为深入贯彻党的二十届三中全会、中央经济工作会议精神，落实金融"五篇大文章"，进一步提升实体企业运用期货工具进行风险管理的能力，5月22日，期 货市场服务福建产业企业培训班在福建南平举办。本次培训由中国期货市场监控中心和福建证监局联合主办，福建省证券期货业协会、兴证期货承办。福建 省五十余家产业企业代表、地方政府部门相关人员及金融机构专家共计百余人参加培训。 培训班现场 南平市人民政府党组成员、副市长龚志阳出席培训并作开班致辞。龚志阳说，此次培训既是以金融创新赋能实体经济的重要举措，也是企业与市场高效对接 的纽带桥梁，希望以培训为契机，为南平市绿色高质量发展提供有力支撑，推动更多实体企业通过期货市场实现风险管理和转型升级。 福建证监局党委委员、副局长翁国斌在致辞中表示，近年来，福建证监局一直着力提高产业企业对期货市场的认知水平和运用能力，推动提升期货服务实体 经济质效。希望参会人员既能学会运用风险管理工具，通过期货和衍生品进行风险对冲，稳定价格，平衡供需，有效缓释商品价格剧烈波动带来的风险；还 能积极探索产融结合，推动产业与金融、现货与期货、资产与衍生品融合，助力企业稳健发展。 中国期货市场监控中心机构监控部总 ...

Group 1 - The steel industry is undergoing a critical transformation from scale expansion to quality improvement, with significant potential for sustainable development [1] - The Shanghai Futures Exchange (SHFE) is implementing targeted policies to enhance the quality of steel futures, including increasing the number of registered brands and delivery warehouses [1][2] - In 2024, the trading volume of steel futures reached 776 million contracts, a year-on-year increase of 2.7% [1] Group 2 - SHFE is actively engaging with steel enterprises to understand their needs and improve contract continuity and delivery convenience, resulting in an overall increase in delivery volumes for hot-rolled and rebar steel [1][2] - The number of steel industry clients using futures tools for risk management is gradually increasing, with notable participation from major companies like Baowu Steel and Nanjing Steel [2] - The integration of steel and finance is deepening, with steel companies adapting to this transitional phase [2] Group 3 - The China Iron and Steel Association (CISA) is focusing on enhancing industrial capabilities and modernizing the supply chain, emphasizing green low-carbon and intelligent manufacturing [3] - CISA is promoting a new capacity governance mechanism and joint restructuring, along with initiatives for ultra-low emissions and digital transformation [3] - SHFE plans to strengthen connections with upstream steel mills and downstream industries to enhance the precision and targeting of industry services [3] Group 4 - Steel companies are actively expanding into overseas markets, accelerating the "going out" strategy across the entire industry chain [4] - SHFE is advancing the internationalization of steel futures to better serve the risk management needs of companies operating abroad [4] - The exchange is collaborating with several foreign exchanges to promote the authorization of steel futures settlement prices, expanding the application scenarios for Chinese steel futures pricing [4]

Core Viewpoint - Daqin Railway has demonstrated strong operational performance in 2024, achieving significant growth in both passenger and freight transport, while also committing to a robust cash dividend policy that reflects its financial health and shareholder value creation [2][3][6]. Financial Performance - In 2024, Daqin Railway reported total operating revenue of 74.63 billion yuan and a net profit attributable to shareholders of 9.04 billion yuan, with basic earnings per share at 0.51 yuan and a weighted average return on equity of 6.10% [2]. - The company achieved a passenger volume of 46.41 million, representing an 8.3% year-on-year increase, and a freight volume of 706 million tons, accounting for 13.73% of the national railway freight total [3]. Strategic Goals - For 2025, Daqin Railway has set a target of 45 million passenger trips and a freight volume of 71 million tons, with an expected operating revenue of 78 billion yuan [4]. Dividend Policy - Daqin Railway has committed to a cash dividend of no less than 55% of net profit attributable to shareholders, with a total cash dividend of 5.18 billion yuan in 2024, representing 57.31% of the net profit [5][6]. - The company initiated its first interim dividend in 2024, marking a significant milestone in its shareholder return strategy [6]. Capital Structure - As of the end of 2024, Daqin Railway's total equity reached 169.97 billion yuan, an increase of 17.56 billion yuan year-on-year, primarily due to the conversion of Daqin convertible bonds into company stock [7].

Core Viewpoint - The banking sector in Central China, particularly in Hubei, Hunan, Henan, and Jiangxi provinces, is experiencing differentiated development, with city commercial banks showing resilience and growth, while rural commercial banks face significant operational challenges [1][9]. Group 1: City Commercial Banks Performance - Among the nine city commercial banks, eight reported year-on-year revenue growth, with seven achieving both revenue and net profit increases, indicating strong operational resilience [1][3]. - Changsha Bank leads with a revenue of 25.936 billion yuan and a net profit of 7.909 billion yuan, becoming a crucial pillar of regional finance [1][5]. - The revenue growth rates for Shangrao Bank and Ganzhou Bank were 33.69% and 12.81%, respectively, highlighting the growth potential of smaller city commercial banks [1][5]. Group 2: Net Profit and Revenue Disparities - In terms of net profit, Changsha Bank achieved 7.909 billion yuan, significantly higher than Ganzhou Bank's 722 million yuan, showcasing a stark disparity among the banks [4][5]. - The net profit growth rates varied, with Ganzhou Bank experiencing a remarkable increase of 91.44%, while other banks maintained stable growth rates between 0.22% and 7.69% [6][5]. Group 3: Asset Quality and Growth - Changsha Bank's total assets exceeded 1 trillion yuan, reaching 1,146.768 billion yuan, while other banks maintained assets between 500 billion and 700 billion yuan [8]. - Five city commercial banks showed robust asset growth, with asset expansion rates exceeding 10% for banks like Hubei Bank and Changsha Bank [8]. Group 4: Rural Commercial Banks Challenges - The three rural commercial banks faced significant operational pressures, with Wuhan Rural Commercial Bank's net profit declining by 50.46% and Changsha Rural Commercial Bank's by 31.62% [2][11]. - Despite efforts to diversify income sources, the reliance on interest income remains high, constituting 70% to 90% of total revenue for these banks [13]. Group 5: Strategic Alignment with Regional Development - City commercial banks are increasingly aligning their strategies with regional economic development, as seen with Changsha Bank's focus on key industries such as engineering machinery and renewable energy [14]. - The differentiation in performance between city and rural commercial banks reflects not only financial metrics but also their responsiveness to regional development strategies and core competitiveness [16][17].

Group 1 - The Shanghai Futures Exchange and the China Financial Futures Exchange co-hosted the 2025 Shanghai Derivatives Market Forum, highlighting the increasing financial attributes of steel futures and the clear trend in pricing [1] - The steel industry is experiencing rapid growth, leading to a significant expansion of the steel spot trading market, with nine steel-related futures products currently listed, including four on the Shanghai Futures Exchange [1] - Rebar is noted as the world's largest metal futures product by trading volume, indicating the importance of steel futures in the global market [1] Group 2 - The Shanghai Futures Exchange has been actively engaging with steel enterprises to understand their needs, resulting in improved contract continuity and delivery convenience, with an overall increase in delivery volumes for hot-rolled and rebar products [2] - The steel industry is entering a phase characterized by reduction in production and optimization of existing capacity, presenting greater operational pressures for enterprises [2] - The China Steel Industry Association is focusing on enhancing industrial foundational capabilities and modernizing the supply chain, emphasizing green low-carbon and intelligent manufacturing as key development themes [2] Group 3 - The steel industry is recognized as a crucial foundational industry for the national economy, and the China Steel Industry Association aims to work with the Shanghai Futures Exchange and industry stakeholders to continuously improve steel futures regulations and promote the integration of finance and industry [3]

Group 1 - The steel industry in China has experienced significant growth since the new century, leading to the emergence of steel futures, with nine related futures products currently available, including four listed on the Shanghai Futures Exchange [1] - Rebar is the largest metal futures product globally in terms of trading volume, reflecting the increasing financial attributes and pricing trends of steel futures [1] - Steel companies have transitioned from merely observing the futures market to actively utilizing it to mitigate operational risks, indicating a deepening integration between steel and finance [1] Group 2 - The Shanghai Futures Exchange has engaged with steel companies to enhance contract continuity and delivery convenience, resulting in an overall increase in delivery volumes for rebar and hot-rolled coils [2] - The steel industry is currently facing challenges due to a complex international environment, leading to increased pressure on production and operations, prompting the China Iron and Steel Association to focus on enhancing industrial capabilities and modernizing supply chains [2] - The association emphasizes three key priorities: controlling capacity expansion, promoting industry concentration, and ensuring resource security, while also advancing internationalization efforts in the steel industry [2] Group 3 - The steel industry is recognized as a vital foundation for the national economy, with calls for the Shanghai Futures Exchange to become a world-class trading platform to better serve the real economy [3] - The China Iron and Steel Association aims to collaborate with the Shanghai Futures Exchange and industry stakeholders to improve futures regulations and promote the integration of finance and industry, supporting high-quality development in the steel sector [3]

Core Insights - The recent "Party Building Leads Investment Education, Futures Safeguards the Real Economy" event highlighted the integration of investment education with industry services, emphasizing the importance of tailored educational content for different sectors and regions [1] Group 1: Multi-Dimensional Services - Nanhua Futures has evolved from merely providing derivative tools to offering comprehensive services through innovative approaches, including the use of off-exchange derivatives for risk management [2] - The company has served over 7,000 domestic and international entities, showcasing its commitment to supporting cross-border development and rural revitalization through "insurance + futures" initiatives [2] - Nanhua Futures has published an annual white paper summarizing its experiences in serving the real economy since 2023, and its commodity index has become a key indicator for observing China's commodity prices and economic trends [2] Group 2: Case Compilation - Huishang Futures has compiled a collection of 19 typical cases across four categories, demonstrating the practical applications of futures tools in risk management and agricultural support [4] - The company aims to enhance the standardization and replicability of its industry services, providing tailored risk management solutions for enterprises [4] - The standardized process developed by Huishang Futures focuses on risk identification, tool selection, and practical implementation, facilitating better risk management for real enterprises [4] Group 3: Customized Training - Shenyin Wanguo Futures has established the "Shenda Academy" project, which addresses the diverse needs of enterprises through specialized training in financial derivatives and risk management [7] - The project has successfully engaged over 30 enterprises in the futures market, with some achieving a hedging ratio of over 20% of their annual operating volume, thereby stabilizing profit fluctuations [8] - The focus on professional, regional, and tailored training aims to deepen the integration of finance and industry, enhancing the effectiveness of services provided to the real economy [7][8] Group 4: Digital Empowerment - Yun Wealth Futures has launched the "Yunqi Yanxuan" video series, utilizing digital technology to transform investment education into an interactive experience, with over 450 videos created and a follower count exceeding 23,000 [9] - The initiative aims to simplify complex industry analyses and hedging strategies, making them more accessible to investors while fostering connections between financial resources and industry needs [9] - The company continues to explore innovative measures in rural revitalization and digital investment education, emphasizing the integration of party building with business development [10]

Core Viewpoint - Vietnam has become one of the fastest-growing economies in Southeast Asia, with an average GDP growth rate of 5%-7% in recent years, positioning itself as a crucial hub for global manufacturing and trade [3] Group 1: Economic Context - Vietnam benefits from labor cost advantages, free trade agreements (such as CPTPP and EVFTA), and a stable policy environment, attracting significant foreign investment, particularly in electronics, textiles, and manufacturing [3] - The country is increasingly seen as a key destination for Chinese companies looking to relocate some of their production capacity amid escalating US-China trade tensions [3] Group 2: Research and Investigation Focus - The investigation will focus on the investment and financial service environment in key cities such as Hanoi, Haiphong, and Bac Ninh, emphasizing policy environment, industrial development, financing services, and investment implementation [3][4] - The research aims to establish deep connections with local government departments, chambers of commerce, industrial parks, and Chinese enterprises to understand the investment and financing policies and operational matters in Vietnam [7] Group 3: Key Highlights of the Investigation - Highlight 1: The investigation will facilitate in-depth discussions with local financial institutions, including banks and leasing companies, to understand the local financial business policies and operational norms [7] - Highlight 2: Engagement with Chinese enterprises in Vietnam to gain insights into industrial layout, business operations, personnel management, and investment implementation [7] - Highlight 3: The presence of local outbound experts to ensure high standards of travel and investigation [8] Group 4: Itinerary Overview - The investigation is scheduled from June 23 to June 27, 2025, with activities including business receptions, policy discussions, and visits to industrial parks [9][10] - Day 2 includes a policy exchange meeting with the Vietnam-China Chamber of Commerce and visits to the Haiphong Industrial Park, focusing on investment attraction and industrial cluster development [11][12] - Day 3 features visits to enterprises in the photovoltaic and lithium battery sectors, along with discussions with BIDV, Vietnam's largest state-owned bank, regarding the financial industry policies [13][14] - Day 4 involves exploring the Bac Ninh Industrial Park and engaging with companies in the electronic packaging sector, focusing on investment experiences and market expansion strategies [15][16]

行业下行周期往往是检验企业韧性的试金石。当前，碳酸锂市场正在上演一场韧性生长的新故事。 期货工具的价值，本质是金融工具与实体产业的深度共振。碳酸锂期货用"风险分散"的逻辑重构了中小 企业的生存法则，用"价格发现"的功能升级了产业的决策方式。在新能源产业迈向高质量发展的历程 中，拥抱期货市场不再是选择题，而是企业从"被动承受" 转向 "主动管理"的必答题。 当多数企业选择收缩规模时，厦门一家专注于锂矿开发及贸易的中小企业（下称Z公司）利用期货工具 锁定生产利润，获得现金流支撑，实现逆周期扩张。这种"别人收缩我扩张"的差异化策略，其实是利用 期货市场，将"价格风险"转化为"竞争优势"。对Z公司而言，期货套保不再是"锦上添花"，而是关乎生 存的"刚需配置"。可以说，期货市场打破了"价格下跌=行业衰退"的线性思维，让具备风险管理能力的 企业能够"危中寻机"，重塑行业生存法则。 期货工具的价值，不仅在于风险对冲，更体现在成本结构优化与战略决策升级上。在长协订单模式下， 贵州天美锂能新材料有限公司（下称天美锂能）曾因"锁量不锁价"的签单模式，在价格下行周期承受高 额采购成本，而参与期货套保后，其通过期货市场提前锁定价格， ...

Core Viewpoint - Recently, the China Supply and Marketing Group Yan Chang Fruit Industry Co., Ltd. was awarded the title of "Service Entity Economy Financial Integration Base" by the Zhengzhou Commodity Exchange, highlighting the recognition of the service model provided by Rongda Futures in promoting the effective use of futures tools in the apple industry for high-quality development [1] Group 1 - Yan Chang Fruit Industry is located in Yan Chang County, Shaanxi Province, and is an agricultural leading enterprise integrating apple procurement, processing, storage, and supply chain services [1] - Rongda Futures developed a three-dimensional service model to address challenges such as significant price fluctuations, low standardization, and weak risk resistance in the apple industry [1] - The three-dimensional service model includes: 1) Joint research to confirm production and arbitrage windows; 2) Establishing a graded cost and dynamic basis calculation model to lock in reasonable prices and select delivery products; 3) Gradient hedging to cope with apple price fluctuations [1] Group 2 - The service model has achieved standardization of graded selection, modeling of basis pricing, and flexibility in dynamic hedging, promoting the transformation and upgrading of the apple industry and enhancing the added value of the industry while ensuring local farmers' income [1] - By participating in the Zhengzhou Commodity Exchange's industry service project, the model has formed a replicable full-process service plan, providing a template for better supporting "stabilizing agriculture and ensuring people's livelihood" [1] - Rongda Futures, as a steadfast practitioner of serving the real economy, plans to continue optimizing service measures, expanding the radiation effect of the financial integration base, and promoting the "Yan Chang model" to other fruit industry clusters in the western region [2]