南华期货公告称，公司正推进境外上市股份（H股）发行上市工作。本次全球发售H股1.08亿股，其中 香港公开发售0.16亿股，国际发售0.92亿股。每股H股发售价12港元，扣除相关费用后，全球发售所得 款项净额估计约12.03亿港元。进一步详细配售结果可查询公司于2025年12月19日在香港联交所网站披 露的公告。 ...

· 上午10: 20-11: 00 建材: 产能德出清,政策谋破局 来源：兴业期货 魏莹 | 兴业期货投资咨询部总经理助理 · 投资咨询资格证书编号: Z0014895 上午11: 00-11: 40 炉料:供给曲线扩张,价格区间运行 刘启跃 | 兴业期货投资咨询部资深分析师 投资咨询资格证书编号: Z0016224 （来源：兴业期货） 第2场 有色新能源金属、能源化工专场 12月26日 · 上午9:00-9:40 有色金属: 资源品供给约束 延续,铜铝锡强势,锌镍承压 张舒绮 | 兴业期货投资咨询部团队经理 投资咨询资格证书编号: Z0013114 第1场 宏观、贵金属及黑色金属专场 12月25日 · 上午9:00-9:40 宏观与贵会属: 秩序重构, 贵金属周期性与结构性机会共振 魏莹 | 兴业期货投资咨询部总经理助理 投资咨询资格证书编号: Z0014895 · 上午9: 40-10: 20 钢材: 供需矛盾缓释, 走出周期底部 魏莹 | 兴业期货投资咨询部总经理助理 投资咨询资格证书编号: Z0014895 投资咨询资格证书编号: Z0016224 上午10: 20-11: 00 油化工: 供需压力达 ...

其中，香港公开发售获1.91倍认购，国际发售获0.99倍认购。 南华期货（603093）股份(02691)公布配发结果，公司全球发售约1.08亿股H股，香港公开发售占15%， 国际发售占85%。每股发售价12港元，全球发售净筹约12.03亿港元。每手500股H股，预期股份将于 2025年12月22日上午九时正(香港时间)开始在联交所买卖。 ...

关注出口 钢钢钢钢 2 0 2 5 / 1 2 / 1 5 作者：李文涛 从业资格证号：F3050524 交易咨询证号：Z0015640 研究联系方式：18616861246 我公司依法已获取期货交易咨询业务资格 研究助理：尹艺瑾 从业资格证号：F03125275 联系方式：13752670838 审核：李文涛 交易咨询证号：Z0015640 观点小结 | 钢材 | 定性 | 解析 | | --- | --- | --- | | 核心观点 | 偏强 | 上周盘面跟随原料大幅下行，周五晚间商务部海关总署公告2025年第79号公布对部分钢铁产品实施出口 许可证管理，市场预期对2026年钢材相关产品出口量将有所压制。上周铁水继续回落至230万吨/日以下， 五品种成材产量环比继续季节性下降，除中厚板以外，库存均有不同幅度下降，需求整体环比下行，仅 | | | | 冷轧继续小幅回升。长流程钢厂利润再次回落，短流程钢厂利润持续向好，废钢价格下降让利明显。盘 面煤焦价格再次暴跌，关注后续现货价格博弈情况。建议关注钢厂利润相关头寸。 | | 月差 | 偏强 | 螺纹月差结构为contango，1-5月差环比继续走强。 | | ...

Core Viewpoint - The article discusses the development and transformation of Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing the integration of capital market reforms with economic needs and technological innovation. Group 1: Market Growth and Structure - During the "14th Five-Year Plan," Tianjin's capital market has seen a steady expansion, with the number of listed companies increasing to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [7] - By the end of November 2025, the total market capitalization of listed companies in Tianjin is projected to reach approximately 1.66 trillion yuan, an 80% increase [7] - The bond financing channel has become prominent, with 109 bond issuers and a total bond scale of 1.28 trillion yuan, ranking among the top in the country [7] Group 2: Technological Innovation and R&D - The capital market in Tianjin has deeply integrated with technological innovation, with 14 new companies listed on the A-share market in the past five years, nearly 80% of which are technology-oriented [11] - Cumulatively, listed companies in Tianjin have invested over 100 billion yuan in R&D, an increase of nearly 80% compared to the "13th Five-Year Plan" [11] - The overall R&D intensity of key industry chain listed companies reached 7.64%, while companies on the "Two Innovation Boards" and the Sci-Tech Innovation Board had R&D intensities of 13.53% and 28.16%, respectively [11] Group 3: Mergers, Acquisitions, and Risk Management - Tianjin's capital market has introduced policies to support listed companies in accelerating technological upgrades and extending industrial chains through mergers and acquisitions [12] - In 2024, the "Six Merger Guidelines" were released, leading to over 26 billion yuan in merger and acquisition activities among listed companies [12] - Nearly 4,800 industrial enterprises have actively utilized the futures market for risk management, with participation increasing 2.3 times compared to the "13th Five-Year Plan" [12] Group 4: Financing and Investment - Over the past five years, enterprises in Tianjin have utilized multi-level capital markets for direct financing totaling 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [14] - The public fund fee reform has been fully implemented in Tianjin, with significant growth in the scale of equity funds managed by Tianhong Fund, reaching 213.4 billion yuan, a 173% increase [14] - Listed companies in Tianjin have implemented cash dividends exceeding 170 billion yuan, 7.5 times that of the "13th Five-Year Plan," with an average annual dividend yield of 3.08% [15] Group 5: Regulatory and Ecological Improvements - The regulatory framework for Tianjin's capital market has been established, with a "1+N" policy system guiding further reforms [17] - The Tianjin Securities Regulatory Bureau has strengthened collaboration with various departments to enhance enforcement and regulatory measures, resulting in significant penalties for financial misconduct [18] - The market has seen a reduction in key risks, with effective measures taken to address issues in the private equity sector and the exit of underperforming companies [18]

Core Viewpoint - The Shanghai Futures Exchange (SHFE) aims to enhance its role in the national strategy and contribute to the development of a world-class trading platform, focusing on high-quality services for the real economy and strengthening the influence of major commodity prices [1] Group 1: Product Development and Market Expansion - SHFE plans to enrich its product offerings by accelerating the listing of futures and options for liquefied natural gas and corrugated paper, while also enhancing the research and development of strategic products like electricity [2] - The exchange is committed to deepening its internationalization efforts, particularly for nickel and other commodities, and is working on cross-border delivery business models and settlement price authorizations [2] Group 2: Regulatory and Service Enhancements - SHFE is focused on solidifying its regulatory foundation to create a fair and orderly trading environment, while continuously improving its functional services to support national strategies [3] - The exchange has launched 25 futures and 18 options covering key sectors of the national economy, with half of these products being intermediate goods in industrial supply chains, aligning with China's trade structure [3] - New products introduced this year, such as the first domestic recycled aluminum alloy futures and the world's first cultural paper futures, have seen significant trading volumes, with a total of 407 million contracts traded and a transaction value of 158.2 billion yuan [3] Group 3: Industry Support and Risk Management - SHFE has established 134 integrated service bases to enhance support for enterprises, with 40% of these bases involving listed companies, and has developed 12 diverse cooperation models [4] - The exchange has increased its delivery capacity for steel products, adding 11 new delivery points and expanding storage capacity by 643,000 tons, which has led to a 41% increase in steel companies participating in futures delivery by 2025 compared to 2024 [4] Group 4: Open Market and Regulatory Framework - SHFE has opened 6 products directly to foreign traders and allows qualified foreign investors to trade 32 products, leading the domestic exchanges in terms of the number of open products [6] - The exchange emphasizes a high level of self-regulation to strengthen the trade risk prevention system, effectively managing risks from external sources and ensuring market stability [6]

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。 ...

Core Viewpoint - The precious metals market, particularly gold and silver, is experiencing significant volatility driven by macroeconomic factors, including interest rate expectations and geopolitical tensions. Analysts predict a long-term upward trend for gold prices, with specific forecasts for 2026 indicating substantial price ranges. Group 1: Silver Market Insights - The silver market is currently benefiting from resilient demand, supply constraints, and tight circulation inventory, leading to a situation of multiple squeezes [1] - Analysts caution about increased volatility in silver prices due to high market sentiment and potential adjustments following recent surges [2] - The upcoming COMEX contract delivery pressures in December may alleviate some of the current squeeze dynamics in the silver market [1] Group 2: Gold Price Forecasts - RBC Capital Markets anticipates that gold will trade primarily in the range of $4,500 to $5,000 per ounce in 2026, with prices expected to move towards the upper end of this range in the second half of the year [3] - BMO's analysis suggests that gold prices will reach an average of $4,600 per ounce in the first half of 2026, reflecting a 5% increase from previous forecasts, driven by inflation concerns and expectations of further interest rate cuts [4] - The long-term outlook for gold remains positive, supported by factors such as central bank purchases and a weakening dollar, despite short-term fluctuations [2][4]

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].