对于营收下滑的原因，多家期货公司在半年报中提到了"净额法"的影响。特别是永安期货，明确指出由 于采用了新的收入确认规则，导致营收同比下滑。但这一调整并不影响业务的盈亏状况，只是改变了财 务报表的列示口径。 净利润方面，瑞达期货以高达66.49%的增幅领跑，南华期货也实现了正增长。而永安期货和弘业期货 则分别出现了44.69%和128.17%的下滑。特别是弘业期货，上半年净利润亏损360.56万元，显示出公司 经营面临的严峻挑战。 2025年中期业绩揭晓，A股上市期货公司表现各异。 随着2025年上半年的财务报告陆续发布，A股市场上的四家期货公司——南华期货、弘业期货、瑞达期 货和永安期货的业绩情况逐一呈现。据统计，这四家公司上半年合计实现营业收入80.27亿元，归属于 母公司股东的净利润总计6.25亿元。 然而，深入观察可以发现，这四家公司的业绩表现呈现出显著的分化趋势。瑞达期货成为唯一一家在营 收和净利润上均实现增长的期货公司。相比之下，南华期货虽然净利润有所微增，但营业收入却大幅下 滑；永安期货和弘业期货则更为惨淡，不仅营收大幅下滑，净利润也遭遇重创，特别是弘业期货，甚至 出现了亏损。 对于这种业绩分化， ...

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core View - The report suggests a band - trading approach. It notes that on September 3, 2025, treasury bond futures rebounded as expected. Given the current situation where the 10 - year treasury bond yield has returned to 1.75% and the bond market lacks catalytic factors, caution should be exercised regarding the further upside potential. It advises against chasing high prices, setting profit - taking when bottom - fishing, and keeping a small long position at low levels [1][2]. Summary by Relevant Content 1. Market Performance - On Wednesday, treasury bond futures opened higher, rose in the morning and then declined, fluctuated in the afternoon, and rose again at the end of the session, with all varieties closing up. Spot bond yields generally declined. There was a net withdrawal of 150.8 billion from the open market, and the funds were loose with DR001 at 1.31% [1]. - The A - share market continued to decline with a large adjustment range on this day. The morning rebound in the stock market reduced the bond market's gains, but the stock market's inability to stop the decline in the afternoon led to an expansion of the bond market's gains at the end of the session. The stock market had a volume - shrinking adjustment, and if it enters a range - bound state in the future, its impact on the bond market will gradually weaken [2]. 2. Contract Data | Contract | 2025 - 09 - 03 Price | 2025 - 09 - 02 Price | Price Change | 2025 - 09 - 03 Position (Lots) | 2025 - 09 - 02 Position (Lots) | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.44 | 102.41 | 0.03 | 75575 | 74372 | 1203 | | TF2512 | 105.69 | 105.55 | 0.14 | 139553 | 138200 | 1353 | | T2512 | 108.12 | 107.93 | 0.19 | 213046 | 205357 | 7689 | | TL2512 | 117.03 | 116.61 | 0.42 | 142705 | 140312 | 2393 | | TS Basis (CTD) | - 0.0225 | - 0.04 | 0.0175 | TS Main Contract Trading Volume (Lots) | 25604 | 21492 | 4112 | | TF Basis (CTD) | 0.0846 | 0.0256 | 0.059 | TF Main Contract Trading Volume (Lots) | 62433 | 52692 | 9741 | | T Basis (CTD) | 0.4403 | 0.3548 | 0.0855 | T Main Contract Trading Volume (Lots) | 86857 | 60757 | 26100 | | TL Basis (CTD) | 0.7408 | 0.5696 | 0.1712 | TL Main Contract Trading Volume (Lots) | 156936 | 116176 | 40760 | [3] 3. Other Information - U.S. technology stocks led the decline in the U.S. stock market, and the 30 - year treasury bond yields of the UK, Germany, and France reached multi - year highs. Gold futures broke through $3600, hitting a record high [2]. - Trump stated that he would request the Supreme Court to make a "quick ruling" on the global tariff case. If he wins, the stock market will rise sharply; otherwise, it will experience a huge shock. Bessent predicted that the Supreme Court would support Trump's tariff policy but was also considering alternative plans [2].

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/9/2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 宏观金融研究中心 白素娜 | | | | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2510 | AG2510 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 - | | | | | | | | | | | 格跟踪 (本表数 | 2025/9/1 | 3478. 93 | 40. 52 | 3546. 90 | 41. 37 | 800. 56 | 9775.00 | 796. 65 | 9747.00 | | 据来 ...

南华豆一产业风险管理日报 2025/09/02 边舒扬（投资咨询证号：Z0012647） 康全贵（从业资格证号：F03148699） 投资咨询业务资格：证监许可【2011】1290号 豆一风险策略 | 行为导 | 情景分析 | 现货敞 | 策略推荐 | 套保工具 | 买卖方 | 套保比 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | | 口 | | | 向 | 例 | | | 库存管 理 | 种植主体，秋季收获新豆售粮需求较大，但阶段性卖压较 大使价格承压 | 多 | 借助期价反弹，适当锁定种植利润，做空豆一期货 | A2511 | 空 | 30% | 4000-4050 | | 库存管 | 集中上市，卖方议价权减弱 | 多 | 卖出看涨期权，提高售粮价格 | A2511-C-40 50 | 卖出 | 30% | 50-60 | | 理 | | | | | | | | | 采购管 | 担心原粮价格上涨，增加采购成本 | 空 | 价格下跌概率较大，中期等待采购现货为主，关注远 | A2603，A26 | 多 | - | 等待秋 ...

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints - The near - term spot price range of caustic soda is relatively stable with no obvious price cuts. The delivery volume of downstream alumina plants continues to increase, but the price remains stable. Alkali plants keep reducing inventory, though the slope slows down. Supply output decreases slightly due to maintenance, which is a normal fluctuation. The cost remains stable, and the chlor - alkali profit stays above 300. Non - aluminum downstream is in the transition between the off - season and peak season, and the non - aluminum rigid demand is expected to increase seasonally. The future market should continue to focus on the spot rhythm, the strength of the peak season, and the downstream restocking enthusiasm [3]. Group 3: Summary by Related Catalogs Caustic Soda Price Range Forecast - The monthly price range forecast for caustic soda is 2500 - 2900. The current 20 - day rolling volatility is 23.49%, and the current volatility's historical percentile over 3 years is 49.4% [2]. Caustic Soda Risk Management Strategy Suggestions Inventory Management - When the finished product inventory is high and there is a concern about caustic soda price decline, to prevent inventory depreciation losses, enterprises can short caustic soda futures according to their inventory to lock in profits and cover production costs. The recommended contract is SH2601, with a selling position and a hedging ratio of 50%, and the suggested entry range is 2800 - 2850. They can also sell call options to collect premiums and reduce costs. If the caustic soda price rises, the spot selling price can be locked. The recommended option is SH601C3000, with a selling position, a hedging ratio of 50%, and the suggested entry range is 70 - 80 [2]. - When the purchase of regular inventory is low and there is a need to purchase according to orders, to prevent the caustic soda price from rising and increasing procurement costs, enterprises can buy caustic soda futures at present to lock in procurement costs in advance. The recommended contract is SH2601, with a buying position, a hedging ratio of 50%, and the suggested entry range is 2600 - 2650. They can also sell put options to collect premiums and reduce procurement costs. If the caustic soda price falls, the spot purchase price can be locked. The recommended option is SH601P2600, with a selling position, a hedging ratio of 50%, and the suggested entry range is 70 - 80 [2]. Caustic Soda Futures Price and Spread - On September 2, 2025, compared with September 1, 2025, the price of the caustic soda 05 contract increased by 35 to 2794, with a daily increase of 1.27%; the 09 contract increased by 40 to 2528, with a daily increase of 1.61%; the 01 contract increased by 65 to 2735, with a daily increase of 2.43%. The 5 - 9 spread decreased by 5 to 266; the 9 - 1 spread decreased by 25 to - 207; the 1 - 5 spread increased by 30 to - 59. The 05 - contract basis (Shandong Jinling) decreased by 35 to - 107; the 09 - contract basis decreased by 40 to 160; the 01 - contract basis decreased by 65 to - 48 [3]. Factory - Gate Prices of Different Caustic Soda Products - On September 1, 2025, for 32% caustic soda, among different brands in Shandong, Jinling's price was 2688 (unchanged), Haihua's was 2906 (unchanged), Lutai's increased by 62.5 to 2875 with a daily increase of 2.2%, and Hengtong's was 2781 (unchanged). In other regions, Jiangsu Xinyu's was 3125 (unchanged), Jiangsu Jinqiao's was 2775 (unchanged), Zhejiang Zhenyang's was 3419 (unchanged), and Shaanxi Beiyuan's was 3600 (unchanged). For 50% caustic soda, Jinling's price was 2620 (unchanged), Lutai's increased by 40 to 2760 with a daily increase of 1.5%, and Beiyuan's was 3420 (unchanged) [5]. Flake Caustic Soda Market Prices - On September 1, 2025, compared with August 29, 2025, flake caustic soda prices in different regions remained unchanged. In Shandong, it was 3400; in North China, it was 3564; in Southwest China, it was 3590; in Central China, it was 3540; in East China, it was 3590; in Northwest China, it was 3200 [6]. Caustic Soda Grade/Regional Spreads - On September 1, 2025, compared with August 29, 2025, most caustic soda grade/regional spreads remained unchanged. Shandong 50% caustic soda - 32% caustic soda was - 68 (unchanged); Jiangsu 49% caustic soda - 32% caustic soda was 13 (unchanged); Jiangsu 48% caustic soda - 32% caustic soda was 94 (unchanged); Northwest 99% caustic soda - 50% caustic soda was 382 (unchanged); Jiangsu - Shandong (32% caustic soda converted to 100%) was - 6 (unchanged); 50% caustic soda (Jiangsu - Shandong) was 137 (unchanged), and 50% caustic soda (Guangdong - Shandong) increased by 10 to 430 [6]. Seasonal Patterns of Caustic Soda Futures Spreads and Basis - The document provides seasonal charts of caustic soda futures spreads (09 - 11, 11 - 01, 01 - 03, 09 - 01) and basis (09 - contract and 01 - contract in Shandong) over different years (2023, 2024, 2025) [6][7][8].

南华豆一产业风险管理日报 2025/09/01 边舒扬（投资咨询证号：Z0012647） 康全贵（从业资格证号：F03148699） 投资咨询业务资格：证监许可【2011】1290号 豆一风险策略 | 行为导 向 | 情景分析 | 现货敞 口 | 策略推荐 | 套保工具 | 买卖方 | 套保比 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 向 | 例 | | | 库存管 理 | 种植主体，秋季收获新豆售粮需求较大，但阶段性卖压较 大使价格承压 | 多 | 借助期价反弹，适当锁定种植利润，做空豆一期货 | A2511 | 空 | 30% | 4000-4050 | | 库存管 理 | 集中上市，卖方议价权减弱 | 多 | 卖出看涨期权，提高售粮价格 | A2511-C-40 50 | 卖出 | 30% | 50-60 | | 采购管 理 | 担心原粮价格上涨，增加采购成本 | 空 | 价格下跌概率较大，中期等待采购现货为主，关注远 期采购管理 | A2603，A26 05 | 多 | - | 等待秋季价格 指引 ...

南华期货沥青风险管理日报 2025年8月29日 凌川惠（投资咨询证号：Z0019531） 投资咨询业务资格：证监许可【2011】1290号 沥青价格区间 | 品种 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 沥青主力合约 | 3400-3750 | 22.30% | 8.95% | source： wind,南华研究,同花顺 沥青风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 套保比例（%） 建议入场区间 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心沥青价格 | 多 | 为了防止存货叠加损失，可以根据企业的库存情况，做空 | bu2512 | 卖出 | 25% | 3650-3750 | | | 下跌 | | 沥青期货来锁定利润，弥补企业的生产成本 | | | | | | 采购管理 | 采购常备库存偏低，希望根据订 | 空 | 为了防止沥青价格上涨 ...

南华油品发运数据周报 ——亚丁湾油轮发运大增，当周BDTI运价指数涨幅扩大 傅小燕 （投资咨询证号：Z0002675） 投资咨询业务资格：证监许可【2011】1290号 2025年8月29日 一、摘要 当周（8月25日~8月28日）BDTI原油运价指数收于1043点，环比上涨1.36%（涨幅扩大），同比上涨 14.48%（涨幅扩大）。 截至8月22日当周，发运量"三增一降"。美国增54.34%、俄罗斯增0.27%、沙特减14.1%、阿联酋增 10%。 截至8月27日，区域船舶通行量上，红海区域原油船舶、亚丁湾区域原油船舶均明显增加。 上周美国、俄罗斯以及阿联酋原油发运量大幅增加，支撑BDTI运价指数上涨。当周主要海域油轮通行量大幅 增加，说明中东原油发运量环比大幅增加，支撑BDTI运价指数涨幅扩大。 重要事件关注：美联储降息预期 二、BDTI原油运价指数走势：当周运价同比/环比涨幅扩大 截至2025年8月28日，BDTI原油运价指数收于1043点，环比上涨1.36%，同比上涨14.48%。 从季节性走势看，当周运价维稳上涨，与2024同期拉开差距。 波罗的海运费指数：原油（BDTI） 波罗的海运费指数：原油（ ...

本报讯8月28日晚间，A股上市公司中信证券公布半年报，披露了其子公司中信期货上半年的经营情 况。截至2025年6月底，中信期货注册资本76亿元，总资产约2093.35亿元，净资产约145.26亿元。2025 年上半年，中信期货营业收入约18.32亿元，净利润约5.02亿元。(齐宣) ...

南华干散货运输市场日报 —当日，巴西&俄罗斯农产品发运大增，支撑巴拿马型船&大灵便型船需求，运价涨幅扩 大 2025年08月28日 傅小燕 （投资咨询证号：Z0002675） 一、总结 当周BDI运输市场走势开始回暖，一方面得益于BCI运价指数由跌转涨，另一方面BPI、BSI、BHSI运价指数继 续上涨。其中BPI运价指数周环比涨幅超12%。 从主要港口船舶停靠数量、商品发运、用船需求去看：农产品发运需求大增，尤其是巴西发运非常好。农产 品中玉米、小麦和大豆发运需求大增，支撑巴拿马型船、（大）灵便型船用船需求；工业品相对逊色一些， 煤炭和铁矿石发运环比小幅回落。 BCI期现货价格比较 source： 同花顺,南华研究,路透 美元/天 BCI运价指数(右轴) BCI-C10_14航线运价 24/02 24/04 24/06 24/08 24/10 24/12 25/02 25/04 25/06 0 2000 4000 20000 40000 二、现货指数回顾 2.1.BDI运价指数分析：BPI运价指数继续扩大 8月27日数据显示，BDI综合运价指数及其分船型运价指数周环比全部上涨，其中BPI运价指数涨幅超12% ...