Core Viewpoints - Overseas geopolitical conflicts have intensified market wait - and - see sentiment, slowing down the TA destocking speed and weakening fundamental support. The destocking speed may affect the driving force for market rebound. In the long - term, demand growth is the driving factor for long - term price increases, and TA's driving force still lies in crude oil. Risk management for TA is necessary due to the unsubsided overseas recession expectations [5]. - Energy price fluctuations are the most important driving factor for the TA market. The repair of the technical gap in the daily K of crude oil has reduced the pressure on TA's late - stage callback after a counter - trend rise. However, the rise in crude oil prices is mainly due to geopolitical factors rather than substantial demand growth, so the sustainability of the price increase is limited. Given the high absolute level of TA inventory, risk management and hedging should be considered [10]. Section Summaries Two: The destocking trend in the peak season remains unchanged, but the inventory digestion efficiency has decreased - Overseas geopolitical conflicts have led to increased market wait - and - see sentiment, slowing down the TA destocking speed and weakening fundamental support. The destocking speed may affect the driving force for market rebound. The problem of insufficient risk release time in the global financial market still exists, and energy price rebounds are difficult to achieve overnight. In the long - run, demand growth is the driving factor for price increases, and TA's driving force still lies in crude oil. Risk management for TA is necessary due to unsubsided overseas recession expectations [5]. Four: Market volatility has increased, pay attention to crude oil dynamics - Energy price fluctuations are the most important driving factor for the TA market. The repair of the technical gap in the daily K of crude oil has reduced the pressure on TA's late - stage callback after a counter - trend rise. The increased volatility of crude oil prices significantly affects the TA futures price, and the rebound slope of the TA main contract has increased. However, the rise in crude oil prices is mainly due to geopolitical factors rather than substantial demand growth, so the sustainability of the price increase is limited. Given the high absolute level of TA inventory, if energy prices adjust again, market risks may still exist, so risk management and hedging should be considered [10].

在中东紧张局势冲击下，周五（6月13日）美股三大指数均跌超1%，油价、金价大涨！下面速览昨夜今 晨最新情况。 伊朗导弹回击以色列 据央视新闻报道，当地时间13日，伊朗对以色列发动三波导弹袭击。 伊斯兰革命卫队称对数 十个目标实施"毁灭性精确打击"。以色列国防军则表示，在过去一个小时监测到两波来自伊朗 的导弹袭击， 导弹总数少于100枚 ，其中绝大多数被拦截或在中途坠落。以色列境内有部分 建筑物被导弹拦截产生的碎片击中。 目前， 以色列新一轮打击已开始，伊朗首都德黑兰防空系统被启动。 以方称数百栋受损，1人死亡5 0人受伤 据央视新闻援引以色列媒体的统计显示，仅在以色列中部城市拉马特甘就有九栋建筑物在伊朗 的导弹袭击中被完全摧毁，另有数百栋建筑在袭击中受损，导致至少50人受伤，1人死亡。 哈梅内伊称将彻底摧毁以政权 据央视新闻报道，伊朗最高领袖哈梅内伊13日晚间通过伊朗官方媒体发表声明，称伊朗武装部 队将采取武力行动，彻底摧毁以色列政权。 据央视新闻报道，当地时间13日，伊朗原子能组织负责人称， 伊朗核计划仍在继续强力推 进。 以色列对伊朗进行新一轮打击 据央视新闻报道，当地时间13日，以空军已开始新一轮针对伊 ...

Core Viewpoint - Western Mining (601168) has shown a slight increase in stock price, closing at 16.52 yuan, with a market capitalization of 39.367 billion yuan, ranking 8th in the industrial metals sector and 340th in the A-share market [1] Weekly Focus - The company conducted an institutional survey on June 12, discussing key topics such as hedging strategies, capital expenditures, and future development plans [1][2] - The company has a hedging ratio of approximately 50% for externally purchased raw materials to mitigate price fluctuations [1] - Annual capital expenditure is around 3 billion yuan, with the capital expenditure for the third phase of Yulong Copper's construction estimated at 5 billion yuan [1][6] - Currently, there are no plans for share buybacks or equity incentive programs, but the company will disclose any future plans [1] Resource Potential - Yulong Copper Mine has significant resource reserve potential, particularly in the unsealed areas of the ore body, with ongoing geological research and exploration efforts [2] Announcements - The company will participate in an online investor reception day on June 18, 2025, to discuss its 2024 annual performance and future strategies [3] - A cash dividend of 1 yuan per share will be distributed, with the record date set for June 19, 2025, and the payment date on June 20, 2025, totaling 2.383 billion yuan [4][6]

Core Viewpoint - The document outlines the regulations and operational guidelines for Fujian Fuguang Co., Ltd.'s financial derivatives trading activities, emphasizing risk management and compliance with relevant laws and internal policies [1][2][3]. Group 1: General Provisions - The regulations aim to standardize the financial derivatives trading business and related information disclosure to prevent risks [1]. - Financial derivatives include products such as futures, options, forwards, and swaps, which can be based on various underlying assets [1]. - The regulations apply to the company and its subsidiaries, requiring approval and disclosure for derivatives trading activities [1]. Group 2: Operational Principles - The company must adhere to principles of legality, prudence, safety, and effectiveness in its derivatives trading [2]. - All trading activities should focus on hedging to lock in costs and mitigate risks, avoiding speculative trading [2]. - Transactions are only permitted with qualified financial institutions approved by regulatory authorities [2]. Group 3: Approval Authority - The board of directors and shareholders' meeting are the primary decision-making bodies for derivatives trading [3]. - A feasibility analysis report must be submitted for board review before engaging in derivatives trading [3]. - Significant transactions, such as those exceeding 50% of the latest audited net profit or 5 million RMB, require shareholder approval [3]. Group 4: Management and Internal Processes - The finance department is responsible for managing derivatives trading, including developing annual management plans and monitoring compliance [4]. - The audit department oversees the actual operations of derivatives trading, including financial performance and adherence to regulations [4]. - Internal processes must include thorough analysis and recommendations for initiating or halting trading activities [5]. Group 5: Risk Reporting and Emergency Procedures - The finance department must promptly report significant price fluctuations and potential risks to the financial director [6]. - An emergency risk management mechanism must be activated in cases of market changes, regulatory violations, or significant losses [6]. - The audit department supervises the execution of internal risk reporting and emergency procedures [7]. Group 6: Information Disclosure and Record Management - The company is required to disclose information regarding its derivatives trading activities in accordance with regulatory requirements [7]. - All trading and delivery documents must be retained for a period of 10 years by the finance department [7]. - The regulations will be updated in accordance with any changes in relevant laws and regulations [7].

别急着做多原油，在花旗看来，中东局势紧张给了投资者难得的套期保值机会。 据追风交易台消息，花旗在6月13日的报告中认为，在原油市场供应过剩的大背景下，目前因中东地缘政治局势紧张而导致的油价波 动，为投资者提供了难得的套期保值机会。油价下行趋势短时间很难改变，如果美伊核协议达成，油价可能跌至60美元/桶以下。 据央视新闻报道，当地时间12日凌晨，以色列对伊朗发动袭击。以空军对伊朗境内数十个与核计划和其他军事设施相关的目标发动空 袭。以军称，伊朗拥有足够的浓缩铀，可以在几天内制造出多枚炸弹，因此需要采取行动应对这一"迫在眉睫的威胁"。 地缘政治风险仍在可控范围 花旗分析师表示，当前局势可能暂时得到控制。 美国和伊朗仍计划于6月15日在阿曼举行会谈。美国已劝阻以色列不要对伊朗发动攻击。伊朗方面则表示，该国将对西方国家的任何行 动采取 "成比例" 的回应。与10年前不同，许多海湾国家现在支持与伊朗接触并达成核协议。 花旗认为，美伊达成核协议的可能性约为 60%。特朗普、沙特及伊朗盟友倾向于缓和局势，且特朗普希望、需要并可能持续推动压低 油价，以便在局势升级时为美国经济注入通缩动力。 花旗通过分析去年三次地缘政治事件来 ...

螺纹钢、热卷产业风险管理日报 2025/06/12 严志妮 投资咨询证号：Z0022076 投资咨询业务资格：证监许可【2011】1290号 螺纹价格区间预测 | | 主力价格区间预测（月度） | 当前波动率 | 波动率百分位 | | --- | --- | --- | --- | | 螺纹钢 | 2800-3100 | 11.25% | 14.0% | | 热卷 | 2900-3200 | 11.37% | 9.74% | source： 南华研究,同花顺 螺纹风险管理策略建议 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例（%） | 建议入 | | --- | --- | --- | --- | --- | --- | --- | | 导向 | 敞口 | | | 方向 | | 场区间 | | | | 为了防止存货叠加损失，可以根据企业的库存情 | RB2510 | | 40% | 3000-3 100 | | 产成品库存偏高，担心 | | 况，做空螺纹或是热卷期货来锁定利润，弥补企 | | 卖出 | | | | 管理 钢材价格下跌 | 多 | 业的生产成本 | HC2510 | ...

Company Overview - Sichuan Yahua Industrial Group is a leading producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and automation [2] - The company is also a major player in the civil explosives industry, maintaining its competitive position through strategic mergers and the promotion of electronic detonators [2] Market Position - The company has established itself as a core supplier for major global automotive and battery manufacturers, with product quality exceeding national standards [2] - As of 2024, the company ranks fourth in the civil explosives industry, with electronic detonator sales leading the market for several consecutive years [2] Lithium Production Capacity - The company is constructing a new lithium production line, aiming for a total lithium salt capacity of nearly 130,000 tons by the end of 2025 [3] Customer Structure - Approximately 90% of the company's revenue comes from top clients, including international firms like TESLA and LGES, and domestic companies such as CATL and Zhongtai [4] Resource Security - The company has developed a diversified lithium resource supply chain, including self-controlled and purchased mines, ensuring stable resource availability [5] - The Kamativi lithium mine in Zimbabwe has a processing capacity of 2.3 million tons of raw ore annually, contributing to domestic production [5][6] Risk Management - In 2024, the company utilized lithium carbonate futures for hedging against price volatility, aiming to mitigate risks associated with market fluctuations [6] Strategic Measures - The company is actively expanding its domestic and international customer base while optimizing its customer structure [6] - Efforts are being made to enhance the supply of self-owned lithium concentrate and improve procurement management [6] - The company is focused on cost reduction across various operational segments to enhance overall efficiency [6] Overseas Business Development - The company has established a mature platform for overseas investment and trade, with operations in New Zealand, Australia, and Africa [6] - Future plans include expanding into markets in Zimbabwe and Australia to drive growth in the civil explosives sector [6]

E /ATF/Host-up # 郭野 n Ham I 蛋蛋 T WE LEAD BOY DE LEASE THE LEASE m GITKS CHE I CHANA THE THE H 四 098 9 Hum S PENT US SP SOLE ASS 15 ttp:// HB3 011 4332 5/E ative se nam solal FEE n 25 p Hall Ch in . 宁波港北仑国际集装箱码头，红色的桥吊吊臂上下舞动，一艘往返欧美航线的集装箱运输船正在进行装卸作业。在刚刚过去的几个月，国际贸易局势跌宕起 伏，海运和外贸市场首先受到影响。 针对外部市场的不确定性，宁波舟山港通过稳航线、拓市场、调结构、优服务，实现了逆势增长。宁波舟山港股份有限公司董事、副总经理滕亚辉在5月末 举行的海丝港口合作论坛上表示，今年1—4月份，宁波舟山港完成集装箱吞吐量1356.8万标箱，同比增长9.9%。 他表示，在当前中美关税暂缓的窗口期，外贸企业"抢出口"的需求增加，宁波舟山港将继续打好"稳拓调优"组合拳，通过加大仓位供给、加强空箱保障、提 升码头服务、优化口岸环境，更好应对"出货潮"，预计6月中旬各对美 ...

Core Points - The company is preparing for its annual shareholder meeting scheduled for June 19, 2025, with specific guidelines to ensure order and protect shareholder rights [1][2][4] - The meeting will include the review of the 2024 annual report and the board's work report, highlighting the company's performance and strategic direction [6][15] - The company reported a revenue of 32.497 billion yuan for 2024, a decrease of 1.86% year-on-year, with a net profit of 2.114 billion yuan [20][22] Meeting Guidelines - The meeting will have a designated management office to oversee procedures and maintain order [1] - Only authorized participants, including shareholders and company officials, will be allowed entry [1] - Shareholders must present identification for registration on the day of the meeting [1] Voting and Agenda - Voting will be conducted through both on-site and online methods [2][4] - The agenda includes the announcement of the meeting's commencement, review of key proposals, and the election of inspectors [4][5] Financial Performance - The company achieved a total revenue of 32.497 billion yuan in 2024, with a net profit of 2.114 billion yuan, reflecting a decrease in profitability [20][22] - The total assets at the end of 2024 were reported at 201.03 billion yuan, a decrease of 1.375 billion yuan from the beginning of the year [21] - The company's debt ratio improved to 41.48%, down from 44.90% at the beginning of the year [22] Board and Governance - The board of directors held nine meetings in 2024, addressing 51 major topics including strategic planning and investment [7] - The company emphasizes compliance and governance, with ongoing improvements to its internal control systems [12][14] ESG and Sustainability - The company has launched an ESG strategy with specific goals and measures to enhance its sustainability practices [11] - It received recognition for its ESG efforts, including awards for best practices in sustainable development [11]

Group 1: Company Overview - Nanhua Capital completed its first over-the-counter options transaction for casting aluminum alloy, showcasing its rapid response capability and innovative advantages in industrial financial services [1] - Shuaiyichi New Materials Group Co., Ltd. focuses on the research, production, and sales of green, low-carbon recycled aluminum alloy materials, with a maximum annual production capacity of 1 million tons and over 400,000 tons of recycled aluminum utilized annually [2] - Nanhua Futures (603093) is a leading comprehensive service provider of derivatives in China, committed to helping enterprises reduce costs and increase efficiency through the use of on-exchange and off-exchange derivative tools [3] Group 2: Industry Insights - China is a major player in the global aluminum industry, with an estimated casting aluminum alloy (recycled) production capacity of approximately 13 million tons and a production volume of about 6.2 million tons in 2024, accounting for 26.2% of global output [3] - The industry faces structural challenges, including tight upstream scrap aluminum supply increasing costs and intense price competition in downstream products compressing profit margins, alongside demand contraction and high inventory levels [3] - The listing of casting aluminum alloy futures provides industry chain enterprises with more precise risk management tools, aiding in cost reduction and efficiency improvement [3]