南华期货股份有限公司（以下简称"公司"）第四届监事会第十五次会议于 2025 年 1 月 20 日以现场和通讯相结合的方式召开，本次会议的通知于 2025 年 1 月 10 日以电话、电子邮件等方式向全体监事发出，由厉国平先生主持。本次 会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开及表决程序符 合《公司法》及《公司章程》的有关规定，会议决议合法有效。 证券代码：603093 证券简称：南华期货 公告编号：2025-003 二、监事会会议审议情况 南华期货股份有限公司 本次会议审议并通过如下议案： 第四届监事会第十五次会议决议公告 （一）审议通过《关于公司发行 H 股股票并在香港联交所上市的议案》 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 基于深化全球战略布局的需要，公司拟发行境外上市外资股（以下简称"H 股"）股票（以下简称"本次发行"）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"本次发行并上市"）。 2. 发行及上市时间 公司本次发行 ...

本次会议审议并通过如下议案： （一）审议通过《关于公司发行 H 股股票并在香港联交所上市的议案》 基于深化全球战略布局的需要，公司拟发行境外上市外资股（以下简称"H 股"）股票（以下简称"本次发行"）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"本次发行并上市"）。 证券代码：603093 证券简称：南华期货 公告编号：2025-002 南华期货股份有限公司 第四届董事会第十八次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 南华期货股份有限公司（以下简称"公司"）第四届董事会第十八次会议于 2025 年 1 月 20 日以现场和通讯相结合的方式召开，本次会议的通知于 2025 年 1 月 10 日以电话、电子邮件等方式向全体董事发出，由董事长罗旭峰先生主持。 本次会议应出席董事 7 人，实际出席董事 7 人。本次会议的召集、召开及表决程 序符合《公司法》及《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 公司本次发行并上市将根据《中 ...

Core Viewpoint - Nanhua Futures is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming to deepen its global strategic layout as the first futures company listed in A-shares [1][2]. Group 1: H-Share Issuance Plan - On January 20, Nanhua Futures announced the approval of its plan to issue H-shares and list on the Hong Kong Stock Exchange during its board and supervisory meetings [2]. - The company aims to consider the interests of existing shareholders and the conditions of domestic and foreign capital markets when selecting the timing for the issuance within a 24-month period [2][3]. - The issuance and listing are subject to approval from the shareholders' meeting and relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2][3]. Group 2: Internationalization Strategy - Nanhua Futures is focusing on internationalization, with its subsidiary, Honghua International, established in Hong Kong in 2006, holding memberships in multiple global futures exchanges [4]. - The company has been expanding its international business, which has shown rapid growth in recent years, contributing significantly to its overall performance [4]. - As of the end of June 2024, Honghua International reported total assets of 11.72 billion yuan and net assets of 1.55 billion yuan, with a revenue of 321 million yuan and a net profit of 200 million yuan during the reporting period [5]. Group 3: Financial Performance - For the first three quarters of 2024, Nanhua Futures reported total operating revenue of 4.461 billion yuan, a decrease of 7.99% year-on-year, while net profit attributable to shareholders increased by 20.07% to 358 million yuan [4]. - The company achieved a net profit of 230 million yuan in the first half of 2024, reflecting a year-on-year growth of 36.73% [5]. - The overall futures industry has shown improvement in profitability since September 2023, with total operating revenue reaching 36.491 billion yuan and net profit of 8.767 billion yuan for the year [6].

证券代码：603093 证券简称：南华期货 公告编号：2024-047 南华期货股份有限公司关于 子公司横华国际金融股份有限公司为其子公司 提供担保的进展公告 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。 重要内容提示： 被担保人名称： 1.横华国际期货有限公司（以下简称"横华国际期货"） 在担保额度范围内，被担保方可按照实际情况内部调剂使用，公司合并报表 范围内的其他子公司和授权期限内公司新设立或纳入合并报表范围内的子公司， 在担保额度范围内可根据实际情况调剂使用；调剂发生时资产负债率为 70%以上 的子公司不能从股东大会审议时资产负债率为 70%以下的子公司处获得担保额 度。 2.横华国际证券有限公司（以下简称"横华国际证券"） 本次担保金额及已实际为其提供的担保金额：横华国际金融股份有限公 司本次担保金额为 2.9 亿港元；本次担保实施后，横华国际金融股份有限公司已 实际提供的担保总额为 2.9 亿港元。 本次担保是否有反担保：本次担保无反担保 对外担保逾期的累计数量：公司无逾期担保的情形 特别风险提示： 1.本次被担 ...

证券代码：603093 证券简称：南华期货 公告编号：2024-046 南华期货股份有限公司 关于股份回购进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/7/9 | | | --- | --- | --- | | 回购方案实施期限 | 自董事会审议通过后 12 个月 | | | 预计回购金额 | 5,000 万元 | 万元~10,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 568.12 | 万股 | | 累计已回购股数占总股本比例 | 0.93% | | | 累计已回购金额 | 5,008.88 | 万元 | | 实际回购价格区间 | 8.55 元/股 | 元/股~9.37 | 一、 回购股份的基本情况 南华期货股份有限公司（以下简称"公司"）于 2024 年 7 月 8 日召开第四届 董事会第十五次会议，审议通过《关于 ...

Core Insights - The conference titled "Challenges and Breakthroughs - Strategic Seminar on the Development of the Derivatives Market" was successfully held by Nanhua Futures on November 16, focusing on future trends and new development paths in the derivatives market [1] - Nanhua Futures Chairman Luo Xufeng emphasized the significant progress made in China's futures market, while also acknowledging unprecedented challenges, committing to industry development and high-quality service to the real economy [1] - General Manager Jia Xiaolong highlighted two key points: the necessity of regulatory promotion for development and the importance of cautious advancement while leveraging the company's strengths to meet real demand and expand overseas [1] White Paper Release - The release ceremony of the "2024 Nanhua Futures Service to the Real Economy White Paper" was hosted by Li Beixin, emphasizing its importance in addressing corporate pain points and enhancing the industry's social recognition and influence [2] - The ceremony was witnessed by notable professors from various universities, indicating a collaborative effort in the academic and industry sectors [2] Discussion Topics - The conference included discussions on the new patterns and opportunities in the derivatives market, analyzing the impact of internal and external environmental changes on business operations [3] - Topics also covered the internationalization of the derivatives market, its role in serving the real economy, and the challenges faced by futures companies in achieving high-quality development [3] - The event fostered a vibrant exchange of ideas among industry veterans and professionals, contributing to the collective wisdom for the future development of the derivatives market [3]

证券代码：603093 证券简称：南华期货 公告编号：2024-045 南华期货股份有限公司 关于股份回购进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/7/9 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过后 12 个月 | | 预计回购金额 | 5,000 万元~10,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 568.12 万股 | | 累计已回购股数占总股本比例 | 0.93% | | 累计已回购金额 | 5,008.88 万元 | | 实际回购价格区间 | 8.55 元/股~9.37 元/股 | 一、 回购股份的基本情况 南华期货股份有限公司（以下简称"公司"）于 2024 年 7 月 8 日召开第四届 董事会第十五次会议，审议通过《关于回购股份方案的议案》，同意以不低于人民 币 5,00 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5]. Core Insights - The company reported a revenue of 999.7 million yuan for the first three quarters of 2024, representing a year-on-year increase of 7.20%. The net profit attributable to shareholders was 358 million yuan, up 20.07% year-on-year [1]. - The company's total assets reached 45.64 billion yuan, a growth of 25.64% since the beginning of the year, driven by the expansion of overseas business and increased margin deposits [1]. - Interest income remains a key driver of performance, supported by a high-interest environment overseas and the deepening of the company's international business layout [1]. - Recent regulatory changes are expected to promote high-quality development in the domestic futures market, benefiting the company's domestic operations in the long term [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 999.7 million yuan and a net profit of 358 million yuan, with a return on equity (ROE) of 9.33%, an increase of 0.77 percentage points year-on-year [1]. - The company’s revenue and profit projections for 2024-2026 are 5,954.46 million yuan, 6,372.55 million yuan, and 6,926.19 million yuan for revenue, and 482.70 million yuan, 563.94 million yuan, and 628.87 million yuan for net profit, respectively [2]. Business Expansion - The company’s overseas subsidiary has been approved as a clearing member of ICE-US, enhancing its trading and clearing capabilities [1]. - Margin deposits and receivables have significantly increased, with futures margin deposits at 25.65 billion yuan and receivables at 12.69 billion yuan, both showing substantial growth since the beginning of the year [1]. Market Outlook - The report anticipates that the company's domestic business will benefit from new regulatory measures aimed at enhancing the quality of the futures market, with a focus on improving service quality and promoting gradual opening [1].

盈利预测： [Table_Title] 南华期货（603093.SH） 权益规模增长，巩固业绩弹性 [Table_Summary] 核心观点： ⚫ 南华期货发布 2024 年三季报，（1）24 年 Q3 营业收入 18.2 亿元， yoy+7.08%，归母净利润 1.3 亿元，yoy-1.48%。24Q1-3 公司营业收 入 44.6 亿元，yoy-7.99%，归母净利润 3.56 亿元，yoy+20.07%。（2） 收入下降在于公司其他业务收入同比缩窄明显。而净利润增长主要在 于扣除风险管理业务后，期货保证金利息收入增加所致。 ⚫ 权益规模延续增长。根据公司财报，公司 24 年 6 月底的应付保证金规 模合计 345.9 亿元，yoy+20%。而截至 24 年 9 月底，应付保证金规模 合计 389.9 亿元，相较 23 年底增长 34.8%。公司截至 9 月 30 日底， 总资产规模 456.4 亿元，相较于 23 年底增加 25.64%。 ⚫ 年内公司多项资本措施强化公司经营和市值管理。24 年 8 月底公司向 不特定对象发行可转债拟募集资金总额不超过 12 亿元，用于提升期货 经纪业务服务能力等。24 ...

证 券 研 究 报 告 南华期货（603093）2024 年三季报点评 推荐（维持） 业绩符合预期，境外业务支撑业绩增长 目标价：16.1 元 当前价：12.75 元 事项： ❖ 南华期货发布 2024 年三季报，Q1~Q3 营业总收入 44.6 亿元（同比-8%），以 净额法计算的营业总收入 10 亿元（同比+7.2%），归母净利润 3.6 亿元（同比 +20.1%）。 ❖ Q3 单季度营业总收入 18.2 亿元（同比+7.1%/环比+10.8%），归母净利润 1.3 亿元（同比-1.5%/环比-11.4%）。 评论： ❖ 收入端：利息净收入支撑业绩增长。24Q1~Q3 利息净收入/手续费及佣金净收 入/自营收入/其他业务收入（净额法）分别为 5.2/4.0/0.1/0.4 亿元，同比 +25%/-9%/-86%/-39%。Q3 利息净收入/手续费及佣金净收入/自营收入/其他业 务收入（净额法）分别为 1.7/1.3/-0.03/0.2 亿元，同比+14%/-18%/-106%/-0.1%， 环比-1%/-6%/-106%/+43%。 ❖ 美联储开启降息周期，预计今年利率将维持高位。美联储开启降息周期，9 ...