Core Viewpoint - The article highlights the evolution and diversified business model of Hengdian Group, emphasizing its significant contributions to the film and tourism industry while also noting its substantial revenue from other sectors like electronics and pharmaceuticals [4][11]. Group 1: Company Overview - Hengdian Group has transformed from a local silk factory established in 1975 into a large conglomerate with total assets exceeding 100 billion yuan, spanning industries such as film and tourism, electronics, pharmaceuticals, and modern services [4][9][10]. - The founder, Xu Wenrong, and his son, Xu Yong'an, are described as low-profile billionaires, with the company’s wealth being attributed to collective efforts rather than individual ownership [11][12]. Group 2: Film and Tourism Industry - Hengdian has developed into the world's largest film shooting base, generating over 35 billion yuan annually from its film and tourism sectors, although this only accounts for less than 10% of the group's total revenue [4][5]. - The group offers free filming locations to attract film crews, resulting in a loss of approximately 20 million yuan annually, but this strategy has significantly boosted the local film industry and related services [5][6]. - In 2023 and 2024, Hengdian Film City is projected to receive 15.24 million and 13.93 million visitors, generating revenues of 2.638 billion yuan and 2.867 billion yuan, respectively [7]. Group 3: Financial Performance - Hengdian Group reported revenues of 94.2 billion yuan for the fiscal year 2024, with net profits reaching 3.124 billion yuan [9][10]. - Hengdian Film, the group's only publicly listed company, generated 1.971 billion yuan in revenue for 2024, with nearly 90% coming from cinema operations [7]. Group 4: Challenges and Adaptations - The company faces challenges such as declining market share in the magnetic materials sector and competition from short video formats in the film industry [14][15]. - Hengdian is adapting by investing in new projects, including a 12GW new energy battery project and expanding its airport facilities, with total investments in ongoing projects amounting to 11.678 billion yuan [14][15]. Group 5: Community Impact - The transformation of Hengdian from a small town with low income to a renowned "Oriental Hollywood" has significantly increased local residents' average annual income to 70,000 yuan [16].

证券代码：603093 证券简称：南华期货 公告编号：2026-001 南华期货股份有限公司 关于稳定价格期结束及超额配售权失效的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2026 年 1 月 17 日 本次发行有关全球发售的稳定价格期已于 2026 年 1 月 16 日（星期五）（即 递交香港公开发售申请截止日期后第 30 日）结束。稳定价格操作人中信里昂证 券有限公司、其联属人士或代其行事的任何人士于稳定价格期内未采取任何稳定 价格行动。 二、超额配售权失效 整体协调人（为其本身及代表国际承销商）并未在稳定价格期间行使超额配 售权，故超额配售权已于 2026 年 1 月 16 日（星期五）失效。本次超额配售权失 效前后的公司股份无变动，具体如下： | 股东类别 | 股份数目（股） | 占已发行股份（%） | | --- | --- | --- | | A 股 | 610,065,893 | 85% | | H 股 | 107,659,000 | 15% | | 股份总数 | 717,724,893 | 100% ...

Group 1 - The global offering's stabilization period for Nanhua Futures Co., Ltd. (02691.HK) will end on January 16, 2026, which is the 30th day after the submission deadline for the Hong Kong public offering application [1] - The overallotment option will expire on January 16, 2026, meaning the company will not issue H-shares based on the overallotment option [1]

Core Viewpoint - Nanhua Futures Co., Ltd. announced that the global offering's stabilization period will end on January 16, 2026, which is 30 days after the deadline for submitting the application for public offering in Hong Kong [1] Group 1 - There was no over-allotment of H shares in the international offering, leading to the overall coordinator, representing international underwriters, not exercising the over-allotment option during the stabilization period [1] - The stabilization agent and its affiliates did not take any stabilization actions regarding the global offering during the stabilization period [1] - The over-allotment option will expire on January 16, 2026, and the company will not issue H shares based on this option [1]

Market Overview - The diversified financial sector experienced a decline of 2.57% on January 15, with Lakala leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Individual Stock Performance - Notable performers in the diversified financial sector included: - Sichuan Shuangma (Code: 000935) with a closing price of 27.97, up 1.75% and a trading volume of 74,200 shares [1] - Bohai Leasing (Code: 000415) closed at 4.05, up 0.75% with a trading volume of 993,700 shares [1] - Jiuding Investment (Code: 600053) closed at 21.00, up 0.67% with a trading volume of 87,000 shares [1] - Conversely, Lakala (Code: 300773) saw a significant drop of 5.92%, closing at 30.18 with a trading volume of 1,582,000 shares and a transaction value of 4.804 billion [2] Capital Flow Analysis - The diversified financial sector saw a net outflow of 1.764 billion from institutional investors, while retail investors experienced a net inflow of 1.092 billion [2] - The capital flow for individual stocks showed: - Bohai Leasing had a net inflow of 41.08 million from institutional investors, but a net outflow of 33.48 million from retail investors [3] - Jiuding Investment had a net inflow of 17.84 million from institutional investors, with a net outflow of 14.78 million from retail investors [3] - Sichuan Shuangma had a net inflow of 4.18 million from institutional investors, but a net outflow of 589.49 thousand from retail investors [3]

Core Viewpoint - Zinc futures on the Shanghai market showed a significant upward trend, with the main contract reaching 25,130.00 CNY/ton, an increase of 2.20% [1] Market Data Summary - As of January 14, LME zinc inventory stood at 106,725 tons, a decrease of 175 tons, with registered warrants at 97,875 tons and canceled warrants at 8,850 tons, representing 8.29% of the total [2] - On January 14, the top 20 futures companies in Shanghai held a total long position of 147,100 contracts and a short position of 141,800 contracts, resulting in a long-to-short ratio of 1.04. The net position increased by 477 contracts compared to the previous day, totaling 5,341 contracts [2] - Shanghai Futures Exchange recorded a zinc warehouse receipt of 33,262 tons on January 14, down 351 tons from the previous trading day. Over the past week, the total decline in warehouse receipts was 7,657 tons, a decrease of 18.71%, and over the past month, the decline was 17,441 tons, a decrease of 34.40% [2] Institutional Perspectives - Guangzhou Futures noted that macro sentiment impact is weakening, with upstream raw material supply tightening and zinc smelting supply reducing. As the holiday approaches, downstream zinc operating rates are gradually declining, leading to rigid consumption sentiment in the high-priced zinc market. The rebalancing of domestic and international inventories may reopen the import window, potentially supplementing domestic supply. The basic supply-demand reality is weak, suggesting a short-term high-level oscillation, with a reference price range for the main Shanghai zinc contract between 23,000 and 24,500 CNY/ton [4] - Nanhua Futures indicated that the TC in January continues to decline, with the core issue being the tight domestic raw material supply. However, due to rising by-product prices, zinc smelting can maintain production at lower processing fees, keeping January output at a high level. From a long-term perspective, supply is expected to be loose, with the import window likely to open as LME continues to deliver. High zinc prices are suppressing downstream terminal consumption. Domestic inventory reduction supports Shanghai zinc, while LME inventory has surpassed 100,000 tons. Looking ahead, while the fundamentals of Shanghai zinc have potential for bullish sentiment, there is significant hedging pressure above, maintaining a view of strong oscillation [4]

Group 1 - The core viewpoint indicates that the lithium carbonate market is experiencing a downward trend, with prices fluctuating and showing weakness in performance [1][2] - The main contract for lithium carbonate futures opened at 163,840.0 yuan/ton, with a maximum of 165,000.0 yuan and a minimum of 156,180.0 yuan, reflecting a decline of 4.16% [1] - Market sentiment has diverged recently, influenced by policy benefits and expectations for energy storage demand, but profit-taking and weak fundamentals have led to a market adjustment phase [2] Group 2 - Demand for energy storage batteries has increased by 0.99% month-on-month, but there is a notable decline in the production of power batteries as the market enters a low season [2] - Inventory pressure is becoming evident, with an expected accumulation of over 5,000 tons in January [2] - Despite short-term supply and demand weakening, medium-term support is anticipated from policy tightening, high growth in energy storage demand, and increased processing fees [2] Group 3 - The current high volatility of lithium carbonate futures indicates significant market trading risks, and the sustainability of continued price increases remains uncertain [3] - There is a strong demand for spot purchases of lithium carbonate ahead of the Spring Festival, suggesting that the industry may exhibit "not dull in the off-season" characteristics [3] - Investors are advised to gradually realize profits in the short term and wait for market risks to be fully released before considering low-price entry opportunities [3]

Core Viewpoint - Tin prices experienced a surge followed by a decline, maintaining a strong performance in the night session, influenced by macroeconomic factors and supply dynamics [1] Macroeconomic Factors - The release of the U.S. CPI data has led to increased market expectations for interest rate cuts, despite officials indicating that current data does not support such actions [1] Supply Dynamics - There are ongoing concerns regarding the underperformance of tin production in Myanmar and the challenges faced by Indonesia in maintaining high export levels [1] Short-term Outlook - Attention is required on the upcoming export data from Indonesian exchanges, as well as the impact of pre-Spring Festival inventory accumulation and downstream feedback [1] - The expectation is that tin prices may still have upward momentum under a bullish trend, with a focus on buying on dips [1]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The report provides a detailed analysis of the soybean weather conditions in Brazil and Argentina, including sowing progress, growth stages, and potential impacts of rainfall on yields [1][2] Summary by Relevant Catalogs Brazil - Overall sowing progress reached 98.2%, with most crops in the reproductive growth stage, 32.8% in the flowering stage, 41.3% in the filling stage, 23.1% mature, and 0.53% in the harvest stage, leading last year by 0.05% [1][16] - In Mato Grosso state, the harvest has begun with a progress of 1.98%, faster than last year's 0.7% and the five - year average of 1.09%, but less rainfall may affect unharvested yields [1][16] - In Mato Grosso do Sul state, crop physiological development is normal, but effective rainfall is needed in the east and southwest. 85.7% of the farmland is in "good" condition [1][16] - In Goias state, sowing is completed, climate conditions are favorable, and areas sown at the beginning of the sowing window have entered the maturity stage, with harvesting即将开始 [1][16] - In Minas Gerais state, regular rainfall and temperature differences are beneficial for oilseed crop growth, but hail in the northwest damaged some crops [1][17] - In Rio Grande do Sul state, rainfall maintains good soil moisture, but crops sown in low - lying areas show signs of rust, partially affecting yields [1][17] - In Parana state, the western part has started harvesting, and rainfall is beneficial for crop growth [1][17] Argentina - Soybean sowing progress increased 6.3% week - on - week to 88.3%, about 10% behind the previous year [2][37] - Nearly 100% of the crops in the current production area are in excellent or good condition, and 99% have suitable moisture conditions [2][37] - 10% of the first - sown soybean area has entered the flowering stage, and 40% are gradually entering the key reproductive water - demanding period. The second - season soybean sowing area is 84% complete, mostly in the vegetative growth stage [2][37] - Less rainfall in the next two weeks may affect soil moisture in some areas [2] International Soybean Annual Focus Points - Different months have different focus points, such as US soybean exports, South American production, global soybean ending stocks, and Chinese imports [56] Soybean Growth Cycle and Weather Requirements - Different growth stages (planting, flowering, growing, harvesting) have different temperature, moisture requirements, and disaster risks [64]

Core Viewpoint - The global precious metals market experienced a significant surge, with COMEX gold surpassing $4600 per ounce and Shanghai silver futures rising by 14%, driven by concerns over Federal Reserve independence, geopolitical conflicts, central bank gold purchases, and de-dollarization trends [1][2]. Group 1: Market Performance - On January 12, COMEX gold futures reached a peak of $4612 per ounce, while COMEX silver hit $84.69 per ounce, with a peak intraday increase of over 6% [2]. - In the domestic market, Shanghai gold futures peaked at 1031 yuan per gram, and Shanghai silver futures rose by 14%, closing at 20945 yuan per kilogram, with all seven distant month contracts hitting the limit [2]. - The London Metal Exchange (LME) saw all six base metal futures contracts close higher, with LME tin and copper rising approximately 5% and 2%, respectively [5]. Group 2: Influencing Factors - The recent surge in precious metals is attributed to multiple factors, including the investigation of Federal Reserve Chairman Jerome Powell, which is seen as a long-term threat to the Fed's independence, alongside ongoing geopolitical tensions and central banks' continuous gold accumulation [2][6]. - The U.S. labor department reported a lower-than-expected increase in non-farm payrolls for December, which, combined with a declining unemployment rate and a weakening dollar, provided new support for gold prices [5]. Group 3: Risk Signals - High volatility risks are evident, with global futures exchanges frequently intervening and increasing trading margins for precious metals [3]. - The recent announcement from the Shanghai Gold Exchange highlighted significant price fluctuations and rising uncertainties, prompting a warning for members to monitor market changes closely [3]. Group 4: ETF Adjustments - To manage high inflows, gold ETFs have begun to limit subscriptions, with E Fund's gold ETF announcing a suspension of subscriptions starting January 16, aimed at protecting holder interests and ensuring stable fund operations [8]. - The adjustment in subscription terms includes raising the minimum subscription unit and streamlining the physical redemption contracts, which is expected to mitigate tracking errors due to premium discrepancies [8]. Group 5: Future Outlook - Analysts predict that the ongoing central bank gold purchases, combined with the irreversible trend of global monetary expansion and de-dollarization, will continue to support the upward trajectory of precious metals [7]. - Bloomberg Commodity Index's adjustment of gold and silver weightings is expected to create selling pressure, particularly on silver, which may experience greater volatility due to its smaller market size [9].