LPG产业风险管理日报 2025/10/22 戴一帆（投资咨询证书：Z0015428） 研究助理：沈玮玮（F03140197） 投资咨询业务资格：证监许可【2011】1290号 LPG价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分比（3年） | | --- | --- | --- | --- | | LPG | 3800-4400 | 21.91% | 34.05% | source： 同花顺,南华研究 LPG套保策略表 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 库存过高，担心价格 下跌 | 多 | 为了防止存货跌价损失，可以根据企业的 库存情况，做空PG期货来锁定利润，弥补 企业的生产成本 | PG2511 | 卖出 | 25% | 4400-4500 | | | | | 卖出看涨期权收取权利金降低成本，若现 货价格上涨还可以锁定卖出价格 | PG2511C4 ...

证券日报网讯10月21日晚间，禾望电气（603063）发布公告称，公司不存在违规担保、逾期担保的情 形。 ...

南华煤焦产业风险管理日报 2025/10/21 南华研究院 黑色研究团队 张泫：Z0022723 投资咨询业务资格：证监许可【2011】1290号 双焦价格区间预测 source： 南华研究 黑色仓单日报 | | 单位 | 2025-10-21 | 2025-10-20 | 2025-10-14 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | | 螺纹钢 | 吨 | 151396 | 151396 | 290165 | 0 | -138769 | | 热卷 | 吨 | 143657 | 146032 | 59778 | -2375 | 83879 | | 铁矿石 | 手 | 1000 | 1200 | 800 | -200 | 200 | | 焦煤 | 手 | 200 | 200 | 200 | 0 | 0 | | 焦炭 | 手 | 2050 | 2050 | 2190 | 0 | -140 | | 硅铁 | 张 | 11400 | 12103 | 13665 | -703 | -2265 | | 硅锰 | 张 | 46638 | 47636 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-084 深圳市禾望电气股份有限公司 关于为全资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： 担保对象及基本情况 | | 被担保人名称 | | | 深圳市禾望科技有限公司（以下简称"禾望科技"） | | --- | --- | --- | --- | --- | | | 本次担保金额 | 35,000 | 万元 | | | 担保对象 | 实际为其提供的担保余额 | 183,902.24 | | 万元（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（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 司对外担保总额（万元） | 570,117.63 | | 对外担保总额占上市公司最近一期经 | 132.54 ...

南华期货集运产业周报 —— 多空因素交织，宏观影响不稳，短期短线操作为主 俞俊臣（投资咨询资格证号：Z0021065） 南华研究院投资咨询业务资格：证监许可【2011】1290号 2025/10/13 第一章 核心因素及策略建议 1.1 核心因素 当周影响EC价格走势的核心矛盾在于船司官宣11月涨价函，但后部分船司又调降10月底报价。本周，期 价整体走势偏宽幅震荡，上涨行情主要是因为主流船司相继发布11月涨价函，且马士基10月中下旬挺价基本 成功，提高了市场对于11月涨价成功的信心；下跌行情则主要是因为部分主流船司10月下旬报价有所下调， 在一定程度上降低了期价估值。从短期来看，当前现货市场多空因素交织，而地缘与关税问题仍存不确定 性，后续需继续关注中东地区情况和中美关系的后续发展。 * 近端交易逻辑 当前11月欧线现舱报价与SCFI欧线虽均有所回升，但现货市场货量仍存一定不足，且地缘政治风险和宏 观情绪存在不确定性，期价延续震荡或震荡略偏强走势的可能性相对较高。 | 上海至鹿特丹小柜分船公司现舱报价 | | | | | | | 上海至鹿特丹大柜分船公司现舱报价 | | | | | | | | --- | - ...

Group 1 - The core point of the news is that Hewei Electric experienced a decline of 5.06% in its stock price, reaching 32.48 yuan per share, with a trading volume of 759 million yuan and a turnover rate of 5.02%, resulting in a total market capitalization of 14.867 billion yuan [1] - Hewei Electric, established on April 20, 2007, and listed on July 28, 2017, is based in Shenzhen, Guangdong Province, and focuses on the field of power conversion, helping clients achieve efficient, reliable, and high-quality power generation, usage, and transmission [1] - The company's main business revenue composition includes 80.88% from new energy control business, 11.99% from engineering transmission business, and 5.02% from other sources [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Bank of China Securities holds a significant position in Hewei Electric, specifically the Bank of China Securities New Energy Mixed A (005571), which held 40,000 shares in the second quarter, accounting for 3.06% of the fund's net value, ranking as the eighth largest heavy stock [2] - The fund has a total scale of 27.0731 million yuan and has achieved a return of 44.6% year-to-date, ranking 1246 out of 8160 in its category, with a one-year return of 53.81%, ranking 969 out of 8021 [2]

Core Insights - The wind power equipment sector saw a 0.7% increase on October 15, with Zhonghuan Hailu leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Wind Power Equipment Sector Performance - Zhonghuan Hailu (301040) closed at 24.07, up 6.08% with a trading volume of 95,900 shares and a transaction value of 227 million [1] - Electric Wind Power (688660) closed at 20.40, up 4.29% with a trading volume of 339,800 shares and a transaction value of 677 million [1] - Tai Sheng Wind Energy (300129) closed at 8.45, up 3.94% with a trading volume of 506,100 shares and a transaction value of 421 million [1] - Other notable performers include Jin Lei Co. (300443) up 3.87%, Shuangyi Technology (300690) up 3.56%, and Changyou Technology (301557) up 3.10% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 320 million from institutional investors and 210 million from retail investors, while retail investors saw a net inflow of 531 million [2] - The capital flow for individual stocks indicates that Tai Sheng Wind Energy had a net inflow of 35.63 million from institutional investors, while it faced a net outflow of 42.72 million from retail investors [3] - Other stocks like He Wang Electric (603063) and Tian Shun Wind Energy (002531) also showed mixed capital flows, with varying net inflows and outflows from different investor categories [3]

公司 2023 年股票期权激励计划授予的期权已于 2025 年 6 月 3 日进入第二 个行权期（期权代码：1000000365），行权期为 2025 年 6 月 3 日至 2026 年 4 月 16 日，目前尚处于行权阶段。 证券代码：603063 证券简称：禾望电气 公告编号：2025-083 深圳市禾望电气股份有限公司 关于股票期权激励计划限制行权期间的提示性公告 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。 根据《上市公司股权激励管理办法》《深圳市禾望电气股份有限公司 2023 年股票期权激励计划》及中国证券登记结算有限责任公司上海分公司关于股票 期权自主行权的相关规定，结合深圳市禾望电气股份有限公司（以下简称"公 司"）2025 年第三季度报告的披露计划，现对公司 2023 年股票期权激励计划 第二期的行权时间进行限定，具体如下： 2023 年股票期权激励计划本次限制行权期为 2025 年 10 月 23 日至 2025 年 10 月 27 日，在此期间全部激励对象将限制行权。 公司将按照有关规定及时向中国证券登记 ...

Core Viewpoint - The green hydrogen and ammonia industry is entering a significant strategic opportunity period due to national policies promoting the increase of renewable energy non-electric consumption and the development of the green hydrogen and ammonia industry [1][2] Group 1: Policy Developments - The National Development and Reform Commission released a draft implementation plan for the minimum proportion target of renewable energy consumption and the responsibility weight system for renewable energy power consumption [1] - The plan includes mandatory assessments for renewable energy non-electric consumption, marking a shift in energy management focus from solely electricity to a multi-energy collaborative consumption model [2] Group 2: Market Implications - The inclusion of green hydrogen and ammonia as a compliant path in the policy creates unprecedented access for the industry, enhancing market demand and expectations [2] - The establishment of minimum non-electric consumption targets for provincial regions and key energy-consuming enterprises, along with punitive measures, creates a systematic market demand for green hydrogen and ammonia [2] Group 3: Investment Opportunities - Companies to watch in the green hydrogen and ammonia sector include Jin Feng Technology (002202.SZ), Yunda Co., Ltd. (300772.SZ), Sany Renewable Energy (688349.SH), Hewei Electric (603063.SH), and Huadian Technology (601226.SH) [1]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The National Development and Reform Commission (NDRC) has introduced a policy that includes minimum consumption targets for renewable energy, marking a significant shift towards a multi-energy consumption model that includes green hydrogen and methanol [3][6][8] - The policy creates a mandatory assessment framework for renewable energy consumption, expanding the focus from solely electricity to include non-electric consumption, thereby enhancing market demand for green hydrogen and methanol [5][7] - The introduction of punitive measures for failing to meet renewable energy consumption targets significantly strengthens the policy's enforcement and provides a clear long-term signal to the market [7][8] Summary by Sections Policy Overview - On October 13, the NDRC released a draft policy outlining minimum consumption targets for renewable energy, which can be achieved through various methods for both electric and non-electric consumption [3][5] - The policy emphasizes the inclusion of green hydrogen and methanol as compliant pathways, indicating a strategic focus on these sectors [3][8] Market Implications - The new policy is expected to create a substantial institutional market demand for green hydrogen and methanol, enhancing the certainty and market expectations for the industry [3][9] - The strategic opportunity for the green hydrogen and methanol industry is highlighted, with recommendations to focus on companies such as Goldwind Technology, Yunda Co., SANY Heavy Energy, Hewei Electric, and Huadian Technology [3][9] Financial Projections - Financial forecasts for related companies indicate growth in net profits, with Goldwind Technology projected to achieve a net profit of 1.86 billion RMB in 2024, increasing to 3.67 billion RMB by 2026 [11]