8月18日，上海期货交易所(下称上期所)发布信息称，将于2025年9月10日9时挂牌交易胶版印刷纸期货 及燃料油、石油沥青、纸浆期权，胶版印刷纸期权挂牌交易时间为2025年9月10日21时。 为确保5个品种平稳推出和稳健运行，上期所发布了上述品种合约、业务细则、上市交易有关事项的通 知等内容，上期所相关负责人就市场关心的热点问题接受了媒体采访。 填补市场空白，进一步完善纸企风险管理体系 提及上期所上市胶版印刷纸期货及期权的原因，上期所相关负责人表示，主要是为了给文化用纸市场提 供风险管理工具，完善浆纸产业全周期风险管理体系的同时，助力造纸产业绿色发展，并巩固提升中国 在全球文化用纸行业的地位。 据期货日报记者了解，近年来，我国造纸工业正加快产业升级。据统计，2024年我国胶版印刷纸产量 948万吨，表观消费量871万吨。国内外市场环境复杂多变，企业转型升级、营收增长压力较大，产业避 险需求高。 在厦门国贸（600755）集团股份有限公司浆纸集群总经理黄东东看来，胶版印刷纸期货及期权的上市， 不仅将填补国内文化用纸衍生品的空白，更将为我国文化用纸产业链企业提供精准管理价格波动风险的 工具。 据中粮期货北京市东城 ...

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].

（文章来源：每日经济新闻） 8月8日，A股三大指数悉数低开，沪指低开0.13%，深成指低开0.19%，创业板指低开0.20%。国证自由 现金流指数低开后震荡上行，现小幅上涨，成分股潍柴重机、捷佳伟创等领涨，华人健康、德邦股份等 领跌。相关ETF方面，同类规模最大的自由现金流ETF（159201）跟随指数翻红，迎较好布局时点。 招商证券指出，自由现金流改善趋势进一步强化，龙头公司自由现金流收益率和内在回报率预期持续提 升。在当前债券收益率低位背景下，高质量上市公司吸引力凸显。从行业层面看，部分必需消费（家用 电器、家居用品）、TMT（消费电子）及中游制造（汽车零部件、自动化设备）等领域中报业绩增速 较高或边际改善，自由现金流改善趋势显著。"反内卷"政策推动产能出清，钢铁、建材、光伏设备等供 给收缩行业盈利触底，现金流修复预期增强。 数据显示，截至2025年7月31日，国证自由现金流指数前十大权重股分别为上汽集团、中国海油、美的 集团、格力电器、洛阳钼业、中国铝业、厦门国贸、上海电气、正泰电器、中国动力，前十大权重股合 计占比57.66%。 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，自由现金流策 ...

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum will focus on empowering the real economy and supporting national construction through high-quality development of the futures market, addressing the increasing demand for risk management in the current uncertain global environment [1][2]. Group 1: Forum Overview - The forum will be held on August 19-20, 2025, and is co-hosted by Zhengzhou Commodity Exchange and Chicago Mercantile Exchange Group, gathering various stakeholders including government departments, regulatory agencies, industry associations, enterprises, financial institutions, and experts [1]. - The theme of the forum emphasizes the role of the futures market as a stabilizer and toolbox for risk management, crucial for supporting the real economy and national strategies across agriculture, manufacturing, and international trade [1][2]. Group 2: Industry Insights - The forum aims to explore how to transform uncertainties in economic development into certainties, enhancing the quality of support for the real economy and national construction [2]. - High-level opening of the futures market is seen as essential for building a new development pattern and achieving modernization, with significant progress noted in recent years regarding foreign participation in commodity futures and options [2]. Group 3: Practical Applications - The forum's discussions will address the needs of real enterprises, with a focus on practical applications of futures tools for export pricing and profit locking, particularly in the petrochemical industry [3]. - Successful case studies from companies utilizing domestic futures contracts for export pricing will be highlighted, demonstrating the effectiveness of futures in supporting trade and enhancing operational efficiency [3]. Group 4: Sub-forums and Key Topics - In addition to the main forum, there will be four sub-forums covering topics such as foreign opening, risk management for industrial enterprises, and specific agricultural and industrial products [4]. - Notable speakers will include experts from various sectors, discussing themes related to high-quality economic development, the futures industry's role in national construction, and global trends in the derivatives market [4]. Group 5: Future Outlook - The 2025 China (Zhengzhou) International Futures Forum is positioned as a significant event for the global futures and derivatives industry, serving as a platform for high-quality development and integration of futures with national construction efforts [5].

Core Insights - The concept of "basis" has become a key term in the cotton industry, reflecting a shift in pricing logic for cotton and cotton yarn products, with futures markets increasingly serving the real economy [1][2][3] - The introduction of cotton futures and related options has established a comprehensive set of risk management tools for the trillion-yuan industry, enhancing the industry's risk management capabilities and operational stability [1][6] Pricing Mechanism Changes - The pricing model for cotton has evolved from fixed prices to a basis-based pricing model, which is now mainstream in the industry [1][3] - Cotton futures have demonstrated their price discovery function, with industry participants increasingly recognizing their value, especially during market fluctuations [2][3] Industry Participation and Risk Management - The participation of industry investors in the cotton futures market has significantly increased over the past decade, with nearly 95% of stakeholders in the cotton supply chain utilizing futures prices as a reference point for transactions [3][5] - Companies like Zhongmian Group have developed sophisticated strategies for risk management, integrating procurement, processing, and sales through basis point pricing [4][5] Evolution of Derivative Tools - The rapid evolution of derivative tools from traditional fixed pricing to basis trading and rights-inclusive trading has transformed the risk management landscape for cotton and textile enterprises [5][6] - The presence of specialized risk management subsidiaries has enabled smaller companies to effectively manage risks through innovative financing and hedging strategies [5][6] Overall Industry Impact - The enhanced application of derivative tools has led to significant changes in pricing, trading, and processing logic within the domestic cotton industry, improving its overall competitiveness [6]

Core Insights - Xiamen Guomao Zhihui New Materials Co., Ltd. has been established with a registered capital of 50 million yuan, focusing on non-ferrous metal processing and manufacturing [1][2] - The company is indirectly controlled by Xiamen Guomao (stock code: 600755) [1] Company Information - Legal representative: Dai Jiawei [2] - Registered capital: 50 million yuan [2] - Business scope includes non-ferrous metal rolling processing, metal structure manufacturing, non-ferrous metal alloy manufacturing, metal material sales, and non-ferrous metal casting [1][2] - The company is located in Huli District, Xiamen, Fujian Province [2] - The company is classified under the non-ferrous metal smelting and rolling processing industry (C32) [2] Shareholder Structure - Xiamen Guomao Non-ferrous Minerals Co., Ltd. holds a 95% stake, contributing 47.5 million yuan [2] - Xiamen Guomao Group Co., Ltd. also holds a 95% stake, with a contribution of 285 million yuan as of December 31, 2021 [2] - Xiamen Guomao Taida Logistics Co., Ltd. and Xiamen Guozi Baoda Run Industrial Co., Ltd. hold the remaining stakes [2]

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and highlights the importance of stable dividend assets in the current market environment, suggesting a shift from style-driven to stock-driven investment logic in the dividend sector [1][2]. Group 1: Index Performance - As of August 6, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) increased by 0.41%, with notable gains from constituent stocks such as Jinkong Coal Industry (601001) up 6.18%, Weifu High Technology (000581) up 4.99%, and Shaanxi Coal and Chemical Industry (601225) up 4.78% [1]. - The National Enterprise Dividend ETF (159515) rose by 0.35%, marking its third consecutive increase [1]. Group 2: Investment Insights - According to Kaiyuan Securities, the current market uncertainty necessitates a focus on high dividend yields, with stable dividend assets (like banks and public utilities) being more favorable than cyclical dividend stocks [1]. - Everbright Securities notes a transition in the investment logic of the dividend sector from style-driven to stock-driven, with high-quality stocks continuing to attract specific style funds [1]. - The banking sector has emerged as a highlight within high dividend stocks, frequently targeted by insurance and asset management companies, indicating a clear demand for undervalued dividend stocks [1]. Group 3: Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields, stable dividends, and sufficient scale and liquidity [2]. - As of July 31, 2025, the top ten weighted stocks in the index include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Lu'an Environmental Energy (601699), collectively accounting for 16.77% of the index [2].