山金国际子公司主要产品为黄金、白银、铅和锌等贵金属和有色金属，市场价格波动较大。山金国际子 公司按照生产经营计划使用自有资金或自筹资金，围绕主营业务进行套期保值，可降低金属价格以及汇 率波动对经营业绩的影响，增强核心竞争力，实现可持续发展。 格隆汇12月8日丨山东黄金(01787.HK)公告，2025年12月8日，山东黄金矿业股份有限公司(以下简称"公 司")第七届董事会第七次会议审议通过《关于公司控股子公司山金国际的子公司开展衍生品交易业务的 议案》。该事项尚需山金国际黄金股份有限公司(以下简称"山金国际")股东会审议批准，无需提交公司 股东会审议批准。 为规避因价格和汇率波动对山金国际及其子公司生产经营带来的影响和风险，确保经营业绩的持续、稳 定，山金国际子公司拟在遵守国家政策法规的前提下，开展商品期货、期权及外汇套期保值业务，进一 步提升山金国际及其子公司生产经营水平和抗风险能力。山金国际子公司开展商品期货、期权及外汇套 期保值业务与生产经营紧密相关。 ...

A 目标、激励与流程的制度性错配 当前全球处于宏观经济波动加剧、地缘政治冲突频发、供应链体系深度重构的格局，大宗商品价格的不确定性已成为实体企业经营的核心变量， 越来越多的产业主体引入期货工具以管理价格风险。然而，在企业实际经营中经常会出现套保失效、对冲失败导致风险放大的现象，揭示出一个 被长期忽视却根深蒂固的问题：企业内部现货业务部门与期货部门缺乏协作，甚至"各自为政"，从而导致套保效率低下甚至异化成为投机行为。 这种期现部门之间的脱节多数情况下并不是源于企业自身的技术能力不足或对市场的判断失误，而是在企业内部组织架构、目标设定、流程设计 与激励机制等深层次制度安排上有一定的欠缺。如果仅仅将风险管理侧重于操作层面的流程优化或工具升级，却忽视了更为重要的组织范式变 革，那么无论引入多么先进的交易系统或风控模型，都难以解决这个困境。因此，想要真正实现现货与衍生品操作的有机协同，必须着眼于整个 企业战略角度，将其定位为一场以"利润可预测性"为核心导向的系统性管理升维。 多数情况下，在传统的企业治理逻辑中，现货业务部门的核心任务是保障供应链稳定、控制成本或提升销售毛利，这就注定了现货部门的绩效评 价标准倾向于规避不 ...

（来源：每日粮油） 来源：每日粮油 关注每日粮油，了解全球市场动态。 据每日粮油收到的最新消息显示，本月6日特朗普签署行政令，要求司法部和联邦贸易委员会分别成立 食品供应链安全工作组，负责调查价格垄断、反竞争行为，特别关注外资控制公司的情况。 据悉，9月份美国牛肉、咖啡和茶饮价格同比上涨超10%。而根据国际信用评级机构穆迪近期发布的报 告，如今美国家庭每月需要多花费208美元才能购买到与去年9月时相同的商品和服务。 对此，美国官方认为，外资控制的公司越来越多涉足关键领域，推高了美国家庭的食品成本，并指 责"外资控制的企业"通过潜在勾结、价格操纵和价格垄断导致牛肉价格上涨。 不过，作为全球最大的粮食出口国，芝加哥农产品价格普遍较去年同期高出10%左右。同时，随着美国 再度打开对华大豆出口市场，从10月中旬开始投机基金已经连续两周周大举做多芝加哥大豆。 不过，本周期货市场的横盘下行也显示市场对未来需求的不乐观，特别是国家对生猪养殖业的调控，预 示着未来生猪养殖规模可能有所下降。此外，玉米作为大宗作物，最近的一波上涨也激发部分贸易商和 卖粮农户的卖粮意愿，在落袋为安心理的作用下，预计近期市场将会出现一波较为强劲的卖 ...

Group 1: Copper Price Surge - Copper prices have reached historical highs due to global supply tightness, explosive demand, and interest rate cut expectations, with domestic spot copper prices exceeding 90,000 yuan/ton for the first time [1][4] - On December 3, LME three-month copper closed at $11,487.50 per ton, marking a significant daily increase of $342.50 [1] - The tight supply in the domestic market has led to a rise in the net value of the China Securities Index Nonferrous Metals Mining Theme ETF [1] Group 2: Supply and Demand Dynamics - The processing fees for copper smelting have dropped to negative territory due to tight copper concentrate supply, causing smelting companies to struggle [2][8] - Fitch Solutions analysts predict a contraction in China's copper mine production by 2030 due to the closure of low-grade mines and delays in capacity expansion plans [2] - Global copper mine production is expected to decline by 0.12% in 2025, while demand continues to rise, particularly from sectors like solar energy and electric vehicles [5][6] Group 3: Market Trends and Future Outlook - The ongoing supply constraints and high demand are expected to lead to a substantial shortage of cathode copper in Asia, potentially triggering further price increases [7] - The TC/RC (treatment and refining charges) have fallen to historical lows, with the current spot price at -$43 per ton, indicating significant pressure on smelting companies [10] - Analysts expect that the growth rate of China's copper mine production will gradually slow down over the next decade, with a focus on overseas investments, particularly in Africa [13]

证券代码：603363 证券简称：傲农生物 公告编号：2025-109 福建傲农生物科技集团股份有限公司 关于2026年度与控股股东关联方 日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本关联交易事项已经公司第四届董事会第二十次会议审议通过，关联董事已回避表决，尚需提交公司 股东会审议。 ● 本次预计的日常关联交易不影响公司的独立性，公司的主营业务不会因此类交易而对关联人形成依 赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议事先审议情况 福建傲农生物科技集团股份有限公司（以下简称"公司"）独立董事专门会议对本议案进行了事前审议， 认为：公司2026年度日常关联交易预计以2026年经营计划为基础，符合公司重整后的实际情况，有利于 促进公司的持续发展，2026年度日常关联交易预计以市场价格为基础，遵循公平合理的定价原则，不存 在损害公司及中小股东利益的情形，不会对公司独立性造成不利影响，不会因此而对关联方形成依赖。 因此，一致同意将关于2026年 ...

Group 1 - The company held its 20th meeting of the 4th Board of Directors on December 4, 2025, with all 9 directors present, and the meeting was conducted in accordance with relevant laws and regulations [2][3][4] - The board approved the proposal to waive the notice period for this board meeting with unanimous consent [3][4] - The board approved a financing credit limit application for 2026, allowing the company to apply for up to RMB 3 billion from financial institutions, which requires shareholder approval [5][6] Group 2 - The board approved a proposal to provide guarantees for industry chain partners in 2026, with a maximum guarantee amount of RMB 300 million, also pending shareholder approval [7][11] - The company authorized the general manager to allocate guarantee amounts within the approved limit and to sign relevant legal documents [8][9][10] - The board approved mutual guarantees among the company and its subsidiaries for 2026, with specific limits based on the subsidiaries' debt ratios, pending shareholder approval [11][56] Group 3 - The board approved expected daily related party transactions with controlling shareholders for 2026, with 5 votes in favor and no opposition [13][15] - The board also approved expected daily related party transactions with other related parties for 2026, with 8 votes in favor [16][20] - The board approved a proposal for hedging activities in 2026, allowing for a maximum margin and premium limit of RMB 85 million, with a maximum contract value of RMB 550 million [22][23] Group 4 - The board approved the nomination of a new independent director to replace the resigned director, pending approval from the Shanghai Stock Exchange and shareholders [24][28] - The board agreed to convene the 4th extraordinary shareholders' meeting of 2025 at a later date, with details to be announced [25][26] Group 5 - The company plans to provide guarantees for industry chain partners in 2026, with a maximum guarantee amount of RMB 300 million, to support business operations and maintain supply chain stability [33][35] - As of October 31, 2025, the company had actual guarantees of RMB 93.96 million for industry chain partners, with overdue guarantees amounting to RMB 275.82 million [34][49] - The company will implement risk control measures, including requiring guarantees from the partners and regular financial reporting [44][45]

Group 1 - The company will hold its second extraordinary general meeting of shareholders on December 22, 2025, at 15:00 [3][4] - The meeting will be conducted using a combination of on-site and online voting methods [3][4] - Shareholders can vote through the Shanghai Stock Exchange's online voting system during specified time slots on the day of the meeting [4][5] Group 2 - The company has revised its articles of association, which will be disclosed on the Shanghai Stock Exchange website [1] - The company has announced a correction to its third-quarter report for 2025, specifically regarding the consolidated income statement and cash flow statement, with a discrepancy of 9.23 thousand yuan [19][21] - The company will engage in futures and derivatives trading in 2026 to mitigate risks associated with price fluctuations and currency exchange [22][24] Group 3 - The company plans to conduct futures trading with a maximum margin amount of 100 million yuan and a maximum contract value of 500 million yuan on any trading day [25] - The derivatives trading will not exceed 5 million USD or its equivalent in other currencies [25] - The trading will be conducted using the company's own and self-raised funds, without involving raised capital [26] Group 4 - The company will focus on futures related to its production operations, including but not limited to silicon iron, PVC, and methanol [27] - The trading will be conducted on major domestic commodity futures exchanges [27] - The company has established a professional team to manage futures and derivatives trading, implementing risk control measures [34][35] Group 5 - The company has received unanimous approval from its board of supervisors for various resolutions, including the cancellation of the supervisory board and the revision of the company's articles of association [42]

老牌豆奶企业的风险管理"利器" 从1994年成立至今，维维股份已经稳步走过了三十余年。目前，这家以豆奶起家的上市企业主要从事豆 奶粉、豆浆粉、动植物蛋白饮料的研发、生产加工、销售，以及粮食收购、仓储、生产加工、销售业 务，主要产品为豆奶粉、乳制品、米面油等，旗下拥有"维维""天山雪""六朝松""怡清源"等多个全国性 知名品牌和驰名商标，以及"百分植""豆膳司"新锐子品牌和"维维大亨"等地方知名品牌。 据了解，维维股份处于豆奶行业领先地位，维维豆奶粉连续多年保持市场占有率第一，累计销量突破 700亿袋。2024年，其实现营业收入36.56亿元，净利润4.11亿元。 然而，农产品价格波动一直是食品加工企业面临的共同难题。受种植面积、气候条件、市场供求、国际 市场价格等多重因素影响，原材料价格波动剧烈且难以预测，而套期保值在帮助维维股份锁定原材料成 本等方面发挥了关键作用。 维维股份董事会秘书于航介绍，维维股份所需原材料及经营的产品包括大豆、玉米、粳米、豆油、菜 油、棕榈油等，其价格波动会对公司生产经营产生一定影响。为合理规避生产经营中原材料、产品价格 的波动风险，维维股份参与国内商品交易所已挂牌的大豆、玉米、粳米 ...

Group 1 - The company plans to provide guarantees for its wholly-owned subsidiaries to support their operational needs, which aligns with the company's overall interests and development strategy [1] - The board of directors unanimously agrees that the guarantee is compliant with regulations and beneficial for the subsidiaries' daily operations and business expansion [1] - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is 0 million, representing 0% of the latest audited net assets [1] Group 2 - The company intends to engage in futures and derivatives trading to hedge against price fluctuations of raw materials and finished products, with a maximum margin of 150 million RMB and a maximum contract value of 1.5 billion RMB [4][5] - The trading will be conducted using the company's own funds and will focus on raw materials related to its production operations [5] - The authorization for futures trading is valid from January 1, 2026, to December 31, 2026 [5] Group 3 - The company plans to invest in a project to expand its chemical pulp production capacity from 95,000 tons to 320,000 tons, with a total investment of 1.7 billion RMB [12][13] - The project will utilize existing production lines and is expected to enhance the company's raw material supply and reduce production costs [21] - The project has received the necessary approvals and is in the planning stage, with construction yet to commence [16][21] Group 4 - The company has revised its corporate governance policies to comply with updated regulations and improve internal governance mechanisms [26] - The revised governance documents are available on the Shanghai Stock Exchange website [27] Group 5 - The company will hold its third extraordinary general meeting on December 19, 2025, to discuss various proposals that have been approved by the board [30] - The meeting will allow for both on-site and online voting, ensuring broader participation from shareholders [30][31]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 投资者提问：瓶片期货价格上涨对公司业绩有影响吗 华润材料回复：尊敬的投资者您好，瓶片作为我司主要产品，其价格上涨有助于提升产品销售定价，对 盈利带来积极影响。但经营业绩还受原料成本、内部产销协同、费用控制等多重因素影响。公司长期坚 持精细化管理，通过套期保值等工具科学管控采购成本，以缓解大宗商品价格波动，力求增强盈利的稳 定性和可持续性。目前生产经营正常，我们将持续关注市场动态，优化经营策略，实施灵活动态管理。 感谢您的关注与支持。 证券之星消息，华润材料(301090)12月03日在投资者关系平台上答复投资者关心的问题。 ...