多挤空现 象。消息面，美联储理事沃勒表示，仍有50至100个基点的降息空间，没有必要急于降息。周内主要关 注周五日本央行利率决议。年底关注新一任美联储主席的任命与经济数据对美联储货币政策预期的影 响。此外，进入12月下半旬，COMEX合约12月份交割挤兑压力可能减弱，关注白银挤兑交易引发的暴 涨后的调整压力。估值上关注美元指数变化，其中涉及欧元及日元等相对货币强弱。远端宏观上，美联 储在价格与数据工具上的货币政策，经贸地缘与金融市场不确定避险等仍是关注焦点。需求上，关注去 美元化趋势下的央行购金，以及投资需求增长前景。此外也需关注逆全球化以及贸易保护下的关键资源 需求和关税政策等问题。 •南华期货：关注白银挤兑交易引发的暴涨后的调整压力 •东证期货表示，金价震荡收涨白银大涨，油价上涨推动贵金属再度走强，海外市场风险偏好实际降 温，美联储鹰派官员博斯蒂克发表讲话强调通胀风险高于就业市场风险，短期内美联储降息预期不强， 市场缺乏增量刺激。 ...

Core Insights - The Guangzhou Inclusive Finance Development Promotion Association is hosting the 2025 Guangzhou Inclusive Finance Case Collection and Promotion Activity, guided by various financial regulatory bodies and local government departments [1][6]. - The initiative aims to enhance the quality of financial services in key strategic areas and support the development of the real economy, thereby improving the overall level of inclusive finance in Guangzhou [1][6]. Group 1 - The event involves participation from a wide range of financial institutions, including banks, insurance companies, futures, microloans, financing guarantees, commercial factoring, credit agencies, and financial service platforms [1][6]. - The promotion activity is designed to showcase successful inclusive finance cases and promote the implementation of inclusive financial products in various business scenarios [1][6]. Group 2 - The Guangzhou Inclusive Finance Development Promotion Association has organized a case exhibition activity to highlight successful inclusive finance practices [1][6]. - A compilation of these cases will be created to serve as a resource for further development and implementation of inclusive finance initiatives [1][6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply is tightening due to restrictions on Canadian rapeseed and rapeseed meal imports and oil mills being shut down, but marginal supply increases with Australian rapeseed arrivals, and there are rumors of increased future supply. Also, the good substitution advantage of soybean meal weakens the demand for rapeseed meal. The rapeseed meal futures price may remain weak in the short - term [2]. - The rapeseed oil market has a tightening supply structure due to the failure of China - Canada trade negotiations on rapeseed tariffs and oil mills being shut down, and it will continue the de - stocking mode. However, future supply is expected to increase with Australian rapeseed arrivals and rumors of inquiries for Canadian rapeseed. The ample supply of soybean oil and its good substitution advantage keep the demand for rapeseed oil at a basic level. The rapeseed oil price may maintain a weak and volatile trend in the short - term [2]. Summary by Relevant Catalogs Futures Market - Futures prices of rapeseed oil, rapeseed meal, ICE rapeseed, and domestic rapeseed all decreased. The month - to - month spreads of rapeseed oil and rapeseed meal changed, with the 1 - 5 spread of rapeseed oil down 35 yuan/ton and that of rapeseed meal up 10 yuan/ton. The main - contract positions of rapeseed oil and rapeseed meal increased, while the net long positions of the top 20 futures holders decreased. The number of rapeseed oil warehouse receipts decreased by 50, and that of rapeseed meal remained at 0 [2]. 现货市场 - Spot prices of rapeseed oil in Jiangsu, average rapeseed oil price, and the import cost of rapeseed decreased. The spot price of rapeseed meal in Nantong increased by 10 yuan/ton. The oil - meal ratio decreased by 0.05. The basis of the main rapeseed oil and rapeseed meal contracts increased. The spot prices of substitute products such as soybean oil, palm oil, and soybean meal decreased, and the price differences between rapeseed oil and its substitutes also decreased [2]. Upstream Situation - Global rapeseed production is expected to increase by 1.31 million tons. The total monthly rapeseed import volume is 0, a decrease of 11.53 tons. The import rapeseed crushing profit decreased by 39 yuan/ton. The total rapeseed inventory of oil mills increased by 0.1 tons, and the weekly operating rate of imported rapeseed is 0. The monthly import volume of rapeseed oil and mustard oil decreased by 2 tons, while the monthly import volume of rapeseed meal increased by 6.29 tons [2]. Industry Situation - Coastal and East China's rapeseed oil inventories decreased, while the rapeseed meal inventory in coastal areas remained unchanged and that in South China increased. The weekly pick - up volume of rapeseed oil increased by 0.9 tons, and that of rapeseed meal decreased by 0.45 tons [2]. Downstream Situation - The monthly output of feed decreased by 171.7 tons, and the monthly output of edible vegetable oil decreased by 67.4 tons. The monthly retail sales of catering increased by 690.4 billion yuan [2]. Option Market - The implied volatility of at - the - money call and put options for rapeseed meal decreased, while the historical volatility of 20 - day and 60 - day for rapeseed meal increased. The implied volatility of at - the - money call and put options for rapeseed oil increased, and the historical volatility of 20 - day and 60 - day for rapeseed oil also increased [2]. Industry News - On December 16, the ICE rapeseed futures continued to decline, with the most actively traded March contract down 4.00 Canadian dollars. During the US soybean export season, the supply is temporarily abundant, and the US faces competition from cheaper Brazilian soybeans. The US soybean futures price has fallen from its high due to China's slowdown in procurement [2]. Rapeseed Meal Viewpoint Summary - The supply of rapeseed meal is tightening domestically, but marginal supply increases with Australian rapeseed arrivals, and future supply is expected to increase. The demand for rapeseed meal is weakened by the good substitution advantage of soybean meal. The rapeseed meal market is in a situation of weak supply and demand, and the futures price may remain weak in the short - term [2]. Rapeseed Oil Viewpoint Summary - The supply of rapeseed oil is structurally tightening, and it will continue the de - stocking mode. However, future supply is expected to increase. The demand for rapeseed oil is mainly at a basic level due to the substitution of soybean oil. The rapeseed oil price may maintain a weak and volatile trend in the short - term [2].

Core Insights - The article highlights Dongwu Futures as a leading player in the futures industry, emphasizing its strong capital base, comprehensive service quality, and strategic positioning in the market [1] Capital Strength - Dongwu Futures has a registered capital of 1.0318 billion yuan, total assets exceeding 19.016 billion yuan, and net assets of 1.445 billion yuan, with average client equity stable at 15.203 billion yuan, indicating robust financial stability and risk management capabilities [4] - The company is backed by three state-owned enterprises, with Dongwu Securities holding 80.66%, Suzhou Transportation Investment Group 14.71%, and Suzhou Yingcai Investment Group 4.63%, providing a solid financial foundation and strategic advantages [4] Business Layout - The company employs a "one body, two wings" strategy, focusing on brokerage as the core business while expanding asset management and risk management services [5] - It has established 29 branches nationwide, covering key economic regions such as the Yangtze River Delta, Beijing-Tianjin-Hebei, Pearl River Delta, and Chengdu-Chongqing, enhancing customer engagement through localized service [5] - The asset management division focuses on futures-related products, particularly FOF and CTA strategies, while the risk management subsidiary has a registered capital of 400 million yuan and serves over 1,000 clients with a nominal principal exceeding 5 billion yuan [5] Technological Empowerment - The online account opening platform is designed for efficiency, security, and transparency, allowing investors to complete the process in 10 minutes using basic identification and banking information [7] - The platform employs bank-level encryption and AI-driven compliance checks, ensuring data security and automated risk management [7] - The trading system features high-speed connections to major exchanges, with order processing speeds reaching milliseconds, catering to high-frequency trading clients with customized API interfaces [7] Industry Recognition - Dongwu Futures has achieved an A-class rating for five consecutive years, a distinction held by only about 20% of companies in the industry, and has received multiple awards from major exchanges for compliance and market contributions [8] - The company has also been recognized with various honors, including the "China Futures Company Brand Value List" and "Financial Futures Service Innovation Award," enhancing its brand influence [8] Strategic Vision - Looking ahead, Dongwu Futures aims to align with the "Financial Power" strategy, enhancing collaboration with its parent company, Dongwu Securities, and expanding its service radius in Northeast and North China [9] - The company plans to increase the size of its service teams in northern cities by 50% within three years and invest more in research and development in agricultural and industrial metal futures [9] - By adhering to its core values of loyalty, integrity, and shared success, Dongwu Futures is progressing towards becoming a comprehensive service provider in the derivatives market [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.53% today. Among the sector indices, only the Nanhua Black Index rose by 0.26%, while the rest of the sectors declined. The Nanhua Precious Metals Index had the largest decline at -1.06%, and the Nanhua Metal Index had the smallest decline at -0.42% [1][3]. - Among the theme indices, the Coal - Chemical Index had the largest increase of 0.62%, and the Black Raw Materials Index had the smallest increase of 0.48%. The Energy Index had the largest decline of -1.13%, and the Petrochemical Index had the smallest decline of -0.2% [1][3]. - Among the single - variety indices of commodity futures, the PVC index had the largest increase of 1.88%, and the Low - Sulfur Fuel Oil index had the largest decline of -2.86% [3]. 3. Summary by Relevant Catalog 3.1 Nanhua Commodity Index Market Data | Index Name | Today Close | Pre. Close | Points | Daily Change % | Annualized Return Rate | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2529.16 | 2542.74 | -13.58 | -0.53% | 1.05% | 11.51% | 0.09 | | Precious Metals Index NHPMI | 1722.66 | 1741.12 | -18.46 | -1.06% | 66.84% | 18.76% | 3.56 | | Industrial Products Index NHII | 3420.43 | 3436.31 | -15.88 | -0.46% | -8.91% | 13.78% | -0.65 | | Metal Index NHMI | 6523.73 | 6551.05 | -27.32 | -0.42% | 2.91% | 11.93% | 0.24 | | Energy - Chemical Index NHECI | 1491.58 | 1498.05 | -6.47 | -0.43% | -17.09% | 16.57% | -1.03 | | Non - ferrous Metals Index NHNF | 1787.44 | 1805.10 | -17.66 | -0.98% | 8.65% | 12.51% | 0.69 | | Black Index NHFI | 2461.22 | 2454.86 | 6.36 | 0.26% | -8.20% | 16.39% | -0.50 | | Agricultural Products Index NHAI | 1036.30 | 1040.72 | -4.41 | -0.42% | -2.91% | 8.17% | -0.36 | | Another Comprehensive Index NHCIMi | 1144.79 | 1150.96 | -6.17 | -0.54% | -2.26% | 9.36% | -0.24 | | Energy Index NHEI | 950.80 | 961.70 | -10.91 | -1.13% | -2.98% | 17.43% | -0.17 | | Petrochemical Index NHPCI | 858.91 | 860.61 | -1.70 | -0.20% | -2.08% | 9.79% | -0.21 | | Coal - Chemical Index NHCCI | 891.34 | 885.81 | 5.52 | 0.62% | -3.44% | 10.79% | -0.32 | | Black Raw Materials Index NHFM | 1031.06 | 1026.11 | 4.95 | 0.48% | -1.27% | 15.12% | -0.08 | | Building Materials Index NHBMI | 676.61 | 673.38 | 3.23 | 0.48% | -2.92% | 11.81% | -0.25 | | Oilseeds Index NHOOl | 1208.54 | 1214.24 | -5.70 | -0.47% | -1.42% | 7.18% | -0.20 | | Economic Crops Index NHAECI | 901.38 | 909.49 | -8.12 | -0.89% | -0.01% | 7.52% | 0.00 | [3] 3.2 Notes on Data Calculation - The daily change is calculated as the ratio of the closing price of the current day to that of the previous trading day. The contribution degree is the product of the daily change and the weight [9]. - The Nanhua Commodity Index eliminates the price difference when the commodity contract is rolled over, reflecting the real return of investing in commodity futures [9]. - The calculation method of the contribution degree used in the text is: the daily change of a certain variety / ∑|the daily change of each variety|. Red data bars represent the varieties that rose on the day, and blue data bars represent the varieties that fell on the day [9]. 3.3 Single - variety Index Information - In the agricultural products sector, some varieties' price changes are as follows: soybean oil - 1.45%, rapeseed 0.15%, rapeseed meal 0.77%, live pigs 0.40%, etc. [8] - In the energy - chemical sector, some varieties' price changes are as follows: synthetic ammonia 1.88%, coal 0.24%, LPG 0.37%, hydrocarbons - 0.60%, crude oil - 1.53%, etc. [13] - In the black sector, some varieties' price changes are shown in the black - sector part of the document, but specific data for some varieties are not fully presented [14]

Group 1 - The core viewpoint of the articles indicates a continued decline in nickel prices, with the Shanghai nickel futures reaching a new low since September 2020, down 2.69% to 111,910.00 CNY/ton [1] - The recent announcement by the General Administration of Customs regarding the implementation of export license management for 268 steel products, including all stainless steel products, is expected to negatively impact stainless steel prices and further weaken nickel prices [1] - The Shanghai nickel futures warehouse receipts recorded an increase of 26,622 tons, with a weekly growth of 3,372 tons (9.77%) and a monthly growth of 2,845 tons (8.12%) [1] Group 2 - LME nickel inventory rose to 252,000 tons, while domestic pure nickel social inventory is approximately 57,000 tons, maintaining a growth trend [2] - The market outlook suggests that the supply of nickel may face uncertainty due to Indonesia's new RKAB approval policy, while long-term nickel supply surplus is expected to continue [2] - Macro factors include a 25 basis point rate cut by the Federal Reserve, which has led to a decrease in macro sentiment, while demand for stainless steel remains weak, impacting nickel prices [2]

Core Viewpoint - Qianhai is leveraging its position as a financial hub to attract foreign investment, particularly from Hong Kong, aiming for significant advancements in financial openness and resource aggregation by 2025 [2][3]. Group 1: Financial Institutions - Seven key licensed financial institutions have been established in Qianhai, accounting for 60% of the city's new additions, including banks, securities, and futures companies [3]. - Notable new entrants include Fubon Bank (Hong Kong) Shenzhen Branch, which is the first branch of Fubon Bank in mainland China, enhancing the international financial landscape in Qianhai [3]. Group 2: Insurance and Private Equity - Four insurance fund projects initiated by companies like Ping An and Taiping have been launched in Qianhai, representing 80% of the city's new insurance projects, with a total scale of 47.8 billion yuan [4]. - The newly established private equity and venture capital funds in Qianhai account for 30% of the city's total new additions, with a management scale of 40% [4]. Group 3: Financial Technology - Qianhai has established a financial technology research and development center by Future Asset Group, marking a significant step in the smart finance sector [5]. - Major financial institutions such as HSBC and East Asia Bank have set up fintech subsidiaries in Qianhai, facilitating deep integration between Hong Kong capital and mainland innovation [5]. Group 4: Policy and Ecosystem - A total of 518 financial institutions have settled in Qianhai, with foreign capital accounting for approximately 30%, creating a diverse financial ecosystem [6]. - The financing leasing sector has surpassed 250 billion yuan in asset scale, with significant projects like the leasing of China's first domestically produced C919 aircraft [6]. Group 5: Voices and Perspectives - Experts highlight that Qianhai's success in attracting quality financial resources is due to its integrated approach of policy foundation, Hong Kong-mainland collaboration, and industry-finance synergy [7]. - Qianhai is viewed as a practical policy environment that serves as a model for financial openness and a testing ground for RMB internationalization [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary by Related Catalogs Price and Profit - The report shows the spot prices of various steel products from December 8 to December 12, 2025, including different types of rebar in Beijing, Shanghai, Chengdu, etc., and hot - rolled and cold - rolled coils in Tianjin, Shanghai, etc., along with their price changes during this period [1] Basis and Spread - No relevant content provided Production and Inventory - No relevant content provided