12月22日，南华期货股份有限公司（股票代码：603093.SH、02691.HK，以下简称"南华期货"）正式在香港联合交易所主板鸣锣挂牌，成功登陆香港资本市 场，实现"A+H"双上市。此次上市标志着南华期货完成境内外资本市场多重布局，为其国际化战略推进与业务创新发展注入动力，也为港股市场增添了优质 期货行业标的。 上证报中国证券网讯（记者 费天元）12月22日，南华期货股份有限公司（股票代码：603093.SH、02691.HK，以下简称"南华期货"）正式在香港联合交易所 主板鸣锣挂牌，成功登陆香港资本市场，实现"A+H"双上市。此次上市标志着南华期货完成境内外资本市场多重布局，为其国际化战略推进与业务创新发展 注入动力，也为港股市场增添了优质期货行业标的。 在业务布局方面，南华期货已构建起覆盖境内期货经纪、风险管理服务、财富管理及境外金融服务的多元化业务体系，形成多板块协同发展的良好格局。境 内期货经纪业务作为公司基础业务，客户权益规模持续增长，从2022年末到2024年末增长65.4%至316亿元，为公司提供了稳定的业务支撑。同时，公司客 户结构不断优化，机构化、产业化特征显著，2025年上半年企业客户 ...

经济观察网中共广州市委关于制定广州市国民经济和社会发展第十五个五年规划的建议发布。其中提 到，深化"债券通""跨境理财通"等业务，加快筹建大湾区国际商业银行，支持广州期货交易所与香港交 易所开展产品挂牌合作，联合澳门建设中葡农产品交易中心，扩围"一签多行""合作查验、一次放行"等 便利化政策；加强基础设施互联互通。推进广珠(澳)高铁、广深第二高铁规划建设，共建"轨道上的大 湾区"，落地大湾区航运联合交易中心，加强国际深水港前期谋划，共建世界级港口群，推动粤港澳游 艇自由行政策落地，谋划湾区跨境、跨城低空物流及客运快线，全空间提升湾区城市群互联互通水平。 ...

来源：新浪港股 国有文旅服务企业印象大红袍 （02695） 、生物制药公司华芢生物-B （02396） 、内地民营综合医院 明基医院 （02581） 、期货公司南华期货 （02691） 4只新股首日挂牌，均逆市破发。 华芢生物开报33.8港元，较招股价38.2元低11.5%，每手200股，一手帐面亏880元。 公司基石投资者包括禾荣科技、合富（中国）及苏州战兴，合共认购发售总数的49.63%。 印象大红袍开报3.26港元，较招股定价3.6元低9.4%，每手1000股，一手帐面蚀340元。 公司主要经营基于武夷山茶文化的旅游演艺和文旅配套服务，业务包括三个主要分部：演出及表演服 务、印象文旅小镇业务、茶汤酒店业务。公司以张艺谋等执导的《印象·大红袍》实景演出为核心收入 来源（占比超85%）。 公司获超购超3400倍，联席保荐人为兴证国际及铠盛。公司上周五在港股主流三大暗盘表现分化，辉 立、耀才潜水约3%，但富途则收涨11%。 公司主攻伤口愈合疗法，是一家未盈利的生物制药公司，专注于开发蛋白质药物，专注于血小板衍生生 长因子（PDGF）药物。 公司没有引入基石投资者。华泰国际、中信证券为联席保荐人。 明基医院开报 ...

人民财讯12月22日电，中共广州市委关于制定广州市国民经济和社会发展第十五个五年规划的建议发 布。其中提到，深化"债券通""跨境理财通"等业务，加快筹建大湾区国际商业银行，支持广州期货交易 所与香港交易所开展产品挂牌合作，联合澳门建设中葡农产品交易中心，扩围"一签多行""合作查验、 一次放行"等便利化政策；加强基础设施互联互通。推进广珠(澳)高铁、广深第二高铁规划建设，共 建"轨道上的大湾区"，落地大湾区航运联合交易中心，加强国际深水港前期谋划，共建世界级港口群， 推动粤港澳游艇自由行政策落地，谋划湾区跨境、跨城低空物流及客运快线，全空间提升湾区城市群互 联互通水平。 ...

Core Viewpoint - The proposal emphasizes enhancing the core engine function of the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on technology cooperation, industrial collaboration, regulatory alignment, and cultural exchange to better integrate Hong Kong and Macao into the national development framework [1] Group 1: Economic Development - The plan aims to deepen market integration and actively participate in the construction of a unified market in the Greater Bay Area, adhering to the "five unifications and one openness" basic requirements [1] - It highlights the importance of legislative, enforcement, and judicial collaboration across all processes to facilitate smoother operations within the region [1] Group 2: Financial Initiatives - The proposal includes the establishment of more "Bay Area standards" and "Bay Area certifications" to enhance competitiveness and regulatory alignment [1] - It supports the development of cross-border financial services such as "Bond Connect" and "Wealth Management Connect," and the establishment of an international commercial bank in the Greater Bay Area [1] Group 3: Talent and Collaboration - The plan aims to expand the professional practice areas for talent from Hong Kong and Macao, facilitating their integration into the Greater Bay Area's economic activities [1] - It encourages collaboration between the Guangzhou Futures Exchange and the Hong Kong Stock Exchange for product listing cooperation [1]

证券研究报告 | 行业周报 gszqdatemark 2025 12 22 年 月 日 非银金融 行业周报|险企资产负债管理系统性升级 险企资产负债管理新规公开征求意见，要求全面覆盖、合理匹配、稳健审 慎、统筹协调。为落实国务院"强化资产负债联动监管"要求，适配行 业内外部变化、应对利率波动影响，同时衔接 2026 年新会计准则，12 月 19 日，金管局就《保险公司资产负债管理办法（征求意见稿）》（（ 称《办法》）公开征求意见。主要内容包括明确管理目标与原则，压实 主体责任；规范"董事会负总责-高级管理层领导-多部门协同"的治理 架构；细化全环节联动要求及压力测试等程序；设立监管与监测指标； 强化监管与处罚等。 新增 3 项财险监管指标，均不得低于 100%：1）沉淀资金覆盖率（= 沉淀资金/中长期资产）；2）收入覆盖率[=（保险服务收入+综合投资 收益）/综合成本]；3）压力情景 流动性覆盖率。 新增 4 项人身险监管指标，后 3 项不得低于 100%：1）有效久期缺 口（=现金流流入有效久期-流出有效久期）监管标准区间不超过[-5， +5]年；缺口低于-5 年的人身保险公司，现金流流入有效久期不低于 5 ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | 2025年12月22日 | 历史1年分位数 | 品种 | 匿新債 | 全历史分位数 | 较前一日变化 | | | | | | | | | | | 价元 | -41.18 | IE期前分差 | -38.79 | 13.90%6 | 7.10% | | | | | | | | | | | | H期配分器 | 68.40% | 2.06 | 5.58 | 77.40% | 期现价差 | IC期现价差 | -114.15 | 2.00% | -114.32 | 14.70% | IM期现价差 | -188.01 | 5.00% | 4.30% | -3.26 | | 次月-当月 | -20.00 | -0.80 | 21.30% | 22 60% | 李月- ...

流动性日报 | 2025-12-22 市场流动性概况 2025-12-19，股指板块成交7674.83亿元，较上一交易日变动-1.50%；持仓金额13027.70亿元，较上一交易日变动 -4.12%；成交持仓比为59.02%。 国债板块成交3190.40亿元，较上一交易日变动-12.22%；持仓金额7704.44亿元，较上一交易日变动+2.79%；成交 持仓比为41.06%。 基本金属板块成交6883.55亿元，较上一交易日变动+4.45%；持仓金额6983.98亿元，较上一交易日变动+1.66%；成 交持仓比为102.33%。 贵金属板块成交12121.94亿元，较上一交易日变动+28.09%；持仓金额5157.75亿元，较上一交易日变动-1.74%；成 交持仓比为344.09%。 能源化工板块成交4282.19亿元，较上一交易日变动-2.50%；持仓金额4411.80亿元，较上一交易日变动+0.88%；成 交持仓比为93.53%。 农产品板块成交2895.06亿元，较上一交易日变动+4.07%；持仓金额5802.00亿元，较上一交易日变动-1.10%；成交 持仓比为44.09%。 流动性日报 | 一、板块 ...

1. Report Industry Investment Ratings No relevant content provided in the reports. 2. Core Views of the Reports Macro and Financial Futures - Overseas, the Fed cut rates by 25 basis points in December, with a dovish tone. The US job market is cooling, and CPI data is suspected of being distorted. The Bank of Japan raised rates by 25 basis points, causing the global bond market to decline. Domestically, fiscal and monetary policies remain positive, but domestic demand is weak and needs policy support [2]. - The USD/CNY exchange rate is expected to be volatile in the short - term and may "break 7" and depreciate moderately in 2026, supported by factors such as narrowing monetary policy differentials, strengthening domestic economic fundamentals, and inflows of international capital [4]. - Short - term stock index is expected to be volatile; the bond market is not pessimistic in the medium - term, and short - term trading should avoid chasing highs [5][6]. Commodities Metals - Gold and silver prices are strong. In the short - term, silver should be cautiously chased due to rising price risks. In the long - term, factors such as the Fed's rate - cut rhythm, dollar index, and demand for gold by central banks should be considered [11][12]. - Copper prices may break through or return to a volatile pattern. Buying on dips is recommended [15]. - Aluminum is expected to be volatile and strong in the medium - term; alumina is expected to be weak; cast aluminum alloy is expected to be volatile and strong [16]. - Zinc is expected to have a high - level wide - range shock in the short - term [17]. - Nickel and stainless steel prices have rebounded, but the market is affected by various factors. Tin prices should be cautiously chased above 340,000 [18][19]. - Lithium carbonate prices may have a short - term correction but are expected to be in a tight supply - demand balance in the long - term. Buying on dips is recommended [21]. - Industrial silicon is in a supply - demand weak pattern, and polysilicon trading should focus on technical analysis [21]. - Lead is expected to oscillate between 16,700 - 17,500 [23]. Black Commodities - Rebar and hot - rolled coil prices are expected to be volatile, with the rebar 2605 contract in the range of 2900 - 3300 and the hot - rolled coil 2605 contract in the range of 3000 - 3400 [26]. - Iron ore prices are range - bound, with upper pressure from high supply and lower support from steel mill profits and expected iron - water recovery [26][27]. - Coking coal and coke prices are affected by supply and demand and inventory. The third - round price cut of coke is expected to land, and the coking coal inventory structure may improve [30]. - Ferrosilicon and ferromanganese are expected to be volatile and strong in the short - term, but the upside is limited [31]. Energy and Chemicals - Pulp prices are expected to be volatile, and offset paper can be lightly shorted [32]. - Crude oil prices may rise due to the tense situation between the US and Venezuela [34]. - LPG is supported in the near - term but under pressure in the long - term [35]. - PX and PTA are expected to be in a good supply - demand pattern, but PTA processing fees have limited upside. Buying on dips is recommended [38][39]. - MEG prices are under pressure from supply and demand and cost, and the upside is limited [41]. - Methanol is in a mixed situation, and the 1 - 5 spread reverse arbitrage can be held [43]. - PP may have reduced supply in January, and buying on dips can be considered [45]. - PE is affected by the weak spot market, but the downside is limited due to potential supply reduction [47]. - Pure benzene is in a surplus situation, and styrene is changing from a strong to a weak situation [48][49]. - High - sulfur fuel oil is in a weak situation, and low - sulfur fuel oil is improving [50][51]. - Rubber is expected to be under pressure and volatile, and synthetic rubber's upside is limited [52][53]. - Urea is expected to be volatile in the short - term [54]. - Soda ash, glass, and caustic soda are expected to be volatile, with soda ash facing surplus pressure and glass having high inventory [54][55][56]. - Log prices may improve due to supply reduction expectations, and a short put option strategy can be considered [58]. - Propylene is expected to be weakly volatile [60]. Agricultural Products - Hog prices may be affected by policies in the long - term, but the short - term is based on fundamentals. The near - term has high supply pressure, and the far - term is stronger [61]. - Oilseeds have a near - strong and far - weak pattern. Soybean meal's near - term is supported, and rapeseed meal is in a supply - demand weak situation [62][63]. - Oils are running weakly following the external market. Buying near - term contracts can be tried [63][64]. - Cotton prices lack a short - term driver but may rise in the long - term. Attention should be paid to the downstream order situation before the festival [66]. - Sugar prices have rebounded after a sharp decline, and the downward trend continues [67]. - Egg prices may have a short - term rebound, but the long - term capacity is still excessive [68]. - Apple prices may have a pull - back, and buying on dips can be considered [69]. - Red date prices have limited downside in the short - term, and attention should be paid to pre - festival procurement [70]. 3. Summaries by Relevant Catalogs Financial Futures Macro - Market news includes the State Council meeting, TikTok news, price rules, Hainan's customs - closure, Trump's policies, Fed news, the Bank of Japan's rate hike, and international negotiations [1]. - The core logic is the Fed's rate cut, the Bank of Japan's rate hike, and the domestic economic policy of "seeking progress while maintaining stability" [2]. RMB Exchange Rate - The previous trading day's RMB exchange rate against the US dollar rose. Important news includes the US Treasury Secretary's statement and Trump's pharmaceutical agreement. The 2026 exchange rate is expected to be volatile and depreciate moderately [3][4]. Stock Index - The previous trading day's stock index rose, but the trading volume was low. The short - term is expected to be volatile [4][5]. Treasury Bond - The previous week's bond market rebounded. The market is not pessimistic in the medium - term, and short - term trading should avoid chasing highs [5][6]. Container Shipping to Europe - The SCFI European line slightly declined, and futures prices were volatile at a high level. There are both positive and negative factors affecting the market [7][8]. Commodities Non - ferrous Metals - **Gold and Silver**: Prices are strong. In the short - term, silver price risks are rising; in the long - term, multiple factors need to be considered [11][12]. - **Copper**: Prices may break through or be volatile. Buying on dips is recommended [13][15]. - **Aluminum**: Aluminum is expected to be volatile and strong in the medium - term; alumina is weak; cast aluminum alloy is expected to be volatile and strong [16]. - **Zinc**: Short - term high - level wide - range shock [17]. - **Nickel and Stainless Steel**: Prices have rebounded, affected by various factors [18]. - **Tin**: Prices should be cautiously chased above 340,000 [19]. - **Lithium Carbonate**: May have a short - term correction, but long - term supply - demand is tight. Buying on dips is recommended [20][21]. - **Industrial Silicon and Polysilicon**: Industrial silicon is in a supply - demand weak pattern, and polysilicon trading should focus on technical analysis [21]. - **Lead**: Expected to oscillate between 16,700 - 17,500 [23]. Black Commodities - **Rebar and Hot - Rolled Coil**: Prices are volatile, affected by cost support and demand weakness [25][26]. - **Iron Ore**: Prices are range - bound, with supply pressure on the upside and demand support on the downside [26][27]. - **Coking Coal and Coke**: Affected by supply, demand, and inventory. The third - round price cut of coke is expected to land, and the coking coal inventory structure may improve [30]. - **Ferrosilicon and Ferromanganese**: Volatile and strong in the short - term, but the upside is limited [31]. Energy and Chemicals - **Pulp - Offset Paper**: Pulp prices are expected to be volatile, and offset paper can be lightly shorted [32]. - **Crude Oil**: Prices may rise due to the tense US - Venezuela situation [34]. - **LPG**: Supported in the near - term but under pressure in the long - term [35]. - **PTA - PX**: In a good supply - demand pattern, but PTA processing fees have limited upside. Buying on dips is recommended [36][38]. - **MEG - Bottle Chip**: Prices are under pressure from supply, demand, and cost, and the upside is limited [40][41]. - **Methanol**: In a mixed situation, and the 1 - 5 spread reverse arbitrage can be held [43]. - **PP**: May have reduced supply in January, and buying on dips can be considered [44][45]. - **PE**: Affected by the weak spot market, but the downside is limited due to potential supply reduction [46][47]. - **Pure Benzene - Styrene**: Pure benzene is in a surplus situation, and styrene is changing from a strong to a weak situation [48][49]. - **Fuel Oil**: High - sulfur fuel oil is weak, and low - sulfur fuel oil is improving [49][51]. - **Rubber**: Expected to be under pressure and volatile, and synthetic rubber's upside is limited [52][53]. - **Urea**: Expected to be volatile in the short - term [54]. - **Soda Ash & Caustic Soda**: Volatile, with soda ash facing surplus pressure and glass having high inventory [54][55][56]. - **Log**: Prices may improve due to supply reduction expectations, and a short put option strategy can be considered [58]. - **Propylene**: Expected to be weakly volatile [60]. Agricultural Products - **Hog**: May be affected by policies in the long - term, but the short - term is based on fundamentals. The near - term has high supply pressure, and the far - term is stronger [61]. - **Oilseeds**: Near - strong and far - weak pattern. Soybean meal's near - term is supported, and rapeseed meal is in a supply - demand weak situation [62][63]. - **Oils**: Running weakly following the external market. Buying near - term contracts can be tried [63][64]. - **Cotton**: Prices lack a short - term driver but may rise in the long - term. Attention should be paid to the downstream order situation before the festival [66]. - **Sugar**: Prices have rebounded after a sharp decline, and the downward trend continues [67]. - **Egg**: Prices may have a short - term rebound, but the long - term capacity is still excessive [68]. - **Apple**: Prices may have a pull - back, and buying on dips can be considered [69]. - **Red Date**: Prices have limited downside in the short - term, and attention should be paid to pre - festival procurement [70].

Report Date - The report is dated December 22, 2025 [1] News Highlights - Li Qiang chaired an executive meeting of the State Council to arrange the implementation of decisions from the Central Economic Work Conference, emphasizing the need to speed up the formulation of implementation plans and strengthen cross - departmental cooperation [2] - Maersk completed a ship's passage through the Mandeb Strait and into the Red Sea on the 19th, the first in nearly two years, and is considering gradually resuming east - west routes via the Suez Canal and the Red Sea [2] - China's Cyberspace Administration and the China Securities Regulatory Commission are cracking down on online false information related to the capital market and have dealt with accounts spreading rumors and illegally recommending stocks [2] - The Dalian Commodity Exchange will adjust the premium and discount of designated delivery warehouses for coking coal futures in Tangshan, Hebei and Tianjin from 170 yuan/ton to 140 yuan/ton, effective from the JM2701 contract [2] - Indonesia started road - testing B50 biodiesel (50% palm oil) two weeks ago, with the test expected to last about six months, and the mandatory use policy likely to be implemented in the second half of 2026 [3] Key Focus - Key commodities to focus on are p - xylene, PTA, Shanghai gold, asphalt, and PP [4] Night - session Performance Plate Performance - Non - metallic building materials rose 2.40%, precious metals 32.69%, oilseeds and fats 8.62%, soft commodities 3.31%, non - ferrous metals 24.35%, coal, coke, steel and minerals 10.75%, energy 2.55%, chemicals 10.40%, grains 1.32%, and agricultural and sideline products 3.62% [4] Asset Performance Equity - The Shanghai Composite Index rose 0.36% daily, 0.05% monthly, and 16.07% annually; the S&P 500 rose 0.88% daily, - 0.21% monthly, and 16.20% annually; the Hang Seng Index rose 0.75% daily, - 0.65% monthly, and 28.07% annually, etc. [7] Fixed - income - The 10 - year treasury bond futures rose 0.10% daily, 0.19% monthly, and - 0.71% annually; the 5 - year treasury bond futures rose 0.09% daily, 0.21% monthly, and - 0.54% annually; the 2 - year treasury bond futures rose 0.04% daily, 0.11% monthly, and - 0.47% annually [7] Commodity - The CRB Commodity Index rose 0.64% daily, - 2.12% monthly, and - 0.55% annually; WTI crude oil rose 0.98% daily, - 3.17% monthly, and - 21.37% annually; London spot gold rose 0.23% daily, 2.90% monthly, and 65.43% annually, etc. [7] Other - The US dollar index rose 0.28% daily, - 0.73% monthly, and - 9.01% annually; the CBOE Volatility Index fell - 11.62% daily, - 8.81% monthly, and - 14.06% annually [7]