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-0.84%。板块指数中，只有南华黑色指数，上涨 0.32%，其余板块均是下跌，跌幅最大的板块是南华贵金属指数，跌幅为-1.15%，跌幅最小的板块是南华金属指 数，跌幅为-0.4%。 主题指数中，涨幅最大的主题指数是黑色原材料指数，上涨0.49%，涨幅最小的主题指数是经济 作物指数，涨幅为0.38%，跌幅最大的主题指数是能源指数，跌幅为-1.23%，跌幅最小的主题指数是建材指数，跌 幅为-0.15%。 商品期货单品种指数中，涨幅最大的单品种指数是线材，上涨3.01% 南华商品指数：黑色板块上涨，贵金属板块领跌 王怡琳 2025-10-10 16:47:58 > 南华期货 gger mind, Bigger fortur 智慧创造财富 南华商品指数日报 2025年10月10日 南华商品指数市场数据 | 今收盘 | 昨收盘 | 点数 | 日 啊 | 年化收益率 | 年化渡动率 | Sharpe | 指数名称 | Today Close | Pre. Close | ARR | Points | ది? | An. Vol | Ratio | 2572.47 | ...

南华商品指数：贵金属板块领涨，能化板块下跌 王怡琳 2025-10-09 16:48:27 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1.31%。板块指数中，只有南华能化指数，下 跌-0.8%，其余板块均是上涨，涨幅最大的板块是南华贵金属指数，涨幅为3.66%，涨幅最小的板块是南华农产品指 数，涨幅为0.2%。 主题指数中，涨幅最大的主题指数是油脂油料指数，上涨1.89%，涨幅最小的主题指数是建材指 数，涨幅为0.34%，跌幅最大的主题指数是煤制化工指数，跌幅为-1.52%，跌幅最小的主题指数是石油化工指数， 跌幅为-0.69%。 商品期货单品种指数中，涨幅最大的单品种指数是黄金，上涨4.57%， > 南华期货 igger mind, Bigger fortun 智慧创造财富 南华商品指数日推 南华商品指数日报 2025年10月9日 南华商品指数市场数据 今晚餐 占款 指数名称 Today Clo 2 = ter and the may be see as and the seems of the seems and the sent of the seems and the sent of th ...

大类资产配置模型周报第 38 期 本报告导读： 基于宏观因子的资产配置模型、全球资产 BL 模型 1 和全球资产 BL 模型 2 分录涨 幅 0.04%、0.04%和 0.0%；国内资产 BL 模型 1、国内资产 BL 模型 2、全球资产风 险平价模型和国内资产风险平价模型分录跌幅 0.11%、0.11%、0.07%和 0.06%。 投资要点： | | | | [Table_Authors] | 郑雅斌(分析师) | | --- | --- | | | 021-23219395 | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 张雪杰(分析师) | | | 0755-23976751 | | | zhangxuejie@gtht.com | | 登记编号 | S0880522040001 | | | 朱惠东(分析师) | | | 0755-23976176 | | | zhuhuidong@gtht.com | | 登记编号 | S0880525070025 | [Table_Report] 相关报告 量化择时和拥挤度预警周报（20250928 ...

南华商品指数：有色板块领涨，贵金属板块下跌 王怡琳 2025-09-25 17:00:51 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0.96%。板块指数中，只有南华贵金属指数，下 跌-0.32%，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1.67%，涨幅最小的板块是南华黑色 指数，涨幅为0.5%。 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能源指数，涨幅为 1.55%；涨幅最小的主题指数是煤制化工指数，涨幅为0.28%。 商品期货单品种指数中，涨幅最大的单品种指数是 国际铜，上涨3.59%，跌幅最大的商品期货单品种指数是黄金，跌幅为-0.61%。 > 南华期货 igger mind, Bigger fortun 智慧创造财富 南华商品指数日推 南华商品指数日报 2025年9月25日 南华商品指数市场数据 主要单品种指数收益率VS波动率 800 2006 2008 1000 10001 �������� 鬥背景展得英出荷花平台国企業最年美食品出品交易量最后需要的重量是一步就看展前第一次 主要单品种指数当日持仓额变化比例 "" " 無"葉"白菜業名最前最後半點是電影 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.23% today [1][4]. - Among the sector indices, only the Nanhua Energy and Chemical Index fell by -0.07%, while the rest all rose. The Nanhua Black Index had the largest increase of 0.87%, and the Nanhua Agricultural Products Index had the smallest increase of 0.22% [1][4]. - Among the theme indices, the Black Raw Materials Index had the largest increase of 1.03%, the Coal - Chemical Index had the smallest increase of 0.01%, the Petrochemical Index had the largest decrease of -0.62%, and the Economic Crops Index had the smallest decrease of -0.2% [1][4]. - Among the single - variety indices of commodity futures, the Industrial Silicon Index had the largest increase of 4.49%, and the Paraxylene Index had the largest decrease of -1.35% [1][4]. 3) Summary by Related Content Market Data - The Nanhua Composite Index rose 0.23% today, with different performance among sector, theme, and single - variety indices [1][4]. Index Contribution - The contribution degree is the product of the increase/decrease and the weight, and the calculation method is a certain variety's daily increase/decrease divided by the sum of all varieties' daily increase/decrease [9]. Index Trend - There are historical trend charts of the Nanhua Composite Index, sector indices, and theme indices (normalized) [4]. Industry Chain - There are industry chain diagrams and single - variety index daily increase/decrease for the energy and chemical, black, and agricultural product sectors [4][5][7]

Core Viewpoint - The article analyzes the economic cycle in the U.S. from June 2004 to July 2025 based on the Pring cycle classification, indicating that leading indicators are bottoming out and recovering, while coincident indicators are slightly weakening, and lagging indicators remain resilient. Future attention should be on the status of coincident indicators to determine the economic cycle's progression [4][41]. Group 1: U.S. Economic Cycle Analysis - The U.S. economic cycle is divided into six stages based on leading, coincident, and lagging indicators, with specific characteristics for each stage [7][11]. - As of July 2025, if the loose monetary policy improves the fundamentals and coincident indicators rise, the economy may enter the second or third stage of recovery; otherwise, it may face stagflation risks [4][16]. - The asset rotation pattern shows that during the recovery phase, equities outperform commodities, while in the stagflation phase, commodities exhibit anti-inflation advantages [4][17]. Group 2: Comparison of U.S. and China Economic Cycles - Both the U.S. and China are currently in a phase where leading indicators are rising, but the U.S. faces weakening coincident indicators, while China is in a low-level bottoming process [5][21]. - If leading indicators rise significantly in both countries, it could lead to a synchronized recovery phase; otherwise, the U.S. may enter stagflation, and China may remain in a weak economic state [5][22]. - The sensitivity of domestic assets to U.S. indicators is highlighted, with commodities responding more to U.S. coincident indicators, while the Shanghai Composite Index is more sensitive to domestic indicators [6][42]. Group 3: Asset Performance and Strategies - The article outlines that during different stages of the economic cycle, various asset classes perform differently, with equities leading during recovery and commodities performing well during stagflation [4][17]. - Quantitative CTA strategies perform best during periods of synchronized rising leading indicators, suggesting a potential increase in returns and the necessity for such strategies in the current market environment [6][43]. - The performance of major asset classes from June 2004 to July 2025 is summarized, showing varying returns across different economic phases [20][41].

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.41% today [1]. 3. Summary by Related Catalogs Index Performance - **Plate Index**: The Nanhua Black Index had the largest increase, rising 0.5%, while the Nanhua Metal Index had the smallest increase, rising 0.15%. The Nanhua Energy and Chemical Index had the largest decline, falling -1%, and the Nanhua Agricultural Products Index had the smallest decline, falling -0.22% [1]. - **Theme Index**: The Black Raw Materials Index had the largest increase, rising 0.72%, and the Building Materials Index had the smallest increase, rising 0.31%. The Energy Index had the largest decline, falling -2.02%, and the Coal - Chemical Index had the smallest decline, falling -0.1% [1]. - **Single - Variety Index**: The specific information about the largest - rising single - variety index is not fully provided. The largest - falling single - variety index was the jujube index, with a decline of -3.66% [3]. Industry Chain and Variety Performance - **Energy and Chemical Sector**: Some varieties' single - variety index daily changes are as follows: synthetic ammonia -0.17%, polyethylene -0.86%, methanol -1.13%, naphtha -1.61%, LPG -2.37%, and styrene -2.37%, while flowers had an increase of 0.14% [2]. - **Black Sector**: Some varieties' single - variety index daily changes are as follows: certain products had a -0.75% change [2]. - **Agricultural Products Sector**: Some varieties' single - variety index daily changes are as follows: palm oil 0.23%, rapeseed oil 0.12%, rapeseed -0.08%, and live pigs 1.27% [8].

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0.35%。板块指数中，只有南华有色金属指数，下 跌-0.21%，其余板块均是上涨，涨幅最大的板块是南华贵金属指数，涨幅为0.49%，涨幅最小的板块是南华金属指 数，涨幅为0.02%。 主题指数中，涨幅最大的主题指数是能源指数，上涨1.17%，涨幅最小的主题指数是经济作物 指数，涨幅为0.07%，跌幅最大的主题指数是煤制化工指数，跌幅为-0.59%，跌幅最小的主题指数是油脂油料指 数，跌幅为-0.02%。 商品期货单品种指数中，涨幅最大的单品种指数是低硫燃料油，上涨 南华综合指数和板块指数历史走势图（归一化） 返還 參考資 參考 alfar frame as and and the see and the seems of the seems of the seems of the seems of the seems of the seems of the seems of the seems of the seems and the series and the seems and th 1.00 0,50 17/5/26 21/5/26 23/5/2 ...

Group 1: U.S. Economic Indicators - U.S. manufacturing PMI rose from 49.8 to 53.3, exceeding market expectations of 49.7[8] - New home starts increased by 10.6 percentage points to 12.9%, the highest since December 2023[10] - Existing home sales annualized at 4.01 million units, above the expected 3.92 million[10] Group 2: Market Reactions - U.S. stock indices showed mixed performance, with the S&P 500 up 0.3% and the Nikkei 225 down 1.7%[3] - The 10-year U.S. Treasury yield fell by 7 basis points to 4.26%[3] - The U.S. dollar index decreased by 0.12% to 97.72[3] Group 3: Federal Reserve Policy Outlook - Powell signaled a dovish shift at the Jackson Hole meeting, indicating potential rate cuts in September[1] - The Fed may implement a maximum of two rate cuts within the year due to inflation concerns[1] - The ECB is expected to remain on hold in September, as inflation is no longer a primary focus[1]

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-0.03%。板块指数中，涨幅最大的板块是南华贵金属 指数，上涨2.77%，涨幅最小的板块是南华农产品指数，涨幅为0.08%，跌幅最大的板块是南华黑色指数，跌幅 为-1.9%，跌幅最小的板块是南华有色金属指数，跌幅为-0.06%。 主题指数中，只有油脂油料指数，上涨0.17%， 其余主题指数均是下跌，跌幅最大的主题指数是黑色原材料指数，跌幅为-2.53%，跌幅最小的主题指数是煤制化工 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 股票代码 603093 > 南华期货 南华商品指数日报 2025年9月1日 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 T 年代 8月24日 点數 Points 日輕 年化收益率 ABB 指数名称 综合指数 NHCl 资金属指数 NHPMI 工业品指数 NHII 252131 12731 1273 01 3614 48 - 0.778 35.30 -23.17 -0.03% 4.17% 33.89% 0.31 2.08 2.08 -0.22 2.77% -0.6 ...