Core Viewpoint - Nanhua Futures has established a unique path for high-quality development by focusing on "serving the real economy" and "innovation-driven development" in the rapidly growing futures industry [1] Group 1: Business Model Innovation - Nanhua Futures has been deeply engaged in the futures industry for over 20 years, focusing on derivative business as its core, while actively promoting innovative business development [2] - The company has developed a comprehensive financial service platform that includes futures brokerage, asset management, basis trading, OTC derivatives, and public fund services, providing one-stop financial services for clients [2] - Nanhua Futures has helped enterprises transition from passive risk acceptance to proactive risk management, significantly aiding in the high-quality development of businesses [2] Group 2: Internationalization Efforts - Nanhua Futures has made significant strides in internationalization, recently becoming a clearing member of the Intercontinental Exchange (ICEU) in the UK, further expanding its global clearing layout [3] - The company is one of the earliest in the domestic futures industry to pursue internationalization, with a broad overseas financial service network covering Asia, North America, and Europe [3] - Nanhua Futures aims to support Chinese enterprises going global by leveraging its global exchange clearing advantages and enhancing service processes for physical delivery needs [3] Group 3: Social Responsibility and Brand Value - Nanhua Futures has actively engaged in rural revitalization efforts, establishing a leadership group to explore ways to leverage its industry characteristics for local economic development [4] - The company has implemented various forms of assistance, including education and consumption support, to contribute to rural revitalization and has seen significant results in underdeveloped areas [4] - Nanhua Futures has built a strong brand image through extensive media outreach, with over 4,587 content pieces published and 1.068 billion views in domestic media, enhancing its brand value [5] Group 4: Investor Education and Industry Responsibility - Nanhua Futures has committed to enhancing investor education through various channels, including lectures and live broadcasts, to help investors understand the futures market and legal regulations [6] - The company has developed original educational content that has received multiple awards, further solidifying its reputation in the industry [6] - Nanhua Futures' brand-building efforts have increased its attractiveness and influence within the market, contributing to a positive social image [6]

Core Viewpoint - The futures industry is undergoing a significant transformation with the introduction of a new classification evaluation regulation by the China Securities Regulatory Commission (CSRC), effective from 2025, aimed at scientifically measuring the comprehensive strength of futures companies [1] Group 1: Changes in Evaluation Criteria - The new regulation has restructured the scoring system, moving away from a one-size-fits-all approach to a more detailed and specific evaluation framework [3] - The "market competitiveness" category has been divided into three major categories and nine sub-items, including net profit, brokerage business net income, futures trading consulting income, market-making and derivative trading indicators, average margin of asset management products, and average net capital [3] - New items such as "market-making" and "derivative trading" have been added, indicating that companies excelling in these innovative areas will achieve higher scores in the classification evaluation [3] Group 2: Focus on Innovation and Service - The previous indicators for "cost management ability" and "return on equity" have been removed, reflecting a regulatory shift towards encouraging futures companies to innovate and grow rather than merely focusing on improving scores through cost-cutting [4] - The new scoring system has optimized the deduction mechanism, ensuring that only the most severe violation results in a score deduction, thus promoting fairness in evaluation [6] - A new scoring item has been introduced to penalize companies if their controlling shareholders or actual controllers violate regulations, aiming to extend compliance pressure to the leadership level [6] Group 3: Emphasis on Serving the Real Economy - The new regulation places greater emphasis on the ability to serve the real economy, with indicators such as "average daily positions of industrial clients" being added and adjustments made to the scoring of "average daily positions of institutional clients" [6] - The "insurance + futures" service model has been separated from the general "service to the real economy" scoring item, allowing for a more precise reflection of each company's capabilities in this specialized area [8] Group 4: Industry Trends and Future Competition - The futures industry is shifting from a model focused on quick profits to one emphasizing high-quality service and diversified income streams, as evidenced by the performance of leading firms in the first half of the year [8] - Companies like Ruida Futures have improved overall revenue through asset management, while Nanhua Futures has increased income through international business, contrasting with Yong'an Futures, which saw a 44.6% year-on-year decline in net profit due to reliance on traditional brokerage [8] - Future competition among futures companies will be redefined, focusing on who can better serve industrial clients and who has stronger derivative capabilities, rather than merely on client numbers or profit levels [10]