| | | | | | | 投资咨询业务资格:证监许可【2011】1290 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 南华商品指数市场数据 | | | | | | 指數名称 | 今收费 | 昨收费 | 点数 | 日 | 年化收益率 | 年化波动室 | Sharpe | | | Today Close | Pre. Close | Points | లి | ARR | An. Vol | Batio | | 综合指数 NHCI | 2670.47 | 2709.54 | -39.07 | -1.44% | 7.37% | 11.82% | 0.62 | | 责金属指数 NHPMI | 1923.55 | 1958.78 | -35.23 | -1.80% | 88.42% | 20.31% | 4.35 | | 工业品指数 NHII | 3603.79 | 3657.23 | -53.43 | =1.46% | -4.03% | 14.05% | -0.29 | | 全屋指数 NHMI | 7138.95 | 7311,59 | ...

党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称 《建议》），系统总结了"十四五"时期我国发展取得的重大成就，深入分析了"十五五"时期面临的新形 势、新要求，对未来五年发展作出顶层设计和战略擘画，为做好"十五五"时期各项工作、开创中国式现 代化建设新局面提供了科学指南。新时期新部署，南华期货迅速行动，组织党员职工全面学习领会党的 二十届四中全会精神，立足期货功能定位和根本宗旨，把深入贯彻会议精神引向服务实体经济、服务乡 村全面振兴、服务共建"一带一路"的实践中去。 南华期货作为国内最早开展"保险+期货"项目的期货公司之一，始终高度重视"保险+期货"在服务农业产 业现代化、助力乡村振兴战略方面的应用实践。据统计，在产业帮扶上，2022—2024年，公司共开 展"保险+期货"类项目418个，覆盖全国20多个省份，辐射100余个县域，投入专项帮扶资金687.03万 元，保障脱贫农户4万余户，实现赔付金额近1.72亿元。 高质量服务对外开放 期货市场高水平对外开放，对期货公司"引进来""走出去"提出了新的要求。南华期货的国际化探索开始 于2006年。我国内地与香港就CEPA第 ...

> 南华期货 lgger mind, Bigger fortun 智慧创造财富 南华商品指数日报 南华商品指数日报 2026年1月6日 | the same and considered to the first of the | | | | | | | 南华期货 指数发展部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 晋扬景(Z0000505) | | | | | | | | | 赵 搏(F03103098) 王怡琳(F03118352) | | | | | | | | 投资咨询业务资格:证监许可【2011】1290号 | | | | | | 南华商品指数市场数据 | | | | | | | 今收费 | 昨收盘 | 点缀 | 日 時 | 年化收益率 | 年化波动室 | Sharpe | | 指数名称 | Today Close | Pre. Close | Points | 96 | ARB | An. Vol | Ratio | | 综合指数 NHCl | 2695.42 | 2645.01 | 50.41 | 1 ...

南华商品指数：能化板块领涨，贵金属板块下跌 王怡琳 2025-12-30 17:00:13 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0.43%。板块指数中，只有南华贵金属指数，下 跌-1.53%，其余板块均是上涨，涨幅最大的板块是南华能化指数，涨幅为1.07%，涨幅最小的板块是南华黑色指 数，涨幅为0.36%。 主题指数中，所有主题指数均有所上涨，其中涨幅最大的主题指数是煤制化工指数，涨幅为 1.19%；涨幅最小的主题指数是迷你综合指数，涨幅为0.11%。 商品期货单品种指数中，涨幅最大的单品种指数是 镍，上涨5.28%，跌幅最大的商品期货单品种指数是锡，跌幅为-2.43%。 5.00 and Province and 100 3.00 2.00 proposition n NY 1.00 17/9/17 21/9/17 23/9/17 25/9/17 17/9/17 23/9/17 — NHOI — NHOI — NHI — NHAI 南华主题指数历史走势图（归一化） 品品展品商品商品商品 w.r the for the last to the last the list of the -NH ...

金融工程专题 宏观因子的周期轮动与资产配置 ――金融工程专题 分析师：宋旸 SAC NO：S1150517100002 2025 年 12 月 30 日 核心观点： 风险提示：市场风格转换风险，第三方数据提供不准确风险， 历史结果不代表 未来收益，本报告不构成投资建议。 研 究 证 券 研 究 报 告 工 程 金 融 工 程 专 题 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 21 金 融 | 1. 宏观因子的去噪 | | 5 | | --- | --- | --- | | 1.1 HP 滤波 | | 5 | | 1.2 傅里叶变换 | | 7 | | 1.3 混合滤波 | | 9 | | 2. 宏观因子单因子择时 | | 11 | | 2.1 宏观因子的股指择时 | | 11 | | 2.2 宏观因子的股债择时 | | 12 | | 3. 周期模型与资产配置 | | 13 | | 3.1 美林时钟模型 | | 14 | | 3.2 货币信用模型 | | 16 | | 4. 总结与未来展望 | | 18 | 证券分析师 宋旸 022-28451131 songyang@b ...

南华商品指数：黑色板块上涨，能化板块领跌 2025-12-29 16:32:49 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-0.49%。板块指数中，只有南华黑色指数，上涨 0.22%，其余板块均是下跌，跌幅最大的板块是南华能化指数，跌幅为-1.27%，跌幅最小的板块是南华金属指数， 跌幅为-0.06%。 主题指数中，只有黑色原材料指数，上涨0.23%，其余主题指数均是下跌，跌幅最大的主题指数是 能源指数，跌幅为-1.64%，跌幅最小的主题指数是建材指数，跌幅为-0.07%。 商品期货单品种指数中，涨幅最大的 单品种指数是白银，上涨5.25%，跌幅最大的商品期货单品种指数是碳酸锂，跌幅为 王怡琳 > 南华期货 lgger mind, Bigger fortun 智慧创造财富 南华商品指数日报 南华商品指数日报 2025年12月29日 | | | | | | | 投资咨询业务资格:证监许可【2011】1290 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 南华商品指数市场数据 | | | | | | 指数名称 | 今收盘 ...

南华商品指数：所有版块均上涨，贵金属板块领涨 2025-12-22 16:48:26 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1.42%。板块指数中，所有板块均有所上涨，其中涨 幅最大的板块是南华贵金属指数，涨幅为3.45%；涨幅最小的板块是南华黑色指数，涨幅为0.28%。 主题指数中， 涨幅最大的主题指数是能源指数，上涨2.05%，涨幅最小的主题指数是经济作物指数，涨幅为0.14%，跌幅最大的主 题指数是建材指数，跌幅为-0.28%，跌幅最小的主题指数是煤制化工指数，跌幅为-0.25%。 商品期货单品种指数 中，涨幅最大的单品种指数是白银，上涨5.42%，跌幅最大的商品期货单品种指数是聚 王怡琳 > 南华期货 Bigger mind, Bigger fortun 南华商品指数日报 南华商品指数日报 2025年12月22日 | | | | | | | 投资咨询业务资格:证监许可【2011】1290号 | 1 Hm II vol 1000€ | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 南华商品指数市场数据 | | | | ...

本文来自格隆汇专栏：梁中华宏观研究 作者：王宇晴、梁中华 经济：美国方面：11月美国新增非农就业略超预期但总体仍处于放缓趋势，失业率超预期回升；11月美国通胀增速明显低于预期，政府关门所导致的统计 数据失真或导致通胀数据被低估。房地产方面，成屋销售同比与环比增速均有所回落；10月零售销售同比增速下降，但主要受汽车与汽油的拖累，剔除这 两项后核心零售仍然表现强劲；截至12月13日当周，美国首次申请失业金人数总体维持稳定；12月美国密歇根大学消费者信心指数有所上升。 欧洲方面：10月欧元区19国工业生产同比增速有所回升，制造业与服务业PMI回落，不及市场预期。 政策：美联储或暂停降息，新任美联储主席人选或在2026年初公布。欧央行连续第四次会议维持利率不变，降息周期或已接近尾声；欧盟放宽原定于2035 年开始停止销售新的汽油和柴油车的规定；日央行如期加息25BP，未来或仍将缓慢加息；日本当局或对日元汇率采取干预措施；英国央行如期降息 25BP，未来降息节奏或放缓；墨西哥央行降息25BP，将政策利率下调至7%。 风险提示：特朗普政治施压升级进一步危害美联储独立性；美国失业率非线性恶化。 1、美国：就业延续放缓，通胀 ...

Core Insights - The article highlights the significant performance of fund advisory services, with over 70% of investors reporting profits, and some institutions exceeding 90% profitability [1][2] - There is a notable diversification in asset allocation strategies among advisory clients, indicating a shift from product buying to asset allocation and long-term holding [1][4] Group 1: Performance Metrics - As of September 30, 2025, the average holding period for users on the Yimi Fund's platform is 772 days, with a profit ratio of 96%, compared to 76% for self-trading users with an average holding period of 475 days [2] - The average return for various strategies on the Licai Magic platform includes 9.67% for conservative, 15.38% for balanced, and 18.42% for aggressive strategies, with a historical monthly positive return rate of 88% [2] - The report from Zhongou Wealth indicates that 75% of fund advisory users have better performance than single fund users, with an average gain of approximately 2.2% [3] Group 2: Asset Allocation Trends - Over 80% of advisory users express a need for diversified asset allocation, moving away from single product purchases [5][7] - The diversification in asset allocation is crucial for controlling volatility, with multi-asset strategies being preferred by over 90% of clients [4][5] - The report notes that multi-asset strategies have shown better retention rates compared to more volatile equity strategies [5] Group 3: Future Developments - The fund advisory industry is expected to transition towards "mass accessibility," supported by ongoing policy initiatives [7] - The introduction of "advisory shares" is being discussed, which would create a separate class of fund shares specifically for advisory services [7][8] - The potential inclusion of various investment types, such as cross-border ETFs and pension funds, is anticipated to enhance the advisory service offerings [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.53% today. Among the sector indices, only the Nanhua Black Index rose by 0.26%, while the rest of the sectors declined. The Nanhua Precious Metals Index had the largest decline at -1.06%, and the Nanhua Metal Index had the smallest decline at -0.42% [1][3]. - Among the theme indices, the Coal - Chemical Index had the largest increase of 0.62%, and the Black Raw Materials Index had the smallest increase of 0.48%. The Energy Index had the largest decline of -1.13%, and the Petrochemical Index had the smallest decline of -0.2% [1][3]. - Among the single - variety indices of commodity futures, the PVC index had the largest increase of 1.88%, and the Low - Sulfur Fuel Oil index had the largest decline of -2.86% [3]. 3. Summary by Relevant Catalog 3.1 Nanhua Commodity Index Market Data | Index Name | Today Close | Pre. Close | Points | Daily Change % | Annualized Return Rate | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2529.16 | 2542.74 | -13.58 | -0.53% | 1.05% | 11.51% | 0.09 | | Precious Metals Index NHPMI | 1722.66 | 1741.12 | -18.46 | -1.06% | 66.84% | 18.76% | 3.56 | | Industrial Products Index NHII | 3420.43 | 3436.31 | -15.88 | -0.46% | -8.91% | 13.78% | -0.65 | | Metal Index NHMI | 6523.73 | 6551.05 | -27.32 | -0.42% | 2.91% | 11.93% | 0.24 | | Energy - Chemical Index NHECI | 1491.58 | 1498.05 | -6.47 | -0.43% | -17.09% | 16.57% | -1.03 | | Non - ferrous Metals Index NHNF | 1787.44 | 1805.10 | -17.66 | -0.98% | 8.65% | 12.51% | 0.69 | | Black Index NHFI | 2461.22 | 2454.86 | 6.36 | 0.26% | -8.20% | 16.39% | -0.50 | | Agricultural Products Index NHAI | 1036.30 | 1040.72 | -4.41 | -0.42% | -2.91% | 8.17% | -0.36 | | Another Comprehensive Index NHCIMi | 1144.79 | 1150.96 | -6.17 | -0.54% | -2.26% | 9.36% | -0.24 | | Energy Index NHEI | 950.80 | 961.70 | -10.91 | -1.13% | -2.98% | 17.43% | -0.17 | | Petrochemical Index NHPCI | 858.91 | 860.61 | -1.70 | -0.20% | -2.08% | 9.79% | -0.21 | | Coal - Chemical Index NHCCI | 891.34 | 885.81 | 5.52 | 0.62% | -3.44% | 10.79% | -0.32 | | Black Raw Materials Index NHFM | 1031.06 | 1026.11 | 4.95 | 0.48% | -1.27% | 15.12% | -0.08 | | Building Materials Index NHBMI | 676.61 | 673.38 | 3.23 | 0.48% | -2.92% | 11.81% | -0.25 | | Oilseeds Index NHOOl | 1208.54 | 1214.24 | -5.70 | -0.47% | -1.42% | 7.18% | -0.20 | | Economic Crops Index NHAECI | 901.38 | 909.49 | -8.12 | -0.89% | -0.01% | 7.52% | 0.00 | [3] 3.2 Notes on Data Calculation - The daily change is calculated as the ratio of the closing price of the current day to that of the previous trading day. The contribution degree is the product of the daily change and the weight [9]. - The Nanhua Commodity Index eliminates the price difference when the commodity contract is rolled over, reflecting the real return of investing in commodity futures [9]. - The calculation method of the contribution degree used in the text is: the daily change of a certain variety / ∑|the daily change of each variety|. Red data bars represent the varieties that rose on the day, and blue data bars represent the varieties that fell on the day [9]. 3.3 Single - variety Index Information - In the agricultural products sector, some varieties' price changes are as follows: soybean oil - 1.45%, rapeseed 0.15%, rapeseed meal 0.77%, live pigs 0.40%, etc. [8] - In the energy - chemical sector, some varieties' price changes are as follows: synthetic ammonia 1.88%, coal 0.24%, LPG 0.37%, hydrocarbons - 0.60%, crude oil - 1.53%, etc. [13] - In the black sector, some varieties' price changes are shown in the black - sector part of the document, but specific data for some varieties are not fully presented [14]