Group 1 - The stock price of Feima International (002210) closed at 4.24 yuan on November 14, 2025, down 3.2%, with a turnover rate of 6.63% and a trading volume of 1.7616 million shares, amounting to a transaction value of 760 million yuan [1] - On November 14, 2025, the net outflow of main funds was 84.9962 million yuan, while retail investors showed positive activity with a net inflow of 77.9315 million yuan [2][4] Group 2 - The third extraordinary general meeting of shareholders for Feima International was held on November 13, 2025, with 1,443 shareholders present, representing 830,231,545 shares, which is 31.1973% of the total voting shares [3] - The meeting approved three resolutions: the election of a non-independent director, the initiation of futures hedging business, and the establishment of related management systems, all deemed legally valid by Guangdong Jingde Law Firm [2][3][4]

编者按：为了展示机构在服务实体经济、促进产创融合方面的成果，推动形成"金融赋能创新、创新驱 动产业"的良性循环，期货日报推出"期货赋能产业创新"优秀投教案例系列报道，助力期货行业在深化 工具应用、支持产业升级中实现高质量发展。 华东一家碳酸锂湿法回收企业的负责人去年没睡过几个安稳觉。2024年，新能源汽车产业狂飙突进，但 作为关键原料的碳酸锂的价格却大幅波动，让这位在行业耕耘多年的"老将"感到心力交瘁。"原料采购 和成品销售两端受压，价格波动直接吞噬我们本就微薄的利润。"他坦言，在接触期货工具之前，企业 面对市场风险几乎是在"裸奔"。 数百公里之外，一家刚刚中标国家电网项目的电缆企业同样面临抉择。2024年年初，铝价处于高位，若 按传统模式在现货市场采购，高达70%的原材料成本占比将把项目利润侵蚀殆尽。如何保证供货并控制 成本，成为横亘在企业面前的一道难题。 这些看似孤立的困境，实则折射出制造业面临的共同挑战。而在不确定性成为新常态的今天，期货公司 正通过创新金融工具，为实体企业装上应对市场波动的"稳压器"。 精准套保：为新能源产业链系上"安全带" 该方案通过累购期权结构，巧妙地在锁定采购成本上限的同时，保留 ...

华东一家碳酸锂湿法回收A企业的负责人去年没睡过几个安稳觉。2024年，新能源汽车产业狂飙突进， 但作为关键原料的碳酸锂的价格却如坐过山车一样，让这位在行业耕耘多年的"老将"感到心力交 瘁。"原料采购和成品销售两端受压，价格波动直接吞噬我们本就微薄的利润。"他坦言，在接触期货工 具之前，企业面对市场风险几乎是在"裸奔"。 这些看似孤立的困境，实则折射出中国制造业面临的共同挑战。而在不确定性成为新常态的今天，期货 公司正通过创新金融工具，为实体企业装上应对市场波动的"稳压器"。 精准套保： 为新能源产业链系上"安全带" 面对碳酸锂价格的宽幅震荡，南华期货为A企业量身定制了套期保值体系。通过系统培训，企业不仅理 解了套保原理，而且学会了运用"熔断增强累沽期权"等复杂工具。 在2024年11月的实操中，A企业通过场外期权策略，以30吨初始套保量实现了82490元/吨的开仓均价， 相比直接期货做空实现了490元/吨的"高卖"效果。南华期货提供的专业培训，还帮助企业搭建起内部套 保制度和业务流程，让风险管理从临时应对转变为系统运作。 "实体经济面临多种风险，期货市场套期保值功能是重要的风险管理方式。"南华期货项目负责人介 ...

Core Viewpoint - The article highlights the transformation of Chongqing Ge Pai Electric Wire and Cable Co., Ltd. into a model of risk management and innovation in the traditional cable industry, leveraging futures markets to navigate price volatility and enhance operational resilience [1][12]. Company History and Transformation - Founded in 1956, Ge Pai was the first producer of electric wires and cables in Chongqing, playing a crucial role in national infrastructure during the planned economy era [2]. - The company faced severe challenges in the late 1990s, leading to a restructuring in 2001 that shifted its focus to the booming real estate market and introduced a quality-centric brand strategy [2][3]. Market Adaptation and Technological Advancements - Ge Pai has successfully transitioned from a consumer-focused (C-end) business model to a project-oriented (B-end) approach, targeting sectors like power, railways, and special equipment [4]. - The company has implemented a digital transformation, achieving a 60% increase in automation and an 18% improvement in labor efficiency through the establishment of a "digital workshop" [4][5]. Risk Management through Futures - Copper, which constitutes over 70% of production costs, has been subject to significant price fluctuations, prompting Ge Pai to adopt futures trading as a risk management strategy [7][8]. - The company established a dedicated futures trading team in 2018, enhancing its understanding and application of futures tools to stabilize operations and mitigate risks associated with raw material price volatility [9][10]. Collaborative Ecosystem and Future Outlook - Ge Pai promotes a collaborative approach with upstream and downstream partners, sharing risks and benefits through long-term contracts and joint hedging strategies [11]. - Looking ahead, the company aims to leverage futures as a strategic "risk shield" while focusing on high-quality development in line with national initiatives in new energy and smart grid sectors [12][13].

Core Viewpoint - The transformation of Chongqing Ge Pai Electric Wire and Cable Co., Ltd. (Ge Pai) showcases how traditional manufacturing can leverage innovation and futures markets to manage risks and achieve sustainable growth in a volatile environment [1][12]. Company History and Transformation - Founded in 1956, Ge Pai was the first producer of electric wires and cables in Chongqing, playing a crucial role in national infrastructure during the planned economy era [2]. - The company faced severe challenges in the late 1990s, leading to a restructuring in 2001 that pivoted towards the booming real estate market and introduced a focus on quality and differentiation [2][3]. Market Position and Brand Recognition - By 2010, Ge Pai was recognized as a "Chinese Famous Trademark," and by 2015, it was designated as a "National Industrial Brand Cultivation Demonstration Enterprise," reflecting its improved market reputation and product quality [3]. Technological Advancements and Market Expansion - In response to market challenges post-2020, Ge Pai initiated a dual transformation strategy targeting both consumer (C-end) and engineering (B-end) markets, significantly increasing its sales from major clients [4]. - The company has embraced digital transformation, achieving a 60% increase in automation and an 18% rise in per capita efficiency through the establishment of a "digital workshop" [4]. Risk Management through Futures - Ge Pai has integrated futures trading into its risk management strategy, recognizing that copper, which constitutes over 70% of production costs, is subject to significant price volatility [6][8]. - The company established a dedicated futures trading team in 2018 to enhance its understanding and application of futures tools, leading to a structured hedging system [8][9]. Collaborative Ecosystem and Industry Impact - Ge Pai promotes a collaborative approach in the industry, encouraging upstream and downstream partners to engage in futures markets for mutual risk management and profit sharing [10][11]. - The company aims to build a "Chongqing Intelligent Manufacturing" ecosystem, contributing to the regional economic development while enhancing its own operational capabilities [5][11]. Future Outlook - Ge Pai is focused on high-quality development in line with national initiatives, particularly in the new energy and smart grid sectors, positioning itself for future growth opportunities [11][12]. - The company aims to leverage futures as a strategic "risk protection shield" to stabilize procurement costs and support research and expansion efforts [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Polypropylene is in a phase of downward oscillation, and the price center is expected to decline in the later stage. The PP market is facing supply pressure due to new capacity coming online during the production capacity expansion period and high existing production loads. Although demand has entered the peak season, it fails to meet expectations and is unable to absorb the high output. As a result, the price of polypropylene may continue to move downward [7]. - The price of polypropylene continued to fall this week, with the PP01 contract dropping below 6,500 yuan/ton. The domestic commodity market sentiment has weakened again, putting pressure on commodity prices. The fundamentals of polyolefins have not changed significantly, with supply at a high level and demand in the peak season but lacking sufficient support [9]. 3. Summary According to the Directory 3.1 Basis and Spread - **Basis**: The spot price of plastic standard products has also declined significantly, with the basis strengthening slightly. The East China basis strengthened by 20 to around -100 yuan/ton, the North China basis strengthened by 10 to around -170 yuan/ton, and the South China basis strengthened by 30 to around -100 yuan/ton. The non - standard basis of plastics has a stronger trend than the standard basis [18][19]. - **Regional and Non - standard Spread**: The North China - East China regional spread has fallen to a low level, and the South China - East China regional spread has oscillated. Among the non - standard spreads, the injection molding - drawing spread and the low - melt copolymer - drawing spread have both strengthened, indicating that non - standard products are relatively firm [33][34]. - **Disk Spread**: The 1 - 5 monthly spread has further declined to around -110, at a low level over the years. The L - PP01 spread has remained above 300, and the PP - 701 spread is at a high level, suggesting greater supply pressure for PP. The methanol market pattern is weak, with high imports leading to a record - high port inventory, and the methanol price has continued to decline [52]. 3.2 Domestic Production - end Profits and Supply - **Production Profits**: This week, the oil price has slightly oscillated downward to around $63.5 per barrel (Brent). The oil - based production end profit is at a relatively good level in recent years. In the medium to long term, the supply in North Asia from the Middle East and the United States is expected to increase, putting pressure on the PDH - based PP price, but the PDH - based profit has improved month - on - month. The power coal price has continued to rise, the CTO profit has deteriorated but remains at a high level, and the inland MTO profit has deteriorated under pressure [68]. - **Domestic Production Volume and Load**: In 2025, as of October, the new domestic PP production capacity has totaled 4.155 million tons, with a production capacity growth rate of 9.31%. The planned production capacity for 2025 is 4.905 million tons, and the estimated annual production capacity growth rate is 11%. This week, the PP production volume was 796,500 tons (+7,300 tons), the operating rate was 77.78% (+0.72%), and the supply loss volume was 228,400 tons [99][100][113]. - **Production Scheduling Ratio**: An increase in the drawing production scheduling ratio may indicate that the short - term standard product is stronger than the non - standard product, but the medium - term supply pressure may increase [124]. 3.3 US Dollar Price and Import - Export Profits - **US Dollar Price and Spread**: The prices in Northwest Europe and the Americas have fallen from high levels. The Asian price has continued to be weak. The spread between CFR China and the overseas market has rebounded [135]. - **Import - Export Profits**: Currently, overseas demand is weak, and inquiries are limited. With the increase in shipping costs, enterprises have offered discounts on exports to promote transactions. In terms of imports, although China's price is relatively low globally, the weak external demand has led to a decline in the purchasing capacity of overseas buyers, resulting in an increase in goods flowing to China [152]. 3.4 Downstream Profits and Operating Rates - **Downstream Operating Rates**: This week, the overall downstream operating rate was 53.14%, a month - on - month increase of 0.52%. The operating rate of plastic weaving increased by 0.26%, the BOPP operating rate increased by 0.88%, and the operating rate of PP pipes increased by 0.5%. In the future, the demand for terminal products will be slightly supported by the e - commerce festival and the cold weather, but the peak season is coming to an end [155]. 3.5 Inventory - Production enterprise inventories have increased by 48,000 tons to 599,900 tons, with Sinopec and PetroChina inventories increasing by 163,000 tons. Traders' inventories have increased by 15,000 tons, and port inventories have decreased by 700 tons [216].

Core Viewpoint - JinkoSolar plans to increase its futures hedging business margin limit from 660 million RMB to 1.5 billion RMB to mitigate raw material price fluctuations and enhance financial stability [1][2][5] Trading Information Summary - As of November 6, 2025, JinkoSolar's stock closed at 6.27 RMB, up 1.29%, with a turnover rate of 2.25%, trading volume of 2.2558 million shares, and a total transaction value of 1.43 billion RMB [1] - On the same day, the net outflow of main funds was 31.33 million RMB, accounting for 2.19% of the total transaction value, while retail investors saw a net inflow of 49.39 million RMB, representing 3.45% of the total transaction value [1] Company Announcements Summary - JinkoSolar's second supervisory board meeting on November 6, 2025, approved the proposal to increase the futures hedging business margin limit, which is expected to help control operational risks and stabilize operations [1][2] - The company will hold its second extraordinary general meeting on November 17, 2025, to discuss the newly proposed increase in the futures hedging business margin limit, with the record date set for November 11, 2025 [1][2] Futures Hedging Business Analysis - The proposed increase in the futures hedging business margin limit aims to reduce the impact of raw material price volatility on production costs, with a maximum contract value of 10.3 billion RMB expected to be held on any trading day [2][5] - The funding for this increase will come from the company's own funds, and the hedging activities will focus on raw materials relevant to its operations, such as copper, aluminum, silver, tin, and polysilicon [2][5] Fund Management and Regulatory Agreements - JinkoSolar signed a tripartite supervision agreement with its sponsor and three banks on November 6, 2025, to manage newly established special accounts for temporarily supplementing working capital [4] - The agreement outlines responsibilities for fund usage restrictions, periodic reconciliations, large withdrawal notifications, and rights for sponsor representatives to inspect the accounts [4]

Core Viewpoint - JinkoSolar plans to increase its futures hedging margin from 660 million yuan to 1.5 billion yuan to mitigate raw material price volatility risks, with a maximum contract value of 10.3 billion yuan per trading day [1][2] Group 1: Futures Hedging Adjustment - The adjustment of the futures hedging margin is based on the company's operational needs and aims to enhance financial stability and risk resistance [1][2] - The previous margin limit was set at 660 million yuan, approved in December 2024 for the 2025 hedging plan [1] - The increased margin will be used solely for hedging purposes related to core raw materials such as copper, aluminum, silver, tin, and polysilicon [1][2] Group 2: Risk Management and Compliance - The company emphasizes that the hedging activities will focus on risk mitigation and will not involve speculative trading [1][2] - Funding for the hedging activities will come from the company's own funds, and the margin will be available for rolling use until the 2025 annual shareholders' meeting [1][2] - The company has established multiple risk control measures, including revising the futures hedging management system and ensuring compliance through regular audits [2]

Core Points - JinkoSolar announced an increase in the margin limit for its futures hedging business from RMB 660 million to RMB 1.5 billion, excluding physical delivery amounts [2] - The maximum contract value held on any trading day is expected to not exceed RMB 10.3 billion [2] Summary by Category Company Actions - The company held its second board audit committee meeting and approved the proposal to increase the futures hedging business margin limit [2] - The decision reflects the company's strategy to enhance its risk management through increased hedging capabilities [2] Financial Implications - The increase in margin limit indicates a significant expansion in the company's futures trading activities, potentially leading to improved financial stability [2] - The anticipated maximum contract value of RMB 10.3 billion suggests a robust trading strategy aimed at mitigating market volatility [2]

Group 1: Company Projects and Developments - The company is currently advancing several new projects, including the Ganzhou Feinan Industrial Waste Salt Resource Utilization Project, which has received necessary approvals and is under construction [2] - The Guangxi Feinan New Energy Materials Project has obtained land certificates and environmental assessments, with construction underway [2] - The company aims to enhance operational efficiency and profitability through the development of these projects, which will extend the resource utilization product chain [5] Group 2: Financial Performance - In the first three quarters of 2025, the company's total revenue reached CNY 10.707 billion, a year-on-year increase of 17.15% [8] - The net profit attributable to shareholders increased by 10.72%, while the non-recurring net profit decreased by 21.06% due to increased depreciation and amortization expenses from new projects [8] - The investment activities net cash flow was -CNY 415 million, an improvement from -CNY 812 million in the previous year [6] Group 3: Risk Management and Market Conditions - The company engages in futures hedging to manage price risks associated with metal inventories, although this has led to reported losses [3] - Market competition and rising operational costs have impacted profitability despite revenue growth [10] - The company emphasizes the importance of value management and aims to improve operational efficiency to enhance shareholder returns [10] Group 4: Research and Development - R&D expenses increased by 12.6%, focusing on upgrading recycling technologies, although this has not yet translated into significant profit improvements [9] - The company is committed to continuous technological innovation and production process optimization to enhance efficiency and performance [9]