Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks a significant milestone for China's futures market and the recycling metal industry, enhancing risk management and promoting high-quality development in the aluminum sector [1][2]. Group 1: Market Launch Details - The first trading of casting aluminum alloy futures occurred at the Shanghai Futures Exchange, with seven contracts listed at a benchmark price of 18,365 yuan/ton [1]. - On the first trading day, a total of 57,300 contracts were traded, amounting to 11.011 billion yuan, with an open interest of 11,500 contracts [1]. - The main contract, AD2511, closed at 19,190 yuan/ton, reflecting a 4.49% increase [1]. Group 2: Industry Impact - The introduction of casting aluminum alloy futures and options is seen as a key development in integrating finance with the non-ferrous metal industry, enhancing China's international influence in aluminum production [1][2]. - The launch is expected to provide companies with effective risk management tools, addressing previous shortcomings in hedging against price fluctuations in aluminum alloys [2]. - The listing has garnered positive responses from industry players, with several well-known companies actively participating in the trading [2]. Group 3: Role of Intermediaries - Futures companies are positioned to offer comprehensive services, from standardized contracts to customized solutions for risk management in the aluminum industry [3]. - The ability to design personalized products based on standardized contracts will enhance the precision of risk management services for enterprises [3]. - Futures companies can facilitate industry participation in the futures market through simple methods, leveraging their risk management subsidiaries [3].

Core Viewpoint - The launch of casting aluminum alloy futures and options on the Shanghai Futures Exchange marks a significant step in providing comprehensive risk management services for industry chain enterprises, supporting the green, low-carbon, and high-quality development of the aluminum industry [1][2]. Group 1: Market Performance - The first day of trading for casting aluminum alloy futures saw a total of 57,300 contracts traded, with a transaction value of 11.011 billion yuan, and an open interest of 11,500 contracts [1][2]. - The benchmark price for the first batch of contracts was set at 18,365 yuan/ton, with the main contract opening at 19,400 yuan/ton and closing at 19,190 yuan/ton, reflecting an increase of 825 yuan/ton, or 4.49% from the benchmark price [2][3]. - Analysts noted that the overall performance of the casting aluminum alloy futures on the first day met market expectations, with prices rising across the board [2][3]. Group 2: Industry Participation - A total of nine enterprises actively participated in the trading of casting aluminum alloy futures, including Zhejiang Runjie Trade Development Co., Ltd., and others, indicating strong interest from industry players [4]. - The collaboration between companies like Dongzheng Futures and Zhejiang Runjie has been highlighted as crucial in facilitating the successful trading of the first batch of contracts, with a focus on identifying and managing hedging needs [4][5]. - The active participation of industry clients reflects their recognition of the new product, with futures companies providing essential risk management and investment tools to support these enterprises [5].

Summary of the Conference Call for China General Nuclear Power Corporation (CGN) Industry Overview - The conference call primarily discusses the uranium mining industry, focusing on the pricing mechanisms and market dynamics affecting CGN's operations and profitability. Key Points and Arguments 1. **Adjustment of Uranium Pricing Mechanism** CGN has adjusted its natural uranium pricing mechanism by reducing the fixed price proportion by 10% and increasing the SMP (Spot Market Price) proportion. This adjustment aims to respond to commodity market volatility and safeguard the company's profit margins [2][3][4]. 2. **Base Price and Market Conditions** The company has set a high base price (BTM) of $94.22 per pound, significantly above the current market price of approximately $80. This strategy is intended to mitigate risks and prevent potential losses at the operational level due to market fluctuations [2][4]. 3. **Market Volatility and Price Predictions** The uranium market has experienced significant volatility, with prices previously peaking over $100, dropping to around $65, and currently recovering to about $70. CGN anticipates that the spot prices will align more closely with long-term contract prices in the latter half of the year [3][8][9]. 4. **Inflation Considerations in Contract Pricing** To address potential inflationary pressures, CGN has introduced an inflation coefficient of 1.41 in its contract pricing, referencing GDP and ICP data from the U.S. Bureau of Economic Analysis. This mechanism is designed to ensure flexibility in responding to economic changes while maintaining stable interests for both parties involved [2][6]. 5. **Comparison of Price Forecasts from UXC and Trent** CGN prefers the UXC forecasts for future uranium prices due to their detailed analysis and methodology, despite notable differences in predictions between UXC and Trent. UXC's approach is deemed more reliable for long-term planning [5][6]. 6. **Production Guidance and Market Dynamics** The company provided guidance on future production volumes, indicating stable output from Alta Reek and slight declines from Zheshang Securities. The production plans are based on geological assessments of the respective mines [3][7]. 7. **Cost Stability in Kazakhstan** The overall cost structure in Kazakhstan remains stable, with improvements in sulfuric acid issues compared to the previous year. However, labor costs may rise due to inflation, and the MVT tax has increased from 6% to 9% of sales revenue [3][12]. 8. **International Trade Market Observations** The international trade market for uranium is currently in a tight balance, with supply and demand closely matched, contrasting with previous years when supply exceeded demand [10]. 9. **No Significant Changes in International Sales** CGN's international sales operations have remained stable without significant fluctuations in business scale compared to previous years [11]. 10. **Ongoing Legal and Tax Issues** The company is still addressing previous fines and tax disputes, with no significant progress reported. The complexity of these issues is compounded by changes in leadership and tax policies [13]. Additional Important Information - The adjustments in pricing mechanisms and the introduction of inflation coefficients reflect CGN's proactive approach to managing risks associated with market volatility and economic changes. - The company's reliance on detailed market analysis and forecasts from reputable sources underscores its commitment to informed decision-making in a fluctuating industry.

随着LPR（贷款市场报价利率）下调以及银行存款利率普降，三季度普通型人身险产品预定利率上限将大概率调降。在市 场普遍预期LPR年内仍将下调、利率中枢持续下移的背景下，保险业面临的利差损风险不容小觑，加速推进从"利差依赖"向"三 差平衡"转型至关重要。 利率是影响保险业尤其是寿险业经营的关键因素之一。以险资配置为例，债券作为保险资金的核心配置资产，其收益与市 场利率紧密挂钩，利率上行时，新发行债券票面利率同步抬升，保险公司投资收益水涨船高；而在利率下行周期，债券票面利 率持续走低，直接压缩新增投资收益空间。值得注意的是，保险业利率调整往往滞后于市场，这种时间差在利率下行周期容易 放大利差损风险。 在稳定利差方面，险企还需从负债端与资产端双向深入推进转型。负债端需加速产品结构转型，摒弃对"高保证"产品的依 赖，推广"低保证+高浮动"产品。以传统定价模式的增额终身寿险为例，其在一定时期很好满足了消费者的储蓄需求，但在当 前形势下，其成本较高且具有刚性特征，不利于险企灵活应对市场环境变化。险企可引入挂钩国债收益率或LPR的动态定价机 制，将产品收益与市场利率联动，以规避成本锁定风险。资产端则需强化久期管理与多元配置， ...

固定收益丨深度报告 [Table_Title] 2025 年地方债投资一本通（上） 请阅读最后评级说明和重要声明 2 / 27 research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本报告为《地方债投资指南》系列的上篇，主要从一级市场发行特征和二级市场交易特征视角 观察地方债投资价值。近年来，地方债发行节奏月末冲刺现象显著，定价机制逐步市场化，锚 定国债收益率且利率贴近投标下限，但少数地区存在"发飞"现象。银行、保险等配置型机构 主导使其在调整期展现抗跌属性。地方债在利率下行周期中配置价值凸显，区域间浮盈分化明 显，经济发达地区套利空间较小，特殊再融资债及低"发飞"地区浮盈概率较高。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 %% %% %% %% %% %% %% %% research.95579.com 2 [Table_Title2] 2025 年地方债投资一本通（上） [Table_Summary2] 地方债发行节 ...

在当前不确定且非常不乐观的国际政治经济形势下，中欧更需要加深合作，在多边平台上采用更公平的 贸易规则，争取最大化CBAM简化措施的利益，为长期可持续发展奠定基础。 中国和欧盟是重要的经贸合作伙伴，双边经济贸易合作关系持续保持良好的发展态势。其中，"一带一 路"绿色合作在中东欧取得重要进展。但是，近期欧盟推行的碳边境调节机制（CBAM）等绿色低碳政 策将给中欧未来低碳合作带来一定挑战。 欧盟碳边境调节机制的潜在影响 对于欧盟本身而言，一方面欧盟CBAM可能造成部分成员国投入成本上升，对欧盟国家的产出和就业的 影响存在显著差异，可能加剧不平等。尤其是像保加利亚、爱尔兰和希腊这些高度依赖非欧盟国家进口 的国家。另一方面，欧盟内部不平等问题也可能逐渐凸显。部分高度发达的国家，如德国、意大利和西 班牙，可能会受益于CBAM，而新成员国依赖于从非欧盟国家进口钢铁等高碳产品，则面临产出增长限 制。 对中国来说，CBAM的短期作用有限，长期影响较大。欧盟CBAM在初期仅纳入钢铁、铝、水泥、化肥 等行业，而中国出口欧盟产品以钢铁和铝产品为主，化肥、水泥等出口量较小。中国作为全球规模最大 的发展中国家，在未来一段时间内，工业化与 ...

5月19日24时，国内新一轮成品油零售限价调整窗口将开启。多家机构预测，当天国内汽柴油下调幅度 约为230元/吨，迎来年内第五次下跌，多地92号汽油将重回6元/升。 按照现行成品油定价机制，国内成品油调价的主要依据是10个工作日国际原油价格加权平均价跟上一周 期国际原油价格加权平均价对比得出的变化率。如果变化率对应调价金额每吨不足50元，汽、柴油价格 不作调整，未调金额纳入下次调价时累加或冲抵。 本轮计价周期内(4月30日24时-5月19日24时)，国际原油价格呈现跌后反弹走势，前期欧佩克+意外大幅 增产导致市场情绪偏悲观，原油价格下跌，后期随着中美达成贸易协议及中东地缘因素影响，国际油价 震荡上涨。整体来看，本计价周期，国际油价均值环比下滑。 受此影响，国内油价调整参考的原油变化率持续处于负值水平。据卓创资讯测算，截至5月15日收盘， 国内第9个工作日参考原油变化率-5.23%，预计汽柴油下调230元/吨，调价窗口5月19日24时。 "距离调价窗口开启还有1个工作日，本次成品油零售限价下调已是大概率事件。"卓创资讯成品油分析 师曹莹莹表示，按照目前幅度计算，预计5月19日92号汽油跌幅在0.18元/升，0号 ...

价格波动性与市场复杂性呈现螺旋式上升。俄乌冲突导致的天然气价格单日波动超30%，LME镍期货逼 空事件等极端案例，既考验企业的风险承受能力，也为套利交易创造空间。头部贸易商通过建立"波动 率指数矩阵"，将价格异动转化为交易机会，2023年在能源品类实现22%的超额收益。这种市场特性倒 逼企业构建多层次分析体系，某金属贸易商融合卫星遥感数据、港口吞吐量和期货持仓量等300余个指 标，将市场预判准确率提升至75%。 行业竞争要素发生根本转变。传统资源禀赋优势正被数据资产和人才储备所替代，全球大宗交易机构对 量化分析师的需求三年增长170%，顶尖交易团队中机器学习专家占比超过40%。这种转变在农产品领 域尤为显著，ABCD四大粮商通过建立"数字农业生态"，整合土壤传感、气象预测和期货对冲系统，将 种植决策响应时间从季度级缩短至小时级。 二、大宗商品采购管理体系的精益化、数智化重构 传统采购模式正在经历"三级跃迁"。从保证供应的1.0阶段，演进至风险管控和精益采购的2.0阶段，最 终迈向数智化决策赋能的价值创造3.0形态。某生猪养殖企业的转型实践具有示范意义：通过搭建"采购 决策驾驶舱"，整合供需平衡表、成本模型和物 ...

近日市场消息称，某南美头部锂盐厂商因长协价格机制承压，已暂停5月订单发货并启动与下游客户的销售定价方式谈判。受此消息刺激，碳 酸锂期货主力合约日内涨幅超1.6%，市场对短期供应扰动预期升温。 二是传闻智利锂盐生产商正与下游重新谈判销售定价，暂停5月发货计划。 据悉，此次谈判导火索源于4月以来碳酸锂价格快速下探，击穿该厂商长协"地板价"红线，下游采购意愿低迷倒逼定价机制调整。 业内人士分析，目前谈判暂未涉及生产端减量，若厂商采取惜售挺价策略或对锂价形成托底效应；但若最终以变相降价方式达成协议，或引发 原料端价格二次松动，加剧市场悲观情绪。 （来源：SMM新能源、同花顺等） 4月23日，两则消息袭来。 往 期 回 顾 一是特朗普对华态度缓和，承认美对自华进口商品关税过高，提供情绪面利好可能。 当地时间周二（4月22日），特朗普在白宫新闻发布会上表示，对中国商品征收的高额关税将"大幅下降，但不会为零"，美国财政部长贝森特 也在摩根大通的一场活动中表示，中美双方的关税战将很快降温。 点击阅读原文，即可报名参会！ 01 ｜ 重磅！吉利成立全新电池产业集团！ 02 ｜ 鹏辉能源2024营收同增14.83% 03 ｜ 南都 ...

本次发行的保荐人（主承销商）为安信证券股份有限公司（以下简称"安信证 券"、"保荐人（主承销商）"或"主承销商"）。 本次初步询价和网下发行均通过深交所网下发行电子平台（以下简称"网下发行 电子平台"）及中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深 圳分公司"）登记结算平台进行，请网下投资者认真阅读本公告及《网下发行实施细 则》等相关规定。本次网上发行通过深交所交易系统进行，请网上投资者认真阅读本 公告及《网上发行实施细则》等相关规定。 敬请投资者重点关注，主板注册制下的市场化定价机制与核准制下定价机制存在 差异，在高价剔除、"四个值"计算、发行价格确定等环节发生重大变化，请投资者 重点关注本公告"一、（三）剔除最高报价部分情况"、"一、（四）发行价格的确 定"部分。 1 芜湖三联锻造股份有限公司 首次公开发行股票并在主板上市发行公告 保荐人（主承销商）:安信证券股份有限公司 特别提示 芜湖三联锻造股份有限公司（以下简称"三联锻造"、"发行人"或"公司"） 根据中国证券监督管理委员会（以下简称"中国证监会"）《证券发行与承销管理办 法》（证监会令[第 208 号]，以下简称"《管理办法》"）、 ...