Core Viewpoint - The Shanghai Futures Exchange will launch futures and options contracts for casting aluminum alloys on June 10, 2025, to support China's dual carbon strategy and enhance the industry's risk management tools [1] Group 1: Market Overview - China is the largest producer and consumer of casting aluminum alloys globally, with an estimated production capacity of 13 million tons and a production volume of 6.2 million tons in 2024 [1] - The apparent consumption of casting aluminum alloys in China is projected to be approximately 6.73 million tons [1] Group 2: Product Characteristics and Applications - Casting aluminum alloys are characterized by low density, high strength, good corrosion resistance, and excellent castability, making them widely used in automotive, motorcycle, machinery, communication equipment, electronics, and hardware lighting sectors [1] Group 3: Futures Market Impact - The introduction of casting aluminum alloy futures and options is expected to provide effective tools for enterprises to manage price risks and stabilize operations [1] - The contracts will facilitate physical delivery, expanding the spot circulation channels for enterprises [1] Group 4: Pricing and Valuation - The initial listing benchmark price for the casting aluminum alloy contracts is set at 18,365 CNY per ton, with trading units of 10 tons and delivery units of 30 tons per standard warehouse receipt [2] - Initial reasonable valuation for the contracts is estimated to be between 19,000 and 20,000 CNY per ton based on current market prices [2] Group 5: Demand Dynamics - The downstream demand for casting aluminum alloys is concentrated, with over 60% used in the automotive sector, 7% in home appliances, and 10% in motorcycles and electric vehicles [3] - Seasonal demand fluctuations are expected, with peak demand from September to December and January of the following year, while the off-peak season typically occurs from May to August [3] Group 6: Price Relationships - The price relationship between primary aluminum and recycled aluminum shows seasonal trends, with the price difference typically ranging from 1,000 to 4,000 CNY per ton [3] - The correlation between aluminum alloy spot prices and primary aluminum spot prices can be utilized for effective price risk management [4]

Industry Overview - The current copper industry chain in China is facing challenges characterized by "tight raw material imports, severe smelting competition, and difficult processing survival" [1] - Copper prices have shown a "roller coaster" trend this year, with the main futures contract experiencing significant fluctuations, reaching a peak before a sharp decline [2] - Analysts predict that copper prices will fluctuate between 75,000 to 83,000 yuan/ton in the coming month, with a strong resistance to decline in the medium to long term [1][3] Supply and Demand Dynamics - The core contradiction in the recent high-level copper price fluctuations is the "strong reality versus weak expectations" [2] - Domestic social inventory is at a historically low level, and actual copper consumption in China remains strong, supported by investments in power grids, home appliances, and new energy sectors [2] - Supply-side challenges include ongoing tightness in copper concentrate supply and expectations of production cuts at overseas smelting plants [2][3] Profitability and Business Strategies - The copper industry chain is currently under pressure, with upstream mining companies facing rising costs, midstream smelting companies forced to reduce production due to negative processing fees, and downstream processing companies struggling with unstable overseas trade [4] - Companies are adopting strategies such as exploring domestic and international copper resource supply sources and expanding recycled copper resources to ensure supply chain reliability [4] - The proportion of high-end products in copper processing is expected to increase significantly, with high-end products projected to account for 28% of total copper processing materials by 2025, up from 12% in 2020 [4][5] Transition to High-End Products - The copper processing industry is accelerating its transition to high-end products, with companies like Jintian Co. focusing on new energy sectors and advanced technologies [6] - The demand for high-purity copper and environmentally friendly products is increasing, necessitating continuous R&D and product iteration to meet higher technical requirements from downstream clients [6][7] - Jintian Co. employs a pricing strategy based on "raw material prices + processing fees," with profits primarily derived from processing fees [6] Risk Management - To mitigate risks associated with copper price fluctuations, companies like Jintian Co. engage in hedging based on order and production needs [7] - Commodity trading service providers are also playing a role in optimizing inventory, capacity, and risk management for enterprises in the industry [7]

Core Viewpoint - PTA plays a critical role in the petrochemical and fiber industries, acting as a bridge between upstream and downstream sectors, with its price influenced by both upstream crude oil and downstream polyester demand [2] Group 1: Production Enterprises - As of the end of 2024, global PTA capacity is projected to be approximately 110 million tons, with China accounting for over 85 million tons, representing about 75% of global capacity [3] - By 2025, global PTA capacity is expected to reach 116.25 million tons, with an operating rate of 83.7%, while demand is only forecasted at 97.33 million tons, indicating potential overcapacity for PTA producers [3] - To ensure stable operations, PTA producers need to utilize PTA futures or options for hedging to lock in sales prices and smooth profit fluctuations [3] - Since mid-May 2023, PTA supply has gradually recovered, but polyester operating rates have declined, leading to weaker inventory reduction and a high risk of price retraction [3][4] - The current PTA spot processing profit is at a relatively high level, but there is a risk of future decline [3] Group 2: Hedging Strategies - Producers can use futures to lock in processing profits by selling PTA futures contracts when processing fees are high, allowing them to realize profit targets [4] - The non-linear profit and loss characteristics of PTA options allow for more personalized profit structures, with strategies like the long call spread being commonly used [5] - The long call spread strategy provides downside protection, cost hedging, and caps potential profits, balancing limited risk with limited reward [5] Group 3: Demand Enterprises - For PTA demand enterprises, rising PTA prices directly increase costs, impacting profit expectations [11] - Geopolitical uncertainties, such as the Middle East situation and the Russia-Ukraine conflict, may lead to short-term increases in crude oil prices, further pressuring procurement costs [11] - Demand enterprises can use PTA options to manage procurement costs and mitigate short-term price fluctuations [11][12] - The current PTA2509 contract price is 4674 yuan/ton, while the spot price in East China is 4865 yuan/ton, indicating a basis of 191 yuan/ton [12] - Compared to futures hedging, buying PTA call options requires less capital and is more suitable for enterprises with tight cash flow [13] Group 4: Strategy Comparison - The protective buy call option strategy is more effective in volatile price environments, allowing enterprises to hedge against rising procurement costs while benefiting from price declines [16] - The strategy's effectiveness can be optimized by constructing it during stable implied volatility periods before significant events [16] - PTA options play a key role in risk management across the industry chain, with production enterprises using long call spread strategies to lock in processing profits, while demand enterprises utilize protective buy call strategies for cost management [16]

Group 1 - SMIC (中芯国际) closed at 84.56 yuan on June 6, 2025, up 3.01% from 82.09 yuan the previous week, with a market cap of 675.29 billion yuan, ranking 1st in the semiconductor sector and 18th in the A-share market [1] - The highest intraday price for SMIC on June 6 was 85.0 yuan, while the lowest was 81.37 yuan [1] Group 2 - SMIC will hold its 2025 Annual General Meeting on June 27, 2025, at 14:00 in Shanghai, with both in-person and online voting options available [2] - The agenda includes reviewing the 2024 annual report, re-election of directors, reappointment of auditors, profit distribution plan for 2024, and proposals for hedging activities and share buybacks [2][3] - The record date for shareholders is June 23, 2025, and shareholders must provide identification and authorization documents for registration [2] Group 3 - SMIC's wholly-owned subsidiary plans to sell a 14.832% stake in SMIC Integrated Circuit (Ningbo) Co., Ltd. to Hunan Guoke Microelectronics Co., Ltd., with the transaction price based on an asset appraisal [4] - The payment will be made through a combination of issuing shares and cash, with the share price set at 57.01 yuan per share, not less than 80% of the market reference price [4] - The transaction does not constitute a related party transaction or a major asset restructuring and does not require approval from SMIC's shareholders [4]

Core Viewpoint - The company, Chongqing Shunbo Aluminum Alloy Co., Ltd., is actively engaging in hedging and share repurchase activities to manage financial risks and enhance shareholder value. Group 1: Stock Performance - As of June 6, 2025, Shunbo Alloy's stock closed at 7.18 yuan, a 6.85% increase from the previous week's 6.72 yuan [1] - The stock reached a high of 7.38 yuan on June 5, 2025, and a low of 6.61 yuan on June 3, 2025 [1] - The company's current total market capitalization is 4.807 billion yuan, ranking 48th out of 60 in the industrial metals sector and 3045th out of 5148 in the A-share market [1] Group 2: Hedging Business - The company announced the initiation of commodity futures and options hedging business, with a maximum margin and premium balance not exceeding 120 million yuan, valid for 12 months [2] - As of May 30, 2025, the hedging activities resulted in a total investment loss of 11.5192 million yuan, with unrealized losses from open hedging positions amounting to 15.5225 million yuan [2] - The company plans to enhance market tracking and risk management to mitigate uncertainties from price fluctuations [2] Group 3: Share Repurchase - The company approved a share repurchase plan on November 8, 2024, with a total repurchase amount between 50 million yuan and 100 million yuan, and a maximum repurchase price of 9 yuan per share [3] - The estimated number of shares to be repurchased ranges from approximately 5.55 million to 11.1 million, representing 0.83% to 1.66% of the total share capital [3] - As of May 31, 2025, the company has repurchased 8,605,520 shares at a total cost of approximately 55.58 million yuan, with the highest and lowest transaction prices being 6.80 yuan and 5.94 yuan per share, respectively [3][4]

新能源及有色金属日报 | 2025-06-06 周度库存与产量小幅增长，需注意减仓引发波动 市场分析 2025年6月5日，碳酸锂主力合约2505开于60500元/吨，收于60100元/吨，当日收盘价较昨日结算价收跌0.43%。当 日成交量为244592手，持仓量为231588手，较前一交易日减少14062手，根据SMM现货报价，目前期货贴水电碳100 元/吨。所有合约总持仓578419手，较前一交易日减少321手。当日合约总成交量较前一交易日减少255341手，成交 量减少，整体投机度为0.49。当日碳酸锂仓单33321手，较上个交易日减少140手。 碳酸锂现货：根据SMM数据，2025年6月5日电池级碳酸锂报价5.94-6.1万元/吨，较前一交易日下跌0.005万元/吨， 工业级碳酸锂报价5.81-5.91万元/吨，较前一交易日下跌0.005万元/吨。据SMM数据，碳酸锂现货成交价格重心持 续下移。5月下旬碳酸锂期货价格的阶段性反弹为非一体化锂盐厂提供了关键的套期保值机会，刺激6月供应端存 在恢复性增量预期，6月碳酸锂呈现供增需稳，过剩格局仍将持续。叠加港口锂矿石库存压力导致原料价格大幅下 跌，成本支撑减弱 ...

Core Insights - The number of listed companies in the A-share market that issued hedging announcements increased significantly in April, driven by global trade tensions and uncertainty in external environments [1][2] - In the first four months of the year, 1,265 listed companies in the real economy issued hedging announcements, representing an increase of approximately 11% compared to the same period in 2024 [2] Summary by Category Increase in Hedging Announcements - In April 2025, 943 listed companies in the real economy issued 2,034 hedging announcements, an increase of 150 companies or about 19% compared to April 2024 [1] - The surge in hedging announcements is attributed to the impact of U.S. tariff policies and increased volatility in commodity prices and exchange rates [2] Characteristics of Hedging Participants - Approximately 70% of the 1,265 listed companies that issued hedging announcements in the first four months of the year were private enterprises [3] Risks Faced by Real Economy Enterprises - Real economy enterprises face multiple risks, including market risks (raw material price fluctuations, product price volatility, and exchange rate risks), supply chain risks (raw material shortages and rising logistics costs), and financial risks (cash flow issues and increased financing costs) [4] - Private enterprises are particularly sensitive to price risks due to their competitive nature and lack of resource advantages compared to state-owned enterprises [4] Motivation for Hedging - The core motivation for private enterprises to engage in hedging is profit maximization, as commodity price and exchange rate fluctuations directly impact their profits [5] - Regulatory environments allow private enterprises more freedom in hedging activities compared to state-owned enterprises, enabling them to respond quickly to market changes [5] Focus on Exchange Rate Risks - A significant number of listed companies (1,069) mentioned exchange rate risks in their hedging announcements in the first four months of the year [6] - Exchange rate fluctuations can directly affect the costs and revenues of import and export enterprises, making it a critical area of focus for risk management [6][7] Development of Hedging Tools - The maturity of exchange rate hedging tools, such as forward foreign exchange contracts and options, allows enterprises to manage risks effectively [7] - The ongoing development of the futures market in China is expected to enhance risk management capabilities for enterprises by providing a wider range of tools and solutions [7]

Core Viewpoint - Tianma Group is transforming from a "passive burden" to an "active breakthrough" by leveraging a risk management system that links futures and spot markets, thus navigating the volatility in agricultural product prices [1] Group 1: Company Overview - Tianma Group, established in 2002 in Fuzhou, initially focused on special aquatic feed and has since diversified into various sectors including poultry feed, eel farming, and food processing, creating a complete industrial chain [2] - The company has become a key national agricultural enterprise and a national technology innovation demonstration enterprise, leading the global market share in special aquatic feed [2] Group 2: Market Challenges - The company faces significant price volatility in key feed production materials such as soybean meal, corn, and soybean, influenced by climate, planting area, international trade policies, and supply-demand mismatches [3] - Price fluctuations complicate cost control, inventory management, and supply chain stability, with rising raw material prices increasing procurement costs and potential shortages impacting production [3] Group 3: Futures Market Engagement - Tianma Group began developing its futures risk management system in 2013, establishing a professional futures team and integrating hedging into its operational decision-making [4] - The company utilizes futures markets for risk management by locking in procurement prices for raw materials, thus mitigating the impact of price volatility on operations [5] Group 4: Hedging Strategy - The company employs a hedging strategy that includes direct hedging and basis trading, tailored to various commodities based on production schedules and market analysis [5] - A typical hedging case involved selling corn futures at approximately 2460 CNY/ton and later closing positions at 2390-2430 CNY/ton, successfully reducing potential losses from inventory devaluation [6] Group 5: Risk Management Framework - Tianma Group adheres to a strict hedging business management system, conducting demand assessments and developing detailed hedging plans that require approval from a dedicated leadership group [7] - The internal audit department conducts regular audits of the futures derivatives business to ensure compliance and effective risk management [8] Group 6: Future Directions - The company is exploring collaborations with futures companies for forward trading and standard warehouse receipt trading, aiming to integrate logistics and supply chain management with futures market functionalities [8] - Tianma Group is interested in innovative insurance products linked to temperature indices for aquaculture, indicating a commitment to further risk management exploration [8]

Group 1: Hot News - The number of ADP employed people in the US in May increased by 37,000, lower than the expected 110,000 and the previous value of 62,000, with the slowest hiring rate since March 2023. After the data release, US President Trump called for a rate cut by Powell [2]. - The US ISM non - manufacturing PMI in May was 49.9, contracting for the first time in nearly a year, lower than the expected 52.0 and the previous value of 51.6 [2]. - Zhengzhou Commodity Exchange adjusted the application method for general - month hedging position limits for caustic soda, p - xylene, and bottle chips, and raised the combined limits for hedging and speculative positions of 14 varieties such as PTA [2]. - There was a rumor that Mongolia would raise the coal mineral resource tax to 20%, but as of now, there is no official decision on coal - related tax changes [2]. - Brazil's National Association of Grain Exporters (Anec) predicted that Brazil's soybean exports in June would be 12.55 million tons, lower than last year's 13.83 million tons and May's 14.2 million tons. It maintains the outlook of exporting 1.1 billion tons of soybeans in 2025, which would set a new record [2]. - Saudi Arabia hopes that OPEC+ will continue to accelerate oil production increases in the coming months, aiming to regain market share, and wants an increase of at least 411,000 barrels per day in August and possibly September [3]. Group 2: Commodity Market Capital Proportion - The capital proportions of different commodity sectors are: non - metallic building materials 2.57%, precious metals 29.99%, oilseeds 11.62%, soft commodities 2.45%, non - ferrous metals 20.38%, coal - coking - steel - ore 13.59%, energy 2.39%, chemicals 12.81%, grains 1.51%, and agricultural and sideline products 2.69% [4]. Key Attention - Key commodities to focus on are urea, rebar, Shanghai copper, and plastic [6]. Night - session Performance - Information about the night - session performance of commodity futures main contracts includes their price changes and position - increasing ratios [6]. Position Changes - Data shows the changes in commodity futures sector positions in the past five days [7]. Group 3: Performance of Major Asset Classes Equity - The daily, monthly, and annual percentage changes of various equity indices are presented, such as the Shanghai Composite Index with a daily increase of 0.42%, a monthly increase of 0.86%, and an annual increase of 0.73% [9]. Fixed - income - The daily, monthly, and annual percentage changes of different - term treasury bond futures are provided, for example, the 10 - year treasury bond futures had a daily increase of 0.09%, a monthly increase of 0.04%, and an annual decrease of 0.15% [9]. Commodity - The daily, monthly, and annual percentage changes of commodities are shown, like the CRB commodity index with a daily decrease of 0.09%, a monthly increase of 2.11%, and an annual decrease of 0.06% [9]. Others - The daily, monthly, and annual percentage changes of the US dollar index and CBOE volatility are given, with the US dollar index having a daily decrease of 0.47%, a monthly decrease of 0.63%, and an annual decrease of 8.91% [9].

列车飞驰，将一包包皮棉从天山棉田运往长三角纺织车间。沿着这条跨越五千公里的棉花产业链，期货 工具以专业力量为其护航，帮助相关经营主体抵御着市场风险。 近年来，随着市场环境的变化以及棉花行业竞争的日益加剧，棉企也对风险管理提出个性化、精细化的 需求，加快了期货衍生工具的升级速度。面对新挑战，浙期实业依托自身专业优势与丰富从业经验，积 极探索更能满足企业需求的新方案，以期权为核心不断提高期货服务的准度与效度，持续为实体企业提 供优质的风险管理服务。 "除了提高企业的套保效率外，怎样降低操作难度也是我们工作的关注点。"在谈及为A企业设计买入累 计看涨期权方案时，浙期实业场外负责人蓝旻解释。针对棉花市场行情特点，浙期实业在普通场外期权 的基础上为A企业定制了新方案，通过买入累计看涨期权的方式降低套保难度，从而让企业以较少的成 本实现对棉花库存的风险管理。 从去年4月以来，棉花期货价格持续走跌，并延续着较强的动荡态势，市场行情呈现复杂多变的特点。 对于棉企而言，传统的套保方案无法适应极端行情的变化，而现实的市场风险又在积累，寻找如何破局 的需求非常强烈。为此，浙期实业主动作为、靠前服务，以实体企业的经营痛点和发展难题为 ...