Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with a notable increase in production and a positive outlook for the coming years [1] Industry Summary - As of September 2025, China's aluminum alloy production reached 1.78 million tons, marking a year-on-year increase of 17.1% [1] - From January to September 2025, the cumulative production of aluminum alloys in China totaled 14.116 million tons, reflecting a cumulative growth of 15.9% [1] - The report by Zhiyan Consulting outlines the market operation pattern and strategic analysis of the aluminum alloy industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the aluminum industry include China Aluminum (601600), Nanshan Aluminum (600219), Mingtai Aluminum (601677), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Yiqiu Resources (601388), Haomei New Materials (002988), Asia Pacific Technology (002540), and Shunbo Alloy (002996) [1]

Core Viewpoint - The company, Yiqiu Resources, is set to implement hedging activities to mitigate risks associated with price fluctuations in aluminum alloy ingots and non-ferrous metals, as approved by its board of directors [2][4]. Trading Information Summary - As of November 14, 2025, Yiqiu Resources' stock closed at 3.34 yuan, down 1.47%, with a turnover rate of 3.2%, trading volume of 705,400 shares, and a transaction value of 239 million yuan [1]. - On the same day, the net outflow of main funds was 37.03 million yuan, accounting for 15.51% of the total transaction value; retail investors had a net inflow of 33.26 million yuan, representing 13.93% of the total transaction value [1][5]. Company Announcement Summary - The sixth board of directors of Yiqiu Resources held its fifth meeting on November 14, 2025, where the proposal to conduct hedging activities was unanimously approved by all nine attending directors [2]. - The hedging activities will involve trading in futures related to aluminum alloy ingots and non-ferrous metals, utilizing derivatives such as options, futures, and forwards, with a maximum margin and premium limit of 9 million yuan and a maximum contract value of 2.1 billion yuan per trading day [3][4]. Risk Management Measures - The company has established a "Hedging Management Method" to define approval authority, business processes, and risk control measures, with regular reviews by the risk management department [3].

Core Viewpoint - The company Yiqiu Resources (601388) is planning to engage in hedging activities to mitigate market price volatility risks associated with its production and operations, particularly in aluminum alloy ingots and non-ferrous metals [1][2]. Company Announcement Summary - As of November 14, 2025, Yiqiu Resources' stock closed at 3.34 yuan, a 0.3% increase from the previous week, with a market capitalization of 7.352 billion yuan, ranking 44th in the industrial metals sector [1]. - The company held its sixth board meeting on November 14, 2025, where the proposal for hedging business was unanimously approved by all nine attending directors [1][3]. - The hedging activities will involve trading in futures and options, with a maximum margin and premium not exceeding 9 million yuan, and the highest contract value held on any trading day capped at 2.1 billion yuan [2][3]. - The funding for these activities will come from the company's own resources, and the authorization for this hedging business is valid for twelve months from the board's approval [2].

Core Viewpoint - The company plans to engage in hedging activities to mitigate price volatility risks associated with its aluminum alloy ingot business, which is influenced by market price fluctuations due to the time lag between procurement and sales [3][8]. Summary by Sections Transaction Overview - The company's aluminum alloy ingot business involves the entire process from sorting and smelting waste aluminum resources to producing recycled aluminum alloy ingots, while also recovering by-products such as ferrous and non-ferrous metals [3]. - The primary raw materials are sourced from the Americas and Europe, leading to exposure to market price fluctuations [3]. Transaction Amount - The maximum margin and premium for hedging activities will not exceed RMB 9 million or its equivalent in other currencies [2][4]. - The maximum contract value held on any trading day will not exceed RMB 2.1 billion or its equivalent in other currencies [2][4]. Funding Source - The funding for these hedging activities will primarily come from the company's own funds [4]. Transaction Method - The hedging will involve futures related to aluminum alloy ingots and non-ferrous metals [5][8]. - Various derivatives such as options, futures, and forwards will be utilized [6][8]. - Transactions will occur on compliant public trading venues, both domestic and international [7][8]. Approval Process - The board of directors approved the hedging proposal during the fifth meeting of the sixth board on November 14, 2025, without the need for shareholder approval [10][17]. Impact on the Company - The hedging activities are expected to align with the company's operational needs, effectively controlling risks associated with product price volatility and supporting stable operational performance [15]. - The company will adhere to relevant accounting standards for the proposed hedging activities, ensuring proper reflection in financial statements [15].

Core Points - Yiqiu Resources (601388) announced plans to engage in hedging activities to mitigate market price volatility risks, focusing on trading aluminum alloy ingots and non-ferrous metals through derivatives like options, futures, and forwards [1] - The company has set a maximum margin and premium limit of 9 million yuan, with the highest contract value held on any trading day not exceeding 2.1 billion yuan, funded by its own capital [1] - The authorization for this hedging activity is valid for twelve months from the date of board approval and does not require shareholder meeting approval [1] Financial Performance - As of November 14, 2025, Yiqiu Resources closed at 3.34 yuan, down 1.47% from the previous trading day, with a total market capitalization of 7.352 billion yuan [1] - The stock opened at 3.36 yuan, reached a high of 3.45 yuan, and a low of 3.34 yuan, with a trading volume of 239 million yuan and a turnover rate of 3.2% [1]

每经AI快讯，怡球资源（SH 601388，收盘价：3.34元）11月14日晚间发布公告称，公司第六届第五次 董事会会议于2025年11月14日以现场和通讯相结合的会议方式召开。会议审议了《关于开展套期保值业 务的议案》等文件。 2024年1至12月份，怡球资源的营业收入构成为：废弃资源回收综合利用业占比99.73%，其他业务占比 0.27%。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 曾健辉） 截至发稿，怡球资源市值为74亿元。 ...

怡球金属资源再生（中国）股份有限公司 关于开展套期保值业务的可行性分析报告 一、 开展套期保值业务的目的 公司的铝合金锭业务涵盖从废旧铝资源的分选、熔炼，到最终产出再生铝合 金锭的全过程，并在此过程中综合回收黑色、有色金属等副产品。因公司的原料 主要来自于美洲、欧洲等国家，从采购至最终销售存在时间差，公司的主要产品 铝合金锭以及黑色、有色金属的价格受市场价格波动影响，为降低产品价格波动 风险，公司及子公司拟根据销售计划择机开展套期保值业务。 二、 套期保值业务的基本情况 1、交易品种：与公司以及子公司生产经营相关的铝合金锭、有色金属等期 货品种。 2、交易工具：包括但不限于期权、期货、远期等衍生品合约。 3、交易场所：境内外合规公开的交易场所。 4、业务规模：公司及子公司开展套期保值业务的保证金金额和权利金上限 不超过人民币 900 万元或等值其他外币金额。任一交易日持有的最高合约价值不 超过人民币 21 亿元或等值其他外币金额。 5、资金来源：前述资金来源为自有资金。 6、期限及授权：授权期限自董事会审议通过之日起十二个月内有效。额度 在审批有效期内可循环滚动使用。如单笔交易的存续期超过了授权期限，则授权 ...

股票代码：601388 股票简称：怡球资源 编号：2025-033 号 怡球金属资源再生（中国）股份有限公司 关于开展套期保值业务的公告 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个别及连带责任。 重要内容提示： 一、交易情况概述 （一）交易目的 公司的铝合金锭业务涵盖从废旧铝资源的分选、熔炼，到最终产出再生铝合金锭 的全过程，并在此过程中综合回收黑色、有色金属等副产品。因公司的原料主要来自 于美洲、欧洲等国家，从采购至最终销售存在时间差，公司的主要产品铝合金锭以及 交易目的：为合理规避和化解市场价格波动对生产经营造成的影响，确保公司 经营业绩持续稳定，进一步提升公司生产经营的抗风险能力。 交易品种：与公司以及子公司生产经营相关的铝合金锭、有色金属等期货品种。 交易工具：包括但不限于期权、期货、远期等衍生品合约。 交易场所：境内外合规公开的交易场所。 交易金额：公司及子公司开展套期保值业务的保证金金额和权利金上限不超过 人民币 900 万元或等值其他外币金额。任一交易日持有的最高合约价值不超过 人民币 21 亿元或等值其他外币金额。 ...

怡球金属资源再生（中国）股份有限公司（以下简称"公司"）第六届董事会 第五次会议于 2025 年 11 月 14 日以现场和通讯相结合的会议方式召开并进行表 决。会议通知已于 2025 年 11 月 3 日通过通讯的方式送达全体董事。本次董事会 会议应出席董事9人,实际出席董事9人。 公司高管人员列席本次会议,会议的召开符合《中华人民共和国公司法》和《公 司章程》的规定。本次会议由董事长黄崇胜先生主持，经与会董事认真审议通过了 如下决议： 一、审议通过《关于开展套期保值业务的议案》 审议结果：表决票9票，赞成票9票，反对票0票，弃权票0票。 该议案已经公司董事会审计委员会审议通过。 公告全文详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 怡球金属资源再生（中国）股份有限公司 股票代码：601388 股票简称：怡球资源 编号：2025-034 号 怡球金属资源再生（中国）股份有限公司 第六届董事会第五次会议决议公告 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。 董事会 二○二五年十一月十四日 ...

Core Viewpoint - Yiqiu Resources has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth in the aluminum recycling sector [1][2]. Group 1: Stock Performance - As of November 12, Yiqiu Resources' stock price rose by 2.13% to 3.35 CNY per share, with a trading volume of 98.03 million CNY and a turnover rate of 1.35%, resulting in a total market capitalization of 7.374 billion CNY [1]. - Year-to-date, the stock price has increased by 36.18%, with a 4.36% rise over the last five trading days, 10.56% over the last 20 days, and 28.35% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 30.72 million CNY on September 17 [1]. Group 2: Financial Performance - For the period from January to September 2025, Yiqiu Resources reported a revenue of 5.595 billion CNY, reflecting a year-on-year growth of 11.00%, and a net profit attributable to shareholders of 97.51 million CNY, up by 26.19% [2]. - Cumulative cash dividends since the company's A-share listing amount to 692 million CNY, with 117 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yiqiu Resources reached 80,100, an increase of 12.27% from the previous period, with an average of 27,486 circulating shares per shareholder, down by 10.93% [2]. - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 18.1344 million shares, an increase of 1.4406 million shares from the previous period [3].