Group 1: Report Overview - The South China Composite Index rose 1.91% based on the closing prices of adjacent trading days [1][3] - All sector indices and theme indices increased, with the South China Non - ferrous Metals Index having the largest increase of 3.52% among sector indices and the Coal - Chemical Index having the largest increase of 2.38% among theme indices [1][3] - Among single - variety indices of commodity futures, the silver index had the largest increase of 6.6%, while the starch index had the largest decrease of - 0.32% [1] Group 2: Index Market Data - The South China Composite Index (NHCI) closed at 2695.42, up 50.41 points or 1.91% from the previous close, with an annualized return of 8.30% and an annualized volatility of 11.71%, and a Sharpe ratio of 0.71 [3] - The Precious Metals Index (NHPMI) closed at 1972.39, up 61.97 points or 3.24%, with an annualized return of 93.64%, an annualized volatility of 20.19%, and a Sharpe ratio of 4.64 [3] - The Industrial Products Index (NHII) closed at 3609.73, up 65.34 points or 1.84%, with an annualized return of - 4.03%, an annualized volatility of 13.91%, and a Sharpe ratio of - 0.29 [3] - The Metal Index (NHMI) closed at 7164.63, up 160.46 points or 2.29%, with an annualized return of 13.78%, an annualized volatility of 12.18%, and a Sharpe ratio of 1.13 [3] - The Energy - Chemical Index (NHECI) closed at 1537.82, up 24.28 points or 1.60%, with an annualized return of - 15.02%, an annualized volatility of 16.76%, and a Sharpe ratio of - 0.90 [3] - The Non - ferrous Metals Index (NHNF) closed at 2049.02, up 69.70 points or 3.52%, with an annualized return of 25.87%, an annualized volatility of 13.53%, and a Sharpe ratio of 1.91 [3] - The Black Index (NHFF) closed at 2529.91, up 15.33 points or 0.61%, with an annualized return of - 4.61%, an annualized volatility of 16.11%, and a Sharpe ratio of - 0.29 [3] - The Agricultural Products Index (NHAI) closed at 1058.00, up 7.32 points or 0.70%, with an annualized return of 1.96%, an annualized volatility of 7.84%, and a Sharpe ratio of 0.25 [3] - The Continuous Composite Index (NHCIMi) closed at 1163.40, up 9.55 points or 0.83%, with an annualized return of - 0.72%, an annualized volatility of 8.69%, and a Sharpe ratio of - 0.08 [3] - The Energy Index (NHEI) closed at 955.20, up 13.13 points or 1.39%, with an annualized return of - 3.50%, an annualized volatility of 16.50%, and a Sharpe ratio of - 0.21 [3] - The Petrochemical Index (NHPCI) closed at 906.85, up 15.13 points or 1.70%, with an annualized return of 0.10%, an annualized volatility of 10.60%, and a Sharpe ratio of 0.01 [3] - The Coal - Chemical Index (NHCCI) closed at 934.90, up 21.71 points or 2.38%, with an annualized return of - 1.23%, an annualized volatility of 12.26%, and a Sharpe ratio of - 0.10 [3] - The Black Raw Materials Index (NHFM) closed at 1063.70, up 6.68 points or 0.63%, with an annualized return of - 1.41%, an annualized volatility of 14.00%, and a Sharpe ratio of - 0.10 [3] - The Building Materials Index (NHBMI) closed at 693.97, up 6.44 points or 0.94%, with an annualized return of - 1.70%, an annualized volatility of 11.11%, and a Sharpe ratio of - 0.15 [3] - The Oilseeds and Oils Index (NHOOl) closed at 1218.39, up 8.47 points or 0.70%, with an annualized return of - 0.26%, an annualized volatility of 7.98%, and a Sharpe ratio of - 0.03 [3] - The Economic Crops Index (NHAECI) closed at 942.51, up 6.79 points or 0.73%, with an annualized return of 1.04%, an annualized volatility of 8.06%, and a Sharpe ratio of 0.13 [3] Group 3: Miscellaneous Information - The calculation of price changes in the report is based on the ratio of today's closing price to yesterday's closing price, and the contribution is the product of price change and weight [8] - The South China Commodity Index eliminates the price difference during contract roll - over, reflecting the real return of investing in commodity futures [8] - The contribution calculation method used in the report is: a certain variety's daily price change / ∑|each variety's daily price change| [8]

Report Date - The report is dated October 20, 2025 [3] Index Performance Overall Index - The Nanhua Composite Index (NHCI) closed at 2515.75, down 0.24% (-6.15 points) from the previous close of 2521.90 [3] Sector Indexes - The Nanhua Precious Metals Index (NHPMI) dropped 3.42% to 1577.33, the biggest decline among sectors [1][3] - The Nanhua Agricultural Products Index (NHAI) rose 1.28% to 1058.04, the largest gain among sectors [1][3] - The Nanhua Metals Index (NHMI) edged up 0.13% to 6357.97, the smallest gain among sectors [1][3] Theme Indexes - The Economic Crops Index led the gainers, rising 1.24% [1] - The Building Materials Index had the smallest gain, up 0.16% [1] - The Mini Composite Index had the largest decline, down 0.32% [1] - The Coal - Chemical Index had the smallest decline, down 0.17% [1] Single - Variety Indexes - The Pig Index was the top gainer, rising 4.16% [1] - The Silver Index was the biggest loser, down 4.14% [3] Contribution to Index Fluctuations Nanhua Mini Composite Index - Positive contributors include Coke (8.17%), Crude Oil (3.63%), etc [3] - Negative contributors include Cotton (-10.96%), Rebar (-65.30%), etc [3] Nanhua Industrial Products Index - Positive contributors include Coke (21.32%), Natural Rubber (6.89%), etc [3] - Negative contributors include Cotton (-10.96%), Iron Ore (-65.30%), etc [3] Nanhua Composite Index - Positive contributors include Coke (46.28%), Natural Rubber (6.89%), etc [3] - Negative contributors include Cotton (-10.96%), Rebar (-65.30%), etc [3] Nanhua Metals Index - Positive contributors include Coke (18.61%), Natural Rubber (3.40%), etc [3] - Negative contributors include Cotton (-10.96%), Iron Ore (-65.30%), etc [3] Nanhua Energy - Chemical Index - Positive contributors include Fuel Oil (3.56%), Palm Oil (1.51%), etc [3] - Negative contributors include PVC (-9.31%), Methanol (-1.65%), etc [3] Nanhua Agricultural Products Index - Positive contributors include Rapeseed Meal (9.14%), Crude Oil (8.39%), etc [3] - Negative contributors include Glass (-4.73%), PTA (-1.91%), etc [3] Other Information - The calculation of the Nanhua Commodity Index excludes the spread at the time of contract roll - over, reflecting the real return of investing in the commodity system [8] - The contribution is calculated as the product of the change rate and the weight, and the calculation method for contribution is: a certain variety's daily change rate / Σ (each variety's daily change rate) [8]