Core Viewpoint - Nanhua Futures reported a significant decline in revenue for Q1 2025, with a 46.2% year-on-year drop to 534 million yuan, while net profit saw a slight increase of 0.13% to 85.7383 million yuan [1][2] Financial Performance - The revenue decline is attributed to the adoption of net method for revenue recognition in commodity trading, which does not affect net profit [2] - Core business performance is under pressure, with net commission income down 22.7% to 107 million yuan and net interest income down 20.5% to 143 million yuan [2] - Other business income fell by 60.9% to 270 million yuan, a decrease of 420 million yuan year-on-year [2] Wealth Management - As of the end of Q1, the asset management scale of Nanhua Fund decreased to 11.806 billion yuan, a drop of 45.2% year-on-year, primarily due to market fluctuations in the bond sector [2] Cost Management - The company managed to reduce management expenses from 172 million yuan to 156 million yuan, resulting in a net profit margin increase of 3.52% to 32% [2] Cash Flow - Operating cash flow saw a drastic decline of 354% to -11.758 billion yuan, with cash outflows related to operations increasing significantly [3] IPO and Capital Strategy - Nanhua Futures is accelerating its IPO process in Hong Kong, having submitted its application on April 17, aiming to enhance its capital structure and competitiveness in overseas markets [4] - The company views its overseas business as a crucial growth area, with overseas revenue reaching 654 million yuan in 2024, a 15.32% increase [4] - Since its A-share listing in 2019, Nanhua Futures has raised capital multiple times to support its expansion, including a recent 1.2 billion yuan convertible bond issuance plan [4][5] Overall Business Outlook - Despite profit growth, overall revenue has been declining, indicating a need for capital replenishment to expand overseas market operations [5]

Group 1: Report Summary - The report is a stock index daily report dated April 25, 2025, written by Wang Mengying and Liao Chenyue [3] - The market showed a pattern of mixed index performance, with the Shanghai Composite Index slightly down and the Shenzhen Component Index up, and increased trading volume [4][9] - The key information includes the release of the 2025 version of the Market Access Negative List and the Politburo meeting on April 25 [5] Group 2: Core View - The Politburo meeting's tone met market expectations but lacked substantial incremental policy stimulus, leading to a weakening of the stock index after the release of the meeting content [6] - The core of the domestic market trading is policy expectations and external tariff disturbances. A-shares are less sensitive to tariff policies, and domestic policies are likely to act according to tariff negotiations and economic data. The market is expected to be range-bound in the short term [6] Group 3: Strategy Recommendation - Hold positions and wait and see [7] Group 4: Futures Market Observation - The main contracts of IF, IC, and IM rose, while IH fell. IF had reduced trading volume, IH had increased trading volume, and IC and IM also had increased trading volume [4][8] - The trading volume of IF was 82,261 lots, IH was 44,094 lots, IC was 80,942 lots, and IM was 226,082 lots [8] - The positions of IF decreased by 1,275 lots, IH increased by 1,992 lots, IC increased by 1,475 lots, and IM increased by 6,288 lots [8] Group 5: Spot Market Observation - The Shanghai Composite Index fell 0.07%, the Shenzhen Component Index rose 0.39%, and the ratio of rising to falling stocks was 1.20 [9] - The total trading volume of the two markets was 111.3567 billion yuan, with an increase of 454.8 million yuan compared to the previous day [9]

Core Insights - The main contract of the CSI 1000 Index futures closed at 2506 with a slight increase of 0.43% as of April 25, 2025, with a trading volume of 147,700 contracts [1][2] - The total trading volume for all contracts reached 226,100 contracts, an increase of 17,000 contracts from the previous day [1][3] - The top 20 positions showed a net short position with a difference of 16,456 contracts [1] Group 1: Trading Volume and Positions - The total trading volume for the main contract was 147,700 contracts, with a total of 226,100 contracts traded across all contracts [1][3] - The top three long positions were held by Guotai Junan (46,262 contracts), CITIC Futures (43,911 contracts), and Guotou Futures (13,699 contracts) [1][4] - The top three short positions were held by CITIC Futures (62,366 contracts), Guotai Junan (43,334 contracts), and Haitong Futures (18,016 contracts) [1][4] Group 2: Changes in Positions - The top three long position increases were from CITIC Futures (1,143 contracts), Haitong Futures (811 contracts), and GF Futures (397 contracts) [1][3] - The top three long position decreases were from Hongye Futures (-382 contracts), CITIC Jiantou (-248 contracts), and Guotou Futures (-3 contracts) [1][3] - The top three short position increases were from Guotai Junan (764 contracts), Haitong Futures (560 contracts), and Guoxin Futures (431 contracts) [1][3] - The top three short position decreases were from Guotou Futures (-107 contracts), Yong'an Futures (-53 contracts), and Morgan Stanley (-41 contracts) [1][3]

策略 近期精炼镍现货的成交意愿降温，叠加60分钟线在126400附近出现顶背离现象，预估近期区间上沿是在 126000-128000，预估区间下沿是在122000附近，短期内或许会有回调，短线操作建议暂缓，回避系统性风险，中 长线仍然维持逢高卖出套保的思路。 单边：区间操作为主 跨期：无 跨品种：无 期现：无 期权：无 镍品种 市场分析 2025-04-24日沪镍主力合约2506开于126080元/吨，收于125770元/吨，较前一交易日收盘变化-0.10%，当日成交量 为151901手，持仓量为66699手。 沪镍主力合约2506早盘全天延续小幅震荡，日线收小阴线。06主力合约受换月的影响成交量对比上个交易日继续 有大幅度的增加，持仓量也有所增加。从量能方面来看，日线MACD的红柱面积未有继续放大，短周期内的上行 趋势放缓，60分钟线在126400附近出现顶背离现象，叠加近期沪镍盘面清明后的上行趋势已超9个交易日。现货市 场方面，金川镍早盘报价较上个交易日上调约25元/吨，市场主流品牌报价涨跌不一。多数下游在上周前已是超配 备货状态，市场刚需采购的力度有所减弱，精炼镍现货成交整体仍然未见起色，升贴水由于主力 ...

华夏时报记者张玫帅可聪北京报道 《华夏时报》记者近日联系了券商、基金、期货、资管等多个行业的几十位从业者了解情况。记者发 现，上述现象背后，折射出的是金融行业薪酬预期下调、职业稳定性减弱、基层岗位内卷加剧等多重困 境。 "我身边有工作5年以内的同事考上了金融监管系统的公务员岗位，但更多人考了三年还没'上岸'。"某 券商投行部从业者透露。这场由"90后""95后"基层从业者主导的职业迁徙潮，正在撕开金融业"金领"光 环的裂缝。 正在准备考公的公募基金人士小李对《华夏时报》记者袒露心声："金融行业薪酬在下降，随着年龄的 增长，未来会面对残酷的优胜劣汰，所以想寻找更稳定的岗位和薪酬。" 大多从业不到五年 "一二线城市金融行业基层员工的综合收入哪会比公务员好？"一位私募人士向《华夏时报》记者道出其 中关键。 "我身边还真的有同事考公上岸了，不过是年轻的同事，工作大概5年以内吧，也是考去了金融系统的公 务员岗位。"一位券商人士对《华夏时报》记者表示。 近期，金融行业从业者"转行"考公务员的消息火爆。根据上海市2025年度考试录用公务员第一批拟录用 名单，有二十余位"金融圈人士"获得录取，其中包括十余位券商人士、多位银行 ...

Report Summary 1. Report Industry Investment Rating - The report maintains a cautiously optimistic view and recommends cautious long - positions [6][7] 2. Core View - The attitude of US tariff policy is inconsistent, but the sensitivity of the A - share market to tariff policy has weakened. Without a substantial policy shift, it is difficult to have a significant impact on domestic stock indices. The core of market trading focuses more on domestic policy expectations [6] - Positive policy expectations support the index under the guidance of domestic policies. Attention should be paid to the Politburo meeting at the end of April. If substantial favorable policies are released, the index is expected to rise [6] - Market sentiment is not overly optimistic. The historical quantile of the volume - weighted average basis of stock index futures, except for IH, is below 5%. The trading volume of the two markets has declined again, and market sentiment is cautious. Before the implementation of policy benefits, a cautiously optimistic view is maintained [6] 3. Summary by Related Catalogs Market Review - Today, stock indices showed mixed performance. Except for the Shanghai 50 Index, all other indices closed down. The trading volume of the two markets decreased by 1206.95 billion yuan. In the futures index market, IF and IH rose with reduced volume, while IC and IM fell with reduced volume [4] Important Information - Trump said he might "significantly reduce" tariffs on China, and the Chinese Foreign Ministry stated that China will fight if provoked and is open to talks. The US Treasury Secretary caused fluctuations in the US stock market, mentioning "significant" trade agreement opportunities and also stating that the US has not proposed tariff reduction [5] Strategy Recommendation - Recommend cautious long - positions [7] Futures Market Observation | Index | Main Contract Intraday Change | Volume | Volume MoM | Open Interest | Open Interest MoM | | --- | --- | --- | --- | --- | --- | | IF | 0.07% | 8.3579 | - 0.055 | 246,898 | - 890 | | IH | 0.32% | 4.1283 | 0.0782 | 80,085 | - 610 | | IC | - 0.31% | 7.5303 | - 1.1813 | 203,548 | - 4,910 | | IM | - 0.90% | 20.9041 | - 1.6265 | 316,470 | - 2,832 | [8] Spot Market Observation | Indicator | Value | | --- | --- | | Shanghai Composite Index Change (%) | 0.03 | | Shenzhen Component Index Change (%) | - 0.58 | | Ratio of Rising to Falling Stocks | 0.42 | | Trading Volume of the Two Markets (billion yuan) | 11,090.19 | | Trading Volume MoM (billion yuan) | - 1206.95 | [9]

Group 1: Financial Performance - In Q1 2025, the company reported operating revenue of 533.71 million yuan, a decrease of 46.20% year-on-year [1] - The net profit attributable to shareholders was 85.74 million yuan, showing a slight increase of 0.13% compared to the same period last year [1] - The basic earnings per share remained stable at 0.14 yuan [1] Group 2: Business Operations - The company is in the process of applying for a listing on the Hong Kong Stock Exchange, which would make it the second "A+H" listed futures company in China if successful [2] - Established in 1996, the company is a leading global financial service provider focused on futures and derivatives [2] Group 3: Revenue Sources - Adjusted operating revenues for the years 2022, 2023, and 2024 were 954 million yuan, 1.29 billion yuan, and 1.36 billion yuan respectively [3] - Interest income from client funds accounted for a significant portion of net interest income, with figures of 312.96 million yuan, 536.91 million yuan, and 644.12 million yuan for the years 2022, 2023, and 2024, representing 95.8%, 98.4%, and 94.5% of net interest income respectively [4] - The company generated net investment income of 85.80 million yuan, 38.90 million yuan, and 27.90 million yuan for the years 2022, 2023, and 2024, with declines of 54.23% and 28.28% in 2023 and 2024 respectively [5]

Report Industry Investment Rating - No relevant content found Core Viewpoints - The supply pressure of soybeans in the second quarter has been continuously postponed due to the tightening of port clearance, but the subsequent main logic lies in the expectation of accelerated oil mill start - up under the high supply pressure compared to previous years. The current tight spot - market logic is expected to ease gradually after the May Day holiday, and oil mills will focus on quickly realizing profits. In the medium - to - long - term, after trading the reality of soybean meal 05, the fundamental logic will return to the new US soybean planting and trade - war negotiation situations [4] - There are both positive and negative factors in the market. Positive factors include the continuous decline of oil mill soybean meal inventory to a new low in recent years due to port clearance delays, strong long - term bullish sentiment under tariff disturbances, and the cost - side support of Brazilian export premiums for long - term contracts. Negative factors include smooth supply after subsequent soybean arrivals, cautious long - term stocking mentality on the demand side, large expected soybean arrivals in April, May, and June, relatively small supply pressure of rapeseed meal in the first half of the year but limited upside due to medium - to - high inventory, and a market situation of high prices but few transactions due to lack of bargaining power [5][6][8] Summary by Relevant Catalogs 1. Oil Price Range Forecast - The monthly price range forecast for soybean meal is 2800 - 3300, with a current 20 - day rolling volatility of 20.7% and a 3 - year historical percentile of 68.5%. The monthly price range forecast for rapeseed meal is 2450 - 2750, with a current volatility of 0.3107 and a 3 - year historical percentile of 0.819 [3] 2. Oil Hedging Strategy - For traders with high protein inventory worried about falling meal prices, they can short soybean meal futures (M2509) according to their inventory, with a 25% hedging ratio and an entry range of 3300 - 3400 to lock in profits and cover production costs [3] - For feed mills with low regular purchase inventory, they can buy soybean meal futures (M2509) at present, with a 50% hedging ratio and an entry range of 2850 - 3000 to lock in purchase costs in advance [3] - For oil mills worried about excessive imported soybeans and low soybean meal selling prices, they can short soybean meal futures (M2509) according to their own situation, with a 50% hedging ratio and an entry range of 3100 - 3200 to lock in profits and cover production costs [3] 3. Oil Futures Prices - The closing price of soybean meal 01 is 3063 with no change; soybean meal 05 is 2984 with no change; soybean meal 09 is 3048, down 6 or 0.2%. The closing price of rapeseed meal 01 is 2432, up 11 or 0.45%; rapeseed meal 05 is 2572 with no change; rapeseed meal 09 is 2679, up 21 or 0.79%. The closing price of CBOT yellow soybeans is 1051.5 with no change, and the offshore RMB is 7.3086, up 0.017 or 0.23% [9] 4. Soybean and Rapeseed Meal Price Differences - The price differences between different contracts of soybean meal and rapeseed meal, as well as the spot prices and basis of soybean meal in Rizhao and rapeseed meal in Fujian, and the spot and futures price differences between soybean and rapeseed meal are presented. For example, the M01 - 05 soybean meal price difference is 79, down 3; the RM01 - 05 rapeseed meal price difference is - 140, down 12 [10] 5. Oil Import Costs and Crushing Profits - The import costs and profits of US Gulf soybeans, Brazilian soybeans, and Canadian rapeseeds are provided. For example, the import cost of US Gulf soybeans (47%) is 5387.2134 yuan/ton, down 22.8153 yuan/ton; the import profit of Brazilian soybeans is 345.3903 yuan/ton, up 46.0531 yuan/ton [11]

1. Report Industry Investment Rating - The report maintains a cautiously optimistic view and recommends cautious long - positions [6][7] 2. Core View - The US Treasury Secretary indicated an intention to ease the tariff situation, but the domestic market has become "immune" to tariff policies. The current market trading core focuses more on domestic policy expectations. Positive policy expectations under domestic policy guidance support the index to some extent. However, judging from the futures - spot basis of stock index futures, market sentiment is not optimistic, with the historical percentile of the volume - weighted average basis of stock index futures, except for IH, being below 5%. Attention should be paid to the Politburo meeting at the end of April. If substantial favorable policies are released, the index is expected to rise. Before that, a cautiously optimistic view is maintained [6] 3. Summary by Relevant Catalogs Market Review - Today, the stock index was mainly volatile. Taking the CSI 300 as an example, it closed up 0.08. In terms of funds, the trading volume of the two markets increased by 13.9712 billion yuan. Among stock index futures, IH declined with increasing volume, while other varieties rose with increasing volume [4] Important Information - A package of policies to expand domestic demand is on the way! Guangdong, Shanghai and other places are planning to introduce the "Special Action Plan to Boost Consumption". The US Treasury Secretary Yellen said at a closed - door investor meeting on April 22 that the tariff deadlock is unsustainable, and the situation is expected to ease in the near future [5] Strategy Recommendation - Cautiously go long [7] Stock Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday gain/loss | 0.03% | - 0.38% | 0.16% | 0.87% | | Volume | 8.4129 | 4.0501 | 8.7116 | 22.5306 | | Volume MoM | 1.7351 | 0.4849 | 1.4745 | 2.2728 | | Open interest | 247,788 | 80,695 | 208,458 | 319,302 | | Open interest MoM | 3,049 | 1,842 | 7,911 | 5,569 | [8] Stock Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index gain/loss (%) | - 0.10 | | | Shenzhen Component Index gain/loss (%) | 0.67 | | | Ratio of rising to falling stocks | 1.55 | | | Trading volume of the two markets (billion yuan) | 122.9714 | | | Trading volume MoM (billion yuan) | 13.9712 | [9]

智通财经4月23日电，上期所发布通知，经研究决定，自2025年4月25日交易（即4月24日晚夜盘）起： 黄金期货AU2506合约交易手续费调整为20元/手，日内平今仓交易手续费调整为20元/手。 ...