期货日报网讯（记者 谭亚敏）8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国（郑州）国际期货 论坛正式开启。在当天下午举办的产业企业风险管理论坛上，避险网创始人刘文财介绍，当前上市公司成本有效套期保值 理念已经形成。 实际交易中，该铜企2024年5月30日平仓期货买入套保的头寸，转而买入铜场内期权相关合约，开仓数量1000吨，执行价 84000元/吨，权利金均价1552元/吨。6月24日，铜场内期权到期，该铜企放弃行权，权利金损失1552元/吨，同时买回铜期货 8月合约，成交价78650元/吨。总体测算，该策略用权利金损失规避了期货高位下跌的风险，较期货套保实现增值收益约350 万元。 "对产业企业来说，期货是一个很好的工具，企业要善于利用期货工具，做套保、做基差可以使企业增厚利润。目前期货和 期权相结合，对企业来说，也是一个很好好的帮手。"刘文财说。 据统计，2024年实体行业A股上市公司公告中提及的套期保值额度总计约为3.4万亿元（外币计价的按2024年的日均汇率折 算为人民币），其中商品套保额度约为2890亿元，外汇套保额度约为3.0万亿元，利率套保额度约为50亿元，未分类的额度 ...

Group 1 - The 2025 China (Zhengzhou) International Futures Forum highlighted new trends in risk management among listed companies, particularly in the manufacturing sector, which is leading in hedging activities across industries such as chemicals and agricultural products [1] - Listed companies are increasingly using derivatives to manage risks related to exchange rates, interest rates, and commodity price fluctuations, with a growing trend towards comprehensive management of financial asset price volatility [1] - There is a noticeable increase in the awareness of proactive risk avoidance among listed companies, with a trend towards systematic, refined, and globalized risk management practices [1] Group 2 - Since the release of the hedging disclosure guidelines, listed companies have been optimizing their disclosure content, providing detailed information on hedging effects and emphasizing the relationship between spot and futures markets [2] - More entities are adhering to hedging accounting standards, aligning more closely with the essence of risk management [2] - Overall, hedging has played a crucial role in ensuring the stable development of listed companies [2]

Core Insights - The article emphasizes the importance of futures hedging for oilseed and oil enterprises to stabilize operations and mitigate risks in the context of increasing price volatility in the commodity market [1][2] - Jinlongyu (金龙鱼) is highlighted as a leader in the industry, showcasing outstanding performance in its futures hedging business and setting a benchmark for information disclosure in the sector [1][2] Group 1: Company Performance - Jinlongyu reported a revenue of 1156.82 billion yuan in the first half of the year, representing a year-on-year growth of 5.67% [2] - The company's net profit attributable to shareholders reached 17.56 billion yuan, a significant increase of 60% compared to the previous year [2] - The non-recurring net profit was 13.89 billion yuan, showing a remarkable growth of 764% year-on-year [2] Group 2: Hedging Strategy and Industry Trends - The hedging strategy has evolved from merely risk defense to becoming a strategic foundation for stable operations, integrating futures tools with spot operations [2][4] - The overall participation rate in hedging within the grain and oil processing industry is high, with both large and small enterprises engaging in hedging activities [3] - The industry is moving towards a phase characterized by comprehensive coverage, refined operations, and strategic enhancement in hedging practices [3] Group 3: Information Disclosure Practices - Jinlongyu has set a standard for transparent information disclosure regarding its hedging activities, allowing investors to understand the effectiveness of risk management [6][8] - The company’s half-year report provided detailed information on hedging tools, their purposes, and the financial impacts, enhancing investor trust [6][7] - The shift towards transparent disclosure is seen as crucial for improving investor confidence and understanding of financial risks and performance [8][9] Group 4: Industry Implications - Jinlongyu's practices serve as a model for other companies in the oilseed and oil sector, highlighting the importance of effective risk management and value creation through hedging [9][10] - The article suggests that companies should recognize the significance of hedging in both risk management and value creation, while also prioritizing accurate and timely information disclosure [9][10] - The future of the industry will likely see continued price volatility, making hedging an essential tool for enterprises to achieve sustainable development [10]

Core Insights - The article discusses the evolution of hedging strategies in the oilseed and oil industry, highlighting how companies like Jinlongyu have transformed hedging from a mere risk management tool into a strategic foundation for stable operations [1][3][7] - The performance of Jinlongyu and Daodaquan demonstrates the effectiveness of hedging, with Jinlongyu reporting a revenue of 115.68 billion yuan and a net profit of 1.76 billion yuan in the first half of the year, while Daodaquan achieved a revenue of 2.79 billion yuan and a net profit of 181 million yuan [1][2] Company Performance - Jinlongyu's revenue for the first half of the year reached 115.68 billion yuan, a year-on-year increase of 5.67%, with a net profit of 1.76 billion yuan, up 60% [1] - Daodaquan reported a revenue of 2.79 billion yuan, reflecting a 1.16% year-on-year growth, and a net profit of 181 million yuan, which is a significant increase of 563.15% [2] Hedging Strategy and Impact - Jinlongyu has successfully integrated hedging into its operational strategy, achieving a total profit of 5.8 billion yuan from hedging tools and underlying projects [3][4] - The hedging business has become a standard practice in the industry, with a high participation rate among grain and oil processing companies, indicating a shift towards comprehensive coverage and strategic enhancement [2][3] Information Disclosure Practices - Jinlongyu has improved its information disclosure regarding hedging activities, providing clear insights into its hedging profits and strategies, which enhances investor understanding and trust [4][5][6] - The company’s transparent reporting practices have set a benchmark in the industry, contrasting with the previous opaque disclosures that left investors confused [4][7] Industry Trends and Recommendations - The article emphasizes the importance of transparent information disclosure and robust risk management strategies for oilseed and oil companies to gain market trust and ensure sustainable development [6][9] - Companies are encouraged to learn from Jinlongyu's practices, focusing on enhancing their hedging strategies and improving information disclosure to foster industry growth [7][9]

Core Viewpoint - The chemical industry in Shaanxi is at a critical juncture for transformation and upgrading, with a focus on risk management solutions through innovative financial tools in response to intensified competition and commodity price volatility [1][4]. Group 1: Industry Context - Shaanxi is a core region of China's energy and chemical industry, with a coal-based olefin industry chain that generates an annual output value exceeding 100 billion [2]. - The DCE is implementing three major initiatives to support the high-quality development of the chemical industry in Shaanxi, including expanding polyethylene delivery areas and innovating product designs [2]. Group 2: Financial Tools and Innovations - The DCE introduced three chemical monthly average price futures, which feature innovative pricing, lower annual volatility, and diverse strategies for risk management [2]. - Monthly average price futures provide enterprises with a smoother price curve, offering a reference for price trends with characteristics of gradual increases and decreases [2]. Group 3: Risk Management Practices - A framework for internal control of hedging was discussed, emphasizing a three-tier approval mechanism involving senior management, risk control, and the board of directors [3]. - Practical applications of futures derivatives in the industry were shared, highlighting how traders can optimize hedging effects and manage risks through various trading models [3]. Group 4: Training Outcomes - The successful training session marked a significant step for the Shaanxi chemical industry in risk management, with futures derivatives becoming essential tools for addressing market volatility [4]. - Innovative financial tools and models, such as monthly average price futures and basis trading, are transforming traditional business practices in the chemical sector [4].

Summary of Jineng Technology Conference Call Company Overview - **Company**: Jineng Technology - **Date**: August 16, 2025 Key Points Financial Performance - Jineng Technology plans to partially convert convertible bonds, with 9.65 billion yuan remaining unconverted to avoid excessive dilution of equity, and has reserved funds for potential share buybacks, with current cash reserves around 37-38 billion yuan [2][4][7] - The company reported a loss of approximately 49 million yuan in Q2, primarily due to production halts, high propane prices, and tariffs, although the coke business showed improvement [3][16] - Adjustments in accounting policies extended the depreciation period for specialized equipment from 10 years to 20 years, impacting profits by approximately 224 million yuan in 2025 and 267 million yuan in 2026 [2][10] Tariff Impact - Tariffs are expected to negatively affect Jineng Technology's 2025 performance, with estimated losses nearing 200 million yuan due to increased costs from high-priced Middle Eastern propane and reduced profits from U.S. propane sales [2][11] - The company is increasing exports to mitigate tariff impacts, with export profits per ton exceeding domestic sales by 200-250 yuan [2][11] Export and Market Performance - Jineng Technology anticipates achieving an export volume of around 500,000 tons in 2025, with strong performance in polypropylene and carbon black products in the European and American markets, establishing partnerships with major clients like Continental and Bridgestone [2][20] - The company has made significant progress in developing high-performance polypropylene products, with successful certifications and collaborations with well-known domestic enterprises [19] Strategic Decisions - The company is considering partial conversion of convertible bonds due to favorable cash flow and has prepared for market value management, focusing on core business and potential acquisitions [4][5][6] - There are no major capital expenditure projects planned, with ongoing hydrogen cooperation projects being managed by local government [8] Future Outlook - Achieving the 350 million yuan performance target for 2025 is challenging due to tariff impacts and high costs in fine chemical product adjustments, with the need to observe Q4 performance for a clearer outlook [12] - The coke market has shown signs of recovery, with profits around 80 yuan per ton expected in Q4, while the overall market conditions for 2026 are anticipated to improve due to increased propane supply and favorable international oil market conditions [13][14] M&A Plans - Jineng Technology is exploring M&A opportunities primarily in related upstream and downstream sectors, with announcements expected soon [15] Non-Recurring Gains - Non-recurring gains significantly influenced the half-year performance, including government subsidies and asset sales, with expectations for continued support in the second half [17] Energy Management - The company is addressing surplus energy issues through advanced control technologies and is exploring partnerships with the government to optimize production costs and enhance operational efficiency [22] Conclusion - Jineng Technology is navigating a challenging environment with strategic adjustments in financial management, operational focus, and market positioning to enhance resilience and capitalize on growth opportunities in the coming years [2][4][11][20]

Group 1 - The first PTA bonded delivery by Yisheng Petrochemical's subsidiary Yisheng Dahua and ITG is set to take place in September 2025, facilitating smoother cross-border transactions and integrating the Zhengzhou futures market with the global industrial chain [1] - The introduction of the export-type bonded delivery system by Zhengzhou Commodity Exchange has significantly reduced participation costs for foreign enterprises, attracting more international players to engage in PTA futures trading [2][4] - As of the end of 2024, over 700 foreign traders from more than 30 countries and regions have opened accounts to participate in specific trading at Zhengzhou Commodity Exchange, indicating a growing international interest [3] Group 2 - The PTA futures market has enhanced the international trade experience for companies by providing benchmark pricing, improving negotiation power, and ensuring efficient and transparent international deliveries [2] - Companies like Wan Kai New Materials have established a mature cooperation loop with South American clients, utilizing the Zhengzhou futures prices to lock in raw material costs and streamline export processes [2] - The growth of foreign participation in the PTA market has not only increased trading volumes but also reshaped the market ecosystem, leading to a more stable polyester market [3] Group 3 - The futures market has enabled Chinese companies to expand internationally, with firms like Wan Kai New Materials and Xiamen Guomao Petrochemical significantly increasing their production capacities and export volumes since 2018 [4][6] - The introduction of futures tools has allowed companies to manage risks across the entire supply chain, as seen with New Fengming Group's expansion in polyester production and export [5] - Yisheng Petrochemical has grown from a PTA producer with a capacity of 12.2 million tons to the world's largest with a capacity of 21.9 million tons, highlighting the transformative impact of futures trading on business models [6] Group 4 - The future outlook for the Zhengzhou futures market includes the expectation of incorporating more varieties and delivery points into the international framework, promoting global industrial chain collaboration [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the launch of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange (SHFE), marking the introduction of the world's first financial derivatives for cultural paper, which will enhance the product system of SHFE [1] Group 1: Market Context - The domestic and international market environment is complex and variable, leading to significant revenue growth pressure on China's paper industry, which has a high demand for risk hedging [1] - The introduction of coated printing paper futures and options will fill the gap in domestic financial derivatives for cultural paper, providing tools for enterprises in the cultural paper industry chain to manage price volatility risks effectively [1] Group 2: Industry Characteristics - The paper industry has strong circular economy characteristics, with a complete system for renewable raw materials, recyclable products, and recoverable waste already established in China [1] - The listing of coated printing paper futures and options will guide the industry to fully implement the green circular development concept through contract arrangements such as delivery grade selection and brand access certification [1] Group 3: Risk Management Tools - Fuel oil, asphalt, and pulp futures have gradually become important tools for enterprises to hedge risks, characterized by good market liquidity, contract continuity, and a mature investor structure [1] - The further introduction of options products will allow enterprises to use futures and options tools simultaneously for more refined hedging, thereby effectively enhancing their risk management capabilities [1]

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. reported a 6.39% increase in revenue for the first half of 2025 compared to the same period last year, but net profit attributable to shareholders decreased significantly due to increased tax expenses from adjustments in overseas subsidiary dividend arrangements [3][5]. Financial Performance - Revenue for the first half of 2025 reached CNY 76.08 billion, up from CNY 71.51 billion in the previous year [3]. - Net profit attributable to shareholders was CNY 1.12 billion, a decrease of 35.29% from CNY 1.73 billion in the same period last year [3]. - Basic earnings per share dropped to CNY 0.11 from CNY 0.17, while diluted earnings per share fell to CNY 0.11 from CNY 0.16 [3]. - Total assets increased by 12.22% to CNY 90.84 billion compared to the end of the previous year [3]. Business Overview - The company operates as a large-scale integrated copper production enterprise, engaging in copper mining, smelting, processing, and trading, with key products including cathode copper, sulfuric acid, gold, silver, copper foil, and copper strips [4][5]. - The primary business model includes both self-mined and externally purchased copper raw materials for processing into cathode copper [4]. Industry Conditions - Copper prices fluctuated between CNY 71,320 and CNY 88,320 per ton in the first half of 2025, with an average spot price of CNY 77,520.77, reflecting a year-on-year increase of 3.98% [5]. - The supply side faced challenges with global mine output falling short of expectations, while demand from the new energy sector and traditional industries supported price increases [5]. - The copper smelting segment experienced pressure on profits due to low processing fees, although rising prices of by-products provided some relief [5]. Competitive Advantages - The company is one of the largest producers of cathode copper in China, with an annual production capacity exceeding 1.7 million tons and a strong position in copper foil production [6]. - Technological advancements and a focus on high-value-added products have strengthened the company's market position [6]. - The company's location in the economically vibrant Yangtze River Delta region provides logistical advantages and access to a significant consumer market [6].

Core Viewpoint - The company, Shichuang Energy, is actively managing its financial resources and risk exposure through strategic decisions made in recent board and shareholder meetings, including the temporary use of idle funds and the initiation of hedging activities [2][3][4]. Group 1: Financial Management - Shichuang Energy plans to use up to 40 million yuan of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months [2][4][6]. - The company aims to improve the efficiency of fund utilization and reduce operational costs through this measure [3][4]. Group 2: Risk Management - The company has decided to engage in commodity futures and foreign exchange hedging activities to mitigate risks associated with raw material price fluctuations and exchange rate volatility [2][4][6]. - The hedging activities will include trading in materials such as polysilicon, silver, and copper, as well as foreign exchange forward contracts, swaps, futures, and options [4][6]. - The maximum margin required for commodity futures hedging will not exceed 100 million yuan, while the foreign exchange hedging will be capped at 10 million USD or equivalent [4]. Group 3: Corporate Governance - The company held its second extraordinary general meeting of 2025 on August 11, where several important resolutions were passed, including the re-election of a non-independent director and the cancellation of the supervisory board [4][6]. - The company is also revising and establishing certain governance systems to enhance its operational framework [4]. Group 4: Market Position - As of August 15, 2025, Shichuang Energy's stock closed at 15.0 yuan, reflecting a 0.4% increase from the previous week, with a total market capitalization of 6 billion yuan [1]. - In the photovoltaic equipment sector, the company ranks 43rd out of 64, and 2824th out of 5152 in the overall A-share market [1].