Core Viewpoint - The company has established a management approach for domestic commodity futures hedging to effectively control raw material price volatility risks and ensure stable operational performance [1][2]. Group 1: Hedging Business Definition and Purpose - The hedging business aims to mitigate price fluctuation risks associated with the company's production and operations through multi-variety futures contract trading [1][2]. - The hedging strategy is based on actual production and market demand, focusing on risk prevention and ensuring the safety of fund operations [1][3]. Group 2: Operational Guidelines - The company will only engage in futures hedging related to its own spot business and will not accept commissions or engage in speculative trading [2][3]. - The amount of hedging conducted will not exceed the volume of spot transactions, and the funding for hedging will come from the company's own funds [2][3]. Group 3: Organizational Structure and Responsibilities - The board of directors authorizes the general manager to establish a futures hedging team responsible for managing futures trading activities [2][3]. - The hedging team is tasked with daily management, market research, strategy formulation, and risk monitoring [3][4]. Group 4: Approval and Authorization - The board and shareholders must approve the initiation of futures hedging activities, and any significant transactions must be reported for further approval [4][5]. - The company can estimate future trading ranges and limits for up to twelve months to streamline the approval process [5][6]. Group 5: Financial Accounting and Risk Management - The company will adhere to relevant accounting standards for financial reporting related to futures hedging activities [6][8]. - A strict risk control mechanism will be implemented to manage total positions and fund usage, ensuring compliance with established limits [8][9]. Group 6: Information Disclosure - The company must disclose hedging activities to the board and shareholders, including objectives, trading varieties, and risk control measures [11][12]. - Any significant risks or losses must be reported promptly, especially if they exceed a certain threshold relative to the company's net profit [12][13]. Group 7: Compliance and Penalties - Employees must follow established procedures for trading and fund allocation, with penalties for unauthorized actions [13][14]. - The company will maintain a reward and punishment system based on the performance of the hedging activities [14].
宏昌科技: 商品期货套期保值业务管理办法