Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 9.246 billion yuan in H1 2025, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1] - The company is effectively advancing its incremental projects, with the Osino project expected to start production in the first half of 2027, which will become a significant growth driver [4] - The company has a low debt-to-asset ratio of 20.09%, providing strong financing capabilities and advantages in capital costs [4] Financial Performance - In H1 2025, the company achieved a gold production of 3.72 tons, a decrease of 10.58% year-on-year, while silver production was 61.83 tons, down 24.82% year-on-year [2] - The average selling price of gold was 724.83 yuan per gram, slightly above the average futures price, indicating effective hedging strategies [3] - The company expects to benefit from rising gold prices, with revised net profit forecasts for 2025-2027 at 3.542 billion, 3.580 billion, and 4.998 billion yuan respectively [4] Financial Data and Valuation - The projected revenue for 2025 is 18.163 billion yuan, with a growth rate of 33.7% [5] - The estimated net profit for 2025 is 3.542 billion yuan, reflecting a growth rate of 62.99% [5] - The company’s price-to-earnings ratio (P/E) is projected to be 14.3 for 2025, indicating a favorable valuation [5]

Core Viewpoint - The recent listing of pure benzene futures and options on the Dalian Commodity Exchange presents new opportunities for risk management in the industry, coinciding with a restructuring of the supply-demand landscape in the pure benzene industry chain [1][2]. Industry Supply and Demand Dynamics - The "anti-involution" theme has led to rising expectations for the elimination of outdated production capacity, contributing to an increase in pure benzene prices. As of August 22, the main contract for pure benzene closed at 6208 yuan/ton, a 4.67% increase from its listing day [2]. - Pure benzene is a crucial product in petroleum refining, with its main downstream products accounting for 95% of total consumption. These include styrene, caprolactam, phenol, aniline, and adipic acid [2]. - Despite the price increase, the overall industry faces a supply-demand imbalance due to insufficient terminal orders, indicating that the "anti-involution" policy has yet to yield concrete measures [2]. Capacity Expansion and Market Outlook - From 2023 to 2025, the chemical industry is expected to see concentrated capacity releases, with pure benzene capacity driven by integrated refining projects. However, downstream capacity expansion, particularly in styrene and caprolactam, is more pronounced [3]. - The pace of capacity expansion for pure benzene and its downstream products is anticipated to slow down, but downstream installations will continue to be commissioned faster than upstream ones, potentially exacerbating supply shortages [3]. Participation in Derivatives Market - Following the listing of pure benzene futures, several companies have actively engaged in derivative tools for risk management. For instance, Jingbo Petrochemical established virtual inventory positions at low prices and shorted styrene futures at high prices to lock in processing profits [3]. - Zhongzhe Material Group, a major importer of pure benzene, has utilized futures for basis trading and price management, enhancing China's pricing power in the global market [4]. Industry Sentiment and Future Prospects - Industry participants express optimism regarding the future development of pure benzene futures and options, citing the high consistency of market participants between pure benzene and styrene [6]. - Companies are increasingly looking to pure benzene futures to lock in raw material prices and future production profits, indicating a growing reliance on these financial instruments for risk management [6][7].

Core Viewpoint - Zhuhai Heshunxing Daily Chemical Co., Ltd. has approved a foreign exchange derivative trading business with a limit of up to 50 million USD to mitigate currency fluctuation risks and enhance financial stability [1] Group 1: Business Overview - The company will conduct foreign exchange derivative trading with a maximum limit of 50 million USD, which is subject to shareholder meeting approval [1] - The investment period for this trading business is set to not exceed twelve months from the date of approval [1] - The funding for this trading will come from the company's own funds, emphasizing its self-sufficiency [1] Group 2: Purpose and Strategy - The primary aim of this initiative is to reduce the impact of exchange rate fluctuations on the company's foreign sales, which are mainly settled in USD [1] - The company will adhere to the principle of hedging and will not engage in speculative or arbitrage trading [1] - The types of transactions will include forward foreign exchange contracts, limited to USD [1] Group 3: Risk Management - Although the company aims to lock in exchange rate risks, it acknowledges the existence of risks related to currency fluctuations and liquidity [1] - A series of risk control measures have been established to manage these potential risks effectively [1] - The proposed business will not affect the company's daily cash flow and core operations, thereby enhancing its financial robustness [1]

Core Viewpoint - The company and its subsidiaries plan to engage in foreign exchange derivative trading to hedge against currency fluctuations, thereby enhancing financial stability and risk management capabilities [2][3][7] Group 1: Basic Information on Foreign Exchange Derivative Trading - The primary investment objective is to mitigate risks associated with currency fluctuations due to the company's import and export activities, predominantly involving USD, JPY, and HKD [2][3] - The maximum contract value held on any trading day is expected to not exceed 6.5 million USD (or equivalent foreign currency), with a maximum margin and premium limit of 650,000 USD (or equivalent) [2][3][6] - The trading will be conducted with reputable domestic and foreign banks that have the qualifications for foreign exchange derivative trading [3][4] Group 2: Risk Analysis and Control Measures - The company aims to avoid speculative trading and focuses on hedging, although risks such as market liquidity and operational errors still exist [4][5] - Risk control measures include strict adherence to internal procedures, approval authority, and regular reporting of risk exposure changes to management [5][6] - The company has established a management system for foreign exchange derivative trading and has taken necessary risk control measures [7] Group 3: Approval Procedures - The board of directors has approved the foreign exchange derivative trading proposal, allowing the use of self-owned funds for the transactions without requiring shareholder approval [6][7] - The supervisory board supports the initiative, recognizing its potential to enhance financial stability and risk management without harming shareholder interests [6][7]

重 庆 秦 安 机 电 股 份 有 限 公 司 Chongqing Qin'an M&E PLC. 重庆秦安机电股份有限公司 套期保值业务管理制度 重 庆 秦 安 机 电 股 份 有 限 公 司 Chongqing Qin'an M&E PLC. 目 录 重 庆 秦 安 机 电 股 份 有 限 公 司 Chongqing Qin'an M&E PLC. 第一章 总 则 第五条 公司进行套期保值的资金来源为自有资金，不得将募集资金等中国证监会、 上海证券交易所规则禁用的资金用于套期保值业务。 第一条 重庆秦安机电股份有限公司（以下简称"公司"）为规范套期保值业务交 易行为，防范和化解交易风险，充分发挥期货市场和衍生品市场的套期保值功能，根据《公 司法》、《证券法》、《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 5 号-交易与关联交易》等法律、法规及规范性文件及《公司章程》有关规定，结 合公司实际情况，特制定本制度。 第二条 本制度适用于公司及下属子公司（包含全资及控股子公司、孙公司等）的 套期保值行为。 第三条 公司进行套期保值业务交易品种限于与公司生产经营相关的产品、原材料 和外汇等 ...

Core Viewpoint - Panda Dairy Group reported a decline in revenue and net profit for the first half of the year, primarily due to trade business impacts, but showed signs of recovery in the second quarter with growth in concentrated dairy product sales [1][2]. Financial Performance - The company achieved revenue of 353 million yuan in the first half, a year-on-year decrease of 2.16%, and a net profit of 41.34 million yuan, down 12.76% [1]. - In Q2, revenue reached 183 million yuan, up 4.27% year-on-year and 7.76% quarter-on-quarter, with net profit of 27.73 million yuan, reflecting a year-on-year increase of 33.18% and a quarter-on-quarter increase of 108% [1]. Business Segments - **Concentrated Dairy Products**: Revenue of 268 million yuan, a year-on-year increase of 3.8%, with a gross margin of 34.63%. The company maintained good profit margins despite rising raw material prices [2]. - **Coconut Products**: Revenue of 36.81 million yuan, a year-on-year increase of 97%. The gross margin was under pressure due to rising raw material prices, but profitability is expected to improve in the second half as prices decline [2]. - **Dairy Trade Business**: Revenue of 40.80 million yuan, impacted by higher import milk powder prices compared to domestic prices, leading to a significant decline in trading volume [2]. Market Strategy and Outlook - The company is implementing promotional strategies to boost sales in underperforming segments like condensed milk and cheese, which faces intensified competition [3]. - The coconut product segment is expected to recover to previous order levels, with new production capacity anticipated to come online next year [3]. - The company plans to mitigate price fluctuations in the trade business through hedging strategies [2]. Cost and Pricing Dynamics - Domestic milk powder prices are on the rise, but the company has sufficient reserves to cover costs until the end of the year. Overall gross margin is expected to decline slightly [3]. - The company is exploring opportunities in the takeaway market, assessing the feasibility of new product offerings [3].

天马微电子股份有限公司 外汇衍生品交易业务管理制度 第三条 公司开展外汇衍生品交易业务只允许与经国家外汇管理总局和中 国人民银行批准、具有外汇衍生品交易业务经营资格的金融机构进行交易，不得 与前述金融机构之外的其他组织或个人进行交易。 第四条 公司进行外汇衍生品交易必须基于公司的外币收（付）款的谨慎预 测，外汇衍生品交易合约的外币金额不得超过外币收（付）款的谨慎预测量。外 汇衍生品交易的交割期间需与公司预测的外币回款时间相匹配，持仓时间一般不 得超过 12 个月或实货合同规定时间。 （2025 年 8 月修订） 第一章 总 则 为规范天马微电子股份有限公司（以下简称"公司"）外汇衍生品交易业务及 相关信息披露工作，加强对外汇衍生品交易业务的管理，防范投资风险，健全和 完善公司外汇衍生品交易业务管理机制，确保公司资产安全，根据《中华人民共 和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》《上 市公司信息披露管理办法》及《公司章程》等有关规定，结合公司实际情况，特 制定本制度。 第一条 本制度所指外汇衍生品业务主要是以汇率为标的资产的远期合约、 掉期业务为套期工具，旨在为降低主业范围内风险敞口而 ...

Core Viewpoint - Northern Copper Industry held a semi-annual performance briefing on August 22, 2025, discussing production, strategic planning, and financial performance with investors [1] Production Data - In the first half of the year, Northern Copper produced 21,700 tons of copper concentrate and 137,000 tons of electrolytic copper, showcasing strong production capabilities in the copper sector [2] Mining Resources and Extraction Planning - The Copper Mine Yu is the core mining resource for Northern Copper, with newly proven copper metal reserves of 869,600 tons. However, extraction of these reserves can only commence after the current mining body is fully exploited, impacting future production capacity growth [3] Financing and Dividend Policy - The company’s financing structure includes short-term and long-term bank loans, import letters of credit, import advances, and project loans, meeting operational and project construction needs. A shareholder return plan for 2023-2025 has been approved, aiming to enhance profit distribution mechanisms and investment value [4] Product Prices and Performance Impact - Sulfuric acid prices are expected to remain stable to strong in the short term due to steady national operating rates and robust demand from the phosphate fertilizer sector, positively impacting company performance. Copper prices are anticipated to fluctuate at high levels due to supply, demand, and policy factors, with the company focusing on cost control and hedging against price risks [5] Strategic Planning and Profit Margin Issues - For 2025, Northern Copper plans to produce 42,000 tons of copper concentrate, 300,000 tons of cathode copper, 88,000 tons of sulfuric acid, 6 tons of gold ingots, and 60 tons of silver ingots, with operations proceeding as planned. However, the gross margin for copper strip and rolled copper foil was -8% in the first half, attributed to customer certification cycles and market development affecting capacity release. The company aims to improve margins through market responsiveness and efficiency enhancements [6]

Group 1: Financial Performance - The company achieved a revenue of 353 million CNY in the first half of the year, a year-on-year decrease of 2.16% [3] - Net profit attributable to shareholders was 41.34 million CNY, down 12.76% year-on-year [3] - Excluding trade business, revenue grew by 11% year-on-year [3] - In Q2, revenue reached 183 million CNY, a year-on-year increase of 4.27% and a quarter-on-quarter increase of 7.76% [3] Group 2: Business Segments - Revenue from concentrated dairy products was 268 million CNY, with a year-on-year growth of 3.8% and a gross margin of 34.63% [3] - Coconut product revenue was 36.81 million CNY, showing a significant year-on-year increase of 97% due to the resumption of supply to major clients [4] - Dairy trade business revenue was 40.80 million CNY, impacted by higher prices of imported milk powder compared to domestic options [4] Group 3: Market Strategies and Challenges - The company is implementing promotional strategies to boost sales of condensed milk, which has seen growth but below expectations [5] - The cheese segment faces intensified competition, necessitating differentiation in positioning [5] - The company anticipates a recovery in profits for coconut products in the second half of the year as raw material prices decline [4][7] Group 4: Customer and Product Development - Major clients in the coconut segment are expected to contribute significantly more than the previous year [6] - New product lines, such as "爆爆珠," are being introduced, with expectations for increased sales in the coming year [15] - The company plans to expand its ToC (business-to-consumer) operations through partnerships with platforms like 优鲜 [13] Group 5: Cost and Pricing Outlook - Domestic milk powder prices are on an upward trend, while sugar prices are currently declining [9] - The overall gross margin is expected to slightly decrease for the year [9] - The company is exploring hedging strategies to mitigate price fluctuations in the trade business [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The listing of offset printing paper futures and options on September 10, 2025, will fill the gap in domestic cultural paper financial derivatives, providing tools for price risk management in the cultural paper industry chain, and promoting the sustainable development of the industry [4][5]. - The new products will help form a fair market price, improve spot pricing efficiency, and guide enterprises to optimize production plans, matching their risk - control needs and hedging goals [5]. - They will also contribute to the green development of the paper - making industry and enhance China's international pricing influence in the global cultural paper industry [147]. Summary by Directory 1. Product Introduction - Offset printing paper is typically made from bleached wood pulp, with characteristics such as low stretch, uniform ink absorption, good smoothness, and high water resistance. Most of it is double - sided offset printing paper (double - gum paper), accounting for over half of the domestic consumption of uncoated printing and writing paper and about 40% of domestic cultural paper consumption [10][11]. - Its production process includes a stock preparation stage and a paper - making stage. After a series of treatments and processes, the pulp is made into paper rolls or flat paper and then packaged [12]. - It is widely used in books, periodicals, commercial prints, and office supplies. Based on quantitative and brightness, it can be classified into different types [13][16]. - It has weak substitutability with writing paper, lightweight paper, and electrostatic copy paper due to differences in raw materials, performance, and demand scenarios, but strong substitutability with copperplate paper and lightly coated paper because of similar production processes, raw materials, and overlapping demand scenarios [17][18][21]. 2. Industry Chain Overview - **Upstream**: It highly depends on imported wood pulp, with a domestic self - sufficiency rate of less than 40%, and is significantly affected by international pulp futures, exchange rates, and shipping costs. The equipment technology has a high threshold, with key equipment relying on imports [28]. - **Midstream**: It is capital - and technology - intensive, with high investment thresholds. Production is regionally concentrated in East, South, and Central China, bringing cluster and logistics advantages. Future competition will focus on green and high - end products, and the production process has strict technical requirements and high environmental protection costs [31][33][34]. - **Downstream**: Demand is clearly differentiated among high - end, mid - end, and low - end markets. It has strong seasonal fluctuations, with peaks during the textbook printing season (Q2 - Q3) and commercial promotion season (Q4). The low - end market faces pressure from digital substitution [37][39]. 3. Supply and Demand Conditions - **Price Influencing Factors - Raw Material Costs**: Pulp price fluctuations, affected by international pulp prices, domestic pulp mill capacity, and Shanghai Futures Exchange pulp futures prices, directly impact the production cost of offset printing paper [42][43]. - **Price Influencing Factors - Production Capacity and Output**: In 2025, several companies have new production capacity plans. Over the past decade, the domestic output of double - gum paper has generally increased, with significant growth starting in 2021. China is the world's largest producer of double - gum paper, and production capacity is concentrated in East, South, and Central China [46][47][58]. - **Price Influencing Factors - Inventory**: In recent years, the inventory of double - gum paper producers has generally increased. In 2021, imports impacted the domestic market, and in 2024, over - supply led to a significant increase in inventory [60][61]. - **Price Influencing Factors - Imports and Exports**: From 2017 - 2024, China's double - gum paper trade was generally a net exporter, but there was a reversal in 2020 - 2021. The main import sources are Indonesia, Japan, and Russia, and exports cover over 170 countries and regions [63][67]. - **Price Influencing Factors - Demand**: Double - gum paper demand comes from various fields, with textbook demand being the most stable, having strong seasonality. China's double - gum paper consumption shows a slow and unstable growth trend, and the long - term demand may be affected by无纸化办公 and a declining birth rate [68][69][74]. 4. Spot Market Price - From 2020 to 2024, the domestic double - gum paper market experienced two significant price fluctuation cycles. The price was affected by factors such as demand changes, raw material costs, policies, and market supply - demand relationships. Currently, the price is in a low - level oscillation, and the industry has a strong demand for hedging tools [87]. 5. Futures and Options Introduction - **Futures Contract**: The trading unit is 40 tons per lot, with a minimum price change of 2 yuan/ton, a daily price limit of ±4%, and a trading time from 9:00 - 11:30 and 13:30 - 15:00. The delivery grade is double - gum paper with specific quantitative values, and the delivery method is physical delivery [91]. - **Options Contract**: The underlying is the offset printing paper futures contract. It includes call and put options, with a trading unit of 1 lot of the futures contract. The exercise style is American, and the trading time is similar to that of the futures contract [92]. - **Other Trading Matters**: The futures will be listed on September 10, 2025, with specific trading times, listed contracts, and trading rules. The options will be listed on the same day at 21:00, also with corresponding trading regulations [94][103]. 6. Delivery - Related Regulations and Processes - **Fees and Standards**: Delivery fees, warehouse and factory storage rents, and in - and out - of - warehouse fees are specified, with some fees waived until December 31, 2025, for non - high - frequency traders [122]. - **Deliverable Goods and Enterprises**: Deliverable offset printing paper must be a certified brand on the Shanghai Futures Exchange, and specific enterprise information is provided [124]. - **Delivery Warehouses and Premiums**: Delivery warehouses are planned to be set up in major consumption and logistics areas, and delivery premiums are determined by the exchange [125]. - **Inspection Institutions**: Designated inspection institutions are to be announced by the exchange [126]. - **Delivery Methods**: They include futures - to - spot, warehouse delivery, and factory delivery, with specific regulations for each method, such as inspection requirements, quality dispute handling, and delivery time limits [134][143].