转自：新华财经 汇率风险管理是跨境金融的核心服务能力之一，依托衍生品交易工具等，帮助企业实现财务成本可测、风险敞口可控。未来，上海银行将持续深化产品创 新，扩大服务半径，为更多外贸企业提供"一站式"金融解决方案，筑牢汇率风险"防护墙"，全力护航实体经济高质量发展。（邓侃） 编辑：谈瑞 除服务集团型企业外，浦西支行同步推进普惠型外贸企业外汇衍生品覆盖。孚生国际贸易有限公司通过上海银行外汇衍生品业务服务，成功落地多笔锁汇业 务，实现套期保值。该业务以"操作便捷化、风险管理精准化、收益可视化"的特点，获得中小外贸企业广泛认可，正逐步成为企业汇率风险中性管理的重要 工具。 外贸企业遇到汇率敞口风险怎么办？近日，上海银行总行营业部在外汇衍生品交易领域再获突破，通过远期锁汇等专业服务，精准助力外贸企业应对汇率波 动风险，实现企业稳健经营，彰显金融服务实体经济的专业担当。 上海的益商贸有限公司长期面临"外币采购付款、人民币销售收款"的汇率敞口风险。今年以来，美元汇率波动加剧，企业汇兑管理需求迫切。上海银行总行 营业部浦西支行为其量身定制远期锁汇方案，积极普及汇率避险金融配套策略，培养企业形成常态化锁汇习惯，并先后落地两笔业 ...

上海的益商贸有限公司长期面临"外币采购付款、人民币销售收款"的汇率敞口风险。今年以来，美元汇率波动加剧，企业汇兑管理需求迫切。 外贸企业遇汇率敞口风险怎么办？近日，上海银行总行营业部在外汇衍生品交易领域再获突破，通过远期锁汇等专业服务，精准助力外贸企业应对汇率波 动风险，实现企业稳健经营，彰显金融服务实体经济的专业担当。 精准施策：定制化方案破解企业汇险 上海银行总行营业部浦西支行为其量身定制远期锁汇方案，积极普及汇率避险金融配套策略，培养企业形成常态化锁汇习惯，并先后落地两笔业务，锁定 美元汇率价格，帮助企业有效成本管理。 普惠提质：衍生品服务惠及中小外贸 除服务集团型企业外，浦西支行同步推进普惠型外贸企业外汇衍生品覆盖。孚生国际贸易有限公司通过上海银行外汇衍生品业务服务，成功落地多笔锁汇 业务，实现套期保值。 汇率风险管理作是跨境金融的核心服务能力之一，依托衍生品交易工具等，帮助企业实现财务成本可测、风险敞口可控。 未来，上海银行将持续深化产品创新，扩大服务半径，为更多外贸企业提供"一站式"金融解决方案，筑牢汇率风险"防护墙"，全力护航实体经济高质量发 展。 该业务以"操作便捷化、风险管理精准化、收益可视 ...

Overview of the Announcement - The company aims to conduct foreign exchange derivative transactions to mitigate risks associated with foreign exchange rate fluctuations and enhance financial stability [1][2] - The total transaction amount is capped at 15 million USD (or equivalent in RMB) over a period of 12 months, starting from the approval date by the board [1][2] Transaction Details - The funding for the foreign exchange derivative transactions will come from the company's own funds, without involving raised funds or bank credit [2] - The company will utilize simple and transparent foreign exchange derivative instruments such as forward contracts, options, and swaps, ensuring that transactions are not speculative or arbitrage in nature [2][3] - The board has authorized the general manager or designated business leaders to make decisions and sign relevant documents within the approved limits [2][3] Risk Management - The company acknowledges potential risks including exchange rate fluctuations, internal control weaknesses, customer default risks, and liquidity risks [3][4] - To mitigate these risks, the company will adopt a cautious approach, ensuring that foreign exchange assets and liabilities are well-matched, and will select reputable financial institutions as trading partners [4][5] - A dedicated management system for foreign exchange derivative transactions has been established, with trained personnel to oversee operations and compliance with legal regulations [5][6] Impact on Financial Performance - The foreign exchange derivative transactions are expected to enhance the company's ability to manage foreign exchange risks, thereby protecting its operating performance and shareholder interests [4][6] - The company will follow relevant accounting standards for the recognition and measurement of financial instruments related to these transactions [4][6] Sponsor's Review - The sponsor has confirmed that the board's approval process for the foreign exchange derivative transactions was properly followed and that the company has established necessary risk control measures [6]

Group 1 - The core purpose of the foreign exchange derivatives trading business is to mitigate risks associated with foreign exchange rate fluctuations and enhance the financial stability of the company [1][4] - The company plans to use its own funds for foreign exchange derivatives trading, with a maximum trading amount not exceeding 15 million USD (or equivalent in RMB) within a 12-month period [1][2] - The trading will involve simple and transparent foreign exchange derivatives such as forward contracts, options, and swaps, avoiding complex and speculative transactions [2][4] Group 2 - The board of directors approved the foreign exchange derivatives trading proposal on July 31, 2025, and it does not constitute a related party transaction [1][5] - The company has established risk control measures to manage potential risks associated with foreign exchange derivatives trading, including enhancing market research and ensuring liquidity [4][5] - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to the foreign exchange derivatives trading [5]

Group 1: Overseas Business Operations - China National Petroleum Corporation (CNPC) Capital's overseas business is primarily conducted by China Petroleum Finance (Hong Kong) Co., Ltd., which serves as a platform for settlement, financing, and fund management for CNPC and its subsidiaries [2] - The business scope includes cash pool management, fund settlement, lending and deposit services, investment services, and foreign exchange services [2] Group 2: Market Value Management - CNPC emphasizes market value management in line with national capital market directives, incorporating market value assessment indicators into management contracts [3] - The company has launched the "Quality and Return Dual Improvement" action plan, focusing on seven areas: party building, integration of production and finance, business development, risk prevention, market value management, information disclosure, and shareholder returns [3] - Since its restructuring and listing, the company has distributed cash dividends totaling 150.44 million yuan to shareholders [3] Group 3: Risk Management and Financial Strategies - CNPC Finance manages exchange rate risks by analyzing market trends and locking in forward exchange rates through swap transactions [3] - The pricing of assets and liabilities is based on the Loan Prime Rate (LPR) and benchmark deposit rates published by the People's Bank of China [3] Group 4: Kunlun Bank Performance - Kunlun Bank has achieved stable growth in operating income, with total assets increasing by 23 billion yuan compared to the beginning of the year [4] - The bank's strategy focuses on increasing scale, stabilizing interest margins, and enhancing efficiency while ensuring high-quality development and safety [3]

Group 1: Company Performance and Goals - The company is confident in achieving its annual target of installing 4,000 units by the end of 2025 [1] - In the first half of 2025, the company plans to install 2,400 units, which is an increase of nearly 5 times compared to the previous year [5] - As of July 10, 2025, the number of shareholders is 20,833 [5] Group 2: Product and Market Insights - FibroScan devices are recognized by multiple authoritative organizations, including WHO and EASL, as a standard for liver disease detection [3] - The global market size for varicose vein ultrasound treatment devices is estimated to be approximately $1.06 billion in 2024 [6] - The company’s device, FibroScan, has a cost of about €10,000 per unit, requiring 250 tests to break even [1] Group 3: Financial and Operational Strategies - The company has conducted special studies to mitigate the impact of currency fluctuations on financial reports [2] - Revenue from the device business, including per-use charges and leasing, amounted to 412 million yuan, accounting for 44.62% of total revenue [7] - The company has transitioned all dollar-denominated funds into euros to minimize exchange rate impacts [6] Group 4: Collaborations and Partnerships - The company collaborates with domestic MASH drug research enterprises for the FibroScan series devices [1] - Echosens, a partner in Europe, operates under a mixed model of direct sales and distribution in certain countries [2] - The company is actively pursuing strategic partnerships to enhance its market presence and product offerings [4]

Group 1: Impact of External Factors - The company's business has been affected by frequent adjustments in tariff policies, but its diversified sales market and customer structure provide strong resilience against trade dispute risks [2] - The company has been actively building overseas production bases, allowing for greater flexibility in responding to tariff changes [2][3] - Exchange rate fluctuations primarily impact the company's import and export trade, with USD being the main currency for transactions [3] Group 2: Financial Strategies and Shareholder Returns - The company emphasizes shareholder returns and plans to continue providing stable and sustainable returns to investors [3] - The company is focused on enhancing its supply chain services and aims to strengthen its core business capabilities for sustainable development [4] Group 3: Operational Challenges and Talent Management - The main bottleneck for the company's development is the lack of talent, particularly those with international operational capabilities [3] - The company has established various employee incentive mechanisms, including performance-based compensation and employee stock ownership plans [4] Group 4: Innovation and Design - The Guotai Innovation Design Center is being developed in Shanghai, which will support recruitment and innovation activities [3] - The company has established marketing and design centers in key international markets to enhance customer service and increase trade value [4]

Group 1 - The People's Bank of China announced the implementation of eight policy measures in Shanghai, including the research and promotion of RMB foreign exchange futures trading to enhance the foreign exchange market product series and help financial institutions and foreign trade enterprises manage exchange rate risks more effectively [1] - The introduction of RMB foreign exchange futures is deemed urgent due to the complex international situation, large and volatile cross-border capital flows, and the increasing dual-directional fluctuations of the RMB exchange rate, leading to a growing demand for hedging among domestic enterprises [1][2] - The current foreign exchange derivative market in China includes forward contracts, swaps, currency swaps, and options, which partially meet the hedging needs of the real economy, but the evolving global economic landscape necessitates the introduction of domestic foreign exchange futures to fill the existing market gap [2] Group 2 - The future launch of RMB foreign exchange futures is expected to better meet the hedging needs of enterprises, as these standardized contracts with low margin requirements and transparent pricing can significantly reduce hedging costs and help stabilize operations [3] - The introduction of standardized onshore derivatives is anticipated to enhance the international competitiveness of China's foreign exchange market, attracting more international investors and increasing market liquidity and activity [3] - Improved domestic exchange rate risk management tools will boost the confidence and willingness of foreign investors to hold RMB assets, promoting the broader use of RMB in international payments, settlements, investments, and reserves, thereby enhancing its status in the international monetary system [3]

Core Viewpoint - The introduction of RMB foreign exchange futures is a significant step in enhancing the risk management tools available for enterprises, particularly small and medium-sized enterprises (SMEs), in response to the increasing demand for effective currency risk management as China's economic global standing rises [1][3][9]. Group 1: Policy Announcement - On June 18, during the 2025 Lujiazui Forum, the Governor of the People's Bank of China, Pan Gongsheng, announced eight important financial policies, including the research and promotion of RMB foreign exchange futures trading [1]. - The policy aims to improve the foreign exchange market product series, facilitating better management of exchange rate risks for financial institutions and foreign trade enterprises [1][2]. Group 2: Demand for Currency Risk Management - There has been a significant increase in the demand for currency risk hedging among SMEs, with a reported 12% increase in the number of A-share listed companies announcing hedging strategies from January to May 2025 compared to the same period in 2024 [4][8]. - The need for diversified and precise RMB exchange rate risk management tools has become increasingly urgent as domestic enterprises face heightened exchange rate risks [4][5]. Group 3: Limitations of Current Tools - Current foreign exchange derivative tools available to domestic enterprises, such as forward contracts and options, have limitations including high scale thresholds, credit requirements, and low flexibility [7]. - SMEs particularly require more flexible, cost-effective foreign exchange risk management products, which RMB foreign exchange futures could address effectively [7][9]. Group 4: Impact on RMB Internationalization - The launch of RMB foreign exchange futures is expected to support the internationalization of the RMB, facilitating capital flow and providing a compliant investment channel to mitigate risks associated with illegal foreign exchange margin trading [9][10]. - The current global average daily trading volume of RMB accounts for only 2.4%, indicating a critical need for effective hedging tools to enhance the RMB's position in international markets [9]. Group 5: Opportunities for Financial Institutions - The policy breakthrough presents strategic opportunities for the transformation and capability enhancement of financial institutions, allowing them to better serve the real economy and integrate into supply chain finance [12][13]. - The introduction of RMB foreign exchange futures is seen as a catalyst for the growth of the futures industry, encouraging firms to strengthen their capabilities and become comprehensive risk managers with international influence [13].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission are advancing the research and promotion of RMB foreign exchange futures trading as a significant step in the 2025 financial opening strategy [1][6] Group 1: Policy Framework - The revised regulations for 2024 clarify that qualified foreign investors can participate in foreign exchange futures trading through dedicated accounts, optimizing cross-border fund transfer processes [2] - Initial futures contracts may be based on offshore RMB (CNH) with cash settlement and daily settlement systems, covering contract durations from 1 month to 1 year [2] - The introduction of foreign exchange futures will fill the gap in long-term derivative products in the domestic market, where trading volume for contracts over one year is only 0.3% of the total market [2] Group 2: Market Dynamics - The launch of RMB foreign exchange futures coincides with the inclusion of foreign institutions from Africa, the Middle East, Central Asia, and Singapore in the RMB Cross-Border Payment System (CIPS) [3] - Futures prices can provide real-time market expectations, offering the central bank more precise policy references [3] - The opening of the futures market is expected to enhance the attractiveness of RMB assets, with foreign institutions holding RMB bonds reaching 4.8 trillion yuan by 2024 [4] Group 3: Risk Management - The futures market allows participants to hedge risks through reverse operations, providing a mechanism for companies to manage currency fluctuations effectively [5] - For example, a Chinese trading company can use RMB foreign exchange futures to hedge against potential depreciation of the RMB when making payments in USD [5] Group 4: Future Outlook - The introduction of RMB foreign exchange futures is anticipated to be a crucial bridge connecting domestic and international financial markets, with expectations for pilot preparations to be completed by 2025 [6]