Group 1 - The article highlights the importance of futures markets in managing risks and facilitating cross-border trade, particularly in the context of changing global trade dynamics [1][4] - Xiamen Guomao Petrochemical successfully negotiated a PTA order by utilizing futures contracts to secure pricing and protect profit margins amid market uncertainties [1][2] - Xiamen Jianfa leveraged futures tools for risk management in their procurement of Australian rapeseed meal, demonstrating the effectiveness of basis trading in volatile markets [1][2] Group 2 - The article discusses how the use of options by Wucai Zhongda Chemical Group provided a "double insurance" against shipping disruptions and price fluctuations in their Ukrainian rapeseed meal imports [3] - The active trading of futures contracts on the Zhengzhou Commodity Exchange enhances risk management capabilities for companies engaged in bulk commodity trading [3][4] - The acceptance of "Chinese prices" by foreign enterprises is driven by China's significant role in global commodity consumption and trade, as well as the ability for these enterprises to hedge risks directly in the Chinese futures market [3][4]

Core Viewpoint - The restructuring of global supply chains and the volatility of commodity prices have made risk management crucial for the survival and development of enterprises, as well as for the stability of the national economy [1] Group 1: Risk Management Trends - There is an increasing awareness among Chinese listed companies regarding risk management, particularly in the context of complex economic conditions and significant commodity price fluctuations [2] - Manufacturing companies are the main participants in the futures market for hedging, particularly in sectors like chemicals and agricultural products [2] - The trend towards systematic, refined, and globalized risk management is becoming more pronounced among listed companies [2][4] Group 2: Tools and Strategies - Futures and derivatives are becoming indispensable tools for risk management, with both on-exchange and off-exchange markets complementing each other [5] - The total hedging amount announced by A-share listed companies in 2024 is approximately 34 trillion yuan, with commodity hedging amounting to about 289 billion yuan [3] - The use of options is increasing, with off-exchange options offering advantages in terms of variety and flexibility compared to on-exchange options [5] Group 3: Compliance and Internal Control - Compliance is essential for risk management, serving as a "safety barrier" for enterprises [6] - Effective internal control systems are necessary for managing futures and derivatives trading, ensuring that risk management aligns with the core business objectives [7] - Companies should establish a comprehensive internal control system to enhance their risk management capabilities and ensure the smooth execution of hedging transactions [6][7]

■ ● 累计担保情况 ■ 公司下属全资子公司上海远盛仓储有限公司（以下简称"上海远盛"）由于业务开展的需要，拟向上海期 货交易所（以下简称"上期所"）申请恢复天然橡胶、纸浆交割仓库资质，新增热轧卷板交割仓库资质。 根据上期所规定，公司为上海远盛出具相关担保函，担保金额为6亿元。 （二）内部决策程序 公司于2025年1月20日召开2025年第一次临时股东大会，审议通过了《关于2025年度担保额度预计的议 案》，同意公司2025年度担保总额度不超过1,850亿元（折合人民币，下同），其中：为公司、全资子 公司及控股子公司担保总额不超过1,795亿元；为部分需要按照股比提供担保的参股公司（包含2025年 预计新设参股公司）预留担保总额不超过5亿元；为公司开展应收账款资产支持计划提供流动性支持、 差额补足等增信措施，额度20亿元；为公司开展供应链资产证券化业务提供增信措施，额度30亿元。同 时，授权董事会并同意董事会授权经理层及其授权人士签署相关担保文件。上述额度及授权的期限自本 次股东大会审议批准之日起至公司股东大会审议2026年度对外担保的议案之日止。（详见公司2025-02 号公告） 本公司董事会及全体董事保证 ...

Summary of Conference Call on Supply Chain Logistics Industry Overview - The bulk supply chain industry is transitioning from profit margin generation to diversified services, with leading companies creating differentiated value through additional services and integrated upstream and downstream offerings [1][2] - The macroeconomic downturn has led to weak demand, putting pressure on prices of agricultural products, metals, and energy chemicals, resulting in increased market concentration towards leading firms [1][3] Key Insights - Leading companies like Xiamen Guomao have seen an increase in market penetration, but their profitability is still affected by macroeconomic conditions [1][4] - Xiamen Guomao has improved its operational quality by optimizing its business structure and utilizing futures hedging to mitigate demand-side pressures [1][5] - The performance of bulk supply chain companies is directly influenced by commodity price trends; rising prices enhance turnover and profitability, while falling prices have the opposite effect [1][6] Financial Performance - Xiamen Guomao's gross margin has improved by eliminating low-profit businesses and increasing the proportion of high-margin products [1][5] - The company has maintained a high dividend level, with a commitment to distribute 30% of its net profit to shareholders annually, often exceeding this amount [1][8] Future Projections - Future net profit forecasts for Xiamen Guomao are 1.24 billion, 1.58 billion, and 1.89 billion yuan for 2025, 2026, and 2027, respectively, with corresponding low price-to-earnings ratios of 11, 8.6, and 7.2 [1][9] - The company is expected to benefit from a cyclical demand recovery and improvements in operational quality, indicating high investment value [1][9] Market Trends - The bulk supply chain industry is witnessing a shift from margin-based business models to diversified service offerings, with leading players expanding market share despite economic challenges [1][10] - If demand rebounds, it could significantly enhance performance elasticity for companies like Xiamen Guomao [1][11] - Investors are beginning to position themselves in cyclical recovery sectors such as chemical logistics and general supply chains, with companies like Milkway and Hongchuan Wisdom showing improved operational quality [1][12] Additional Considerations - Evaluating the operational quality of bulk supply chain companies requires a comprehensive approach, considering gross margins and futures hedging gains [1][7] - The overall market sentiment is cautious, with a focus on potential demand reversals that could impact pricing and profitability [1][12]

证券日报网讯 8月18日晚间，厦门国贸发布公告称，公司下属全资子公司上海远盛由于业务开展的需 要，拟向上海期货交易所申请恢复天然橡胶、纸浆交割仓库资质，新增热轧卷板交割仓库资质。根据上 期所规定，公司为上海远盛出具相关担保函，担保金额为6亿元。截至2025年7月31日，公司对外担保发 生总额为1，272.45亿元，占公司2024年经审计归属于上市公司股东的净资产的385.24%。 （文章来源：证券日报） ...

Core Viewpoint - The Shanghai Futures Exchange will launch futures and options for offset printing paper and other commodities on September 10, 2025, to provide risk management tools for the cultural paper market and enhance China's position in the global cultural paper industry [1][2]. Group 1: Market Needs and Industry Context - The introduction of offset printing paper futures and options aims to fill the gap in domestic cultural paper derivatives and provide precise tools for managing price volatility for companies in the cultural paper industry [2][3]. - China's paper industry is undergoing rapid upgrades, with an expected production of 9.48 million tons of offset printing paper and a consumption of 8.71 million tons in 2024, indicating a high demand for risk management tools due to complex market conditions [2][3]. Group 2: Contract Specifications - The offset printing paper futures contract will have a trading unit of 40 tons per lot, with a minimum price fluctuation of 2 RMB per ton and a daily price limit of ±4% based on the previous day's settlement price [4]. - The delivery method will combine warehouse and factory delivery to meet diverse downstream requirements, ensuring smooth delivery and reducing costs for enterprises [6]. Group 3: Risk Management and Market Efficiency - The introduction of futures will enhance the risk management framework for companies facing price volatility and long-term order pricing challenges, allowing for more flexible hedging strategies [3][6]. - The establishment of a transparent pricing benchmark through the futures market is expected to reflect the true supply and demand dynamics, improving overall market efficiency [2][3]. Group 4: Environmental Considerations - The delivery specifications for offset printing paper will prioritize environmentally friendly production practices, with a focus on suppliers recognized as "green factories" to promote sustainable development in the paper industry [7]. Group 5: Future Plans and Regulatory Measures - The Shanghai Futures Exchange will implement strict regulatory measures to ensure the smooth operation of the new products, including early identification and management of risks, and will engage in market promotion and investor education [8].

每经AI快讯，8月18日，厦门国贸公告，为全资子公司上海远盛仓储有限公司向上海期货交易所申请恢 复天然橡胶、纸浆交割仓库资质及新增热轧卷板交割仓库资质提供6亿元担保。此次担保在公司2025年 度担保额度内，旨在满足子公司业务需求。 （文章来源：每日经济新闻） ...

证券代码：600755 证券简称：厦门国贸 公告编号：2025-49 厦门国贸集团股份有限公司 关于为子公司提供担保的公告 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： 担保对象及基本情况 （三）担保额度调剂情况 截至 2025 年 7 月 31 日，公司累计为上海远盛提供担保余额 0 亿元。 | | | 被担保人名称 本次担保金额 | 6 亿元 | 上海远盛仓储有限公司 | | | --- | --- | --- | --- | --- | --- | | 担 保 象 | 对 | 实际为其提供的担保余额 | 0 | 亿元（不含本次） | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（亿元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 1,272.45 | | 对外担 ...

Core Viewpoint - The article emphasizes the increasing international influence of the "Zhengzhou Price" in the global commodity market, particularly through the opening of China's futures market and the introduction of foreign participants in various futures contracts, enhancing price transparency and risk management for domestic and international enterprises [1][21][25]. Group 1: Development of Zhengzhou Futures Market - Since 2018, the Zhengzhou Commodity Exchange (ZCE) has made significant strides in internationalizing its futures market, particularly with PTA futures, which has become a key pricing reference for cross-border trade [5][21]. - The introduction of foreign participants has led to the establishment of a more transparent pricing mechanism, allowing companies to lock in prices and manage risks more effectively [6][10][12]. - The ZCE's initiatives, such as the introduction of bonded delivery and export-type delivery systems, have facilitated smoother cross-border transactions and enhanced the efficiency of international trade [9][23]. Group 2: Impact on Industries - The PTA industry in China has transformed from a reliance on foreign technology to becoming a globally competitive sector, with annual production capacity projected to increase from over 49 million tons in 2020 to 86 million tons by 2024 [3][4]. - The "Zhengzhou Price" has gained recognition among global traders, with significant percentages of international trade in commodities like palm oil and peanuts now referencing Zhengzhou futures prices [7][8]. - The shift from fixed pricing models to futures-based pricing has improved price transparency and reduced negotiation times in international contracts [7][8][18]. Group 3: Future Prospects - The ZCE aims to expand its international influence by introducing more futures products and enhancing its delivery mechanisms, which will further integrate the Chinese futures market into the global trading system [15][26]. - The ongoing development of the "Zhengzhou Plan" is seen as a pathway for establishing a new global pricing paradigm, leveraging China's position as a major consumer and trader of various commodities [21][22]. - The collaboration between domestic and international enterprises is expected to deepen, with the futures market serving as a critical tool for risk management and price discovery in the evolving global trade landscape [25][30].

Core Viewpoint - The National Index of Free Cash Flow has shown a positive trend, with significant increases in component stocks, indicating a strong market performance driven by liquidity and supportive policies [1][2]. Group 1: Market Performance - As of August 14, 2025, the National Index of Free Cash Flow rose by 0.19%, with notable gains in stocks such as Mould Technology, which increased by over 8% [1]. - The Free Cash Flow ETF (159201) experienced a 0.09% increase, marking its fifth consecutive rise, with the latest price at 1.09 yuan [1]. - The average daily trading volume of the Free Cash Flow ETF over the past month was 318 million yuan, ranking it first among comparable funds [1]. Group 2: Tracking Accuracy - The Free Cash Flow ETF has demonstrated the highest tracking accuracy among comparable funds, with a tracking error of 0.071% over the past month [1]. Group 3: Top Holdings - As of July 31, 2025, the top ten weighted stocks in the National Index of Free Cash Flow accounted for 57.66% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [1][3]. Group 4: Investment Characteristics - The Free Cash Flow ETF is designed to closely track the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow, indicating high quality and strong risk resistance, suitable for long-term investment [4]. - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are among the lowest in the market [4]. Group 5: Market Dynamics - The current market rally is characterized by liquidity-driven dynamics, with active participation from ETFs, retail investors, and leveraged funds, supported by favorable policies aimed at enhancing the capital market [2].