Core Viewpoint - The "Nansha Financial 30 Measures" aims to enhance financial support for the Guangdong-Hong Kong-Macao Greater Bay Area, with a focus on cross-border finance, climate investment, and leasing industries, establishing Nansha as a key international financial hub by 2025-2030 [1][5][19]. Implementation Plan - The implementation plan includes 88 specific measures across seven areas: improving financial services for innovation and entrepreneurship, enhancing financial services for social welfare, developing specialized financial services, promoting financial market connectivity, facilitating cross-border financial innovation, refining financial regulatory mechanisms, and ensuring supportive measures [5][8]. - The plan prioritizes support for technology innovation industries, high-end manufacturing, digital industries, marine industries, and youth entrepreneurship [5][6]. Digital Industry Focus - The plan emphasizes attracting key digital service institutions in blockchain and artificial intelligence, fostering local quality digital service providers, and establishing data computing centers and regulatory platforms [6][8]. - The integration of AI algorithms in trading and risk management is highlighted as a significant opportunity for the futures industry [6]. Financial Ecosystem Development - Nansha is implementing a comprehensive policy system to support the development of a unique financial port, enhancing the financial ecosystem and attracting high-end financial talent with rewards up to 18 million yuan [7][8]. - Financial support measures include subsidies for commercial factoring, financing guarantees, and insurance services to improve the quality of financial services for the real economy [8]. Key Projects and Initiatives - A series of key projects were signed during the financial innovation and development conference, including initiatives related to cross-border credit sharing and climate investment platforms [10][18]. - The Nansha Futures Industry Park, the first of its kind in the country, is set to officially open on September 30, 2024, covering an area of approximately 47,000 square meters and aiming to become a national hub for the futures financial industry [19].

Group 1: Report Overview - Report Date: August 13, 2025 [1] - Analyst: Xu Chenxi from Nanhua Research Institute [1] - Investment Advisory Qualification: China Securities Regulatory Commission Permit [2011] No. 1290 [1] Group 2: Market Performance - On Wednesday, Treasury bond futures opened lower and closed higher across the board, with all cash bond yields declining, and the medium - and long - end yields falling more significantly [1] - The open market had a net withdrawal of 20 billion yuan, but the money market remained loose, with DR001 at 1.316% [1] - The US July CPI rose 2.7% year - on - year, lower than expected, while the core CPI growth reached the highest since February, which strengthened the expectation of interest rate cuts [2] Group 3: Market Analysis - The A - share market continued to rise strongly, and the Shanghai Composite Index broke through the high point formed on October 8, 2024, but the impact on the bond market was limited, and the stock - bond跷跷板 effect weakened [3] - In terms of institutional behavior, funds continued to sell, while securities firms turned to buying. In the bullish atmosphere of the A - share market, active funds such as securities firms and funds may sell from time to time, but there is no need to worry too much [3] - After the continuous rise of the A - share market, it may fluctuate, which may provide some space for the bond market. Traders should not chase the rising market, control positions, and lay out next - quarter contracts on dips [3] Group 4: Data Summary Futures Contracts | Contract | 2025 - 08 - 13 Price | 2025 - 08 - 12 Price | Price Change | Last Week's Price | | --- | --- | --- | --- | --- | | TS2509 | 102.37 | 102.338 | 0.032 | 102.37 | | TF2509 | 105.75 | 105.695 | 0.055 | 105.78 | | T2509 | 108.46 | 108.41 | 0.05 | 108.565 | | TL2509 | 118.31 | 118.15 | 0.16 | 119.34 | [4] Contract Positions | Contract Position | 2025 - 08 - 13 | 2025 - 08 - 12 | Change | Last Week | | --- | --- | --- | --- | --- | | TS Contract Position (lots) | 102880 | 105870 | - 2990 | 31605 | | TF Contract Position (lots) | 177009 | 178301 | - 1292 | 186234 | | T Contract Position (lots) | 236925 | 236006 | 919 | 236282 | | TL Contract Position (lots) | 153096 | 153569 | - 473 | 153142 | [4] Basis | Basis | 2025 - 08 - 13 | 2025 - 08 - 12 | Change | Last Week | | --- | --- | --- | --- | --- | | TS Basis (CTD) | 0.0396 | 0.0284 | 0.0112 | 0.0136 | | TF Basis (CTD) | 0.023 | 0.0339 | - 0.0109 | 0.0031 | | T Basis (CTD) | 0.0072 | 0.0165 | - 0.0093 | 0.0147 | | TL Basis (CTD) | 0.0322 | 0.1906 | - 0.1584 | 0.0147 | [4] Trading Volume | Contract | 2025 - 08 - 13 Volume | 2025 - 08 - 12 Volume | Volume Change | Last Week's Volume | | --- | --- | --- | --- | --- | | TS Main Contract Volume (lots) | 39500 | 34415 | 5085 | 27216 | | TF Main Contract Volume (lots) | 47424 | 48505 | - 1081 | 47098 | | T Main Contract Volume (lots) | 77715 | 76952 | 763 | 64393 | | TL Main Contract Volume (lots) | 125564 | 123182 | 2382 | 78797 | [4] Repo Rates | Repo Rate | 2025 - 08 - 13 Rate | 2025 - 08 - 12 Rate | Rate Change | Last Week's Rate | | --- | --- | --- | --- | --- | | DR001 | 1.3162% | 1.3144% | 0.0018% | 0.0019% | | DR007 | 1.4444% | 1.4404% | 0.004% | - 0.0001% | | DR014 | 1.4688% | 1.4833% | - 0.0145% | - 0.0065% | [4][5] Repo Trading Volume | Repo | 2025 - 08 - 13 Volume (billion yuan) | 2025 - 08 - 12 Volume (billion yuan) | Volume Change (billion yuan) | Last Week's Volume (billion yuan) | | --- | --- | --- | --- | --- | | DR001 | 28708.9799 | 28708.9799 | 0 | 28816.6772 | | DR007 | 1081.5185 | 810.5676 | 270.9509 | 957.0987 | | DR014 | 107.5447 | 90.8441 | 16.7006 | 144.4292 | [4][5]

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The downstream terminals are hesitant about the negative demand feedback in August caused by US tariffs and believe the current price has mostly priced in previous expectations. The lower support for copper prices has been raised from 77,000 yuan per ton to 78,000 yuan per ton [3]. - The impact of the mine accident at Chile's El Teniente copper mine may exceed expectations, and Coldeco needs to allocate more resources to address copper supply issues. The increase in the US dollar index on Monday evening slightly suppressed the valuation of the non - ferrous metals sector [3]. 3. Summary by Relevant Catalogs Copper Price and Volatility - The latest copper price is 79,020 yuan, with a monthly price range forecast of 73,000 - 80,000 yuan. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2]. Copper Risk Management Suggestions - **Inventory Management**: For high finished - product inventory and fear of price decline, sell 75% of the Shanghai copper main futures contract at around 82,000 yuan and sell 25% of the CU2510C82000 call option when the volatility is relatively stable [2]. - **Raw Material Management**: For low raw material inventory and fear of price increase, buy 75% of the Shanghai copper main futures contract at around 77,000 yuan [2]. Factors Affecting Copper Prices - **Likely Positive Factors**: Agreement on tariff policies between the US and other countries; decline of the US dollar index due to employment data; obvious lower support [4]. - **Likely Negative Factors**: Repeated tariff policies; reduced global demand due to tariff policies; extremely high COMEX inventory caused by US copper tariff policy adjustments [4][5]. Copper Futures and Spot Data - **Futures Data**: The latest price of Shanghai copper main is 79,020 yuan/ton (0% daily change), Shanghai copper continuous one is 79,020 yuan/ton (0.68% daily increase), Shanghai copper continuous three is 79,030 yuan/ton (0% daily change), LME copper 3M is 9,726.5 US dollars/ton (- 0.42% daily change), and the Shanghai - London ratio is 8.15 (0% daily change) [4]. - **Spot Data**: The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaohui, Guangdong Nanchu, and Yangtze Non - ferrous are 79,150 yuan/ton (0.79% daily increase), 79,130 yuan/ton (0.8% daily increase), 78,950 yuan/ton (0.73% daily increase), and 79,190 yuan/ton (0.7% daily increase) respectively [6]. Copper Scrap Price Difference - The current含税 refined - scrap price difference is 1,074.89 yuan/ton (37.1% daily increase), and the reasonable含税 refined - scrap price difference is 1,491.6 yuan/ton (0.41% daily increase) [8]. Copper Warehouse Receipts and Inventory - **SHFE Copper Warehouse Receipts**: The total Shanghai copper warehouse receipts are 23,275 tons (9.42% daily increase), and the total international copper warehouse receipts are 1,553 tons (0% daily change) [12]. - **LME Copper Inventory**: The total LME copper inventory is 155,700 tons (- 0.1% daily change), and the registered warehouse receipts are 143,725 tons (- 0.73% daily change) [14]. - **COMEX Copper Inventory**: The total COMEX copper inventory is 265,196 tons (1.54% weekly increase), and the registered warehouse receipts are 121,933 tons (- 1.91% weekly change) [15]. Copper Import Profit and Processing - The copper import profit and loss is - 100.28 yuan/ton (- 59.08% daily change), and the copper concentrate TC is - 38 US dollars/ton (0% daily change) [16].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - Tin prices remained volatile on Monday, in line with expectations. Macro factors have limited impact. On the supply side, the repeated postponement of the full resumption of production in Myanmar's tin mines has significantly supported tin prices and may have a continuous impact. There is no significant change in demand [3] 3. Summary According to Related Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 268,380 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw material inventory and concerns about price increases, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2] 3.2 Factors Affecting Tin Prices - **Likely Positive Factors**: Sino - US tariff policy easing, the semiconductor sector remaining in the expansion cycle, and Myanmar's production resumption falling short of expectations [8] - **Likely Negative Factors**: Repeated tariff policies, the inflow of Myanmar's tin ore into China, and the slowdown of the semiconductor sector's expansion speed and its transition from the expansion cycle to the contraction cycle [5][6] 3.3 Tin Futures and Spot Data - **Futures Data (Daily)**: The latest prices of Shanghai Tin main, Shanghai Tin continuous - one, and Shanghai Tin continuous - three are all 268,380 yuan/ton, with no daily change. The price of LME Tin 3M is 33,715 US dollars/ton, up 110 US dollars or 0.33%. The Shanghai - London ratio is 7.98, up 0.08 or 1.01% [7] - **Spot Data (Weekly)**: The latest prices of Shanghai Non - Ferrous tin ingots, 40% tin concentrate, 60% tin concentrate, etc. have different degrees of weekly increases, with ranges from 0.58% to 0.92% [14] 3.4 Tin Inventory and Other Data - **Inventory Data (Daily)**: The total warehouse receipt quantity of tin in the Shanghai Futures Exchange decreased by 143 tons to 7,326 tons, a decrease of 1.91%. The LME tin inventory decreased by 60 tons to 1,710 tons, a decrease of 3.39% [21] - **Other Data**: Tin import profit and loss is - 16,576.95 yuan/ton, up 1.01%. The processing fees for 40% and 60% tin ore remain unchanged [22]

Core Insights - Since 2025, China's economy has shown a continuous recovery trend, with the futures market operating smoothly and the variety of products improving [1] - As of the end of July 2025, the total funds in the futures market reached approximately 1.82 trillion yuan, an increase of 11.6% compared to the end of 2024 [1] - On July 24, 2025, the total funds in the futures market hit a historical high of 18,267.76 billion yuan [1] - The total client equity of futures companies amounted to about 1.71 trillion yuan, reflecting an 11.2% growth from the end of 2024 [1] - The equity of general corporate clients, including industrial clients, saw a significant increase of 18.5% compared to the end of 2024 [1] - The futures market has reached a historical high in total funds for the first time in two years, indicating a steady increase in participation from industrial clients and solid progress in high-quality development [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The supply - demand fundamentals of ethylene glycol (EG) are basically stable, lacking obvious drivers, and its price trend is mainly range - bound. Although there is a cumulative inventory trend, the inventory increase is limited, and the supply - demand is in a fragile balance. With low inventory, the upward elasticity is expected to be large. Also, the coal - based profit has been compressed recently, and the downward space is expected to be limited under stable costs. It is recommended to buy EG on dips, and the entry timing should focus on commodity sentiment [3]. 3. Summary by Related Content Polyester Price and Volatility - The monthly price range forecasts are: 4200 - 4700 for ethylene glycol, 6500 - 7400 for PX, 4400 - 5300 for PTA, and 5800 - 6500 for bottle chips. The current 20 - day rolling volatilities are 9.09% for ethylene glycol, 11.78% for PX, 9.30% for PTA, and 7.92% for bottle chips. The current volatility historical percentiles (3 - year) are 1.4% for ethylene glycol, 17.7% for PX, 4.6% for PTA, and 0.9% for bottle chips [2]. Polyester Hedging Strategies - **Inventory Management**: For enterprises with high finished - product inventory worried about EG price drops, they can short EG2509 futures (25% hedging ratio, entry range 4450 - 4550), buy EG2509P4350 put options, and sell EG2509C4500 call options (50% hedging ratio, entry range 10 - 15) [2]. - **Procurement Management**: For enterprises with low procurement inventory and aiming to purchase according to orders, they can buy EG2509 futures (50% hedging ratio, entry range 4300 - 4400), sell EG2509P4350 put options (75% hedging ratio, entry range 10 - 30) to lock in procurement costs [2]. Market Influencing Factors - **Likely Positive Factor**: On August 4, the Emergency Management Department released the new "Coal Mine Safety Regulations", leading to a rebound in coal prices and an increase in costs [4]. - **Possible Negative Factor**: There is a market rumor that large filament manufacturers' FDY is suffering heavy losses and may cut production, but the implementation needs further observation [7]. Price and Spread Data on August 11, 2025 - **Price Changes**: Compared with August 8 and August 4, prices of various polyester - related products such as Brent crude oil, PX, PTA, EG, etc. have different degrees of changes. For example, Brent crude oil dropped by 0.3 dollars/barrel compared with August 8 and 2.4 dollars/barrel compared with August 4 [8]. - **Spread Changes**: Spreads such as TA1 - 5, EG1 - 5, etc. also changed. For example, TA1 - 5 month - spread increased by 2 yuan/ton compared with August 8 and decreased by 6 yuan/ton compared with August 4 [8]. Production and Sales Rates and Processing Fees - **Production and Sales Rates**: The production and sales rates of polyester products such as polyester filament, polyester staple fiber, and polyester chips have different degrees of changes. For example, the polyester filament production and sales rate increased by 24.8% compared with August 8 [9]. - **Processing Fees**: Processing fees of products such as gasoline reforming, aromatics reforming, etc. also changed. For example, the gasoline reforming spread increased by 3 dollars/ton compared with August 8 [9].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The urea market is influenced by frequent export news, causing price fluctuations and interfering with spot transactions. The weekend saw price softening in sensitive areas, and upstream urea factories have gradually lowered their quotes. In the medium term, the second batch of urea exports will support the demand side, and short - term inventory accumulation is unlikely. However, agricultural demand is weakening, and the fundamentals will face pressure in the second half of the year. Overall, urea has support at the bottom and resistance at the top, and the 09 contract is expected to fluctuate weakly [4]. - The confirmed urea exports strengthen the support at the bottom of the futures market, which is expected to show a wide - range oscillation pattern due to strong speculative pricing. On the other hand, domestic policy pressure, with the association requiring factories to sell urea at low prices, has a negative impact on spot sentiment [5]. 3. Summary by Relevant Catalogs 3.1 Price Range Forecast | Product | Price Range Forecast (Monthly) | Current Volatility (20 - day Rolling) | Current Volatility Historical Percentile (3 years) | | --- | --- | --- | --- | | Urea | 1650 - 1950 | 27.16% | 62.1% | | Methanol | 2200 - 2400 | 20.01% | 51.2% | | Polypropylene | 6800 - 7400 | 10.56% | 42.2% | | Plastic | 6800 - 7400 | 15.24% | 78.5% | [3] 3.2 Urea Hedging Strategy | Behavior Guidance | Situation Analysis | Spot Exposure | Strategy Recommendation | Hedging Tool | Buying/Selling Direction | Hedging Ratio (%) | Suggested Entry Interval | | --- | --- | --- | --- | --- | --- | --- | --- | | Inventory Management - High finished - product inventory, worried about urea price decline | Long | To prevent inventory losses, short urea futures to lock in profits and cover production costs; buy put options to prevent price drops and sell call options to reduce capital costs | UR2509, UR2509P1850, UR2509C1950 | Sell, Buy, Sell | 25%, 50%, - | 1800 - 1950, 15 - 20, 45 - 60 | | Procurement Management - Low procurement of regular inventory, hope to purchase according to order situations | Short | To prevent rising urea prices from increasing procurement costs, buy urea futures to lock in procurement costs in advance; sell put options to collect premiums and lock in the purchase price if the price drops | UR2509, UR2509P1750 | Buy, Sell | 50%, 75% | 1750 - 1900, 20 - 25 | [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary of Key Information SP Main Contract Closing Price - On August 8, 2025, the SP main contract closing price was 5162.00, with a -0.46278% change from the previous day [3]. - The closing prices from August 4 - 8, 2025, were 5168.00, 5160.00, 5170.00, 5186.00, and 5162.00 respectively, with corresponding percentage changes of -0.34709%, -0.15480%, 0.19380%, 0.30948%, and -0.46278% [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, and that of Lion was -392.78; for Chilean Silver Star, it was -76.65 [4]. - The port dollar prices of Golden Lion, Lion, and Silver Star were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5600, and 5835 respectively [4]. National and Regional Pulp Price Averages - From August 4 - 8, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4]. Paper Index and Profit Margin Information - From August 5 - 8, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The profit margins of double - offset, double - copper, white card, and living paper on August 8, 2025, were 6.4302%, 24.2360%, -11.9756%, and 7.9481% respectively, with the living paper profit margin changing by -0.3820 compared to previous days [4]. Pulp Price Spreads - On August 8, 2025, the softwood - hardwood, softwood - natural, softwood - chemimechanical, and softwood - wastepaper price spreads were 1700.00, 435, 2010, and 4259 respectively [4].

·海通期货：长期看涨逻辑依然稳固 ·中信建投期货：短期贵金属市场多空交织 ·光大期货：继续关注美联储降息预期给金价带来的走势变化 ·高盛：仍认为美国不会对黄金征收关税维持此前价格预测 ·海通期货表示，8月7日，特朗普宣称，将提名白宫经济顾问委员会主席斯蒂芬·米兰填补美联储理事席 位空缺。市场解读为特朗普对美联储货币政策干预程度上升，负面影响美元长期信用，推动黄金继续上 行。同时，随着黄金反弹延续，白银也不断上涨。8月8日，特朗普表示，在俄乌局势上已"接近"达成协 议。特朗普与普京即将进行会晤，若停火协议最终落地，对黄金或构成短期利空，但长期看涨逻辑依然 稳固。策略上，建议逢低做多黄金和白银。 ·中信建投期货表示，美俄寻求达成俄乌停火协议，特朗普称美俄在乌克兰问题上已"非常接近"达成协 议，美俄领导人将于8月15日会晤，市场风险偏好有所提升，同时贵金属面临潜在压力。不过，近期市 场亦持续关注美联储主席的继任人选，叠加近期美联储官员态度转鸽，降息预期仍然给贵金属一定支 撑。总体来看，美俄达成协议的潜在可能性降低市场避险需求，给贵金属一定压力，但近期美联储降息 预期有所强化，亦使得贵金属仍有支撑，短期市场多空交织， ...

Overview - The company announced a capital reduction of its wholly-owned subsidiary, Zhejiang Nanhua Capital Management Co., Ltd., reducing its registered capital from RMB 700 million to RMB 600 million [1][2]. Capital Reduction Details - The capital reduction amount is RMB 100 million, aimed at optimizing the capital structure and resource allocation of Nanhua Capital [1][3]. - The shareholding structure of Nanhua Capital will remain unchanged post-reduction, with Nanhua Futures holding 100% of the shares [2][3]. Company Background - Zhejiang Nanhua Capital Management Co., Ltd. is a limited liability company established on May 20, 2013, with a registered capital of RMB 700 million before the reduction [2]. - The company operates in various sectors, including import and export of goods, technology import and export, and sales of food and automotive parts, among others [2]. Financial Performance - As of March 31, 2025, Nanhua Capital reported total assets of RMB 1.77 billion and net assets of RMB 723.77 million, with a revenue of RMB 277.81 million and a net loss of RMB 909,700 for the first quarter of 2025 [3][4]. Impact of Capital Reduction - The capital reduction is expected to enhance the company's resource allocation and aligns with the long-term development goals and shareholder interests [3][4]. - The reduction will not affect the company's consolidated financial statements or its normal operations [4].