南华期货（603093）(603093.SH)发布公告，近日，公司境外全资孙公司NANHUA SINGAPORE PTE.LTD.收到ICE FuturesSingapore(简称"IFSG")以及ICE Clear Singapore(简称"ICSG")的通知，获批成为 IFSG的交易会员以及ICSG的清算会员，可以交易和清算IFSG上市的相关产品。 ...

智通财经APP讯，南华期货(603093.SH)发布公告，近日，公司境外全资孙公司 NANHUA SINGAPORE PTE. LTD.收到ICE FuturesSingapore(简称"IFSG")以及 ICE Clear Singapore(简称"ICSG")的通知，获批成 为IFSG的交易会员以及 ICSG的清算会员，可以交易和清算IFSG上市的相关产品。 ...

特此公告。 关于境外孙公司获得相关会员资格的公告 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。 近日，公司境外全资孙公司 NANHUA SINGAPORE PTE. LTD.收到 ICE Futures Singapore(以下简称"IFSG")以及 ICE Clear Singapore(以下简称"ICSG") 的通知，获批成为 IFSG 的交易会员以及 ICSG 的清算会员，可以交易和清算 IFSG 上市的相关产品。 证券代码：603093 证券简称：南华期货 公告编号：2025-075 南华期货股份有限公司 南华期货股份有限公司董事会 2025 年 12 月 22 日 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-074 公司本次全球发售 H 股发行股数为 107,659,000 股（整体协调人同意不行使 超额配售权，无论全部行使或部分行使），其中，香港公开发售 16,148,500 股； 国际发售 91,510,500 股。根据每股 H 股发售价 12 港元计算，经扣除全球发售相 关承销佣金及其他估计费用后，公司将收取的全球发售所得款项净额估计约为 12.03 亿港元。 有关公司本次发行配售结果的进一步详细信息，可查询公司于 2025 年 12 月 19 日在香港联交所网站（www.hkexnews.hk）披露的相关公告（具体披露时 间以香港联交所披露时间为准）。 特此公告。 南华期货股份有限公司董事会 南华期货股份有限公司 关于境外上市股份（H 股）配发结果的公告 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。 南华期货股份有限公司（以下简称"公司"）正在进行申请发行境外上市股 份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌 上市（以下简称"本 ...

南华期货公告称，公司正推进境外上市股份（H股）发行上市工作。本次全球发售H股1.08亿股，其中 香港公开发售0.16亿股，国际发售0.92亿股。每股H股发售价12港元，扣除相关费用后，全球发售所得 款项净额估计约12.03亿港元。进一步详细配售结果可查询公司于2025年12月19日在香港联交所网站披 露的公告。 ...

南华期货公告称，近日，其境外全资孙公司NANHUASINGAPOREPTE.LTD.收到IFSG及ICSG通知，获 批成为IFSG的交易会员以及ICSG的清算会员，可交易和清算IFSG上市的相关产品。 ...

Core Viewpoint - The aluminum market is experiencing a slight increase in prices and a reduction in inventory levels, with expectations for continued demand despite potential short-term fluctuations due to seasonal factors [1][4][5] Group 1: Market Performance - As of December 19, 2025, the main contract for Shanghai aluminum futures closed at 22,185 CNY/ton, with a weekly increase in open interest by 290 contracts [1] - During the week of December 15-19, the aluminum futures opened at 22,085 CNY/ton, reaching a high of 22,240 CNY/ton and a low of 21,610 CNY/ton, resulting in a weekly change of 0.11% [1] Group 2: Supply and Demand Dynamics - In October 2025, global primary aluminum production was reported at 6.0154 million tons, while consumption was 6.1241 million tons, leading to a supply shortage of 108,700 tons [2] - From January to October 2025, global primary aluminum production totaled 61.2165 million tons, with consumption at 62.1720 million tons, resulting in a cumulative supply shortage of 955,500 tons [2] - Nimba Mining plans to restart mining operations with a target of exporting 10 million tons by 2026, having already exported 680,000 tons of bauxite [2] Group 3: Inventory Levels - As of December 18, 2025, the inventory of electrolytic aluminum ingots was 578,000 tons, a decrease of 18,000 tons, while aluminum rod inventory in major domestic consumption areas was 119,500 tons, down by 7,000 tons [2] Group 4: Institutional Insights - According to Shenwan Hongyuan Futures, the Federal Reserve has room for a 50 to 100 basis point rate cut, but no immediate action is necessary given the current economic outlook [4] - The short-term supply of electrolytic aluminum is stable, with limited production growth expected in December, while demand remains acceptable despite a slight decline in downstream operating rates [4] - Nanhua Futures notes that the core Consumer Price Index (CPI) rose by 2.6% year-on-year in November, which may increase the likelihood of a Federal Reserve rate cut, while the aluminum market is expected to maintain a strong outlook in the medium term [5]

Core Viewpoint - Nanhua Futures is set to list its H-shares on the Hong Kong Stock Exchange on December 22, 2025, marking a significant step in its internationalization strategy and highlighting its resilience and core investment value amid industry transformation [1][4]. Listing Progress - The preparation for Nanhua Futures' Hong Kong listing has been efficient and smooth, taking one year to complete [1]. - The company announced its intention to issue H-shares in January 2025, followed by the submission of listing application materials to the Hong Kong Stock Exchange in April [2]. - The China Securities Regulatory Commission confirmed the listing application in September 2025, and the company updated its application materials in October [2][3]. Internationalization Acceleration - Nanhua Futures is the first Chinese futures company to go public in Hong Kong this year, reflecting its industry-leading position and international potential [5]. - The H-share listing is a key move in the company's international strategy, having established a service network across major global financial centers since 2006 [5]. - The net proceeds from the H-share issuance will be used to enhance the scale and optimize the structure of its overseas business [5]. Performance Growth - Nanhua Futures has shown robust performance growth, with annual profits increasing from 246 million RMB in 2022 to 458 million RMB in 2024, representing a compound annual growth rate of 36.5% [7]. - Total assets grew from 34.189 billion RMB at the end of 2022 to 48.863 billion RMB by the end of 2024, with a compound annual growth rate of 19.5% [7]. - The company has expanded its client base significantly, with the number of registered clients in domestic futures brokerage increasing from 4,266 in 2022 to 5,279 by mid-2025 [7]. Future Outlook - The investment value of Nanhua Futures is expected to continue to be released as the company aligns with industry opportunities and strategic initiatives [8]. - The company is poised to benefit from the Belt and Road Initiative and the accelerated opening of the futures market, positioning itself as a benchmark enterprise in the global futures industry [8].

Core Viewpoint - The domestic futures industry in China is accelerating its internationalization and moving towards high-quality development, driven by policy guidance and market demand [1] Group 1: Industry Trends - The Chinese futures market is the largest commodity futures market globally, covering over 140 products across 41 industries, with a projected CAGR of 9.1% from 2020 to 2024, expected to reach 986.8 trillion yuan by 2029 [1] - The demand for risk hedging in the real economy is increasing, particularly due to heightened volatility in commodity prices and rising hedging needs among industrial chain enterprises [1] - The cross-border risk management demand remains strong as Chinese companies accelerate their internationalization, with A-share listed companies' overseas business revenue growing by 12.8% year-on-year in the first half of 2024 [1] Group 2: Company Overview - Nanhua Futures is set to officially list on the Hong Kong Stock Exchange on December 22, becoming a pioneer in the internationalization of the domestic futures industry [1] - According to Frost & Sullivan, Nanhua Futures ranks eighth among all domestic futures companies in total revenue for 2024 and first among non-financial institution-related futures companies, with the highest overseas revenue among domestic futures firms [1] Group 3: Financial Performance - Nanhua Futures' overseas financial services revenue is expected to double from 2022 to 2024, with over 50% of total revenue coming from this segment by the first half of 2025, contributing over 90% of operating profit [2] - The company plans to issue 108 million H-shares at a price range of 12-16 HKD, aiming to raise approximately 1.41 billion HKD, with funds allocated to enhance global business layout [2] Group 4: Strategic Initiatives - The company aims to establish an "A+H" dual listing structure to optimize its capital layout and enhance cross-border financial services, which is expected to boost its international brand influence and accelerate overseas business expansion [3] - Nanhua Futures is focusing on increasing investments in risk management, OTC derivatives, and wealth management to capitalize on global derivatives market opportunities [3] Group 5: Profit Forecast and Valuation - Revenue projections indicate a decline in total revenue from 6.247 billion yuan in 2023 to 2.256 billion yuan in 2025, followed by a recovery to 2.738 billion yuan by 2027, with a significant year-on-year decrease of 60.5% in 2025 [4] - The net profit attributable to the parent company is forecasted to grow from 402 million yuan in 2023 to 587 million yuan in 2027, reflecting a steady growth trajectory [4] Group 6: Market Insights - Analysts believe that Nanhua Futures' internationalization strategy, high-margin business structure, and solid customer base will not only create long-term value for investors but also provide valuable insights for the internationalization of the domestic futures industry [5]

Core Viewpoint - Nanhua Futures (2691.HK) is set to raise approximately HKD 1.203 billion through its global offering of 107,659,000 H-shares priced at HKD 12.00 each, marking a significant step in its international expansion strategy [1] Group 1: IPO Details - The Hong Kong public offering accounted for 15% of the total shares, with a subscription rate of 1.91 times, while the international offering made up 85% with a subscription rate of 0.99 times [1] - The shares are expected to officially list on the Hong Kong Stock Exchange on December 22, 2023, with a trading unit of 500 shares [1] Group 2: Company Background - Nanhua Futures is a leading comprehensive futures company in China, established in 1996 and headquartered in Hangzhou, offering services in domestic futures brokerage, risk management, wealth management, and overseas financial services [1] - The company was listed on the Shanghai Stock Exchange in 2019 and aims to use the net proceeds from the Hong Kong IPO to strengthen its overseas capital base and expand its international business [1] Group 3: Market Implications - As the first Chinese futures company to list in Hong Kong this year, Nanhua Futures' industry-leading position and international potential may lead to a re-evaluation of its valuation in the capital markets [1]