经济观察网 在全球金融一体化深入推进与中国企业"走出去"战略加速落地的双重背景下，境外清算能 力已成为衡量中资期货公司国际化水平与核心竞争力的关键标志。在全球衍生品市场体系中，清算机构 处于风险控制与制度运行的核心位置，其资质不仅是业务许可的象征，更是公司治理、资本实力、合规 文化与国际信誉的集中体现。相较于单纯的交易通道，清算会员资格直接决定机构的业务深度、服务半 径与风险抵御能力，成为中资期货公司拓展海外市场的核心壁垒。 根据招股书披露，2024年南华期货境外收入达人民币654.2百万元，位列中国期货公司第一；2022-2024 年，美欧市场清算交易手数从18.7百万手增至55.6百万手，复合年增长率达61.5%，交易总额突破2.2万 亿港元，在中资清算机构中处于领先地位。清算资质的稀缺性正持续转化为业务增长动能，构建起"资 质-客户-规模-收入"的正向循环：在客户获取端，清算资质成为高端客群合作的核心背书，大幅降低中 资企业、跨境机构的决策成本，截至2025年6月30日，公司境外金融服务登记客户达32,345个，其中企 业客户2,077家，较2022年增长58.9%，核心客户涵盖制造业、能源、农产品等领 ...

Core Viewpoint - Nanhua Futures has submitted its second listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, indicating the company's growth and ambition in the financial services sector [1] Company Overview - Nanhua Futures, established in 1996 and headquartered in Hangzhou, China, is a leading futures company providing global financial services [1] - The company ranks second in China for ROE among futures companies and first for overseas income as of 2024 [1] Client Growth - The number of corporate clients in Nanhua's domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 by December 31, 2023, representing a growth of 9.5% [1] - Financial institution clients grew from 1,140 as of December 31, 2022, to 1,488 by December 31, 2023, a 30.5% increase [1] Financial Performance - Client equity in Nanhua's domestic futures brokerage reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from RMB 19.1 billion on December 31, 2022 [2] - The company reported operating revenues of RMB 9.54 billion, RMB 12.93 billion, RMB 13.55 billion, and RMB 5.93 billion for the years ending in 2022, 2023, 2024, and the first half of 2025, respectively [2] Industry Landscape - The Chinese futures market is the largest globally, covering over 140 products across 41 industries, with a significant correlation between futures and spot prices [3] - The demand for Chinese companies to engage in global financial markets is increasing, with A-share listed companies achieving approximately RMB 3.8 trillion in overseas business revenue in the first half of 2024, a 12.8% year-on-year growth [3] Competitive Environment - The financial services industry is highly competitive, with over 150 futures companies operating in China as of August 31, 2025 [4] - Nanhua Futures faces competition from various financial institutions, including other futures companies, securities firms, and investment banks, impacting pricing and market share [4]