1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The trend direction of A-shares in the second quarter has high uncertainty. Whether the stock index can strengthen again depends on two key signals: a significant increase in the Fed's interest rate cut expectation and the continuous recovery of domestic consumption. If neither signal appears, the stock index is expected to maintain a sideways shock pattern. The structural market of the stock index in the second quarter is better than the trend market, and the CSI 300 index is expected to outperform small and medium-cap stock indexes and become the core allocation direction of the market [2][29]. 3. Summary by Relevant Catalogs 3.1 Peripheral Disturbance and the Accumulation Transition Period - The A-share market in the first quarter of 2026 can be divided into three stages. By March 24, 2026, the cumulative increases and decreases of the four major stock indexes in the first quarter were: CSI 300 index -3.35%, SSE 50 index -6.61%, CSI 500 index 1.77%, and CSI 1000 index 0.07%. Since March, the basis of stock index futures has continued to deepen, indicating a downturn in market sentiment [4]. - The market in the first quarter was dominated by the expectation of policy benefits from the Two Sessions and changes in liquidity expectations under peripheral shocks. The release of the 15th Five-Year Plan and the Two Sessions enhanced policy signals and provided support for the stock index. The nomination of the next Fed chairman and the escalation of the Middle East conflict affected liquidity expectations and led to market adjustments [6]. 3.2 Reversal of the Medium - to - Long - Term Logic? 3.2.1 Geopolitical Risks and the Slowdown of the Fed's Interest Rate Cut - The Fed's March interest rate meeting sent a hawkish signal, maintaining the federal funds rate target range at 3.5% - 3.75%, raising GDP and inflation expectations, and indicating a slower interest rate cut rhythm. The Fed is unlikely to switch to raising interest rates this year, and the impact on A-shares is mainly a phased tightening of liquidity expectations, without changing the long - term global liquidity easing trend [9][14]. 3.2.2 Domestic Liquidity and Policy Support - By comparing with the stagflation environments in 2011 and 2021, it is believed that the current situation is more comparable to 2021, and the possibility of tightening the domestic monetary policy this year is low. The 15th Five - Year Plan focuses on boosting consumption and expanding domestic demand, and the domestic policy and liquidity provide double support, making the medium - to - long - term positive logic of A - shares unchanged [15]. 3.3 Uncertain Trend, Promising Structure 3.3.1 Strong Drivers Needed for the Stock Index to Strengthen - The two previous upward trends of A - shares were driven by strong policy stimuli or loose liquidity expectations. In the second quarter, it is less likely for policies and liquidity to become strong drivers again. The substantial recovery of the domestic fundamentals, especially the recovery of the consumption end, will be the key for the stock index to strengthen again [18][22]. 3.3.2 Structure More Promising than Trend - In the second quarter, the structural opportunities of the stock index are more certain than the trend - restarting opportunities. The market style will tilt towards large - cap blue - chip stocks, especially the CSI 300 index. The CSI 300 index has advantages in valuation, policy benefits, and defense, and is expected to be the core allocation main line in the second quarter [24][26]. 3.4 Market Outlook and Strategy Recommendations - In the second quarter, the trend of A - shares is uncertain. Pay attention to the Fed's interest rate cut expectation and domestic consumption recovery. The structural market is better than the trend market, and the CSI 300 index is expected to outperform [29]. - Trend strategy: Wait and see, and act opportunistically. Track the Fed's interest rate cut expectation and domestic consumption data, and buy on dips if there are positive signals; otherwise, maintain a light position [29]. - Arbitrage strategy: Recommend a long - IF and short - IM cross - variety arbitrage combination [30]. - Option strategy: Sell wide - straddle options to earn time - value income [30].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） （股份代號：2691） 海外監管公告 本公告乃由南華期貨股份有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《南華期貨股份有限公司2025年度審 計報告》，僅供參閱。 承董事會命 南華期貨股份有限公司 董事長兼執行董事 羅旭峰博士 中國杭州，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事羅旭峰博士；(ii)非執行董事 呂躍龍先生、徐文財博士、胡天高先生、厲寶平先生及孫穎婷女士；及(iii)獨立 非執行董事徐林博士、劉玉龍博士及李晶女士。 | | | | 一、审计报告………………………………………… ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：2691） 海外監管公告 本公告乃由南華期貨股份有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《南華期貨股份有限公司2025年年度 報告摘要》，僅供參閱。 承董事會命 南華期貨股份有限公司 董事長兼執行董事 羅旭峰博士 中國杭州，2026年3月27日 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） 於本公告日期，本公司董事會成員包括：(i)執行董事羅旭峰博士；(ii)非執行董事 呂躍龍先生、徐文財博士、胡天高先生、厲寶平先生及孫穎婷女士；及(iii)獨立 非執行董事徐林博士、劉玉龍博士及李晶女士。 南华期货股份有限公司 2025 年年度报告摘要 公司代码： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） （股份代號：2691） 海外監管公告 本公告乃由南華期貨股份有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《南華期貨股份有限公司2025年年度 報告》，僅供參閱。 承董事會命 南華期貨股份有限公司 董事長兼執行董事 羅旭峰博士 中國杭州，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事羅旭峰博士；(ii)非執行董事 呂躍龍先生、徐文財博士、胡天高先生、厲寶平先生及孫穎婷女士；及(iii)獨立 非執行董事徐林博士、劉玉龍博士及李晶女士。 南华期货股份有限公司 2025 年年度报告 公司代码：6030 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The coal and coke prices have corrected after surging last week, but considering the situation of roll - over and short - selling after the widening of the monthly spread, the overall prices should be treated as wide - range fluctuations [6]. - The trading logic of the market mainly focuses on two aspects. Firstly, due to geopolitical disturbances, the energy attribute of coking coal has fermented. The price of overseas energy products has risen, leading to an increase in the shipping cost and arrival price of imported coal in the domestic market, intensifying the inversion of the internal - external price difference. Coking coal has attracted more secondary - market funds, and the precipitation fund volume has increased from 9.527 billion yuan at the beginning of the year to 11.337 billion yuan. Secondly, affected by the rise in energy - chemical prices, the profit of coking plants has improved, and there is an expectation of capacity utilization repair. The replenishment behavior has tightened the spot market of coking coal, and the price is expected to continue to rise. In the short term, investors are advised to be cautious and sell out - of - the - money call options [6]. 3. Summaries According to Relevant Catalogs Coal and Coke Weekly Viewpoint Supply - Domestic supply: Some coal mines in the main producing areas have limited production due to reasons such as working - face relocation or other underground issues, resulting in a decrease in overall supply. A coal mine in Lvliang has stopped production due to resource exhaustion, causing a significant decline in raw coal production. The weekly raw coal output of sample coal mines decreased by 165,400 tons to 12.3678 million tons, and the clean coal output decreased by 62,800 tons to 6.1265 million tons. The capacity utilization rate decreased by 1.15% to 86.04%. In terms of imports, the number of customs - cleared vehicles at the Ganqimao Port has remained high. From March 23 to March 26, the port cleared customs for 4 days, with an average daily clearance of 1,400 vehicles, a week - on - week increase of 15 vehicles [3]. Demand - Steel plants are in the stage of resuming production. The pig iron output has risen to 2.3109 million tons, and the demand for raw materials has increased. The first round of price increase for coke will be implemented on April 1 [4]. Inventory - The total inventory of coking coal at all levels has increased by 445,000 tons week - on - week. Except for the mine end, inventories at other levels have accumulated. The inventory at the coal mine end has decreased by 386,000 tons. The independent coking plants' coking coal inventory has increased by 425,000 tons compared with last week [5]. Coal and Coke Fundamental Data Changes | Category | Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 8.753 million tons (- 55,600 tons); FW clean coal 4.4588 million tons (- 26,600 tons); Independent coking plants' daily average 64,800 tons (+ 500 tons); Steel mill coking enterprises' daily average 47,300 tons (+ 0 tons) | - | | Demand | Pig iron output 2.3109 million tons (+ 29,400 tons) | Pig iron output 2.3109 million tons (+ 29,400 tons) | | Inventory | MS total inventory + 445,000 tons; Mine raw coal - 170,500 tons; Mine clean coal - 166,400 tons; Independent coking - 42,000 tons; Independent coking + 425,000 tons; Steel mills + 35,000 tons; Steel mill coking + 85,000 tons; Ports + 209,000 tons; Ports + 49,000 tons; Port + 38,000 tons | - | | Profit | Commodity coal 490 yuan/ton (+ 23 yuan/ton) | Coking enterprises' average profit 47 yuan/ton (- 30 yuan/ton) | | Warehouse receipt | Meng 5 Tangshan warehouse receipt 1,316 yuan/ton | Port quasi - dry quenched coke warehouse receipt 1,700 yuan/ton | [8] Coking Coal Fundamental Data Supply - Weekly data shows the production and capacity utilization rate of 523 sample mines, including raw coal and clean coal production. Monthly data shows the production of coking bituminous coal and coking clean coal. The customs - cleared volume of Mongolian coal at Ganqimao, Mandula, and Ceke ports and the total customs - cleared volume of the three ports are also presented [10][12][13]. Inventory - Pit - mouth inventory: The raw coal inventory of sample coal mines decreased by 129,100 tons to 1.4169 million tons week - on - week, and the clean coal inventory decreased by 110,000 tons to 972,000 tons. Port inventory: The coking coal port inventory was 2.6944 million tons, a week - on - week increase of 44,900 tons. Coking plant inventory: The inventory and average available days of coking coal in independent coking plants are presented, including overall and regional data. Steel mill inventory: The inventory and average available days of coking coal in 247 steel enterprises are presented, including overall and regional data [23][25][28] Coke Fundamental Data Supply - Capacity utilization rate: The capacity utilization rate of independent coking plants and steel enterprises is presented, including overall and regional data. Production: The daily output of independent coking plants and steel enterprises is presented, including overall and historical data [36][41][43]. Inventory - Coking plant inventory: The inventory of independent coking plants is presented, including overall and historical data. Steel mill inventory: The inventory, average available days, and regional data of steel mill coking plants are presented. Total inventory of all samples: The total inventory of coke is presented, including historical data. Supply - demand difference: The supply - demand difference of coke and the daily output of pig iron are presented [46][47][56]. Profit - The disk profit of coking per ton and the average profit of independent coking enterprises per ton are presented [61]. Coal and Coke Futures and Spot Prices Futures - Coking coal futures: The closing prices, price changes, trading volumes, and open interests of coking coal 2605 and 2609 futures contracts from March 20 to March 27, 2026 are presented. Coke futures: The closing prices, price changes, trading volumes, and open interests of coke 2605 and 2609 futures contracts from March 20 to March 27, 2026 are presented [64][67]. Monthly Spread - The monthly spreads of coking coal and coke futures contracts in different years are presented [72][74]. Spot - The spot prices of coking coal and coke, including different varieties and regions, are presented [78]. Basis - The basis of coking coal 2605, 2609 and coke 2605, 2609 is presented [80].

Investment Rating - The investment rating for Nanhua Futures is "Accumulate" (maintained) [1] Core Views - The report highlights that Nanhua Futures has shown strong performance in its overseas business while maintaining overall operational stability [1] - The company's revenue for 2025 is projected to be 1.388 billion yuan, reflecting a year-on-year increase of 2.45%, with a net profit attributable to shareholders of 486 million yuan, up 6.18% year-on-year [1] - The report emphasizes the significant growth in the overseas financial services segment, which accounted for over 50% of total revenue, with a 15.79% increase year-on-year [1] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue is expected to grow from 1.354 billion yuan in 2024 to 1.388 billion yuan in 2025, with a projected increase to 1.908 billion yuan by 2028 [1] - Net profit attributable to shareholders is forecasted to rise from 458 million yuan in 2024 to 486 million yuan in 2025, reaching 687 million yuan by 2028 [1] - The report anticipates an EPS of 0.68 yuan for 2025, increasing to 0.96 yuan by 2028 [1] Business Segments Performance - The futures brokerage business saw a slight decline in revenue, down 3.85% year-on-year, while the overseas financial services business experienced a robust growth of 15.79% [1] - The risk management business revenue decreased by 37.51% due to accounting changes, but the report suggests potential long-term growth in this area as demand for risk management increases [1] - Wealth management business revenue remained stable, with a significant increase in asset management scale, growing by 580% year-on-year [1] Return on Equity and Valuation - The company's return on equity (ROE) for 2025 is projected at 11.30%, a slight decrease from the previous year [1] - The current market valuation corresponds to a P/E ratio of 30.97 for 2024, decreasing to 20.65 by 2028, indicating a favorable valuation trend [1]

3月27日，中国期货业协会（下称中期协）正式发布《期货公司接入外部信息系统管理规则》（下称 《管理规则》），新规将于6月27日起实施。 全过程管理 据介绍，《管理规则》共24条，主要包括： （一）管理范围及原则。 一是明确期货公司接入外部系统适用本规则，同时明确外部系统与外接客户 定义。二是明确期货公司接入外部系统应当坚持看不清、管不住则不展业的理念，强调技术不改变业 务逻辑，压实期货公司的主体管理责任。 （二）全过程管理要求。 一是要求期货公司建立健全外部系统接入管理制度，建设功能完备的交易系 统并做好网络隔离，同时明确各部门管理职责。二是要求期货公司建立承诺签署、尽职调查、系统测 试、风险提示、接入审查、监测监控、异常核实与处理、客户风险分级管理、客户回访等机制，对外 部系统接入、交易、退出实施全过程管理。三是明确提出期货公司及其从业人员禁止从事的六类行 为，防范外部系统接入失管失控风险。 （四）自律管理。 明确中期协可以组织实施自律检查，并对违反《管理规则》的期货公司及从业人员 实施自律措施，将涉嫌违法违规的主体移送有权机关处理，进一步督促期货公司全面落实外部系统接 入管理要求。 此外，《管理规则》还以 ...

将于6月27日起实施。 全过程管理 据介绍，《管理规则》共24条，主要包括： （一）管理范围及原则。 一是明确期货公司接入外部系统适用本规则，同时明确外部系统与外接客户定义。二是明确期货公 司接入外部系统应当坚持看不清、管不住则不展业的理念，强调技术不改变业务逻辑，压实期货公司的主体管理责任。 （二）全过程管理要求。 一是要求期货公司建立健全外部系统接入管理制度，建设功能完备的交易系统并做好网络隔离，同 时明确各部门管理职责。二是要求期货公司建立承诺签署、尽职调查、系统测试、风险提示、接入审查、监测监控、异常核 实与处理、客户风险分级管理、客户回访等机制，对外部系统接入、交易、退出实施全过程管理。三是明确提出期货公司及 其从业人员禁止从事的六类行为，防范外部系统接入失管失控风险。 （三）对外部系统分账户、子账户功能的针对性规定。 此前，监管部门在日常监管中发现，有外接客户利用具备分账户、子 账户功能的外部系统，开展期货配资等违法违规活动。为进一步加强外部系统分账户、子账户功能管理，防范相关功能滥用 风险，中期协在《管理规则》中就分账户、子账户功能的使用管理做出针对性安排。 一是把好入口关。在外部系统接入前，要 ...

Core Viewpoint - Nanhua Futures has reported its 2025 performance, showing a revenue of 1.388 billion yuan, a year-on-year increase of 2.45%, and a net profit of 486 million yuan, up 6.18%, marking a historical high for the company [1] Group 1: Financial Performance - For 2025, Nanhua Futures achieved total assets of 65.473 billion yuan, a growth of 33.99%, and equity attributable to shareholders of 5.596 billion yuan, increasing by 35.98% [1] - The company's domestic futures brokerage client equity reached 38.982 billion yuan, indicating steady growth [1] Group 2: Industry Trends - The global economy faced increased volatility in 2025 due to geopolitical conflicts, trade tensions, and policy adjustments, leading to heightened demand for risk management from real enterprises [2] - The number of futures and options varieties increased to 164, with total market funds exceeding 2 trillion yuan and effective client numbers surpassing 2.7 million [2] - The cumulative trading volume reached 9.074 billion contracts, with a transaction value of 76.625 trillion yuan, reflecting a year-on-year growth of 17.4% and 23.74% respectively [2] Group 3: Strategic Adjustments - Nanhua Futures is focusing on institutional and industrial clients to optimize its business structure, enhancing services for private equity, insurance, and securities clients [3] - The company is expanding its risk management business, with a nominal principal of 74.9 billion yuan added in the over-the-counter derivatives segment [3] Group 4: Wealth Management and International Expansion - Wealth management has become a new competitive focus, with Nanhua Futures enhancing its asset management, fund distribution, and public fund operations [4] - By the end of 2025, the asset management scale reached 1.081 billion yuan, and the fund distribution scale was 337 million yuan [5] - Nanhua Futures is accelerating its international business, having obtained multiple memberships and clearing qualifications, enhancing its global influence [5][6]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Short - term precious metals may fluctuate, and investors should pay attention to the evolution of the Iranian situation. The market has high short - term uncertainty, and investors should control positions and prevent risks [77] 3. Summary by Directory 3.1. Disk Review - **Gold Trend**: On January 29, 2026, Shanghai gold hit a high of 1258.72 yuan/gram. After the US President announced the nomination of Kevin Warsh as a candidate for the Fed Chairman, the market tumbled. It rebounded in February overall. After the US - Israel - Iran conflict on February 28, it rose on March 2 but then fell continuously, and closed around 1000 on March 27 [7] - **Silver Trend**: On January 30, 2026, Shanghai silver hit a high of 32382 yuan/kg and then fell sharply. It rebounded after February 6. After the US - Israel - Iran conflict on February 28, it rose on March 2, then fell continuously, and closed around 17500 on March 27 [10] 3.2. Current Analysis - **Inventory Analysis** - **Gold Inventory**: Since February this year, the Shanghai Futures Exchange gold inventory has been stable at around 105 tons. COMEX gold inventory decreased from 36.26 million ounces (1128 tons) at the end of 2025 to 31.71 million ounces on March 27 [16] - **Silver Inventory**: The Shanghai Futures Exchange silver inventory decreased from 692 tons at the end of 2025 to 253 tons on March 9 and then rebounded to 372 tons on March 27. COMEX silver inventory decreased from about 450 million ounces (about 14000 tons) at the end of 2025 to 328 million ounces on March 27. The Shanghai Gold Exchange silver inventory decreased from 774 tons at the end of 2025 to 276 tons on March 13 and was 301 tons on March 20 [20][25] - **ETF Holdings** - **Gold ETF**: The holdings of the world's largest gold ETF, SPDR Gold Trust, reached a high of 1101.33 tons at the end of February and then declined to 1052.705 tons on March 27. The continuous out - flow in recent weeks has put pressure on prices [28] - **Silver ETF**: The holdings of the world's largest silver ETF, iShares Silver Trust, declined continuously in March, hitting a low of 15185.94 on March 19, a decrease of 8.2% from the high of 16546.59 on February 2, and then rebounded slightly [30] - **Gold - Silver Ratio**: The London spot gold - silver ratio hit a low of 45 on January 29, then rebounded, fluctuated around 60 in February, and was 66 on March 27 [34] - **US Economic Data** - **GDP**: The initial value of the annualized quarterly - on - quarterly growth rate of the US real GDP in the fourth quarter of 2025 was 1.4%, far lower than the expected 3.0%, with the government shutdown dragging down GDP by about 1 percentage point [36] - **Unemployment Rate**: The US unemployment rate was 4.4% in February, 4.3% in January, 4.4% in December last year, 4.5% in November, and 4.4% in September and August [39] - **Non - farm Payrolls**: In February, the US non - farm payrolls decreased by 92,000, while the forecast was an increase of 55,000 [42] - **CPI**: In February, the US CPI increased by 2.4% year - on - year, in line with expectations. The core CPI increased by 2.5% year - on - year and 0.2% month - on - month, in line with expectations [45] - **PCE**: In January, the US core PCE increased by 0.4% month - on - month and 3.1% year - on - year, in line with expectations [48] - **PPI**: In February, the US PPI increased by 3.4% year - on - year, higher than the expected 3.0%. The core PPI increased by 3.9% year - on - year, higher than the expected 3.7% [51] - **PMI**: In February, the US ISM manufacturing PMI was 52.4, higher than the market expectation of 51.5. The US ISM services index rose to 56.1, the highest since mid - 2022 [54] - **Interest Rate and Market Indicators** - **Fed Interest Rate**: The Fed decided to keep the federal funds rate unchanged in March. According to CME "FedWatch" on March 26, the probability of a 25 - basis - point rate hike in April is 6.2%, and the probability of keeping the rate unchanged is 93.8% [56] - **US Treasury Yield**: After the US - Israel - Iran conflict on February 28, the US Treasury yield rebounded due to concerns about inflation [60] - **US Dollar Exchange Rate**: After the US - Israel - Iran conflict on February 28, the US dollar index rose due to risk - aversion sentiment [64] - **Implied Volatility**: The implied volatility of Shanghai gold and silver options is high. It is recommended to wait and see for now [68][72] 3.3. Strategy Suggestion - In January this year, gold accelerated its rise and silver skyrocketed. After the nomination of Kevin Warsh, the precious metals market tumbled. After the US - Israel - Iran conflict, gold only rose slightly and then fell. The ongoing war has pushed up inflation expectations, and the market's expectation of a Fed rate cut has turned to a possible rate hike. The strengthening of the US dollar and the rise of US Treasury yields have suppressed precious metals. Short - term precious metals may fluctuate, and investors should pay attention to the Iranian situation and control positions [77]