南華期貨股份有限公司 Nanhua Futures Co., Ltd. 股份代號：2691 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，在香港以橫華國際的名義開展業務） 獨家保薦人、保薦人兼整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 富 強 證 券 聯席牽頭經辦人 FORTUNE (HK) SECURITIES Nanhua Futures Co., Ltd. 南華期貨股份有限公司 Nanhua Futures Co., Ltd. 全 球 發 售 重要提示 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） 全球發售 | 全球發售的發售股份數目 | ： | 107,659,000股H股（視乎超額配股權行 ...

学思践悟夯基础，党建业务深融合。上海徽丰公司党支部坚决扛起国企党建政治责任，以支部标准化规 范化建设为抓手，通过"三会一课"、红色教育专题研讨等常态化学习锤炼党员党性，夯实以自我革命精 神推进党建工作的组织基础。创新打造"金盾红课堂"，聚焦风险防控、廉洁合规开展4期专题党课，推 动党的创新理论入脑入心；组建"衍生品攻坚先锋队"，发挥党员先锋模范作用，截至10月底，场外衍生 品业务名义本金达59.3亿元，新增产业客户93个，核心业务效率显著提升。联动徽商期货开展5批覆盖 产业链研究、模拟交易、风控管理全流程的专项培训，累计46人次参训，双方合作业务名义本金达 11.54亿元；积极开展"金融知识进乡村"党建共建活动，将金融服务延伸至基层一线，切实履行社会责 任。 制度革新立机制，合规管控筑防线。上海徽丰公司始终将制度建设摆在重要位置，聚焦从业规矩健全合 规管控体系，修订完善《创新业务审核制度》《交易管理细则》等制度，为业务开展划定"红线""底 线"。2025年以来，扎实开展招待费、差旅费合规自查，建立季度合规检查机制，对业务全流程监管； 全年开展合规风控培训5次，发布4期《法润合规》专刊，引导干部职工树立"有所为 ...

Core Viewpoint - Nanhua Futures has established a unique path for high-quality development by focusing on "serving the real economy" and "innovation-driven development" in the rapidly growing futures industry [1] Group 1: Business Model Innovation - Nanhua Futures has been deeply engaged in the futures industry for over 20 years, focusing on derivative business as its core, while actively promoting innovative business development [2] - The company has developed a comprehensive financial service platform that includes futures brokerage, asset management, basis trading, OTC derivatives, and public fund services, providing one-stop financial services for clients [2] - Nanhua Futures has helped enterprises transition from passive risk acceptance to proactive risk management, significantly aiding in the high-quality development of businesses [2] Group 2: Internationalization Efforts - Nanhua Futures has made significant strides in internationalization, recently becoming a clearing member of the Intercontinental Exchange (ICEU) in the UK, further expanding its global clearing layout [3] - The company is one of the earliest in the domestic futures industry to pursue internationalization, with a broad overseas financial service network covering Asia, North America, and Europe [3] - Nanhua Futures aims to support Chinese enterprises going global by leveraging its global exchange clearing advantages and enhancing service processes for physical delivery needs [3] Group 3: Social Responsibility and Brand Value - Nanhua Futures has actively engaged in rural revitalization efforts, establishing a leadership group to explore ways to leverage its industry characteristics for local economic development [4] - The company has implemented various forms of assistance, including education and consumption support, to contribute to rural revitalization and has seen significant results in underdeveloped areas [4] - Nanhua Futures has built a strong brand image through extensive media outreach, with over 4,587 content pieces published and 1.068 billion views in domestic media, enhancing its brand value [5] Group 4: Investor Education and Industry Responsibility - Nanhua Futures has committed to enhancing investor education through various channels, including lectures and live broadcasts, to help investors understand the futures market and legal regulations [6] - The company has developed original educational content that has received multiple awards, further solidifying its reputation in the industry [6] - Nanhua Futures' brand-building efforts have increased its attractiveness and influence within the market, contributing to a positive social image [6]

Core Viewpoint - The article emphasizes the role of Shenwan Hongyuan Group in supporting the transformation and upgrading of the real economy through its futures business, highlighting its commitment to providing deep and warm financial services in line with national strategies [1]. Group 1: Financial Services and Support - Shenwan Hongyuan Group focuses on enhancing the real economy by leveraging its futures and derivatives capabilities, aiming to provide "hard power" for service by 2025 [1]. - In the green finance sector, the company acts as a "risk protection shield" for new energy enterprises, utilizing tools like hedging and basis trading to help businesses withstand price fluctuations [1]. - In the inclusive finance sector, the company has reduced costs for nearly 100 small and micro enterprises by 1.1791 million yuan and injected 149 million yuan into the spot trade of various sectors [2]. Group 2: Elderly and Technological Financial Services - In the pension finance sector, the company focuses on protecting elderly investors' funds by enhancing product suitability management and providing easy-to-understand investment education [2]. - The company has established a robust technological foundation by deploying comprehensive trading platforms and accelerating AI development to enhance customer service experiences [4]. Group 3: Industry Recognition and Future Plans - Shenwan Hongyuan has been recognized in the top 10 for its effectiveness in serving small and micro enterprises for two consecutive years and has a case study included in the "2024 Annual Outstanding Cases of Futures Operating Institutions Serving the Real Economy" [4]. - The company plans to continue prioritizing service to the real economy, integrating resources to create a comprehensive financial service system that meets diverse risk management needs [4].

Core Viewpoint - The company is committed to supporting the national strategy and building a strong financial nation by providing in-depth and warm financial services, focusing on the transformation and upgrading of the economy [1] Group 1: Financial Services and Support - Hongyuan Futures, a subsidiary of Shenwan Hongyuan Group, aims to empower the real economy with high-quality futures products and services, contributing to high-quality economic development and the construction of a financial powerhouse [1] - In the field of green finance, Hongyuan Futures acts as a "risk protection shield" for new energy enterprises, utilizing tools like hedging and basis trading to help companies withstand price fluctuations [1] - The company has reduced costs for nearly 100 small and micro enterprises by 1.1791 million yuan and injected 149 million yuan into the spot trade of small enterprises in sectors like cotton and industrial silicon [1] Group 2: Elderly Financial Services - In the pension finance sector, Hongyuan Futures serves as a "caring steward" for elderly investors, focusing on product suitability management and enhancing investment education to protect and grow retirement funds [2] Group 3: Technology and Digital Finance - Hongyuan Futures has established a robust technological foundation by deploying comprehensive trading platforms and accelerating AI development to enhance customer service experiences [4] - The company has been recognized in the industry for its effective services to small and micro enterprises, ranking in the top 10 for two consecutive years in evaluations by the China Futures Association [4] Group 4: Future Directions - The company plans to continue focusing on serving the real economy, integrating resources to create a comprehensive financial service system that meets diverse risk management needs for enterprises [5]

Core Insights - The training program aims to enhance the risk management capabilities of enterprises in the Ningbo region by leveraging futures markets and derivative tools [1][4] - The event is supported by various financial institutions and aims to strengthen the understanding of futures market functions among local businesses [1][2] Group 1: Event Overview - The sixth training session for the commodity industry in Ningbo was launched on September 23, with over a hundred participants from listed companies, prospective listings, and small to medium enterprises [1] - The Dalian Commodity Exchange emphasized the increasing volatility of commodity prices and the urgent need for effective risk management among enterprises [1][2] Group 2: Market Development - The Chinese futures market has seen significant development, with a variety of futures and options products covering major sectors of the national economy, serving as pricing benchmarks and risk management tools [2] - The China Futures Market Monitoring Center aims to contribute to the safety of supply chains and the high-quality development of the real economy [2] Group 3: Risk Management Insights - The training included discussions on the importance of risk management for enterprises, with insights into economic cycles, financial cycles, and industry supply-demand dynamics [2][3] - Various case studies, including those on iron ore and coking coal, were presented to illustrate the application of hedging strategies [2] Group 4: Derivative Tools and Strategies - The session covered the concept and historical development of options markets, highlighting their role as essential tools for enterprises to manage risks and optimize operations [3] - Different trading models based on basis trading were introduced, showcasing how they can address pricing discrepancies and improve procurement efficiency [3] Group 5: Future Directions - Participants expressed that the training enhanced their understanding of futures and derivative tools, which is crucial for improving their competitive edge in a volatile market [4] - The Ningbo Securities and Futures Industry Association plans to continue collaborating with regulatory bodies to foster a conducive environment for the integration of finance and industry [4]

Group 1 - The training program aims to enhance risk management awareness and capabilities among enterprises in Ningbo, focusing on the importance of futures markets in supporting the real economy [1][4] - The Dalian Commodity Exchange (DCE) emphasizes the increasing demand for risk management due to heightened volatility in commodity prices, and aims to improve its product offerings and market services [1][2] - The training involved over a hundred participants from listed companies, prospective listed companies, and small to medium-sized enterprises in Ningbo, highlighting the region's strong connection to DCE's listed products [1][2] Group 2 - The China Futures Market Monitoring Center noted significant developments in the futures market, with a wide range of futures and options products now serving as pricing benchmarks and risk management tools for enterprises [2] - The training included insights on the evolution of the domestic futures market and the importance of risk management, with case studies on commodities like iron ore and coking coal [2][3] - Participants reported an enhanced understanding of futures and derivatives, which is expected to improve their risk management strategies and competitive edge in a volatile market [3][4] Group 3 - The training covered the concept and development of the options market, emphasizing derivatives as essential tools for enterprises to navigate economic cycles and optimize risk management [3] - The concept of basis trading was introduced, detailing its four models and their applications in addressing pricing discrepancies and supply-demand mismatches [3] - The Ningbo Securities and Futures Industry Association plans to continue enriching services for the real economy and fostering collaboration among various stakeholders to enhance the local futures market [4]

Core Viewpoint - The futures market is increasingly recognized as a vital tool for risk management and resource optimization across various entities, including state-owned enterprises, which are leveraging these tools to enhance the resilience of the industrial chain and support high-quality economic development [2][3][15]. Group A: Role of Futures in Risk Management - Futures tools are not merely financial instruments but essential risk management tools rooted in the industry, with state-owned enterprises playing a significant role in optimizing the industrial ecosystem [3][4]. - The application of futures tools by companies like Wuchan Zhongda Chemical has demonstrated their effectiveness in stabilizing operations amidst significant commodity price fluctuations [4][5]. - Wuchan Zhongda Chemical has established a comprehensive risk control system that includes variety access, risk warning, and position monitoring to ensure all transactions align with physical operations, thereby preventing speculative behavior [4][5]. Group B: Innovations in Futures Application - Wuchan Zhongda Chemical has evolved from single hedging to a diversified futures ecosystem, creating a research institute that integrates research, trading, and operations to enhance its competitive edge [7][8]. - The company employs various models, including basis trading and option trading, to manage price risks effectively, with 95% of its liquefied gas transactions in 2024 utilizing basis trading [7][8]. - The innovative approach of combining futures pricing with basis trading has allowed Wuchan Zhongda Chemical to optimize costs and support traditional distributors in transitioning from losses to profits [9][10]. Group C: Challenges and Opportunities in Futures Participation - State-owned enterprises face challenges in participating in the futures market, including a lack of understanding among external auditors and regulatory bodies regarding derivative products, which increases communication costs [11][12]. - The balance between market responsiveness and compliance management is a significant challenge for state-owned enterprises, necessitating a careful approach to risk control while adapting to market changes [11][12]. - Companies like Fuhai Chuang have developed risk assessment mechanisms to evaluate futures products, ensuring that participation in hedging activities remains within manageable risk limits [12][13]. Group D: Future Directions for State-Owned Enterprises - The participation of state-owned enterprises in the futures market is expected to expand, with a growing recognition of the market's functions in risk management and resource allocation [15][16]. - To enhance the integration of state-owned enterprises with the futures market, it is recommended to build collaborative ecosystems, reform regulatory frameworks, and cultivate talent that understands both futures and physical markets [16][17]. - The ongoing efforts of state-owned enterprises in utilizing futures tools are anticipated to significantly improve the resilience of the entire industrial chain, contributing to the high-quality development of the real economy [17].

Group 1 - The core viewpoint is that the introduction of pig futures has transformed the pig farming industry by providing a market-based risk management mechanism, allowing producers to better plan production and sales [1][2] - The traditional "pig cycle" has been characterized by small farms' herd behavior and large enterprises' operational difficulties, leading to a distorted ecosystem where the industry often "earns for half a year and loses for three years" [1] - The emergence of derivative tools such as basis trading and rights trading has simplified complex hedging operations into understandable "forward contracts" for farmers, significantly lowering the barriers to risk management [1][2] Group 2 - The innovative application of financial derivatives is reshaping traditional agricultural risk management paradigms, with basis trading redefining pricing logic and the "futures + orders" model reconstructing supply chain collaboration [2] - The transformation of risk management roles within the industry has led to a more efficient allocation of resources, allowing producers to focus on core competencies while transferring price risk to specialized institutions [2][3] - The deep integration of financial tools with traditional agriculture indicates a clear development path for China's agricultural modernization, aiming to build a multi-layered risk diversification system through the derivatives market [3]

Group 1 - The "2024 Annual Excellent Case Collection Activity for Futures Operating Institutions Serving the Real Economy" organized by the China Futures Association has concluded successfully, with 39 cases from 28 futures companies entering the "Excellent Case Database" [1] - The selected cases cover nearly 40 futures and options varieties, showcasing various business models such as over-the-counter options, basis trading, warehouse receipt services, delivery services, consulting services, swaps, and comprehensive service models, reflecting the refined and customized services provided by futures operating institutions [1] - The cases involve a wide range of service targets, including state-owned enterprises, listed companies, small and medium-sized enterprises, and cooperatives, demonstrating the positive role of futures operating institutions in helping different scales and sectors of enterprises manage market risks and achieve stable development [1] Group 2 - Notably, this year marks a significant breakthrough with the inclusion of government bond futures cases serving the real economy, filling a gap in financial futures cases and providing new ideas for financial futures to serve the real economy [1] - The selected cases also include futures varieties related to new energy, such as industrial silicon and lithium carbonate, as well as newly listed timber futures, showcasing new trends in futures services for the real economy and providing guidance for related industries to participate in the futures market [1] - The China Futures Association has conducted the case collection activity for eight consecutive years, with a total of 216 cases now in the "Excellent Case Database," providing rich experiences and references for the futures industry to serve the real economy [2]