Core Viewpoint - The introduction of egg, corn starch, and live pig options on the Dalian Commodity Exchange has provided the related industry chain with refined and flexible risk management tools, enhancing stable production and operation for enterprises [1][7][10]. Group 1: Option Market Performance - The trading volume of egg options has rapidly increased, surpassing 170,000 contracts, with the main option trading volume reaching 65% of the main futures trading volume [7]. - The trading volume of live pig options has grown from 2,700 contracts at the beginning to approximately 13,000 contracts, with the ratio of main option trading volume to main futures trading volume rising from 7% to 45% [7]. - The trading volume of corn starch options has increased from 5,000 contracts to a peak of 45,000 contracts, maintaining a volatility level of 10% to 15%, consistent with the price fluctuation of the spot market [7]. Group 2: Industry Adoption and Strategies - Some industry chain enterprises are actively utilizing options to lock in profits, reduce costs, and enhance returns, demonstrating the unique value of options in volatile markets [8][9]. - Sichuan Lvkex Poultry Industry Co., Ltd. employs strategies such as selling call options to generate income and purchasing corresponding options to hedge against extreme market conditions, ensuring low-risk operations while generating returns [8]. - Zhu Cheng Xingmao Corn Development Co., Ltd. utilizes corn starch options to create various hedging strategies, including selling call options to reduce inventory costs and selling put options to hedge against risks from unexecuted locked-price orders [8]. Group 3: Importance of Options in Risk Management - For many related enterprises, options have become a necessary tool for hedging against uncertainties in the agricultural product market [10]. - The Dalian Commodity Exchange aims to continuously optimize option contract rules and enhance industry client participation through training and promotional activities, fostering a stable and healthy development of the options market [10].

互动问答环节中，投资者围绕"ETF行业轮动策略""期权组合风控技巧"等实务问题与讲师热烈交流。营业部工作人员在现场积极引导，确保互动环节有序进 行，让每位有疑问的投资者都能得到充分解答。 深挖期权市场功能，解析专业化风险管理工具 国海证券武汉分公司总经理瞿冉随后带来《高质量发展的上交所期权市场》主题分享，从市场定位、发展现状及实战应用三个维度展开深度解读。他介绍， 上交所期权市场通过持续优化制度设计与产品供给，已发展成为专业化、规范化的风险管理核心平台。"期权不仅是高效的价格发现工具，更能为投资者提 供对冲市场波动、增强投资收益的多元化策略选择。"瞿冉结合详实数据分析期权市场参与要点，特别提醒投资者需充分认知风险收益特征，坚决避免盲目 跟风操作。 互动答疑深化认知，投教服务持续赋能投资者 由上海证券交易所和国海证券联合主办，上海证券交易所中部基地、国海证券武汉分公司、国海证券武汉三眼桥路营业部协办的上交所会员合作投教活动， 在上海证券交易所中部基地圆满举行。，作为资本市场服务实体经济的重要实践，本次活动聚焦上交所期权与ETF市场创新成果，活动吸引力60余名投资者 参与，成为金融投资者教育下沉地区的生动范例。 ...

上期所"服务实体经济创新案例"系列报道（二） 2024年6月的山东淄博，造纸企业A的总经理盯着电脑屏幕上跳动的纸浆期货行情，指尖无意识地敲着 桌面。7月要交付的一批高档文化用纸订单已经签了，客户报的价格勉强能覆盖成本，但此刻仓库里的 纸浆库存已见底，市面上纸浆现货价格仍高悬在6400元/吨。 更让他心慌的是，刚收到的行业报告显示，2024年上半年，全球浆纸市场风云变幻。国外纸浆厂频遭各 类供应端突发状况冲击，木材供应受限、生产设备故障、运输环节受阻等问题频发，纸浆供应稳定性大 打折扣，供应缺口隐现，推动纸浆期现货价格持续上扬。同时，国内消费市场活跃度不足，下游成品纸 需求疲软，尤其在文化用纸、包装用纸等领域，订单量较往年同期下滑明显。此时看到纸浆期货价格回 落到6050元/吨附近，他想做点什么，却又不知如何下手。 在造纸产业有一定集群规模的山东地区，A企业与众多中小型造纸企业遇到的问题一样：缺乏专业的期 货团队与完善的风险管理体系，面对复杂多变的市场，不知如何利用金融工具对冲价格风险，处于"不 敢做"的迷茫境地。即便有心尝试，也因专业知识匮乏、操作经验欠缺，陷入"不会做"的尴尬局面。企 业只能在传统采购模式下 ...

Core Viewpoint - The company has established a comprehensive management system for foreign exchange derivative trading to mitigate investment risks and ensure asset safety, adhering to relevant laws and regulations [1][2][3]. Group 1: Foreign Exchange Derivative Trading Business - The foreign exchange derivative trading business is defined as operations conducted to hedge against exchange rate or interest rate risks, including various financial instruments such as forward contracts, swaps, and options [1][2]. - The company will not engage in foreign exchange derivative trading for profit-making purposes; all transactions must be based on normal business operations [2][3]. - Transactions are only permitted with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2]. Group 2: Approval and Management Structure - All foreign exchange derivative trading activities require prior approval from the company's general manager, deputy general manager, or financial director, regardless of the transaction amount [3]. - The board of directors serves as the decision-making body for foreign exchange derivative trading, while the general manager's office manages daily operations within the authorized scope [2][3]. Group 3: Risk Management and Compliance - The company must establish a strict risk management mechanism to prevent and mitigate credit, market, operational, and legal risks associated with foreign exchange derivative trading [6][7]. - Any significant losses or risks must be reported immediately to the board of directors, and the company is required to disclose relevant information in accordance with regulatory requirements [8]. - All personnel involved in foreign exchange derivative trading must adhere to confidentiality agreements to protect sensitive information [6][7]. Group 4: Documentation and Record Keeping - The financial department is responsible for maintaining records of trading plans, transaction documents, and delivery materials for a minimum of 10 years, while original agreements and authorization documents must be kept for at least 15 years [8].

Core Viewpoint - The speech by Federal Reserve Chairman Jerome Powell has significantly influenced the gold market, leading to a notable price increase following his remarks on potential interest rate adjustments [1]. Group 1: Market Reaction - Gold experienced a rebound after hitting a low of $3321, surging to $3378 post-Powell's speech, and closing at $3371, forming a strong bullish candlestick [1]. - The market is closely monitoring Powell's comments for further insights, as any new perspectives on the Federal Reserve's policy could impact market sentiment on Monday [1]. Group 2: Future Outlook - If the market interprets Powell's remarks as dovish or if significant risk events occur over the weekend, gold prices could break above $3380, with targets set around $3400 [2]. - Conversely, if Powell's comments are seen as hawkish or geopolitical risks diminish, a drop below $3360 could lead to short positions, targeting $3340-$3330 [2]. - The gold market is currently at a critical technical juncture, and the upcoming week may set the tone for the fourth-quarter trends [2].

Core Viewpoint - Understanding and mastering stock index futures trading rules is essential for investors seeking stable profits in volatile markets [1] Group 1: Importance of Understanding Trading Rules - Stock index futures trading rules are the foundation for trading in the stock index futures market, ensuring fairness, justice, and transparency [1] - By understanding and adhering to these rules, investors can better manage risks and seize investment opportunities, avoiding unnecessary losses due to violations [1] Group 2: Main Content of Trading Rules - Risk management is crucial in stock index futures trading; investors should control positions and set stop-loss and take-profit points to mitigate excessive losses from market fluctuations [2] - Regular market analysis is necessary to understand macroeconomic data, policy changes, and market trends for informed investment decisions [2] Group 3: Continuous Learning and Compliance - For novice investors, learning and practice are essential to mastering stock index futures trading rules; simulated trading can help familiarize them with the market environment [3] - Continuous learning and summarizing experiences from each trade can enhance trading strategies and skills, leading to stable profits [3] - Compliance with trading rules is the responsibility of every investor, as it protects their rights and maintains market stability and fairness [6] Group 4: Specific Trading Rules - Trading hours for stock index futures are typically Monday to Friday from 9:30 AM to 3:00 PM, with some contracts allowing night trading [4] - The trading unit for stock index futures contracts is fixed, usually represented in lots, with each lot corresponding to a specific number of index points [4] - A margin system is employed, requiring investors to pay a certain percentage of margin to trade, which is set by exchanges based on market conditions [4] - A price limit system is in place to control market risk, with daily price fluctuations capped at a certain percentage of the previous trading day's settlement price [4] - Upon contract expiration, cash settlement or physical delivery must be conducted according to the contract terms, necessitating investor awareness of the delivery process and timing [4] Group 5: Summary of Trading Rules - Stock index futures trading rules are vital for achieving stable profits; understanding these rules, managing risks, conducting market analysis, continuous learning, and compliance are key to finding suitable investment paths in complex market environments [7]

Core Viewpoint - The recent listing of pure benzene futures and options on the Dalian Commodity Exchange presents new opportunities for risk management in the industry, coinciding with a restructuring of the supply-demand landscape in the pure benzene industry chain [1][2]. Industry Supply and Demand Dynamics - The "anti-involution" theme has led to rising expectations for the elimination of outdated production capacity, contributing to an increase in pure benzene prices. As of August 22, the main contract for pure benzene closed at 6208 yuan/ton, a 4.67% increase from its listing day [2]. - Pure benzene is a crucial product in petroleum refining, with its main downstream products accounting for 95% of total consumption. These include styrene, caprolactam, phenol, aniline, and adipic acid [2]. - Despite the price increase, the overall industry faces a supply-demand imbalance due to insufficient terminal orders, indicating that the "anti-involution" policy has yet to yield concrete measures [2]. Capacity Expansion and Market Outlook - From 2023 to 2025, the chemical industry is expected to see concentrated capacity releases, with pure benzene capacity driven by integrated refining projects. However, downstream capacity expansion, particularly in styrene and caprolactam, is more pronounced [3]. - The pace of capacity expansion for pure benzene and its downstream products is anticipated to slow down, but downstream installations will continue to be commissioned faster than upstream ones, potentially exacerbating supply shortages [3]. Participation in Derivatives Market - Following the listing of pure benzene futures, several companies have actively engaged in derivative tools for risk management. For instance, Jingbo Petrochemical established virtual inventory positions at low prices and shorted styrene futures at high prices to lock in processing profits [3]. - Zhongzhe Material Group, a major importer of pure benzene, has utilized futures for basis trading and price management, enhancing China's pricing power in the global market [4]. Industry Sentiment and Future Prospects - Industry participants express optimism regarding the future development of pure benzene futures and options, citing the high consistency of market participants between pure benzene and styrene [6]. - Companies are increasingly looking to pure benzene futures to lock in raw material prices and future production profits, indicating a growing reliance on these financial instruments for risk management [6][7].

Core Viewpoint - The report evaluates the ongoing risks associated with Chengtong Financial Co., Ltd., highlighting its financial stability, risk management practices, and the relationship with Guangdong Guanhao High-tech Co., Ltd. [1][8] Group 1: Basic Information of Chengtong Financial - Chengtong Financial was established with a registered capital of 1 billion RMB, which has been increased to 5 billion RMB [2] - The current shareholder structure includes China Chengtong Holdings Group Co., Ltd. (85%), Guangdong Guanhao High-tech Co., Ltd. (10%), and Chengtong Guohua Asset Management Co., Ltd. (5%) [2][3] - The company operates under a financial license and is located in Beijing [2] Group 2: Risk Management Practices - Chengtong Financial has established a comprehensive risk management system with clear responsibilities and reporting relationships among departments [3][4] - The company employs both on-site and off-site monitoring to manage risks effectively [4] - As of June 30, 2025, Chengtong Financial has not identified any significant deficiencies in its risk control systems related to financial reporting [5][8] Group 3: Financial Performance - As of June 30, 2025, Chengtong Financial's total assets amounted to 39.24 billion RMB, with total equity of 6.794 billion RMB [4] - The company reported a revenue of 369 million RMB and a total profit for the first half of 2025 [4][5] - The capital adequacy ratio is 24.47%, indicating strong capital strength and risk resistance [5] Group 4: Deposit and Loan Business - As of June 30, 2025, Guangdong Guanhao High-tech Co., Ltd. had a deposit balance of 664.48 million RMB in Chengtong Financial, representing 44.42% of its total deposits [6] - The loan balance from Chengtong Financial to the company was 164 million RMB, accounting for 3.52% of the company's total loans [6] - The transactions between the company and Chengtong Financial are conducted under a financial service agreement, ensuring fair pricing and alignment with business needs [6][7]

Core Viewpoint - The report evaluates the ongoing risk assessment of CR Financial Company, highlighting its financial stability, internal control mechanisms, and compliance with regulatory requirements [1][6][9]. Group 1: Basic Information of CR Financial Company - CR Financial Company is a non-bank financial institution established in November 2012, approved by the China Banking and Insurance Regulatory Commission [1]. - The company is primarily owned by China CR Group, holding 91.36% of the shares, with a total investment of 292.352 million RMB [1]. Group 2: Internal Control Overview - CR Financial Company has established a modern corporate governance structure with a clear division of responsibilities among the shareholders' meeting, board of directors, and supervisory board [2]. - The company has implemented a risk control mechanism with distinct responsibilities across various departments, ensuring mutual supervision and effective risk management [2][6]. Group 3: Risk Assessment and Management - The company has developed specific risk control systems and procedures tailored to different business characteristics, allowing for effective risk prediction, assessment, and control [2][3]. - Internal audits are conducted regularly to ensure compliance and effectiveness of internal controls, with recommendations for improvements based on audit findings [6]. Group 4: Financial Performance - As of June 30, 2025, CR Financial Company reported total assets of 4.570 billion RMB, with liabilities of 4.118 billion RMB and equity of 452.468 million RMB [7]. - The company generated an operating income of 42.302 million RMB and a net profit of 6.547 million RMB during the same period [7]. Group 5: Regulatory Compliance - All regulatory indicators as of June 30, 2025, were in compliance with the requirements set forth in the Enterprise Group Financial Company Management Measures [8]. - The company maintains a significant relationship with its parent company, with deposits and loans within the agreed limits of the financial service framework [9]. Group 6: Conclusion - The company concludes that CR Financial Company possesses valid financial licenses and has established a robust internal control system, effectively managing risks and adhering to regulatory standards [9].

镍&不锈钢：持续偏弱震荡，等待明确信号 8月22日风险管理日报 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.8-12.6 | 15.17% | 3.2% | source： 南华研究,wind 不锈钢区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 1.25-1.31 | 9.27% | 1.8% | source： 南华研究,wind,同花顺 沪镍风险管理策略 | 行为导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 套保比例 策略等级（满分5） | | | --- | --- | --- | --- | --- | --- | | 库存管理 | 产品销售价格下跌，库存有减值风险 | 根据库存水平做空沪镍期货来锁定利润，对冲现货下跌风险 | NI主力合约 | 卖出 ...