美国时间 2025 年 12 月 8 日，公司境外全资孙公司 Nanhua USA LLC 收到 Coinbase Derivatives，LLC 交易所（以下简称"Coinbase Derivatives"）通 知，获批成为其交易会员。目前，Nanhua USA LLC 已是 Coinbase Derivatives 指定清算机构 Nodal Clear,LLC 的清算会员。本次获批后，Nanhua USA LLC 可 交易及清算在 Coinbase Derivatives 上市的相关产品。 证券代码：603093 证券简称：南华期货 公告编号：2025-071 南华期货股份有限公司关于境外孙公司获得 美 国 Coinbase Derivatives 交易会员资格的公告 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。 特此公告。 南华期货股份有限公司董事会 2025 年 12 月 10 日 ...

Core Viewpoint - Nanhua Futures has received approval to become a trading member of Coinbase Derivatives, enhancing its capabilities in the derivatives market [1] Group 1: Company Developments - Nanhua Futures' wholly-owned subsidiary, Nanhua USA LLC, was notified on December 8, 2025, of its approval to join Coinbase Derivatives as a trading member [1] - Nanhua USA LLC is already a clearing member of Nodal Clear, LLC, which is the designated clearing agency for Coinbase Derivatives [1] - Following this approval, Nanhua USA LLC will be able to trade and clear products listed on Coinbase Derivatives [1]

南华期货（603093）(603093.SH)发布公告，美国时间2025年12月8日，公司境外全资孙公司Nanhua USA LLC收到Coinbase Derivatives，LLC 交易所(以下简称"Coinbase Derivatives")通知，获批成为其交易 会员。目前，Nanhua USA LLC已是Coinbase Derivatives 指定清算机构Nodal Clear,LLC的清算会员。本 次获批后，Nanhua USA LLC可交易及清算在Coinbase Derivatives 上市的相关产品。 ...

Core Viewpoint - Nanhua Futures has received approval for its subsidiary, Nanhua USA LLC, to become a trading member of Coinbase Derivatives, enhancing its trading capabilities in the derivatives market [1] Group 1: Company Developments - Nanhua USA LLC is now a trading member of Coinbase Derivatives, allowing it to trade and clear products listed on the exchange [1] - Nanhua USA LLC is already a clearing member of Nodal Clear, LLC, which is the designated clearing agency for Coinbase Derivatives [1] Group 2: Industry Implications - The approval signifies a strategic move for Nanhua Futures to expand its presence in the cryptocurrency derivatives market [1] - This development may enhance liquidity and trading options for Nanhua USA LLC, positioning it competitively within the growing digital asset sector [1]

人民财讯12月9日电，南华期货（603093）12月9日公告，境外全资孙公司Nanhua USA LLC收到 Coinbase Derivatives，LLC 交易所（简称"Coinbase Derivatives"）通知，获批成为其交易会员。目前， Nanhua USA LLC已是Coinbase Derivatives指定清算机构Nodal Clear,LLC的清算会员。本次获批后， Nanhua USA LLC可交易及清算在Coinbase Derivatives上市的相关产品。 ...

格隆汇12月9日丨南华期货(603093.SH)公布，美国时间 2025 年 12 月 8 日，公司境外全资孙公司Nanhua USA LLC 收到Coinbase Derivatives，LLC 交易所（以下简称"Coinbase Derivatives"）通知，获批成为其 交易会员。目前，Nanhua USA LLC 已是Coinbase Derivatives指定清算机构 Nodal Clear,LLC 的清算会 员。本次获批后，Nanhua USA LLC可交易及清算在 Coinbase Derivatives 上市的相关产品。 ...

Market Performance - The diversified financial sector increased by 1.01% on December 8, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Individual Stock Performance - Ruida Futures (002961) closed at 29.38, up 10.00% with a trading volume of 67,600 shares and a transaction value of 266.6 million [1] - Yong'an Futures (600927) closed at 15.63, up 4.97% with a trading volume of 221,500 shares and a transaction value of 345 million [1] - Other notable performers include 弘业期货 (001236) up 4.51%, *ST仁东 (002647) up 3.16%, and 南华期货 (603093) up 3.06% [1] Capital Flow Analysis - The diversified financial sector experienced a net outflow of 75.3968 million from institutional investors, while retail investors saw a net inflow of 100 million [2] - The capital flow data indicates that retail investors are increasingly active in the market despite the overall net outflow from major funds [2] Detailed Capital Flow for Selected Stocks - Zhonghai Capital (000617) had a net inflow of 51.8342 million from institutional investors, while retail investors had a net outflow of 47.0365 million [3] - Hainan Huatie (603300) saw a net inflow of 44.7164 million from institutional investors, with retail investors experiencing a net outflow of 27.2872 million [3] - Other stocks like 永安期货 (600927) and 瑞达期货 (002961) also showed mixed capital flows, with institutional inflows and retail outflows [3]

Group 1 - The domestic urea futures market is experiencing a fluctuating downward trend, with the main contract opening at 1661.00 CNY/ton and showing a decline of approximately 2.08% [1] - Urea prices are facing increased resistance to rise, as industrial compound fertilizer enterprises have ramped up production, leading to a sustained high daily output of urea and a generally loose supply-demand situation [2] - The marginal demand for urea has shown some improvement, with compound fertilizer weekly operating rates increasing by 3.5% to 40.5%, and the number of urea orders rising by 0.7% to 7.35 [2] Group 2 - Urea inventory has decreased to 1.291 million tons, down by 73,000 tons week-on-week, indicating ongoing destocking efforts [2] - Despite a number of maintenance activities in December affecting around 7 million tons of total capacity, daily production is expected to remain high at 19-20 thousand tons, with a reported daily output of 19.68 thousand tons, which is an increase of 1.49 thousand tons year-on-year [2] - The urea market is currently supported by fundamentals and policies, with short-term downward space being effectively supported while facing upward pressure, leading to expectations of continued fluctuations [2]

Economic Indicators - The core PCE price index in the U.S. met expectations, reinforcing the anticipation of an interest rate cut this week[1] - U.S. consumer spending showed almost no growth in September, indicating a cautious approach to spending amid persistent inflation[11] - The Michigan consumer confidence index rose for the first time in five months, with inflation expectations dropping to the lowest since January[11] Market Performance - The Shanghai Composite Index closed up 0.7% at 3902.81 points, while the Shenzhen Component rose 1.08% and the ChiNext Index increased by 1.36%[1] - The Hong Kong Hang Seng Index gained 0.58% to close at 26085.08 points, with the Hang Seng Tech Index up 0.84%[1] - The average daily trading volume in the Hong Kong stock market increased by 95% year-on-year to 2558 billion HKD in the first 11 months of the year[9] Geopolitical Tensions - Japan's defense ministry accused China of locking radar on Japanese military aircraft, escalating tensions between the two nations[11] - The Chinese military responded, claiming Japanese aircraft have repeatedly approached and interfered with Chinese fighter training, posing safety risks[11] Financial Market Developments - Prudential Corporation Holdings submitted an IPO application for ICICI Asset Management in India, planning to sell up to 9.91% of its stake[13] - China’s central bank increased its gold reserves for the 13th consecutive month, adding 30,000 ounces in November, bringing total reserves to approximately 74.12 million ounces[11]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The recent continuous decline in the market is mainly driven by the National Development and Reform Commission's coal supply guarantee policy. Coal chemical varieties have followed the downward trend, but their valuations are low, so short - selling is not cost - effective. The supply guarantee is a short - term logical driver, while anti - involution is a long - term logic. The oilseeds and oils of agricultural products are expected to remain volatile. China's purchase of 12 million tons of soybeans this year cannot change the global oversupply situation of soybeans. After the current adjustment, two investment ideas can be considered: low - buying of strong varieties after adjustment and technical rebound trading of oversold varieties [2][5]. Summary by Relevant Catalogs Weekly Market View Summary - The commodity market continued to diverge this week. Non - ferrous metals and precious metals were strong, while black and chemical varieties were weak. The 01 contract was pushed to an extreme. Copper, aluminum, and silver were in a main - rising wave due to supply shortages, but the gold trend deviated and required caution. Agricultural products showed an overall volatile pattern, with short - term selling pressure. After the domestic soybean meal adjusts, it can be considered for low - buying. The rising inventory of Malaysian palm oil has pressured palm oil prices. In the energy and chemical sector, domestic coal prices have continuously declined under the supply guarantee policy, which has also put pressure on coal - related chemical products. In the black sector, coking coal and coke have led the overall decline in valuations, but it is unlikely to return to the price levels in early July [4]. Capital Flow in Different Sectors - The total capital flow was 20.027 billion yuan. The precious metals sector had a capital flow of 1.253 billion yuan (15.5%), the non - ferrous metals sector had 8.545 billion yuan (100.0%), the black metals sector had 218 million yuan (4.9%), the energy and chemical sector had 802 million yuan (25.0%), the feed and breeding sector had 194 million yuan (9.3%), the oilseeds and oils sector had - 772 million yuan (- 17.1%), and the soft commodities sector had 463 million yuan (27.8%) [9]. Weekly Data of Different Commodity Categories - **Black and Non - Ferrous Metals**: For black metals such as iron ore, rebar, hot - rolled coil, etc., and non - ferrous metals like copper, aluminum, and silver, data on price percentile, inventory percentile, valuation percentile, etc., were provided. For example, iron ore had a price percentile of 20.5%, an inventory percentile of 96.1%, and a valuation percentile of 0.0% [9]. - **Energy and Chemical Products**: For energy and chemical products like fuel oil, low - sulfur oil, and asphalt, data on price percentile, inventory percentile, etc., were presented. For instance, fuel oil had a price percentile of 0.0%, an inventory percentile of 100.0%, and a valuation percentile of 0.0% [11]. - **Agricultural Products**: For agricultural products including soybean meal, rapeseed meal, and soybean oil, data on price percentile, inventory percentile, etc., were given. For example, soybean meal had a price percentile of 7.8%, an inventory percentile of 100.0%, and a valuation percentile of 0.0% [12].