（文章来源：证券日报） 证券日报网讯 1月9日，金田股份在互动平台回答投资者提问时表示，公司原料库存以满足公司正常生 产经营需求为原则，通过套期保值等工具，有效降低原材料波动对公司经营的影响。具体请关注定期报 告。 ...

受猪价拖累，上市猪企的经营利润大幅下滑。2025年第三季度，三大生猪上市养殖企业中新希望营收实 现增长，牧原股份及温氏股份营收同比均有下降。从净利润来看，三大企业同比跌幅均超50%。 时间拉长到过去五年，生猪行业多次上演过山车般的行情。非洲猪瘟后的产能恢复、饲料成本高企、消 费需求变化等多重因素叠加，使得猪价波动剧烈，"猪周期"的节奏也在发生变化。 中国农业科学院北京畜牧兽医研究所研究员朱增勇指出，新一轮"猪周期"自2022年5月开启后，从当年 11月开始总体处于下行状态，呈现出上涨周期短、下行周期延长、产能稳定性提升、猪价波幅下降等特 点。 在实体企业看来，猪价大幅波动的时间出现得更早一些。2021年3月，一头仔猪尚能卖出2000元的高 价，但养殖六个月后，到9月商品猪出栏时价格已跌至10-12元/公斤，120公斤的肥猪销售额仅1200元左 右，连成本的一半都难以覆盖。四川德康农牧食品集团股份有限公司（下称"德康集团"）生猪期货处负 责人叶波回忆起那一年，依然感触颇深："养猪行业的风险极大，猪价跌起来非常痛苦。" 新华财经北京1月9日电（记者王小璐） 当"猪周期"的波动变得愈发难以预测，单纯的扩大养殖规模已 ...

证券日报网讯 1月9日，多氟多发布公告称，公司第八届董事会第二次会议审议通过，2026年度拟对碳 酸锂开展商品期货套期保值，交易保证金和权利金上限不超1亿元，任一交易日最高合约价值不超8亿 元；同时对外汇开展套期保值，任一交易日最高合约价值不超5000万美元，期限均为董事会通过之日起 12个月内，资金均来自自有及自筹。 （编辑 丛可心） ...

Core Insights - The Dalian Commodity Exchange's soybean oil futures have been operating steadily for 20 years, with significant increases in trading volume and open interest, indicating enhanced liquidity and risk-bearing capacity [1] - Over 90% of medium and large soybean crushing enterprises in China utilize soybean oil futures for hedging, establishing the futures price as a key benchmark for domestic soybean oil spot trading [4] - The ability of soybean oil futures to serve the global oilseed industry has improved, with recent initiatives allowing foreign investors to trade these futures, thereby enhancing the international influence of China's soybean oil pricing and quality [5] Group 1: Market Performance - Daily trading volume of soybean oil futures increased from 43,100 contracts in 2006 to 445,000 contracts in 2025, while daily open interest rose from 24,200 contracts to 844,400 contracts [1] - The distribution of over 30 delivery warehouses across seven provinces ensures sufficient delivery capacity, supporting industry participation in the futures market [1] Group 2: Industry Adoption - More than 90% of large soybean crushing enterprises use the "Dalian Commodity Exchange futures price + basis" pricing model for soybean oil sales, indicating widespread acceptance of futures in the industry [4] - By the end of 2025, the proportion of industry clients holding soybean oil futures positions is expected to reach 52% [4] Group 3: Global Integration - In 2022, soybean futures were included in the list of tradable products for qualified foreign institutional investors, facilitating international trading [5] - The introduction of the FSOY contract on the Malaysian Derivatives Exchange based on soybean oil futures settlement prices reflects the growing global integration of these futures [5] Group 4: Risk Management and Pricing - The use of soybean oil futures has evolved from cautious experimentation to a critical tool for daily risk management and operational decision-making within the industry [5] - The adoption of basis pricing for other edible oils, such as cottonseed oil, demonstrates the broader acceptance and application of soybean oil futures pricing mechanisms [6]

1月9日，大连商品交易所豆油期货迎来上市二十周年。 业内人士认为，这些举措回应了境内外产业主体对豆油期货对外开放的呼声，为全球大豆产业链提供了丰富高效的定价和风险管理工具。同时，也有利于及 时全面向全球传递我国作为豆油主产区、主销区的市场信息，提升豆油品种"中国价格"和"中国品质"的国际影响力。 上市以来，豆油期货持续稳健运行—— 看市场容量，日均成交量由2006年的4.31万手增至2025年的44.50万手，日均持仓量由2.42万手增至84.44万手，流动性持续提升，风险承载力显著增强； 看交割布局，超30家豆油期货交割库分布于天津、河北、山东、江苏、浙江、广东、广西等7个省区市，覆盖范围广，交割能力充足，为产业企业参与期货 市场提供了坚实保障…… 随着功能发挥水平、市场认可度和产业参与度持续提升，豆油期货正有效服务相关产业企业应对价格风险、实现高质量发展。 大商所官网截图 当前，油脂行业企业"拥抱"豆油期货已是普遍现象。国内90%以上大中型大豆压榨企业运用豆油期货进行套期保值，国内大型大豆压榨企业90%以上的豆油 销售采用"大商所期货价格+升贴水"的定价模式，豆油期货价格已经成为境内豆油现货贸易的重要定价 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ●交易主要情况 ■ 一、交易情况概述 （一）公司现有期货套期保值业务情况 2025年3月14日，公司分别召开第五届董事会第四十一次会议及第五届监事会第二十六次会议，审议通 过《关于开展期货套期保值业务的议案》：同意公司及子公司使用自有资金开展套期保值业务，公司及 子公司将根据实际生产经营情况，以订单或存货的数量以及相关合同的执行情况为测算基准确定期货套 期保值的数量规模，期限内任一时点的保证金最高额度不超过人民币5,000万元（含），任一交易日持 有的最高合约（单边）价值不超过人民币20,000万元（含），期限自公司股东大会审议通过之日起12个 月内有效，上述额度在授权期限内可以循环使用。该议案已经公司于2025年3月31日召开的2025年第二 次临时股东大会审议通过。具体内容详见公司于2025年3月15日、2025年4月1日在上海证券交易所网站 （www.sse.com.cn）披露的《广东嘉元科技股份有限公司 ...

Core Insights - The Chinese futures market showed significant growth in December, with a trading volume of 9.51 billion contracts and a turnover of 90.81 trillion yuan, marking year-on-year increases of 45.17% and 58.55% respectively [1] - By the end of 2025, the cumulative trading volume is projected to reach 90.74 billion contracts and a turnover of 766.25 trillion yuan, reflecting year-on-year growth of 17.4% and 23.74% [1] Trading Volume and Turnover by Exchange - The Shanghai Futures Exchange (SHFE) is expected to have a trading volume of approximately 23.35 billion contracts and a turnover of about 259 trillion yuan by 2025, with year-on-year growth of 3.31% and 27.86% [1] - The Zhengzhou Commodity Exchange (ZCE) is projected to achieve a trading volume of around 31.38 billion contracts and a turnover of approximately 88.96 trillion yuan, with year-on-year increases of 20.26% and 4.47% [1] - The Dalian Commodity Exchange (DCE) is anticipated to have a trading volume of about 26.07 billion contracts and a turnover of around 102.77 trillion yuan, with year-on-year growth of 14.94% and 4.49% [1] - The China Financial Futures Exchange (CFFEX) is expected to reach a trading volume of approximately 3.04 billion contracts and a turnover of about 255.19 trillion yuan, with year-on-year increases of 19.94% and 33.66% [1] - The Guangzhou Futures Exchange (GFE) is projected to have a trading volume of around 5.34 billion contracts and a turnover of approximately 31.60 trillion yuan, with year-on-year growth of 171.62% and 190.27% [1] Leading Products by Trading Volume and Turnover - In December, the top three products by turnover at SHFE were silver futures, gold futures, and copper futures [2] - The leading products by turnover at ZCE included PTA futures, caustic soda futures, and glass futures [2] - The DCE's top products by turnover were coking coal futures, palm oil futures, and soybean meal futures [2] - GFE's leading products by turnover included lithium carbonate futures, polysilicon futures, and platinum futures [2] - CFFEX's top products by turnover were CSI 1000 index futures, CSI 500 index futures, and 30-year treasury bond futures [2] Market Drivers and Trends - The growth in the futures market is attributed to increased hedging demand from industrial enterprises due to factors such as fluctuating U.S. tariffs, a loose global monetary policy environment, rising geopolitical risks, and domestic economic adjustments [3] - The influx of long-term capital into the capital market, particularly from insurance funds, has also contributed to the increased hedging demand [3] - The recovery of operational conditions in the real economy, especially in new sectors like renewable energy and AI, has boosted optimism regarding the demand for new energy materials [3] - The introduction of 18 new futures and options products covering various sectors has enhanced the product system of the market [3] Performance of Commodity Markets - The commodity market experienced more declines than increases last year, with precious metals continuing to rise for the fourth consecutive year; gold and silver prices increased by 55.77% and 124.62% respectively [4] - The non-ferrous metals sector also performed strongly, with copper and tin prices rising by 33.18% and 29.01% respectively [4] - The energy and chemical sector, however, faced challenges, with crude oil prices declining by 10.98% [4] Future Outlook - The futures market is expected to continue its high-quality development, with anticipated growth in trading volume and turnover of 10% to 15% this year [4] - New products like coking coal options are expected to be launched, further expanding the market's service scope [4] - The demand for hedging from real enterprises is projected to increase due to ongoing global commodity price volatility and geopolitical risks [4]

证券日报网讯 1月8日，铜陵有色在互动平台回答投资者提问时表示，公司开展套期保值业务目的是有 效规避商品、原材料的价格波动以及外汇风险，其对损益的影响需将期货端与现货端结合评估。从近年 来公司套期保值业务实际开展情况来看，公司的套期保值业务基本实现了公司稳健经营的目标，有效规 避和控制经营风险，增强公司抵御市场风险的能力。2025年度公司套期保值业务情况及对公司业绩的影 响请持续关注公司公告。 （文章来源：证券日报） ...

本报讯 （记者王宁）1月9日，大商所豆油期货将迎来上市20周年。二十年来，豆油期货保持稳健运 行，功能发挥水平以及市场认可度和产业参与度持续提升，有效服务了相关产业企业应对价格风险、实 现高质量发展。 当前，豆油期货等工具，不仅扮演着产业"压舱石"的角色，帮助企业通过套期保值熨平价格波动、抵御 市场风险，还带动了期现结合的发展，促使行业从传统一口价，向基差贸易转变，并催生了含权贸易的 兴起，推动行业形成了更高效、透明的定价与贸易模式，对于增强产业链上下游企业合作稳定性，促进 产业链协同发展具有积极意义。 大商所相关人士表示，未来将进一步深耕豆油品种维护优化，在确保豆油期货平稳运行、合约规则制度 设计贴近现货市场的基础上，持续做好市场培育，推进产业客户参与度提升工程，进一步提升豆油期货 市场功能发挥水平和产业服务能力，为我国油脂产业高质量发展做出更多贡献。 另一方面，根据原料品质变化情况优化交割制度。为顺应我国进口巴西大豆比重逐渐增加的现货市场变 化特点，以及企业对豆油酸价的质量要求，于2022年将豆油期货标准仓单有效期由最长12个月缩短至4 个月，直接减少了交割豆油的在库时间、保障了交割豆油出库时的品质，同时 ...

产业参与方面，油脂行业企业已经普遍"拥抱"豆油期货。据悉，目前国内90%以上大中型大豆压榨企业 运用豆油期货进行套期保值，国内大型大豆压榨企业90%以上的豆油销售采用"大商所期货价格+升贴 水"的定价模式，豆油期货价格已经成为境内豆油现货贸易的重要定价基准。同时，多年来大商所依托 产融基地和会员单位，积极开展"企业风险管理计划"，推动豆油产业链上下游龙头企业和中小微企业共 同学期货、用期货，共促豆油产业行稳致远。截至2025年末，豆油期货产业客户持仓占比已达52%。 对外开放方面，豆油期货已实现全路径对外开放，服务全球油脂行业能力进一步提升。2022年，包括豆 油期货在内的大豆系列期货和期权，被纳入合格境外投资者（QFI）可交易品种范围，并且作为境内特 定品种引入境外交易者；2024年，基于豆油期货交割结算价的FSOY合约在马来西亚衍生产品交易所 （BMD）上市交易。这些举措回应了境内外产业主体对豆油期货对外开放的呼声，为全球大豆产业链 提供了丰富高效的定价和风险管理工具，同时也有利于及时全面向全球传递我国作为豆油主产区、主销 区的市场信息，提升豆油品种"中国价格"和"中国品质"的国际影响力，为我国油脂企业对 ...