大宗商品贸易市场的数据是全球性的，现实情况是大宗商品贸易交易的数据在欧美市场占比较大，新兴 市场的稀疏性会导致价格的联动预测误差率上升，这种情况在跨市场的套利模型中尤为突出。 "对此，金仕达的应对方法是，通过各类自主研发系统助力大宗商品企业风险管理数字化转型。"金仕达 副总裁匡志明介绍称，通过智能体嵌入帮助企业实现运营智能化及数据资产化，从而构建多样化服务模 式，助力大宗企业数字化转型。 此外，大宗商品贸易市场的算法交易占比越高，更有可能面临流动性结构脆弱的风险。上述行业人士认 为，不断开发差异化的数据源，可用来应对非结构信息文本的局限性，克服由AI带来市场交易决策的 趋同性。 当前全球经济呈现高波动、低增长态势，地缘冲突加剧大宗商品价格波动，能源、金属等价格中枢持续 上移。在吴斌看来，AI大模型应用正逐步实现从辅助决策到智能引领的跨越，帮助期货产业链在复杂 环境中进行风险管理。 不过当前，人工智能和大数据在大宗商品贸易市场中的应用存在多重挑战。 会议期间，行业人士告诉记者，数据质量引发大模型建立的偏差。大宗商品贸易市场人工智能模型高度 依赖历史数据的训练，如果数据的完整性、代表性和时效性缺乏根本性的缺陷，就 ...

南华期货碳酸锂企业风险管理日报 2025年5月30日 戴鸿绪（投资咨询证书：Z0021819) 余维函 （期货从业证号：F03144703) 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 压力位65000 | 23.4% | 28.6% | source： 南华研究,同花顺 碳酸锂企业风险管理策略建议 | 行为导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | | 套保比例 策略等级 （满分5） | | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 公司产品库存偏 | 为了防止库存减值，可以根据企业的库存情况， 做空碳酸锂期货来锁定利润，弥补企业的生产成 本 | LC2508 | 卖出 | 60% | 2 | | | 高，库存有减值风 | | | | | | | | 险 | 卖出看涨期权 | 场外/场内期权 | 卖出 | 60% | 3 | | | ...

南华期货硅产业链企业风险管理日报 2025年5月30日 戴鸿绪（投资咨询证书：Z0021819 ） 余维函 （期货从业证号：F03144703） 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 工业硅主力合约 | 7900强阻力位 | 26.7% | 83.5% | | 多晶硅主力合约 | 34000-38000宽幅震荡 | 26.78% | 65% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 策略等级 （满分5） | | --- | --- | --- | --- | --- | --- | --- | | 库存 | | 为了防止存货减值，根据企业库存情况，做空工 业硅/多晶硅期货来锁定利润，弥补企业的生产 成本 | SI2507/PS2507 | 卖出 | 60% | 3 | | | 产品库存偏高，有存 | | ...

供销集团财务有限公司 风险评估报告 大信咨字2025第 1-02284 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 WUYIGE Certified Public Accountants.LLP 电话 Telephone： +86（10）82330558 北京市海淀区知春路 1 号 Room 2206 22/F,Xueyuan International Tower 传真 Fax： +86（10）82327668 学院国际大厦 22 层 2206 No.1 Zhichun Road,Haidian Dist. 网址 Internet： www.daxincpa.com.cn 邮编 100083 Beijing,China,100083 供销集团财务有限公司 风险评估报告 大信咨字2025第 1-02284 号 北京新合作商业发展有限公司： 我们接受委托，对供销集团财务有限公司（以下简称"财务公司"）2024 年度的风险评估 发表咨询意见。根据中国证券监督管理委员会和中国银行保险监督管理委员会《关于规范上市 公司与企业 ...

Core Insights - The report by UBS highlights the perspectives of 317 single-family offices globally, with an average net worth of $2.7 billion and average assets under management of $1.1 billion [1] - A significant portion of family offices (79%) are involved in active business operations, primarily in real estate (14%), banking/financial services (9%), and consumer goods (9%) [1] Group 1: Recruitment and Staffing - Trust and personality are prioritized over education and qualifications in recruitment, with 73% of family offices emphasizing the importance of suitable personality traits [6] - The average number of employees in family offices is 12, with some larger offices employing over 50 staff members [13] - Operational costs are expected to remain high, with personnel costs constituting 66% of operational expenses in 2024 [13] Group 2: Risk Management - The global trade war is identified as the biggest risk for family offices in 2025, with 70% of respondents expressing concern [17] - Major geopolitical conflicts and global economic recession are also significant worries, with 61% and 53% of family offices respectively highlighting these risks [17] - Despite concerns, 59% of family offices plan to maintain the same level of investment risk in the next 12 to 18 months [18] Group 3: Investment Strategies - Family offices are increasingly focusing on diversification strategies, with 40% indicating a reliance on various asset classes to mitigate risks [21] - Active management is favored in stock investments, with over one-third (36%) of portfolios being passively managed, varying significantly by region [21] Group 4: Succession Planning - Only 53% of family offices have established wealth transfer plans, indicating a need for improved succession planning [23] - The lack of urgency among beneficiaries is a key reason for the absence of succession plans, with 29% of family offices noting this issue [25] - The complexity of family structures necessitates careful planning, especially for large and intricate family assets [23]

Core Points - The company is preparing for its 2024 Annual General Meeting (AGM) to ensure the protection of shareholders' rights and maintain order during the meeting [1][2] - The meeting will allow shareholders to exercise their rights, including speaking, questioning, and voting on proposals [2][3] - The company emphasizes the importance of orderly conduct and has set rules for participation and voting procedures [4][5] Meeting Procedures - Shareholders must register to speak before the meeting starts, with a time limit of 3 minutes per speaker and a total of 15 minutes for all speakers [2][3] - Voting will be conducted by a named ballot, where shareholders can express their opinions as "agree," "disagree," or "abstain" [2][4] - Latecomers will not be allowed to vote, and any unsubmitted or improperly filled ballots will be considered as abstentions [3][4] Financial Performance - In 2024, the company achieved a consolidated revenue of 24.735 billion yuan and a net profit attributable to shareholders of 5.211 billion yuan, with basic earnings per share of 0.21 yuan [6] - The company maintained a weighted average return on equity of 5.08% and received an A-class AA rating for its cultural construction practices [6] Strategic Focus - The company aims to enhance its service to the national strategy by focusing on core responsibilities and optimizing its business model [6][7] - It plans to strengthen its governance structure and improve risk management to support high-quality development [7][14] - The company is committed to increasing its support for small and medium-sized enterprises and enhancing its financial services in key areas [6][10] Governance and Compliance - The board of directors is focused on improving corporate governance and compliance with regulatory requirements, including information disclosure [13][22] - The company has implemented a comprehensive risk management system to address potential risks and ensure compliance with market regulations [14][27] - The board emphasizes the importance of maintaining a strong relationship with investors and enhancing investor relations practices [15][22] Future Plans - The company will continue to prioritize its core business and enhance its competitive edge in the market [18][19] - It aims to innovate its financial products and services to better meet the needs of the economy and society [18][19] - The company plans to deepen its organizational reforms and improve operational efficiency through technology and process optimization [20][21]

Core Viewpoint - The article highlights the importance of natural rubber as a strategic material and discusses how the Shanghai Futures Exchange (SHFE) has implemented innovative financial support mechanisms, such as "insurance + futures" and "options," to stabilize the natural rubber industry and support rural revitalization efforts [1][3]. Group 1: Financial Support and Impact - The SHFE has cumulatively invested approximately 270 million yuan in the "Stabilization Action" project, covering a total of 40,000 tons of natural rubber production and providing 27.71 million yuan in payouts with an average payout rate of 93% [2]. - Since the launch of the "Stabilization Action" project in 2019, the SHFE has conducted 76 projects, invested 140 million yuan, linked over 200,000 tons of natural rubber production, and provided 130 million yuan in payouts, maintaining an average payout rate of 93% [6]. - In 2024, the SHFE allocated 5.9 million yuan for the continuation of the "Stabilization Action" project, which is expected to link 10,000 tons of natural rubber production and provide direct income guarantees to farmers [6]. Group 2: Farmer Experiences and Benefits - Farmers have reported increased income due to the "options" program, with one farmer achieving a production increase of 2.4 tons year-on-year, resulting in a total of 13.8 tons of dry rubber [3][4]. - The program has encouraged farmers to remain in rubber production despite previous considerations to seek employment in urban areas, as they now have financial security through the options payouts [3][4]. - Farmers have adapted their harvesting techniques to maximize production and income, demonstrating a commitment to improving their output in response to the financial incentives provided by the program [4][5]. Group 3: Industry Dynamics and Future Outlook - The collaboration between rubber producers and futures companies has established a communication mechanism that enhances market analysis and strategy adjustments, ensuring the stability of the project [8][9]. - The increasing sophistication of producers and traders in utilizing futures tools has led to a more robust pricing mechanism for natural rubber, with the Shanghai futures prices gaining significant influence in global trade [10]. - The introduction of the 20th rubber futures has further enhanced China's pricing power in the global market, making it a critical reference point for trade [10].

铁合金产业风险管理日报 2025/5/28 袁铭（Z0012648）陈敏涛（F03118345 ） 投资咨询业务资格：证监许可【2011】1290号 铁合金价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 硅铁 | 5300-6000 | 17.64% | 50.0% | | 硅锰 | 5300-6000 | 28.91% | 86.0% | source： 南华研究 铁合金套保 | 行为导 向 | 情景分析 | 现货敞 口 | 策略推荐 | 套保工具 | 买卖方 向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管 | 产成品库存偏高，担心铁合金 | 多 | 为了防止存货跌价损失，可以根据企业的库存情况，做空铁合 | SF2509、SM | 卖出 | 15% | SF:6200-6250、SM: | | 理 | 下跌 | | 金期货来锁定利润，弥补企业的生产成本 | 2509 | | | ...

白糖产业风险管理日报 2025/05/28 边舒扬（投资咨询证号：Z0012647 ） 投资咨询业务资格：证监许可【2011】1290号 白糖近期价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 5600-5800 | 8.04% | 3.1% | source： 南华研究 白糖风险管理策略建议 | 行为 | 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 | | 库存 管理 | 产成品库存偏高，担心 糖价下跌 | 多 | 为了防止存货叠加损失，可以根据企业的库存 情况，做空郑糖期货来锁定利润，弥补企业的 生产成本 | SR2507 | 卖出 | 50% | 5900-59 50 | | | | | 卖出看涨期权收取权利金降低成本，若糖价上 涨还可以锁定现货卖出价格 | SR507C6000 | 卖出 | 7 ...

油料产业风险管理日报 2025/05/28 边舒扬（投资咨询证号：Z0012647） 靳晚冬（期货从业证号：F03118199） 投资咨询业务资格：证监许可【2011】1290号 油料价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 豆粕：2800-3300 | 12.0% | 1.9% | | 菜粕：2450-2750 | 0.1785 | 0.106 | source： 南华研究 油料套保策略表 | 行为导向 | 情景分析 | 现货敞 | 策略推荐 | 套保工 | 买卖方 | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 口 | | 具 | 向 | （%） | 区间 | | 贸易商库存 | 蛋白库存偏高，担心粕类价格下跌 | 多 | 为了防止存货叠加损失，可以根据在企业库存情况，做空豆粕期货来锁定利 | M250 | 卖出 | 25% | 3300-34 | | 管理 | | | 润，弥补企业的生产成本 | 9 ...