Core Viewpoint - The increasing volatility in global financial markets has led to a heightened focus on risk management through hedging strategies among listed companies, with a notable rise in the number of companies utilizing derivative instruments for risk management [1][2]. Summary by Relevant Sections Growth in Hedging Activities - In the first seven months of 2025, 1,383 A-share listed companies issued announcements related to hedging, representing a year-on-year increase of 15.7% [2]. - Companies addressing exchange rate, interest rate, and commodity price risks saw respective increases of 13%, 16%, and 13% in the number of announcements [2]. Types of Risks Managed - Exchange rate risk is a significant concern, with 80% of A-share companies mentioning it in their hedging announcements [2]. - The focus on interest rate risk has been increasing, reflecting a growing awareness among companies during the global interest rate decline [2][3]. Commodity Hedging Trends - Common commodities for hedging include copper, aluminum, steel, lithium carbonate, and silver, with a notable increase in companies mentioning lithium carbonate futures [2]. - New commodity futures listed in 2024 have also been included in hedging strategies, with six companies explicitly hedging bottle chip futures in the first half of 2025 [2]. Industry Participation - Manufacturing companies, particularly in the chemical and agricultural processing sectors, are the primary participants in hedging activities [3]. - There has been a shift in how companies evaluate the effectiveness of hedging, moving from a focus solely on profit and loss to a more comprehensive assessment of fair value changes [3]. Successful Hedging Examples - Companies like Jinlongyu, Zhejiang Zhongtuo, Daodaquan, and Nangang have reported significant profits from their hedging activities, with Jinlongyu achieving a profit of 5.8 billion yuan from its hedging tools [4][5]. - Supply chain companies such as Wucai Zhongda and Xiamen Xiangyu also reported substantial gains from their hedging strategies, with reported amounts of 2.062 billion yuan and 614 million yuan, respectively [5]. Transparency and Regulation - New guidelines from the Shanghai and Shenzhen Stock Exchanges require companies to disclose the combined profits and losses from hedging tools and underlying projects starting in 2024, enhancing transparency in hedging activities [5]. - Increased transparency in hedging disclosures is expected to improve investor understanding and confidence in company operations [5]. Recommendations for Companies - Companies are advised to adopt a systematic approach to hedging, starting with top-level design and team establishment, and gradually implementing hedging strategies [7]. - It is recommended that companies engage external experts to guide them through the complexities of hedging and to learn from industry best practices [7]. - A phased approach to hedging, beginning with small-scale pilots, is suggested to refine processes and build expertise [7].

证券日报网讯8月29日晚间，厦门象屿（600057）发布公告称，截至2025年8月28日，公司已实际回购公 司股份100，000，037股，占公司总股本的3.56%。 ...

Summary of Key Points Core Viewpoint - Xiamen Xiangyu Co., Ltd. has successfully completed its share repurchase plan, which was initiated to support employee stock ownership plans and equity incentives [1][3]. Group 1: Repurchase Plan Overview - On April 16, 2025, the company approved a share repurchase plan to buy back shares through centralized bidding, with a repurchase period from April 16, 2025, to October 15, 2025 [2]. - The plan aimed to repurchase between 100 million and 150 million shares at a maximum price of 8.85 yuan per share [2]. Group 2: Implementation Status - As of August 28, 2025, the company had repurchased 100,000,037 shares, accounting for 3.56% of the total share capital, with a total expenditure of 698.53 million yuan [3]. - The repurchase price ranged from 6.37 yuan to 7.68 yuan per share, with an average repurchase price of 6.99 yuan per share [3]. Group 3: Impact and Future Arrangements - The share repurchase has no significant impact on the company's normal operations, financial status, or future development, and does not alter the control of the company [4]. - The structure of the company's shares has changed, with restricted shares decreasing from 614,485,082 to 613,859,460, while unrestricted shares' proportion increased from 78.11% to 78.13% [4]. - The repurchased shares will be used for employee stock ownership plans or equity incentives and must be transferred within three years; any unutilized shares will be legally canceled [4].

| 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-072 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | 厦门象屿股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/17 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 4 10 | 月 | 16 | 日~2025 | 年 | 月 ...

现公示期满，公司董事会薪酬与考核委员会、监事会均未收到与本次激励计 划激励对象有关的任何异议。 2、关于公司董事会薪酬与考核委员会、监事会对拟激励对象的核查方式 | 证券代码：600057 | 证券简称：厦门象屿 | | | 公告编号：2025-073 | | --- | --- | --- | --- | --- | | 债券代码：240429 | 债券简称：23 | 象屿 | Y2 | | | 债券代码：240722 | 债券简称：24 | 象屿 | Y1 | | | 债券代码：242565 | 债券简称：25 | 象屿 | Y1 | | | 债券代码：242747 | 债券简称：25 | 象屿 | Y2 | | | 债券代码：242748 | 债券简称：25 | 象屿 | Y3 | | 厦门象屿股份有限公司 董事会薪酬与考核委员会、监事会 关于 2025 年限制性股票激励计划 激励对象名单的公示情况说明及核查意见 本公司董事会薪酬与考核委员会、监事会及其全体成员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。 厦门象屿股份有限公司（以下简称" ...

厦门象屿股份有限公司 关于为控股子公司申请期货交割库提供担保的 情况说明 一、担保情况概述 厦门象屿股份有限公司（以下简称"公司"或"厦门象屿"）于2025年3月 12日召开第九届董事会第二十九次会议，于2025年3月28日召开2025年第一次临 时股东大会，分别审议通过了《关于2025年度为子公司及参股公司提供担保额度 的议案》，同意公司2025年度担保预计额度不超过等值人民币1,740亿元，其中 为公司子公司日常经营提供的担保总额度不超过1,675亿元；为参股公司日常经 营提供的担保总额度不超过5亿元；为公司开展应收账款资产证券化业务提供流 动性支持等增信措施，额度不超过30亿元；为公司开展供应链（应付账款）资产 证券化业务提供增信措施，即对于上游供应商对公司的下属公司的应收账款债权， 公司将以出具《付款确认书》的方式成为共同债务人，对下属公司应履行的应收 账款项下的付款义务承担共同付款责任，额度不超过30亿元。详见公司于2025 年3月13日披露的《厦门象屿股份有限公司关于2025年度为子公司和参股公司提 供担保额度的公告》（公告编号：临2025-017号）。 二、本次担保进展情况 公司控股子公司厦门象 ...

Investment Rating - The report maintains a "Strong Buy" rating for Xiamen Xiangyu (600057) with a target price of 9.0 CNY, representing a potential upside of approximately 27% from the current price of 7.12 CNY [1][2][6]. Core Views - The report highlights a 32.48% year-on-year increase in net profit attributable to shareholders for the first half of 2025, driven by the company's strong position in the bulk supply chain sector [1][6]. - The company is expected to benefit from a recovery in demand for bulk commodities, with a focus on operational efficiency and cost reduction strategies [6][7]. - The report emphasizes the positive performance of various business segments, particularly in agricultural products and logistics, indicating a trend towards improved profitability [6][7]. Financial Summary - Total revenue for 2025 is projected to reach 418.86 billion CNY, with a year-on-year growth rate of 14.2% [2][14]. - Net profit attributable to shareholders is expected to increase to 1.95 billion CNY in 2025, reflecting a growth rate of 37.2% [2][14]. - Earnings per share (EPS) is forecasted to be 0.55 CNY for 2025, with a price-to-earnings (P/E) ratio of 13 [2][14]. Business Segment Performance - The bulk commodity trading segment achieved a volume of 120.76 million tons in H1 2025, a 19.02% increase year-on-year, generating revenue of 193.4 billion CNY [6][7]. - The logistics segment reported a revenue increase of 17.39% to 4.996 billion CNY, with a gross margin improvement [6][7]. - The manufacturing segment, however, saw a decline in revenue by 6.71% to 5.284 billion CNY, indicating challenges in this area [6][7]. Future Outlook - The report suggests that the company is well-positioned to capitalize on the recovery of the industrial sector, particularly in cyclical commodities, as economic conditions improve [6][7]. - The anticipated growth in net profit and revenue for 2026 and 2027 indicates a sustained upward trend in the company's financial performance [6][7].

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Summary of Xiamen Xiangyu's Conference Call Company Overview - **Company**: Xiamen Xiangyu - **Period**: First half of 2025 Key Financial Performance - **Net Profit**: 3.3 billion CNY, up 30% year-on-year [2] - **Earnings Per Share**: Increased to 0.3 CNY [2][4] - **Return on Equity**: Improved to 5%, up 1 percentage point [4] - **Revenue**: 203.9 billion CNY, a year-on-year increase of 4.6 billion CNY [3] - **Gross Profit Margin**: Stable for bulk commodities; aluminum and black metals improved [6] Cargo Volume and Revenue Growth - **Cargo Volume**: 120 million tons, up 19% year-on-year [2][5] - **Iron Ore Volume**: Increased by 19% [5] - **Coal Volume**: Increased by 34% [5] - **Oil Products Volume**: Increased by 71% [5] - **Agricultural Products Volume**: Increased by 44% [5] - **International Business Revenue**: Accounts for one-third of total revenue, with total import and export reaching 13.2 billion USD, up 7% [5] Cost Management - **Sales Expenses**: Decreased by over 70 million CNY due to lower logistics costs [7] - **Management Expenses**: Increased due to performance and advertising costs [7] - **Financial Expenses**: Decreased by 300 million CNY, benefiting from lower interest rates and optimized fund management [7] Asset Management and Efficiency - **Asset Impairment**: Provisioned 320 million CNY, mainly for inventory [8] - **Actual Asset Impairment**: Decreased by 230 million CNY year-on-year [8] - **Turnover Days**: Accounts receivable and inventory turnover days reduced by 10 days; cash turnover days reduced by 17 days, indicating improved asset turnover efficiency [9] Strategic Planning and Organizational Changes - **Five-Year Plan**: Completed with a focus on high-quality development and new operational models [10] - **New Business Units**: Establishment of three new divisions: International Business, Derivatives, and Resources [16][17] - **Investment in Internationalization**: Set up subsidiaries in West and East Africa, and a shipping joint venture in Guinea [11][13] Future International Development - **International Strategy**: Focus on extending along the supply chain and building global logistics capabilities [13] - **New Regional Expansions**: Plans to expand into the Middle East, Americas, Europe, and Central Asia [13][14] Market Outlook and Risk Management - **Market Environment**: Cautious outlook due to domestic and international uncertainties [18] - **Response Strategy**: Strengthening internal risk management and customer selection to navigate market volatility [18] Future Development Strategies - **Core Strategies**: Focus on trade linkage, industrial empowerment, digital transformation, and international layout [19] - **Confidence in Growth**: Despite external uncertainties, the company is optimistic about achieving high-quality development and shareholder returns [19]

Investment Rating - The investment rating for Xiamen Xiangyu (600057) is "Accumulate" [1] Core Views - The report highlights that Xiamen Xiangyu is a leading player in the bulk supply chain industry, with a steady recovery in its extended industrial chain and enhanced comprehensive service capabilities, leading to expected stable performance recovery [5] - The company reported a revenue of 203.95 billion yuan for the first half of 2025, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 1.032 billion yuan, up 32.5% year-on-year [2][3] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 2039.5 billion yuan, with a breakdown of 193.4 billion yuan from bulk supply chain operations, 4.996 billion yuan from logistics, and 5.284 billion yuan from manufacturing, reflecting year-on-year changes of +0.14%, +17.39%, and -6.71% respectively [2] - The net profit for H1 2025 was 1.032 billion yuan, with Q1 and Q2 profits of 509 million yuan and 523 million yuan, showing year-on-year increases of +24.88% and +40.83% respectively [2] - The company’s expense ratio decreased to 1.18%, down 0.22 percentage points year-on-year, with reductions in financial, management, and sales expense ratios [2] Business Segments - The bulk commodity supply chain business saw a volume increase of 19.02% year-on-year, reaching 12.1 million tons, with significant growth in agricultural products and energy chemicals [2] - The logistics segment reported revenue growth, with comprehensive logistics, railway logistics, and agricultural product logistics achieving year-on-year increases of 16.39%, 20.75%, and 6.74% respectively [2] Future Outlook - The company is expected to achieve net profits of 1.816 billion yuan, 2.117 billion yuan, and 2.375 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of +28.0%, +16.6%, and +12.2% [5] - The report anticipates a recovery in profitability as the company resumes shipbuilding capacity, with 15 new ship orders signed in H1 2025 [3]