Core Insights - The Dalian Commodity Exchange (DCE) has adapted its training programs to meet the specific needs of various industries, focusing on practical applications of futures and options in risk management [1][2][6] - Customized training has become a key feature, allowing companies to request specific content that addresses their unique challenges and operational contexts [2][5] - The DCE has expanded its training reach significantly, serving over 5,000 enterprises in 2024, with a focus on tailored, one-on-one training sessions for large companies [3][4] Customization of Content - DCE has shifted from a standard training menu to a more tailored approach, incorporating specific case studies and examples relevant to the participants' procurement cycles [2][5] - Feedback from companies has led to the inclusion of topics such as hedging accounting and delivery rules for iron ore, enhancing the relevance of the training [2][3] - The training now covers a broader range of topics, including basis trading and regulatory policies, addressing the multifaceted needs of the industry [2][6] Diversification of Training Methods - The DCE has moved away from large group lectures to more personalized training formats, allowing companies to "order" specific content based on their needs [2][3] - This shift has resulted in a more engaging and effective learning environment, with participants reporting improved training outcomes [3][4] Expansion of Collaboration - The DCE has developed a collaborative training ecosystem, partnering with various stakeholders, including financial institutions, industry associations, and local governments [5][6] - This collaborative approach has enhanced the quality and effectiveness of training programs, creating a network that supports industry-wide knowledge sharing [5][6] Focus on Practical Application - The DCE's training programs have evolved from merely delivering knowledge to fostering practical skills and capabilities among participants [6] - The emphasis is now on addressing real-world challenges faced by enterprises, with training designed to enhance operational capabilities and risk management strategies [6] - The growth in the number of industry clients and their trading volumes indicates the effectiveness of these training initiatives [6]

第二条 本制度所称"套期保值业务"是指：把期货市场当作转移价格风险的 场所，利用期货及其衍生品作为将来在现货市场上买卖商品的临时替代物，对其 现在买进准备以后售出商品或对将来需要买进商品的价格进行保险的交易活动。 第三条 本制度适用于公司及公司全资子公司、控股子公司（以下统称"子公 司"）的套期保值业务。未经公司同意，子公司不得操作该类业务。 安徽鑫铂铝业股份有限公司 套期保值业务管理制度 第一章 总则 第一条 为规范安徽鑫铂铝业股份有限公司（以下简称"公司"）套期保值业 务管理，有效防范和控制交易风险，依据商品交易所有关期货交易规则、深圳证 券交易所《中小企业板上市公司规范运作指引》，结合公司的实际经营情况，特制 定本制度。 （二）公司从事套期保值业务，使用的工具为期货及其衍生品。 （三）公司进行套期保值业务，在期货及衍生品市场建立的头寸原则上与 公司一定时间段内现货需求数量相匹配。 （四）期货及其衍生品持仓时间应与现货保值时间相匹配，签订现货合同后 ，相应的期货及其衍生品头寸持有时间原则上不得超过现货合同规定的时间或该 合同实际执行的时间。 （五）公司应当以自己的名义设立套期保值交易账户，不得使用他人账户 ...

Financial Data and Key Metrics Changes - In Q2 2025, adjusted EBITDA was $61.1 million, adjusted net income was $18.4 million, and GAAP net income was $24.7 million, all including the impact of a legal settlement [12][13] - Cash capital expenditures (CapEx) for the quarter were $35.7 million, primarily organic, funded within operating cash flows, with excess cash used to reduce debt [13] - Total debt decreased to $106 million, resulting in a net debt to adjusted annualized EBITDA ratio of 0.4 times [13] Business Line Data and Key Metrics Changes - Production averaged just under 19,000 barrels of oil equivalent (BOE) per day in Q2, a 27% increase from Q1, bringing year-to-date production to just under 17,000 BOE per day [9][12] - The company has 23 net wells in its development pipeline, with 7.9 net wells either drilling or completing and 15.1 net locations permitted for development [9] Market Data and Key Metrics Changes - Approximately 71% of remaining 2025 oil production is hedged at a weighted average price of $69.83 per barrel, with nearly half of the remaining natural gas production hedged with collars at a weighted average floor of $3.73 and ceiling of $5.85 per MMBtu [10][11] - For 2026, over 3,300 barrels per day and 12,700 MMBtu per day of production are hedged at $66.43 per barrel and through a costless collar of $3.72 by $4.99 per MMBtu [11] Company Strategy and Development Direction - The company is focused on selective capital investment while generating excess free cash flow to reduce debt, with a strategy that includes organic drilling and potential acquisitions that meet strict return hurdles [6][7] - The Board declared a third-quarter dividend at an annual rate of $2.25 per share, indicating a commitment to maintaining shareholder returns [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to perform in a subdued oil price market while being prepared for price increases [5] - The company maintained its annual production guidance for 2025 in the range of 15,000 to 17,000 BOE per day, anticipating an oil cut of 64% to 68% [14] Other Important Information - A one-time cash payment of $24 million was received from a legal settlement, recorded as revenue and to offset litigation costs [10] - The company has seen improved general and administrative (G&A) costs, with expectations for further declines as production scales up [35] Q&A Session Summary Question: Production expectations for the remainder of the year - Management maintained guidance, noting strong Q2 performance but some wells were turned down sooner than expected, leading to cautious optimism for the second half [18][20][22] Question: Update on acquisition pipeline - Management indicated robust activity in organic development but noted that no acquisitions have met their return hurdles yet, remaining optimistic about future opportunities [23][25] Question: Chances of hitting the low end of guidance - Management stated minimal chances of hitting the low end of guidance, emphasizing strong momentum going into the second half [29][30][31] Question: Cost structure and G&A run rate - Management acknowledged increased LOE costs due to operational adjustments post-acquisition and projected a decline in G&A costs as production scales up [32][34][35] Question: Implications of taking gas in kind - Management expects better terms under new gas contracts compared to historical costs, projecting improvements in cash flow [36][37] Question: Activity levels post-Chevron acquisition of Hess - Management speculated that Chevron's acquisition could lead to increased activity in the Bakken, based on their previous performance in other regions [44][45] Question: Opportunities in Bakken - Management highlighted ongoing improvements in capital efficiency and production capabilities in the Bakken, indicating a positive outlook for future operations [46][47]

Summary of the Soda Ash Industry Conference Call Industry Overview - The soda ash industry is currently experiencing a weak fundamental environment, characterized by low valuations, high inventory, high supply, and weak downstream demand since entering a bear market in 2024 [1][3] - The industry is expected to see a continuous increase in new capacity in 2025, with significant additions planned for the second half of the year [1] Key Points on Supply and Demand - Demand for float glass and photovoltaic glass has decreased, with daily melting capacity for float glass dropping from 170,000 tons to 159,000 tons and photovoltaic glass from 115,000 tons to 87,000 tons [5] - The soda ash industry is projected to see a decline in demand by 500,000 tons in 2025 [1] - Current upstream inventory is approximately 1.8 million tons, while downstream glass factories have inventory levels of about 23-28 days [6] - Without policy disruptions, supply is expected to increase by 400,000 tons while demand decreases by 500,000 tons in 2025 [7] Price Expectations - The expected price range for soda ash in the second half of 2025 is between 1,100 to 1,300 RMB in the spot market, with futures prices ranging from 1,100 to 1,400 RMB [8] - If favorable policies exceed expectations, prices could reach 1,150 to 1,500 RMB [8] - Current light soda ash prices are around 1,250 RMB, with significant losses across the industry, although some low-cost producers remain profitable due to reduced production costs [10][12] Profitability and Cost Structure - The industry is facing substantial losses, with production costs averaging 300 RMB lower due to declining raw material prices [10] - Low-cost producers such as Yuanxing Chemical and Su Salt are still profitable, with production costs below 1,100 RMB [12] - The overall industry is experiencing a cash flow impact, but many companies are managing to maintain operations despite losses [13] Future Capacity Changes - By the end of 2026, the soda ash industry is expected to add approximately 3 million tons of new capacity, with several projects already in the pipeline [17] - While some high-cost facilities may exit the market, the overall new capacity is expected to exceed the amount being phased out [18] Market Strategies for Investors - Investors are advised to consider participating in rebound opportunities and to explore arbitrage between soda ash and glass [31] - A volatility strategy may be beneficial, especially during periods of high implied volatility, which has recently reached over 80% [31][32] Conclusion - The soda ash industry is currently in a challenging phase with significant supply and demand imbalances, leading to price volatility and profitability concerns. Investors should remain cautious and consider strategic approaches to navigate the market effectively.

广东作为国内重要的油脂油料市场，油脂品种丰富、市场规模大，同时，广东也是国内主要的饲料及水 产养殖产地，因此形成了具有集群效应的油脂油料产业链。不过，在供应压力下，油脂行业产能利用率 逐年下降，管理压榨利润风险对于油脂油料企业来说至关重要。面对全球供应链重塑与市场波动加剧的 双重挑战，一场关乎"油瓶子"安全的产业升级正在这里展开。 产能持续扩张行业产能利用率下行 据了解，广东地区形成粮油加工产业集群，主要依托三大地域优势。"首先，广东作为国内第二大饲料 原料消费市场，饲料年产量持续位居全国前列，其中水产饲料产量更居全国首位，这使得广东的菜粕等 原料的核心需求量成为全国之最；其次，区域内物流体系高度发达，港口码头的中转能力和运输效率显 著优于其他地区，为原料进口及成品流通提供了关键支撑；最后，产业链下游龙头企业如海大集团、温 氏股份等均在广东集中布局，形成了紧密协同的产业生态。"东莞市富之源饲料蛋白开发有限公司（下 称东莞富之源）总经理范振宇告诉期货日报记者，基于庞大的市场容量、高效的物流基础设施以及完善 的产业链配套，广东地区已成为粮油压榨行业规模化发展的战略要地。 当前，国产菜籽的崛起正悄然改变产业格局。近 ...

广东和胜工业铝材股份有限公司 期货及衍生品交易管理制度 广东和胜工业铝材股份有限公司 第一章 总则 第一条 为了规范广东和胜工业铝材股份有限公司（以下简称"公司"或 "上市公司"）的期货及衍生品交易业务，加强对期货及衍生品交易业务的管理, 防范期货及衍生品交易风险，确保公司资产安全，根据《中华人民共和国证券法》、 《上市公司信息披露管理办法》、 《深圳证券交易所股票上市规则》及《深圳证券 交易所上市公司自律监管指引第 7 号-交易与关联交易》等法律、法规、规范性 文件和《广东和胜工业铝材股份有限公司章程》（以下简称"公司章程"）的相 关规定，结合公司的实际情况，制定本制度。 第二条 公司进行期货及衍生品交易业务应当严格按照本制度的决策程序、 报告制度和监控措施履行，并根据公司的风险承受能力确定投资规模。 第三条 公司控股子公司进行期货及衍生品交易业务的，视同上市公司的行 为，适用本制度规定。 第四条 本制度所述期货交易是指公司以期货合约或者标准化期权合约为交 易标的交易活动。公司进行期货业务只能以规避生产经营中的商品价格风险为目 的，不得进行以投机为目的的交易。 本制度所述衍生品交易是指期货交易以外的，以互换 ...

Group 1 - The article discusses the unprecedented price volatility challenges faced by enterprises in the context of global economic restructuring and macro policy adjustments, emphasizing the importance of using futures tools as a "buffer" for survival [1] - Despite an increasing number of enterprises utilizing futures tools for risk management, issues such as a shortage of professional talent, cash flow pressure, and mismatches with non-standard products hinder effective hedging [1][2] - The general manager of Jinrui Futures, Hou Xinqiang, highlights the company's comprehensive service system aimed at helping enterprises navigate through cycles, including institutional development, talent training, and innovation in over-the-counter derivatives [1][4] Group 2 - The article outlines the macroeconomic factors impacting the commodity market, including U.S. tariff dynamics, global interest rate cuts, and liquidity changes, which create both opportunities and challenges for enterprises [2] - Enterprises, particularly in the non-ferrous metal processing sector, are facing declining processing fees and must optimize processes and explore new markets to cope with these challenges [2][3] - Hou Xinqiang identifies four main difficulties enterprises face when using futures tools for hedging: lack of specialized personnel, cash flow constraints during price fluctuations, negative processing profits in a competitive environment, and mismatches between hedging targets and futures products [3] Group 3 - Jinrui Futures has implemented several practices to meet the needs of enterprises, especially small and medium-sized enterprises, including providing hedging system construction and talent training [4] - The company offers tailored hedging advice based on the specific operational circumstances of enterprises and provides services such as over-the-counter hedging and flexible pricing [4] - Jinrui Futures organizes industry salons to facilitate communication between upstream and downstream enterprises and institutional investors, aiding in the formulation of hedging and operational strategies [4] Group 4 - The article notes that the futures market still faces challenges in serving the real economy, including significant industry head effects and insufficient international service capabilities [5] - There is a need for futures companies to innovate and respond to the demands of emerging industries, as well as to address the contradiction between product homogeneity and personalized demand when serving small and medium-sized enterprises [5] - Recommendations for futures companies include focusing on niche markets to create differentiated services, enhancing talent development, and improving international service capabilities [5] Group 5 - Many enterprises still perceive the futures market as high-risk, which leads to missed opportunities for utilizing risk management tools [6] - Jinrui Futures aims to shift the perception of futures knowledge from a one-way warning to a value discovery approach through layered education and integration of industry and finance [6][7] - The company collaborates with various enterprises to establish production and finance bases and conducts training sessions to enhance understanding of futures tools and their application in risk management [7]

Core Viewpoint - The article discusses the challenges and opportunities faced by enterprises in managing price volatility through futures tools amid a reshaping global economic landscape and macro policy adjustments [1][2]. Group 1: Challenges in Risk Management - Enterprises are increasingly using futures tools for risk management, but face issues such as a shortage of professional talent, cash flow pressure, and difficulties in matching non-standard products [1][2]. - Four main difficulties in utilizing futures for hedging are identified: lack of specialized personnel, cash flow constraints leading to forced liquidation, negative processing profits in a competitive environment, and mismatches between hedging targets and futures products [2][3][4]. Group 2: Futures Market Opportunities - The macroeconomic events this year, including U.S. tariff dynamics and global interest rate cuts, have significantly impacted commodity markets, creating both challenges and opportunities for enterprises [1][2]. - Companies are leveraging the price discovery function of the futures market to manage costs and stabilize project returns, thereby enhancing their resilience and growth potential [2][3]. Group 3: Service Innovations by Jinrui Futures - Jinrui Futures is developing a comprehensive service system to support enterprises, particularly small and medium-sized ones, through institutional development, talent training, and innovative off-market derivatives [1][3]. - The company has created a layered education system and collaborative models to shift industry perceptions from viewing futures as high-risk to recognizing their value [1][6]. Group 4: Industry Challenges and Recommendations - The futures market faces challenges in effectively serving the real economy, including resource allocation imbalances and insufficient international service capabilities [3][4]. - Recommendations for futures companies include focusing on niche markets, building specialized service teams, and enhancing international service capabilities to better meet industry needs [4][5]. Group 5: Educational Initiatives - There is a need for improved investor education to address the "high-risk" perception of the futures market, with Jinrui Futures promoting knowledge dissemination through various educational initiatives [6][7]. - The company emphasizes the importance of collaboration across the industry to enhance understanding and utilization of futures tools among enterprises [6][7].

Core Viewpoint - The document outlines the futures and derivatives trading management system of Beiqi Foton Motor Co., Ltd, emphasizing risk control and compliance with relevant regulations [1][12]. Group 1: General Principles - The trading activities must adhere to principles of legality, prudence, and effectiveness, focusing on risk management rather than speculation [1][3]. - The company is prohibited from using raised funds for futures and derivatives trading [1][3]. - Trading activities should align with the company's actual business operations and financial capabilities [1][3]. Group 2: Hedging Activities - Hedging activities are defined as transactions aimed at managing specific risks such as foreign exchange, price, interest rate, and credit risks [3][4]. - The types of hedging transactions include selling existing inventory, hedging fixed-price contracts, hedging floating-price contracts, and hedging anticipated purchases or sales [3][4]. Group 3: Management Structure - The company has established specialized institutions and personnel for investment decision-making, business operations, and risk control related to futures and derivatives [6][10]. - The finance department is responsible for managing the trading activities, including the formulation of detailed rules and reporting to the management [6][10]. Group 4: Approval and Reporting Procedures - Trading plans must include feasibility analysis, market conditions, and risk assessments, and must be submitted for board approval [8][9]. - Significant transactions, such as those exceeding 50% of the latest audited net profit, require shareholder approval [9][10]. Group 5: Internal Control and Risk Management - The company enforces strict separation of duties among trading, finance, and risk control personnel to ensure effective internal controls [10][11]. - Regular tracking of market prices and risk exposure is mandated, with timely reporting to management and the board [11][12].

Core Viewpoint - The company held its 37th meeting of the 10th Board of Directors, where several key resolutions were passed regarding hedging activities, management system revisions, and fund extensions [1][2][3][4] Group 1: Hedging Business and Related Transactions - The company’s subsidiary plans to engage in hedging activities using its own funds through Hongye Futures, with a maximum margin and premium usage not exceeding 4% of the latest audited net assets attributable to shareholders [1][2] - The resolution for the subsidiary's hedging activities was approved with 4 votes in favor, 0 against, and 2 abstentions from related directors [2] Group 2: Management System and Fund Extensions - The Board approved the revision of the "Hedging Business Management System," with 6 votes in favor and no opposition [2] - The Board agreed to extend the duration of the Shanghai Sailin Huihong Equity Investment Fund for three years without charging management fees [3] Group 3: Asset Optimization - The company’s subsidiary, Suhao Zhongjin, will publicly transfer 20% of its partnership interest in Shenzhen Yulan De Equity Investment Fund at an assessed value of 0, with a transfer price of 1 yuan [3][4] - The transfer is expected to have no significant impact on the financial status or operations of the company and its subsidiaries [4] Group 4: Shareholder Meeting - The Board approved the convening of the 2025 First Extraordinary General Meeting of Shareholders [4]