南华商品指数：黑色板块领涨，能化板块领跌 王怡琳 2026-03-17 17:06:38 摘要：依照相邻交易日的收盘价计算，今日南华综合指数下跌-0.39%。板块指数中，涨幅最大的板块是南华黑色指 数，上涨0.29%，涨幅最小的板块是南华金属指数，涨幅为0.16%，跌幅最大的板块是南华能化指数，跌幅 为-0.95%，跌幅最小的板块是南华贵金属指数，跌幅为-0.11%。 主题指数中，涨幅最大的主题指数是黑色原材料指 数，上涨0.4%，涨幅最小的主题指数是建材指数，涨幅为0.2%，跌幅最大的主题指数是石油化工指数，跌幅 为-1.21%，跌幅最小的主题指数是煤制化工指数，跌幅为-0.35%。 商品期货单品种指数中 > 南华期货 gger mind, Bigger fortur 智慧创造财富 南华商品指数日报 2026年3月17日 南华商品指数市场数据 智慧创造财富 -0.07% | 今收盘 | 昨收盘 | 年化波动率 | 点数 | 日幅 | 年化收益率 | Sharpe | 指数名称 | Points | Today Close | Pre. Close | దిని | ARR | An. Vol | Ratio ...

南华商品指数：石油化工领涨，建材领跌 王怡琳 摘要：依照相邻交易日的收盘价计算，今日南华综合指数上涨0.11%。板块指数中，涨幅最大的板块是南华能化指 数，上涨1.3%，涨幅最小的板块是南华有色金属指数，涨幅为0.04%，跌幅最大的板块是南华贵金属指数，跌幅 为-1.95%，跌幅最小的板块是南华金属指数，跌幅为-0.07%。 主题指数中，涨幅最大的主题指数是石油化工指数， 上涨2.72%，涨幅最小的主题指数是经济作物指数，涨幅为0.45%，跌幅最大的主题指数是建材指数，跌幅 为-0.15%，跌幅最小的主题指数是油脂油料指数，跌幅为-0.03%。 商品期货单品种指数 > 南华期货 ligger mind, Bigger fortun 南华商品指数日报 南华商品指数日报 2026年3月16日 | | | | 南华商品指数市场数据 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指数名称 | 今收费 | 昨收费 | 点数 | 日 概 | 年化收益率 | 年化波动室 | Sharpe | | | Today Close | Pre. Clos ...

南华商品指数：贵金属领涨，能化领跌 王怡琳 南华商品指数市场数据 2319.22 4058.30 2257.19 4179.67 7216.83 20.65% ter the Break Comment 依照相邻交易日的收盘价计算，今日南华综合指数下跌 -2.1% 为0.19%，跃幅最大的板块是南华舱化指数，胶幅为-5.5%。 主题指数中，所有主题指数均有所下跌，并与共产党主要 w块指数中，涨幅是 75%，涨幅最小的板块是直华金属指数 t，跌幅为~5.1%，跌幅最小的板块是南华黑色指数， 其中跌幅最大的主题指数是舵源捆数，跌幅为~7.91%； 钟指数是白级，上涨5.62%，跌幅最大的商品期货单品3 2026-03-10 16:55:27 摘要：依照相邻交易日的收盘价计算，今日南华综合指数下跌-2.1%。板块指数中，涨幅最大的板块是南华贵金属指 数，上涨2.75%，涨幅最小的板块是南华金属指数，涨幅为0.19%，跌幅最大的板块是南华能化指数，跌幅 为-5.1%，跌幅最小的板块是南华黑色指数，跌幅为-0.8%。 主题指数中，所有主题指数均有所下跌，其中跌幅最大 的主题指数是能源指数，跌幅为-7.91%；跌幅最小的 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 3.89% today. Among the sector indices, only the Nanhua Precious Metals Index fell by -0.01%, while the rest of the sectors rose. The sector with the largest increase was the Nanhua Energy and Chemical Index, with a gain of 7.04%, and the sector with the smallest increase was the Nanhua Non - ferrous Metals Index, with a gain of 0.18%. All theme indices rose, with the Energy Index having the largest increase of 12.08% and the Economic Crops Index having the smallest increase of 0.24%. Among the single - variety indices of commodity futures, the single - variety index with the largest increase was the European Line, rising 15.39%, and the single - variety index with the largest decline was Tin, with a decline of -2.47% [1][3] Group 3: Summary by Directory Market Data of Nanhua Commodity Index - The closing price of the Nanhua Composite Index (NHCl) today was 3118.32, up 116.62 points or 3.89% from yesterday, with an annualized return of 21.91%, an annualized volatility of 14.72%, and a Sharpe ratio of 1.49. The Nanhua Precious Metals Index (NHPMI) closed at 2257.19, down 0.13 points or -0.01%, with an annualized return of 103.84%, an annualized volatility of 31.79%, and a Sharpe ratio of 3.27. Other indices also had their respective closing prices, point changes, percentage changes, annualized returns, annualized volatilities, and Sharpe ratios [3] Agricultural Products Sector - In the agricultural products sector, the Nanhua Agricultural Products Index (NHAI) closed at 1114.15, up 22.12 points or 2.03%. Some single - variety indices in the agricultural products sector had the following percentage changes: Palm Oil rose 5.45%, Rapeseed Oil rose 2.98%, Rapeseed rose 3.81%, Sesame Seeds rose 2.49%, Corn rose 0.08% [3][9] Energy and Chemical Sector - The Nanhua Energy and Chemical Index (NHECI) closed at 1981.47, up 130.24 points or 7.04%. Some single - variety indices in the energy and chemical sector had the following percentage changes: Synthetic Ammonia rose 9.44%, LPG rose 6.13%, Aromatics rose 4.05%, Low - sulfur Fuel Oil rose 12.12% [3][12] Black Sector - The Nanhua Black Index (NHFI) closed at 2555.81, up 32.62 points or 1.29%. Some single - variety indices in the black sector also had their respective percentage changes [3]

Geopolitical Risks - Short-term geopolitical conditions remain a key variable affecting asset prices, with uncertain prospects ahead[1] - The upcoming Iranian Supreme Leader election may significantly influence the direction of the conflict, potentially leading to increased volatility[1] - The U.S. administration, facing midterm election pressures, has strong incentives to expedite negotiations to end the conflict, but may be constrained by Iran's response capabilities[1] Market Performance - For the week of March 2-8, 2026, major global stock markets experienced declines: Shanghai Composite down 0.93%, S&P 500 down 2.02%, and Nikkei 225 down 5.33%[12] - Commodity prices showed mixed results, with IPE Brent crude futures rising by 28.68% and COMEX copper falling by 3.69%[12] Economic Indicators - The U.S. non-farm payrolls saw a significant drop of 92,000 jobs in February, with the unemployment rate rising to 4.4%, exceeding expectations[13] - Despite the employment decline, the ISM manufacturing PMI remained robust at 52.4%, indicating continued economic strength[13] - In the Eurozone, manufacturing PMI improved to 50.8%, while service PMI was at 51.8%, suggesting moderate economic recovery[14] Risk Factors - The geopolitical risks in the Middle East present high uncertainty in the short term, which could impact market stability[19] - Potential new tariff risks may arise following the Trump administration's legal challenges regarding equal tariffs[19]

南华商品指数：有色板块领涨，能化板块下跌 王怡琳 2026-02-27 17:05:58 摘要：依照相邻交易日的收盘价计算，今日南华综合指数上涨0.46%。板块指数中，只有南华能化指数，下 跌-0.1%，其余板块均是上涨，涨幅最大的板块是南华有色金属指数，涨幅为0.97%，涨幅最小的板块是南华黑色指 数，涨幅为0.2%。 主题指数中，涨幅最大的主题指数是迷你综合指数，上涨0.48%，涨幅最小的主题指数是经济作 物指数，涨幅为0.1%，跌幅最大的主题指数是煤制化工指数，跌幅为-0.83%，跌幅最小的主题指数是建材指数，跌 幅为-0.09%。 商品期货单品种指数中，涨幅最大的单品种指数是锡，上涨9.07%，跌幅 > 南华期货 igger mind, Bigger fortur 智慧创造财富 南华商品指数日报 南华商品指数日报 2026年2月27日 综铜油 0.76% 0.13% 菜籽油 0.00% 】 0.34% → 油菜籽 1.66% 菜籽柏 −0.39% 玉米 0.77% - - 定粉 注: (1) 文中的涨跌幅为(今日收盘价)与昨日收盘价)与昨日收盘价的比值: 文中的贡献度为深跌幅和权重的乘积; (2) 南 ...

Group 1 - The report indicates that in January 2026, domestic asset BL strategy 1 achieved a return of 1.55%, while strategy 2 achieved 1.65%. The risk parity strategy yielded 0.94%, and the macro factor-based strategy returned 1.4% [1][4][19]. - The performance of major asset classes in January 2026 showed that gold led the gains with an increase of 18.48%, followed by the CSI 1000 at 8.68%, and the Nanhua Commodity Index at 8.61% [7][8]. - The report highlights the correlation between various asset classes, noting that the correlation between the CSI 300 and the total wealth index of government bonds was -32.28%, indicating a potential for diversification [13][15]. Group 2 - The macroeconomic outlook as of January 2026 shows a manufacturing PMI of 49.3%, indicating a contraction, while the non-manufacturing PMI also fell to 49.5%, suggesting a weak economic recovery [43]. - Inflation indicators show that the CPI rose by 0.8% year-on-year in December 2025, with expectations for a further increase to around 0.47% in January 2026 due to seasonal effects [44]. - The report discusses liquidity conditions, stating that the banking system remains "reasonably ample and slightly loose," which is expected to support economic stabilization in the first quarter [46]. Group 3 - The domestic asset BL strategy 1 has a maximum drawdown of 0.23% and an annualized volatility of 2.54%, while strategy 2 has a maximum drawdown of 0.35% and an annualized volatility of 2.64% [20][30]. - The risk parity strategy has a return of 0.94% with a maximum drawdown of 0.24% and an annualized volatility of 1.43%, indicating its stability compared to other strategies [39]. - The macro factor-based asset allocation strategy achieved a return of 1.4% with a maximum drawdown of 0.5% and an annualized volatility of 2.73%, reflecting its effectiveness in the current market environment [47].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Calculated based on the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.93% today [1][3]. - Among the sector indices, only the Nanhua Precious Metals Index fell by -0.36%, while the rest of the sectors rose. The sector with the largest increase was the Nanhua Non - ferrous Metals Index, up 4.38%, and the sector with the smallest increase was the Nanhua Agricultural Products Index, up 0.08% [1][3]. - Among the theme indices, only the Oilseeds and Oils Index fell by -0.01%, while the rest of the theme indices rose. The theme index with the largest increase was the Mini Composite Index, up 1.43%, and the theme index with the smallest increase was the Black Raw Materials Index, up 0.27% [1][3]. - Among the single - variety indices of commodity futures, the single - variety index with the largest increase was Lithium Carbonate, up 11.82%, and the single - variety index with the largest decrease was Silver, down - 13.64% [3]. 3. Summary According to Relevant Contents 3.1 Nanhua Commodity Index Market Data | Index Name | Today Close | Pre. Close | Points | Daily Change | Annualized Return | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCI | 2758.41 | 2733.02 | 25.38 | 0.93% | 7.28% | 13.21% | 0.55 | | Precious Metals Index NHPMI | 2174.24 | 2182.21 | - 7.96 | - 0.36% | 27.71% | 3.82% | | | Industrial Goods Index MHII | 3644.59 | 3594.36 | 50.23 | 1.40% | - 6.21% | 14.59% | - 0.43 | | Metal Index MHMI | 7150.53 | 6982.18 | 168.35 | 2.41% | 12.06% | 14.01% | 0.86 | | Non - ferrous Metals Index NHNF | 1972.76 | | | | | | | | Black Index NHFI | 2519.61 | 2512.72 | 6.89 | 0.27% | - 5.51% | 16.31% | - 0.34 | | Agricultural Products Index NHAI | 1057.60 | 1056.80 | 0.81 | 0.08% | | | | | Mini Composite Index NHCIMi | 1204.34 | 1187.38 | 16.97 | 1.43% | 14.64% | | 0.07 | | Oil and Chemical Industry Index NHEI | 1004.87 | 996.23 | 8.64 | 0.87% | 0.68% | 22.15% | 0.03 | | Petrochemical Index NHPCI | 940.37 | 932.44 | 7.93 | 0.85% | 2.77% | 15.61% | 0.18 | | Fuel and Chemical Industry Index NHCCI | 956.65 | 951.80 | 4.85 | 0.51% | 1.78% | 14.93% | 0.12 | | Black Raw Materials Index NHFM | 1056.06 | 1053.23 | 2.83 | 0.27% | 0.02% | 17.28% | 0.00 | | Building Materials Index NHBMI | 694.45 | 690.97 | 3.48 | 0.50% | - 0.22% | 12.98% | - 0.02 | | Oilseeds and Oils Index NHOOI | 1234.61 | 1234.79 | - 0.18 | - 0.01% | 0.14% | 10.58% | 0.01 | | Economic Crops Index NHAECI | 927.58 | 924.28 | 3.31 | 0.36% | 3.31% | 9.85% | 0.05 | [3] 3.2 Contribution of Each Variety's Daily Change to Index Change - For different indices such as Nanhua Mini Composite Index, Nanhua Composite Index, Nanhua Industrial Goods Index, etc., various varieties have different positive or negative contributions to their changes. For example, for the Nanhua Composite Index, Gold has a positive contribution of 22.26%, while some varieties like Ethylene Glycol have a negative contribution [3]. 3.3 Industry Chain Diagrams and Single - Variety Index Daily Changes - There are industry chain diagrams for energy and chemical, black, and agricultural product sectors, along with the daily changes of single - variety indices in these sectors. For example, in the energy and chemical sector, Glass rose 0.179 (1.52%) and Urea rose 0.95%; in the agricultural product sector, Palm Oil rose 0.89%, and Rapeseed Meal fell - 1.19% [3][5][6]

Core Viewpoint - The article discusses the recent actions of the Federal Reserve, highlighting a pause in interest rate cuts while indicating a slightly hawkish stance, which has led to adjustments in asset prices. The appointment of Kevin Walsh as the new Fed Chair is seen as a catalyst for market adjustments, particularly in precious metals, but the article suggests this is a short-term reaction rather than a fundamental shift in market dynamics [1][2][3]. Group 1: Federal Reserve Actions - The Federal Open Market Committee (FOMC) decided to pause interest rate cuts during its meeting on January 28, 2026, reflecting a more optimistic outlook on the economy, employment, and inflation, which increases uncertainty regarding future rate cuts [2][3]. - The dollar index began to rise, while U.S. stock markets experienced fluctuations, with precious metals initially rising but later facing corrections due to the Fed's hawkish signals [2][3]. Group 2: Kevin Walsh's Appointment - Kevin Walsh's nomination as the next Fed Chair was unexpected in terms of timing and his policy stance, which emphasizes Fed independence and a pragmatic approach to monetary policy, advocating for both rate cuts and balance sheet reduction [2][3]. - The market does not expect Walsh's policy proposals to be implemented in the short term, as there are constraints related to dollar liquidity and employment pressures, despite the Fed's potential for technical balance sheet expansion starting December 2025 [3]. Group 3: Market Reactions - Following Walsh's appointment, there was significant volatility in commodity markets, particularly in precious metals, which the article attributes to a rapid prior increase in prices rather than a fundamental change in market conditions [3]. - The article notes that while Walsh's appointment has some catalytic effects on market dynamics, it does not signify a fundamental shift in Fed policy direction, suggesting that precious metal prices may find support after short-term technical adjustments [3]. Group 4: Global Asset Performance - During the week of January 26 to February 1, 2026, global asset prices showed mixed performance, with the Hang Seng Index rising by 2.38% and the S&P 500 increasing by 0.34%, while the Shanghai Composite Index fell by 0.44% [4]. - Commodity prices were also mixed, with Brent crude oil futures rising by 6.65% and the London gold price declining by 2.03% [4].

摘要：本周，南华综合指数上涨72.31点，涨幅为2.6%；其中影响力最大的品种为原油和白银，原油品种指数涨跌 幅为6.62%，贡献度为1.09%；白银品种指数涨跌幅为11.92%，贡献度为0.72%。南华工业品指数上涨49.5点，涨 幅为1.35%；其中影响力最大的品种为原油和铜，原油品种指数贡献度为1.16%；铜品种指数贡献度为0.19%。南华 金属指数上涨59.45点，涨幅为-0.81%；其中影响力最大的品种为碳酸锂，碳酸锂贡献度为-0.64%。南华能化指数 上涨36.54点，涨幅为2.32%；其中影响力最大的品种 南华商品指数周报 2026年1月30日 指数发展部 曹扬慧 (Z0000505) 赵 搏 (F03103098) 王怡琳 (F03118352) 投资咨询业务资格:证监许可【2011】1290号 摘要 本周,南华综合指数上涨72.31点，涨幅为2.6%；其中影响力最大的品种为原油和白银，原油品种指数涨跌幅为 6.62%，贡献度为1.09%；白银品种指数涨跌幅为11.92%，贡献度为0.72%。南华工业品指数上涨49.5点，涨幅为 1.35%；其中影响力最大的品种为原油和铜，原油品种指数贡献度为 ...