Core Viewpoint - The conference organized by Jinrui Futures in Foshan focused on the evolving global trade landscape, trends in the copper and aluminum markets, and the application of financial derivatives in the non-ferrous metal industry [1][2]. Group 1: Market Trends - The non-ferrous metal industry in South China is facing challenges such as supply-demand structural adjustments and increased price volatility due to the rise of the new energy industry [1]. - There has been a decline in non-ferrous metal inventories in Guangdong province, with spot and futures premiums reaching new highs, indicating tight supply expectations [2]. - The expected decline in imported copper will accelerate the decrease in domestic electrolytic copper inventories [2]. Group 2: Demand and Supply Dynamics - The growth in investment in the power sector is expected to support copper prices, although the construction industry is unlikely to provide positive feedback for copper consumption in the short term [2]. - The aluminum market is experiencing limited supply growth as electrolytic aluminum production capacity approaches its ceiling, while demand remains relatively weak [2]. Group 3: Risk Management and Derivatives - The development of the over-the-counter derivatives business in China is progressing well, with increasing participation and transaction volumes in copper options [2]. - The risk management subsidiary of Jinrui Capital plays a crucial role in enhancing the risk management capabilities of the non-ferrous metal industry and supporting its international development [2].

Core Viewpoint - Nanhua Futures has submitted an application for an H-share IPO on the Hong Kong Stock Exchange, potentially becoming the second A+H listed futures company in China after Hongyi Futures [1][2]. Group 1: IPO and Market Position - Nanhua Futures submitted its H-share listing application on April 17, 2024, marking a significant step towards its IPO in Hong Kong [2]. - If successful, Nanhua Futures will join Hongyi Futures as the second A+H listed futures company in China [1][2]. - As of April 18, 2024, Nanhua Futures' A-share price was 12.32 CNY, with a total market capitalization of 7.516 billion CNY [1][2]. Group 2: Financial Performance - In 2024, Nanhua Futures reported operating revenue of 5.712 billion CNY, a decrease of 8.56% year-on-year, while net profit increased by 13.96% to 458 million CNY [1][5]. - The company’s total assets reached 48.863 billion CNY by the end of 2024, a growth of 34.52% compared to the previous year [5]. - Nanhua Futures' overseas business generated 654 million CNY in revenue, accounting for 11.45% of total revenue, with a year-on-year growth of 15.32% [5][6]. Group 3: Global Expansion and Business Segments - The primary reason for Nanhua Futures' Hong Kong listing is to deepen its global presence, with its overseas subsidiary achieving a net profit of 417 million CNY, up 16% [4][6]. - Nanhua Futures has established a comprehensive wealth management system, with its fund management products totaling 1.59 billion CNY and public fund scale reaching 14.805 billion CNY by the end of 2024 [6]. - The company has also seen steady growth in its off-exchange derivatives business, providing risk protection for agricultural entities amounting to 3.46 billion CNY [7].