新疆众和股份有限公司关于 控股孙公司开展套期保值业务的可行性分析报告 一、从事套期保值的目的 为抢抓上游氧化铝产业发展机会，在坚持继续做精做强铝电子材料产业的基 础上，公司继续实施产业链一体化发展战略，对现有产业链进行延链、补链、强 链，向上游氧化铝产业进行拓展。公司以控股孙公司防城港中丝路新材料科技有 限公司（以下简称"防城港公司"）为主体投资建设年产240万吨氧化铝项目，该 项目预计将于2026年上半年投产并实现销售，氧化铝产品的销售价格波动将对该 公司利润造成一定影响。为有效降低氧化铝产品价格波动对生产经营的影响，防 城港公司拟充分利用期货市场的套期保值功能，开展氧化铝套期保值业务。 防城港公司利用氧化铝套期保值功能进行价格风险控制，坚持套期保值，不 进行以投机为目的期货和衍生品交易。 二、套期保值的品种及套期保值数量 套期保值业务的品种为氧化铝。氧化铝数量以生产并销售氧化铝的现货数量 为基础，预计未来12个月卖出氧化铝套期保值数量不超过240万吨，原则上套期 保值持仓数量不超过销售量。 三、套期保值的工具和场所 开展套期保值业务的工具主要包括氧化铝期货、期权及其组合等；开展氧化 铝套期保值业务的场所只 ...

Core Viewpoint - The company has approved its 2025 semi-annual report, which reflects its actual operational and financial status, and has made necessary adjustments to its financial data due to a business acquisition [8][28]. Group 1: Company Overview - The company is named Hisense Visual Technology Co., Ltd. and is listed under the stock code 600060 [6]. - The board of directors guarantees the authenticity, accuracy, and completeness of the report [6]. Group 2: Financial Data - The semi-annual report has not been audited [3]. - The company has made retrospective adjustments to its financial data due to the acquisition of Qingdao Hisense Xintong Electronics Co., Ltd. [26][28]. Group 3: Board Meeting - The 15th meeting of the 10th board of directors was held on August 22, 2025, with all directors present [7]. - The board unanimously approved the semi-annual report and the retrospective adjustment of financial data [10][12]. Group 4: Business Operations - The company plans to engage in gold futures and derivative hedging business through its subsidiary, Xiamen Qianzhao Optoelectronics Co., Ltd., to mitigate the impact of gold price fluctuations on product costs [31][35]. - The maximum investment amount for this hedging business will not exceed RMB 50 million [32][35]. Group 5: Risk Management - The company has identified potential risks associated with the hedging activities, including market risk, liquidity risk, technical risk, operational risk, and legal risk [41][42]. - Measures will be implemented to control these risks, including establishing a dedicated organizational structure for the hedging business and ensuring compliance with relevant regulations [43][44].

Group 1 - The futures market plays an increasingly important role in serving the real economy and managing price risks, with the Dalian Commodity Exchange's "Enterprise Risk Management Plan" successfully assisting hundreds of companies in their initial engagement with futures tools [1] - Companies like Fuxi Grain and Oil have transitioned from initial trials to regular application of futures tools, marking a significant step in their risk management strategies [1][4] - The plan provides a valuable "testing ground" for enterprises to learn and implement futures trading, enhancing their understanding and capabilities in risk management [1][4] Group 2 - Fuxi Grain and Oil, located in Inner Mongolia, faced significant price volatility in raw material procurement and product sales, prompting them to explore futures trading for risk management [2][3] - The company initially had limited knowledge of futures trading but began participating in the Enterprise Risk Management Plan in 2022, which allowed them to hedge against price fluctuations effectively [2][3] - By utilizing futures contracts for soybean procurement, Fuxi Grain and Oil managed to lock in prices and improve capital efficiency, resulting in a risk management gain of 58,790 yuan [3] Group 3 - Beijing Jingliang Biological Technology Group, a subsidiary of Beijing Shou Nong Food Group, also faced challenges with raw material cost fluctuations and sought to enhance its risk management through the Enterprise Risk Management Plan [5][6] - The company successfully executed its first futures transaction for corn starch, effectively hedging against price declines and establishing a dedicated team for futures operations [6] - Over the past two years, Jingliang Biological has accumulated a hedging scale exceeding 100,000 tons, demonstrating the effectiveness of the plan in expanding their risk management capabilities [6][8] Group 4 - Futures companies like Guotou Futures and CITIC Futures play a crucial role as "guides" for industry clients, helping them navigate the futures market through the Enterprise Risk Management Plan [8][9] - These firms emphasize "accompaniment-style growth," providing ongoing support and training to enhance clients' understanding and use of futures and options [9][10] - The plan targets a diverse range of enterprises, from large corporations to small businesses, facilitating their entry into futures trading and reducing trial-and-error costs [10] Group 5 - The successful experiences of companies like Fuxi Grain and Oil and Jingliang Biological highlight the expanding role of the futures market in supporting the real economy, with expectations for further growth in participation and application of futures tools [11]

Core Viewpoint - The company intends to engage in foreign exchange derivative trading to mitigate risks associated with foreign exchange rate fluctuations, thereby enhancing financial stability and operational performance [1][5]. Summary by Sections Transaction Overview - The company and its subsidiaries aim to conduct foreign exchange derivative transactions to reduce risks from foreign exchange rate volatility, with a planned trading amount not exceeding 200 million RMB (or equivalent in other currencies) [1][2]. - The trading period for these transactions is valid for 12 months from the approval date by the board of directors, with the maximum contract value at any point not exceeding 200 million RMB [1][2]. Funding Source - The funding for the foreign exchange derivative transactions will come from the company's own funds, without involving raised funds or bank credit [2]. Trading Method - The company will utilize straightforward and transparent foreign exchange derivative instruments such as forward contracts, options, and swaps, adhering to hedging principles and risk-neutral management [2][3]. - Transactions will be conducted with reputable domestic and international financial institutions qualified for foreign exchange derivative trading [2]. Authorization for Trading - The board of directors has authorized the general manager or designated business leaders to make decisions and sign relevant documents within the approved limits and timeframe [2]. Review Procedures - The board of directors approved the proposal for foreign exchange derivative trading on August 25, 2025, confirming that the decision falls within their authority and does not require shareholder approval [3]. Supervisory Board Opinion - The supervisory board supports the foreign exchange derivative trading as it effectively mitigates foreign exchange market risks and enhances the efficiency of foreign exchange fund utilization [3]. Risk Analysis - The company acknowledges potential risks associated with foreign exchange derivative trading, including market risks due to price fluctuations and risks from inadequate internal controls [4]. Risk Control Measures - The company will implement strict internal controls and procedures to ensure that all trading activities are conducted within the authorized limits and are aimed at hedging rather than speculation [4]. - Regular reporting on risk exposure changes will be conducted to management, with emergency measures in place for any identified risks [4]. Impact and Accounting Treatment - Engaging in foreign exchange derivative trading is expected to improve the company's ability to manage foreign exchange risks, thereby protecting operational performance and shareholder interests [5]. - The company will follow relevant accounting standards for the recognition and measurement of financial instruments related to these transactions [5]. Sponsor Institution's Review Opinion - The sponsor institution has confirmed that the company has followed necessary internal decision-making procedures for the foreign exchange derivative trading proposal and has no objections to the matter [5].

Group 1: Resource Expansion and Management - The company emphasizes resource expansion as a long-term strategic goal, focusing on various metal resources, particularly tin [2][3][11]. - Future plans include enhancing resource exploration in the Karafang mining area and improving the utilization of tailings resources to ensure sustainable development [2][3][11]. - The company aims to increase its resource security and sustainable development capabilities through both internal and external resource expansion efforts [2][3][11]. Group 2: Digital Transformation and Technological Innovation - The company is committed to integrating digital technologies into its tin smelting and production processes to enhance operational efficiency and management effectiveness [3][4]. - Future initiatives will focus on utilizing big data and artificial intelligence for precise production control and intelligent equipment maintenance [3]. Group 3: Market Dynamics and Strategic Positioning - The company acknowledges the increasing strategic importance of tin resources and anticipates that the value of tin will continue to rise due to its scarcity [5][10]. - The company is monitoring the recovery of tin production in Southeast Asia, which may alleviate current supply constraints and stabilize the tin supply chain [5][10]. - The company is exploring potential overseas resource cooperation projects, particularly in politically stable regions with rich resources [10][11]. Group 4: Financial Performance and Shareholder Engagement - The company reported a 32.76% year-on-year increase in net profit for the first half of 2025, driven by rising metal prices and effective cost control measures [9][12]. - The company is currently implementing a share repurchase plan, which is treated as a cash dividend under regulatory guidelines [7][12]. - Dividend decisions will be based on the company's operational performance and future development plans [6][7]. Group 5: Challenges and Future Outlook - The company faces challenges related to declining tin ore grades and is working to improve recovery rates through technological advancements [3][4]. - The company is also addressing concerns regarding low profit margins in its copper business, which are influenced by raw material costs and market conditions [10][12]. - The company is committed to maintaining its strategic role in ensuring national security for tin and indium resources while enhancing its competitive position in the industry [10][12].

Group 1 - The foreign exchange hedging ratio for enterprises reached approximately 30% in the first half of this year, marking a historical high [1] - Foreign exchange hedging involves using derivatives such as forwards, swaps, or options to lock in future exchange rates, helping companies manage the impact of exchange rate fluctuations [1] - Companies engaged in import and export trade face exchange rate risks, making hedging a common risk management strategy [1] Group 2 - In an open economy with a market-oriented exchange rate, companies should focus on "preservation" rather than "appreciation" as the core principle of exchange rate risk neutrality [2] - Banks are encouraged to enhance services for managing exchange rate risks, promote the concept of exchange rate neutrality among foreign trade enterprises, and correct speculative mindsets [2] - There is a need for banks to diversify financial products and provide customized exchange rate hedging services, particularly for small and medium-sized enterprises and new foreign trade business models [2]

人民日报记者 葛孟超 数据显示，今年上半年企业外汇套期保值比率达到30%左右，创下历史新高。什么是套期保值？外 贸企业应该如何应对汇率风险？ 举例来说，假设一家中国公司计划在3个月后向一家德国企业支付100万美元的货款，如果这家中国 公司担心人民币对美元的汇率在此期间可能贬值，现在就需要通过外汇套期保值工具锁定未来的汇率。 如果当前远期汇率为7元人民币兑换1美元，公司通过套期保值工具锁定这一汇率后，不论3个月后 的实际汇率如何变化，公司都能按7∶1的汇率进行结算，即通过锁定汇率的方式，公司需要付出的人民 币总金额现在已经确定，为700万元人民币。 在开放经济和汇率市场化的环境下，企业要坚持以"保值"而非"增值"为核心的汇率风险中性原则， 增强汇率避险意识和风险防范能力，根据自身外汇敞口情况，合理运用外汇衍生品等工具进行套期保值 并正确评估其效果。 银行要增强企业汇率风险管理服务，加强对外贸企业的汇率风险中性理念宣传，帮助企业纠正汇率 投机心态；丰富金融产品，为外贸企业提供定制化的汇率避险服务；加大对中小微企业、外贸新业态等 企业的汇率避险支持力度。 外汇套期保值是指利用衍生品（如远期、掉期或期权等）来锁定未来 ...

数据显示，今年上半年企业外汇套期保值比率达到30%左右，创下历史新高。什么是套期保值？外贸企 业应该如何应对汇率风险？ 外汇套期保值是指利用衍生品（如远期、掉期或期权等）来锁定未来汇率的行为，旨在应对汇率市场波 动带来的影响。简单地说，外贸企业担心汇率波动，于是和银行机构达成一份协议，确定一个双方同意 的结算汇率。无论下一步汇率如何变动，企业都能按照这个事先约定好的汇率进行交易，避免可能的汇 兑损失。 许多企业在进出口贸易中面临汇率风险，为了应对这种不确定性，套期保值成为一种常见的风险管理策 略。 举例来说，假设一家中国公司计划在3个月后向一家德国企业支付100万美元的货款，如果这家中国公司 担心人民币对美元的汇率在此期间可能贬值，现在就需要通过外汇套期保值工具锁定未来的汇率。 银行要增强企业汇率风险管理服务，加强对外贸企业的汇率风险中性理念宣传，帮助企业纠正汇率投机 心态；丰富金融产品，为外贸企业提供定制化的汇率避险服务；加大对中小微企业、外贸新业态等企业 的汇率避险支持力度。 （文章来源：人民日报） 如果当前远期汇率为7元人民币兑换1美元，公司通过套期保值工具锁定这一汇率后，不论3个月后的实 际汇率如何变 ...

Core Viewpoint - The establishment of the first steel delivery warehouse in Northwest China is expected to significantly enhance the operational efficiency and market reach of local steel companies, addressing long-standing logistical challenges and facilitating better risk management through futures trading [1][2][3]. Group 1: Industry Challenges - The steel industry in Northwest China has faced pressures due to a lack of local delivery warehouses, forcing companies to transport goods over long distances, which increases logistics costs [1][2]. - Local steel manufacturers have been struggling with supply chain issues, relying heavily on external sources for raw materials while facing limited sales regions [2][6]. Group 2: Establishment of the Delivery Warehouse - The China Storage and Transportation Corporation's Xi'an Logistics Center was approved as a hot-rolled coil futures delivery warehouse in December 2024, filling a critical gap in the region's infrastructure [2][3]. - The warehouse has a capacity of 30,000 tons and has already generated 17 standard warehouse receipts, corresponding to a total weight of 5,100 tons of hot-rolled coils since its establishment [3][5]. Group 3: Impact on Local Steel Companies - The establishment of the delivery warehouse has allowed local steel companies to enhance their brand influence, expand sales channels, and improve inventory management [3][5]. - The warehouse has facilitated the conversion of futures contracts to spot transactions, enabling local processing companies to procure materials more efficiently and transparently [4][5]. Group 4: Regional Economic Development - The Xi'an Logistics Center has attracted over 200 steel traders and more than 100 steel processing companies, becoming the largest and most comprehensive steel distribution center in Northwest China [5]. - The integration of futures trading with local logistics and processing has stimulated industrial clustering and improved the overall competitiveness of the regional economy [5][7]. Group 5: Future Prospects - The use of futures trading is expected to deepen in the steel industry, with companies like Shaanxi Steel actively engaging in risk management practices to stabilize operations [6][7]. - The standardization of delivery processes through the warehouse is anticipated to elevate production and management standards among local steel enterprises, promoting industry-wide upgrades [7].

Core Viewpoint - The China Securities Regulatory Commission has approved the launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange, marking the introduction of the world's first financial derivatives for cultural paper, which will enhance risk management tools for the paper industry [2][3]. Industry Overview - The paper industry is a crucial basic raw material industry closely related to national economic development and people's lives, with coated printing paper being a typical representative used in books, magazines, and notebooks [2]. - China is the largest producer and consumer of coated printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [2]. Market Dynamics - The coated printing paper market in China is nearly valued at 50 billion yuan, and the introduction of futures and options aligns with the core needs of industry chain enterprises to hedge against price fluctuations and secure operating profits [3]. - Since 2022, the paper industry has faced continuous capacity expansion, leading to price and sales fatigue, increasing operational pressure on producers and distributors [3]. Risk Management and Pricing Efficiency - The new futures and options will create a "pulp-paper" integrated risk management chain, helping enterprises manage raw material cost fluctuations and product price uncertainties [3]. - The transparent price discovery function of these instruments is expected to enhance pricing efficiency in the spot market and guide enterprises in optimizing production plans [3]. Environmental Considerations - The paper industry has a strong circular economy characteristic, with a complete system for raw material recycling and product circulation [4]. - The launch of coated printing paper futures and options will promote green and low-carbon transformation in the industry, with a focus on selecting certified green brands during the delivery process [4]. Regulatory and Operational Framework - The Shanghai Futures Exchange will implement comprehensive risk prevention measures and strengthen communication with relevant national departments and industry associations to maintain market stability [5].