格隆汇1月5日丨熵基科技(301330.SZ)投资者关系活动记录表显示，目前公司在跨境结算中尚未采用数 字人民币结算方式。公司境外收入占比较高，人民币升值会对公司业务产生一定的影响。为应对相关汇 率风险，公司通过供应链全球化、全球子公司的本地化运营等，自然对冲汇率风险，并综合使用远期结 汇等锁定未来收汇汇率，同时也在尝试跨境人民币的结算方式。因此，当前汇率波动风险处于可控范 围。 ...

Group 1 - Several leading listed companies have announced substantial hedging plans for the 2026 fiscal year, with notable commitments from 佛燃能源, 新奥股份, 隆基股份, and 三一重工 [1] - 佛燃能源 has set a maximum contract value limit of 12 billion RMB for its commodity and foreign exchange hedging business for 2026, with a margin cap of 4.17 billion RMB [1] - 新奥股份 plans to utilize a maximum margin and premium of 4.7 billion USD for its 2026 commodity hedging plan [1] - 隆基股份 has a maximum margin limit of 1.5 billion RMB for its hedging business in 2026 [1] - 三一重工's subsidiary plans to have a maximum trading margin and premium of 800 million RMB, with a maximum contract value of 2 billion RMB on any trading day [1] Group 2 - A total of 1,782 A-share listed companies in the real economy issued hedging-related announcements from January to November 2025, an increase of 279 companies or 18.6% compared to the entire year of 2024 [3] - Currency risk remains the primary hedging demand, with 1,311 companies issuing related announcements, followed by interest rate risk (517 companies) and commodity price risk (481 companies) [3] - The electronics, basic chemicals, power equipment, machinery, and pharmaceutical industries have the highest number of companies engaging in hedging [3] - Copper is identified as the most actively hedged commodity [3] - Over 30 domestic insurance institutions have entered the futures market, primarily using government bond futures and stock index futures to manage interest rate risk and equity market volatility [3] - The number of new accounts opened by insurance funds in the futures market increased by 166% year-on-year in the first 11 months of 2025, reaching a historical high [3] - Recent regulatory documents have supported the participation of insurance funds in financial derivatives trading, providing a framework for managing asset-liability risks [3]

Core Viewpoint - The recent strengthening of the RMB against the USD has prompted many A-share companies to adopt foreign exchange hedging strategies to manage risks associated with currency fluctuations [1] Group 1: Currency Exchange Rate Trends - As of December 10, the onshore RMB/USD exchange rate reached a high of 7.0603, marking the highest level since October 2024 [1] - The RMB is approaching the significant threshold of 7.0, which has raised concerns about exchange rate risks [1] Group 2: Corporate Responses - Numerous A-share companies involved in overseas business have significantly increased their foreign exchange hedging limits [1] - China Shipbuilding (600150) announced on December 9 that it plans to engage in futures and derivatives trading with a maximum trading limit of $24 billion and a maximum contract value of $51 billion on any trading day [1] - Over 30 A-share companies have disclosed plans to implement foreign exchange hedging strategies in December to mitigate risks from currency market volatility [1] Group 3: Industry Analysis - Industry experts indicate that many foreign trade enterprises are concerned that fluctuations in exchange rates may reduce the amount of foreign currency received from exports, thereby impacting profitability [1] - The primary objective for listed companies participating in hedging is to hedge against exchange rate risks [1]

首先，值得注意的是，借用外币往往会伴随汇率风险。尤其是在全球金融体系中，美元占据主导地位，这种风险被进一步放大。俄罗斯的收入和支出都以卢 布计价，但人民币计价的债务必须用人民币偿还。如果卢布对人民币大幅贬值，俄罗斯政府的还债成本将急剧增加。因此，财政部长特别强调，不能用外币 债务来弥补赤字。尽管人民币汇率相对稳定，但卢布的汇率并不确定。如果俄美关系恶化，外部形势进一步恶化，制裁加重，那么刚刚回升的卢布汇率可能 会再次大幅下跌（今年1月，卢布兑人民币一度跌至15:1，而现在是11:1，俄乌冲突爆发时曾一度达到19:1）。 普京政府对人民币的运用非常重视，俄罗斯准备将好钢用在刀刃上。俄罗斯财政部长西卢安诺夫最近在一次采访中表示，俄罗斯政府并不打算通过发行人民 币计价的主权债券来填补目前的预算赤字。他特别强调：这绝对不是为了借入大量资金来弥补财政赤字的工具。 几天前，俄罗斯财政部首次发行了以人民币计价的主权债券，总金额达到200亿元人民币，按照当前汇率约为2300亿卢布。随着俄乌冲突即将进入第5个年 头，俄罗斯的财政压力已经达到了前所未有的高点：今年上半年财政赤字已经接近3.7万亿卢布，是去年同期的五倍以上。尽管如 ...

Core Viewpoint - The company, Hansang Technology, has stated that its export products and imported raw materials are primarily settled in US dollars, and it will negotiate settlement prices based on exchange rate fluctuations with clients and suppliers [2]. Group 1 - The company will assess exchange rate risks scientifically and reasonably in accordance with relevant regulatory requirements and internal management systems [2]. - The company aims to prevent and respond to exchange rate fluctuation risks based on actual operating conditions [2].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **offshore bond market**, specifically focusing on **Chinese dollar bonds** and **dim sum bonds**. The former is denominated in USD, while the latter is denominated in offshore RMB and is primarily issued in Hong Kong [1][2]. Core Insights and Arguments - **Market Dynamics**: The offshore bond market has seen a contraction since 2021 due to the Federal Reserve's interest rate hikes and real estate risks. However, a rebound in issuance is expected in 2024 with anticipated rate cuts, although net financing remains negative [1][12]. - **Dim Sum Bonds Growth**: The dim sum bond market has been expanding, benefiting from the advantages of RMB financing and the Southbound Trading initiative, with a notable increase in the proportion of municipal investment bonds [1][12][13]. - **Pricing Factors**: The pricing of Chinese dollar bonds is influenced by historical returns, yield spreads, and credit ratings. High-yield bonds exhibit significant volatility and are closely tied to credit risk. Dim sum bonds are priced based on offshore RMB government bond rates, affected by liquidity in both onshore and offshore RMB markets [1][14][15]. Important but Overlooked Content - **Investment Strategies**: Various investment strategies are discussed, including curve trading, event-driven trading, and swing trading, each with its own advantages and requiring market environment adjustments [2][23][24][25]. - **Regulatory Environment**: The regulatory framework for offshore bond issuance is relatively lenient, with different disclosure requirements based on the type of issuance (e.g., SEC 144A, Reg S). Most Chinese issuers prefer Reg S due to lower compliance costs [5][8][18]. - **Default Resolution**: Common default resolution strategies include bond swaps, debt-to-equity conversions, bankruptcy liquidation/restructuring, and discounted buybacks/extensions. The effectiveness of these strategies largely depends on the underlying company's value performance [27][28]. Market Characteristics - **Issuance Structures**: The most common issuance structure in both markets is direct issuance, followed by guaranteed structures and maintenance agreements. The Chinese dollar bond market has a higher proportion of guaranteed structures compared to the dim sum market [7][12]. - **Investor Behavior**: Investors are increasingly focused on short-term liquidity rather than long-term value, reflecting a shift in risk appetite and market conditions [2][28]. Conclusion - The offshore bond market, particularly Chinese dollar and dim sum bonds, is influenced by macroeconomic factors, regulatory environments, and investor behavior. The anticipated changes in interest rates and market dynamics will play a crucial role in shaping future investment opportunities and risks in this sector [1][12][19].

Core Viewpoint - The People's Bank of China (PBOC) has decided to resume the trading of government bonds after a 10-month suspension, indicating a positive shift in the bond market and a need for liquidity support [2][3]. Group 1: Reasons for Resuming Bond Trading - The resumption is attributed to a phase of alleviated interest rate risks in the bond market and the necessity to provide liquidity support [3]. - The initial suspension in January was due to overly optimistic market sentiment and rapid declines in government bond yields, which increased interest rate risks and widened the China-U.S. interest rate differential [3]. - Since July, a shift in risk appetite has led to capital outflows from the bond market, causing a rapid increase in the 10-year government bond yield from 1.6% to over 1.8%, stabilizing around this level for a month [3]. - The macroeconomic environment, including the Federal Reserve's rate cuts and a narrowing of the China-U.S. interest rate differential, has created a favorable context for the PBOC to restart bond trading [3]. Group 2: Market Implications - The resumption of bond trading signals a defined upper limit for bond yields, suggesting limited room for further increases in the 10-year government bond yield [4]. - The PBOC's actions are aimed at enhancing the financial function of government bonds and improving the coordination between monetary and fiscal policies [4]. - The recent rise in short-term bond yields has led to a narrowing of the yield spread between 10-year and 1-year government bonds, indicating a potential steepening of the yield curve [4]. - In the short term, the PBOC's bond purchases may focus on the shorter end of the yield curve, with the long end requiring further observation of the scale of bond purchases and equity market performance [4].

Core Insights - The article discusses the impact of the depreciation of the US dollar against the Chinese yuan on investors who have engaged in dollar-denominated financial products, highlighting significant losses due to currency fluctuations [1][2]. Currency Exchange Impact - The exchange rate of USD to CNY has dropped from 7.3 at the beginning of the year to 7.1219 by October 24, resulting in a 2.44% loss purely from currency fluctuations [2]. - An example investor who exchanged 730,000 CNY for 100,000 USD in January and invested in a fixed-income product faced a loss of over 5,000 USD by October 22, considering the exchange rate at that time [2][5]. Investment Product Performance - As of the end of September, 22 dollar-denominated financial products had yields below 2.5%, indicating that many investors are struggling with losses or are on the verge of losing money [5]. - In contrast, another investor who purchased US Treasury bonds with a 3.5% coupon rate saw a total return exceeding 5.1%, benefiting from both interest income and capital appreciation [6][7]. Risk of Currency Fluctuations - The article emphasizes the importance of considering currency exchange risks when investing in foreign-denominated assets, as potential high returns can be eroded by unfavorable currency movements [9]. - For investors looking to mitigate currency risk, options such as QDII funds that are denominated in CNY are available, although they may offer lower yields due to hedging costs [9].

Financial Data and Key Metrics Changes - The Prada Group recorded net revenues of EUR 4.1 billion in the first nine months of 2025, representing a 9% increase compared to the same period last year at constant FX [9] - Retail sales increased by 8% in Q3 compared to the prior year, while wholesale sales rose by 4% in the first nine months and 19% in Q3 [9][10] - Royalties grew by 11% over the periods, supported by eyewear and beauty segments [10] Business Line Data and Key Metrics Changes - Prada's performance was resilient, with a -2% change in the first nine months, while Miu Miu reported a significant growth of 41% overall and 29% in Q3 [10] - Church's also returned to double-digit growth in the quarter [11] Market Data and Key Metrics Changes - Asia Pacific saw a 10% growth in the first nine months, with Q3 showing similar trends [11] - The Americas experienced a 15% increase in retail sales over the nine months, with Q3 at +20% [11] - Europe grew by 6% in the nine months, with Q3 trends remaining positive [11] Company Strategy and Development Direction - The company is committed to creative leadership and plans to continue investing in creativity and desirability [13] - There is a focus on maintaining a selective approach to store openings, with plans to close underperforming locations while expanding in key areas [29] - The company aims to balance its product offerings across different price levels and segments [44] Management's Comments on Operating Environment and Future Outlook - Management noted a plateau in growth in China, with expectations of gradual improvement [20][70] - The company is optimistic about the upcoming holiday period and expects to see continued improvement in Q4 [13][14] - Management emphasized the importance of the last six weeks of the year for overall performance [21] Other Important Information - The company is awaiting authorizations for the Versace acquisition, which is not yet closed [18] - Management highlighted the importance of maintaining a strong brand identity while exploring new product segments [44] Q&A Session Summary Question: Initial priorities for Versace integration - The transaction is not closed yet, and authorizations are still pending [18] Question: Current trading and improvement in Q3 - The company observed a plateau in China, with better-than-expected holiday performance [20] Question: Wholesale trends in Q3 - No exceptional timing of shipments was noted [22] Question: Cluster trends for key Prada brands - All clusters showed positive growth, with local transactions driving improvements [28] Question: Store expansion plans for Prada and Miu Miu - Miu Miu has seen store growth, while Prada is taking a more cautious approach [29] Question: Margin expectations for the upcoming year - The company is on track to deliver on margin expectations, with Q4 being crucial [37] Question: FX headwinds for H2 - Hedging strategies are expected to mitigate FX issues for 2025, but 2026 may face challenges [42] Question: Aspirational customers returning - There are weak signals of improvement, but the market remains on a plateau [52] Question: Growth by category in Q3 - Leather goods showed significant growth for both Prada and Miu Miu [109]

Core Insights - Cross-border ETFs allow for T+0 trading, enabling investors to buy and sell on the same day, which facilitates intraday trading opportunities [1] - The net asset value (NAV) of cross-border ETFs is influenced by the performance of the underlying index and currency fluctuations, with NAV calculations based on data from two trading days prior [1] - Investment strategies for cross-border ETFs include asset allocation, systematic investment plans, staggered buying and selling, and valuation methods [2] Investment Strategies - Asset allocation involves diversifying investments across different markets to mitigate risk [2] - Systematic investment plans (SIPs) allow for regular investments to average out costs and reduce timing risks [2] - Staggered buying and selling strategies focus on gradually increasing purchases during market declines and selling during rebounds [2] - Valuation methods utilize metrics like PE and PB ratios to assess whether an index is undervalued or overvalued [2] Risks - Currency risk arises from investments in foreign markets, where fluctuations in exchange rates can impact returns [3] - Market risk is present due to the potential for significant volatility in foreign markets affecting ETF performance [3] - The difference in trading dates between domestic and foreign markets introduces uncertainty in investment decisions [3] - Tracking error may occur due to differences in trading systems and settlement processes between domestic and foreign markets [3]