Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Ferroalloys are currently in a bottom - oscillating trend, with support from the cost side and suppression from high inventory and weakening downstream demand [2]. - The supply of ferroalloys is likely to continue to decrease due to seasonal patterns and declining profits, while the demand is expected to decline as hot metal production decreases [2]. - The high inventory of ferroalloys further restricts demand, and destocking may require production cuts [2]. - Despite the weak fundamentals, news about anti - involution competition and green - low - carbon transformation may cause a short - term rebound in ferroalloy prices, but price increases may stimulate hedging and suppress prices [2]. Group 3: Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - **Supply**: Ferroalloy production generally shows a decreasing trend. Last week, silicon - manganese production increased slightly by 0.68% week - on - week, while silicon - iron production decreased by 2.30% week - on - week. Future production is likely to decrease further due to corporate losses [2]. - **Demand**: Hot metal production decreased last week and is expected to continue to decline slightly. The demand for ferroalloys is expected to fall, and high inventory also inhibits demand [2]. - **Inventory**: Silicon - iron and silicon - manganese enterprise inventories are at the highest levels in the past five years. Last week, silicon - manganese enterprise inventory increased by 1.73% and silicon - iron enterprise inventory increased by 7.16% week - on - week [2]. - **Trading Logic**: Near - term trading is based on cost support and weakening demand; long - term trading is influenced by anti - involution expectations and green - low - carbon transformation policies [4][5]. 1.2 Trading Strategy Recommendations - **Trend Judgment**: Range - bound oscillation. The price range of the silicon - iron main contract 2603 is 5300 - 5800, and that of the silicon - manganese main contract 2603 is 5500 - 6000 [5]. - **Arbitrage Strategies**: All strategies (basis, calendar spread, and hedging arbitrage) recommend waiting and seeing [5]. 1.3 Industrial Customer Operation Recommendations - **Price Forecast**: The monthly price range of silicon - iron is 5300 - 6000, with a current volatility of 15.32% and a historical percentile of 32.5% in three years. The monthly price range of silicon - manganese is 5300 - 6000, with a current volatility of 12.21% and a historical percentile of 14.5% in three years [5]. - **Hedging Strategies**: For inventory management, sell 15% of ferroalloy futures (SF2603, SM2603) when the price of silicon - iron is 5800 - 6000 and silicon - manganese is 6000 - 6200. For procurement management, buy 25% of ferroalloy futures when the price of silicon - iron is 5200 - 5300 and silicon - manganese is 5300 - 5400 [5]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: Ferroalloys are in a production - cut trend; magnesium ingot production in October increased by 21.96% month - on - month; downstream steel profits are gradually improving; anti - involution competition news and green - low - carbon transformation policies [6][7]. - **Negative Information**: Steel mill profit margins fell below 40%, and the risk of negative feedback is increasing; hot metal production is decreasing, reducing ferroalloy demand; ferroalloy enterprise inventories are increasing [7]. 2.2 Next Week's Important Events - Next Monday: China's November year - on - year growth rate of total retail sales of consumer goods and November year - on - year growth rate of industrial added value of enterprises above designated size. - Next Tuesday: The US November unemployment rate and non - farm payrolls. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - **Unilateral Trends and Capital Movements**: Analyzed the closing prices and positions of silicon - iron and silicon - manganese [8][9]. - **Basis and Calendar Spread Structure**: The term structure of ferroalloys generally shows a contango structure, with the silicon - iron contract in a backwardation structure at certain stages. The basis has narrow fluctuations, and the 1 - 5 calendar spread may weaken further [10][11]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industry Chain - Downstream demand is weakening, and ferroalloy production enterprises are gradually incurring losses. The market expects ferroalloy production to continue to decrease [27]. 4.2 Import and Export Profit Tracking - Analyzed the relationship between silicon - iron export profit and export volume [57]. Chapter 5: Supply - Demand and Inventory Projections 5.1 Supply - Demand Balance Sheet Projections - Supply: Ferroalloy production is expected to decline due to weakening downstream demand and falling production profits. - Demand: The demand for ferroalloys is expected to decrease as hot metal production declines. - Inventory: High inventory levels require production cuts for destocking [58]. 5.2 Supply - Side and Projections - Ferroalloy production is affected by production profits and seasonal patterns, and is expected to maintain a decreasing trend [62]. 5.3 Demand - Side and Projections - The demand for ferroalloys is related to hot metal production, steel enterprise profitability, and the production of downstream products such as magnesium ingots and steel products [66][68]. 5.4 Inventory - Side and Projections - The inventory of ferroalloys is at a high level, and the inventory of silicon - iron and silicon - manganese is expected to change according to production and demand [82][89].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - This week, the polysilicon futures price showed an overall weak and volatile trend. The core factors influencing the price are the supply - side maintenance and shutdown, downstream demand - side production scheduling, anti - involution policies in the photovoltaic industry, and warehouse receipt registration [3]. - From a fundamental perspective, the industry currently features "weak supply and demand." The polysilicon production has declined, and the expansion of industry supply has significantly slowed. Downstream production in silicon wafers, cells, and components is also under pressure, and the overall industry is contracting. Polysilicon inventory remains at a recent high, and the terminal demand in the component bidding market remains weak [3]. - In terms of trading sentiment, the market has reacted to platform companies, and subsequent actual implementation needs attention. The trading logic should be based on the technical analysis supported by price trends and volume - energy changes [3]. 3. Summary by Relevant Catalogs 3.1 Chapter 1: Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - The core factors influencing the polysilicon futures price are the supply - side maintenance and shutdown, downstream demand - side production scheduling, anti - involution policies in the photovoltaic industry, and warehouse receipt registration [3]. - Near - term trading logic (before the end of the year): warehouse receipt registration and supply - and - demand - side production reduction and shutdown [5][6]. - Long - term trading logic (after the end of the year): the implementation of "anti - involution" policies and the new photovoltaic installation capacity in 2026, and downstream and overseas photovoltaic demand [6]. 3.1.2 Industry Operation Suggestions - Polysilicon futures price: expected to be in a wide - range volatile state, with the current 20 - day rolling volatility at 28.63%, and the historical percentile of the current volatility in the past 3 years at 83.6% [8]. - Risk management strategies for the photovoltaic industry: different hedging suggestions are provided for polysilicon sales, procurement, and inventory management, including the use of futures contracts and option strategies, with recommended hedging ratios [8]. 3.2 Chapter 2: Market Information 3.2.1 This Week's Main Information - On December 6th, Oman Arab Bank and United Solar Polysilicon finalized a $220 million financing agreement to support the construction of a 100,000 - ton high - purity polysilicon plant, which is about to be put into production [9]. - On December 9th, the board of directors of Chint Electric approved a proposal to purchase photovoltaic components from related parties in 2026, with the total transaction amount not exceeding 3.5 billion yuan [9]. 3.2.2 Next Week's Attention Events The provided content does not mention specific next - week attention events. 3.3 Chapter 3: Market Analysis 3.3.1 Price - Volume and Capital Analysis - This week, the polysilicon weighted index contract closed at 57,724 yuan/ton, a week - on - week increase of 6.23%. The trading volume was 448,900 lots, a week - on - week increase of 78.24%, and the open interest was 269,600 lots. The PS2601 - PS2605 spread was in a back structure, a week - on - week decrease of 780 yuan/ton. The number of warehouse receipts was 3,640 lots, a week - on - week increase of 1,320 lots [14]. - Technical analysis: The polysilicon futures price showed a "long - position increase and upward movement" feature, moving from below the 60 - day line to above the 5 - day line. It also moved from near the middle track of the Bollinger Band to the upper track, and the Bollinger Band width was volatile. Currently, it is in a wide - range volatile range of 50,000 - 58,000 yuan/ton, with support at 50,000 yuan/ton and resistance at 60,000 yuan/ton [14]. - Option situation: The 20 - day historical volatility and the implied volatility of at - the - money options of polysilicon were both volatile. The PCR of option open interest was in a volatile and relatively strong state, indicating a growing bearish sentiment in the market [16]. - Capital flow: The net long - position scale of key profitable seats in polysilicon showed an increasing trend [19]. - Spread structure: The polysilicon futures term structure was in a back structure, with a weaker change compared to last week [21]. - Basis structure: The basis of the main contract this week showed a weak and volatile trend [25]. 3.3.2 Futures and Price Data - The prices of various types of polysilicon, silicon wafers, cells, and components showed little change, with some products having a slight increase or decrease in price [28]. 3.4 Chapter 4: Valuation and Profit Analysis - Currently, the overall profitability of polysilicon enterprises is stable. The spot profit of polysilicon is in a stable state, and the profit of the silane method is higher than that of the improved Siemens method [29]. - From the perspective of the futures end, under the accounting model with industrial silicon and electricity as the main cost components, the gross profit margin of polysilicon futures is about 36.15% [29]. 3.5 Chapter 5: Fundamental Data 3.5.1 Polysilicon Supply - Domestic polysilicon weekly production decreased, with the SMM - weekly production at 25,100 tons, a week - on - week decrease of 2.71%, and the Baichuan - weekly production at 26,330 tons, a week - on - week decrease of 0.53% [36]. - Overseas polysilicon monthly production and monthly operating rate data are provided [38]. - Polysilicon inventory: The total domestic weekly polysilicon inventory was 512,000 tons, an increase of 1.67% week - on - week. The inventory of production enterprises, silicon wafer enterprises, and warehouse receipts also changed to varying degrees [41]. 3.5.2 Silicon Wafer Supply - The weekly production of silicon wafers in China was 12.15 GW, a week - on - week increase of 1.67%, and the weekly inventory was 23.3 GW, a week - on - week increase of 9.39% [44]. - Data on the monthly net export and weekly inventory of silicon wafers are also provided [47][49]. 3.5.3 Cell Supply - The monthly production and operating rate data of cells, including different types such as Topcon, BC, and HJT cells, are provided [51]. - The weekly inventory of photovoltaic cells was 9.07 GW, a week - on - week decrease of 4.73% [54]. 3.5.4 Photovoltaic Component Supply - The monthly production and operating rate data of photovoltaic components, including N - type and P - type components, are provided [57]. - The weekly inventory of photovoltaic components was 30.4 GW, a week - on - week decrease of 0.33% [60]. 3.5.5 Bidding - The weekly data of photovoltaic component bidding showed that the winning bid capacity was 1,649.73 MW, a week - on - week increase of 33.82%, and the average winning bid price was 0.74 yuan/watt, a week - on - week decrease of 2.63% [62]. 3.5.6 Installation and Application - The monthly new installation capacity data of photovoltaic power generation in China are provided, as well as the data on green power generation and the proportion of photovoltaic power generation in green power [66][68].

"中央经济工作会议将'坚持内需主导，建设强大国内市场'置于明年重点任务首位。"华泰期货董事长赵 昌涛表示，期货行业将以此为导向，充分发挥期货市场在资源配置和风险管理中的专业功能，聚焦现代 化产业体系的风险管理需求，推动业务模式创新与服务升级，助力企业提升经营韧性、稳定市场供应， 为增强国内大循环内生动力提供扎实的金融工具支撑。 中信建投期货董事长王广学表示，将坚定融入国家战略，聚焦主责主业，更好发挥期货市场功能，丰富 产品与服务供给，帮助实体企业管理风险，成为实体企业和金融机构风险管理最可靠的合作伙伴和专业 管家。 中央经济工作会议于12月10日至11日在北京举行，会议全面总结了当前经济工作，深刻分析了国内外形 势，强调要更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，因地制宜发展新质生产力， 纵深推进全国统一大市场建设，为明年我国经济发展指明了方向、明确了要求。 多家期货公司高管表示，期货行业将深刻把握会议确定的工作总基调，立足期货和衍生品专业优势，将 政策导向转化为"服务实体、创新发展、守牢底线"的务实行动，为经济社会高质量发展贡献坚实的期货 力量。 服务全国统一大市场建设，筑牢实体经济风险"防火 ...

他说，新质生产力的核心要义在于创新与质优，期货市场"价格发现、风险管理、资源配置"的功能与之 天然契合。期货行业必须超越传统通道服务的局限，将自身发展深度融入国家发展大局。 "创新是引领发展的第一动力。期货公司的服务创新，必须是围绕实体需求的、全方位的价值创造。"罗 旭峰表示，一是推动产品与策略创新，解决产业"急难愁盼"。二是深化科技与数字赋能，重塑客户服务 体验。三是构建开放与协同生态，提升综合服务能级。 "创新是引领发展的第一动力。期货公司的服务创新，必须是围绕实体需求的、全方位的价值创造。"罗 旭峰表示，一是推动产品与策略创新，解决产业"急难愁盼"。二是深化科技与数字赋能，重塑客户服务 体验。三是构建开放与协同生态，提升综合服务能级。 中证报中证网讯（记者 马爽 王超）2025年12月10日至11日，中央经济工作会议在北京举行。南华期货 董事长罗旭峰表示，必须将思想和行动统一到中央的重大决策部署上来，以发展新质生产力为核心引 擎，加快推动一场深刻的服务创新变革，为"十五五"开好局贡献坚实的期货力量。 中证报中证网讯（记者 马爽 王超）2025年12月10日至11日，中央经济工作会议在北京举行。南华期货 ...

证券代码：603093 证券简称：南华期货 公告编号：2025-072 鉴于本次发行上市 H 股招股说明书的刊发目的仅为提供信息予香港公众人 士和合资格的投资者，公司将不会在境内证券交易所的网站和符合监管机构规定 条件的媒体上刊登该 H 股招股说明书，但为使境内投资者及时了解该 H 股招股说 明书披露的本次发行上市及公司的其他相关信息，现提供该 H 股招股说明书在香 港联交所网站的查询链接： 中文： https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1212/20251 21200022_c.pdf 英文： 南华期货股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间及 H 股 香港公开发售等事宜的公告 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"本次发行上市"）的相关工作。 2025 年 4 月 1 ...

Group 1: Company Overview - Huaman Biotechnology Co., Ltd. - B is a biopharmaceutical company established in 2012, focusing on developing protein drugs for wound healing therapies [4] - Nanhua Futures Co., Ltd. is one of the first companies in China's futures industry, providing global financial services and ranked eighth among all futures companies in China by total revenue in 2024 [9] - Impression Dahongpao Co., Ltd. is a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province, with operations in performance services, cultural tourism town business, and tea hotel business [21] Group 2: IPO Details - Huaman Biotechnology plans to issue 17.6488 million H-shares with a price range of HKD 38.20-51.00, and the subscription period is from December 12 to December 17, 2025 [2] - Nanhua Futures plans to issue 108 million H-shares with a price range of HKD 12.00-16.00, and the subscription period is also from December 12 to December 17, 2025 [7] - Impression Dahongpao plans to issue 36.1 million H-shares with a price range of HKD 3.47-4.10, with the same subscription period [19] Group 3: Financial Performance - Huaman Biotechnology reported revenues of RMB 471,700 in 2023 and net losses of RMB 1.0519 billion, RMB 2.1225 billion, and RMB 1.6410 billion for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [6] - Nanhua Futures reported revenues of RMB 954.41 million, RMB 1.29287 billion, and RMB 1.35484 billion for the years 2022, 2023, and 2024, with profits increasing from RMB 245.91 million in 2022 to RMB 402.82 million in 2023 [12] - Impression Dahongpao's revenues were approximately RMB 63.04 million, RMB 143.89 million, and RMB 137.20 million for the years 2022, 2023, and 2024, with net profits of RMB 47.50 million in 2023 [23]

Core Viewpoint - The 2025 Central Economic Work Conference outlines a new development blueprint emphasizing the need for a new service model that supports high-quality development and innovation in the futures industry to ensure the stability and long-term growth of the Chinese economy [1] Group 1: Strategic Intent - The core essence of new productive forces lies in innovation and quality, aligning the functions of the futures market with national development goals [2][10] - The service radius should expand from "key enterprises" to the "entire industrial chain," addressing the universal risk management needs of various enterprises, including multinational corporations and small to medium-sized enterprises [11] - The depth of service must evolve from "single tools" to "comprehensive solutions," transforming the role from a "tool provider" to a "general practitioner" and "strategic advisor" [11] Group 2: Innovation and Service Enhancement - Innovation is the primary driving force for development, and futures companies must create value that revolves around the needs of the real economy [12] - There is a need to promote product and strategy innovation to address urgent industry challenges, requiring a deep understanding of both finance and industry [13] - Digital transformation is essential for future survival, necessitating the establishment of intelligent customer service and research platforms that leverage big data and AI for precise customer behavior analysis and market risk warnings [14] Group 3: Collaborative Ecosystem - A collaborative approach is necessary to meet the comprehensive financial needs of the real economy, requiring partnerships with securities firms, banks, and insurance companies to provide "one-stop" financial services [15] - Utilizing the "production and finance base" and "platform+" ecosystems established by exchanges can enhance service delivery and expand the reach of financial services [15] Group 4: Risk Management and Talent Development - Risk control is a core competitive advantage, necessitating a comprehensive risk management culture that integrates compliance awareness into every business innovation and service [16] - A "long-termism" talent and assessment system is essential, focusing on developing professionals who understand both derivatives and industry dynamics, as well as financial technology [17]

Core Viewpoint - Nanhua Futures Co., Ltd. (2691.HK) is launching an IPO from December 12 to December 17, offering 108 million H-shares with a price range of HKD 12 to HKD 16 per share, aiming to raise up to HKD 1.723 billion [1] Group 1: IPO Details - The public offering accounts for 10% of the total shares, while the remaining shares will be allocated for international placement [1] - The expected listing date for the shares is December 22 [1] - The entry fee for one board lot of 500 shares is HKD 8,080.68 [1] Group 2: Fund Allocation - 30% of the net proceeds will be used to enhance the capital base of the Hong Kong operations [1] - 30% will be allocated to strengthen the capital base of the UK operations [1] - 20% will be directed towards increasing the capital base of the US operations [1] - 10% will be used to bolster the capital base of the Singapore operations [1] - The remaining 10% will be utilized for general corporate purposes and to supplement working capital for overseas operations [1]

Core Viewpoint - Nanhua Futures Co., Ltd. is set to launch a global offering of approximately 108 million shares from December 12 to December 17, with an expected listing date of December 22 [1] Company Overview - Nanhua Futures was established in 1996 and is headquartered in Hangzhou, China. It successfully listed on the Shanghai Stock Exchange in August 2019. According to a Frost & Sullivan report, the company ranks eighth among all futures companies in China by total revenue for 2024 and first among non-financial related futures companies [2] - The company focuses on providing futures and derivatives services in both domestic and international markets, offering customized risk management services to industrial clients, financial institutions, and individual investors [2] Financial Overview - The annual profit of Nanhua Futures is projected to grow from RMB 246 million in 2022 to RMB 458 million in 2024, representing a compound annual growth rate (CAGR) of 36.5%. The interim profit for the six months ending June 30, 2024, is expected to be RMB 231 million [3] - Key financial figures include: - Commission and fee income: RMB 498 million in 2022, projected to be RMB 542 million in 2024 - Net interest income: RMB 327 million in 2022, projected to be RMB 682 million in 2024 - Operating income: RMB 954 million in 2022, projected to be RMB 1.355 billion in 2024 - Operating profit: RMB 296 million in 2022, projected to be RMB 519 million in 2024 [4] Fundraising Purpose - The net proceeds from the global offering are expected to be approximately HKD 1.41 billion, assuming the over-allotment option is not exercised. The funds will be allocated as follows: - Approximately 30% for expanding operations in Hong Kong and establishing a subsidiary in Malaysia - Approximately 30% for enhancing operations in the UK and Europe - Approximately 20% for increasing operations in the US - Approximately 10% for expanding operations in Singapore and Southeast Asia - Approximately 10% for general corporate purposes and supplementing working capital for overseas operations [5]

Group 1 - Nanhua Futures (603093) plans to conduct an IPO from December 12 to December 17, 2025, offering 108 million H-shares globally, with approximately 10% for public offering in Hong Kong and 90% for international offering, including a 15% over-allotment option [1] - The expected price range for each share is between HKD 12 and HKD 16, with a median price of HKD 14, potentially raising about HKD 1.41 billion in net proceeds if the over-allotment option is not exercised [1] - According to a Frost & Sullivan report, the company ranks eighth among all futures companies in China by total revenue for 2024 and ranks first among non-financial institution-related futures companies [1] Group 2 - The company primarily provides futures and derivatives services in both domestic and international markets, offering customized derivatives and risk management services to industrial clients, financial institutions, and individual investors, while also focusing on diversified wealth management services [1] - The net proceeds from the IPO will be fully allocated to strengthen the capital base of its overseas subsidiaries in Hong Kong (30%), the UK (30%), the US (20%), and Singapore (10%), with the remaining 10% used for general corporate purposes and to supplement working capital [1]