摘要：本周，南华综合指数下跌31.1点，跌幅为-1.21%；其中影响力最大的品种为原油和螺纹钢，原油品种指数涨 跌幅为-3.58%，贡献度为-0.59%；螺纹钢品种指数涨跌幅为-3.07%，贡献度为-0.24%。南华工业品指数下跌84.82 点，跌幅为-2.42%；其中影响力最大的品种为原油和焦炭，原油品种指数贡献度为-0.63%；焦炭品种指数贡献度 为-0.34%。南华金属指数下跌31.88点，跌幅为-0.48%；其中影响力最大的品种为螺纹钢，螺纹钢贡献度 为-0.56%。南华能化指数下跌53.35点，跌幅为-3.4 南华商品指数周报 2025年12月12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,南华综合指数下跌31.1点，跌幅为−1.21%;其中影响力最大的品种为原油和螺纹钢,原油品种指数涨跌 幅为-3.58%，贡献度为-0.59%;螺纹钢品种指数涨跌跌幅为-3.07%，贡献度为-0.24%。南华工业品指数下跌 84.82点，跌幅为-2.42%；其中影响力最大的品种为原油和焦炭， ...

Report Investment Rating - No investment rating information is provided in the report. Core View - This week, the Nanhua Composite Index rose 24.64 points, or 0.97%. The most influential varieties were copper and silver, with the copper variety index rising 6.2% and contributing 0.47%, and the silver variety index rising 7.54% and contributing 0.46%. The Nanhua Industrial Products Index rose 12.72 points, or 0.36%. The most influential varieties were copper and aluminum, with the copper variety index contributing 0.53% and the aluminum variety index contributing 0.18%. The Nanhua Metal Index rose 112.05 points, or 1.72%. The most influential variety was copper, contributing 1.05%. The Nanhua Energy and Chemical Index fell 16.75 points, or -1.08%. The most influential variety was glass, contributing -0.21%. The Nanhua Agricultural Products Index fell 3.35 points, or -0.32%. The most influential variety was live pigs, contributing -0.23% [1][2]. Summary by Directory 1. Weekly Data Overview - **Index Performance**: The Nanhua Composite Index closed at 2577.08 this week, up 24.64 points from last week, with a gain of 0.97%. The Nanhua Precious Metals Index closed at 1664.41, up 55.14 points, or 3.43%. The Nanhua Industrial Products Index closed at 3511.97, up 12.72 points, or 0.36%. The Nanhua Metal Index closed at 6612.13, up 112.05 points, or 1.72%. The Nanhua Energy and Chemical Index closed at 1537.11, down 16.75 points, or -1.08%. The Nanhua Non - Ferrous Metals Index closed at 1808.01, up 41.86 points, or 2.37%. The Nanhua Black Index closed at 2512.02, up 19.53 points, or 0.78%. The Nanhua Agricultural Products Index closed at 1053.88, down 3.35 points, or -0.32% [3]. - **Arbitrage Data**: In the comparison of Nanhua commodity index ratios, the ratio of the precious metals index to the composite index increased from 0.630 to 0.646, with a change of 0.015367754 and a ranking of 0.999. The ratio of the industrial products index to the composite index decreased from 1.371 to 1.363, with a change of -0.008172839 and a ranking of 0.084. The ratio of the metal index to the industrial products index increased from 1.858 to 1.883, with a change of 0.025179206 and a ranking of 0.972 [9]. 2. Weekly Data of Nanhua Sector Indexes - **Nanhua Industrial Products Index**: The most influential varieties were copper, aluminum, and pulp. Copper contributed 0.53%, aluminum contributed 0.18%, and pulp contributed 0.12% [14]. - **Nanhua Metal Index**: The most influential varieties were copper, aluminum, and rebar. Copper contributed 1.05%, aluminum contributed 0.35%, and rebar contributed 0.23% [14]. - **Nanhua Energy and Chemical Index**: The most influential varieties were glass, natural rubber, and liquefied petroleum gas. Glass contributed -0.21%, natural rubber contributed -0.17%, and liquefied petroleum gas contributed a certain negative value [14]. - **Nanhua Agricultural Products Index**: The most influential varieties were live pigs, sugar, and soybean meal. Live pigs contributed -0.23%, sugar contributed -0.10%, and soybean meal contributed -0.09% [14]. - **Nanhua Black Index**: The most influential varieties were rebar, manganese silicon, and stainless steel. Rebar contributed 0.45%, manganese silicon contributed 0.10%, and stainless steel contributed 0.09% [15]. - **Nanhua Non - Ferrous Metals Index**: The most influential varieties were copper, aluminum, and zinc. Copper contributed 1.87%, aluminum contributed 0.64%, and zinc contributed 0.36% [17]. 3. Contribution of Each Variety's Daily Fluctuation to Index Fluctuation - The weekly average position of copper increased by 15.06%, with a position - holding ratio of 1.48%. The weekly average position of soybean meal was 3789097 hands, with a position - holding ratio of 9.15% and a year - on - year increase of - 0.11%. The weekly average position of sugar was 2293526 hands, with a position - holding ratio of 5.54% and a year - on - year increase of 6.74% [19].

Group 1: Report Core Information - The Nanhua Composite Index rose 49.88 points, a 1.99% increase, with silver and crude oil being the most influential varieties. Silver had an 8.96% change in the variety index and a 0.54% contribution, while crude oil had a 1.47% change and a 0.24% contribution [1][2] - The Nanhua Industrial Products Index rose 43.04 points, a 1.25% increase, with crude oil and copper being the most influential. Crude oil had a 0.26% contribution, and copper had a 0.17% contribution [1][2] - The Nanhua Metal Index rose 95.33 points, a 1.49% increase, with copper being the most influential, contributing 0.34% [1][2] - The Nanhua Energy and Chemical Index rose 16.88 points, a 1.1% increase, with crude oil being the most influential, contributing 0.37% [2] - The Nanhua Agricultural Products Index rose 11.38 points, a 1.09% increase, with corn being the most influential, contributing 0.23% [2] Group 2: Weekly Data Overview - The weekly closing, last - week closing, change points, change rates, maximum, minimum, and amplitude of various Nanhua commodity indices are presented in Table 1, including the Composite Index, Precious Metals Index, Industrial Products Index, etc [3] Group 3: Arbitrage Data - The Nanhua commodity index comparison data for different plate combinations such as precious metals index/composite index, industrial products index/composite index are provided in Table 2, including present value, previous value, change, and ranking [9] Group 4: Sector Index Weekly Data - For the Nanhua Industrial Products Index, the top 6 contributing varieties are listed, including crude oil, copper, methanol, etc., along with their closing prices, change rates, and contributions [13] - For the Nanhua Metal Index, the top 3 contributing varieties are listed, including copper, iron ore, etc., with relevant closing prices, change rates, and contributions [13] - For the Nanhua Energy and Chemical Index, the top 3 contributing varieties are listed, including crude oil, methanol, and glass, with corresponding closing prices, change rates, and contributions [13] - For the Nanhua Agricultural Products Index, the top 3 contributing varieties are listed, including corn, cotton, and soybean meal, with relevant closing prices, change rates, and contributions [13] - For the Nanhua Black Index, the top 3 contributing varieties are listed, including rebar, iron ore, and stainless steel, with corresponding closing prices, change rates, and contributions [14] - For the Nanhua Non - ferrous Index, the top 3 contributing varieties are listed, including copper, etc., with relevant closing prices, change rates, and contributions [16] Group 5: Position and Contribution Data - The table shows the weekly average position, month - on - month increase, position ratio, and contribution of each futures variety to the index change rate, including soybean meal, eggs, silver, etc [18]

Price-Related Summary - The Nanhua Agricultural Products Index is at 1,045.84, down 16.48 from last week [3] - Brent crude oil futures settled at $63.38 per barrel, an increase of $0.37 from last week, while WTI crude oil settled at $59.00 per barrel, up $0.31 [3] - Average wholesale prices for vegetables decreased by ¥0.04 per kg, fruits by ¥0.01 per kg, pork by ¥0.15 per kg, beef by ¥0.25 per kg, and lamb by ¥0.40 per kg [3] Industrial-Related Summary - The Nanhua Industrial Products Index is at 3,456.21, down 66.82 from last week [14] - Glass futures closed at ¥987 per ton, down ¥45 per ton, and coking coal futures closed at ¥1,103 per ton, down ¥89 per ton [14] - The blast furnace operating rate is recorded at 82.17%, a decrease of 2.08% from last week, while the operating rate for petroleum asphalt is at 24.80%, down 4.20% [14] Real Estate Investment Summary - The land transaction area in 100 major cities is approximately 13,497,800 square meters, an increase of 7,013,200 square meters from last week [21] - The transaction area of commercial housing in 30 major cities is about 1,725,600 square meters, up 330,500 square meters from last week [21] - The second-hand housing listing price index is recorded at 148.80, down 0.26, with the decline rate less than the previous week [21] Transportation and Retail Summary - Subway passenger volumes increased significantly, with Beijing, Shanghai, Guangzhou, and Shenzhen showing changes of -1.16%, 2.41%, 4.17%, and 1.91% respectively [31] - Box office revenue reached ¥656 million, an increase of ¥444 million from last week [31] - Retail sales of passenger cars totaled 67,312 units, up 21,256 units from last week [31] - The number of domestic flights executed was 86,716, an increase of 822 from last week [31]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the Nanhua Composite Index dropped 46.24 points, a decline of -1.81%. The most influential varieties were crude oil and silver, with the crude oil variety index falling -2.63% and contributing -0.43%, and the silver variety index falling -5.62% and contributing -0.34% [1][2]. - The Nanhua Industrial Products Index decreased by 66.82 points, a -1.9% decline. The most influential varieties were crude oil and soda ash, with the crude oil variety index contributing -0.46% and the soda ash variety index contributing -0.19% [1][2]. - The Nanhua Metal Index fell 41.52 points, a -0.64% decline. The most influential variety was nickel, contributing -0.28% [1][2]. - The Nanhua Energy and Chemical Index dropped 37.08 points, a -2.36% decline. The most influential variety was crude oil, contributing -0.66% [2]. - The Nanhua Agricultural Products Index declined by 16.47 points, a -1.55% drop. The most influential variety was live pigs, contributing -0.55% [2]. 3. Summary by Relevant Catalogs 3.1. Weekly Data Overview | Index Name | This Week's Closing | Last Week's Closing | Points Change | Change Rate | This Week's Maximum | This Week's Minimum | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCl | 2502.56 | 2548.80 | -46.24 | -1.81% | 2548.80 | 2502.56 | 46.24 | | Precious Metals Index NHPMI | 1528.34 | 1593.22 | -64.87 | -4.07% | 1593.22 | 1523.63 | 69.59 | | Industrial Products Index NHII | 3456.21 | 3523.03 | -66.82 | -1.90% | 3531.97 | 3456.21 | 75.76 | | Metal Index NHMI | 6404.75 | 6446.27 | -41.52 | -0.64% | 6497.29 | 6404.75 | 92.54 | | Energy and Chemical Index NHECI | 1536.98 | 1574.06 | -37.08 | -2.36% | 1576.32 | 1536.98 | 39.35 | | Non - ferrous Metals Index NHNFI | 1733.12 | 1759.79 | -26.67 | -1.52% | 1763.47 | 1733.12 | 30.35 | | Black Index NHFI | 2482.40 | 2488.63 | -6.23 | -0.25% | 2531.04 | 2482.40 | 48.64 | | Agricultural Products Index NHAI | 1045.84 | 1062.32 | -16.47 | -1.55% | 1062.32 | 1045.84 | 16.47 | | Nanhua Comprehensive New Consumption NHCIMi | 1158.20 | 1175.38 | -17.18 | -1.46% | 1182.55 | 1158.20 | 24.35 | | Energy Consumption NHEI | 992.08 | 1019.23 | -27.15 | -2.66% | 1023.40 | 992.08 | 31.32 | | Petrochemical Ammonia NHPCI | 875.55 | 885.60 | -10.05 | -1.13% | 887.30 | 875.55 | 11.75 | | Chlor - alkali Engineering Equipment MHCCI | 904.67 | 922.93 | -18.25 | -1.98% | 922.93 | 904.67 | 18.25 | | Black Raw Materials Index NHFMI | 1045.83 | 1049.97 | -4.15 | -0.39% | 1071.42 | 1045.83 | 25.59 | | Building Materials Index NHBMI | 687.69 | 696.93 | -9.24 | -1.33% | 702.74 | 686.94 | 15.80 | | Oilseeds Index NHOOl | 1233.00 | 1253.02 | -20.02 | -1.60% | 1253.02 | 1233.00 | 20.02 | | Economic Crops Consumption NHAECI | 906.22 | 916.59 | -10.37 | -1.13% | 916.59 | 906.22 | 10.37 | [3] 3.2. Nanhua Variety Index Arbitrage Data The report provides data on the relative strength arbitrage of Nanhua variety indices, including the present value, previous value, change, and ranking of various index ratios such as the ratio of the precious metals index to the composite index, the ratio of the industrial products index to the composite index, etc. [9] 3.3. Nanhua Sector Index Weekly Data - **Nanhua Industrial Products Index**: The most influential varieties were crude oil, soda ash, etc. The index closed at 3456.21 this week, down 1.90% from last week. There were 21 commodities in total, with 3 rising and 17 falling [14]. - **Nanhua Metal Index**: The most influential varieties were nickel, copper, etc. The index closed at 6404.75 this week, down 0.64% from last week. There were 13 commodities in total, with 3 rising and 10 falling [14]. - **Nanhua Energy and Chemical Index**: The most influential varieties were crude oil, soda ash, etc. The index closed at 1536.98 this week, down 2.36% from last week. There were 20 commodities in total, with 5 rising and 15 falling [14]. - **Nanhua Agricultural Products Index**: The most influential varieties were live pigs, soybean meal, etc. The index closed at 1045.84 this week, down 1.55% from last week. There were 13 commodities in total [14]. - **Nanhua Black Index**: The most influential varieties were coke, manganese silicon, etc. The index closed at 2482.40 this week, down 0.25% from last week [15]. - **Nanhua Non - ferrous Metals Index**: The most influential varieties were zinc, copper, etc. The index closed at 1733.12 this week, down 1.52% from last week [15]. 3.4. Contribution of Each Variety to Index Fluctuations The report shows the contribution of the daily fluctuations of each futures variety to the index fluctuations, as well as the average weekly open interest,环比增幅, and open interest ratio of each futures variety [17].

Report Summary 1. Index Performance - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.63% today. Based on the night - session prices of adjacent trading days, it rose 0.83% [1][4]. - Among the sector indices, all sectors increased. The Nanhua Energy and Chemical Index had the largest increase of 0.75% (or 90.00% based on night - session prices), and the Nanhua Agricultural Products Index had the smallest increase of 0.07% [1][4]. - Among the theme indices, only the Economic Crops Index fell by - 0.29%. The rest of the theme indices rose. The Energy Index had the largest increase of 1.22%, and the Oilseeds and Oils Index had the smallest increase of 0.23% [1][4]. - Among the commodity futures single - variety indices, the Butadiene Rubber Index had the largest increase of 1.86%, and the Egg Index had the largest decrease of - 1.51% [1]. 2. Other Information - The calculation method of the price change in the report is the ratio of today's closing price to yesterday's closing price. The Nanhua Commodity Index excludes the spread during the contract roll - over and reflects the real return of investing in the commodity system [9]. - The contribution calculation method used in the report is a certain variety's daily price change / Σ (each variety's daily price change). Yellow data bars represent rising varieties, and blue data bars represent falling varieties [9].

Core Viewpoint - This week, the Nanhua Agricultural Products Index experienced fluctuations downward, while international crude oil prices declined; industrial-related data showed mixed trends in prices and supply [3] Agricultural Products - The Nanhua Agricultural Products Index fluctuated upward, with international crude oil prices declining; agricultural product prices generally increased [4] - Specifically, Brent crude oil decreased by $1.62 per barrel, and WTI crude oil fell by $1.14 per barrel; average wholesale prices for vegetables rose by 0.09 yuan per kilogram, while pork and beef prices increased by 0.43 yuan and 0.56 yuan per kilogram, respectively, but lamb prices dropped by 0.19 yuan per kilogram [5] Industrial Data - Industrial-related data showed mixed trends: the Nanhua Industrial Products Index fluctuated downward, with glass prices slightly rising and coking coal prices declining [15] - Glass futures closed up by 8 yuan per ton, while coking coal futures fell by 16 yuan per ton; the blast furnace operating rate was recorded at 83.15%, slightly up from last week and higher than the historical average [15] Real Estate Investment - Investment-related data in real estate remained weak; land transaction area in 100 major cities increased to approximately 24.89 million square meters, while commodity housing transaction area in 30 major cities rose to about 2.02 million square meters, still significantly below the historical average [24] - The index for second-hand housing listing prices declined, with the decrease rate increasing compared to the previous week; the cumulative value of completed housing area increased but remained below historical levels [24] Travel Consumption - Travel consumption data mostly increased, aligning with seasonal trends; subway passenger volumes in major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen rose, with growth rates of 0.52%, 0.11%, 1.62%, and 1.22%, respectively [34] - Movie box office revenue slightly decreased, falling below the same period in 2024, 2023, and 2021; retail sales of passenger cars surged, exceeding historical levels, while the number of domestic flights executed slightly declined but remained above historical averages [34]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the Nanhua Composite Index dropped by 6.76 points, a decline of -0.27%. The most influential varieties were crude oil and palm oil, with the crude oil variety index having a change of -1.29% and a contribution of -0.21%, and the palm oil variety index having a change of -3.92% and a contribution of -0.18% [1][2]. - The Nanhua Industrial Products Index fell by 5.58 points, a decrease of -0.16%. The most influential varieties were crude oil and methanol, with the crude oil variety index contributing -0.23% and the methanol variety index contributing -0.14% [1][2]. - The Nanhua Metal Index remained unchanged, with the most influential variety being iron ore, contributing 0.63% [1][2]. - The Nanhua Energy and Chemical Index declined by 15.63 points, a fall of -0.97%. The most influential variety was crude oil, contributing -0.32% [2]. - The Nanhua Agricultural Products Index decreased by 6.53 points, a decline of -0.62%. The most influential variety was palm oil, contributing -0.52% [2]. 3. Summary According to Relevant Catalogs 3.1 Weekly Data Overview | Index Name | This Week's Closing | Last Week's Closing | Change in Points | Change Rate | This Week's Maximum | This Week's Minimum | Volatility | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCI | 2538.87 | 2545.63 | -6.76 | -0.27% | 2563.19 | 2538.87 | 24.32 | | Precious Metals Index NHPMI | 1514.74 | 1524.01 | -9.26 | -0.61% | 1524.01 | 1472.96 | 51.05 | | Industrial Products Index NHII | 3556.67 | 3562.25 | -5.58 | -0.16% | 3606.61 | 3556.67 | 49.94 | | National Index NHMI | 6485.90 | 6439.19 | 46.71 | 0.73% | 6556.67 | 6439.19 | 117.48 | | Energy and Chemical Index NHECI | 1590.82 | 1606.45 | -15.63 | -0.97% | 1617.32 | 1590.82 | 26.50 | | Non - ferrous Metals Index NHNFI | 1747.44 | 1753.74 | -6.30 | -0.36% | 1770.14 | 1746.52 | 23.62 | | Black Index NHFI | 2565.73 | 2516.31 | 49.42 | 1.96% | 2589.39 | 2516.31 | 73.08 | | Agricultural Products Index NHAI | 1049.31 | 1055.84 | -6.53 | -0.62% | 1058.58 | 1049.31 | 9.27 | | Gradual Composite New Index NHCIMi | 1177.34 | 1180.48 | -3.14 | -0.27% | 1190.73 | 1177.34 | 13.40 | | Energy Consumption NHEI | 1034.65 | 1042.63 | -7.98 | -0.77% | 1051.57 | 1034.65 | 16.93 | | Petrochemical New Ammonia NHPCI | 892.65 | 898.37 | -5.72 | -0.64% | 906.02 | 892.65 | 13.38 | | Coal - based Chemical Engineering Investment NHCCI | 945.83 | 962.13 | -16.30 | -1.69% | 965.14 | 945.83 | 19.31 | | Black Raw Materials Consumption NHFMI | 1091.71 | 1066.81 | 24.90 | 2.33% | 1102.09 | 1066.81 | 35.27 | | Building Materials Index NHBMI | 713.22 | 705.61 | 7.61 | 1.08% | 724.32 | 705.61 | 18.71 | | Oilseeds and Oils Index NHOOI | 1227.58 | 1235.04 | -7.45 | -0.60% | 1237.13 | 1226.26 | 10.88 | | Economic Crops Index NHAECI | 916.78 | 905.29 | 11.49 | 1.27% | 918.58 | 905.29 | 13.30 | [3] 3.2 Nanhua Variety Index Arbitrage Data - **Plate Index Ratios**: The ratio of the precious metals index to the composite index decreased from 0.599 to 0.597; the ratio of the metal index to the industrial products index increased from 1.808 to 1.824; the ratio of the industrial products index to the composite index increased from 1.399 to 1.401; the ratio of the energy and chemical index to the industrial products index decreased from 0.451 to 0.447; the ratio of the non - ferrous metals index to the industrial products index decreased from 0.492 to 0.491; the ratio of the black index to the industrial products index increased from 0.706 to 0.721; the ratio of the agricultural products index to the composite index decreased from 0.415 to 0.413 [9]. - **Other Ratios**: The ratio of gold to silver decreased from 2.755 to 2.682; the ratio of copper to the non - ferrous metals index decreased from 4.138 to 4.121; the ratio of aluminum to the non - ferrous metals index increased from 0.667 to 0.672; the ratio of zinc to the non - ferrous metals index increased from 0.523 to 0.525; the ratio of nickel to the non - ferrous metals index decreased from 0.914 to 0.906; the ratio of tin to the non - ferrous metals index increased from 1.365 to 1.369; the ratio of lead to the non - ferrous metals index decreased from 0.659 to 0.654; the ratio of silicon to the non - ferrous metals index increased from 0.182 to 0.186; the ratio of coke to coking coal decreased from 0.553 to 0.543; the ratio of rebar to the black index remained almost unchanged; the ratio of iron ore to the black index increased from 2.778 to 2.827; the ratio of polypropylene to polyethylene decreased from 1.770 to 1.769; the ratio of polypropylene to methanol increased from 2.862 to 2.951; the ratio of PTA to crude oil increased from 0.517 to 0.531; the ratio of asphalt to crude oil decreased from 0.452 to 0.450; the ratio of fuel oil to crude oil decreased from 1.285 to 1.270; the ratio of soybean meal to rapeseed meal increased from 2.433 to 2.506; the ratio of soybean oil to palm oil increased from 1.096 to 1.131; the ratio of soybean oil to rapeseed oil increased from 1.123 to 1.154; the ratio of rapeseed oil to palm oil increased from 0.975 to 0.980; the ratio of soybean oil to soybean meal increased from 2.937 to 3.036; the ratio of rapeseed oil to rapeseed meal decreased from 0.902 to 0.871; the ratio of corn to starch decreased from 1.379 to 1.378 [9] 3.3 Contribution of Each Variety to Index Changes - **Raw Materials and Others**: Raw materials had an average position of 3,685,516 hands, a month - on - month decrease of 8.72%, and a position share of 9.50%; polyethylene had an average position of 654,766 hands, a month - on - month decrease of 2.97%, and a position share of 1.69%; glass had an average position of 2,140,824 hands, a month - on - month increase of 6.65%, and a position share of 5.52%; hot - rolled coils had an average position of 1,989,219 hands, a month - on - month increase of 1.30%, and a position share of 5.13%; soda ash had an average position of 1,839,506 hands, a month - on - month decrease of 3.55%, and a position share of 4.74%; corn had an average position of 1,773,822 hands, a month - on - month increase of 1.19%, and a position share of 4.57%; methanol had an average position of 1,630,675 hands, a month - on - month increase of 11.44%, and a position share of 4.20%; PVC had an average position of 1,488,823 hands, a month - on - month increase of 1.33%, and a position share of 3.84%; PTA had an average position of 1,433,006 hands, a month - on - month decrease of 5.53%, and a position share of 3.69%; coking coal had an average position of 951,003 hands, a month - on - month increase of 8.61%, and a position share of 2.45%; iron ore had an average position of 927,488 hands, a month - on - month decrease of 1.31%, and a position share of 2.39%; cotton had an average position of 913,472 hands, a month - on - month decrease of 0.09%, and a position share of 2.35%; potassium carbonate had an average position of 879,432 hands, a month - on - month increase of 16.36%, and a position share of 2.27%; propylene had an average position of 874,578 hands, a month - on - month increase of 0.69%, and a position share of 2.25%; soybean oil had an average position of 795,020 hands, a month - on - month increase of 0.22%, and a position share of 2.05%; eggs had an average position of 698,987 hands, a month - on - month decrease of 9.85%, and a position share of 1.80%; silver had an average position of 697,383 hands, a month - on - month decrease of 9.82%, and a position share of 1.80%; rapeseed meal had an average position of 694,377 hands, a month - on - month increase of 1.64%, and a position share of 1.79% [13] - **Other Varieties**: Rand had an average position of 623,292 hands, a month - on - month increase of 17.01%, and a position share of 1.61%; styrene had an average position of 621,170 hands, a month - on - month increase of 0.70%, and a position share of 1.60%; powder had an average position of 607,835 hands, a month - on - month increase of 11.14%, and a position share of 1.57%; sugar had an average position of 551,877 hands, a month - on - month decrease of 2.90%, and a position share of 1.42%; palm oil had an average position of 535,294 hands, a month - on - month increase of 8.60%, and a position share of 1.38%; manganese silicon had an average position of 523,182 hands, a month - on - month decrease of 7.21%, and a position share of 1.35%; alumina had an average position of 506,061 hands, a month - on - month increase of 7.05%, and a position share of 1.30%; fuel oil had an average position of 459,791 hands, a month - on - month decrease of 3.88%, and a position share of 1.18%; industrial silicon had an average position of 426,870 hands, a month - on - month decrease of 1.63%, and a position share of 1.10%; rapeseed oil had an average position of 383,029 hands, a month - on - month decrease of 6.51%, and a position share of 0.99%; urea had an average position of 357,549 hands, a month - on - month decrease of 10.70%, and a position share of 0.92%; a certain variety had an average position of 354,585 hands, a month - on - month increase of 4.78%, and a position share of 0.91%; ethylene glycol had an average position of 353,015 hands, a month - on - month decrease of 4.09%, and a position share of 0.91%; gold had an average position of 347,369 hands, a month - on - month decrease of 6.12%, and a position share of 0.89%; asphalt had an average position of 341,230 hands, a month - on - month decrease of 5.78%, and a position share of 0.88%; pulp had an average position of 338,232 hands, a month - on - month decrease of 8.35%, and a position share of 0.87%; silicon iron had an average position of 333,671 hands, a month - on - month decrease of 13.67%, and a position share of 0.86% [13] 3.4 Nanhua Sector Index Weekly Data - **Industrial Products Index**: Closed at 3,556.67 this week, down 0.16% from last week. The most influential varieties were crude oil and methanol, with contributions of - 0.23% and - 0.14% respectively. There were 21 commodities in total, 6 rising, and 14 falling [15] - **Metal Index**: Closed at 6,485.90 this week, up 0.73% from last week. The most influential variety was iron ore, contributing 0.63%. There were 13 commodities in total, 3 rising [15] - **Energy and Chemical Index**: Closed at 1,590.82 this week, down 0.97% from last week. The most influential variety was crude oil, contributing - 0.32%. There were 20 commodities in total [15] - **Agricultural Products Index**: Closed at 1,049.31 this week, down 0.62% from last week. The most influential variety was palm oil, contributing - 0.52%. There were 13 commodities in total, 6 rising [15] - **Black Index**: Closed at 2,565.73 this week, up 1.96% from last week. The most influential varieties were iron ore, rebar, and coke, with contributions of 1.15%, 0.69%, and

Report Summary 1. Index Performance - The Nanhua Composite Index rose 23.73 points, a 0.94% increase, with crude oil and copper being the most influential, contributing 1.13% and 0.3% respectively [1][4]. - The Nanhua Industrial Products Index increased by 95.36 points, a 2.75% gain, where crude oil and copper were the most influential, contributing 1.2% and 0.34% respectively [1][4]. - The Nanhua Metal Index went up 89.44 points, a 1.41% rise, with copper having the greatest influence, contributing 0.67% [1][4]. - The Nanhua Energy - Chemical Index climbed 56.78 points, a 3.66% increase, and crude oil was the most influential, contributing 1.72% [4]. - The Nanhua Agricultural Products Index rose 11.19 points, a 1.07% increase, and the most influential was live pigs, contributing 0.67% [4]. 2. Weekly Data Overview | Index Name | This Week's Closing | Last Week's Closing | Point Change | Percentage Change | This Week's Max | This Week's Min | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | Composite Index NHCI | 2545.63 | 2521.90 | 23.73 | 0.94% | 2545.63 | 2515.75 | 29.88 | | Precious Metals Index NHPMI | 1524.01 | 1633.24 | - 109.23 | - 6.69% | 1633.24 | 1524.01 | 109.23 | | Industrial Products Index NHII | 3562.25 | 3466.89 | 95.36 | 2.75% | 3562.25 | 3466.89 | 95.36 | | Metal Index NHMI | 6439.19 | 6349.75 | 89.44 | 1.41% | 6439.19 | 6349.75 | 89.44 | | Energy - Chemical Index NHECI | 1606.45 | 1549.68 | 56.78 | 3.66% | 1606.45 | 1549.68 | 56.78 | | Non - ferrous Metals Index NHNFI | 1753.74 | 1715.43 | 38.31 | 2.23% | 1753.74 | 1715.43 | 38.31 | | Black Index NHFI | 2516.31 | 2486.47 | 29.84 | 1.20% | 2533.32 | 2486.47 | 46.85 | | Agricultural Products Index NHAI | 1055.84 | 1044.65 | 11.19 | 1.07% | 1058.23 | 1044.65 | 13.58 | | Mini - Composite Index NHCIMi | 1180.48 | 1169.02 | 11.46 | 0.98% | 1180.51 | 1165.33 | 15.18 | | Energy Index NHEI | 1042.63 | 980.68 | 61.95 | 6.32% | 1042.63 | 980.68 | 61.95 | | Petrochemical Index NHPCI | 898.37 | 878.89 | 19.48 | 2.22% | 899.49 | 877.21 | 22.28 | | Coking Chemical Index MHCCI | 962.13 | 953.00 | 9.13 | 0.96% | 966.98 | 951.40 | 15.58 | | Black Raw Materials Index NHFMI | 1066.81 | 1048.30 | 18.51 | 1.77% | 1074.37 | 1047.48 | 26.89 | | Building Materials Index NHBMI | 705.61 | 704.05 | 1.56 | 0.22% | 711.73 | 704.05 | 7.68 | | Oilseeds and Oils Index NHOOI | 1235.04 | 1234.71 | 0.33 | 0.03% | 1243.65 | 1232.13 | 11.52 | | Economic Crops Index NHAECI | 905.29 | 895.08 | 10.21 | 1.14% | 907.98 | 895.08 | 12.90 | [5] 3. Index Arbitrage Data - The report provides data on the ratio of different Nanhua commodity indices, including the change from the previous week and the ranking. For example, the ratio of the Precious Metals Index to the Composite Index decreased from 0.648 to 0.522, with a change of - 0.048947482 and a ranking of 0.970 [8]. 4. Contribution of Futures Varieties - The report shows the contribution of each futures variety to the index's rise or fall, including the week - on - week increase, position - holding ratio, etc. For example, rebar had a week - on - week increase of 1.74% and a position - holding ratio of 6.83%, contributing to the index [10]. 5. Contribution of Key Varieties in Each Sector - In the Nanhua Industrial Products Index, copper, coke, etc. were the varieties with the greatest contribution [11]. - In the Nanhua Metal Index, copper had the highest contribution of 0.67%, followed by lithium carbonate with 0.17% [11]. - In the Nanhua Energy - Chemical Index, crude oil was the most influential [11]. - In the Nanhua Agricultural Products Index, live pigs, soybean meal, and eggs were the varieties with the greatest contribution [12].

Group 1: Report Overview - The report is the "South China Commodity Index Weekly Report" dated October 17, 2025, prepared by the Index Development Department [2][3][4] Group 2: Index Performance Overall Index Performance - The South China Composite Index closed at 2521.90 this week, down 28.96 points or -1.14% from last week. The most influential varieties were crude oil and iron ore, with the crude oil index down -6.23% contributing -1.02% and the iron ore index down -3.02% contributing -0.23% [1][4][5] Sub - index Performance - The South China Precious Metals Index rose 158.66 points or 10.76% to 1633.24 [5] - The South China Industrial Products Index closed at 3466.89, down 106.23 points or -2.97%. The most influential varieties were crude oil and glass, with crude oil contributing -1.09% and glass contributing -0.28% [1][4][5] - The South China Metal Index closed at 6349.75, down 100.03 points or -1.55%. The most influential variety was iron ore, contributing -0.5% [1][4][5] - The South China Energy and Chemical Index closed at 1549.68, down 55.02 points or -3.43%. The most influential variety was crude oil, contributing -1.56% [4][5] - The South China Non - ferrous Metals Index closed at 1715.43, down 18.52 points or -1.07% [5] - The South China Black Index closed at 2486.47, down 42.09 points or -1.66% [5] - The South China Agricultural Products Index closed at 1044.65, down 16.14 points or -1.52%. The most influential variety was live pigs, contributing -0.6% [4][5] Group 3: Index Ratio and Ranking - The report provides the ratio data of various South China commodity indexes and their rankings. For example, the ratio of the precious metals index to the composite index was 0.648, up 0.069551849 from last week, with a ranking of 0.999. The ranking indicator shows the position of the latest value in the historical distribution, with values closer to 0 indicating closer to the historical bottom and values closer to 1 indicating closer to the historical top [9] Group 4: Variety Contribution - The report shows the contribution of each variety's daily price change to the index price change. For example, soybean meal had a week - on - week increase of 1.11%, with a position - holding ratio of 10.71% [11]