1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Calculated based on the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.76% today. All sector indices declined, with the Nanhua Precious Metals Index having the largest decline of -1.77% and the Nanhua Black Index having the smallest decline of -0.24%. Among the theme indices, only the Building Materials Index rose by 0.11%, while the rest declined. The Energy Index had the largest decline of -1.46%, and the Oilseeds and Oils Index had the smallest decline of -0.24%. Among the single - variety indices of commodity futures, the Starch Index had the largest increase of 1.58%, and the Lithium Carbonate Index had the largest decline of -8.04% [1][3] 3. Summary by Related Catalogs 3.1 Market Data of Nanhua Commodity Indices - **Composite Index**: The Nanhua Composite Index (NHCI) closed at 2502.56 today, down 19.21 points or -0.76% from yesterday. The annualized return was -0.99%, the annualized volatility was 11.59%, and the Sharpe ratio was -0.09 [3] - **Precious Metals Index**: The Nanhua Precious Metals Index (NHPMI) closed at 3456.21, down 23.43 points or -0.67% with an annualized return of -8.42% and an annualized volatility of 13.82% [3] - **Industrial Products Index**: The Nanhua Industrial Products Index (NHII) showed a decline, but specific data was not fully presented [3] - **Metal Index**: The Nanhua Metal Index (NHMI) closed at 6404.75, down 41.93 points or -0.65% with an annualized return of 0.68% and an annualized volatility of 12.06% [3] - **Energy and Chemical Index**: The Nanhua Energy and Chemical Index (NHECI) closed at 1733.12, down 19.68 points or -1.12% with an annualized return of 4.37% and an annualized volatility of 12.47% [3] - **Black Index**: The Nanhua Black Index (NHFI) closed at 2482.40, down 5.91 points or -0.24% with an annualized return of -8.33% and an annualized volatility of 16.58% [3] - **Agricultural Products Index**: The Nanhua Agricultural Products Index (NHAI) had an annualized return of 9.76% [3] - **Mini - Composite Index**: The Nanhua Mini - Composite Index (NHCIMi) closed at 1158.20, down 8.90 points or -0.76% with an annualized return of -1.09% [3] - **Energy Index**: The Nanhua Energy Index (NHEI) closed at 992.08, down 14.69 points or -1.46% with an annualized return of -2.22% and an annualized volatility of 20.36% [3] - **Petrochemical Index**: The Nanhua Petrochemical Index (NHPCI) closed at 875.55, down 7.83 points or -0.89% with an annualized return of -2.77% and an annualized volatility of 10.07% [3] - **Fine Chemical Index**: The Nanhua Fine Chemical Index (NHCCI) closed at 904.67, down 0.56% with an annualized return of -4.48% and an annualized volatility of 9.56% [3] - **Black Raw Materials Index**: The Nanhua Black Raw Materials Index (NHFM) closed at 1045.83, down 5.77 points or -0.55% with an annualized return of -0.54% and an annualized volatility of 15.66% [3] - **Building Materials Index**: The Nanhua Building Materials Index (NHBMI) closed at 687.69, up 0.75 points or 0.11% with an annualized return of -2.58% and an annualized volatility of 11.47% [3] - **Oilseeds and Oils Index**: The Nanhua Oilseeds and Oils Index (NHOOI) closed at 1233.00, down 2.94 points or -0.24% with an annualized return of -1.39% and an annualized volatility of 11.70% [3] - **Economic Crops Index**: The Nanhua Economic Crops Index (NHAECI) closed at 906.22, down 0.44% with an annualized return of 0.62% and an annualized volatility of 7.44% [3] 3.2 Contribution of Each Variety's Daily Increase or Decrease to Index Increase or Decrease - **Nanhua Composite Index**: Positive contributors included Soda Ash (3.78%), Rebar (2.08%), etc.; negative contributors included Palm Oil (-11.35%), Cotton (-56.86%), etc [3] - **Nanhua Mini - Composite Index**: Positive contributors included Soda Ash (7.46%); negative contributors included Palm Oil (-0.39%), Natural Rubber (-0.39%), etc [3] - **Nanhua Industrial Products Index**: Positive contributors included First - class Company (5.51%); negative contributors included Natural Rubber (-0.39%), PVC (-0.77%), etc [3] - **Nanhua Metal Index**: Positive contributors included Rebar (3.80%); negative contributors included Tin (-5.58%), Aluminum (-5.58%), etc [3] - **Nanhua Energy and Chemical Index**: Positive contributors included Pure Alkali (6.37%); negative contributors included Natural Rubber (-1.96%), Fuel Oil (-8.34%), etc [3] - **Nanhua Agricultural Products Index**: Positive contributors included Rapeseed Oil (4.23%), Corn (4.76%); negative contributors included Palm Oil (-5.78%), Cotton (-21.32%), etc [3] 3.3 Single - Variety Index Daily Increase or Decrease - **Energy and Chemical Sector**: Pure Sand increased by 1.04%, Synthetic Ammonia decreased by 0.20%, etc [3] - **Black Sector**: Coal decreased by 1.15% [4] - **Agricultural Products Sector**: Starch increased by 1.58%, Corn increased by 1.25%, while Live Pigs decreased by 0.79%, etc [6] - **Other**: Orange - like products decreased by -0.64%, Low - magnetic fuel oil decreased by -1.94% [9]

南华商品指数：所有版块均下跌，贵金属板块领跌 王怡琳 南华商品指数市场数据 | 用于同 的 HD 1日 300 11 200 300 | 年化收益率 | 年化波动率 | 今收盘 | 昨收盘 | 点数 | 日 啊 | Sharpe | 指数名称 | Today Close | Pre. Close | 96 | ARR | An. Vol | Batio | Points | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 综合指数 NHCl | 2528.48 | 2541.86 | -13.38 | -0.53% | -2.02% | 11.60% | -0.17 | 贵金属指数 NHPMI | 1523. ...

Report Industry Investment Rating - The operation rating for CITIC's five - style stability is ★☆☆, indicating a bullish bias but with limited operability in the market [4] Core Viewpoints - In the week ending November 7, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively. In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns. Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally. The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year. In the neutral strategy, the contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months. The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year. According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - The weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively [4] - In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns [4] Equity Market Style - Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally [4] - The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year [4] Neutral Strategy - The contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months [4] Barra Factor - The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year [4] Style Timing Model - According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4]

Report Summary 1) Report Industry Investment Rating - No information provided. 2) Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.03% today. Among the sector indices, the Nanhua Agricultural Products Index had the largest increase of 0.74%, and the Nanhua Energy and Chemical Index had the smallest increase of 0.04%. The Nanhua Precious Metals Index had the largest decline of -0.11%, and the Nanhua Industrial Products Index had the smallest decline of -0.02%. Among the theme indices, the Oilseeds and Oils Index had the largest increase of 0.7%, and the Energy Index had the smallest increase of 0.24%. The Building Materials Index had the largest decline of -0.67%, and the Coal Chemical Index had the smallest decline of -0.06% [1]. 3) Summary by Relevant Catalog Market Data of Nanhua Commodity Index - The Nanhua Composite Index rose 0.03%. Sector and theme indices had different performances in terms of increases and decreases [1]. Performance of Main Single - Variety Indices - In the agricultural products sector, palm oil decreased by -0.30%, rapeseed oil decreased by -0.38%, rapeseed increased by 0.67%, rapeseed meal increased by 1.60%, and live pigs increased by 2.23%. In the energy and chemical sector, some products like methanol increased by 1.23%, while others had different performance. The largest decline among single - variety indices was caustic soda with a decline of -1.41% [1][7][10].

南华商品指数：所有版块均下跌，黑色板块领跌 王怡琳 2025-11-04 16:59:07 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-0.81%。板块指数中，所有板块均有所下跌，其中跌 幅最大的板块是南华黑色指数，跌幅为-1.21%；跌幅最小的板块是南华农产品指数，跌幅为-0.44%。 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经济作物指数，跌幅为-1.38%；跌幅最小的主题指数是油脂 油料指数，跌幅为-0.28%。 商品期货单品种指数中，涨幅最大的单品种指数是玻璃，上涨1.1%，跌幅最大的商品期 货单品种指数是红枣，跌幅为-5.69%。 > 南华期货 igger mind, Bigger fortun 智慧创造财富 南华商品指数日报 2025年11月4日 | | | | 南华商品指数市场数据 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指数名称 | 今收盘 | 昨收盘 | 点数 | 日期 | 年化收益率 | 年化渡动率 | Sharpe | | | Today Close | Pre. Clos ...

Group 1: Market Performance Summary - Based on the closing prices of adjacent trading days, the Nanhua Composite Index fell -0.17% today [1][3]. - Among the sector indices, only the Nanhua Precious Metals Index rose 1.33%, while the rest declined. The Nanhua Non - Ferrous Metals Index had the largest decline of -0.61%, and the Nanhua Agricultural Products Index had the smallest decline of -0.23% [1][3]. - All theme indices declined. The Coal - to - Chemical Index had the largest decline of -0.77%, and the Mini Composite Index had the smallest decline of -0.08% [1][3]. - In the commodity futures single - variety indices, the silver index had the largest increase of 1.68%, and the lithium carbonate index had the largest decline of -3.14% [1][3]. Group 2: Index - Specific Data Comprehensive Index - The Nanhua Composite Index (NHCI) closed at 2538.87 today, down from 2543.12 yesterday, a decrease of -4.24 points or -0.17%. Its annualized return rate is 0.10%, annualized volatility is 11.69%, and the Sharpe ratio is 0.01 [3]. Sector Indices - The Nanhua Precious Metals Index (NHPMI) closed at 1514.74, up 19.86 points or 1.33% from the previous day. Its annualized return rate is 41.62%, annualized volatility is 18.18%, and the Sharpe ratio is 2.29 [3]. - The Nanhua Industrial Products Index (NHII) closed at 3556.67, down -16.22 points or -0.45% from yesterday. Its annualized return rate is -6.44%, annualized volatility is 14.02%, and the Sharpe ratio is -0.46 [3]. - The Nanhua Metal Index (NHMI) closed at 6485.90, down -30.03 points or -0.46% from the previous day. Its annualized return rate is 1.52%, annualized volatility is 12.25%, and the Sharpe ratio is 0.12 [3]. - The Nanhua Energy and Chemical Index (NHECI) closed at 1590.82, down -8.46 points or -0.53% from yesterday. Its annualized return rate is -13.23%, annualized volatility is 16.72%, and the Sharpe ratio is -0.79 [3]. - The Nanhua Non - Ferrous Metals Index (NHNF) closed at 1747.44, down -10.66 points or -0.61% from the previous day. Its annualized return rate is 4.31%, annualized volatility is 12.51%, and the Sharpe ratio is 0.34 [3]. - The Nanhua Black Index (NHFI) closed at 2565.73, down -8.12 points or -0.32% from yesterday. Its annualized return rate is -5.68%, annualized volatility is 17.09%, and the Sharpe ratio is -0.33 [3]. - The Nanhua Agricultural Products Index (NHAI) closed at 1049.31, down -2.37 points or -0.23% from the previous day. Its annualized return rate is -1.51%, annualized volatility is 8.76%, and the Sharpe ratio is -0.17 [3]. Theme Indices - The Mini Composite Index (NHCIMi) closed at 1177.34, down -0.92 points or -0.08% from the previous day. Its annualized return rate is -0.86%, annualized volatility is 9.73%, and the Sharpe ratio is -0.09 [3]. - The Cement Index (NHEI) closed at 1034.65, down -1.70 points or -0.16% from the previous day. Its annualized return rate is -0.85%, annualized volatility is 19.69%, and the Sharpe ratio is -0.04 [3]. - The Petrochemical Index (NHPCI) closed at 892.65, down -3.18 points or -0.35% from the previous day. Its annualized return rate is -2.55%, annualized volatility is 9.90%, and the Sharpe ratio is -0.26 [3]. - The Coal - to - Chemical Index (NHCCI) closed at 945.83, down -7.30 points or -0.77% from the previous day. Its annualized return rate is -3.59%, annualized volatility is 9.54%, and the Sharpe ratio is -0.38 [3]. - The Black Raw Materials Index (NHFM) closed at 1091.71, down -5.34 points or -0.49% from the previous day. Its annualized return rate is 1.34%, annualized volatility is 16.61%, and the Sharpe ratio is 0.08 [3]. - The Building Materials Index (NHBMI) closed at 713.22, down -2.77 points or -0.39% from the previous day. Its annualized return rate is -2.02%, annualized volatility is 12.43%, and the Sharpe ratio is -0.16 [3]. - The Oilseeds and Oils Index (NHOOI) closed at 1227.58, down -3.15 points or -0.26% from the previous day. Its annualized return rate is -2.31%, annualized volatility is 11.62%, and the Sharpe ratio is -0.20 [3]. - The Economic Crops Index (NHAECI) closed at 916.78, down -0.97 points or -0.11% from the previous day. Its annualized return rate is 0.32%, annualized volatility is 7.60%, and the Sharpe ratio is 0.04 [3]. Group 3: Single - Variety Index Data Metal Index - Coal in the metal index had a decline of -0.27% [7]. Agricultural Products Sector - Palm oil had a decline of -0.72%, rapeseed oil had a decline of -1.12%, lumber had a decline of -0.54%, live pigs had a decline of -0.55%, and corn's data is incomplete [9]. Energy and Chemical Sector - Some varieties in the energy and chemical sector had declines such as -0.73%, -0.81%, -1.12%, and -0.11%, and polyethylene had an increase of 0.29% [12].

Report Summary 1. Market Performance - The Nanhua Composite Index declined by -0.57% based on the closing prices of adjacent trading days [1][4]. - All sector indices decreased, with the Nanhua Energy and Chemical Index having the largest decline of -1.08% and the Nanhua Precious Metals Index having the smallest decline of -0.2% [1][4]. - Among theme indices, only the Oilseeds and Oils Index rose by 0.37%, while the rest declined. The Coal - Chemical Index had the largest decline of -1.16%, and the Economic Crops Index had the smallest decline of -0.09% [1][4]. - In the single - variety commodity futures indices, the Rapeseed Index had the largest increase of 1.64%, and the Glass Index had the largest decline of -3.19% [1][4]. 2. Contribution and Other Information - Lithium carbonate had a positive contribution of 3.24% [4]. 3. Industry Chain and Variety Performance - In the energy and chemical sector, some varieties' single - variety index daily price changes were as follows: Synthetic nitrogen -1.91%, polyethylene -2.17%, ethylene glycol -1.66%, LPG -0.55%, aromatic hydrocarbons -1.42%, crude oil -0.54%, and refined oil -1.61% [4][11]. - In the black sector, cotton rose by 0.86%, coal had no change (0.00%), and another coal - related item declined by -0.47% [6]. - In the agricultural products sector, soybean oil -0.16%, rapeseed oil -0.24%, rapeseed had an increase of 1.64%, rapeseed meal 1.18%, and live pigs -2.50% [8].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - According to the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.71% today. Among the sector indices, only the Nanhua Agricultural Products Index fell by -0.42%, while the rest of the sectors rose. The Nanhua Precious Metals Index had the largest increase of 1.69%, and the Nanhua Energy and Chemical Index had the smallest increase of 0.7%. Among the theme indices, only the Oilseeds and Oils Index fell by -0.88%, while the rest of the theme indices rose. The Black Raw Materials Index had the largest increase of 1.91%, and the Economic Crops Index had the smallest increase of 0.09%. Among the single - variety indices of commodity futures, the coking coal index had the largest increase of 4.83%, and the rapeseed index had the largest decrease of -2.85% [1][3] Summaries by Related Catalogs Market Data - Today's closing price of the Nanhua Composite Index is 2557.68, and the previous day's was 2539.68. The closing price of the Nanhua Precious Metals Index is 1472.96, and the Nanhua Energy and Chemical Index is 918.58 [3] Main Single - Variety Index Yield vs Volatility - No specific content provided Contribution of Each Variety's Daily Increase/Decrease to Index Increase/Decrease - No specific content provided Agricultural Products Sector - Among the agricultural products sector, palm oil fell by -1.29%, rapeseed oil by -2.11%, rapeseed by -2.85%, rapeseed meal by -0.96%, corn by -0.33%, while live pigs rose by 0.21% [8] Energy and Chemical Sector - In the energy and chemical sector, coal rose by 0.71%, and crude oil fell by -0.25% [11] Black Sector - No specific single - variety increase/decrease data provided for the black sector, but there is a historical trend chart of the Nanhua Composite Index, sector indices, and theme indices (normalized) [11]

Group 1: Overall Index Performance - The Nanhua Composite Index dropped by -0.92% compared to the previous trading day's closing price [1][3] Group 2: Sector Index Performance - Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.03%, while the rest declined. The Nanhua Precious Metals Index had the largest decline of -3.32%, and the Nanhua Black Index had the smallest decline of -0.25% [1][3] Group 3: Theme Index Performance - The Economic Crops Index had the largest increase of 1.21% among the theme indices, and the Oilseeds and Oils Index had the smallest increase of 0.15%. The Energy Index had the largest decline of -1.15%, and the Building Materials Index had the smallest decline of -0.01% [1][3] Group 4: Single - Variety Index Performance - The Apple single - variety index had the largest increase of 3.38%, and the Gold single - variety index had the largest decline of -3.53% [1][4] Group 5: Agricultural Products Sector Single - Variety Performance - In the agricultural products sector, rapeseed had an increase of 2.61%, corn had an increase of 0.52%, while palm oil declined by -1.56%, live pigs declined by -1.38%, and rapeseed oil declined by -0.18% [8] Group 6: Energy and Chemical Sector Single - Variety Performance - In the energy and chemical sector, synthetic ammonia had an increase of 0.56%, polyethylene had an increase of 0.36%, while coal declined by -1.50%, and crude oil declined by -1.23% [6][12]

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - According to the closing prices of adjacent trading days, the South China Comprehensive Index rose 0.69% today. Among the sector indices, only the South China Precious Metals Index fell by -0.03%, while the rest of the sectors rose. The sector with the largest increase was the South China Black Index, with a gain of 1.52%, and the sector with the smallest increase was the South China Agricultural Products Index, with a gain of 0.23%. All theme indices rose, with the Black Raw Materials Index having the largest increase of 1.55% and the Oilseeds and Oils Index having the smallest increase of 0.02%. Among the single - variety indices of commodity futures, the single - variety index with the largest increase was lithium carbonate, up 2.99%, and the single - variety index with the largest decrease was red dates, down - 3.35% [1][3]. 3) Summary by Relevant Catalog Market Data of South China Commodity Index - The South China Comprehensive Index (NHCI) closed at 2563.19 today, up 17.56 points or 0.69% from yesterday. Its annualized return is 0.49%, annualized volatility is 11.89%, and the Sharpe ratio is 0.04. The South China Precious Metals Index (NHPMI) closed at 1523.51, down 0.50 points or - 0.03%, with an annualized return of 47.67%, annualized volatility of 17.97%, and a Sharpe ratio of 2.65. Other indices such as the Industrial Products Index (NHII), Metal Index (NHMI), etc., also have their respective closing prices, changes, annualized returns, volatilities, and Sharpe ratios [3]. Main Single - Variety Index Yield vs Volatility - No specific summary content provided for this part other than the title. Historical Trend Charts of South China Comprehensive Index and Sector Indices (Normalized) - No specific summary content provided for this part other than the title. Historical Trend Charts of South China Theme Indices (Normalized) - No specific summary content provided for this part other than the title. Industry Chain Diagrams and Single - Variety Index Daily Changes of Some Varieties in Different Sectors - In the energy and chemical sector, glass rose 1.38%, synthetic ammonia, coal, polyethylene, polypropylene, naphtha, citrus, and crude oil had their respective changes. In the black sector and agricultural products sector, relevant variety chain diagrams and single - variety index daily changes are presented, such as rapeseed oil in the agricultural products sector falling - 0.13%, etc. [13][17]