Core Viewpoint - Longking Environmental Protection plans to conduct futures and derivatives hedging business to mitigate the risks associated with price fluctuations of lithium carbonate and cathode copper, thereby stabilizing production costs and enhancing competitiveness [1][4]. Group 1: Trading Overview - The purpose of the trading is to hedge against price fluctuations of lithium carbonate, which constitutes approximately 72% of the cost of producing lithium iron phosphate [2]. - The company plans to invest a maximum of 30 million yuan in the hedging business for lithium carbonate and cathode copper, with a total contract value not exceeding 300 million yuan [2]. - The funding for this hedging business will come from the company's own funds, and the trading will be conducted on the Shanghai Futures Exchange, Guangzhou Futures Exchange, and Shanghai International Energy Exchange [2]. Group 2: Approval Process - The company held the sixth meeting of the tenth Audit Committee on October 16, 2025, to review and approve the relevant proposal, which was subsequently approved by the Board of Directors [3]. - The matter falls within the Board's authority and does not require submission to the shareholders' meeting for approval [3]. Group 3: Risk Analysis and Control Measures - Although the company will only engage in hedging related to raw materials and not speculative trading, there are still risks such as price volatility, operational risks, technical risks, and policy risks [3]. - The company will implement risk control measures by matching hedging activities with contract projects, controlling the scale of funds, and ensuring compliance with laws and regulations [3]. Group 4: Impact and Accounting Treatment - Engaging in futures and derivatives hedging will help the company avoid risks from raw material price fluctuations and enhance its core competitiveness [4]. - The company will use its own funds for this business, ensuring that normal operations are not affected, and will apply hedge accounting in accordance with relevant accounting standards [4].

Core Viewpoint - The announcement by Bull Group regarding the planned share reduction by its actual controller, Ruan Xueping, highlights the company's ongoing stock price decline and the potential impact on its governance structure and operational continuity [1][2]. Group 1: Share Reduction Plan - Ruan Xueping plans to reduce his holdings by up to 36.17 million shares, representing 2% of the company's total equity, between October 31, 2025, and January 30, 2026 [1]. - The estimated market value of the shares to be sold is approximately 1.626 billion yuan, based on the current share price of 44.95 yuan [1]. - Ruan Xueping's decision to reduce his stake is based on personal financial needs and is not expected to significantly impact the company's governance or ongoing operations [1]. Group 2: Historical Context - Ruan Xueping previously reduced his holdings by over 1.626 billion yuan through a block trade on July 5, 2023, selling 17.79 million shares, which also accounted for 2% of the total equity [3]. - As of the announcement date, Ruan Xueping holds 256 million shares, or 14.13% of the total equity, while he and his concerted parties collectively own 1.533 billion shares, representing 84.76% of the total equity [2]. Group 3: Financial Performance - For the first half of 2025, Bull Group reported a revenue of 8.168 billion yuan, a decrease of 2.6% year-on-year, and a net profit attributable to shareholders of 2.489 billion yuan, down 6.93% year-on-year [4]. - The company's net assets attributable to shareholders decreased by 7.34% year-on-year, totaling 14.701 billion yuan as of June 30, 2025 [4]. - The revenue from the electrical connection business fell by 5.37% to 3.662 billion yuan, while the smart electrical lighting business saw a 2.78% decline to 4.094 billion yuan [4]. Group 4: Cost Management - The company's operating costs for the first half of 2025 were 4.711 billion yuan, a decrease of 1.55% year-on-year, attributed to fluctuations in raw material prices and changes in product structure [4]. - Bull Group employs strategies such as centralized procurement of raw materials and futures hedging to mitigate the risks associated with price volatility in the raw materials market [4]. Group 5: New Business Development - Bull Group is expanding into new business areas, including charging guns/piles, energy storage, and smart home products, but acknowledges potential uncertainties in market trends and competition that could affect future growth [5].

Core Viewpoint - Bull Group, a leading manufacturer in the socket industry, announced a plan for its actual controller, Ruan Xueping, to reduce his shareholding by up to 36.17 million shares, accounting for 2% of the company's total equity, between October 31, 2025, and January 30, 2026. This decision is based on personal financial needs and is not expected to significantly impact the company's governance or ongoing operations [1][2]. Group 1: Shareholding and Reduction Plan - Ruan Xueping currently holds 256 million shares, representing 14.13% of the total equity, while he and his associates collectively own 1.533 billion shares, or 84.76% of the total [2]. - The planned reduction will not affect shares acquired through the company's initial public offering or other non-trading methods [2]. - The reduction plan is subject to adjustments based on corporate actions such as dividends or stock splits during the reduction period [2]. Group 2: Financial Performance - For the first half of 2025, Bull Group reported revenue of 8.168 billion yuan, a decrease of 2.60% year-on-year, and a net profit attributable to shareholders of 2.489 billion yuan, down 6.93% [4]. - The company's net assets attributable to shareholders were 14.701 billion yuan, reflecting a year-on-year decline of 7.34% [4]. - The electrical connection business saw a revenue drop of 5.37%, while the smart electrical lighting business decreased by 2.78%. In contrast, the new energy business grew by 33.52% [4]. Group 3: Cost Management - The operating costs for the first half of the year were 4.711 billion yuan, down 1.55% year-on-year, attributed to fluctuations in raw material prices and changes in product structure [5]. - The company employs strategies such as centralized procurement and futures hedging to mitigate risks associated with raw material price volatility [5]. - There are concerns regarding the potential impact of rising raw material prices on cost control and overall performance [5].

Core Viewpoint - The Bull Group (603195.SH) announced a plan for its actual controller, Ruan Xueping, to reduce his shareholding by up to 36.17 million shares, representing 2% of the total share capital, through block trading between October 31, 2025, and January 30, 2026. This decision is based on personal financial needs and is not expected to significantly impact the company's governance or ongoing operations [2][3]. Financial Performance - For the first half of 2025, the Bull Group reported revenue of 8.168 billion yuan, a decrease of 2.60% year-on-year, and a net profit attributable to shareholders of 2.489 billion yuan, down 6.93% year-on-year. The company's net assets attributable to shareholders were 14.701 billion yuan, a decline of 7.34% year-on-year [5]. - The revenue from the electrical connection business was 3.662 billion yuan, down 5.37% year-on-year, while the smart electrical lighting business generated 4.094 billion yuan, a decrease of 2.78% year-on-year. In contrast, the new energy business saw revenue growth of 33.52%, reaching 386 million yuan [5]. Shareholding Structure - As of the announcement date, Ruan Xueping held 256 million shares, accounting for 14.13% of the total share capital. Together with his concerted actions with other entities, they collectively hold 1.533 billion shares, representing 84.76% of the total share capital [3]. Historical Context - Ruan Xueping previously reduced his holdings by 17.79 million shares, amounting to 1.626 billion yuan, on July 5, 2023. The company reported a revenue of 7.592 billion yuan for the first half of 2023, reflecting a year-on-year increase of 11.03%, and a net profit of 1.822 billion yuan, up 20.83% year-on-year [4]. Cost Management - The company's operating costs for the first half of 2025 were 4.711 billion yuan, a decrease of 1.55% year-on-year, attributed to fluctuations in bulk material prices and changes in product structure. The company employs strategies such as centralized procurement and futures hedging to mitigate risks associated with raw material price volatility [6].

Report Overview - Report Name: Nanhua Soybean No. 1 Industry Risk Management Daily Report - Date: October 14, 2025 - Analysts: Bian Shuyang, Kang Quangui Industry Investment Rating - Not provided in the report Core Views - The deterioration of Sino-US trade relations has increased the bullish sentiment in the soybean market, leading to a halt in the decline of spot and futures prices or a slight rebound. However, the fundamental pressure cannot be ignored in the short term, and the support of the sentiment boost on prices is expected to decrease, with the risk of a renewed decline [3]. - The domestic soybean market is currently in the peak season of new crop harvest and listing, with abundant spot supply and significant price pressure. The prices of new low and medium protein soybeans are gradually falling, and there is still a possibility of further decline as the listing volume continues to increase [3]. - The soybean futures price has been fluctuating recently, supported by the sentiment of trade deterioration and pressured by the sufficient supply in the fundamentals, with limited actual gains. Attention should be paid to the risk of decline after the accumulation of fundamental pressure [3]. Section Summaries Price Forecast and Risk Strategy - **Price Range Forecast**: The price range of the Soybean No. 1 contract 11 in October is predicted to be between 3,850 and 4,000, with a current volatility of 10.17% and a historical percentile of 24.3% [2]. - **Risk Strategies**: - **Inventory Management for Sellers**: For those with long spot positions, such as growers with a high demand for selling new soybeans in autumn but facing large short - term selling pressure, it is recommended to short the A2511 futures contract at a ratio of 30% when the price rebounds to the range of 4,000 - 4,050 to lock in planting profits. Also, selling the A2511 - C - 4050 call option at a ratio of 30% when the option price is between 30 - 50 can increase the selling price [2]. - **Procurement Management for Buyers**: For those worried about rising raw material prices and increasing procurement costs, it is recommended to mainly wait to purchase spot goods in the medium term and focus on long - term procurement management. Wait for the price to bottom out in the fourth quarter and then go long on the A2603 and A2605 contracts [2]. Market Data - **Daily Price Changes**: On October 13, 2025, compared with October 10, 2025, the closing prices of various soybean futures contracts showed an upward trend. For example, the closing price of Soybean No. 1 contract 11 increased by 8 to 3,961, with a daily increase of 0.20%; the closing price of contract 01 increased by 19 to 3,967, with a daily increase of 0.48% [4]. - **Other Market Indicators**: The report also presents data on soybean price trends, seasonal changes in trading volume, and seasonal changes in registered warehouse receipts, but specific numerical analyses are not provided in the text [6][7][11] Market Influencing Factors - **Positive Factors**: The recent deterioration of Sino - US trade relations has provided emotional support for domestic soybeans [3]. - **Negative Factors**: Attention should be paid to the results of today's auctions, policy procurement trends, and the short - term support from the purchase demand driven by the return of grain in two - way auctions [3][5]

化工周报 | 2025-10-12 主港大幅累库，EG价格偏弱 核心观点 市场分析 价格价差：本周乙二醇盘面大幅下跌，市场商谈一般。假期内原油市场表现偏弱，乙二醇供应端表现宽松。乙二 醇港口库存大幅堆积，国庆假期前后外轮集中抵港，主港大幅累库，市场心态表现偏弱。乙二醇内盘重心持续走 低。 供应：中国大陆地区乙二醇整体开工负荷在75.08%（环比上周+2.00%），其中草酸催化加氢法（合成气）制乙二醇 开工负荷在78.83%（环比上周+4.47%）。本周几套合成气制装置重启，EG总负荷回升至高位，关注裕龙石化顺利 出料后的运行情况，以及福炼、盛虹等装置检修落地，预计国内供应较为宽裕。 需求：江浙织机负荷70.0%（环比上周+0.0%），江浙加弹负荷82.0%（环比上周+1.0%），聚酯开工率91.50%（环比 上周+0.00%），直纺长丝负荷93.80%（环比上周+0.20%）。POY库存天数20.0天（环比上周+5.7天）、FDY库存天数 21.4天（环比上周+4.7天）、DTY库存天数29.7天（环比上周+3.2天）。涤短工厂开工率94.3%（-1.1%），涤短工厂权 益库存天数10.0天（环比上周+0.8 ...

Core Insights - The introduction of urea futures and options in China has provided a dual insurance mechanism for the agricultural sector, enhancing risk management for both storage enterprises and farmers [1][2][6] - The "Worry-Free Commercial Storage" project has significantly improved the stability of urea prices and supply, benefiting both large enterprises and small businesses in the agricultural and industrial sectors [1][5][10] Group 1: Urea Futures and Options - Urea futures were launched on August 9, 2019, followed by urea options on October 20, 2023, marking a significant development in China's agricultural finance [1] - The average annual price fluctuation of urea from 2020 to 2024 is projected to exceed 40%, indicating high volatility in the market [2] Group 2: "Worry-Free Commercial Storage" Project - The "Worry-Free Commercial Storage" project was initiated in early 2021 to support enterprises in managing risks associated with urea storage and price fluctuations [1][6] - By 2023, the project has included 495 million tons of urea and 52 leading enterprises across 23 provinces, enhancing the financial tools available for urea storage [1][11] Group 3: Impact on Enterprises - Large enterprises, such as Sichuan Fertilizer, have integrated futures tools into their entire operational process, significantly reducing operational risks and improving inventory management [3][10] - Small and medium-sized enterprises have also benefited from futures trading, with one plastic products factory reporting a 3% reduction in procurement costs through futures contracts [4][5] Group 4: Government Support and Recognition - The project has received strong recognition from the national government, with policies encouraging the use of futures for risk management in agricultural storage [8][10] - The number of participating enterprises in the "Worry-Free Commercial Storage" project has expanded from 5 to 53, covering 23 provinces and significantly increasing the volume of urea managed [11][12] Group 5: Future Developments - The Zhengzhou Commodity Exchange plans to extend its services to more sectors, including new energy and fine chemicals, to further support small and medium enterprises in utilizing futures markets [15]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The new grain seasonal supply is loose, leading to a continuous decline in spot prices. The peak of new grain listing is approaching, and there is a significant risk in spot prices during the National Day holiday [4]. - The short - covering action in the soybean No.1 futures market continues, but the rebound of futures prices slows down [4]. - The auction has restarted with good transaction performance [4]. - The domestic soybean market is in the new - season harvest and listing period, and the short - term supply surplus exerts great pressure on prices. With the approaching of the National Day holiday, there is high spot risk, and it is recommended to hold short positions in futures during the holiday [6]. 3. Summaries by Relevant Catalogs 3.1 Price Range Prediction - The price range prediction for the soybean No.1 11 - contract in the current month is 3850 - 4000, with a current volatility (20 - day rolling) of 10.16% and a historical percentile of 31.4% [3]. 3.2 Risk Strategies - **Inventory Management for Sellers**: - For planting entities with high demand for selling new beans after autumn harvest but facing large short - term selling pressure, it is recommended to short the soybean No.1 futures (A2511) with a 30% hedging ratio when the price rebounds to the 4000 - 4050 range [3]. - When new grains are concentratedly listed and sellers' bargaining power weakens, it is recommended to sell call options (A2511 - C - 4050) with a 30% ratio at a price range of 30 - 50 to increase the selling price [3]. - **Procurement Management for Buyers**: For those worried about rising raw material prices and increased procurement costs, it is recommended to mainly wait to purchase spot goods in the medium term and focus on long - term procurement management. Consider going long on A2603 and A2605 after the price bottoms out in the fourth quarter [3]. 3.3 Market Situation Analysis - **Likely Positive Factors**: - The success rate of the last two state - reserve auctions was good, mainly due to the lower reserve price. Although it increased the spot supply, the improved transaction indicates market vitality [4]. - The short - side of the 11 - contract continued to significantly reduce positions recently, supporting the futures price to maintain a rebound [4]. - The purchase demand driven by the grain - returning operation in the two - way auction provides short - term support to the market [4]. - **Likely Negative Factors**: The prices of most soybean No.1 contracts declined from September 26 to September 29, with the 01, 03, 05, 07, and 09 contracts falling by - 0.23%, - 0.20%, - 0.23%, - 0.15%, and - 0.08% respectively, while the 11 - contract rose by 0.08% [4].

Report Information - Report Title: Nanhua Nickel & Stainless Steel Industry Risk Management Daily [1] - Date: September 25, 2025 [1] - Research Team: Nanhua New Energy & Precious Metals Research Team [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The nickel and stainless steel markets showed a strong and volatile trend. The nickel ore supply was unstable due to sanctions on mining companies in Indonesia and the approaching quota approval in October. The cobalt price was expected to rise, driving up the prices of MHP and nickel salts. The nickel iron price decreased due to stainless - steel demand constraints, and the stainless - steel market was also strong but with weak spot trading. The decline of the US dollar in the macro - level led to an upward movement in the non - ferrous metals market [3] - There were both positive and negative factors in the market. Positive factors included the proposed revision of the HPM formula in Indonesia, the shortening of the nickel ore quota period, continuous de - stocking of stainless steel, and the takeover of some nickel - producing areas. Negative factors included high pure nickel inventory, tariff disturbances, and weak stainless - steel spot trading [5] Summary by Related Catalogs Price and Volatility Forecast - **Nickel**: The predicted price range of Shanghai nickel was 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2] - **Stainless Steel**: The predicted price range of stainless steel was 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 6.95% and a historical percentile of 0.3% [2] Risk Management Strategies Nickel - **Inventory Management**: When the product sales price declined and inventory had impairment risk, it was recommended to sell Shanghai nickel futures (NI main contract) at a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) at a 50% hedging ratio [2] - **Procurement Management**: When the company had future production procurement needs and was worried about rising raw material prices, it was recommended to buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [2] Stainless Steel - **Inventory Management**: When the product sales price declined and inventory had impairment risk, it was recommended to sell stainless - steel futures (SS main contract) at a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) at a 50% hedging ratio [3] - **Procurement Management**: When the company had future production procurement needs and was worried about rising raw material prices, it was recommended to buy stainless - steel forward contracts (far - month SS contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [3] Market Data Nickel | Indicator | Latest Value |环比差值 |环比 | Unit | | --- | --- | --- | --- | --- | | Shanghai Nickel Main Contract | 122,990 | 0 | 0% | yuan/ton | | Shanghai Nickel Continuous 1 | 122,990 | 1,540 | 1.27% | yuan/ton | | Shanghai Nickel Continuous 2 | 123,160 | 1,530 | 1.26% | yuan/ton | | Shanghai Nickel Continuous 3 | 123,350 | 1,460 | 1.26% | yuan/ton | | LME Nickel 3M | 15,240 | - 195 | - 1.20% | US dollars/ton | | Trading Volume | 177,030 | 0 | 0.00% | lots | | Open Interest | 99,642 | 0 | 0.00% | lots | | Warehouse Receipts | 25,153 | 48 | 0.19% | tons | | Main Contract Basis | - 505 | 185 | - 26.8% | yuan/ton | [5] Stainless Steel | Indicator | Latest Value |环比差值 |环比 | Unit | | --- | --- | --- | --- | --- | | Stainless Steel Main Contract | 12,930 | 0 | 0% | yuan/ton | | Stainless Steel Continuous 1 | 12,930 | 35 | 0.27% | yuan/ton | | Stainless Steel Continuous 2 | 12,970 | 30 | 0.23% | yuan/ton | | Stainless Steel Continuous 3 | 13,030 | 35 | 0.27% | yuan/ton | | Trading Volume | 129,897 | 0 | 0.00% | lots | | Open Interest | 109,896 | 0 | 0.00% | lots | | Warehouse Receipts | 87,505 | - 298 | - 0.34% | tons | | Main Contract Basis | 640 | - 35 | - 5.19% | yuan/ton | [5] Inventory Data | Inventory Type | Latest Value | Change from Previous Period | | --- | --- | --- | | Domestic Social Inventory of Nickel | 41,484 tons | + 429 tons | | LME Nickel Inventory | 230,586 tons | 0 tons | | Stainless Steel Social Inventory | 909 tons | + 11.8 tons | | Nickel Pig Iron Inventory | 28,652 tons | - 614.5 tons | [6] Positive and Negative Factors - **Positive Factors**: The Indonesian APNI planned to revise the HPM formula, the nickel ore quota period was shortened from three years to one year, stainless steel had been de - stocking for several weeks, and the Indonesian forestry working group took over part of the nickel - producing area of PT Weda Bay [5] - **Negative Factors**: The pure nickel inventory was high, there were still tariff disturbances between China and the US, the EU stainless - steel import tariff was uncertain, the anti - dumping duty on Chinese stainless - steel thick plates in South Korea was implemented, and the stainless - steel spot trading was weak [5]

Core Viewpoint - The article discusses the transformation of grain trading companies in Heilongjiang, focusing on how they leverage futures trading and risk management tools to stabilize the agricultural supply chain and enhance profitability for both farmers and processing enterprises [1][2][3]. Group 1: Company Strategies - Source Logistics has shifted from traditional grain storage and trading to a diversified model that includes futures delivery services and basis trading, aiming to mitigate market price risks and support both farmers and factories [1]. - The company has increased its hedging ratio from 20% to over 50%, and in favorable market conditions, it can reach up to 80% [6]. - The introduction of an "order agriculture" model has allowed farmers to lock in prices and manage risks more effectively, with one farmer reportedly increasing his income by 200,000 yuan through this method [9][10]. Group 2: Industry Dynamics - The grain trading industry has faced challenges due to fluctuating prices and market conditions, leading to a shift in trading strategies among companies [4][5]. - The integration of financial tools, particularly futures, is seen as essential for managing market risks and ensuring stable earnings across the agricultural supply chain [2][7]. - The article highlights the importance of collaboration between grain trading companies and farmers to ensure a stable supply chain and reasonable returns for all parties involved [2][3][11]. Group 3: Market Trends - The article notes that many farmers are still accustomed to traditional pricing methods, which poses challenges for the adoption of new trading models [9]. - The average age of farmers in the region is around 65, indicating a potential shift towards more consolidated and efficient farming practices in the future [10]. - The companies are focusing on educating farmers about risk management and the benefits of using financial instruments to enhance their operational strategies [12].