Core Viewpoint - The company plans to continue its hedging activities in 2025 to mitigate risks associated with price fluctuations of raw materials and products, thereby enhancing operational stability [1][4]. Summary by Sections Transaction Overview - The purpose of the hedging activities is to avoid risks from significant price fluctuations in raw materials and products, ensuring stable operations [2][3]. - The hedging business will involve various products including steel, iron ore, coking coal, coke, silicon manganese, silicon iron, copper, zinc, and nickel, which are all related to the steel industry [2][3]. - The trading tools will consist of domestic futures, with transactions taking place on domestic futures exchanges [2][3]. - The maximum amount for hedging transactions, including margin and premiums, will not exceed 300 million RMB, and this amount can be used cyclically [2][3]. - The company has established dedicated positions for hedging activities, staffed by qualified personnel with strong market analysis and risk control capabilities [2][3]. Approval Process - The company held a board meeting on August 25, 2025, where the proposal for hedging activities was approved with unanimous support [2][3]. Risk Analysis and Control Measures - The company acknowledges potential risks associated with hedging, including market volatility and operational issues, and has implemented measures to manage these risks effectively [4]. - A dedicated futures business leadership team has been established to oversee the hedging activities and ensure compliance with risk management protocols [4]. Impact on the Company - The hedging activities are intended solely for managing risks related to price fluctuations in the commodity market, without engaging in speculative trading, thus safeguarding the company's core business operations [4][5]. - The company has developed a management system and risk control measures for the hedging business, ensuring that operations are legal, compliant, and in the best interest of all shareholders [5].

Core Insights - The Dalian Commodity Exchange (DCE) has been promoting the "Enterprise Wind Plan" to help real enterprises bridge the gap between spot and futures markets, exemplified by the practices of Shaanxi Rongchen and Jiahuan Energy Supply Chain [1][3] Group 1: Shaanxi Rongchen's Experience - Shaanxi Rongchen, a subsidiary of Qilian Chuangye Group, primarily engaged in plastic trading, faced challenges in risk management and lacked a standardized mechanism before participating in the "Enterprise Wind Plan" [1][4] - In April 2022, Shaanxi Rongchen initiated hedging operations based on a weak polyethylene price forecast, selling 200 lots of L2209 contracts at 8945 yuan/ton, resulting in a net profit of 594,000 yuan after offsetting losses from the spot market [2][3] - The participation in the plan allowed Shaanxi Rongchen to reduce margin usage by approximately 40%, alleviating financial pressure and enhancing its risk management capabilities [3][4] Group 2: Jiahuan Energy Supply Chain's Strategy - Jiahuan Energy Supply Chain, established in March 2021, began its hedging operations under the guidance of Hongyuan Futures, covering about 50,000 tons of spot products, which effectively mitigated losses from market volatility [3][5] - The company has increased its hedging announcement limits from 50 million yuan to 280 million yuan, reflecting a growing confidence in utilizing futures for risk management [5][6] - Jiahuan Energy has recognized the need for improvement in understanding specific price levels and basis, with futures companies providing analytical support to enhance their risk management strategies [6][7] Group 3: Future Outlook and Industry Impact - Both companies aim to deepen their hedging applications, with Shaanxi Rongchen planning to increase its hedging ratio to over 60% of its spot trading volume and explore more stable trading and profit models [7] - The "Enterprise Wind Plan" is seen as a vital initiative that injects new vitality into the chemical industry, helping enterprises navigate complex market environments more effectively [7][8]

在他看来，铜精矿供应问题还需要一段时间才能缓解。不过，实际上并不会出现太大的供应缺口，市场 将自动调节供需关系：一方面缺口产生后，铜精矿加工费将大幅下降，进而抑制铜精矿需求；另一方面 供应不足后，冶炼产能的利用率将被迫下降，可能出现新增产能推迟投产时间、高成本冶炼项目减产甚 至停产等情况。 "上期大学堂——从业人员强化班"走进中国铜业 "上期大学堂——从业人员强化班"走进上期所产融服务基地活动近日在云南昆明举行。此次活动包括课 程培训和实地调研两部分，组织40余位期货行业分析师走进上期"强源助企"产融服务基地——中国铜 业，深入交流企业套期保值业务，通过理论与实践相结合，培养期货行业人才，更好地为产业企业提供 风险管理服务。 今年铜市场面临多重压力 今年以来特朗普关税政策反复，再加上铜市场面临精矿供应受限、加工费持续走低等因素，铜价波动较 为剧烈，产业企业面临较大压力。北京安泰科资深专家何笑辉在培训中表示，今年全球冶炼端需求增长 依然主要来自中国，但是随着现货加工费降至较低水平，冶炼厂依靠硫酸等副产品销售来缓解加工费下 滑压力。 另外，值得关注的是，全球经济恢复仍面临较大的压力，市场有效需求不足的态势暂未改变 ...

Core Viewpoint - The company aims to mitigate foreign exchange risks associated with its international business operations by engaging in financial derivative transactions with reputable domestic financial institutions [1][2]. Summary by Sections Financial Derivative Products Overview - The primary purpose of the transactions is to hedge against foreign exchange risks due to increasing foreign currency settlement volumes as the company expands its international business [1]. - The company plans to conduct transactions including but not limited to forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, interest rate swaps, and currency swaps [2][3]. Transaction Amount - The authorized transaction amount for financial derivative transactions is capped at RMB 300 million (including equivalent foreign currency amounts) [2]. - The maximum expected margin and premium for these transactions will not exceed RMB 35 million (including equivalent foreign currency amounts) [2]. Funding Source - The funds for the financial derivative transactions will come from the company's own resources and will not involve raised funds [2]. Transaction Duration - The validity of the transactions will last for a maximum of 12 months from the date of approval by the company's board of directors [3]. Review Procedures - The proposal for engaging in financial derivative transactions was approved by the company's board of directors and does not require shareholder meeting approval [3]. Impact on the Company - Engaging in financial derivative transactions is intended to enhance the company's ability to manage foreign exchange risk without affecting normal business operations or cash flow [4]. - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to these transactions [4].

Core Viewpoint - Wuhan LianTe Technology Co., Ltd. plans to engage in financial derivatives trading to mitigate foreign exchange risk due to significant overseas business operations [1][2] Business Overview - The purpose of the financial derivatives business is to reduce or hedge against foreign exchange and interest rate fluctuations, thereby protecting the company's main operations from adverse financial market impacts [2] - The types of financial derivatives to be engaged in include foreign exchange forwards, swaps, options, and interest rate derivatives [2] - The total trading limit is set at a maximum of 220 million RMB (or equivalent foreign currency), with a maximum contract value of 2.2 billion RMB (or equivalent foreign currency) at any point during the contract's duration [2] Risk Analysis and Control - Identified risks include foreign exchange fluctuation risk, transaction default risk, operational risk, and legal risk [3] - Risk control measures involve conducting business with the aim of hedging, careful forecasting based on foreign currency receipts and payments, and establishing a robust risk warning and reporting mechanism [3] Accounting Policies and Principles - The company will adhere to relevant accounting standards, including the Accounting Standard for Enterprises No. 24 - Hedge Accounting, ensuring accurate and truthful transaction reporting [4] Business Impact and Review - Engaging in financial derivatives trading is expected to enhance the company's ability to manage foreign exchange risks, stabilize operating performance, and align with daily operational needs without speculative intent [5] - The business initiative has been approved by the board of directors, supervisory board, and independent directors, with no objections from the sponsoring institution [5]

Core Viewpoint - Rongjie Health Technology Co., Ltd. plans to engage in financial derivatives trading to mitigate foreign exchange risk associated with its export business, primarily settled in USD [1][2]. Summary by Sections Trading Overview - The company aims to conduct financial derivatives trading to hedge against foreign exchange fluctuations and reduce financial costs, focusing on non-speculative operations [1]. - The trading will involve currencies aligned with the company's primary settlement currency, including forward foreign exchange, foreign exchange swaps, currency swaps, foreign exchange options, and other financial derivatives [1]. - The trading limit is set at a maximum of RMB 100 million (or equivalent foreign currency), valid for 12 months from board approval, and can be reused [1]. Approval Process - The proposal for financial derivatives trading was approved by the company's board of directors on August 25, 2025, and does not require shareholder meeting approval [2]. Risk Analysis - The company acknowledges potential risks, including foreign exchange volatility, internal control weaknesses, liquidity issues, and legal risks associated with changes in laws or counterparty defaults [2]. - To mitigate these risks, the company has established a management system for financial derivatives trading, ensuring careful contract review and adherence to risk management protocols [2]. Impact on the Company - Engaging in financial derivatives trading is expected to help the company avoid foreign exchange market risks, lower financial costs, and enhance foreign exchange gains without adversely affecting its financial and operational status [3]. - The company will account for these transactions according to relevant accounting standards, with specific outcomes subject to audit [3].

Core Viewpoint - LiuZhou Steel Co., Ltd. plans to continue its futures and derivatives hedging business in 2025 to mitigate risks from significant fluctuations in raw material and product prices, aiming for stable operations [1] Trading Overview - Purpose of Trading: To hedge against price volatility risks and achieve stable operations [1] - Trading Products: Includes steel, iron ore, coking coal, coke, silicon manganese, silicon iron, copper, zinc, nickel, and other related products in the steel industry chain [1] - Trading Tools and Venue: Domestic futures as trading tools, with transactions conducted on domestic futures exchanges [1] - Trading Amount: Maximum reusable margin/premium not exceeding 300 million RMB, with the highest contract value not exceeding the corresponding physical goods value and not exceeding 30% of the annual budget for raw material purchases or steel sales [1] - Professional Personnel: The company has established positions related to hedging business, staffed with qualified and professionally trained personnel, with core members having extensive experience in futures and spot markets [1] - Validity Period: Effective from the date of approval by the company's shareholders' meeting until March 2026 [1] - Funding Source: Entirely from self-owned funds [1] Review Procedures - On August 25, 2025, the company held its third meeting of the Audit Committee and the thirteenth meeting of the ninth Board of Directors, both approving the proposal for the company and its subsidiaries to engage in hedging business, which will be submitted for shareholder approval and does not involve related transactions [2] Risk Analysis and Control - Potential Risks: Includes policy risk, market risk, basis risk, funding risk, operational risk, and technical risk [2] - Risk Control Measures: The company has developed a "Hedging Business Management System," established a futures business leadership group, and enhances research and analysis of raw material procurement and product sales prices, monitoring market changes to adjust strategies as needed [2] Business Impact - The hedging business is limited to products related to the steel industry chain, primarily to mitigate adverse effects from commodity market price fluctuations, effectively manage production costs, control operational risks, and ensure operating profits, without engaging in speculative trading, thus not affecting the normal development of the company's main business, with controllable risks aligned with the interests of the company and all shareholders [3] Accounting Treatment - The company will account for the hedging business according to relevant accounting standards and report it correctly in financial statements. The Audit Committee believes that engaging in futures and derivatives trading aligns with development needs, has established relevant systems and risk control measures, and does not harm shareholder interests, thus agreeing to submit the proposal for Board and shareholder approval [4]

Core Viewpoint - Zhejiang Huatong Meat Products Co., Ltd. plans to engage in hedging activities to mitigate potential risks from raw material price fluctuations [1][2]. Group 1: Business Details - The company is involved in feed processing, livestock farming, slaughtering, and deep processing of meat products [2]. - The purpose of the hedging activities is to utilize futures and options to effectively manage adverse impacts from raw material price volatility, thereby enhancing operational efficiency and ensuring sustainable business operations [2]. - The hedging will focus on products and raw materials related to its operations, including soybeans, soybean meal, palm oil, corn, starch, and various livestock products [2]. - The total amount for hedging activities will not exceed RMB 20 million, using the company's own funds without involving raised funds or bank credit [2]. Group 2: Approval Process - The proposal for hedging activities was approved during the 22nd meeting of the fifth board of directors on August 25, 2025, and does not require shareholder approval [3]. Group 3: Risk Management Measures - The company has established several risk control measures, including aligning hedging activities with operational needs, strict funding controls, and monitoring futures trading to avoid liquidity risks [4]. - A dedicated team will monitor contracts, set stop-loss targets, and manage customer credit to mitigate risks [4]. - The appointed sponsor, China Merchants Securities Co., Ltd., has confirmed that the company has followed necessary legal procedures and has established relevant internal controls and risk management systems [4].

Core Viewpoint - Xinjiang Zhonghe Co., Ltd. plans to conduct aluminum oxide hedging to mitigate price volatility risks affecting sales profits [1][2] Group 1: Business Details - The hedging transaction is expected to have a maximum margin requirement of 1.152 billion yuan and a maximum contract value of 9.6 billion yuan on any trading day [2] - The company plans to sell up to 2.4 million tons of aluminum oxide for hedging within the next 12 months, with the hedging position not exceeding the sales volume [2] - The funding for the hedging activities will come from self-raised funds, without involving raised capital [2] Group 2: Approval Process - The proposal was approved by the Audit Committee on August 19, 2025, and subsequently by the Board of Directors on August 26, 2025, pending approval from the shareholders' meeting [3] - The hedging activities will be conducted in compliance with the internal control system of the company, focusing on risk management and avoiding speculative trading [3] Group 3: Risk Analysis and Control - The company acknowledges potential risks including price volatility, funding, liquidity, and internal control risks, and has established measures to manage these risks [3] - The aim of the hedging business is to stabilize profit levels and mitigate product price fluctuation risks, with accounting treatment to follow relevant accounting standards [3]

Core Viewpoint - The company plans to conduct forward foreign exchange settlement and sales for hedging purposes to effectively mitigate foreign exchange market risks and reduce exchange losses [1][4]. Business Details - The maximum balance for the forward foreign exchange business at any point in time will not exceed RMB 200 million (or equivalent foreign currency), with an upper limit for transaction margin and premiums not exceeding RMB 20 million (or equivalent foreign currency) [2]. - The validity period for the approved limit is 12 months from the board's approval, allowing for rolling use of funds within this limit [2]. - Transactions will be conducted with financial institutions that have the necessary qualifications and are not related parties to the company [2]. - The funding source for these transactions will be the company's own funds, without involving raised funds or bank credit [2]. Risk Analysis and Control - The company acknowledges certain risks associated with the forward foreign exchange business, including exchange rate fluctuation risk, internal control risk, and customer default risk [3]. - To mitigate these risks, the company will negotiate price adjustments with customers or suppliers during significant exchange rate fluctuations, implement a management system for derivative trading, and enhance collection efforts on accounts receivable [3]. Business Impact and Approval - Due to international political and economic uncertainties, frequent fluctuations in the foreign exchange market pose risks to the company's operations, particularly as a significant portion of its export sales are settled in USD [4]. - The forward foreign exchange business is within the board's decision-making authority and does not require shareholder approval, nor does it constitute a related party transaction [4]. - The sponsor institution has verified that the business complies with relevant regulations and that the internal control system is adequate to manage associated risks [4].