8月19日，中国上市公司协会相关负责人在2025中国(郑州)国际期货论坛上表示，随着我国期货和衍生 品市场的深入发展，风险管理工具的供给速度加快，产品和服务体系不断健全，在帮助企业规避风险、 促进产业保供稳价和转型升级方面发挥着重要作用。尤其在当前内外部经济形势日益严峻复杂、大宗商 品价格大幅波动的背景下，上市公司利用期货和衍生品管理风险的广度和深度不断增强。据统计，2025 年1月—7月，全市场公告开展期货和衍生品业务的实体上市公司已达1114家，其中超八成(902家)涉足 外汇套保，约三分之一(364家)开展商品期货套保业务，有15%(162家)同时开展商品期货和外汇衍生品 业务。 该负责人表示，上市公司利用衍生品管理风险逐渐呈现出一些新趋势新特征。从行业来看，制造业上市 公司是套保的主力军，行业主要覆盖化工、农产品加工等领域，为企业实现产业升级、加速海外布局提 供有利条件。从工具应用来看，以应对汇率、利率、大宗商品价格波动风险为主，逐渐延展到全面管理 金融资产价格波动带来的风险。从理念和效果来看，上市公司主动避险的意识越来越强，风险管理的系 统化、精细化、全球化趋势日益明显。 ...

Group 1 - Hong Kong's insurance density ranks first in Asia and second globally, with a penetration rate of 18.2% and total gross premiums reaching HKD 637.8 billion in 2024 [1][2] - The growth of long-term insurance business is strong, with new policy premiums increasing by 21.4% compared to 2023 [2] - The Hong Kong government is actively developing the captive insurance market to create diversified growth opportunities and enhance market structure [1][2][5] Group 2 - There are currently six authorized captive insurance companies operating in Hong Kong, with two established in 2023, indicating strong demand for such companies [3][4] - The Hong Kong Monetary Authority is promoting the use of captive insurance companies by overseas and mainland enterprises to improve risk management capabilities [5][6] - The government has introduced various incentives, including a 50% profits tax concession for captive insurance businesses, making Hong Kong more competitive in the region [6]

"作为交易所，我们有着明确的角色：提供标准化、透明且流动性强的工具，用于所有主要资产类别的 风险对冲，并充当价格发现与风险转移的中央市场。"蒂姆史密斯表示，清算所通过履约担保，保障交 易财务完整性，为市场稳定运行筑牢"安全防线"。 期货日报网讯(记者韩乐)8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国(郑 州)国际期货论坛正式开启。在当日下午举行的对外开放论坛上，芝商所亚太区客户发展和销售服务部 董事总经理蒂姆史密斯(Tim Smith)强调了风险管理的重要性，并表示芝商所赋能金融市场参与者高效、 迅速地管理风险和优化交易机会，这一作用在不确定性和波动性加剧时期尤为关键。 在他看来，市场波动加剧考验全球金融体系的强度与韧性。此时，衍生品交易所通过提供透明、流动性 强且可靠的风险管理工具，在帮助维护市场稳定方面发挥着关键作用。 在蒂姆史密斯看来，中国期货市场与全球衍生品市场持续发展、创新，以满足各类机构(涵盖生产者、 消费者及整个金融业)不断变化且日益复杂的风险管理需求。"随着市场的发展，我们致力于创新，提升 透明度，开发风险管理所需的产品和工具。在经济及地缘政治持续存在不确定性的背景 ...

Group 1 - The 2025 China (Zhengzhou) International Futures Forum was co-hosted by Zhengzhou Commodity Exchange and Chicago Mercantile Exchange Group, emphasizing the importance of risk management in financial markets [1][3] - Tim Smith highlighted that the role of exchanges is to provide standardized, transparent, and liquid tools for risk hedging across major asset classes, acting as a central market for price discovery and risk transfer [3] - The increasing market volatility tests the strength and resilience of the global financial system, with derivative exchanges playing a crucial role in maintaining market stability through reliable risk management tools [3] Group 2 - The Chinese futures market continues to develop and innovate to meet the evolving and complex risk management needs of various institutions, including producers, consumers, and the entire financial industry [3] - The company is committed to innovation, enhancing transparency, and developing products and tools necessary for risk management amid ongoing economic and geopolitical uncertainties [3] - The focus remains on providing products, services, and efficient solutions to meet the risk management demands of global and Chinese clients [3]

Group 1 - The 2025 China (Zhengzhou) International Futures Forum highlighted new trends in risk management among listed companies, particularly in the manufacturing sector, which is leading in hedging activities across industries such as chemicals and agricultural products [1] - Listed companies are increasingly using derivatives to manage risks related to exchange rates, interest rates, and commodity price fluctuations, with a growing trend towards comprehensive management of financial asset price volatility [1] - There is a noticeable increase in the awareness of proactive risk avoidance among listed companies, with a trend towards systematic, refined, and globalized risk management practices [1] Group 2 - Since the release of the hedging disclosure guidelines, listed companies have been optimizing their disclosure content, providing detailed information on hedging effects and emphasizing the relationship between spot and futures markets [2] - More entities are adhering to hedging accounting standards, aligning more closely with the essence of risk management [2] - Overall, hedging has played a crucial role in ensuring the stable development of listed companies [2]

人民财讯8月19日电，中国上市公司协会许国新8月19日在2025中国(郑州)国际期货论坛产业企业风险管 理分论坛上致辞时表示，上市公司的高质量发展离不开一流的风险管理工具，同样现代化的风险管理市 场也离不开上市公司的积极参与。 许国新呼吁上市公司：一是牢固树立风险管理意识，既要摒弃"谈期色变"的保守心态，更要杜绝"盲目 投机"的冲动行为，严守套期保值的边界，合理参与、规范运作才能行稳致远。二是健全严谨高效的风 控体系，设置科学的决策、执行和风险预警机制，强化内部审计和合规审查，防止因操作不当引发新的 风险。三是加强专业人才的培养和储备。衍生品风险管理是高度专业化的工作。企业需要培养既懂现货 经营，又通金融理论，兼具风控经验的复合型人才。同时，提升团队对市场、工具和会计准则等的理解 深度和实操水平，也是提升企业抵御风险能力的关键。 ...

Core Insights - The article discusses the rapid development opportunities for China's polysilicon industry due to increasing global demand for renewable energy, highlighting its position as a core product in the silicon industry chain and its applications in the photovoltaic and semiconductor industries [2] - The listing of polysilicon futures on December 26, 2024, provides upstream and downstream companies with effective risk management tools, facilitating reasonable profit distribution within the industry chain [2] - The case of Xinjiang Zhongsilicon Technology Co., Ltd. illustrates the application of out-of-the-money put options to manage inventory devaluation risks amid falling polysilicon prices [3][4] Industry Overview - Polysilicon is recognized as a key raw material in the photovoltaic industry and is considered a representative of green low-carbon technology [2] - China's polysilicon production capacity ranks first globally, but the industry faces challenges such as significant price fluctuations and concentrated capacity investments [2] Company Case Study - Xinjiang Zhongsilicon, located in a major polysilicon production area, faced risks of inventory devaluation due to falling prices and sought efficient risk management tools [3] - The company adopted a bear spread put option strategy to manage its inventory risks, which involved buying and selling put options at different strike prices [4][5] Risk Management Strategy - The bear spread put option strategy was structured with a buy option at a strike price of 40,000 CNY/ton and a sell option at 39,000 CNY/ton, resulting in a net premium payment of 3,016.17 CNY [5][6] - This strategy allows for a defined risk-reward framework, with maximum loss limited to the net premium paid and maximum profit achievable if the price falls below the lower strike price [8] Trading Execution and Monitoring - On the listing day of polysilicon futures, the PS2506 contract opened at 44,000 CNY/ton, and the company established its option positions based on market conditions [10] - A futures risk management company monitored price fluctuations and provided timely risk alerts and adjustment suggestions to ensure compliance and risk control [10] Direct Effects and Innovations - Xinjiang Zhongsilicon achieved a profit of 260.64 CNY/ton on the first day of options trading, successfully hedging against inventory devaluation risks [11] - The case represents an innovation in risk management tools, being one of the first applications of bear spread strategies in polysilicon inventory risk management [12] Industry Implications - The case highlights the importance of recognizing the value of derivative tools and encourages companies to adopt personalized risk management strategies [13] - The integration of futures and physical markets through out-of-the-money options provides new pathways for risk hedging in emerging industries like renewable energy [13] Promotion and Replication Value - This case enhances market awareness and acceptance of out-of-the-money options, encouraging more companies to engage in derivative trading, particularly in the rapidly developing green energy sector [14] - The bear spread put option strategy can be replicated in other sectors such as metals and chemicals, demonstrating its versatility [15] Conclusion - The integration of out-of-the-money options with the polysilicon industry supports stable operations and accelerates industry upgrades, contributing to the achievement of carbon neutrality goals [16][17]

Core Viewpoint - The company, Zhongye Meiliyun Industrial Investment Co., Ltd., has released its 2025 semi-annual report, indicating stable operations and no significant adverse impacts from the liquidation of its subsidiary, Xinghe Technology [5][6]. Company Overview - The company did not distribute cash dividends or issue bonus shares during the reporting period [3]. - The number of shareholders and their holdings remained unchanged, with no changes in the controlling shareholder or actual controller during the reporting period [5]. Financial Data and Key Indicators - The company raised a total of RMB 1,945.30 million through a non-public offering of 378,463,035 shares at RMB 5.14 per share [11]. - As of June 30, 2025, the net amount of raised funds was RMB 1,928.30 million, with total earnings of RMB 141.16 million from investments [12]. - The company has utilized RMB 1,984.69 million of the raised funds, with RMB 1,256.39 million allocated to the data center project and RMB 693.90 million for debt repayment [12][18]. Important Matters - The liquidation of Xinghe Technology is being conducted according to the asset disposal plan approved by the board, and it is not expected to adversely affect the company's operations or financial status [5][6]. - The company has established a management system for the raised funds, ensuring that they are used for their intended purposes and are subject to strict approval processes [13][19]. Risk Assessment - The company conducted a risk assessment of its affiliate, Chengtong Financial Co., Ltd., which has a registered capital of RMB 5 billion and has established a comprehensive internal control system [20][43]. - As of June 30, 2025, Chengtong Financial's capital adequacy ratio was 23.89%, significantly above the regulatory requirement of 10% [37].

Core Viewpoint - The Shanghai Futures Exchange will launch futures and options for coated printing paper and related products on September 10, 2025, aiming to provide tools for price risk management in the cultural paper industry [1][2]. Industry Overview - Coated printing paper is a significant type of cultural and printing paper, primarily made from bleached wood pulp, widely used in books and notebooks, characterized by a large market size, high standardization, and significant price volatility [1]. - China is the largest producer and consumer of coated printing paper globally, with a production volume of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [1]. Market Demand and Impact - The introduction of coated printing paper futures and options aligns with the core needs of industry chain enterprises to hedge against price fluctuations and secure operating profits [2]. - The new financial derivatives will fill a gap in the cultural paper market, creating a "pulp-paper" integrated risk management chain, helping companies manage raw material cost fluctuations and product price uncertainties [2]. Pricing Mechanism - The transparent price discovery function of the new products is expected to serve as an "anchor" for the industry, enhancing the efficiency of spot pricing and guiding companies in optimizing production plans [2]. - The market size for coated printing paper in China is nearly 50 billion yuan [2]. Trading Specifications - The trading unit for coated printing paper futures has been adjusted from 20 tons to 40 tons per contract to better match the purchasing habits of downstream printing plants and mainstream transportation methods in spot trading [3]. - The delivery unit will also be standardized to 40 tons per warehouse receipt, aligning with the new trading unit [3].

Core Points - The document outlines the rules for the Risk Management and Audit Committee of Guorui Technology Co., Ltd, aiming to enhance corporate governance and decision-making processes [1][2]. Group 1: General Provisions - The committee is established to review financial information, supervise internal and external audits, and ensure effective risk management [1]. - The company provides necessary working conditions for the committee, with management and relevant departments cooperating to support its functions [1]. Group 2: Composition of the Committee - The committee consists of at least three directors who are not senior management, appointed by the board [2]. - A majority of the committee members must be independent directors, with at least one having professional accounting experience [2][3]. Group 3: Responsibilities and Authority - The committee's responsibilities include supervising external audits, evaluating risk management, reviewing financial disclosures, and ensuring internal controls are effective [3][4]. - The committee must approve significant financial reports and the hiring or dismissal of external auditors before submission to the board [4][5]. Group 4: Meeting Procedures - The committee is required to meet at least quarterly, with provisions for special meetings as needed [8][9]. - Meeting records must be maintained for at least ten years, and all attendees are bound by confidentiality obligations [9][10]. Group 5: Disclosure Requirements - The company must disclose the composition and professional background of the committee members, as well as its annual performance [10][11]. - Any significant issues identified by the committee that meet disclosure standards must be reported promptly [11].