证券日报网讯1月12日，贵研铂业（600459）在互动平台回答投资者提问时表示，公司结合生产经营的 实际需要，主要采用以销定产，以销定采的模式开展产品加工及销售业务，为降低贵金属价格波动给公 司生产经营带来的影响，公司采用了套期保值措施，仅留有较小风险敞口以满足日常生产经营周转的需 要。 ...

华友钴业 20260109 摘要 华友钴业通过产业一体化经营，提升全产业链盈利能力，有效应对新能 源调整周期，股价显著上涨，从年初 15-16 万元升至 45-46 万元，最高 达 48-49 万元。 公司通过管理变革和降本增效，实现稳健发展，印尼资源端项目（华越、 华菲）稳定高产，保障国内下游 MHP 原料供应，正极材料业务显著恢 复，预计 2026 年三元正极材料产量将超过 10 万吨。 华友钴业认为镍价底部在 1.1 万至 1.5 万美元之间，跌破 1.5 万美元将 导致湿法项目亏损，但镍价过高不利于三元材料发展。公司计划未来三 年湿法冶炼产能翻倍，新增波马拉和 SolarWake 项目，并加大镍资源 布局。 公司阿卡迪亚锂矿未来产量将显著增加，配套国内锂盐厂。津巴布韦硫 酸锂项目投产将助力成本下降。公司将优化销售策略，确保竞争优势， 并预计未来碳酸锂需求高涨，但短期内价格难以回到低位。 华友钴业严格执行套期保值制度，以稳健经营为原则。公司将继续加大 印尼镍资源布局，寻求新的资源机会，并将在达到法定条件时披露相关 信息。 Q&A 2025 年华友钴业的业绩表现如何？取得这些成绩的主要原因是什么？ 华友钴 ...

Core Viewpoint - The 20th anniversary of Dalian Commodity Exchange's soybean oil futures marks its evolution into a cornerstone of China's oilseed market, reflecting the country's economic growth and the maturation of its futures market, while also enhancing risk management and price discovery functions [1] Group 1: Development and Achievements - Since its launch in 2006, soybean oil futures have grown significantly, with average daily trading volume increasing from 43,100 contracts to 445,000 contracts by 2025, and average open interest rising from 24,200 contracts to 844,400 contracts [4] - By the end of 2025, there are 33 delivery warehouses for soybean oil futures across seven provinces, ensuring ample delivery capacity and supporting industry participation in the futures market [4] - Over 90% of large and medium-sized soybean crushing enterprises in China utilize soybean oil futures for hedging, with the futures price becoming a key pricing benchmark for domestic soybean oil trade [4] Group 2: Market Adaptation and Risk Management - The Dalian Commodity Exchange has implemented various measures to ensure soybean oil futures remain closely aligned with the physical market, including expanding delivery regions and optimizing delivery standards based on raw material quality changes [2][3] - The introduction of dynamic premium and discount systems and the establishment of delivery warehouses in key production areas have enhanced the flexibility and efficiency of the delivery process [2][3] - Companies like Jianghai Grain and Oil Group have effectively utilized futures for risk management, demonstrating the integration of futures into their operational strategies to stabilize profits and manage price volatility [8][9] Group 3: Industry Transformation and Global Impact - The soybean oil industry has transitioned from reliance on foreign oil to a competitive landscape dominated by state-owned, private, and foreign enterprises, driven by the need for price risk management [5][6] - By 2025, China is projected to produce approximately 18.71 million tons of soybean oil, accounting for about 30% of global production and consumption, establishing itself as the largest producer and consumer [6] - The opening of the soybean oil futures market to foreign investors and the introduction of related contracts in international markets have enhanced China's pricing influence in global oilseed trade [14][15] Group 4: Future Directions and Strategic Importance - The development of soybean oil futures serves as a model for the broader Chinese futures market, emphasizing the importance of being rooted in the physical industry and driven by genuine risk management needs [16][17] - The collaborative efforts of regulatory bodies, exchanges, and industry participants have been crucial in nurturing a mature market that effectively serves the entire supply chain [17] - As the market evolves, companies are encouraged to enhance their risk management capabilities and leverage futures and options to navigate increasing market complexities and competition [18]

截至2026年1月9日收盘，大洋电机(002249)报收于10.99元，上涨1.67%，换手率6.95%，成交量127.22万 手，成交额13.98亿元。 当日关注点 交易信息汇总 1月9日主力资金净流入1348.03万元；游资资金净流出1752.52万元；散户资金净流入404.49万元。 公司公告汇总 公司董事会通知将于2026年1月26日召开2026年第一次临时股东会，采用现场表决与网络投票相结合方 式，股权登记日为2026年1月20日，会议将审议申请综合授信额度、"头部狼计划五期"员工持股计划 （草案）及其管理办法、提请授权董事会办理员工持股计划相关事宜等议案，其中员工持股计划相关议 案将对中小投资者单独计票。 根据公告，公司及子公司拟在2028年开展商品期货套期保值业务，覆盖铜和铝两类原材料，旨在规避价 格波动风险，资金来源为自有资金，不以投机为目的，并已建立相应风控机制。 公司及下属子公司将在2027年1月至12月期间开展远期外汇套期保值业务，涵盖外汇远期结售汇、期 权、结构性外汇远期合约等品种，任一交易日交易余额不超过39.8亿元或等值外币，动用的保证金和权 利金上限不超过2亿元或等值外币，该事项 ...

Core Insights - The development of soybean oil futures over the past 20 years has transformed it into a cornerstone of China's oilseed market, providing essential risk management and price discovery functions [1][4][19] - The futures market has evolved alongside China's economic growth and structural adjustments, reflecting a shift from exploration to maturity in the domestic futures market [1][19] Market Capacity - Since its launch, the average daily trading volume of soybean oil futures has increased from 43,100 contracts in 2006 to 445,000 contracts in 2025, while the average open interest has risen from 24,200 contracts to 844,400 contracts [4] - By the end of 2025, there will be 33 delivery warehouses for soybean oil futures, ensuring broad coverage and sufficient delivery capacity across various regions [4] Industry Participation - Over 90% of large and medium-sized soybean crushing enterprises in China utilize soybean oil futures for hedging, with more than 90% of sales using a pricing model based on the futures price plus a premium or discount [4] - By the end of 2025, the proportion of industry clients holding positions in soybean oil futures is expected to reach 52% [4] Industry Transformation - The soybean crushing industry has seen rapid growth, with production capacity exceeding 180 million tons, making China the largest producer and consumer of soybean oil globally [7] - The market has shifted from reliance on foreign oil to a more balanced structure among state-owned, private, and foreign enterprises since 2018 [6][7] Risk Management - Soybean oil futures have become a critical tool for enterprises to manage price risks, with significant price fluctuations observed in recent years [8] - Companies like Jianghai Grain and Oil Group have successfully integrated futures into their operations, enhancing their risk management capabilities and overall business performance [9][10] Pricing Mechanism - The introduction of basis trading has redefined pricing and cooperation models in the industry, moving from fixed pricing to a more flexible model based on futures prices plus basis [11][12] - The maturity of the soybean oil futures market has provided a reliable price benchmark, enhancing the efficiency and risk management capabilities of the entire industry [12][19] Internationalization - The soybean oil futures market has opened up to foreign investors, enhancing its international pricing influence and allowing for better risk management across markets [14][15][16] - The integration of domestic prices with international markets has improved the responsiveness of Chinese prices to global supply and demand changes [15][16] Lessons Learned - The success of soybean oil futures illustrates the importance of being rooted in the underlying industry and addressing real risk management needs [17][18] - A collaborative approach among regulatory bodies, exchanges, and industry participants has been crucial for the development of a mature futures market [17][18]

多氟多新材料股份有限公司于2026年1月9日召开董事会，审议通过开展2026年度套期保值业务的议案。 公司拟开展碳酸锂商品期货套期保值业务，交易保证金和权利金上限不超过1亿元，最高合约价值不超8 亿元；同时开展外汇套期保值业务，任一交易日持有的最高合约价值不超5000万美元。业务期限为董事 会审议通过之日起十二个月内，资金来源为自有及自筹资金。公司已制定相关管理制度，配备专业人 员，采取多项风险控制措施，确保业务合规审慎开展。 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。 来源【交易信息汇总】：1月9日主力资金净流出1.95亿元，散户资金净流入1.53亿元。 来源【公司公告汇总】：多氟多拟开展2026年度套期保值业务，商品期货交易保证金上限不超过1 亿元，外汇套期保值最高合约价值不超5000万美元。 公司公告汇总第八届董事会第二次会议决议公告 多氟多新材料股份有限公司于2026年1月9日召开第八届董事会第二次会议，审议通过《关于开展2026年 度套期保值业务的议案》，表决结果为9票赞成，0票反对，0票弃权。会议通知于2025年12 ...

Core Viewpoint - The launch of live pig futures in China has significantly contributed to the stability and development of the pig farming industry over the past five years, providing essential tools for risk management and price stabilization [1][3]. Group 1: Market Performance - In 2021, the average daily trading volume of live pig futures was 25,000 contracts, with an average open interest of 60,000 contracts. By 2025, the total trading volume reached 17.993 million contracts, with an average daily trading volume of 74,000 contracts and an average open interest of 213,000 contracts, indicating a steady increase in market liquidity [3]. - Since the launch of live pig futures, over 3,000 industry enterprises have participated in trading, with 24 out of 32 major pig farming companies engaging in futures trading or delivery [3]. Group 2: Industry Adaptation - The pig farming industry has been adjusting its structure since 2021, focusing on scale and efficiency improvements, with cost reduction and efficiency enhancement becoming industry consensus [3]. - Companies like Sichuan Dekang Agricultural and Animal Husbandry Food Group have integrated futures trading into their regular operations, using it to lock in profits and as a reference for pricing in various stages of production [3][5]. Group 3: Risk Management - Small and medium-sized farmers are utilizing "insurance + futures" strategies to stabilize feed costs and pig selling prices, allowing them to expand production while managing price risks [5]. - The Dalian Commodity Exchange has supported 774 "insurance + futures" projects, covering over 15.4 million pigs and providing compensation of 748 million yuan to 28,700 farming households [5]. Group 4: Market Development - The development of live pig futures has led to innovative pricing and sales services, with companies like Zhongji Trading providing forward contracts based on futures prices to help farmers secure sales [7]. - The five years of live pig futures have demonstrated the market's ability to provide price discovery and stabilize supply-demand dynamics, reducing the volatility associated with production adjustments [7][8]. Group 5: Future Outlook - The Dalian Commodity Exchange is continuously improving the futures contract by adjusting delivery quality standards and introducing options to enhance risk management tools [8]. - Industry stakeholders express confidence that a more resilient and efficient live pig futures market will continue to support the growth of the pig farming industry [8].

2026年01月11日 国泰君安期货研究周报 观点与策略 | 镍：产业与二级资金博弈，宽幅震荡运行 | 2 | | --- | --- | | 不锈钢：镍铁抬升震荡重心，盘面博弈印尼政策 | 2 | | 工业硅：关注下游减产情况 | 12 | | 多晶硅：情绪端或有提振 | 12 | | 碳酸锂：抢出口预期支撑锂价，电芯提涨或成终端隐忧 | 21 | | 棕榈油：关注MPOB报告利空落地情况 | 29 | | 豆油：美豆动能有限，关注国内现货发酵 | 29 | | 豆粕：等待USDA报告指引 | 35 | | 豆一：关注USDA报告、抛储 | 35 | | 玉米：震荡偏强 | 41 | | 白糖：区间整理 | 47 | | 棉花：暂无新驱动，期价回调20260111 | 54 | | 生猪：累库确认，短期仍未见释放驱动 | 61 | | 花生：震荡运行 | 67 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 1 月 11 日 镍：产业与二级资金博弈，宽幅震荡运行 不锈钢：镍铁抬升震荡重心，盘面博弈印尼政策 张再宇 投资咨询从业资格号：Z0 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002407 证券简称：多氟多 公告编号：2026-002 多氟多新材料股份有限公司 第八届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，不存在虚假记载、误导性陈述或者重 大遗漏。 一、董事会会议召开情况 多氟多新材料股份有限公司（以下简称"公司"）第八届董事会第二次会议通知于2025年12月30日通过微 信、电子邮件等方式向各董事发出，会议于2026年1月9日上午9：00在焦作市中站区焦克路公司科技大 厦五楼会议室以现场和通讯相结合方式召开。本次会议应出席董事9人，亲自出席本次会议的董事共计9 人，会议由董事长李云峰先生主持，部分高级管理人员列席会议。会议的召开符合《公司章程》规定的 程序，并达到了《公司法》及《公司章程》规定的召开董事会会议的法定表决权数。 二、董事会会议审议情况 会议以投票表决的方式，审议通过了以下议案： 《关于开展2026年度套期保值业务的议案》 表决结果：9票赞成，0票反对，0票弃权。 详见2026年1月10日公司刊登于《证券时报》《上海证券报》和巨潮资讯网（http://www.cni ...

Core Viewpoint - Traditional industry listed companies are increasingly focusing on hedging activities to stabilize their operations amid market uncertainties [1][2][3] Group 1: Company Announcements - Shandong Steel announced plans to expand its hedging activities to include zinc, aiming to mitigate price volatility risks in the zinc spot market and stabilize raw material procurement costs [1] - Nanshan Aluminum revealed that its export orders are priced based on "London aluminum price + processing fee," indicating that fluctuations in both aluminum prices and exchange rates will directly impact profit stability [2] - Other companies, including Sichuan Development Longmang Co., Ltd. and Dalian Dali Kaipu Technology Co., Ltd., have also issued similar announcements regarding hedging for various commodities [2] Group 2: Industry Trends - The shift towards hedging reflects a deeper transformation in corporate management philosophy, moving from scale expansion to refined financial management and risk hedging to ensure stable profitability [2] - Hedging is seen as a critical tool for companies to build competitive advantages, allowing them to focus on technology upgrades and market share after stabilizing costs and prices [2][3] - Companies are advised to use hedging tools strictly for risk management rather than speculation, emphasizing the importance of aligning hedging activities with operational needs [3]