Core Points - The article outlines the management measures for Haier Smart Home Co., Ltd.'s bulk raw material hedging business, emphasizing the need for compliance with relevant laws and regulations to protect company assets and investor interests [2][3] - The hedging business aims to lock in raw material procurement costs through futures and options trading, mitigating risks associated with price fluctuations in the spot market [2][3] Group 1: General Provisions - The measures apply to all relevant departments and personnel of the company and its wholly-owned subsidiaries, which may develop supplementary measures based on these guidelines [2] - The total annual hedging volume and capital must be approved by the company's executive office, board of directors, or shareholders' meeting [3] Group 2: Organizational Structure and Responsibilities - The board of directors authorizes the management to establish a hedging business leadership group responsible for defining the scope, principles, and annual plans for the hedging business [6] - A working group under the leadership group is responsible for executing the hedging transactions and ensuring proper separation of duties among its members [6][7] Group 3: Authorization Management - The company implements a hierarchical authorization management system for hedging operations, requiring approval for transactions exceeding the authorized limits [8][10] - Any changes in authorized personnel must be communicated immediately to all relevant parties [10] Group 4: Business Processes - The working group must develop hedging plans based on various factors, including operational goals, market conditions, and risk assessments [11] - Hedging plans must be submitted for approval and executed strictly according to the approved guidelines [11][12] Group 5: Risk Management - The finance department is responsible for monitoring risks associated with the hedging business and ensuring compliance with internal control policies [18][19] - A risk measurement system is established to monitor changes in funding risks, including margin requirements and potential losses [19] Group 6: Documentation Management - The company is required to maintain records of all hedging transactions and related documents for a minimum of seven years [23] Group 7: Implementation and Amendments - The measures are to be implemented upon approval by the shareholders' meeting and can be amended following the same process [24]

Group 1: Company Overview - The company, Shenzhen Longte Intelligent Control Co., Ltd., has established a subsidiary named Longteng Future, focusing on automotive parts manufacturing and innovation [2][3]. - The company’s revenue from exports to the U.S. is relatively low, accounting for approximately 4% of total revenue [3]. Group 2: Financial Performance - In Q1 2025, the company experienced a 5.9% year-on-year decline in revenue, primarily due to reduced demand for consumer electronics PCBA [4]. - The net profit for Q1 2025 decreased by 24.85%, attributed to increased sales and R&D expenditures, as well as rising management and financial costs due to exchange rate losses, which increased by approximately 3 million compared to Q1 2024 [4]. Group 3: Research and Development - The company emphasizes R&D investment and plans to continue allocating resources to enhance product intelligence and value [4]. - Future R&D investments will be adjusted based on strategic planning and market demands to align with long-term development goals [4]. Group 4: Product and Market Focus - The main ODM product lines include electronic oil pump controllers, electronic water pump controllers, cooling fan controllers, and charging door actuators [3]. - The company’s small energy storage products are primarily sold in Kenya, Nigeria, and Tanzania [4]. - The company targets international markets including Africa, North America, Southeast Asia, and Europe, with a significant focus on Africa [3].

1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report The macro factors are changeable, and copper, an important resource with "quasi - gold" properties, is sought after by the market. With the expected relatively tight supply at the mine end and the continuously low TC price, the copper price is expected to remain in a pattern of rising easily and falling hard. It is recommended to mainly conduct buy - hedging on dips, with an operating range of 77,000 yuan/ton to 77,500 yuan/ton. Arbitrage should be postponed, and for options, short put at 76,000 yuan/ton [7]. 3. Summary by Relevant Catalogs Market News and Important Data - **Futures Quotes**: On May 27, 2025, the main contract of Shanghai copper opened at 78,180 yuan/ton and closed at 78,210 yuan/ton, a decrease of 0.08% compared to the previous trading day's close. The night - session main contract opened at 78,160 yuan/ton and closed at 78,100 yuan/ton, a 0.14% increase compared to the afternoon close [1]. - **Spot Situation**: The spot premium declined again due to continuous arrival of imported copper and poor purchasing sentiment of downstream enterprises. The premium of mainstream flat - copper was 120 - 140 yuan/ton, and that of good copper was 180 - 220 yuan/ton. With importers' shipments, the premium of some copper decreased. It is expected that imported copper will be shipped today, suppressing the overall spot premium, but the convergence of the spot premium is limited [2]. - **Important Information Summaries**: - **Macro and Geopolitical**: The US may lower tariffs on some countries to 10% or lower. Trump may impose new sanctions on Russia. The European Central Bank should postpone further interest - rate cuts until September [3]. - **Economic Data**: The US March FHFA house price index monthly rate was - 0.1%, the largest decline since August 2022. From January to April, China's industrial enterprises above designated size achieved a total profit of 2.11702 trillion yuan, a 1.4% year - on - year increase. Profits of different types of enterprises and industries showed different trends [3]. - **Mine End**: Patriot Resources acquired a high - grade copper deposit in Zambia, with an exploration target of 1.6 - 2.5 million tons of ore and an expected copper content of 32,000 - 62,500 tons. The Kamoa - Kakula mine's production and cost guidance and smelter capacity - ramp - up plan have been withdrawn for review [4]. - **Smelting and Import**: Antofagasta started the first - round negotiation of mid - year long - term contracts with Japanese smelters last week and will contact Chinese manufacturers. The Manyar smelter in Indonesia plans to produce the first batch of cathode copper in late June 2025 and reach full production in December. The supply growth of domestic refined copper is weak [5]. - **Consumption**: The high - level shock of copper prices has stimulated some downstream enterprises' restocking demand during price corrections. The overall consumption has improved, but most enterprises still purchase on - demand, and the market sentiment is cautious [5]. - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 1,800 tons to 162,150 tons, SHFE warehouse receipts increased by 2,128 tons to 34,961 tons. On May 26, the domestic electrolytic copper spot inventory was 139,700 tons, a decrease of 200 tons from the previous week [5]. Strategy - **Overall Operation**: It is recommended to mainly conduct buy - hedging on dips, with an operating range of 77,000 yuan/ton to 77,500 yuan/ton [7]. - **Arbitrage**: Postpone [7]. - **Options**: Short put at 76,000 yuan/ton [7]. Data Table The table shows copper price and basis data, including spot (premium and discount), inventory, warehouse receipts, spreads, and arbitrage data for different time points (today, yesterday, last week, and one month ago) [30][31].

Report Overview - Report Type: Iron Ore Daily Review [1] - Date: May 27, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - Not provided in the report. 2. Report's Core View - On May 26, the iron ore futures main 2509 contract fluctuated downward. Fundamentally, the supply side shows tightening in the short - term but ample long - term supply. The demand has peaked, and although the inventory decline supports the price to some extent, the iron ore demand may weaken in the later period, and the price faces pressure [7][10][11]. 3. Summary by Directory 3.1行情回顾与后市展望 3.1.1 Market Review - On May 26, the iron ore futures main 2509 contract opened lower, fluctuated downward, and then oscillated in the afternoon, closing at 706.5 yuan/ton, down 2.21%. The main steel and iron ore futures contracts generally declined. For example, RB2510 fell 1.67%, HC2510 fell 2.03%, SS2507 fell 0.04%, and I2509 fell 2.21% [7][5]. - In the spot market, on May 26, the main iron ore overseas quotes dropped 1.5 dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port decreased by 10 yuan/ton. Technically, the daily KDJ indicator of the iron ore 2509 contract continued to decline after yesterday's dead - cross, and the red column of the daily MACD indicator has been narrowing for 7 consecutive trading days [9]. 3.1.2 Future Outlook - Supply: Last week, the arrival volume at 45 ports continued to decline, with marginal tightening of overall supply. However, the shipments from 19 ports in Australia and Brazil continued to rise, and as it is approaching the shipment rush period in June, the long - term supply of iron ore is still ample [10]. - Demand: Last week, the daily average hot metal output continued to decline slightly to 243.6 million tons. The output of five major steel products increased slightly, but the apparent demand declined. Overall, the iron ore demand has shown a peaking trend [10]. - Inventory: The available days of steel mill inventory decreased by 2 days to 20 days, and the port inventory continued to decline, falling below 140 million tons, reaching a new low since mid - March 2024. The marginal decline in inventory supports the iron ore price to some extent [11]. - Overall: With the hot metal output peaking and the rainy season approaching, the iron ore demand may gradually weaken in the later period, and the price faces pressure. It is advisable to try selling hedging or investment strategies, and spot traders can also try the accumulated put option strategy to increase profits [11]. 3.2 Industry News - On May 25, Trump commented on Nippon Steel's acquisition plan of US Steel, saying it was an investment and US Steel would still be under US control [12]. - On May 22, Baoshan Iron & Steel Co., Ltd. held its Fourth Non - oriented Silicon Steel Application Technology Conference in Chengdu, globally launching 4 new high - performance non - oriented silicon steel products, including one with extremely low iron loss and high magnetic induction, which can be widely used in humanoid robots and low - altitude aircraft [12]. - On May 23, Trump proposed to impose a 50% tariff on EU goods starting from June 1, 2025. On May 25, he agreed to the EU's request to extend the tariff negotiation deadline to July 9 [12]. 3.3 Data Overview - The report presents multiple data charts related to iron ore, including the prices of main iron ore varieties at Qingdao Port, the spreads between different grades of ore, the basis between spot and futures, the shipment and arrival volumes, the utilization rate of domestic mines, the port inventory and shipping volume, the steel mill inventory and cost, the furnace operating rate and production capacity utilization rate, the hot metal output, and the steel product consumption and production [15][21][25].

Group 1: Company Overview - The company focuses on the feed industry, expanding both domestically and internationally, with local factories established in Vietnam, Indonesia, Ecuador, and Egypt [2] - In Q1 2025, the company achieved a feed sales volume of approximately 5.95 million tons, representing a year-on-year growth of about 25% [2][3] - The total increase in feed sales volume has surpassed 2 million tons year-on-year [3] Group 2: International Market Performance - In 2024, the company's overseas feed sales volume was approximately 2.4 million tons, accounting for 10% of the group's total external sales [4] - Vietnam is the largest market for the company's feed sales, followed by Indonesia, with sales also occurring in Ecuador and Egypt [4] - The gross profit margin for overseas feed business is higher than that of domestic operations due to differences in product structure and market competition [6] Group 3: Competitive Advantages and Strategies - The company has developed a multi-dimensional competitive advantage in overseas markets, transitioning from a single product focus to an integrated supply chain approach [7] - The company plans to match high-quality seedlings and animal health products with customer needs in overseas markets [8] - The company has invested significantly in research and development to manage procurement risks through futures hedging and raw material trading [10] Group 4: Financial Outlook and Shareholder Returns - The company plans to distribute a cash dividend of 1.8 billion yuan in 2024, with future distributions based on actual operating conditions [10] - Future capital expenditure will focus on enhancing overseas production capacity and upgrading existing domestic facilities to improve efficiency [10]

Core Viewpoint - The article discusses the challenges faced by Kudi Coffee in Singapore and the broader implications for the coffee and convenience store market in China, highlighting the competitive landscape and changing consumer preferences. Group 1: Kudi Coffee's Challenges - Kudi Coffee has permanently closed multiple locations in Singapore, including its City Link store and others in Little India and the Government Building [3][4]. - The company is attempting to pivot by opening convenience stores, but there are doubts about its ability to succeed in this new venture [6][7]. - The strategy of subsidizing older stores to maintain operations is being questioned, as it may not be sustainable in the long run [8][9]. Group 2: Competitive Landscape - The competition between Kudi and Luckin Coffee has been intense, particularly with the latter's pricing strategies, which have recently shifted away from the previously popular 9.9 yuan price point [13][21]. - Luckin Coffee's price increases are attributed to rising costs, but the actual cost of coffee beans is only a small fraction of the overall price, suggesting a strategic shift rather than a purely cost-driven decision [19][20]. Group 3: Recent Developments - Kudi Coffee has seen a surge in sales through JD.com, achieving over 20 million orders in just one month, with daily orders reaching 800,000 [23]. - However, the profitability of these sales is questionable, as the pricing strategy and subsidies from JD.com may not be sustainable in the long term [24][26][29].

Group 1: 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 equipment [2] - The company has a comprehensive production line that enhances efficiency and product quality, exceeding national standards [2] - Yahua is also a leading player in the civil explosives industry, focusing on industry consolidation and expanding its mining service business [2] Group 2: Lithium Production Capacity - The company is constructing a new lithium production line, with a total lithium salt capacity expected to reach nearly 130,000 tons by the end of 2025 [3] - A 30,000-ton lithium carbonate production line was completed and put into operation in 2024, alongside a 30,000-ton lithium hydroxide line currently under construction [3] Group 3: Customer Structure - The customer base primarily consists of long-term agreements, with major clients including TESLA, LGES, and CATL, accounting for 90% of revenue from top clients as of 2024 [4] Group 4: Resource Security - The company has established a diversified lithium resource security system, including self-controlled and purchased mines, with a processing capacity of 2.3 million tons of raw ore annually from its Zimbabwean Kamativi lithium mine [5][6] Group 5: Risk Management - In 2024, the company utilized lithium carbonate futures for hedging against price fluctuations, aiming to mitigate risks associated with market volatility [7] Group 6: Overseas Business Development - Yahua has developed a mature platform for overseas investment and trade, with operations in New Zealand, Australia, and Africa, and plans to expand its mining service business in Zimbabwe and Australia [8] Group 7: Future of Civil Explosives Business - The company aims to leverage policy guidance and its integration capabilities to enhance the quality and competitiveness of its civil explosives business, targeting the formation of 3-5 internationally competitive enterprises by 2027 [9]

五矿发展股份有限公司副总经理张旭表示，2014年至2023年，我国钢铁市场经历了多轮周期性波动，现 货价格宽幅震荡，这背后，是宏观经济周期、供需矛盾、政策调控（如环保限产）及国际大宗商品联动 等因素的综合作用。值得注意的是，随着螺纹钢、热卷等产品金融属性的增强，影响现货市场价格的因 素更加错综复杂。 针对黑色产业链的金融化趋势，张旭认为，近年来，黑色系商品相应的衍生品市场也在持续发展，黑色 系商品期货已经形成涵盖产业链上中下游的品种格局，其在价格发现、套期保值等方面发挥了重要作 用，与现货业务的结合也更加紧密。套期保值是结合现货交易的期货操作，实际上是规避现货交易风险 的行为，目的是将不可控风险转换为可控风险，从而实现企业稳健经营。 张旭特别提到，近年来黑色系商品衍生品市场发展迅速，场内期权、场外衍生工具的创新为产业链企业 提供了更加多元的风险管理选择。此外，他认为，黑色系产业链客户分布广泛，涵盖房地产、基建、机 械制造等领域，区域需求差异显著。所以，黑色系产业链为衍生工具提供了广阔的应用空间。 5月22日，由上海期货交易所和中国金融期货交易所共同主办的2025上海衍生品市场论坛在上海期货大 厦举行。在钢铁论 ...

Core Viewpoint - Guangdong Haid Group Co., Ltd. has approved a proposal to engage in hedging activities in 2025, allowing for a maximum margin of 3 billion yuan for trading relevant futures and options contracts [2] Group 1: Company Overview - Haid Group was established in 1998 and listed on the Shenzhen Stock Exchange in November 2009, primarily engaged in feed production and sales, with a focus on commodities like corn, soybean meal, and live pigs [3] - The company has rapidly expanded its business scale, with feed production reaching nearly 1 million tons by 2006, highlighting the increasing impact of feed costs on profitability [3][4] - In 2024, despite intensified industry competition, Haid Group's feed sales are projected to be approximately 26.52 million tons, a year-on-year increase of about 9%, further solidifying its market leadership [4] Group 2: Risk Management and Hedging Strategy - The company has recognized the necessity of using futures tools to mitigate risks associated with price volatility in raw materials, which can fluctuate by over 10% annually [3][5] - Haid Group employs a centralized procurement model for major raw materials, which, combined with hedging operations, enhances procurement advantages and risk control [3][6] - The company has established a unified internal management system that integrates futures and spot business, ensuring that hedging positions do not exceed the scale of actual needs [6] Group 3: Futures Market Engagement - Haid Group began exploring the futures market in 2004 and has since built a dedicated hedging team, leading to significant operational success [4][9] - The company has increasingly utilized basis trading as a risk management strategy, with the proportion of trading completed through this method rising annually since 2013 [8] - The company has effectively managed price risks, with minimal losses from corn market fluctuations due to its disciplined approach to futures trading [8] Group 4: Operational Examples and Impact - In August 2023, Haid Group's trading team executed a sell hedging operation on the C2401 contract, which provided over 100 yuan per ton in price protection against fluctuations in the procurement costs of imported grains [7] - The company has implemented a centralized management system for futures trading accounts, ensuring that all trading activities are overseen by the group's vice president of futures business [9][10] - Haid Group emphasizes the importance of establishing a professional research team to support its hedging activities with fundamental data [10]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The futures pricing model is effective. After the listing of log futures, it has been implemented in international trade through models such as price - setting transactions and basis trading, improving pricing transparency and risk management efficiency [11]. - The combination of futures and spot is a trend. Industrial enterprises use the combined strategy of "futures hedging + basis trading" to achieve double hedging of price risk and basis risk [11]. - There is still a need to improve standardization and internationalization. Although the Dalian Commodity Exchange has promoted intelligent measurement standards and delivery system innovation, the low standardization of domestic logs and insufficient international market recognition remain challenges [11]. Group 3: Summary by Relevant Catalogs Traditional Log Pricing Model - **Traditional Log Trade Pricing Model** - Negotiated pricing: International log trade uses a bilateral negotiated pricing mechanism. Suppliers like those in New Zealand issue CFR benchmark quotes regularly, and domestic traders need to bargain dynamically. In 2020, overseas suppliers took the pricing initiative, leaving domestic importers in an asymmetric bargaining dilemma [3]. - Regional price benchmarks: New Zealand radiata pine accounts for nearly 70% of China's import volume. International pricing is based on the origin benchmark price plus shipping costs. The domestic market has problems such as a 10% difference in measurement standards between the north and the south and a lack of a standardized grading system [3]. - Long - term contracts and long - term agreement mechanisms: There are fixed - price contracts and quarterly price - adjustment contracts. However, the price inversion in 2023 exposed their defects, and most traders' long - term agreement mechanisms are in a state of "fixed quantity but unfixed price" [3]. - **Problems Faced** - High price fluctuation risk: The international log market has strong cyclical fluctuations. The price elasticity coefficient is affected by real estate demand, extreme climate events, and shipping costs. The price decline in March 2024 showed the lag of the traditional "quotation - bargaining" mechanism in risk management [4]. - Information asymmetry and trade frictions: Overseas suppliers monopolize origin data, leaving domestic traders without an authoritative price index and lacking forward - price discovery tools for hedging [4]. - Low standardization: There are "dual - track" contradictions in the current standards. The measurement difference rate between domestic national and local standards is 6% - 8%, and there is a 10% - 15% deviation between JAS - certified logs and national standards in international transactions [4]. - Contract execution risk: Long - term agreements may lead to defaults during sharp price fluctuations [4]. Feasibility and Necessity of the Futures Pricing Model - **Model Discussion** - **Hedging**: It means buying or selling an equal amount of futures contracts while trading actual goods. The theoretical basis is that the spot and futures markets tend to move in the same direction. To achieve risk hedging, conditions such as the same or similar varieties, appropriate quantity, opposite positions, and corresponding time periods need to be met. The main goals of enterprises' participation in hedging are to hedge market risks, smooth profit fluctuations, and improve operational efficiency [6][7]. - **Basis trading**: It combines price - setting and hedging. It gives more flexibility to both parties, helps reduce price risks, and improves trading efficiency. The mechanism is to determine the spot price based on the futures price plus a negotiated basis, such as "futures price + 50 yuan/cubic meter" [8][11]. - **Advantages and Disadvantages Analysis** - The futures pricing model reconstructs the traditional log trade pricing system. The hedging mechanism can lock price risks but incurs margin costs and professional team building expenses. The basis trading model reduces risk exposure to basis fluctuations but faces challenges in regional spread modeling and credit risk management [11]. Conclusions and Suggestions - **Conclusions** - The futures pricing model is effective in improving pricing transparency and risk management efficiency [11]. - Industrial enterprises use the combined strategy of futures and spot to hedge risks [11]. - There are challenges in standardization and internationalization [11]. - **Suggestions for the Dalian Commodity Exchange** - In terms of liquidity construction, introduce market - making mechanisms, reduce trading and storage costs [12]. - Optimize the standard system by promoting the "Log Intelligent Measurement Technology" group standard and obtaining international certifications [12]. - Innovate risk management tools by launching option combinations and pilot over - the - counter basis swaps, and developing composite risk management solutions [12].