[Summary of Performance Forecast](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) The company forecasts a substantial reduction in net loss for H1 2025, with attributable net profit ranging from -290 million to -350 million yuan Key Performance Indicators for H1 2025 Performance Forecast | Indicator | 2025 H1 Forecast (Million Yuan) | Year-over-Year Change (Million Yuan) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | -290 to -350 | Loss Reduction of 807.25 to 867.25 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -350 to -410 | Loss Reduction of 550.56 to 610.56 | [Details of Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company's finance department estimates H1 2025 attributable net profit between -290 million and -350 million yuan, and non-recurring net profit between -350 million and -410 million yuan H1 2025 Performance Forecast (Unaudited) | Item | Estimated Amount (RMB Million Yuan) | | :--- | :--- | | Net Profit Attributable to Shareholders | -290 to -350 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -350 to -410 | - The performance forecast data for this period is unaudited by a certified public accountant[4](index=4&type=chunk) [Operating Performance in Prior Year Same Period](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In H1 2024, the company reported a net loss attributable to shareholders of 1.157 billion yuan and a non-recurring net loss of 960.56 million yuan Review of H1 2024 Financial Performance | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | -1,437.0128 Million Yuan | | Net Profit Attributable to Shareholders | -1,157.2478 Million Yuan | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -960.5569 Million Yuan | | Earnings Per Share | -1.905 Yuan | [Analysis of Main Reasons for Forecasted Loss](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The forecasted loss is primarily due to cyclical fluctuations in the global photovoltaic industry, leading to decreased demand, significant price declines, and inventory impairment in Q2 - During the reporting period, the global photovoltaic industry experienced significant cyclical fluctuations, with a sequential decline in global PV module demand and notable price drops in Q2 (May-June) due to the end of China's installation rush and the European market entering its off-season[7](index=7&type=chunk) - According to InfoLink Consulting data, by the end of June, spot prices for N-type M10 silicon wafers fell by **31%** from their April peak, impacting the company's operations and leading to inventory impairment[7](index=7&type=chunk) - In response to industry adjustments, the company has implemented measures such as optimizing supply chain management, accelerating inventory turnover, and strictly controlling costs to ensure stable core business operations[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company confirms no significant uncertainties affect this performance forecast, advising investors that final financial data will be based on the officially disclosed H1 2025 report - The company confirms no significant uncertainties exist that could affect the accuracy of this performance forecast[8](index=8&type=chunk) - The forecast data provided is preliminary, and the final accurate financial data will be subject to the company's officially disclosed H1 2025 report[9](index=9&type=chunk)

Core Viewpoint - Hongyuan Green Energy (603185) expects to achieve a net profit attributable to the parent company of between -290 million to -350 million yuan for the first half of 2025, indicating a reduction in losses compared to the same period last year by 808 million to 867 million yuan [1] Financial Performance - The company anticipates a net profit attributable to the parent company, excluding non-recurring gains and losses, of between -350 million to -410 million yuan for the first half of 2025, reflecting a reduction in losses of 551 million to 611 million yuan compared to the same period last year [1]

New Stock Issuance - Shanda Electric (Stock Code: 301609) issued at a price of 14.66[1] - Jiyuan Group (Stock Code: 732262) issued at a price of 10.88[1] Market Alerts - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - The last trading day for Tuisan Jinguang (Stock Code: 600190) is July 14, 2025, with 4 trading days remaining[1] - The last trading day for Tuisan Jinjing (Stock Code: 900952) is also July 14, 2025, with 4 trading days remaining[1] Abnormal Fluctuations - *ST Zitian (Stock Code: 300280) reported severe abnormal fluctuations on July 10, 2025[1] - *ST Yushun (Stock Code: 002289) reported abnormal fluctuations on July 11, 2025[1] Other Notable Announcements - Longyuan Green Energy (Stock Code: 603185) announced on July 11, 2025[1] - Kedi Pharmaceutical (Stock Code: 000590) announced on July 14, 2025[1]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Report's Core View The report analyzes the impact of various events on different financial and commodity markets. Key events include Trump's proposed 30% tariffs on Mexico and the EU, policy changes in the US and China, and supply - demand dynamics in multiple industries. These events lead to different market trends and investment outlooks in various sectors, such as financial futures, commodities like metals, energy, and agricultural products [1][2][3]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Trump announced a 30% tariff on the EU and Mexico starting August 1st. Gold showed strong performance on Friday due to increased market risk aversion. However, the strength is less than in April because of the strong US dollar and lower uncertainty. Gold is expected to be strong in the short - term but remain in a volatile range [12][13]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The EU extended the suspension of counter - measures to negotiate with the US. Trump's tariff policy is expected to increase short - term market risk aversion, causing the US dollar index to rise. The US dollar is expected to continue rising in the short - term [15][16][17]. 3.1.3 Macro Strategy (Stock Index Futures) - China and the US strengthened communication, and the Chinese government promoted a long - cycle assessment mechanism for insurance funds. The A - share market is over - valued, and the index is expected to oscillate at a high level. It is recommended to allocate various stock indices evenly [20][21]. 3.1.4 Macro Strategy (US Stock Index Futures) - New tariff threats may delay the Fed's interest rate cut and make the inflation outlook unclear. Trump's 30% tariff on Mexico and the EU may lead to market risk aversion. US stock indices are expected to oscillate, and it is recommended to control positions carefully [22][23]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted reverse repurchase operations. The bond market is expected to oscillate in the short - term. It is recommended that trading desks moderately buy Treasury bonds and sell them after the futures rebound [25][26][27]. 3.2 Commodity News and Comments 3.2.1 Black Metal (Steam Coal) - On July 11th, the price of steam coal in the northern port market remained stable. High temperatures increased power plant demand, and port inventories decreased. Coal prices are expected to remain strong in the short - term [28]. 3.2.2 Black Metal (Iron Ore) - In June, the monthly operating rate of China's construction machinery decreased. Iron ore prices rebounded, but the 100 - dollar key level is difficult to break through. It is recommended to wait and see [29][30]. 3.2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - In the 28th week, the actual soybean crushing volume of oil mills was lower than expected, and it is expected to increase in the 29th week. After the release of the double - monthly reports, the oil market will enter the next stage of expected trading. Different oils have different investment suggestions [31][32]. 3.2.4 Agricultural Products (Soybean Meal) - Analysts estimated that the US soybean crushing volume in June decreased by 4% from May but increased by 5.5% year - on - year. USDA raised the end - of - season soybean inventory. The price of soybean meal is expected to oscillate in the short - term, and the basis is expected to remain weak [33][34][36]. 3.2.5 Agricultural Products (Sugar) - Brazil's port sugar - waiting ships increased, and its 2025 sugarcane production is expected to decline. Pakistan is seeking to purchase 30 - 500,000 tons of sugar. The international sugar price is expected to stabilize and weakly rebound in the short - term, but the upside is limited [37][38][39]. 3.2.6 Agricultural Products (Cotton) - Xinjiang's cotton topping work is basically completed. USDA's July report raised the end - of - season cotton inventory in the US and globally. ICE cotton prices are expected to oscillate at a low level, and Zhengzhou cotton is expected to be strong in the short - term [42][44][45]. 3.2.7 Black Metal (Coking Coal/Coke) - The coking coal market in Lvliang is strong, and the expectation of a coke price increase is rising. The short - term rise is mainly affected by macro factors, and it is recommended to wait and see [47][48]. 3.2.8 Black Metal (Rebar/Hot - Rolled Coil) - The retail and wholesale of passenger cars in early July showed different trends, and the dealer inventory coefficient increased. The steel price is expected to oscillate strongly in the short - term. It is recommended to be cautious about going long and use a hedging strategy for spot [53][54]. 3.2.9 Agricultural Products (Corn Starch) - The price difference between tapioca starch and corn starch widened slightly. Corn starch inventory increased, and the future is uncertain [55]. 3.2.10 Agricultural Products (Corn) - The成交 rate of imported corn auctions decreased. If the inventory and auction data continue to be bearish, the spot price in the northern port may decline slightly, and it is recommended to short new - crop contracts in advance [56][57]. 3.2.11 Non - ferrous Metals (Copper) - Osisko may expand a copper deposit in Quebec, and Codelco's copper production increased by 9% in the first half of the year. The global macro - expectation risk is rising, and the copper price may be under pressure in the short - term [58][60][61]. 3.2.12 Non - ferrous Metals (Nickel) - Philippine nickel ore exports to Indonesia are expected to increase. The nickel price is expected to oscillate at a low level in the short - term, and it is recommended to short on rallies in the medium - term [62][63][64]. 3.2.13 Non - ferrous Metals (Lithium Carbonate) - China's lithium carbonate production increased in June and is expected to rise in July. The lithium carbonate price is expected to be strong in the short - term and may decline in the medium - term [65][66]. 3.2.14 Non - ferrous Metals (Polysilicon) - Wuxi Suntech found a new trustee. Polysilicon companies raised their quotes. The price is expected to be bullish in general but may correct in the short - term [67][68][69]. 3.2.15 Non - ferrous Metals (Industrial Silicon) - Yunnan's industrial silicon production increased during the flood season, and Xinjiang's production decreased. The industrial silicon price has strong resistance to decline, and it is recommended to short on rallies [70][71][72]. 3.2.16 Non - ferrous Metals (Lead) - A central China lead smelter resumed production. The lead price is expected to rise in the long - term, and it is recommended to buy on dips in the short - term [73][74][75]. 3.2.17 Non - ferrous Metals (Zinc) - LME zinc inventories decreased, and the 0 - 3 spread increased. The zinc price is expected to be mainly affected by macro factors in the short - term, and it is recommended to manage positions carefully [76][78][79]. 3.2.18 Energy and Chemicals (Carbon Emissions) - The EUA futures price decreased on July 11th. The EU carbon price is expected to be strong in the short - term [80][82]. 3.2.19 Energy and Chemicals (Crude Oil) - Russia plans to compensate for over - production from August to September. IEA lowered the global crude oil demand growth forecast. The oil price is expected to oscillate in the short - term [82][83][84]. 3.2.20 Energy and Chemicals (Bottle Chips) - Bottle chip factories' export quotes are mostly stable, and they plan to cut production in July. It is recommended to look for opportunities to expand processing fees by buying on dips [85][87]. 3.2.21 Energy and Chemicals (Caustic Soda) - The price of caustic soda in Shandong increased slightly. The caustic soda price is expected to have difficulty rising further [87][88]. 3.2.22 Energy and Chemicals (Pulp) - The price of imported wood pulp increased. The pulp price is expected to have limited upside due to unchanged supply - demand [89]. 3.2.23 Energy and Chemicals (PVC) - The PVC market is consolidating. PVC prices are expected to have limited upside due to deteriorating fundamentals [90]. 3.2.24 Energy and Chemicals (Soda Ash) - The soda ash market is weak. It is recommended to short on rallies in the medium - term [91]. 3.2.25 Energy and Chemicals (Float Glass) - The price of float glass in Shahe increased. The glass price is expected to have a large fluctuation range, and it is recommended to use an arbitrage strategy [92][93]. 3.2.26 Shipping Index (Container Freight Rate) - Ningbo - Zhoushan Port ranked seventh in the global shipping center. The EC2508 futures price is expected to oscillate between 1950 - 2050 in the short - term [94][95].

Core Viewpoint - 弘元绿能 plans to engage in futures hedging to mitigate risks associated with price fluctuations of raw materials and products, aiming to enhance operational management and risk resilience [2][3][4] Trading Information Summary - As of July 11, 2025, 弘元绿能's stock closed at 18.7 yuan, down 3.16%, with a turnover rate of 8.23%, trading volume of 558,900 shares, and a transaction value of 1.051 billion yuan [1] - On the same day, the capital flow showed a net outflow of 77.86 million yuan from institutional investors, accounting for 7.41% of the total transaction value, while retail investors had a net inflow of 24.66 million yuan, representing 2.35% [2] Announcement Summary - 弘元绿能 intends to conduct futures hedging transactions to reduce potential risks from price volatility, with a maximum margin requirement of 1.3 billion yuan, funded by the company's own resources [3][4] - The company has established internal control measures for futures and derivatives trading to ensure smooth operations and risk management [3] - The board approved the hedging proposal on July 7 and July 10, 2025, with authorization valid for 12 months [3] Stock Trading Anomaly - 弘元绿能's stock experienced a cumulative price increase of over 20% over three consecutive trading days from July 8 to July 10, 2025, leading to an inquiry regarding abnormal trading [4][5] - The company confirmed that there are no undisclosed significant matters affecting stock price fluctuations, and no major asset restructuring or other significant transactions are planned [5]

Core Viewpoint - 弘元绿能's stock price has experienced significant volatility, with a notable increase of 24.58% over the past week, indicating strong market interest and potential investment opportunities [1][2]. Trading Information Summary - As of July 11, 2025, 弘元绿能 closed at 18.7 yuan, up from 15.01 yuan the previous week, with a peak price of 19.54 yuan and a low of 14.78 yuan during the week [1]. - The company has been listed on the "龙虎榜" due to a cumulative price deviation of over 20% in the last three trading days [2][4]. - The current total market capitalization of 弘元绿能 is 12.698 billion yuan, ranking 27th in the photovoltaic equipment sector and 1306th among all A-shares [1]. Company Announcements Summary - 弘元绿能 has approved the use of up to 38 million yuan of idle fundraising for cash management, focusing on safe and liquid products with a term not exceeding 12 months [2]. - The company has signed a cooperation agreement with 江苏顺风光电科技有限公司 through its subsidiary 弘元光能, aimed at maintaining stable operations for 无锡尚德 over a five-year period [2]. - 弘元绿能 plans to engage in futures hedging to mitigate risks associated with price fluctuations of raw materials and products, with a maximum margin requirement of 1.3 billion yuan [3][4]. Stock Trading Anomalies - The stock of 弘元绿能 has shown abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over three consecutive trading days, although the company confirmed that there are no undisclosed significant matters affecting its operations [3][4].

New Stock Offerings - Ji Chuan Pharmaceutical (600566) is in the offer period from June 18, 2025, to July 17, 2025[1] - Zhong Cheng Tui (300208) has 5 trading days remaining until the last trading day[1] - Tui Shi Jin Gang (600190) also has 5 trading days remaining until the last trading day[1] Delisting and Trading Alerts - Hengli Tui (000622) has 2 trading days remaining until the last trading day[1] - Tui Shi Jiu You (600462) has only 1 trading day remaining until the last trading day[1] - ST Zi Tian (300280) has an announcement dated July 10, 2025, regarding trading status[1] Abnormal Fluctuations - Changcheng Military Industry (601606) reported severe abnormal fluctuations on July 2, 2025[1] - An abnormal fluctuation was noted for Wei Xin Kang (603676) on July 5, 2025[2] - Multiple stocks, including ST Wei Ming (002581), reported abnormal fluctuations on July 11, 2025[2]

Core Viewpoint - The company aims to conduct futures hedging transactions to mitigate potential risks from fluctuations in raw material and product prices, thereby enhancing operational management and risk resistance capabilities [1][2][3] Group 1: Transaction Overview - The purpose of the transaction is to reduce the impact of raw material and product price volatility on the company's operations, utilizing futures hedging to control price risks [2][3] - The maximum margin amount at any point in time will not exceed RMB 1.3 billion, which can be used in a rolling manner during the investment period [2][3] - The funding for the transactions will come from the company's own funds, without involving raised capital [2] - The types of commodities for the hedging business will be limited to those related to the company's operations, including but not limited to industrial silicon, polysilicon, aluminum, copper, tin, lead, and silver [2][3] Group 2: Approval Process - The company held meetings on July 7 and July 10, 2025, where the board of directors approved the proposal for futures hedging transactions, which does not require shareholder meeting approval according to relevant regulations [3] Group 3: Risk Analysis and Control Measures - The company acknowledges that while the primary goal of the hedging business is to control price volatility risks, there are inherent risks such as market, liquidity, and operational risks [4] - To mitigate these risks, the company has established strict internal controls, including prohibiting speculative trading, ensuring compliance with approved limits, and implementing risk management procedures [4] Group 4: Impact on the Company - The hedging activities are expected to effectively manage production costs, control operational risks, and improve management levels, aligning with the interests of the company and its shareholders [4][6]

弘元绿色能源股份有限公司 关于开展期货套期保值业务的可行性分析报告 任一时点占用的保证金最高额度不超过人民币 13 亿元，上述额度在投资期 限内可循环滚动使用。 （三）资金来源 公司及子公司的自有资金，不涉及募集资金。 一、开展套期保值业务的基本情况 （一）交易目的 为了降低原材料及产品价格波动对弘元绿色能源股份有限公司（以下简称 "公司"）生产经营造成的潜在风险，公司拟开展期货套期保值交易，充分利用 期货的套期保值功能，减少因原材料及产品价格波动对公司经营业绩的影响，提 升公司生产经营管理水平和抵御风险能力。 公司利用期货的套期保值功能进行价格风险控制，坚持套期保值，不进行以 投机为目的的期货交易，公司开展套期保值业务具有必要性和可行性。 （二）交易金额 （四）交易品种及方式 公司及子公司拟开展的原材料期货套期保值业务的品种只限于与公司生产 经营相关的大宗商品材料及产品（包括但不限于工业硅、多晶硅、铝、铜、锡、 铅、银等），严禁进行以逐利为目的的任何投机交易。 （五）交易期限 授权期限自董事会审议通过之日起 12 个月内，并授权公司经营层在上述审 议批准的额度范围内根据业务情况、实际需求开展期货套期保值业务 ...

证券代码：603185 证券简称：弘元绿能 公告编号：2025-035 弘元绿色能源股份有限公司 关于开展期货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： ●交易目的：为了降低原材料及产品价格波动对弘元绿色能源股份有限公司 （以下简称"公司"）生产经营造成的潜在风险，公司拟开展期货套期保值交易， 充分利用期货的套期保值功能，减少因原材料及产品价格波动对公司经营业绩的 影响，提升公司生产经营管理水平和抵御风险能力。 ●交易品种及方式：公司及子公司拟开展的原材料期货套期保值业务的品种 仅限于与公司生产经营相关的大宗商品材料及产品（包括但不限于工业硅、多晶 硅、铝、铜、锡、铅、银等）。 ●交易金额：任一时点占用的保证金最高额度不超过人民币 13 亿元，上述 额度在投资期限内可循环滚动使用。 ●履行的审议程序：公司于 2025 年 7 月 7 日、2025 年 7 月 10 日分别召开第 四届董事会审计委员会第十二次会议、第四届董事会第三十次会议，审议通过了 《关于开展期货套期保值业务的议案 ...