Core Viewpoint - Nanhua Futures has approved two key proposals regarding the global offering of H-shares and related matters for listing on the Hong Kong Stock Exchange [1] Group 1 - The first proposal involves the determination of the global offering of H-shares, including both public and international offerings, with a unanimous vote of 9 in favor, and it does not require submission to the shareholders' meeting for further approval [1] - The second proposal pertains to the amendment of the company's articles of association to comply with the requirements following the H-share issuance and listing, also receiving a unanimous vote of 9 in favor, and similarly does not require submission to the shareholders' meeting for approval [1]

Report Industry Investment Rating - Not provided Core View - Today, the stock index rose first and then fell, showing mixed trends. The trading volume in the two markets slightly decreased. Due to the previous U.S. government shutdown, the latest PCE price index was not available, and the expectation of interest rate cuts did not change much. In October, the profits of industrial enterprises above designated size in China decreased by 5.5% year-on-year, indicating a continuation of the weak fundamental state. Without new positive factors, the stock index maintained a volatile trend today. However, except for the slight convergence of the discount of IF in the basis of stock index futures, the discounts of the rest deepened. The dividend index led the rise again, indicating that market sentiment has cooled down and become more cautious. Currently, both the upper pressure and the lower support have weakened. In the short term, it is expected to mainly show a narrow - range oscillation [4]. Summary by Related Catalogs Market Review - Today, the stock index rose first and then fell, showing mixed trends. Taking the CSI 300 Index as an example, it closed down 0.05%. In terms of capital, the trading volume in the two markets decreased by 735.53 billion yuan. In the stock index futures market, IM declined with increasing volume, and the rest of the varieties also declined with increasing volume [2]. Important Information - In October, the profits of industrial enterprises above designated size decreased by 5.5% year - on - year. The number of initial jobless claims in the U.S. for the week ending November 22 was 216,000, with an expected 225,000 [3]. Strategy Recommendation - Hold positions and wait and see [5]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | -0.11 | -0.11 | -0.33 | -0.08 | | Trading volume (10,000 lots) | 10.0893 | 4.2497 | 11.2976 | 18.3443 | | Trading volume MoM (10,000 lots) | 0.3606 | 0.7008 | 0.6006 | 0.5893 | | Open interest (10,000 lots) | 26.4196 | 9.2285 | 25.457 | 36.4043 | | Open interest MoM (10,000 lots) | 0.4902 | 0.6077 | 0.5482 | 0.2816 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.29 | | Shenzhen Component Index change (%) | -0.25 | | Ratio of rising to falling stocks | 1.14 | | Trading volume in the two markets (billion yuan) | 17097.94 | | Trading volume MoM (billion yuan) | -735.53 | [6]

Core Points - The Shanghai Futures Exchange will list platinum and palladium futures for trading on November 27, 2025, with the initial listing benchmark prices set at 405 CNY per gram for platinum and 365 CNY per gram for palladium [3][14]. Margin Requirements - The margin requirement for trading one lot of platinum futures is calculated to be 68,850 CNY, based on the benchmark price and a margin rate of 17% [7]. - The margin requirement for trading one lot of palladium futures is calculated to be 62,050 CNY, also based on the benchmark price and a margin rate of 17% [7][14]. - The margin requirements for platinum and palladium futures are relatively high compared to other agricultural and some chemical products [7]. Comparison with Other Futures - A detailed comparison of margin requirements for various futures contracts shows that the required capital for trading platinum and palladium is on the higher end, indicating a more significant investment needed for these metals compared to other commodities [8][9][10].

Core Viewpoint - The training program for chief risk officers of futures companies emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the futures market [1][2][3]. Group 1: Regulatory Focus - The Zhengzhou Commodity Exchange (ZCE) is committed to penetrating regulation to ensure early detection of abnormal trading behaviors, thereby maintaining market stability [1]. - ZCE has conducted annual on-site inspections for 19 members and special checks for 22 members regarding fee reductions, while also enhancing the responsibility of members for auditing internet platform content [1]. - From January to October this year, ZCE completed 316 on-site warehouse inspections with the support of member units [1]. Group 2: Risk Management Strategies - The chief risk officers are encouraged to shift from passive responses to proactive frameworks, transforming compliance from a cost burden to a value-creating process [2]. - Key areas of focus for risk management include internal control mechanisms, handling customer complaints, and preventing abnormal trading by clients [2][3]. - A comprehensive risk management system covering all operational aspects is essential for the development of futures companies [2]. Group 3: Training Outcomes - The training provided a platform for chief risk officers to exchange ideas and establish consensus on risk prevention and compliance management [3][4]. - Participants agreed that under stringent regulatory conditions, futures companies must accelerate their transformation to ensure sustainable high-quality development [4]. - The training not only served as a policy interpretation and business learning opportunity but also aimed to reconstruct ideas and mobilize actions for chief risk officers [4].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The current focus of the soybean meal futures trading is on the potential reduction of the 53 bushels per acre yield of US soybeans on the supply - side and whether China's purchase of 1.2 billion tons of US soybeans can be realized on the demand - side. If the US soybean inventory remains around 300 million bushels, the annual price of US soybeans will oscillate around the cost line, and domestic soybean meal will lack a unilateral driving force and follow the US market in the short term. The shipping schedule of China's US soybean purchases will determine the domestic supply [4]. - Rapeseed meal will maintain a state of weak supply and demand in the fourth quarter. There is an expectation of supply recovery due to Sino - Canadian talks and the arrival of Australian rapeseeds after November, while demand growth is limited, so inventory is expected to rise. Attention can be paid to the new warehouse receipt registration after the centralized cancellation of warehouse receipts at the end of November [4]. 3. Summary by Related Catalogs 3.1 Price Forecast and Hedging Strategies - **Price Forecast**: The monthly price range of soybean meal is predicted to be 2800 - 3300, with a current 20 - day rolling volatility of 9.2% and a 3 - year historical percentile of 5.0%. The monthly price range of rapeseed meal is 2250 - 2750, with a current 20 - day rolling volatility of 15.8% and a 3 - year historical percentile of 20.8% [3]. - **Hedging Strategies**: - For traders with high protein inventory, they can short 25% of M2601 soybean meal futures at 3300 - 3400 to lock in profits and cover production costs [3]. - Feed mills with low regular inventory can buy 50% of M2601 soybean meal futures at 2850 - 3000 to lock in procurement costs [3]. - Oil mills worried about excessive imported soybeans and low soybean meal prices can short 50% of M2601 soybean meal futures at 3100 - 3200 to lock in profits [3]. 3.2 Futures Price and Spread - **Futures Price**: The closing price of soybean meal 01 is 3011 with no change; soybean meal 05 is 2815 with no change; soybean meal 09 is 2924 with a 9 - point increase (0.31%); rapeseed meal 01 is 2446 with a 15 - point increase (0.62%); rapeseed meal 05 is 2385 with no change; rapeseed meal 09 is 2449 with a 14 - point increase (0.57%); CBOT yellow soybeans are 1121.25 with no change; the offshore RMB is 7.113 with no change [7][10]. - **Spread**: The spread of M01 - 05 is 196 with a 13 - point decrease; M05 - 09 is - 109 with a 3 - point increase; M09 - 01 is - 87 with a 10 - point increase; RM01 - 05 is 61 with a 3 - point decrease; RM05 - 09 is - 64 with a 4 - point increase; RM09 - 01 is 3 with a 1 - point decrease. The spot price of soybean meal in Rizhao is 3000 with no change, and the basis is - 11 with a 1 - point increase. The spot price of rapeseed meal in Fujian is 2580 with no change, and the basis is 131 with a 41 - point increase. The spot spread between soybean meal and rapeseed meal is 420 with no change, and the futures spread is 565 with a 16 - point decrease [11]. 3.3 Import Cost and Profit - The import cost of US Gulf soybeans (23%) is 4763.7174 yuan/ton, with a daily decrease of 15.3404 yuan/ton and a weekly decrease of 0.0057. The import cost of Brazilian soybeans is 3825.21 yuan/ton, with a daily increase of 8.06 yuan/ton and a weekly decrease of 229.79 yuan/ton. The cost difference between US Gulf (3%) and US Gulf (23%) is - 774.5882 yuan/ton, with a daily decrease of 2.2853 yuan/ton and a weekly increase of 7.7035 [12]. - The import profit of US Gulf soybeans (23%) is - 889.0024 yuan/ton, with a daily decrease of 15.3404 yuan/ton and a weekly increase of 10.4113. The import profit of Brazilian soybeans is 216.0502 yuan/ton, with no daily change and a weekly increase of 48.7548. The import profit of Canadian rapeseeds on the futures market is 749 yuan/ton, with a daily increase of 57 yuan/ton and a weekly increase of 1. The import profit of Canadian rapeseeds in the spot market is 1002 yuan/ton, with a daily increase of 48 yuan/ton and no weekly change [12]. 3.4 Market Influencing Factors - **Positive Factors**: Brazilian export premiums support the price of far - month contracts from the cost side; the pricing oscillation range of the outer - market balance sheet moves up; the pressure on near - month contracts is alleviated during the centralized cancellation of warehouse receipts [9]. - **Negative Factors**: The inventory of imported soybeans at ports and oil mills in China remains high, and soybean meal is at a seasonal inventory high. Brazilian planting is going smoothly, and the expected high yield in South America suppresses the far - month contract price. The supply gap in the far - month is filled under the background of Sino - US trade talks and procurement [9].

1. Report Industry Investment Rating - No relevant information is provided in the text. 2. Core Viewpoints of the Report - The report presents the latest data, daily, weekly, monthly, and year - on - year changes of various indicators in the coke industry on November 24, 2025, including coke prices, production, inventory, and related market indicators [2]. 3. Summary by Related Catalogs 3.1 Coke Price - The latest price of Shanxi quasi - first wet quenching coke is 1649.42, with no daily change, a weekly increase of 57.81, a monthly increase of 167.03, and a year - on - year decrease of 7.17% [2]. - The latest price of Hebei quasi - first dry quenching coke is 1900.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year increase of 11.11% [2]. - The latest price of Shandong quasi - first dry quenching coke is 1825.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year decrease of 6.65% [2]. - The latest price of Jiangsu quasi - first dry quenching coke is 1865.00, with no daily change, a weekly increase of 55.00, a monthly increase of 165.00, and a year - on - year decrease of 6.52% [2]. - The latest price of Inner Mongolia second - grade coke is 1330.00, with no daily change, a weekly increase of 50.00, a monthly increase of 150.00, and a year - on - year decrease of 8.28% [2]. 3.2 Production and Utilization Rate - The blast furnace operating rate is 88.58, with a weekly decrease of 0.22, a monthly decrease of 1.36, and no year - on - year change [2]. - The daily average iron water output is 236.28, with a weekly decrease of 0.60, a monthly decrease of 3.62, and a year - on - year increase of 0.20% [2]. - The coking capacity utilization rate is 71.10, with a weekly decrease of 0.74, a monthly decrease of 2.89, and a year - on - year decrease of 1.92% [2]. - The daily average coke output is 52.89, with a weekly decrease of 0.23, a monthly increase of 1.68, and a year - on - year increase of 2.74% [2]. 3.3 Inventory - The coking plant inventory is 43.44, with a weekly increase of 7.29, a monthly increase of 5.95, and a year - on - year increase of 7.87% [2]. - The port inventory is 193.00, with a weekly decrease of 5.80, a monthly decrease of 7.09, and a year - on - year increase of 8.93% [2]. - The steel mill inventory is 622.34, with a weekly decrease of 0.06, a monthly decrease of 10.82, and a year - on - year increase of 4.48% [2]. - The steel mill inventory days are 11.05, with a weekly decrease of 0.01, a monthly decrease of 0.02, and a year - on - year decrease of 3.75% [2]. 3.4 Futures Market - The latest price of futures contract 05 is 1789, with a daily increase of 3.00, a weekly decrease of 53.00, a monthly decrease of 81.00, and a year - on - year decrease of 11.00% [2]. - The latest price of futures contract 09 is 1852, with a daily increase of 4.50, a weekly decrease of 64.50, a monthly decrease of 105.00, and a year - on - year decrease of 10.19% [2]. - The latest price of futures contract 01 is 1632, with a daily decrease of 4.00, a weekly decrease of 66.00, a monthly decrease of 99.00, and a year - on - year decrease of 15.72% [2]. - The 05 basis is 175.97, with a daily decrease of 3.00, a weekly increase of 50.85, a monthly increase of 274.58, and a year - on - year increase of 105.53 [2]. - The 09 basis is 109.97, with a daily decrease of 4.50, a weekly increase of 62.35, a monthly increase of 298.58, and a year - on - year increase of 95.03 [2]. - The 01 basis is 332.97, with a daily increase of 4.00, a weekly increase of 63.85, a monthly increase of 292.58, and a year - on - year increase of 189.03 [2]. - The 5 - 9 spread is - 157.00, with a daily decrease of 7.00, a weekly decrease of 13.00, a monthly decrease of 18.00, and a year - on - year decrease of 83.50 [2]. - The 9 - 1 spread is - 66.00, with a daily decrease of 1.50, a weekly increase of 11.50, a monthly increase of 24.00, and a year - on - year decrease of 10.50 [2]. - The 1 - 5 spread is 223.00, with a daily increase of 8.50, a weekly increase of 1.50, a monthly decrease of 6.00, and a year - on - year increase of 94.00 [2].

Core Viewpoint - The construction of a clean culture in the new era is a foundational project that promotes the integration of not daring to corrupt, not being able to corrupt, and not wanting to corrupt, serving as an important guarantee for the healthy development of Guotai Junan Futures' various work [1] Group 1: Clean Culture Initiatives - The company has established the "Qingfeng" ideological work group to promote the implementation of clean culture, which includes creating the "Qingfeng Handbook," organizing "Qingfeng Hiking," hosting "Qingfeng Classes," and conducting "Qingfeng Talks" [1][2] - A "Qingfeng Handbook" has been compiled, incorporating the Constitution of the Communist Party of China, the Disciplinary Regulations, and ten typical disciplinary violation cases in the financial sector, distributed to all party members to enhance their awareness of integrity and self-discipline [1] - Regular "Qingfeng Hiking" activities are organized for party members and cadres to visit significant revolutionary sites, allowing them to learn and experience the party's original mission through practical activities [2] Group 2: Educational and Communication Efforts - The company conducts "Qingfeng Classes" at frontline units, where the party committee's deputy secretary and discipline inspection secretary lead teams to deliver warning education and clarify the party's disciplinary requirements and compliance expectations [2] - Face-to-face "Qingfeng Talks" are held by the party committee and discipline inspection to reinforce the importance of party discipline among key personnel, emphasizing compliance as a political, ideological, and action-oriented self-awareness [2]

Report Industry Investment Rating - Not provided in the content Core View - The US September non - farm employment report data is divergent, with new employment exceeding expectations while the unemployment rate reaching a four - year high, making it difficult to resolve internal differences within the Fed. The market continues to trade on the expectation that there will probably be no interest rate cut in December. Sino - Japanese disputes persist, and with the general decline in the Asia - Pacific market, the risk appetite in the market has decreased. Today, the stock index of the A - share market opened lower and trended downward as a whole. Under the rising risk - aversion sentiment, the large - cap stock index maintained a relative advantage. In the short term, due to the relatively dull policy news and the weakening of positive policy signals, the bottom support for the stock index is insufficient. Without obvious positive stimuli, the stock index is expected to continue to correct. With high external uncertainties, the risk - aversion sentiment in the market is difficult to ease, and the dominance of large - cap stock indices may continue [4] Market Review - Today, the stock index fell on heavy volume, and the large - cap stock index was relatively resistant to decline. Taking the CSI 300 index as an example, it closed down 2.44%. In terms of capital, the trading volume of the two markets increased by 2574.72 billion yuan. In the futures index market, IF and IH fell on light volume, while IC and IM fell on heavy volume [2] Important Information - The number of new non - farm jobs in the US in September was 1.19 million, far exceeding expectations. The employment figures for the previous two months were significantly revised down by 330,000, and the unemployment rate unexpectedly rose to 4.4%, a four - year high. "New Fed Wire": The September employment report fails to resolve internal differences within the Fed. The number of initial jobless claims in the US last week unexpectedly dropped to 220,000, and the number of continued claims was the highest in four years [3] Strategy Recommendation Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | - 2.64 | - 1.98 | - 3.37 | - 3.44 | | Trading volume (10,000 lots) | 16.6554 | 7.5314 | 19.3831 | 32.2669 | | Trading volume change compared to the previous period (10,000 lots) | 3.8268 | 1.7238 | 5.6263 | 11.1136 | | Open interest (10,000 lots) | 27.5889 | 9.5086 | 26.559 | 39.8785 | | Open interest change compared to the previous period (10,000 lots) | - 0.1995 | - 0.2689 | 0.9611 | 3.684 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | - 2.45 | | Shenzhen Component Index change (%) | - 3.41 | | Ratio of rising to falling stocks | 0.07 | | Trading volume of the two markets (billion yuan) | 19656.61 | | Trading volume change compared to the previous period (billion yuan) | 2574.72 | [6] Other Data Presentations - Presented data on the ratio of margin trading volume to A - share trading volume, cross - variety strength, and the premium/discount rate of IF, IH, IC, and IM, as well as the price - earnings ratios of the Shanghai Composite 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index [7][8][9][17]

Core Viewpoint - Nanhua Futures is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the Main Board of the Hong Kong Stock Exchange [1] Group 1 - The Hong Kong Stock Exchange Listing Committee will hold a listing hearing on November 20, 2025, to review the company's application for issuance and listing [1] - The exclusive sponsor for the company's issuance and listing has received a letter from the Hong Kong Stock Exchange on November 21, 2025, indicating that the Listing Committee has reviewed the company's application [1] - The letter from the Hong Kong Stock Exchange does not constitute formal approval for the listing, and the Exchange retains the right to provide further comments on the company's application [1]

Core Points - The Guangzhou Futures Exchange announced the implementation of a brand delivery system for palladium futures, with delivery starting on May 1, 2026 [1] - Delivery regions for palladium futures include Jiangsu, Jiangxi, Guangdong, Yunnan, Gansu, Hunan, Hebei, Fujian, Shanghai, and Beijing, with a delivery premium set at 0 yuan per gram across these regions [1] - Designated delivery warehouses for palladium futures include several companies such as Jinchuan Group Copper Co., Ltd. and Hunan Baidejin Metal Smelting Co., Ltd. [1] - Designated quality inspection institutions for palladium futures include Guoyan Testing Technology (Yunnan) Co., Ltd. and Nanjing Product Quality Supervision and Inspection Institute [1] - The delivery fee for palladium futures is set at 0.02 yuan per gram, with a storage fee of 1.8 yuan per kilogram per day [1] - The standard warehouse receipt transfer payment service fee is also 0.02 yuan per gram, with a temporary exemption on the transfer payment service fee [1]