Core Viewpoint - The company emphasizes the importance of financial culture in enhancing core competitiveness and achieving high-quality development, focusing on integrity, service to the real economy, and compliance with regulations [1][2][5] Financial Culture Construction - Integrity is highlighted as the foundation of the financial industry, with the company integrating integrity requirements into governance and business processes through a three-pronged system of institutional constraints, technical monitoring, and personnel education [2][3] - The company has established strict management measures, including the implementation of the "Integrity Management Measures" and "Reputation Risk Management Measures," embedding integrity into core management systems [2][3] - The company has completed nearly 90 billion yuan in equity and debt financing by October 2025, with significant contributions to technology innovation and rural revitalization projects [3] Risk Management - The company has developed a comprehensive risk management system, incorporating risk awareness into its operations and enhancing efficiency through technology, including AI applications for risk assessment [4][5] - A revised "Comprehensive Risk Management Measures" was published in 2025, detailing responsibilities and performance evaluation standards for risk management [4][5] Compliance Management - Compliance is deemed essential for financial institutions, with the company focusing on optimizing systems and building a professional compliance team, achieving a significant number of experienced compliance personnel by November 2025 [5][6] Innovation and Development - The company adopts a "guarding innovation" approach, ensuring that innovations align with actual needs and regulatory requirements, as demonstrated by the successful IPO of Zhejiang Jinhua New Materials [7] - A strict pre-approval mechanism for new products and services is in place to mitigate risks associated with innovation, ensuring that all new initiatives undergo thorough risk assessments and compliance checks [7]

"2025年大宗商品平台典型案例企业考察"活动圆满结束 从昆明到柳州，跨越1100公里，历时3天，由期报文化传媒（北京）有限公司（简称期报传媒）组织的 大宗商品平台典型企业考察团（简称考察团），走访了昆明国际花卉拍卖交易中心、沐甜科技股份有限 公司两大行业标杆企业，为行业深化产融结合、创新服务模式提供了鲜活案例和实践启示，也为行业高 质量发展注入了新的思考和动能。 1.看昆明国际花卉拍卖交易中心如何享誉世界 11月20日，晨曦微露，花香浮动，期报传媒携考察团成员走进昆明市中国斗南花卉展览馆，"2025年大 宗商品平台典型案例企业考察"活动由此拉开序幕。 步入展览馆，一面绚烂的永生花墙映入眼帘。据展览馆工作人员介绍，在斗南，一条鲜花之路串起了花 卉产业、文旅产业和无数人的梦想。从肩挑背扛的田间地头，到享誉世界的亚洲花都，几代人在种业、 种植和市场端的深耕细作成就了今日的斗南奇迹。 另一个仓库内摆放着已经过质检分级的鲜花，一排排装满鲜花的货架有序排列，由一辆电动车头牵引的 几十节移动货架在一眼望不到头的仓库里穿行，犹如一列列"小火车"。"我们这里没有冷库，只提供矿 泉水为鲜花保鲜，因为这些花当天就可以完成提货。" ...

Core Viewpoint - The polyester industry in China plays a crucial role in providing 70% of textile raw materials and is closely linked to daily life, with the Zhengzhou Commodity Exchange (ZCE) developing a comprehensive risk management system for the polyester supply chain since the launch of PTA futures in 2006 [1][2]. Group 1: Risk Management Development - The ZCE has focused on addressing industry pain points by establishing a robust risk management framework for the polyester supply chain, starting with the launch of PTA futures in December 2006 [2]. - The introduction of PTA options in 2019 and short fiber futures in 2020 expanded the risk management tools available to the polyester industry, with further developments in 2023 including PX futures and options [2][3]. Group 2: Functional Impact on the Polyester Industry - The ZCE's polyester futures have significantly transformed trade practices, enhancing supply chain resilience and supporting high-quality development in the polyester sector [4]. - Since 2010, PTA futures have become a key reference for spot pricing, with nearly 100% of PTA spot trades now priced based on "futures price + premium/discount" [4][5]. Group 3: Internationalization and Price Influence - The ZCE is actively working to enhance the international pricing influence of polyester futures, allowing foreign investors to participate in trading since 2018 and hosting international forums to promote these products [6][7]. - The integration of PTA futures into international trade has improved negotiation efficiency and solidified supply chain relationships, exemplified by companies like Hengyi Petrochemical using PTA futures as a pricing benchmark in contracts [7][8]. Group 4: Future Directions - The ZCE aims to refine existing products, expand international outreach, and strengthen regulatory measures to continue supporting the manufacturing sector and contribute to new industrialization efforts [8].

Core Insights - The XAUBTC trading pair exhibits high volatility, presenting both significant profit potential and substantial risks. An AI-driven hedging solution based on the THPX signal source has been developed to address these challenges, aiming to reduce non-systematic risks and enhance portfolio stability and long-term returns [1][5]. Group 1: AI Hedging Solution - The AI hedging system utilizes real-time market data analysis and multi-factor forecasting to create dynamic hedging strategies, effectively capturing opportunities in volatile markets while providing a risk buffer for investors [1][5]. - The THPX signal source integrates multidimensional real-time market data, order flow information, historical volatility characteristics, and macro sentiment indicators, serving as a robust analytical engine for the AI model [3]. Group 2: Operational Mechanism - The AI system focuses on trend prediction and dynamic signal generation by learning from historical price behavior patterns of XAUBTC during high volatility periods, generating timely and accurate trading signals [3]. - The system deploys intelligent hedging strategies that manage risk rather than merely seeking directional profits, automatically activating predefined rules in response to high volatility risk signals [3][5]. Group 3: Advantages of the AI System - The AI system's adaptive capability allows it to continuously evolve through a machine learning feedback loop, optimizing its ability to identify risks and balance returns and costs in high volatility environments [5][7]. - Key advantages include effective risk filtering, potential profit capture, enhanced decision-making efficiency, cost optimization, and 24/7 operational stability, which collectively create a robust risk management framework [5][7]. Group 4: Market Implications - The AI-driven hedging solution provides a strong response to the challenges posed by XAUBTC's volatility, leveraging AI's capabilities in complex data processing and rapid decision-making to construct a dynamic and efficient risk management framework [7]. - This solution significantly reduces the impact of systemic external risks on investment portfolios while preserving the potential for profit capture, thus enhancing long-term investment stability and investor confidence [7].

市场周度评论 本周（2025年11月24日至11月28日），全球主要股指普遍上扬，风险偏好持续改善。美股表现强劲，纳 斯达克指数以4.91%的涨幅领跑，标普500与道琼斯工业指数分别上涨3.73%和3.18%，科技板块情绪显 著回暖。亚太市场同步反弹，日经225指数上涨3.35%。 A股市场整体反弹，成长风格占优。创业板指大涨4.54%，深证成指与科创50分别上涨3.56%和3.21%， 上证指数与沪深300涨幅相对温和，分别为1.40%和1.64%。市场呈现普涨格局，超84%个股上涨，但日 均成交额略有萎缩，显示部分资金观望情绪仍存。 行业方面，科技主线突出。通信、电子、传媒板块领涨，涨幅均超4%，而银行、石油石化等传统板块 承压。港股市场同步走强，恒生科技指数上涨3.77%，卖空金额大幅下降，显示空头情绪明显缓解。 然而，分散本身并非目的。若没有谨慎选股作为根基，多元化可能沦为平庸化的分散，甚至因持有质地 不佳的标的而拖累整体收益。真正的风险控制，需要在市场喧嚣中保持冷静，敢于在过热时卖出高估标 的，在低估时买入优质资产。 谨慎选股要求投资者深入理解企业的商业模式、竞争优势与财务状况。它关注的是企业的内在 ...

Market Performance - Global stock markets showed strong performance this week, with major indices rising. The Nasdaq increased by nearly 5%, while the S&P 500 and Dow Jones both rose over 3% [1] - In the Asia-Pacific region, the Nikkei index rose by 3.35%. The A-share market also performed well, with the ChiNext index leading with a 4.54% increase, and the Shenzhen Component and Sci-Tech Innovation Board both rising over 3% [1] - Interestingly, over 80% of stocks were up, but trading volume decreased, indicating that many investors are still in a wait-and-see mode [1] Sector Performance - Technology stocks were the main drivers of the market, with sectors such as telecommunications, electronics, and media all seeing gains exceeding 4%. In contrast, traditional sectors like banking and oil lagged behind [1] - The Hong Kong stock market also participated in the rally, with the technology index rising by 3.77%, and a significant decrease in short-selling data, suggesting fewer bearish sentiments [1] Commodity Market - In the commodities market, both gold and copper showed positive performance, with prices increasing [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) released a consultation draft for a pilot program on commercial real estate REITs, aiming to stimulate the market further [1]

新华社国内部出品 【纠错】 【责任编辑:薛涛】 记者：刘慧、刘羽佳 拍摄：郝晓江、李水仙 制作：栾若卉 策划：邹伟 主编：李延霞、许晟 ...

Core Viewpoint - Zinc Industry Co., Ltd. has approved an increase in the hedging business margin limit for 2025 from 600 million to 700 million yuan, reflecting the company's proactive approach to managing market price volatility and indicating a trend towards more sophisticated risk management in the domestic non-ferrous metal industry [1][3][8] Summary by Sections Hedging Limit Increase: A Proactive Measure Against Market Volatility - The increase in the hedging limit aims to mitigate price volatility risks associated with raw materials and product inventories in the non-ferrous metal smelting and processing business, ensuring stable operational performance [3] - In the first half of 2025, Zinc Industry reported significant fluctuations in zinc and copper prices, which pressured the smelting segment's profitability. However, the company achieved revenue and net profit growth, with net profit rising by 99.07% year-on-year, highlighting the effectiveness of risk management tools [3][8] Industry Overview: Hedging Becoming a "Must-Have" for Listed Companies - The increase in hedging limits by Zinc Industry is part of a broader trend among listed companies, particularly in the non-ferrous metal sector, to strengthen risk management practices. Since 2025, many companies have announced hedging measures in response to increased market volatility [5] - Statistics show that at least 1,583 A-share listed companies in the real economy have issued hedging announcements this year, surpassing the total of 1,503 for all of 2024, marking a historical high [5] Upgrade Trend: Diversification of Tools and Scope - Zinc Industry's announcement indicates a clear upgrade in risk management strategies, expanding from traditional commodity price risks to include foreign exchange risks and exploring a variety of tools beyond just futures [7] - The trend of tool diversification is evident, with some non-ferrous metal companies beginning to use combination strategies like "futures + options." Zinc Industry has implemented a dual mechanism of "spot lock + futures hedging" to address exchange rate volatility [7][8]

Core Insights - The demand for risk management in humanoid robots is increasing as they transition from laboratories to diverse application scenarios [1] - Leading property insurance companies have launched insurance products related to humanoid robots, including coverage for robot body loss, third-party liability, and employer liability [1] - The risk structure presented by humanoid robots differs from traditional industries, necessitating enhanced risk research and product innovation within the insurance sector to better meet their unique protection needs [1]

Core Viewpoint - The launch of platinum and palladium futures and options on November 27 at the Guangzhou Futures Exchange marks a significant development in the market, expected to enhance price formation mechanisms and improve the resilience and international bargaining power of the industry [2][4][10]. Group 1: Market Launch and Initial Performance - The first trading day saw platinum and palladium futures experience an unexpected rise, with platinum reaching a peak of 457.15 CNY/gram and palladium hitting 409.85 CNY/gram, reflecting strong bullish sentiment [7]. - By the end of the trading day, platinum futures closed at 430.30 CNY/gram, up 6.25%, with a trading volume of 66,700 contracts and a turnover of 29.23 billion CNY; palladium futures closed at 370.60 CNY/gram, up 1.53%, with a trading volume of 34,200 contracts and a turnover of 13.05 billion CNY [7]. Group 2: Strategic Importance of Platinum and Palladium - Platinum and palladium are critical in key industries such as automotive emissions control and green energy, with applications accounting for approximately 60% and 80% respectively in these sectors [6]. - The introduction of these futures is expected to help upstream and downstream enterprises manage risks and stabilize operations amid market volatility, thereby enhancing the efficiency of resource allocation [5][11]. Group 3: Implications for Risk Management and Market Structure - The launch of platinum and palladium futures is seen as a breakthrough for China's derivatives market, providing tools for enterprises to hedge against price fluctuations and improve operational stability [10][12]. - The establishment of a domestic pricing mechanism in RMB is anticipated to enhance market transparency and shift the bargaining power of Chinese enterprises from passive acceptance to active participation in international trade [10][11]. Group 4: Future Market Outlook - Analysts predict that the prices of platinum and palladium will continue to show a strong upward trend, supported by a tight supply-demand balance and macroeconomic factors such as potential interest rate cuts by the Federal Reserve [7][8]. - The futures market is expected to attract more capital from industry players and investors, expanding its coverage and facilitating a transition from fixed pricing to a more market-oriented pricing mechanism [12][13].