截至2025年11月21日收盘，芳源股份（688148）报收于9.52元，较上周的12.1元下跌21.32%。本周，芳 源股份11月17日盘中最高价报12.3元。11月21日盘中最低价报9.45元。芳源股份当前最新总市值48.57亿 元，在电池板块市值排名76/95，在两市A股市值排名3293/5167。 公司预计2026年度与贝特瑞、湖南宏邦发生日常关联交易，总额不超过107,000.00万元。其中向关联方 采购原材料约7,000万元，向贝特瑞销售产品预计100,000万元。交易遵循市场定价原则，不影响公司独 立性，关联股东贝特瑞应回避表决。 公司拟续聘天健会计师事务所为2025年度财务报告及内部控制审计机构，审计费用为80万元，与上年持 平。该所具备证券服务资格，项目相关人员均具资质且与公司保持独立性。该事项尚需提交股东会审 议。 公司拟在2026年度为全资子公司江门市芳源循环科技有限公司及其他控股子公司提供合计不超过 250,000万元的担保额度，包含新增及存续担保。截至公告日，公司实际对外担保余额为134,000万元， 占最近一期经审计净资产的238.84%。被担保对象资产负债率超70%，无反担保安排 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000751 证券简称：锌业股份 公告编号：2025-037 葫芦岛锌业股份有限公司 关于第十一届董事会第十七次会议决议公告 本公司董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 葫芦岛锌业股份有限公司第十一届董事会第十七次会议于2025年11月21日下午在公司四楼会议室以现场 方式召开。会议前3天，公司董事会秘书办公室将会议通知送达或传真给董事本人。应到会董事9人、实 到会董事9人，公司高级管理人员列席会议。会议的召集、召开符合《公司法》《证券法》和《公司章 程》的规定。 会议由董事长于恩沅先生主持，会议审议通过如下议案： 一、审议通过《关于增加2025年期货套期保值业务额度的议案》 本议案具体内容详见公司同日巨潮资讯网《关于增加2025年期货套期保值业务额度的公告》。 表决结果：同意9票，反对0票，弃权0票。 二、审议通过《关于2026年开展期货套期保值业务的议案》 表决结果：同意9票，反对0票，弃权0票。 三、审议通过《关于开展期货套期保值业务的可行性分析报告》 本议案具体内容详见公司同日巨潮资讯网《关 ...

Group 1: Report General Information - Report Name: Nanhua Futures Asphalt Risk Management Daily Report [1] - Date: November 21, 2025 [1] - Analyst: Ling Chuanhui (Investment Consulting License No.: Z0019531) [1] - Investment Consulting Business Qualification: CSRC Permit [2011] No. 1290 [1] Group 2: Industry Investment Rating - No industry investment rating information provided. Group 3: Core Views - Short - term, after a rapid price drop, the spot and futures are stabilizing near integer levels. The overall supply of asphalt has increased due to the resumption of production at some refineries this week. Demand has improved as prices declined, mainly consuming social inventory, with no significant end - of - peak - season performance. The inventory structure has improved, with a slight increase in refinery inventory and a decline in social inventory. The cost of crude oil has been fluctuating weakly recently, and the spot basis has been weakening. In the long - term, demand in the north will end as the temperature drops, while in the south, post - rainfall catch - up demand may boost consumption. The peak season of asphalt has no unexpected performance. Short - term, attention should be paid to winter storage, and the adjustment of refinery prices may be the valuation anchor for BU01. Due to geopolitical disturbances in crude oil, asphalt is expected to fluctuate in the short - term [3]. Group 4: Asphalt Price and Risk Management Price Information - The predicted monthly price range of the asphalt main contract is 3000 - 3450 yuan/ton, with a current 20 - day rolling volatility of 11.76% and a 3 - year historical percentile of 10.33% [2]. - On November 21, 2025, the Shandong spot price was 3030 yuan/ton (unchanged from the previous day, up 20 yuan/ton week - on - week), the Yangtze River Delta spot price was 3240 yuan/ton (unchanged from the previous day, down 90 yuan/ton week - on - week), the North China spot price was 3020 yuan/ton (unchanged from the previous day, down 10 yuan/ton week - on - week), and the South China spot price was 3150 yuan/ton (unchanged from the previous day, down 50 yuan/ton week - on - week) [2][6][9]. Risk Management Strategies Inventory Management - When product inventory is high and worried about price drops, for a long spot position: - Short 25% of asphalt futures (bu2512) at 3650 - 3750 yuan/ton to lock in profits and cover production costs [2]. - Sell 20% of call options (bu2512C3500) at 30 - 40 yuan to reduce capital costs and lock in the spot selling price if the price rises [2]. Procurement Management - When the regular procurement inventory is low and hoping to purchase according to orders, for a short spot position: - Buy 50% of asphalt futures (bu2512) at 3300 - 3400 yuan/ton to lock in procurement costs in advance [2]. - Sell 20% of put options (bu2512C3500) at 25 - 35 yuan to collect premiums and reduce procurement costs, and lock in the spot purchase price if the price drops [2]. Group 5: Other Information - There are various seasonal charts including asphalt 12 - contract basis seasonality in different regions (Shandong, North China, Yangtze River Delta, Northeast), asphalt futures month - spread seasonality (03 - 06, 06 - 09, 09 - 12), domestic asphalt refinery inventory rate seasonality, domestic asphalt social inventory rate seasonality, and asphalt warehouse and refinery warehouse receipt quantity seasonality [10][11][13][15][17][18][20][22][23].

证券日报网讯 11月21日晚间，锌业股份发布公告称，公司于2025年11月21日召开第十一届董事会第十 七次会议，审议通过了《关于2026年开展期货套期保值业务的议案》。为降低产品及原材料价格波动对 公司经营业绩产生的影响，提升公司整体抵御风险的能力，公司及子公司拟于2026年开展期货套期保值 业务，预计任一时点动用的交易保证金和权利金不超过35，000万元人民币，该交易额度在2026年内循 环使用，期货套期保值交易品种涉及与公司及子公司生产经营所需主要原燃材料、产品及外汇等。该项 议案需提交公司股东会审议批准。 （文章来源：证券日报） ...

证券日报网讯 11月21日晚间，锌业股份发布公告称，公司于2024年11月26日召开第十一届董事会第六 次会议，审议通过了《关于2025年开展套期保值业务的议案》，同意公司2025年循环投入套期保值业务 金额（保证金）不超过60000万元人民币。因公司期货套期保值业务需要，拟增加期货套期保值业务额 度。公司第十一届董事会第十七次会议审议通过了《关于增加2025年套期保值业务额度的议案》，同意 公司及子公司2025年拟循环操作投入套期保值业务金额（保证金）从不超过60，000万元人民币的基础 上增加到不超过70，000万元人民币，上述额度在2025年期间内可循环使用，根据相关规定，该议案需 提交股东会审议。 （文章来源：证券日报） ...

Core Viewpoint - Shenzhen TeFa Information Co., Ltd. has approved an increase in the trading limit for aluminum futures hedging by its subsidiary, Changzhou TeFa Huayin Cable Co., Ltd., to mitigate risks from raw material price fluctuations and enhance profit stability [1][5]. Group 1: Trading Overview - The company plans to increase the trading limit for aluminum futures hedging by up to 219.07 million yuan, with the total trading amount not exceeding 603.37 million yuan, while maintaining the maximum margin of 76.86 million yuan [2][6]. - The decision was made during the board meeting held on November 19, 2025, and does not require shareholder approval [11]. Group 2: Risk Management - The hedging strategy aims to lock in raw material prices and reduce operational risks associated with price volatility [8][23]. - The company has established a comprehensive risk control framework to manage market, funding, credit, technical, operational, policy, internal control, basis, and cash flow risks associated with the hedging activities [12][13][21][22]. Group 3: Financial Impact - Engaging in aluminum futures hedging is expected to stabilize production costs and product pricing, thereby promoting steady growth in performance [23]. - The company will account for the hedging activities in accordance with relevant financial regulations and standards [23].

Group 1: Company Overview - Zanyu Technology Group is a high-tech enterprise specializing in the research and manufacturing of surfactants, fatty chemical products, and personal care products (OEM/ODM processing) [2] - The company has become a leading enterprise in the domestic research and production of surfactants and fatty chemical products [2] - The headquarters is located in Hangzhou, with production bases in multiple locations including Zhejiang, Jiangsu, Sichuan, Henan, Guangdong, and Indonesia [2] Group 2: Production Capacity - Annual production capacity for surfactants exceeds 1.2 million tons [2] - Annual production capacity for fatty chemical products exceeds 1 million tons [2] - OEM/ODM processing capacity for personal care products reaches 1.1 million tons [2] Group 3: Product Applications - Surfactants are primarily used in detergents, cosmetics, food processing, and textile dyeing industries [3] - Fatty chemical products are applied in plastics, rubber, textiles, daily chemicals, leather, paper, and oil fields, indicating a broad market potential [3] Group 4: Export Markets - The company's export business targets countries and regions along the "Belt and Road," RCEP, the African Free Trade Area, and Latin America [3] Group 5: Raw Material and Cost Management - Key raw materials include palm oil, C12-14 alcohol, alkylbenzene, and olefins, with price fluctuations impacting production costs [4] - The company has implemented a pricing model adjustment and commodity hedging to mitigate the impact of raw material price volatility on performance [4] Group 6: Future Strategy - The company aims to enhance its market share and competitiveness by focusing on surfactants, fatty chemical products, and personal care products, while leveraging technological innovation and supply chain management [4] - The goal is to become a globally outstanding chemical manufacturing service provider [4]

双胶纸期货上市的影响、机遇和风险 Guotai Junan Futures all rights reserved, please do not reprint 高琳琳 国 泰 君 安 期 货 首 席 分 析 师 投 资 咨 询 从 业 证 书 号 ： Z 0 0 0 2 3 3 2 石 忆 宁 国 泰 君 安 期 货 分 析 师 投 资 咨 询 从 业 证 书 号 ： Z 0 0 2 2 5 3 3 日期： 2025 年 1 1 月 01 双胶纸期货介绍 | 期货基本概念 | | | --- | --- | | 期货合约 | | | 期货的基本概念 | | | 期货的英文为"Futures"，即"未来"的意思。 | | | 期货，通常指的是期货合约，是由期货交易所统一制 | | | 定的、在将来某一特定时间和地点交割一定数量标的 | | | 物的标准化合约。 | | | 举例：上海期货交易所上市的双胶纸期货合约op2601，该合 | | | 约在2026年1月到期，上期所的合约表和规则规定了双胶纸 | | | 的指定交割库、质量要求、交割单位、交割方式。该合约的 | | | 价格代表市场交易者对26年1月双 ...

南华期货碳酸锂企业风险管理日报 2025年11月18日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 source： 南华研究,同花顺 锂电企业风险管理策略建议 | 行为导向 | | 情景分析 | 策略推荐 | 套保工具 | 操作建议 | 推荐套保比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 远月期货合约 | 买入 | 10% | | | 产成品价格无相 | 未来有生产电池材料的计划，担 | 为防止成本上涨，企业根据生产 | LC2601-P-80000 | 卖出 | 10% | | | 关性 | 心未来采购碳酸锂时价格上涨导 致采购成本上涨的风险 | 计划需买入对应生产计划的期货 合约锁定采购成本 | | | | | 采购管理 | | | | 期权组合策略 | 卖出看跌期权+买入看 | 20% | | | | | | | 涨期权 | | | | | 产品价格有相关性：未来有生产 | 为防止采到碳酸锂后库 ...

原木期货和期权上市一周年 为产业提供风险管理利器 采销周期中的价格波动风险是原木产业企业面临的主要挑战之一，尤其在近年来市场不景气、行业整体 效益不佳的背景下，越来越多的贸易和加工企业开始利用原木期货和期权来应对市场波动、稳定成本利 润。 浙江物产森华集团有限公司（下称物产森华）是一家专业从事木材贸易的企业，因为规模巨大，最近几 年又恰逢以单边下跌行情为主，一直苦于缺乏对冲工具。据物产森华副总经理章蕊群介绍，由于长期从 国外长协购买原木在中国市场销售，公司在原木期货上市后就结合现货和船货头寸，在期货合约上进行 卖出套保，进行总头寸的风险管控。"例如首个合约LG2507价格今年春节后一度冲到900元/立方米，当 时我们库存较大，且2月现货市场先热后冷，因此看跌后市并持续卖出套保，平均成本在870元/立方米 左右。到了4月初，我们根据当时外盘报价创出新低、现货萎靡不振的情况，又在830元/立方米左右位 置继续卖出套保。最终，到了5月底6月初这段时间，盘面价格跌到770~750元/立方米且已贴水现货，并 且我们的现货头寸也在不断减少，因此平仓了三分之二的头寸。"章蕊群表示，在上半年这段行情中， 正是通过套保操作，物 ...